10-K

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-K

þ ANNUAL REPORT PURSUANT TO SECTIONS 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended April 30, 2011

or

o 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 001-5111

THE J. M. SMUCKER COMPANY

(Exact name of registrant as specified in its charter)

Ohio (State or other jurisdiction of incorporation or organization)	34-0538550 (I.R.S. Employer Identification No.)
One Strawberry Lane Orrville, Ohio (Address of principal executive offices)	44667-0280 (Zip code)

Registrant’s telephone number, including area code (330) 682-3000

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Name of each exchange on which registered
Common shares, no par value Rights to purchase preferred shares	New York Stock Exchange New York Stock Exchange

Securities registered pursuant to Section 12(g) of the Act:   None

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes þ   No o

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes o   No þ

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 þ   No o

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted 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 and post such files). Yes þ    No o

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K (§ 229.405) is not contained herein, and will not be contained, to the best of registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definition of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer þ Accelerated filer o 
Non-accelerated filer o
(Do not check if a smaller reporting company) Smaller reporting company o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o    No þ

The aggregate market value of the common shares held by nonaffiliates of the registrant at October 31, 2010, was $7,231,532,766. As of June 22, 2011, 114,378,016 common shares of The J. M. Smucker Company were issued and outstanding.

DOCUMENTS INCORPORATED BY REFERENCE

Certain sections of the registrant’s definitive Proxy Statement to be filed in connection with its Annual Meeting of Shareholders to be held on August 17, 2011, are incorporated by reference into Part III of this Report, and certain sections of the registrant’s 2011 Annual Report to Shareholders are incorporated by reference into Parts I and II of this Report.

The exhibit index for this Report begins on page 25.

TABLE OF CONTENTS

PART I
	Item 1. Business.
	Item 1A. Risk Factors.
	Item 1B. Unresolved Staff Comments.
	Item 2. Properties.
	Item 3. Legal Proceedings.
	Item 4. [Removed and Reserved]
PART II
	Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.
	Item 6. Selected Financial Data.
	Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations.
	Item 7A. Quantitative and Qualitative Disclosures About Market Risk.
	Item 8. Financial Statements and Supplementary Data.
	Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure.
	Item 9A. Controls and Procedures.
	Item 9B. Other Information.
PART III
	Item 10. Directors, Executive Officers and Corporate Governance.
	Item 11. Executive Compensation.
	Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.
	Item 13. Certain Relationships and Related Transactions, and Director Independence.
	Item 14. Principal Accountant Fees and Services.
PART IV
	Item 15. Exhibits and Financial Statement Schedules.
SIGNATURES
INDEX OF EXHIBITS
EX-13
EX-21
EX-23
EX-24
EX-31.1
EX-31.2
EX-31.3
EX-32
EX-101 INSTANCE DOCUMENT
EX-101 SCHEMA DOCUMENT
EX-101 CALCULATION LINKBASE DOCUMENT
EX-101 LABELS LINKBASE DOCUMENT
EX-101 PRESENTATION LINKBASE DOCUMENT
EX-101 DEFINITION LINKBASE DOCUMENT

PART I

Item 1. Business.

     The Company. The J. M. Smucker Company (the “Company”) was established in 1897 and was incorporated in Ohio in 1921. The Company, often referred to as Smucker’s (a registered trademark), operates principally in one industry, the manufacturing and marketing of branded food products on a worldwide basis, although the majority of the Company’s sales are in the U.S. The Company’s operations outside the U.S. are principally in Canada although products are exported to other countries as well. Sales outside the U.S. represented approximately 10 percent of consolidated Company sales for fiscal 2011. The Company’s branded food products include a strong portfolio of trusted, iconic, market-leading brands that are sold to consumers through retail outlets in North America.

     On November 6, 2008, the Company completed a merger transaction with The Folgers Coffee Company (“Folgers”), a subsidiary of The Procter & Gamble Company (“P&G”). The value of the transaction was approximately $3.7 billion, including the issuance of common shares of the Company in connection with the merger and $350 million of Folgers debt. Under the terms of the transaction agreements, P&G distributed common shares of Folgers to participating P&G shareholders which were then automatically converted into the right to receive common shares of the Company in the merger. Immediately following the merger, P&G shareholders and pre-merger Company shareholders owned approximately 53.5 percent and 46.5 percent, respectively, of the Company’s approximately 118 million common shares outstanding. The merger was accounted for as a purchase business combination, with the Company treated as the acquiring entity.

     The Company has four reportable segments: U.S. Retail Coffee Market, U.S. Retail Consumer Market, U.S. Retail Oils and Baking Market, and Special Markets. The Company’s three U.S. retail market segments in total comprised over 80 percent of the Company’s net sales in 2011 and represent a major portion of the strategic focus area for the Company — the sale of branded food products with leadership positions to consumers through retail outlets in North America. The Special Markets segment represents sales outside of the U.S. retail market and includes the Company’s Canada, foodservice, natural foods, and international business areas.

     Principal Products. The principal products of the Company, which are sold across the Company’s U.S. retail market segments and Special Markets segment are coffee, peanut butter, fruit spreads, shortening and oils, baking mixes and ready-to-spread frostings, canned milk, flour and baking ingredients, juices and beverages, frozen sandwiches, toppings, syrups, and pickles and condiments.

     Product sales information for the years 2011, 2010, and 2009 is incorporated herein by reference to information set forth in the Company’s 2011 Annual Report to Shareholders, on pages 48 through 50 under “Note E: Reportable Segments.”

     In each of the U.S. retail market segments, the Company’s products are primarily sold through a combination of direct sales and through brokers to food retailers, food wholesalers, drug stores, club stores, mass merchandisers, discount and dollar stores, and military commissaries. In the Special Markets segment, the Company’s products are distributed domestically and in foreign countries through retail channels, foodservice distributors and operators (e.g., restaurants, schools and universities, and health care operators), health and natural foods stores and distributors.

     Sources and Availability of Raw Materials. The raw materials used by the Company in each of its segments are primarily commodities and agricultural-based products. Green coffee, peanuts, edible oils, sweeteners, milk, flour, corn, and other ingredients are obtained from various suppliers. The availability, quality, and costs of many of these commodities have fluctuated, and may continue to fluctuate, over time. The Company uses basis contracts and commodity futures and options to manage price volatility for a significant portion of its commodity costs. Green coffee is sourced solely from foreign countries and its supply and price are subject to high volatility due to factors such as weather, global supply and

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demand, pest damage, and political and economic conditions in the source countries. Fruit and vegetable raw materials used by the Company in the production of its food products are purchased from independent growers and suppliers. Glass, plastic, steel cans, caps, carton board, and corrugate are the principal packaging materials used by the Company.

     Raw materials are generally available from numerous sources although the Company has elected to source certain plastic packaging materials from single sources of supply pursuant to long-term contracts. While availability may vary year-to-year, the Company believes that it will continue to be able to obtain adequate supplies and that alternatives to single-sourced materials are available. The Company has not historically encountered significant shortages of key raw materials. The Company considers its relationship with key raw material suppliers to be good.

     Trademarks and Patents. The Company’s products are produced under certain patents and marketed under numerous trademarks owned or licensed by the Company or one of its subsidiaries. Major trademarks, utilized primarily in the U.S. retail market segments, include: Folgers®, Dunkin’ Donuts®, and Millstone® in the U.S. Retail Coffee segment; Smucker’s®, Jif®, Hungry Jack®, Uncrustables®, Snack’n Waffles, Dickinson’s®, Crosse & Blackwell®, Adams®, Laura Scudder’s®, Goober®, Golden Temple® and Magic Shell® in the U.S. Retail Consumer Market segment; and Crisco®, Pillsbury®, Eagle Brand®, Borden® and Elsie design, Martha White®, LaPina®, White Lily®, Softasilk®, Funfetti®, and Pet® in the U.S. Retail Oils and Baking Market segment.

     Major trademarks utilized in the Special Markets segment include: Folgers®, Smucker’s®, Jif®, Crisco®, Plate Scapers®, Bick’s®, Five Roses®, Robin Hood®, Carnation®, Europe’s Best®, R. W. Knudsen Family®, Santa Cruz Organic®, Double Fruit®, Recharge®, and Red River®.

     Dunkin’ Donuts® is a registered trademark of DD IP Holder LLC used by the Company under license (the “Dunkin’ License”) for packaged coffee products sold in retail channels such as grocery stores, mass merchandisers, club stores, and drug stores. The Dunkin’ License does not pertain to Dunkin’ Donuts® coffee or other products for sale in Dunkin’ Donuts® restaurants. The terms of the Dunkin’ License include the payment of royalties to DD IP Holder LLC and other financial commitments by the Company. The Dunkin’ License is in effect until January 1, 2034. Pillsbury®, the Barrelhead logo, and the Doughboy character are trademarks of The Pillsbury Company, LLC and are used by the Company under a 20-year, perpetually renewable, royalty-free license. Borden® and the Elsie design are trademarks used by the Company on certain products under a perpetual, exclusive, and royalty-free license. Carnation® is a trademark of Société des Produits Nestlé S.A. used by the Company’s Canadian subsidiary for certain canned milk products in certain territories under an exclusive and royalty-free license with an initial term of 10 years, renewable by the Company for two successive five-year terms and which becomes perpetual at the end of the renewal terms under certain circumstances. In addition, the Company or one of its subsidiaries licenses the use of several other trademarks, none of which are individually material to the Company’s business.

     Slogans or designs considered to be important trademarks include, without limitation, “With A Name Like Smucker’s, It Has To Be Good,” “The Best Part of Wakin’ Up Is Folgers In Your Cup,” “Wake Up Special Every Day,” “Mountain Grown,” “Choosy Moms Choose Jif,” “Purely The Finest,” “Crisco is Cooking,” “Everybody’s Happy When It’s Hungry Jack,” “Goodness Gracious, It’s Good,” the Smucker’s banner, the Crock Jar shape, the Gingham design, and the Strawberry logo.

     The Company owns several hundred patents worldwide in addition to proprietary trade secrets, technology, know-how processes and other intellectual property rights that are not registered.

     The Company considers all of its intellectual property and the Pillsbury®, Dunkin’ Donuts®, Borden® and Elsie design, and Carnation® licenses, taken as a whole, to be essential to its business.

     Seasonality. The Company’s U.S. Retail Coffee Market and U.S. Retail Oils and Baking Market segments are particularly seasonal around the “Fall Bake” and holiday period, which generally results in higher sales and profits in the Company’s second and third quarters. The Company’s success in

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promoting and merchandising its baking and coffee brands during the “Fall Bake” and holiday period has a significant impact on its results for a fiscal year. The back-to-school period and the spring holiday season are two other important promotional periods for the Company, although their impact to the Company is not as significant as the “Fall Bake” and holiday period.

     Working Capital. Working capital requirements are greatest during the first half of the Company’s fiscal year mainly due to the timing of the buildup of coffee, oil, and baking inventories necessary to support the “Fall Bake” and holiday period and the additional buildup of coffee inventory in advance of the Atlantic hurricane season.

     Customers. Sales to Wal-Mart Stores, Inc. and its subsidiaries amounted to approximately 26 percent, 27 percent, and 24 percent of net sales in 2011, 2010, and 2009, respectively. These sales are primarily included in the U.S. retail market segments. No other customer exceeded 10 percent of net sales during 2011, 2010, and 2009.

     During 2011, the Company’s top 10 customers, collectively, accounted for approximately 55 percent of consolidated net sales. Although the loss of any large customer for an extended length of time could negatively impact the Company’s sales and profits, the Company does not anticipate that this will occur to a significant extent due to strong consumer demand for the Company’s products.

     Orders. Generally, orders are filled within a few days of receipt, and the backlog of unfilled orders at any particular time has not been material on a historical basis.

     Government Business. No material portion of the Company’s business is subject to renegotiation of profits or termination of contracts at the election of the government.

     Competition. The Company is the branded market leader in the coffee, peanut butter, shortening, sweetened condensed milk, fruit spreads, ice cream toppings, and natural foods beverages categories in the U.S. The Company’s business is highly competitive as all of its U.S. retail market segments’ brands compete for retail shelf space with other branded products as well as private label products.

     The continued growth of alternative store formats, product and packaging innovations, technological advances, and new industry techniques are all issues for companies in the food industry to consider in order to remain competitive. The primary ways in which products are distinguished are product quality, price, packaging, new product introductions, nutritional value, convenience, advertising, and promotion. Positive factors pertaining to the Company’s competitive position include well-recognized brands, superior product quality and trust, experienced brand management, a single national grocery broker in the U.S., varied product offerings, product innovation, excellent customer service, and a strong distribution network.

     The Company historically has seen accelerated private label growth during periods of general economic disruption. The Company estimates that, during the period following the economic recession of the late 2000’s, private label grew more than during past periods partly due to the run up in commodity costs, increased emphasis of store brands by retailers, and improvements in private label quality. The Company believes that both private label and leading brands play an important role in all of the food categories in which it competes, appealing to different consumer segments. The Company closely monitors the price gap or price premium between its brands and private label brands, with the view that value is about more than price and the expectation that number one brands will continue to be an integral part of consumers’ shopping baskets.

     In the U.S. Retail Coffee Market segment, the Folgers® brand competes in the highly competitive U.S. packaged roast and ground coffee market with other retail coffee roasters such as Maxwell House, Yuban, and Nescafe. The Company competes in the premium coffee market with its Millstone® and Folgers® Gourmet Selections® brands, as well as through sales of Dunkin’ Donuts® retail packaged coffee products, with other brands such as Starbucks, Eight O’Clock, and Seattle’s Best. In 2010, the

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Company expanded its presence in the single-serve coffee market, entering into an agreement with Green Mountain Coffee Roasters, Inc. and Keurig, Inc. for the manufacturing and distribution of premium coffees through Keurig’s innovative K-Cup® coffee system. The Company’s Folgers® Gourmet Selections® and Millstone® premium coffees K-Cup® products were introduced in the second quarter of 2011 and represent the most successful new product launch in the Company’s history.

     In the U.S. Retail Consumer Market segment, the Jif® brand has been the leader in the peanut butter category for over 20 years, while the Company’s natural peanut butter business, sold under the Smucker’s®, Adam’s®, Laura Scudder’s® and Jif® brands, maintains a strong leadership position in the natural peanut butter category. The Company’s fruit spread brands, including Smucker’s®, Dickinson’s®, and Knott’s Berry Farm®, hold the leading position in the fruit spreads category and compete with Welch’s branded line of fruit spreads and many private label brands. The competing brands exist on both a national and a regional level. The Company’s Hungry Jack® brand competes in the pancake mix and table syrup category. The Company competes with several major national as well as private label brands in these categories. During 2010, the Company divested its potato side dish product line and entered into a licensing agreement with the purchaser for their use of the Hungry Jack® brand. The Company maintains ownership of the brand.

     In the U.S. Retail Oils and Baking Market segment, Crisco® has historically been a leader in the shortening and cooking oils categories. Crisco® holds the leading branded position in the shortening category and competes with other branded competitors for the leading branded position in the oils category. The oils category in which Crisco® competes is highly competitive with private label competitors maintaining the largest share of the category. The category is also significantly impacted by volatile commodity pricing. The Company’s Pillsbury® brand competes in the dessert and baking mixes (“DBM”) market that includes mixes for cakes, cookies, brownies, muffins, and quick breads, as well as ready-to-spread frostings and ingredients used in scratch baking such as flour. Within the DBM category, the Company competes primarily with the Betty Crocker and Duncan Hines brands and many private label and regional brands. The Company competes in the canned milk category with both branded and nonbranded products. The Company is the branded market leader in the sweetened condensed category with its Eagle Brand® and Magnolia® brands and has significant sales with production of private label brands. In the evaporated milk category, the Company has a significant presence with its production of private label brands and the Pet® brand where it competes primarily with one major national brand.

     Research and Development. The Company predominantly utilizes in-house resources to both develop new products and improve existing products in each of its business areas. Amounts expensed for product development were $21.0 million, $21.0 million, and $14.5 million in 2011, 2010, and 2009, respectively.

     Environmental Matters. The Company considers environmental sustainability to be its responsibility as a good corporate citizen and a key strategic focus area for the Company. The Company has implemented and manages a variety of programs, including the utilization of renewable energy technology, improved wastewater management, increased usage of sustainable raw materials, and reuse of resources rather than consuming new ones, in support of its commitment to environmental sustainability. The Company continues to evaluate and modify its processes on an ongoing basis to further reduce its impact on the environment and reduce waste.

     Compliance with the provisions of enacted or pending federal, state, and local environmental regulations regarding either the discharge of materials into the environment or the protection of the environment is not expected to have a material effect upon the Company’s capital expenditures, earnings, or competitive position in 2012.

     Employees. At April 30, 2011, the Company had approximately 4,500 full-time employees, worldwide. Approximately 32 percent of these employees, located at 10 facilities, are covered by union contracts. These contracts vary in term depending on the location. The Company believes its relations with its current employees are good.

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     Financial Information about Industry Segments and Geographical Areas. The financial information required to be included in this item concerning reportable industry segments and international operations for the years 2011, 2010, and 2009 is incorporated herein by reference to information set forth in the Company’s 2011 Annual Report to Shareholders, on pages 48 through 50, under “Note E: Reportable Segments.” The Company’s international operations are primarily in Canada with risks similar to those associated with the U.S. retail markets. More than one-half of the Company’s Canada sales represent the sale of Canadian produced products to Canadian customers. The remaining Canada sales represent the sale of products produced in the U.S. to Canadian customers, primarily Folgers® coffee, and Crisco® oils.

     Forward-Looking Statements. This report includes forward-looking statements that are based on current expectations and are subject to a number of risks and uncertainties that could cause actual results to differ materially from expected or projected results. The descriptions of risks and uncertainties relating to forward-looking statements is incorporated herein by reference to information set forth in the Company’s 2011 Annual Report to Shareholders under the caption “Forward-Looking Statements” on page 32.

     Available Information. Access to all Securities and Exchange Commission (“SEC”) filings made by the Company, including its annual report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), is provided, free of charge, on the Company’s Web site (www.smuckers.com) as soon as reasonably practicable after such reports are electronically filed with, or furnished to, the SEC.

Item 1A. Risk Factors.

     The Company’s business, operations, and financial condition are subject to various risks and uncertainties. The risk factors described below should be carefully considered, together with the other information contained or incorporated by reference in this Report and in the Company’s other filings with the SEC, in connection with evaluating the Company, its business and the forward-looking statements contained in this Report. Additional risks and uncertainties not presently known to the Company or that the Company currently deems immaterial also may affect the Company. The occurrence of any of these known or unknown risks could have a material adverse impact on the Company’s business, financial condition, and results of operations.

•	The Company operates in the competitive food industry and relies on continued demand for the Company’s products.
	The Company faces competition across its product lines from other food companies with the primary methods and factors in competition being product quality, price, packaging, new product introductions, nutritional value, convenience, customer service, advertising, and promotion. In order to generate future revenues and profits, the Company must continue to sell products that appeal to its customers and consumers. Specifically, there are a number of trends in consumer preferences that may impact the Company and the food industry as a whole including convenience, taste, consumer dietary trends, and obesity, health, and nutritional concerns.
	In particular, consumers, public health officials, and government officials are becoming increasingly concerned about the public health consequences associated with weight management, particularly among young people. Prolonged negative perceptions concerning the health implications of certain food products could influence consumer preferences and acceptance of some of the Company’s products and marketing programs. Although the Company strives to respond to consumer preferences and social expectations, it may not be successful in these efforts. Increasing public concern regarding health issues and failure to satisfy consumer preferences could decrease demand for certain of the Company’s products and adversely affect the Company’s profitability.

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	Continued success is dependent on product innovation, the ability to secure and maintain adequate retail shelf space, and effective trade merchandising, advertising, and marketing programs. Some of the Company’s competitors have substantial financial, marketing, and other resources, and competition with them in the Company’s various markets and product lines could cause the Company to reduce prices, increase marketing or other expenditures, or lose category share. Category share and growth could be adversely impacted if the Company is not successful in introducing new products.
•	The success of the Company’s business depends substantially on consumer perceptions of its brands.
	The Company believes that maintaining and continually enhancing the value of its brands is critical to the success of its business. Brand value is based in large part on consumer perceptions. Success in promoting and enhancing brand value depends in large part on the Company’s ability to provide high quality products. Brand value could diminish significantly as a result of a number of factors, such as if the Company fails to preserve the quality of its products, if the Company is perceived to act in an irresponsible manner, if the Company or its brands otherwise receive negative publicity, if the brands fail to deliver a consistently positive consumer experience, or if the products become unavailable to consumers. The growing use of social and digital media by consumers increases the speed and extent that information and opinions can be shared. If the Company’s brand values are diminished, the Company’s revenues and operating results could be materially adversely affected. In addition, anything that harms the Pillsbury, Carnation, Borden, or Dunkin’ Donuts brands could adversely affect the success of the Company’s exclusive licensing agreements with the owners of these brands.
•	The Company’s operations are subject to the general risks of the food industry.
	The food industry is subject to risks posed by food spoilage and contamination, product tampering, product recall, and consumer product liability claims. The Company’s operations could be impacted by both genuine and fictitious claims regarding the Company’s and its competitors’ products. In the event of product contamination or tampering, the Company may need to recall some of its products. A widespread product recall could result in significant loss due to the cost of conducting a product recall, including destruction of inventory and the loss of sales resulting from the unavailability of product for a period of time. The Company could also suffer losses from a significant product liability judgment against it. A significant product recall or a product liability judgment, involving either the Company or its competitors, could also result in a loss of consumer confidence in the Company’s food products or the food category, and an actual or perceived loss of value of the Company’s brands, materially impacting consumer demand.
•	The Company could be subject to adverse publicity or claims from consumers.
	Certain of the Company’s products contain caffeine and other ingredients, the health effects of which are the subject of increasing public scrutiny, including the suggestion that consumption may have adverse health effects. An unfavorable report on the health effects of caffeine or other ingredients present in the Company’s products, product recalls or negative publicity or litigation arising from other health risks could significantly reduce the demand for the Company’s products.
	The Company may also be subject to complaints from or litigation by consumers who allege food and beverage-related illness, or other quality, health or operational concerns. Adverse publicity resulting from such allegations could materially adversely affect the Company, regardless of whether such allegations are true or whether the Company is ultimately held liable. A lawsuit or claim could result in an adverse decision against the Company, which could have a material adverse effect on its business, financial condition, and results of operations.

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•	The Company may be unable to grow market share of its products.
	The Company operates in the competitive food industry whose growth potential is generally correlated to population growth. The Company’s success depends in part on its ability to grow its brands faster than the population in general. The Company considers its ability to build and sustain the equity of its brands critical to its market share growth. If the Company does not succeed in these efforts, its market share growth may slow, which could have a material impact on its results of operations.
•	The Company’s proprietary brands, packaging designs, and manufacturing methods are essential to the value of its business and the inability to protect these could harm the value of its brands and adversely affect the Company’s sales and profitability.
	The success of the Company’s business depends significantly on its brands, know-how, and other intellectual property. The Company relies on a combination of trademarks, service marks, trade secrets, patents, copyrights, and similar rights to protect its intellectual property. The success of the Company’s growth strategy depends on its continued ability to use its existing trademarks and service marks in order to maintain and increase brand awareness and further develop its brand. If the Company’s efforts to protect its intellectual property are not adequate, or if any third party misappropriates or infringes on its intellectual property, the value of the Company’s brand may be harmed, which could have a material adverse effect on its business. From time to time, the Company is engaged in litigation to protect its intellectual property, which could result in substantial costs to the Company as well as diversion of management attention.
	In particular, the Company considers its proprietary coffee roasting methods essential to the consistent flavor and richness of its coffee products and, therefore, essential to its coffee brands. Because many of the roasting methods used by the Company are not protected by patents, it may be difficult for the Company to prevent competitors from copying its roasting methods if such methods become known. The Company also believes that its packaging innovations, such as brick packaging technology and its AromaSealTM canisters, are important to the coffee business’ marketing and operational efforts. If the Company’s competitors copy its roasting or packaging methods or develop more advanced roasting or packaging methods, the value of the Company’s coffee brands may be diminished, and the Company could lose customers to its competitors.
•	The Company uses a single national broker to represent a significant portion of the Company’s branded products to the retail grocery trade and any failure by the broker to effectively represent the Company would adversely affect the Company’s business.
	The Company uses a single national broker to represent a significant portion of branded products to the retail grocery trade. The Company’s business would suffer substantial disruption if this broker were to default in the performance of its obligations to perform brokerage services or if this broker fails to effectively represent the Company to the retail grocery trade.
•	The Company may be unable to maintain or improve its profit margins in the concentrated retail environment. In addition, the loss of the Company’s largest customer could negatively impact its sales and profits.
	Sales to Wal-Mart Stores, Inc. and its subsidiaries amounted to approximately 26 percent of the Company’s net sales in 2011. These sales are primarily included in the three U.S. retail market segments. Trade receivables at April 30, 2011, included amounts due from Wal-Mart Stores, Inc. and its subsidiaries of approximately $87.6 million. During 2011, the Company’s top 10 customers, collectively, accounted for approximately 55 percent of consolidated net sales. The Company expects that a significant portion of its revenues will continue to be derived from a small number of customers. The Company’s customers are generally not contractually obligated to purchase from the Company. These customers make purchase decisions based on a combination of price, product quality, consumer demand, customer service performance, their

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	desired inventory levels, and other factors. Changes in customers’ strategies, including a reduction in the number of brands they carry or a shift of shelf space to private label products, may adversely affect sales. Additionally, the Company’s customers may face financial or other difficulties that may impact their operations and their purchases from the Company, which could adversely affect results of operations. Customers also may respond to price increases by reducing distribution, resulting in reduced sales of the Company’s products. If sales of products to one or more of these customers are reduced, this reduction may have a material adverse effect on the Company’s business, financial condition, and results of operations. Bankruptcy or other business disruption of a significant customer could adversely affect the Company’s results of operations.
•	Loss or interruption of supply from single-source suppliers of raw materials and finished goods could have a disruptive effect on the Company’s business and adversely affect its results of operations.
	The Company has elected to source certain raw materials, such as packaging for its most popular Folgers® coffee products, as well as its Jif® peanut butter and Crisco® oil products, and finished goods from single sources of supply. While the Company believes that alternative sources of these raw materials and finished goods could be obtained on commercially reasonable terms, loss or an extended interruption in supplies from a single-source supplier would result in additional costs, could have a disruptive short-term effect on the Company’s business, and could adversely affect its results of operations.
•	The results of the Company may be adversely impacted as a result of increased cost, limited availability and/or insufficient quality of raw materials, including commodities and agricultural products.
	The Company and its business partners purchase and use large quantities of many different commodities and agricultural products in the manufacturing of the Company’s products including green coffee, peanuts, corn sweeteners, edible oils, sugar, fruit, wheat, milk, and cocoa. In addition, the Company and its business partners utilize significant quantities of plastic, glass, and cardboard to package the Company’s products and natural gas and fuel oil to manufacture, package, and distribute the Company’s products. These commodities, agricultural products, and other materials are subject to price volatility and can fluctuate due to conditions that are difficult to predict, including global supply and demand, commodity market fluctuations, crop sizes and yield fluctuations, weather, currency fluctuations, speculative influences, trade agreements, political unrest, consumer demand, and changes in governmental agricultural programs. For example, in late fiscal 2011, costs to acquire peanuts increased, in part, due to adverse weather conditions. Although the Company utilizes forward contracts and commodity futures and option contracts to manage commodity price volatility in some instances, commodity price increases ultimately result in corresponding increases in the Company’s raw material and energy costs.
	In particular, the price of green coffee has recently been subject to significant volatility and, in fiscal 2011, green coffee commodity prices increased significantly. In mid-March 2011, green coffee commodity prices reached a 34-year high at a level approximately 50 percent higher than they were eight months earlier and over 100 percent higher than they were a year earlier. The Company expects the green coffee commodity market to continue to be challenging as the market continues to be influenced by worldwide demand, the weakness of the dollar, speculative trading, and weather and as producers in Brazil-the world’s largest coffee producing country-enter a cyclically low production year in its biennial crop cycle. Due to the significance of green coffee to the Company’s coffee business, combined with the Company’s ability to only partially mitigate future price risk through purchasing practices and hedging activities, significant increases or decreases in the cost of green coffee could have an adverse impact on the Company’s profitability.

9

•	The Company may be limited in its ability to pass cost increases on to its customers in the form of price increases or may realize a decrease in sales volume to the extent price increases are implemented.
	The Company may not be able to pass some or all of any increases in the price of raw materials, energy, and other input costs to its customers by raising prices. To the extent competitors do not also increase their prices, customers and consumers may choose to purchase competing products or may shift purchases to lower-priced private label or other value offerings which may adversely affect the Company’s results of operations.
	Consumers may be less willing or able to pay a price differential for the Company’s branded products, and may increasingly purchase more lower-priced offerings and may forego some purchases altogether, especially during economic downturns. Retailers may also increase levels of promotional activity for lower-priced or value offerings as they seek to maintain sales volumes during times of economic uncertainty. Accordingly, sales volumes of the Company’s branded products could be reduced or lead to a shift in sales mix toward its lower margin offerings. As a result, decreased demand for the Company’s products may adversely affect its results of operations.
•	The Company’s efforts to manage commodity and other price volatility through derivative instruments could adversely affect its results of operations and financial condition.
	The Company uses derivative instruments, including commodity futures and options, to reduce the price volatility associated with anticipated commodity purchases. The extent of the Company’s derivative position at any given time depends on the Company’s assessment of the markets for these commodities. If the Company fails to take a derivative position and costs subsequently increase, or if it institutes a position and costs subsequently decrease, the Company’s costs may be greater than anticipated or higher than its competitors’ costs and financial results could be adversely affected. In addition, the Company’s liquidity may be adversely impacted by the cash margin requirements of the commodities exchanges or the failure of a counterparty to perform in accordance with a contract.
•	The results of the Company may be adversely impacted by growth in alternative energy markets.
	The Company competes for certain raw materials, notably corn and soy-based agricultural products, with the emerging bio-fuels industry. Growth in the bio-fuels industry, which is typically linked to increases in gasoline and diesel prices, may limit the supply of certain raw materials available to the Company. Additionally, farm acreage currently devoted to other agricultural products utilized by the Company may be converted to corn or soy resulting in higher cost for other agricultural products utilized by the Company.
•	Certain of the Company’s products are sourced from single manufacturing sites.
	The Company has consolidated its production capacity for certain products into single manufacturing sites. In addition, the Company is proceeding with plans to further consolidate its coffee, fruit spreads, syrups, and topping production as part of its current restructuring project. The Company could experience a production disruption at these or any of its manufacturing sites resulting in a reduction or elimination of the availability of some of the Company’s products. If the Company is not able to obtain alternate production capability in a timely manner, a negative impact on the Company’s operations could result.

10

•	If there is a significant interruption in the operation of any of the Company’s facilities, third-party distribution centers, or supplier’s facilities, the Company may not have the capacity to service its customers in a timely manner, thereby reducing its revenues and earnings.
	A significant interruption in the operation of any of the Company’s facilities, third-party distribution centers, or supplier’s facilities, whether as a result of a natural disaster, flu pandemic, or other causes, could significantly impair the Company’s ability to operate its business. Notably, after completion of the Company’s current restructuring project, substantially all of the Company’s coffee production will be in New Orleans which is subject to risks associated with hurricane and other weather-related events. Following Hurricane Katrina in August 2005, production at the New Orleans facility was interrupted for approximately two months, resulting in a significant decline in coffee revenues for several months. A similar significant interruption in the operation of one of the Company’s facilities, third-party distribution centers, or supplier’s facilities may affect its ability to service all of its customers, and business may be lost to its competitors, resulting in a material adverse effect to the Company’s revenues, earnings, and financial position.
•	The Company’s business could be harmed by strikes or work stoppages.
	As of April 30, 2011, approximately 32 percent of the Company’s employees, located at 10 facilities, are covered by collective bargaining agreements. These contracts vary in term depending on location. The Company cannot assure that it will be able to renew these collective bargaining agreements on the same or more favorable terms as the current agreements, or at all, without production interruptions caused by labor stoppages. If a strike or work stoppage were to occur in connection with negotiations of new collective bargaining agreements, or as a result of disputes under collective bargaining agreements with labor unions, the Company’s business, financial condition, and results of operations could be materially adversely affected.
•	Increases in logistics and other transportation-related costs could adversely impact the Company’s results of operations. The Company’s ability to competitively serve customers depends on the availability of reliable transportation.
	Logistics and other transportation-related costs have a significant impact on the Company’s earnings and results of operations. The Company uses multiple forms of transportation to bring the Company’s products to market. They include ships, trucks, intermodals, and railcars. Disruption to the timely supply of these services or increases in the cost of these services for any reason, including availability or cost of fuel, regulations affecting the industry, labor shortages in the transportation industry, service failures by third-party service providers, accidents or natural disasters (which may impact the transportation infrastructure or demand for transportation services), could have an adverse effect on the Company’s ability to serve its customers, and could have a material adverse effect on financial performance.
•	The Company may not achieve cost savings anticipated as a result of its restructuring initiatives.
	The Company has periodically commenced restructuring initiatives with the expectation of realizing future benefits including operational efficiencies or cost savings. The future benefits the Company expects from restructuring initiatives may not be realized during the time period expected, or at all, due to unforeseen or changing business conditions. In addition, costs incurred to realize the future benefits may be higher than anticipated and the Company’s results of operations could be adversely affected.
•	The Company’s operations are subject to the general risks associated with acquisitions.
	The Company’s stated long-term strategy is to own and market leading North American food brands sold in the center of the store. The Company has historically made strategic acquisitions of brands and businesses and intends to do so in the future in support of this strategy. The

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	success of past and future acquisitions depends on the Company’s ability to successfully integrate acquired and existing operations. If the Company is unable to integrate acquisitions successfully, its financial results could suffer. Additional potential risks associated with acquisitions are the diversion of management’s attention from other business concerns, additional debt leverage, the loss of key employees and customers of the acquired business, the assumption of unknown liabilities, disputes with sellers, and the inherent risk associated with the Company entering a line of business in which it has no or limited prior experience.
•	A material impairment in the carrying value of acquired goodwill or other intangible assets could negatively affect the Company’s consolidated operating results and net worth.
	A significant portion of the Company’s assets is goodwill and other intangible assets, the majority of which are not amortized but are reviewed at least annually for impairment. If the carrying value of these assets exceeds the current estimated fair value, the asset is considered impaired and could result in a noncash charge to earnings. Events and conditions that could result in impairment include a sustained drop in the market price of the Company’s common shares, increased competition or loss of market share, product innovation or obsolescence, or product claims that result in a significant loss of sales or profitability over the product life. At April 30, 2011, the carrying value of goodwill and other intangible assets totaled approximately $5.8 billion, compared to total assets of approximately $8.3 billion and total shareholders’ equity of approximately $5.3 billion.
	The results of the U.S. Retail Oils and Baking Market segment have been impacted by a highly competitive and promotional environment over the last fiscal year. Should competitive pressure in these categories be sustained, long-term assumptions relative to growth rates and profitability of certain brands within the segment may not be attained which could result in a material impairment. As of April 30, 2011, approximately 16 percent of the Company’s total goodwill and 11 percent of the Company’s total other intangible assets are assigned to the U.S. Retail Oils and Baking Market segment.
•	The results of the Company may be adversely impacted as a result of changes in defined benefit pension and other postretirement plan factors or regulations.
	The Company has defined benefit pension plans covering certain of its U.S. and Canadian employees. In addition to the defined benefit pension plans, the Company sponsors several unfunded, defined postretirement plans. The Company’s obligations and expense associated with these plans are recorded in the Company’s financial statements based on assumptions related to inflation, investment returns, mortality, employee turnover, rate of compensation increases, medical costs, and discount rates. Changes in regulations governing these plans, changes in plan assumptions, and differences between assumed and actual investment returns and interest rates can cause volatility in recorded assets, liabilities, expenses, and future funding requirements.
•	The effects of a potential pandemic illness could adversely affect the Company’s businesses.
	An outbreak of pandemic illness in a given location could severely interfere with and substantially disrupt the Company’s supply chain impacting the manufacture and/or shipment of the Company’s products, which could have a material adverse effect on its operations. A prolonged recurrence of a pandemic illness could also adversely affect the Company’s customers and cause an immediate and prolonged drop in consumer demand for the Company’s products. Any of these events could adversely affect the Company’s financial condition and results of operations. The general impact, if any, of a pandemic illness on the Company’s operations, its results of operations and financial condition is highly speculative, cannot be accurately predicted or quantified, and would depend on numerous factors, including the rate of contagion, the regions most affected, the effectiveness of treatment for the infected population and the rates of mortality and morbidity.

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•	Changes in tax, environmental, or other regulations and laws, or their application, or failure to comply with existing licensing, trade, and other regulations and laws could have a material adverse effect on the Company’s financial condition.
	The Company’s operations are subject to regulation by the U.S. Departments of Agriculture, Commerce, and Labor, the U.S. Food and Drug Administration, the U.S. Federal Trade Commission, the U.S. Securities and Exchange Commission, and the U.S. Internal Revenue Service, as well as similar and other authorities of Canada, various state, provincial and local governments, and voluntary regulatory and trade associations.
	The manufacturing, marketing, packaging, labeling, and distribution of food products are each subject to governmental regulation that is increasingly extensive, encompassing such matters as ingredients, advertising, relations with distributors and retailers, health, safety, and the environment. Additionally, the Company is routinely subject to new or modified tax and securities regulations, other laws and regulation, and accounting and reporting standards.
	In the U.S., the Company is required to comply with federal laws, such as the Food, Drug and Cosmetic Act, the Occupational Safety and Health Act, the Clean Air Act, the Clean Water Act, the Resource Conservation and Recovery Act, laws governing equal employment opportunity, and various other federal statutes and regulations. The Company is also subject to various state and local statutes and regulations. For instance, the California Safe Drinking Water and Toxic Enforcement Act of 1986 (commonly referred to as “Proposition 65”) requires that a specific warning appear on any product sold in the State of California that contains a substance listed by that state as having been found to cause cancer or birth defects. This law exposes all food and beverage producers to the possibility of having to provide warnings on their products. The detection of even a trace amount of a listed substance can subject an affected product to the requirement of a warning label. Products containing listed substances that occur naturally or that are contributed to such products solely by a municipal water supply are generally exempt from the warning requirement. If the Company is required to add warning labels to any of its products or place warnings in certain locations where its products are sold as a result of Proposition 65, sales of those products could suffer not only in those locations but elsewhere.
	Complying with new regulations and laws, or changes to existing regulations and laws, or their application could increase the Company’s production costs or adversely affect the Company’s sales of certain products. In addition, the Company’s failure or inability to comply with applicable regulations and laws could subject the Company to civil remedies, including fines, injunctions, recalls or seizures, as well as potential criminal sanctions, which could have a material adverse effect on the Company’s business and financial condition.
•	Changes in climate or legal, regulatory or market measures to address climate change may negatively affect the Company’s business and operations.
	While scientific consensus on the existence, potential causes, or likely outcomes of global climate change has not yet been reached, researchers continue to aggressively explore this issue. However, there already exists significant political and scientific concern that emissions of carbon dioxide and other greenhouse gases may alter the composition of the global atmosphere in ways that are affecting and are expected to continue affecting the global climate. The emission of such greenhouse gases may have an adverse impact on global temperatures, weather patterns, and the frequency and severity of extreme weather and natural disasters. In the event that climate change may have a negative effect on agricultural productivity, the Company may be subject to decreased availability or less favorable pricing for certain commodities that are necessary for its products, such as green coffee, peanuts, corn sweeteners, edible oils, sugar, wheat, milk, cocoa, and various fruits and vegetables. The Company may also be subjected to decreased availability or less favorable pricing for water as a result of such change, which could impact its manufacturing and distribution operations. In addition, natural disasters and extreme weather conditions may disrupt the productivity of facilities or the operation of the Company’s supply chain.

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	Increasing concern over climate change also may result in more regulatory requirements related to greenhouse gases. Many states have announced or adopted programs to stabilize and reduce greenhouse gas emissions, and federal legislation has been proposed in Congress. It is possible that federal legislation limiting greenhouse gas emissions may be imposed in the U.S. in the future. In the event that regulations are enacted and are more rigorous than existing regulations, the Company may experience significant increases in costs of operation and delivery. In particular, increased regulation of utility providers, fuel emissions, or suppliers could substantially increase the Company’s operating, distribution, or supply chain costs. The Company could also face increased costs related to defending and resolving legal claims and other litigation related to climate change. As a result, climate change could negatively affect the Company’s results of operations, cash flows, or financial position.
•	If the Company’s information technology systems fail to perform adequately or the Company is unable to protect such information technology systems against data corruption, cyber-based attacks or network security breaches, the Company’s operations could be disrupted.
	The Company relies on information technology networks and systems, including the Internet, to process, transmit and store electronic information. In particular, the Company depends on its information technology infrastructure to effectively manage its business data, supply chain, logistics, accounting and other business processes and for digital marketing activities and electronic communications between Company personnel and its customers and suppliers. If the Company does not allocate and effectively manage the resources necessary to build and sustain an appropriate technology infrastructure, the Company’s business or financial results could be negatively impacted. In addition, security breaches or system failures of this infrastructure can create system disruptions, shutdowns or unauthorized disclosure of confidential information. If the Company is unable to prevent such breaches or failures, its operations could be disrupted, or it may suffer financial damage or loss because of lost or misappropriated information.
	In addition, the Company has outsourced certain information technology support services and administrative functions, such as accounts payable processing and benefit plan administration, to third-party service providers, and may outsource other functions in the future to achieve cost savings and efficiencies. If the service providers that the Company outsources these functions to do not perform effectively, the Company may not be able to achieve the expected cost savings and may have to incur additional costs in connection with such failure to perform. Depending on the function involved, such failures may also lead to business disruption, processing inefficiencies, the loss of or damage to intellectual property through security breach, the loss of sensitive data through security breach or otherwise.
•	Disruptions in the financial markets may adversely affect the Company’s ability to access capital in the future.
	The Company may need new or additional financing in the future to conduct its operations, expand its business or refinance existing indebtedness. Disruptions in global financial markets and banking systems may make credit and capital markets more difficult for companies to access, even for some companies with established revolving or other credit facilities. Any sustained weakness in the general economic conditions and/or financial markets in the U.S. or globally could adversely affect the Company’s ability to raise capital on favorable terms or at all. From time to time, the Company has relied, and also may rely in the future, on access to financial markets as a source of liquidity for working capital requirements, acquisitions, and general corporate purposes. The Company’s access to funds under its revolving credit facility is dependent on the ability of the financial institutions that are parties to that facility to meet their funding commitments. The obligations of the financial institutions under the Company’s revolving credit facility are several and not joint and, as a result, a funding default by one or more institutions does not need to be made up by the others. Long-term volatility and disruptions in the capital and credit markets as a result of uncertainty, changing or increased regulation of financial institutions, reduced alternatives, or

14

failure of significant financial institutions could adversely affect the Company’s access to the liquidity needed for its businesses in the longer term. Such disruptions could require the Company to take measures to conserve cash until the markets stabilize or until alternative credit arrangements or other funding for its business needs can be arranged. Disruptions in the capital and credit markets could result in higher interest rates on publicly issued debt securities and increased costs under credit facilities. Continuation of these disruptions would increase the Company’s interest expense and capital costs and could adversely affect its results of operations and financial position.

Item 1B. Unresolved Staff Comments.

None.

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Item 2. Properties.

     The table below lists all of the Company’s manufacturing and processing facilities at April 30, 2011. All of the Company’s properties are maintained and updated on a regular basis, and the Company continues to make investments for expansion, and safety and technological improvements. The Company believes that existing capacity at these facilities is sufficient to sustain current operations and anticipated near-term growth.

     The Company owns all of the properties listed below, except for one of the properties in New Orleans, Louisiana,^(A) which is leased. The Company also leases four sales and administrative offices in the U.S., and one each in Canada, Mexico, and China. The Company’s corporate headquarters are located in Orrville, Ohio, and the Company’s Canadian headquarters are located in Markham, Ontario.

U.S. Locations	Products Produced/Processed
Chico, California	Fruit and vegetable juices, beverages, and natural food products
Cincinnati, Ohio	Shortening and oils
El Paso, Texas	Canned milk
Grandview, Washington	Fruit
Havre de Grace, Maryland	Fruit and vegetable juices, beverages, and natural food products
Kansas City, Missouri (B)	Coffee
Lexington, Kentucky	Peanut butter
Memphis, Tennessee (B)	Fruit spreads, toppings, syrups
New Bethlehem, Pennsylvania	Peanut butter and combination peanut butter and jelly products
New Orleans, Louisiana (two facilities)	Coffee
Orrville, Ohio	Fruit spreads, toppings, syrups
Oxnard, California	Fruit
Ripon, Wisconsin	Fruit spreads, toppings, syrups, condiments
Scottsville, Kentucky	Frozen sandwiches and ready-to-eat waffles
Seneca, Missouri	Canned milk
Toledo, Ohio	Baking mixes, frostings, and flour

Canada Locations	Products Produced/Processed
Delhi Township, Ontario (B)	Pickles
Dunnville, Ontario (B)	Pickles and relish condiments
Sherbrooke, Quebec	Canned milk
Ste. Marie, Quebec (B)	Fruit spreads, sweet spreads, fruit industrial products

(A)	The Company leases the land, but owns the buildings, at one of the New Orleans, Louisiana, facilities.
(B)	Locations currently expected to close as part of the Company’s restructuring plans as described in the Company’s 2011 Annual Report to Shareholders on pages 47 and 48 under “Note D: Restructuring.”

Item 3. Legal Proceedings.

     The Company is a defendant in a variety of legal proceedings. While the Company cannot predict with certainty the results of these proceedings, the Company does not believe that the final outcome of these proceedings will have a material adverse affect on the Company’s financial position, results of operations, or cash flows.

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Item 4. [Removed and Reserved]

Executive Officers of the Registrant.

     The names, ages as of July 1, 2011, and current positions of the executive officers of the Company are listed below. All executive officers serve at the pleasure of the Board of Directors, with no fixed term of office. Unless otherwise indicated, each individual has served as an executive officer of the Company for more than five years.

			Years			Served as
			with			an Officer
Name	Age		Company		Position	Since
Timothy P. Smucker		67		42	Chairman of the Board and Co-Chief Executive Officer (1)		1973
Richard K. Smucker		63		38	Executive Chairman and Co-Chief Executive Officer (2)		1974
Dennis J. Armstrong		56		32	Senior Vice President, Logistics and Operations Support (3)		2007
Mark R. Belgya		50		26	Senior Vice President and Chief Financial Officer (4)		1997
James A. Brown		50		26	Vice President, U.S. Grocery Sales (5)		2009
Vincent C. Byrd		56		34	President and Chief Operating Officer (6)		1988
John W. Denman		54		32	Vice President and Controller (7)		2005
Barry C. Dunaway		48		24	Senior Vice President and Chief Administrative Officer (8)		2001
Jeannette L. Knudsen		41		8	Vice President, General Counsel and Corporate Secretary (9)		2009
John F. Mayer		55		31	Vice President, Sales, Grocery Market (10)		2004
Kenneth A. Miller		62		31	Vice President, Alternate Channels (11)		2007
Steven Oakland		50		28	President, International, Foodservice, and Natural Foods (12)		1999
Andrew G. Platt		55		28	Vice President, Information Services and Chief Information Officer		2004
Christopher P. Resweber		49		23	Vice President, Marketing Communications (13)		2004
Julia L. Sabin		51		27	Vice President and General Manager, Smucker Natural Foods, Inc. (14)		2007
Mark T. Smucker		41		13	President, U.S. Retail Coffee (15)		2001
Paul Smucker Wagstaff		41		15	President, U.S. Retail Consumer Foods (16)		2001
Albert W. Yeagley		63		37	Vice President, Industry and Government Affairs (17)		2007

(1)	Mr. Timothy Smucker was elected to his present position in August 2008, having served as Chairman and Co-Chief Executive Officer since February 2001. In March 2011, Mr. Timothy Smucker was re-elected Chairman of the Board, but will no longer serve as Co-Chief Executive Officer, to be effective August 16, 2011.
(2)	Mr. Richard Smucker was elected to his present position in August 2008, having served as President and Co-Chief Executive Officer since February 2001. In March 2011, Mr. Richard Smucker was elected the sole Chief Executive Officer, but will no longer serve as the Executive Chairman, to be effective August 16, 2011.
(3)	Mr. Armstrong was elected to his present position in October 2009, having served as Vice President, Logistics and Operations Support since February 2007.
(4)	Mr. Belgya was elected to his present position in October 2009, having served as Vice President and Chief Financial Officer since October 2008. Prior to that time, he served as Vice President, Chief Financial Officer and Treasurer since January 2005.

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(5)	Mr. Brown was elected to his present position in April 2009, effective as of June 30, 2009, having served as Director, National Sales, Grocery Market since February 2002.
(6)	Mr. Byrd was elected to his present position in March 2011, effective as of May 1, 2011, having served as President, U.S. Retail Coffee since August 2008. Prior to that time, he served as Senior Vice President, Consumer Market since February 2004.
(7)	Mr. Denman was elected to his present position in August 2005, having served as Assistant Controller since May 2005.
(8)	Mr. Dunaway was elected to his present position in March 2011, effective as of May 1, 2011, having served as Senior Vice President, Corporate and Organizational Development since August 2008. Prior to that time, he served as Vice President, Corporate Development since November 2001.
(9)	Ms. Knudsen was elected to her present position in August 2010, having served as Vice President, Deputy General Counsel and Corporate Secretary since April 2010, and as Corporate Secretary since April 2009. Prior to that time, she served as Securities and Acquisition Counsel and Assistant Secretary since November 2007 and Corporate Attorney since August 2002.
(10)	Mr. Mayer was elected to his present position in April 2009, effective as of June 30, 2009, having served as Vice President, Customer Development since August 2004.
(11)	Mr. Miller was elected to his present position in February 2007, having served as General Manager, Alternate Channels since September 2005.
(12)	Mr. Oakland was elected to his present position in March 2011, effective as of May 1, 2011, having served as President, U.S. Retail — Smucker’s, Jif and Hungry Jack since August 2008. Prior to that time, he served as Vice President and General Manager, Consumer Oils and Baking since November 2001.
(13)	Mr. Resweber was elected to his present position in July 2009, having served as Vice President, Marketing Services since August 2004.
(14)	Ms. Sabin was elected to her present position in February 2009, having served as Vice President and General Manager, Smucker Quality Beverages, Inc. since February 2007. Prior to that time, she served as General Manager, Smucker Quality Beverages, Inc. since February 1998.
(15)	Mr. Mark Smucker was elected to his present position in March 2011, effective as of May 1, 2011, having served as President, Special Markets since August 2008. Prior to that time, he served as Vice President, International since July 2007 and Vice President, International and Managing Director, Canada since May 2006.
(16)	Mr. Wagstaff was elected to his present position in March 2011, effective as of May 1, 2011, having served as President, U.S. Retail — Oils and Baking since August 2008. Prior to that time, he served as Vice President, Foodservice and Beverage Markets since May 2006.
(17)	Mr. Yeagley was elected to his present position in January 2009, having served as Vice President, Quality Assurance since February 2007. Prior to that time, he served as Director, Corporate Quality Assurance since July 2001.

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PART II

Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.

     (a) The information pertaining to the market for the Company’s common shares and other related shareholder information is incorporated herein by reference to the information set forth in the Company’s 2011 Annual Report to Shareholders under the caption “Stock Price Data” on page 18 and the caption “Comparison of Five-Year Cumulative Total Shareholder Return” on page 19.

     (b) Not applicable.

     (c) Issuer Purchases of Equity Securities

							(d)
							Maximum number
					(c)		(or approximate
			(b)		Total number of		dollar value) of
	(a)		Average		shares purchased		shares that may yet
	Total number of		price		as part of publicly		be purchased under
	shares		paid per		announced plans		the plans or
Period	purchased		share		or programs		programs
February 1, 2011 - February 28, 2011		960		38.79		0		5,000,000
March 1, 2011 - March 31, 2011		1,379,103		71.99		1,377,600		3,622,400
April 1, 2011 - April 30, 2011		582,747		72.69		581,500		3,040,900
Total		1,962,810	$	72.18		1,959,100		3,040,900

	Information set forth in the table above represents activity in the Company’s fourth fiscal quarter.
(a)	Shares in this column include shares repurchased as part of publicly announced plans as well as shares repurchased from stock plan recipients in lieu of cash payments.
(c)	From March 18, 2011 until April 30, 2011, the Company repurchased 1,959,100 common shares under the Company’s share repurchase plan established in March 2011 in accordance with Rule 10b5-1 of the Exchange Act.
(d)	At April 30, 2011, the Company had 3,040,900 common shares remaining for repurchase under its January 2011 Board of Directors’ authorization. From May 1, 2011 through June 22, 2011, no additional common shares were repurchased by the Company.

Item 6. Selected Financial Data.

     Five-year summaries of selected financial data for the Company and discussions of items which materially affect the comparability of the selected financial data are incorporated herein by reference to the information set forth in the Company’s 2011 Annual Report to Shareholders under the following captions and page numbers: “Five-Year Summary of Selected Financial Data” on page 17, “Note A: Accounting Policies” on pages 42 through 45, “Note C: Folgers Merger” on pages 46 and 47, and “Note D: Restructuring” on pages 47 and 48.

Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

     Management’s discussion and analysis of financial condition and results of operations, including a discussion of liquidity and capital resources, and critical accounting estimates and policies, is

19

incorporated herein by reference to the information set forth in the Company’s 2011 Annual Report to Shareholders under the caption “Management’s Discussion and Analysis,” on pages 20 through 32.

Item 7A. Quantitative and Qualitative Disclosures About Market Risk.

     Quantitative and qualitative disclosures about market risk are incorporated herein by reference to the information set forth in the Company’s 2011 Annual Report to Shareholders under the caption “Derivative Financial Instruments and Market Risk” on page 31.

Item 8. Financial Statements and Supplementary Data.

     Consolidated financial statements of the Company at April 30, 2011 and 2010, and for each of the years in the three-year period ended April 30, 2011, with the report of independent registered public accounting firm and selected unaudited quarterly financial data, are incorporated herein by reference to the information set forth in the Company’s 2011 Annual Report to Shareholders under the caption “Summary of Quarterly Results of Operations” on page 18 and beginning with “Report of Management on Internal Control Over Financial Reporting” on page 33 through “Note Q: Common Shares” on page 67.

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure.

     None.

Item 9A. Controls and Procedures.

     Evaluation of Disclosure Controls and Procedures. The Company’s management, including the Company’s principal executive officers and principal financial officer, evaluated the effectiveness of the Company’s disclosure controls and procedures (as defined in Rule 13a-15(e) or 15d-15(e) under the Exchange Act), as of April 30, 2011 (the “Evaluation Date”). Based on that evaluation, the Company’s principal executive officers and principal financial officer have concluded that, as of the Evaluation Date, the Company’s disclosure controls and procedures were effective in ensuring that information required to be disclosed by the Company in reports that it files or submits under the Exchange Act is (1) recorded, processed, summarized, and reported within the time periods specified in Securities and Exchange Commission rules and forms, and (2) accumulated and communicated to the Company’s management, including the chief executive officers and chief financial officer, as appropriate to allow timely decisions regarding required disclosure.

     Changes in Internal Controls. There were no changes in the Company’s internal controls over financial reporting that occurred during the fourth quarter ended April 30, 2011, that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

     Management’s report on internal control over financial reporting and the attestation report of the Company’s independent registered public accounting firm are set forth in the Company’s 2011 Annual Report to Shareholders under the heading “Report of Management on Internal Control Over Financial Reporting” on page 33, and under the heading “Report of Independent Registered Public Accounting Firm on Internal Control Over Financial Reporting” on page 34, which reports are incorporated herein by reference.

Item 9B. Other Information.

     None.

20

PART III

Item 10. Directors, Executive Officers and Corporate Governance.

     The information required by this Item as to the directors of the Company, the Audit Committee, the Audit Committee financial experts, and compliance with Section 16(a) of the Exchange Act is incorporated herein by reference to the information set forth under the captions “Election of Directors,” “Corporate Governance,” “Board and Committee Meetings,” and “Ownership of Common Shares” in the Company’s definitive Proxy Statement for the Annual Meeting of Shareholders to be held on August 17, 2011. Information required by Item 10 as to the executive officers of the Company is included in Part I of this Annual Report on Form 10-K as permitted by Instruction 3 to Item 401(b) of Regulation S-K.

     The Board of Directors has adopted a Policy on Ethics and Conduct, last revised April 2005, which applies to the Company’s directors, principal executive officers, principal financial officer, and principal accounting officer. The Board of Directors has adopted charters for each of the Audit, Executive Compensation, and Nominating and Corporate Governance committees and has also adopted Corporate Governance Guidelines. Copies of these documents are available on the Company’s Web site (www.smuckers.com).

Item 11. Executive Compensation.

     The information required by this Item is incorporated by reference to the information set forth under the captions “Executive Compensation,” “Board and Committee Meetings,” and “Compensation Committee Interlocks and Insider Participation” in the Company’s definitive Proxy Statement for the Annual Meeting of Shareholders to be held on August 17, 2011.

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.

     The information required by this Item is incorporated by reference to the information set forth under the captions “Ownership of Common Shares” and “Equity Compensation Plan Information” in the Company’s definitive Proxy Statement for the Annual Meeting of Shareholders to be held on August 17, 2011.

Item 13. Certain Relationships and Related Transactions, and Director Independence.

     The information required by this Item is incorporated by reference to the information set forth under the caption “Related Party Transactions” in the Company’s definitive Proxy Statement for the Annual Meeting of Shareholders to be held on August 17, 2011.

Item 14. Principal Accountant Fees and Services.

     The information required by this Item is incorporated by reference to the information set forth under the captions “Service Fees Paid to the Independent Registered Public Accounting Firm,” and “Audit Committee Pre-approval Policies and Procedures” in the Company’s definitive Proxy Statement for the Annual Meeting of Shareholders to be held on August 17, 2011.

21

PART IV

Item 15. Exhibits and Financial Statement Schedules.

(a)(1)	Financial Statements
	See the Index to Financial Statements, which is included on page F-1 of this Report.
(a)(2)	Financial Statement Schedules
	Financial statement schedules are omitted because they are not applicable or because the information required is set forth in the Consolidated Financial Statements or notes thereto.
(a)(3)	Exhibits
	See the Index of Exhibits at page number 25 of this Report.

22

SIGNATURES

     Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Date: June 28, 2011	The J. M. Smucker Company
	/s/ Mark R. Belgya
	By: Mark R. Belgya
	Senior Vice President and Chief Financial Officer

     Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

*
Timothy P. Smucker	Chairman of the Board and Co-Chief Executive Officer, and Director (Principal Executive Officer)	June 28, 2011
*
Richard K. Smucker	Executive Chairman and Co-Chief Executive Officer, and Director (Principal Executive Officer)	June 28, 2011
/s/ Mark R. Belgya
Mark R. Belgya	Senior Vice President and Chief Financial Officer (Principal Financial Officer)	June 28, 2011
*
John W. Denman	Vice President and Controller (Principal Accounting Officer)	June 28, 2011
*
Vincent C. Byrd	Director	June 28, 2011
*
R. Douglas Cowan	Director	June 28, 2011
*
Kathryn W. Dindo	Director	June 28, 2011
*
Paul J. Dolan	Director	June 28, 2011
*
Nancy Lopez Knight	Director	June 28, 2011
*
Elizabeth Valk Long	Director	June 28, 2011
*
Gary A. Oatey	Director	June 28, 2011
*
Mark T. Smucker	Director	June 28, 2011
*
Alex Shumate	Director	June 28, 2011
*
William H. Steinbrink	Director	June 28, 2011
*
Paul Smucker Wagstaff	Director	June 28, 2011

* The undersigned, by signing her name hereto, does sign and execute this report pursuant to the powers of attorney executed by the above-named officers and directors of the registrant, which are being filed herewith with

23

the Securities and Exchange Commission on behalf of such officers and directors.

Date: June 28, 2011	/s/ Jeannette L. Knudsen
	By: Jeannette L. Knudsen
	Attorney-in-Fact

24

INDEX OF EXHIBITS

Exhibit No.	Description
2.1	Transaction Agreement, dated June 4, 2008, by and among The Procter & Gamble Company, The Folgers Coffee Company, The J. M. Smucker Company, and Moon Merger Sub, Inc. incorporated herein by reference to the Company’s Current Report on Form 8-K filed on June 5, 2008 (Commission File 001-5111).
2.2	Separation Agreement, dated June 4, 2008, by and among The Procter & Gamble Company, The Folgers Coffee Company, and The J. M. Smucker Company incorporated herein by reference to the Company’s Current Report on Form 8-K filed on June 5, 2008 (Commission File 001-5111).
3.1	Amended Articles of Incorporation of The J. M. Smucker Company incorporated herein by reference to the Company’s Quarterly Report on Form 10-Q for the quarter ended July 31, 2010 (Commission File 001-5111).
3.2	Amended Regulations of The J. M. Smucker Company incorporated herein by reference to the Company’s Quarterly Report on Form 10-Q for the quarter ended July 31, 2010 (Commission File 001-5111).
4	Rights Agreement, dated as of May 20, 2009, by and between The J. M. Smucker Company and Computershare Trust Company, N.A., incorporated herein by reference to the Company’s Registration Statement on Form 8-A filed on May 21, 2009 (Commission File 001-5111).
10.1	1987 Stock Option Plan incorporated herein by reference to the Company’s Annual Report on Form 10-K for the year ended April 30, 1994 (Commission File No. 001-5111).*
10.2	Management Incentive Plan incorporated herein by reference to the Company’s Annual Report on Form 10-K for the year ended April 30, 1996 (Commission File No. 001-5111).*
10.3	Nonemployee Director Stock Plan dated January 1, 1997 incorporated herein by reference to the Company’s Annual Report on Form 10-K for the year ended April 30, 1997 (Commission File No. 001-5111).*
10.4	1998 Equity and Performance Incentive Plan (as amended and restated effective as of June 6, 2005) incorporated herein by reference to the Company’s Current Report on Form 8-K filed on June 9, 2005 (Commission File No. 001-5111).*
10.5	Form of Restricted Shares Agreement incorporated herein by reference to the Company’s Current Report on Form 8-K filed on June 9, 2005 (Commission File No. 001-5111).*
10.6	Form of Deferred Shares Agreement incorporated herein by reference to the Company’s Current Report on Form 8-K filed on June 9, 2005 (Commission File No. 001-5111).*
10.7	Form of Deferred Stock Units Agreement incorporated herein by reference to the Company’s Quarterly Report on Form 10-Q for the quarter ended July 31, 2010 (Commission File No. 001-5111).*
10.8	The J. M. Smucker Company Top Management Supplemental Retirement Benefit Plan, restated as of January 1, 2009, incorporated herein by reference to the Company’s Quarterly Report on Form 10-Q for the quarter ended January 31, 2011 (Commission File No. 001-5111).*

25

INDEX OF EXHIBITS

Exhibit No.	Description
10.9	First Amendment to The J. M. Smucker Company Top Management Supplemental Retirement Plan, dated as of April 21, 2011, incorporated herein by reference to the Company’s Current Report on Form 8-K filed on April 25, 2011.*
10.10	Amended and Restated Consulting and Noncompete Agreement of Timothy P. Smucker, dated as of December 31, 2010, incorporated herein by reference to the Company’s Quarterly Report on Form 10-Q for the quarter ended January 31, 2011 (Commission File 001-5111).*
10.11	Amended and Restated Consulting and Noncompete Agreement of Richard K. Smucker, dated as of December 31, 2010, incorporated herein by reference to the Company’s Quarterly Report on Form 10-Q for the quarter ended January 31, 2011 (Commission File 001-5111).*
10.12	Termination Amendment to Amended and Restated Consulting and Noncompete Agreement of Timothy P. Smucker, dated as of April 25, 2011, incorporated herein by reference to the Company’s Current Report on Form 8-K filed on April 25, 2011.*
10.13	Termination Amendment to Amended and Restated Consulting and Noncompete Agreement of Richard K. Smucker, dated as of April 25, 2011, incorporated herein by reference to the Company’s Current Report on Form 8-K filed on April 25, 2011.*
10.14	The J. M. Smucker Company Voluntary Deferred Compensation Plan, amended and restated as of January 1, 2009, incorporated herein by reference to the Company’s Quarterly Report on Form 10-Q for the quarter ended January 31, 2011 (Commission File 001-5111).*
10.15	Amended and Restated 1997 Stock-Based Incentive Plan incorporated herein by reference to the Company’s Annual Report on Form 10-K for the year ended April 30, 2005 (Commission File 001-5111).*
10.16	Amended and Restated Nonemployee Director Stock Option Plan, effective August 19, 2005, incorporated herein by reference to the Company’s Current Report on Form 8-K filed on August 24, 2005 (Commission File No. 001-5111).*
10.17	The J. M. Smucker Company 2006 Equity Compensation Plan, effective August 17, 2006, incorporated herein by reference to the Company’s Current Report on Form 8-K filed on August 21, 2006 (Commission File 001-5111).*
10.18	Form of Restricted Stock Agreement incorporated herein by reference to the Company’s Current Report on Form 8-K filed on April 20, 2007 (Commission File No. 001-5111).*
10.19	Form of Deferred Stock Units Agreement incorporated herein by reference to the Company’s Current Report on Form 8-K filed on April 20, 2007 (Commission File No. 001-5111).*
10.20	The J. M. Smucker Company 2010 Equity and Incentive Compensation Plan, incorporated herein by reference to the Company’s Current Report on Form 8-K filed on August 20, 2010 (Commission File No. 001-5111).*
10.21	Form of Restricted Stock Agreement incorporated herein by reference to the Company’s Quarterly Report on Form 10-Q for the quarter ended October 31, 2010 (Commission File No. 001-5111).*
10.22	Form of Deferred Stock Units Agreement incorporated herein by reference to the Company’s Current Report on Form 8-K filed on October 28, 2010 (Commission File No. 001-5111).*

26

INDEX OF EXHIBITS

Exhibit No.	Description
10.23	Form of Special One-Time Grant Deferred Stock Units Agreement incorporated herein by reference to the Company’s Annual Report on Form 10-K for the year ended April 30, 2009 (Commission File No. 001-5111).*
10.24	Form of Special One-Time Grant Restricted Stock Agreement incorporated herein by reference to the Company’s Annual Report on Form 10-K for the year ended April 30, 2009 (Commission File No. 001-5111).*
10.25	Omnibus Amendment to Restricted Stock Agreements for Folgers Employees, dated as of November 4, 2010, incorporated herein by reference to the Company’s Quarterly Report on Form 10-Q for the quarter ended January 31, 2011 (Commission File No. 001-5111).*
10.26	The J. M. Smucker Company Nonemployee Director Deferred Compensation Plan (Amended and Restated Effective January 1, 2007) incorporated herein by reference to the Company’s Quarterly Report on Form 10-Q for the quarter ended January 31, 2009 (Commission File 001-5111).*
10.27	The J. M. Smucker Company Defined Contribution Supplemental Executive Retirement Plan, restated as of May 1, 2008, incorporated herein by reference to the Company’s Quarterly Report on Form 10-Q for the quarter ended January 31, 2011 (Commission File 001-5111).*
10.28	Amended and Restated Asset Purchase and Sale Agreement, dated as of October 24, 2001, by and among General Mills, Inc., The Pillsbury Company, and International Multifoods Corporation incorporated herein by reference to International Multifoods Corporation Current Report on Form 8-K dated November 13, 2001 (Commission File No. 001-6699).
10.29	Retail Trademark License Agreement, dated November 13, 2001, between The Pillsbury Company and International Multifoods Corporation incorporated herein by reference to International Multifoods Corporation Quarterly Report on Form 10-Q for the quarter ended December 1, 2001 (Commission File No. 001-6699).
10.30	Amendment to Retail Trademark License Agreement, dated December 23, 2002, between The Pillsbury Company and International Multifoods Corporation incorporated herein by reference to International Multifoods Corporation Annual Report on Form 10-K for the year ended March 1, 2003 (Commission File No. 001-6699).
10.31	Closing Agreement, dated as of November 13, 2001, by and among General Mills, Inc., The Pillsbury Company, and International Multifoods Corporation, incorporated herein by reference to International Multifoods Corporation Current Report on Form 8-K dated November 13, 2001 (Commission File No. 001-6699).
10.32	Omnibus Amendment Agreement, dated as of January 16, 2003, by and among General Mills, Inc., The Pillsbury Company, International Multifoods Corporation, and Sebesta Blomberg & Associates, Inc. incorporated herein by reference to International Multifoods Corporation Current Report on Form 8-K dated January 27, 2003 (Commission File No. 001-6699).
10.33	Note Purchase Agreement, dated as of August 23, 2000, by and among The J. M. Smucker Company and each of the Purchasers signatory thereto, incorporated herein by reference to the Company’s Quarterly Report on Form 10-Q for the quarter ended October 31, 2000 (Commission File 001-5111).

27

INDEX OF EXHIBITS

Exhibit No.	Description
10.34	First Amendment, dated as of November 30, 2001, to Note Purchase Agreement, dated as of August 23, 2000, incorporated herein by reference to the Company’s Annual Report on Form 10-K for the year ended April 30, 2004 (Commission File 001-5111).
10.35	Second Amendment, dated May 27, 2004, to Note Purchase Agreement, dated as of August 23, 2000, incorporated herein by reference to the Company’s Quarterly Report on Form 10-Q for the quarter ended July 31, 2007 (Commission File 001-5111).
10.36	Third Amendment, dated May 31, 2007, to Note Purchase Agreement, dated as of August 23, 2000, incorporated herein by reference to the Company’s Quarterly Report on Form 10-Q for the quarter ended July 31, 2007 (Commission File 001-5111).
10.37	Fourth Amendment, dated October 23, 2008, to Note Purchase Agreement, dated as of August 23, 2000, incorporated herein by reference to the Company’s Quarterly Report on Form 10-Q for the quarter ended October 31, 2008 (Commission File 001-5111).
10.38	Fifth Amendment, dated November 6, 2008, to Note Purchase Agreement, dated as of August 23, 2000, incorporated herein by reference to the Company’s Quarterly Report on Form 10-Q for the quarter ended October 31, 2008 (Commission File 001-5111).
10.39	Sixth Amendment, dated June 11, 2010, to Note Purchase Agreement, dated as of August 23, 2000, incorporated herein by reference to the Company’s Quarterly Report on Form 10-Q for the quarter ended July 31, 2010 (Commission File 001-5111).
10.40	Note Purchase Agreement, dated as of May 27, 2004, by and among The J. M. Smucker Company and each of the Purchasers signatory thereto incorporated herein by reference to the Company’s Quarterly Report on Form 10-Q for the quarter ended July 31, 2004 (Commission File 001-5111).
10.41	First Amendment, dated May 31, 2007, to Note Purchase Agreement, dated as of May 27, 2004, incorporated herein by reference to the Company’s Quarterly Report on Form 10-Q for the quarter ended July 31, 2007 (Commission File 001-5111).
10.42	Second Amendment, dated October 23, 2008, to Note Purchase Agreement, dated as of May 27, 2004, incorporated herein by reference to the Company’s Quarterly Report on Form 10-Q for the quarter ended October 31, 2008 (Commission File 001-5111).
10.43	Third Amendment, dated November 6, 2008, to Note Purchase Agreement, dated as of May 27, 2004, incorporated herein by reference to the Company’s Quarterly Report on Form 10-Q for the quarter ended October 31, 2008 (Commission File 001-5111).
10.44	Fourth Amendment, dated June 11, 2010, to Note Purchase Agreement, dated as of May 27, 2004, incorporated herein by reference to the Company’s Quarterly Report on Form 10-Q for the quarter ended July 31, 2010 (Commission File 001-5111).
10.45	Note Purchase Agreement, dated as of May 31, 2007, by and among The J. M. Smucker Company and each of the Purchasers signatory thereto, incorporated herein by reference to the Company’s Quarterly Report on Form 10-Q for the quarter ended July 31, 2007 (Commission File 001-5111).

28

INDEX OF EXHIBITS

Exhibit No.	Description
10.46	First Amendment, dated October 23, 2008, to Note Purchase Agreement, dated as of May 31, 2007, incorporated herein by reference to the Company’s Quarterly Report on Form 10-Q for the quarter ended October 31, 2008 (Commission File 001-5111).
10.47	Second Amendment, dated November 6, 2008, to Note Purchase Agreement, dated as of May 31, 2007, incorporated herein by reference to the Company’s Quarterly Report on Form 10-Q for the quarter ended October 31, 2008 (Commission File 001-5111).
10.48	Third Amendment, dated June 11, 2010, to Note Purchase Agreement, dated as of May 31, 2007, incorporated herein by reference to the Company’s Quarterly Report on Form 10-Q for the quarter ended July 31, 2010 (Commission File 001-5111).
10.49	Note Purchase Agreement, dated as of October 23, 2008, by and among The J. M. Smucker Company and each of the Purchasers signatory thereto, incorporated herein by reference to the Company’s Quarterly Report on Form 10-Q for the quarter ended October 31, 2008 (Commission File 001-5111).
10.50	First Amendment, dated November 6, 2008, to Note Purchase Agreement, dated as of October 23, 2008, incorporated herein by reference to the Company’s Quarterly Report on Form 10-Q for the quarter ended October 31, 2008 (Commission File 001-5111).
10.51	Second Amendment, dated June 11, 2010, to Note Purchase Agreement, dated as of October 23, 2008, incorporated herein by reference to the Company’s Quarterly Report on Form 10-Q for the quarter ended July 31, 2010 (Commission File 001-5111).
10.52	Note Purchase Agreement, dated as of June 15, 2010, by and among The J. M. Smucker Company and each of the Purchasers signatory thereto, incorporated herein by reference to the Company’s Periodic Report on Form 8-K filed on June 17, 2010 (Commission File 001-5111).
10.53	Guaranty Agreement, dated November 6, 2008, by The Folgers Coffee Company in favor of the Noteholders defined therein, relating to the guaranty of the obligations of The J. M. Smucker Company under or in respect of the Note Purchase Agreement, dated as of August 23, 2000, as amended incorporated herein by reference to the Company’s Quarterly Report on Form 10-Q for the quarter ended October 31, 2008 (Commission File 001-5111).
10.54	Guaranty Agreement, dated November 6, 2008, by The Folgers Coffee Company in favor of the Noteholders defined therein, relating to the guaranty of the obligations of The J. M. Smucker Company under or in respect of the Note Purchase Agreement, dated as of May 27, 2004, as amended incorporated herein by reference to the Company’s Quarterly Report on Form 10-Q for the quarter ended October 31, 2008 (Commission File 001-5111).
10.55	Guaranty Agreement, dated November 6, 2008, by The Folgers Coffee Company in favor of the Noteholders defined therein, relating to the guaranty of the obligations of The J. M. Smucker Company under or in respect of the Note Purchase Agreement, dated as of May 31, 2007, as amended incorporated herein by reference to the Company’s Quarterly Report on Form 10-Q for the quarter ended October 31, 2008 (Commission File 001-5111).

29

INDEX OF EXHIBITS

Exhibit No.	Description
10.56	Guaranty Agreement, dated November 6, 2008, by The Folgers Coffee Company in favor of the Noteholders defined therein, relating to the guaranty of the obligations of The J. M. Smucker Company under or in respect of the Note Purchase Agreement, dated as of October 23, 2008, as amended incorporated herein by reference to the Company’s Quarterly Report on Form 10-Q for the quarter ended October 31, 2008 (Commission File 001-5111).
10.57	Amended and Restated Credit Agreement, dated as of January 31, 2011, between The J. M. Smucker Company, Smucker Foods of Canada Corp., the Lenders, the Agent, the Syndication Agent and the Documentation Agent, incorporated herein by reference to the Company’s Current Report on Form 8-K filed on February 2, 2011 (Commission File 001-5111).
10.58	Purchase Agreement, dated January 13, 2005, by and among International Multifoods Corporation, Multifoods Brands, Inc., Fantasia Confections, Inc., Robin Hood Multifoods Corporation, The J. M. Smucker Company, Value Creation Partners, Inc., Best Brands Corp., and IMCB Corp. incorporated herein by reference to the Company’s Annual Report on Form 10-K for the year ended April 30, 2005 (Commission File 001-5111).
10.59	Letter Agreement, dated January 24, 2005, and Amendment to Purchase Agreement, dated February 18, 2005, by and among International Multifoods Corporation, Multifoods Brands, Inc., Fantasia Confections, Inc., Smucker Foods of Canada Co. (formerly known as Robin Hood Multifoods Corporation), The J. M. Smucker Company, Value Creation Partners, Inc., Best Brands Corp., and IMCB Corp. incorporated herein by reference to the Company’s Annual Report on Form 10-K for the year ended April 30, 2005 (Commission File 001-5111).
10.60	Transition Services Agreement between The Procter & Gamble Company and The Folgers Coffee Company, dated November 6, 2008 incorporated herein by reference to the Company’s Quarterly Report on Form 10-Q for the quarter ended October 31, 2008 (Commission File 001-5111).
10.61	Tax Matters Agreement between The Procter & Gamble Company, The Folgers Coffee Company, and The J. M. Smucker Company, dated November 6, 2008 incorporated herein by reference to the Company’s Quarterly Report on Form 10-Q for the quarter ended October 31, 2008 (Commission File 001-5111).
10.62	Intellectual Property Matters Agreement between The Procter & Gamble Company and The Folgers Coffee Company, dated November 6, 2008 incorporated herein by reference to the Company’s Quarterly Report on Form 10-Q for the quarter ended October 31, 2008 (Commission File 001-5111).
13	Excerpts from 2011 Annual Report to Shareholders. Such Annual Report, except those portions thereof that are expressly incorporated herein by reference, is furnished for the information of the Commission only and is not deemed to be filed as part of this Annual Report on Form 10-K.
21	Subsidiaries of the Registrant
23	Consent of Independent Registered Public Accounting Firm
24	Powers of Attorney
31.1	Certifications of Timothy P. Smucker pursuant to Rule 13a-14(a) and Rule 15d-14(a) of the Securities Exchange Act, as amended.

30

INDEX OF EXHIBITS

Exhibit No.	Description
31.2	Certifications of Richard K. Smucker pursuant to Rule 13a-14(a) and Rule 15d-14(a) of the Securities Exchange Act, as amended.
31.3	Certifications of Mark R. Belgya pursuant to Rule 13a-14(a) and Rule 15d-14(a) of the Securities Exchange Act, as amended.
32	Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of The Sarbanes-Oxley Act of 2002.
101.INS	XBRL Instance Document
101.SCH	XBRL Taxonomy Extension Schema Document
101.PRE	XBRL Taxonomy Extension Presentation Linkbase Document
101.DEF	XBRL Taxonomy Extension Definition Linkbase Document
101.CAL	XBRL Taxonomy Extension Calculation Linkbase Document
101.LAB	XBRL Taxonomy Extension Label Linkbase Document
*      Management contract or compensatory plan or arrangement.

31

THE J. M. SMUCKER COMPANY

ANNUAL REPORT ON FORM 10-K

INDEX TO FINANCIAL STATEMENTS

	Annual
	Report to
	Shareholders
Data incorporated by reference to the 2011 Annual Report to Shareholders of The J. M. Smucker Company:
Report of Management on Internal Control Over Financial Reporting		33
Report of Independent Registered Public Accounting Firm on Internal Control Over Financial Reporting		34
Report of Independent Registered Public Accounting Firm on the Consolidated Financial Statements		35
Consolidated Balance Sheets at April 30, 2011 and 2010		38 - 39
For the years ended April 30, 2011, 2010, and 2009:
Statements of Consolidated Income		37
Statements of Consolidated Cash Flows		40
Statements of Consolidated Shareholders’ Equity		41
Notes to Consolidated Financial Statements		42 - 67

Financial statement schedules are omitted because they are not applicable or because the information required is set forth in the Consolidated Financial Statements or the notes thereto.

F-1

EX-13

Financial Highlights Year Ended April 30, (Dollars in thousands, except per share data) 2011 2010 Net sales $4,825,743 $4,605,289 Net income and net income per common share: Net income $479,482 $494,138 Net income per common share — assuming dilution $4.05 $4.15 Income and income per common share excluding special project costs:⁽¹⁾ Income $555,133 $520,782 Income per common share — assuming dilution $4.69 $4.37 Common shares outstanding at year end 114,172,122 119,119,152 Number of employees 4,500 4,850 (1) Refer to “Non-GAAP Measures” located on page 28 in the “Management’s Discussion and Analysis” section for a reconciliation to the comparable GAAP financial measure. Contents Why We Are, Who We Are 1 Letter To Shareholders and Friends 2 Why the Family Meal Matters 4 A Focused Strategy 6 Business Review 8 Sustainability 16 Financial Review 17 Management’s Discussion and Analysis 20 Consolidated Financial Statements 37 Notes to Consolidated Financial Statements 42 Directors and Officers 68 Corporate and Shareholder Information 69 “Apple Orchard” ^© 2001 — Vincent McIndoe About Our Cover This year our Annual Report cover pays tribute to the heritage of The J. M. Smucker Company and the first Smucker product — apple butter. Artist Vincent McIndoe from Toronto, Canada, is best known for his graphics and oil painting style in his award-winning paintings and posters.

The J. M. Smucker Company Why We Are, Who We Are ...Our Culture A culture of dotting the is and crossing the of doing the right things and doing things right... A culture of growth — individual and as a company. It’s who we are. It’s because of who we are. It’s a result of living our Basic Beliefs... Our Commitment to Each Other. To our consumers and to our customers. As we look to the future of unlimited possibilities, we recognize the principles that are instrumental to our success... A culture deeply rooted in our Basic Beliefs... Guideposts for decisions at every level... Why we are who we are. A culture that encourages commitment to each other... Clear communication and collaboration... Vision...A culture of appreciation. A family-sense of sharing in a job well done... Where every person makes a difference.

THE J. M. SMUCKER COMPANY    2011 ANNUAL REPORT   1

Dear Shareholders and Friends:

Our family — all 4,500 of us at The J. M. Smucker Company — is pleased to share a successful year of accomplishments with you. Fiscal 2011 delivered impressive results and performance despite the challenging economic environment. These results prove that when a dedicated team is focused on Our Purpose — bringing families together to share memorable meals and moments — and implementing a clear strategy, strong financial results and enhanced shareholder value will follow:

•	Sales grew to $4.8 billion, an increase of five percent over last year, due to strong performance across many of the brands in our portfolio.
•	The strength of our brands and our ability to manage successfully through a volatile commodity cost environment resulted in a seven percent increase in non-GAAP earnings per share to $4.69.
•	We repurchased approximately 5.7 million common shares that represented over four percent of shares outstanding. We also increased our dividends paid to shareholders by 17 percent.
Continuous investment in our Company has resulted in a portfolio of iconic brands, the majority of which hold category-leading market positions. This leadership reflects our long-held philosophy of delivering great products at a fair value. We believe value is as much about quality, consistency, and trust as it is about price.

This past fiscal year, our brands have delivered this type of value in numerous ways with impressive results:

• New product innovation contributed significantly to the Company’s growth, particularly within our coffee, peanut butter, and baking brands.

• Our consumer communications efforts continued to drive brand equity, and we continued to be the primary share-of-voice for most of our categories. As a result, we produced an unprecedented number of television and broadband video advertisements during the year.

• We dramatically increased our digital marketing and social media programs, which now comprise over 10 percent of our Company’s media spend.

We are particularly proud that our communication efforts continue to be executed in an effective and family-friendly manner. The Parents Television Council has honored Smucker with the #1 ranking on its “Top Ten Best Advertisers” list recognizing companies that advertise only on responsibly produced entertainment programs.

LONG-TERM PERSPECTIVE

As an independent company with a history of leadership continuity, we are able to manage our business with a long-term perspective. Our unique culture, combined with this long-term perspective, has enabled us to deliver consistently strong financial results. On a 10-year basis, our total shareholder return has outpaced the average of the Standard & Poor’s packaged foods industry, as well as those of broader market indexes.

     We remain committed to preserving our Independence and ensuring leadership continuity because both have been significant contributors to our culture, financial performance, and ability to serve our business and constituents — consumers, customers, employees, suppliers, communities, and shareholders.

     Accordingly, throughout our history, we have proactively planned for leadership succession. As part of this process, several executive appointments and realignments became effective on May 1, 2011, the start of our 2012 fiscal year.

• Vincent C. Byrd is now President and Chief Operating Officer with responsibility for the Company’s U.S. Retail businesses. A 34-year veteran of the Company, Vincent was previously President of U.S. Retail Coffee.

• Mark T. Smucker, who has served in Company leadership roles for 13 years, most recently as President of Special Markets, now heads U.S. Retail Coffee as President.

• Paul Smucker Wagstaff, a 15-year Company veteran, has assumed the role of President, U.S. Retail Consumer Foods in a newly consolidated business area combining the current Consumer business with the Oils and Baking business.

• Steven Oakland, who was President of Smucker’s^®, Jif ^®, and Hungry Jack^®, is now President, International, Foodservice, and Natural Foods. Steven has been with Smucker for 28 years.

• Barry C. Dunaway, formerly Senior Vice President, Corporate and Organization Development, with 24 years experience with the Company, is now Senior Vice President and Chief Administrative Officer, overseeing Human Resources, Legal, Corporate Development, and Information Services.

2   THE J. M. SMUCKER COMPANY    2011 ANNUAL REPORT

Fiscal 2011 delivered impressive results and performance despite the challenging economic environment.

• Mark R. Belgya, our Senior Vice President and Chief Financial Officer and a 26-year veteran of the Company, adds Internal Audit to his responsibilities that include Accounting, Investor Relations, Financial Planning, Tax, and Treasury.

     In addition, effective August 16, 2011, Richard Smucker will serve as sole Chief Executive Officer, while Tim Smucker will continue to serve as Chairman of the Board with a focus on the Board of Directors, corporate strategy, succession planning, support for China growth opportunities, and will be an ambassador of our culture with our constituents.

LOOKING FORWARD

While Our Vision is to own and market North American food brands that hold the #1 market position in their respective categories, we also believe it is important to embrace a global perspective for long-term growth.

     As we look toward fiscal 2012, we remain confident in our ability to execute our long-term strategy and remain committed to growing our business with contributions from all three of our growth drivers — category and market share growth, new products, and acquisitions. Ongoing investments in product launches and marketing initiatives will further strengthen the trust consumers have in our brands.

     Managing through the challenging commodity cost environment will also remain a primary area of focus. We continue to utilize a combination of price increases and cost saving initiatives to offset higher costs. With our consistent approach to pricing transparency, the strength of our brands, and our team’s ability to execute, we expect to continue to effectively manage through this period of commodity cost volatility.

     We recently acquired the coffee brands and business operations of Rowland Coffee Roasters, Inc., including its leading Hispanic brands Café Bustelo^® and Café Pilon^®. While respecting and preserving the rich heritage of these brands, we believe they will benefit from our increased marketing support, go-to-market strategy, and strong national presence. We anticipate these brands will be a great complement to our existing portfolio. Achieving a seamless integration will be a key priority in fiscal 2012.

     China, with its vast consumer population, is a significant opportunity for us to consider. We have allocated resources to review these opportunities and to evaluate various means of entry into the Chinese market.

OUR PURPOSE

With an uncertain economic recovery, consumers remain thoughtful about their choices and are more conscious than ever of brand value. In such an environment, Smucker is well positioned to meet their needs with quality products available through our various distribution channels.

     We will continue to work to fulfill Our Purpose of bringing families together to share memorable meals and moments. We encourage you to read more about Our Purpose in this Report. Ultimately, our ability to fulfill this Purpose, achieve Our Vision, and consistently deliver solid financial results is a reflection of the hard work and dedication of our employees. We were honored to again have our employees recognized by FORTUNE magazine, naming Smucker as one of the “100 Best Companies to Work For.” We attribute our inclusion on this list to the quality of our employees. Together, we share the same Basic Beliefs — Quality, People, Ethics, Growth, and Independence — and draw upon these Beliefs to guide us on a daily basis.

     It is our family-sense of sharing in a job well done that has made The J. M. Smucker Company what it is today and positions us well for continued growth. To our employees, thank you for your continued commitment; and to our shareholders, thank you for your continued support.

Sincerely,

Tim Smucker	Richard Smucker

June 22, 2011

THE J. M. SMUCKER COMPANY    2011 ANNUAL REPORT   3

Why the Family Meal Matters While strong financial results are important, we ultimately define our business success by how well we fulfill Our Purpose: Bringing families together to share memorable meals and moments. We believe, and research demonstrates, a shared mealtime experience leads to happier and healthier families. “Sitting down to a meal together draws a line around us,” says Miriam Weinstein, author of The Surprising Power of Family Meals. “It encloses us and, for a brief time, strengthens the bonds that connect us with other members of our self-defined clan, shutting out the rest of the world.” Weinstein partners with Smucker on our website, PowerOfFamilyMeals.com. Her insights are supported by numerous research studies that reveal the benefits gained from family-shared meals: Better grades Healthier eating habits Fewer behavioral problems Less family tension Closer family bonds The power of the family meal helps family members connect with each other, teaches children valuable life lessons, and establishes an important ritual that allows them to grow together. These families are happier, healthier, and forge stronger and more resilient family ties. This is why we strive to make meal planning and preparation easier, offering products that are convenient, delicious, and nutritious to help families enjoy more meals together — anywhere, any time, every day.

THE J. M. SMUCKER COMPANY    2011 ANNUAL REPORT   5

A Focused Strategy Our Vision is to own and market food brands that hold the #1 position in their respective categories — categories that are typically located in the center of the store. This Strategy, along with our unique culture, has helped to shape a decade of transformational growth for Smucker. In the United States, seven of our brands hold #1 market share positions in their respective categories, and Smucker brands enjoy top positions in eight categories in Canada. As one of Our Basic Beliefs, Growth remains central to our long-term strategy. We target net sales growth of six percent and earnings per share growth of greater than eight percent annually. We plan to grow our business through category and market share growth, new products, and acquisitions of leading brands. Acquisitions may be “enabling,” which provide new or enhanced capabilities; “bolt-on,” which increase our category presence; or “transformational,” which provide entry into new markets and/or categories. This Strategy, combined with the strength of our brand portfolio and our people, will enable us to further build upon our position as one of the leading branded dry grocery food manufacturers in North America. U.S. RETAIL COFFEE MARKET U.S. RETAIL CONSUMER MARKET

6   THE J. M. SMUCKER COMPANY    2011 ANNUAL REPORT

U.S. RETAIL OILS AND BAKING MARKET SPECIAL MARKETS

THE J. M. SMUCKER COMPANY    2011 ANNUAL REPORT   7

Our Company has a history of ongoing marketing support to strengthen our brands. Fiscal 2011 saw significant advancement in our digital and social marketing investments, complementing an unprecedented year in the development of new television commercials. The net result is that our portfolio of leading brands continues to strengthen, evolve, and connect with consumers.

8   THE J. M. SMUCKER COMPANY    2011 ANNUAL REPORT

U.S. Retail Co_ee Market Our U.S. Retail Coffee Market enjoyed solid sales and segment profit in fiscal 2011 and continues to be the market leader in the packaged coffee category. Sales growth of 14 percent was driven by the Folgers^® and Dunkin’ Donuts^® brands along with the launch of our single-serve K-Cup^® portion packs. Profit for the business increased 11 percent. The introduction of Folgers Gourmet Selections^® and Millstone^® single-serve K-Cup^® portion packs was the most successful new product launch in Company history and has provided us with a strong position in the fastest-growing segment for single-serve coffee. Other Folgers coffee marketplace success stories included volume growth of more than 45 percent for Folgers Black Silk coffee and a relaunch of Folgers Special Roast^® coffee with new packaging and product formulation. The Folgers brand also engaged consumers through its highly successful Folgers Jingle Contest, launch of the Folgers brand on Facebook, and new television commercials. Dunkin’ Donuts has become the fifth-largest brand in our portfolio and the second-leading brand in the premium coffee segment. The Dunkin’ Turbo^® variety and Dunkin’ Donuts coffee seasonal flavors, Toasted Almond and Strawberry Shortcake, contributed to this success. We continue to make capital investments to expand coffee operations at our New Orleans, Louisiana, manufacturing facilities. In early fiscal 2012, we acquired the coffee brands and business operations of Rowland Coffee Roasters, Inc., a leading marketer of Hispanic coffee brands, including Café Bustelo and Café Pilon, and one of the largest producers of espresso coffee in the United States. The rich heritage of these brands will provide us with a unique opportunity to strengthen our presence in the coffee category among Hispanic consumers in the United States.

THE J. M. SMUCKER COMPANY    2011 ANNUAL REPORT   9

U.S. Retail Consumer Market Sales within our U.S. Retail Consumer Market segment grew by one percent, excluding the impact of divestitures, and segment profit grew by three percent in fiscal 2011. In addition to new product introductions and strong consumer communications support, our ongoing investments in this segment include the construction of a new state-of-the-art manufacturing facility in Orrville, Ohio, that will support future growth and enhance operational efficiency. Smucker’s fruit spreads and Jif peanut butter continued to grow and strengthen their #1 positions within their categories, offering quality, variety, and value options for everyone to enjoy. Smucker’s^® Uncrustables^® sandwiches and Smucker’s^® Snack’n Waffles™ brand waffles remain popular, delicious, and convenient meal and snack options, bringing smiles to consumers of all ages. Smucker’s fruit spreads, Jif peanut butter, and Hungry Jack pancake mixes and syrups remain family meal favorites, and they offered consumers more choices through the introduction of new products during fiscal 2011, including two new flavors of Smucker’s^® Orchard’s Finest^® preserves; Jif ^® To Go™ peanut butter; and Hungry Jack sugar-free, butter-flavored syrup. Smucker’s ice cream toppings, perfect for celebrations and special treats, continue to offer variety as well as consumer favorites, such as Smucker’s^® Sundae Syrup™ caramel-flavored syrup and Smucker’s hot fudge topping. The Smucker’s, Jif, and Hungry Jack brands continue to connect with our consumers through marketing initiatives, including the Jif brand’s search for the most creative peanut butter sandwich; the launch of Smucker’s, Jif, and Hungry Jack Facebook pages; and the debut of Smucker’s fruit spreads’ first holiday commercial depicting Tim and Richard Smucker as boys in the 1950s.

10   THE J. M. SMUCKER COMPANY    2011 ANNUAL REPORT

“Easy” is one way we think about new products to meet the needs of our consumers. Jif ^® To Go™ peanut butter was created for consumers who are seeking the great taste of Jif ^® peanut butter in a convenient size that’s perfect for dipping and snacking while on the go.

THE J. M. SMUCKER COMPANY    2011 ANNUAL REPORT   11

U.S. Retail Oils and Baking Market Although segment sales in our U.S. Retail Oils and Baking Market declined two percent and profits were down nine percent in a challenging operating environment, the segment had a strong finish to fiscal 2011. Our family of leading oils and baking brands continues to offer consumers a variety of products that can be a part of everyday meals or special occasions. Product innovation contributed to the strength of our baking brands in fiscal 2011 as the Pillsbury^® brand became the only national baking brand to offer sugar-free frostings, brownie mixes and cake mixes. These product alternatives make it possible for consumers monitoring their sugar intake to also enjoy dessert options. In addition to Pillsbury, the Martha White^® brand maintains strong consumer loyalty for its flour and baking mixes and successfully launched new coffee cake baking mixes during the year. The Crisco^® brand celebrated its 100th anniversary this year and has enjoyed a long history of being a key part of family recipes for many generations. Awareness of Crisco olive oil continues to increase, and the product was recommended by Cooking Light magazine as the “Best All-Around” olive oil. We are broadening engagement with consumers through the Crisco brand website, Facebook, mobile applications, and blogger events. Eagle Brand^® remains the #1 brand of sweetened condensed milk and recently introduced a new easy-to-open package, providing greater convenience when baking special family recipes.

12   THE J. M. SMUCKER COMPANY    2011 ANNUAL REPORT

The Pillsbury ^® line of sugar-free frostings, brownie mixes, and cake mixes allows the growing number of consumers who are monitoring their sugar intake to enjoy these great-tasting desserts.

THE J. M. SMUCKER COMPANY    2011 ANNUAL REPORT   13

The R.W. Knudsen Family^® brand understands the value of using the highest quality natural and organic ingredients possible in its extensive line of juices. This focus on quality has helped drive the brand’s growth from an organic grape vineyard in Paradise, California, into the nation’s leading natural and organic juice brand, which is celebrating its 50th anniversary in 2011.

14   THE J. M. SMUCKER COMPANY    2011 ANNUAL REPORT

Special Markets Our Special Markets segment experienced a strong fiscal 2011 across all four of its business areas — Canada, foodservice, natural foods, and international. Led by the continued growth of Folgers coffee across the segment, net sales and profits grew five percent and 14 percent, respectively. In Canada, our brands enjoy market-share leadership in eight categories. Collectively, our Canadian portfolio experienced solid sales growth led by the strong performance of the coffee category. We continue to invest in our brands through new product launches and advertising support, as evidenced by the debut of four new television commercials during the year. Our foodservice business area maintained strong results in a market where many families are choosing to eat at home due to economic considerations. In this market, we remain focused on our very popular handheld products such as Smucker’s Uncrustables sandwiches and Smucker’s Snack’n Waffles brand waffles. Foodservice also is increasing its focus on growing the coffee business to complement its strong core product offerings. Smucker Natural Foods also experienced a very successful fiscal 2011. Innovation and new products continued to drive growth in natural foods during the year. New product launches included Recharge^® all-natural sports drink mixes, two new flavors of R.W. Knudsen Family^® Sparkling Essence™ beverages, and new offerings of Santa Cruz Organic^® fruit spreads and lemonades. Finally, our international business area continues to provide consumers in more than 65 countries the opportunity to enjoy our products. The Company is also focused on expansion of its business in Mexico and future growth opportunities in China.

THE J. M. SMUCKER COMPANY    2011 ANNUAL REPORT   15

Sustainability Matters Respecting our natural environment and being an active participant in the communities in which we live and work have been defining attributes of The J. M. Smucker Company since our founding. Our Sustainability Strategy summarizes our integrated focus on Economic, Environmental, and Social sustainability: Create a better tomorrow by focusing on preserving our culture, ensuring our long-term economic viability, limiting our environmental impact, and being socially responsible. During fiscal 2011, we continued to execute this strategy by working toward our five-year sustainability goals, participating in the Carbon Disclosure Project for the second year, and publishing our inaugural Corporate Responsibility Report, which we invite all of our constituents to read at smuckers.com.

Cherry Almond Dutch Baby Chopped Italian Salad with Italian Vinaigrette Crunchy Pesto Chicken Paillards with Caprese Salsa Fresh Tomato Tart with Black Pepper Cornbread Crust Peanut Butter Topped Chocolate Cake Grilled Shrimp with Greek Wheat Berry Salad

Chopped Italian Salad with Italian Vinaigrette

PREP TIME: 20 min      MAKES: 8 servings

ITALIAN VINAIGRETTE

1/2 cup balsamic vinegar
1 tablespoon Dijon-style mustard
1/4 teaspoon salt
1/4 teaspoon coarse ground black pepper
2 tablespoons chopped herbs, a mixture of basil, oregano and thyme
1/2 cup Crisco^® Pure Olive Oil

CHOPPED ITALIAN SALAD

1 head or 1 (10 oz.) package romaine lettuce, torn into bite-sized pieces
1/3 cup sliced roasted red peppers, drained
1/4 pound sliced salami, cut into strips
1/3 cup chopped red onion
1 1/2 cups sliced ripe black olives
1 cup diced provolone cheese

DIRECTIONS

1. COMBINE balsamic vinegar, mustard, salt, pepper and herbs in a food processor or blender. Process on high speed until the mixture is well blended. With the motor running, slowly add olive oil in a steady stream.

2. TOSS salad ingredients together to combine. Add vinaigrette. Stir until evenly coated.

TIP: Vinaigrette will last approximately 2 weeks in the refrigerator.

©/® The J. M. Smucker Company

Cherry Almond Dutch Baby

PREP TIME: 10 min      COOK TIME: 20 min      MAKES: 4 to 6 servings

1 tablespoon butter
3/4 cup milk
1/2 cup Pillsbury BEST^® All Purpose Flour
2 large eggs
2 tablespoons sugar
1/2 teaspoon almond extract
1/4 cup sliced almonds
1/2 cup Smucker’s^® Orchard’s Finest^® Michigan Red Tart Cherry Preserves
Powdered sugar for garnish (optional)

DIRECTIONS

1. HEAT oven to 425^ºF. Melt butter in 9-inch pie plate in the oven. Remove from oven. Brush butter over entire inside of plate.

2. COMBINE milk, flour, eggs, sugar and almond extract in blender container. Process using several pulses to make a smooth batter. Pour batter into hot pie plate. Sprinkle with almonds. Bake 15 minutes.

3. REDUCE heat to 350^°F. Bake 5 to 8 minutes longer or until golden brown. Remove from oven. Spread with cherry preserves. Sprinkle with powdered sugar if desired. Cut into wedges and serve immediately.

©/® The J. M. Smucker Company
Pillsbury BEST is a trademark of The Pillsbury Company, LLC, used under license.

Fresh Tomato Tart with Black Pepper Cornbread Crust

PREP TIME: 15 min      COOK TIME: 20 min      MAKES: 8 to 12 servings

CORNBREAD CRUST

Crisco^® Original No-Stick Cooking Spray
1 large egg
1/4 cup sour cream
1/2 cup milk
1 (6 oz.) package Martha White^® Buttermilk Cornbread & Muffin Mix
1 teaspoon coarsely ground black pepper
2 tablespoons Crisco Pure Olive Oil

FILLING

3 to 4 medium tomatoes
1 cup shredded sharp cheddar cheese
1 cup shredded mozzarella cheese
1/2 cup mayonnaise
1 to 2 tablespoons chopped fresh basil
1 to 2 tablespoons chopped fresh chives
Salt and pepper

DIRECTIONS

1. HEAT oven to 425^ºF. Generously spray 13x9-inch baking pan with no-stick cooking spray. Whisk together egg, sour cream and milk in large bowl. Whisk in cornbread mix and pepper until smooth. Stir in olive oil just until blended. Pour into prepared pan. Bake 12 to 15 minutes or until golden brown. Cornbread will be thin.

2. CUT tomatoes into medium-thick slices. Drain on paper towels. Stir together cheeses, mayonnaise, basil and chives until combined.

3. SPREAD about half the cheese mixture over cornbread. Arrange tomato slices over cheese in overlapping rows. Salt and pepper to taste. Place spoonfuls of remaining cheese mixture on tomato slices. Return to oven for 5 minutes or until cheese begins to melt. Turn on broiler. Broil until cheese is bubbly and lightly browned, 1 to 2 minutes. Cut into squares. Serve warm or at room temperature.

©/® The J. M. Smucker Company

Crunchy Pesto Chicken Paillards with Caprese Salsa

PREP TIME: 20 min      COOK TIME: 5 min      MAKES: 4 servings

CHICKEN

2 (8 oz.) boneless, skinless chicken breasts
Kosher salt and freshly ground black pepper, divided
1/2 cup Pillsbury BEST^® All Purpose Flour
1/4 cup Crisco^® Pure Olive Oil, plus 1 1/2 to 2 tablespoons, divided
2 tablespoons prepared pesto
1 cup panko (coarse) bread crumbs

CAPRESE SALSA

2 medium tomatoes, seeded and cut into 1/2-inch cubes
1/3 cup fresh basil, cut to chiffonade (thin strips)
2/3 cup mozzarella cheese, cut into 1/2-inch cubes
1/4 cup red onion, thinly sliced
2 tablespoons Crisco 100% Extra Virgin Olive Oil
1 teaspoon balsamic vinegar

DIRECTIONS

1. CUT chicken breasts in half horizontally to form 4 thin cutlets. Pound each piece to 1/4-inch thickness. Sprinkle with salt and pepper. Dip chicken in flour and shake off excess.

2. WHISK 1/4 cup of pure olive oil with pesto in a small pie plate. In another pie plate, place bread crumbs. Dip both sides of each cutlet into oil, then into bread crumb mixture, pressing crumbs to adhere.

3. COMBINE tomato, basil, mozzarella and red onion; drizzle with extra virgin olive oil and balsamic vinegar. Season with salt and pepper to taste and set aside.

4. HEAT remaining pure olive oil in a large non-stick skillet. Add chicken and quickly cook about 2 minutes per side, until no longer pink.

5.  TOP chicken with caprese salsa.

©/® The J. M. Smucker Company

Pillsbury BEST is a trademark of The Pillsbury Company, LLC, used under license.

Grilled Shrimp with Greek Wheat Berry Salad

PREP TIME: 30 min      COOK TIME: 1hr 15min      MAKES: 4 servings

1 1/4 cups uncooked hard wheat berries
1 teaspoon salt, divided
4 cups hot water
1/3 cup Crisco^® Pure Olive Oil
3 tablespoons fresh lemon juice
1 teaspoon dill weed
2 cloves garlic, minced
1/2 teaspoon black pepper
16 large uncooked shrimp, peeled and deveined
1 large red bell pepper, cut into about 20, 3/4-inch squares
2 cups diced unpeeled English cucumbers
1 cup pitted kalamata olives, cut in half lengthwise
2 green onions, cut in 1/2-inch pieces
1/2 cup crumbled feta cheese

DIRECTIONS

1. PLACE wheat berries and 1/2 teaspoon salt in medium saucepan. Cover with about 4 cups hot water. Bring to a boil over high heat. Reduce heat to low. Cover and simmer 1 to 1 1/4 hours or until tender. Drain.

2. WHISK olive oil, lemon juice, dill weed, garlic, black pepper and remaining 1/2 teaspoon salt in large bowl. Combine 2 tablespoons oil mixture with shrimp and red pepper in medium bowl; stir to coat. Let stand 15 minutes. Reserve remaining oil mixture.

3. THREAD red pepper and shrimp onto 4 soaked wooden or metal skewers, beginning and ending with red pepper. Grill, turning once, until shrimp are pink and opaque in center, about 3 to 4 minutes per side.

4. ADD cooked wheat berries, cucumbers, olives and green onions to reserved oil mixture. Mix well. Spoon onto serving plates. Place cooked kabobs over salad mixture. Sprinkle with feta cheese.

TIP: 3 cups cooked orzo pasta or plain couscous may be used in place of wheat berries, if desired. Cook orzo or couscous according to package directions, then proceed as directed above in step 2.

©/® The J. M. Smucker Company

Peanut Butter Topped Chocolate Cake

PREP TIME: 10 min      COOK TIME: 20 min      MAKES: 24 servings

Crisco^® Original No-Stick Cooking Spray
1 (16 oz.) package Pillsbury^® Sugar Free Devil’s Food Cake Mix
1 1/4 cups water
1/2 cup Crisco Pure Vegetable Oil
3 large eggs
1 cup cold skim milk
1 (1 oz.) package sugar-free, fat-free, instant vanilla pudding mix
2/3 cup Simply Jif^® Creamy Peanut Butter
1 (8 oz.) container frozen sugar-free whipped topping, thawed
1/4 cup finely chopped dry roasted or cocktail peanuts

DIRECTIONS

1. HEAT oven to 325^ºF. Coat a 15x10-inch jelly roll pan with no-stick cooking spray.

2. PREPARE cake mix batter according to package directions using water, oil and eggs. Spread in prepared pan. Bake 16 to 20 minutes or until toothpick inserted in center comes out clean. Cool completely in pan on wire rack.

3. BEAT milk and pudding mix in large bowl with electric mixer on medium speed until thickened, about 15 seconds. Add peanut butter; beat until smooth. Beat in whipped topping until smooth. Spread over cooled cake. Garnish with chopped peanuts.

©/® The J. M. Smucker Company

Pillsbury is a trademark of The Pillsbury Company, LLC, used under license.

2011 Financial Review

Five-Year Summary of Selected Financial Data

The following table presents selected financial data for each of the five years in the period ended April 30, 2011. The selected financial data was derived from the consolidated financial statements and should be read in conjunction with the “Results of Operations” and “Financial Condition” sections of “Management’s Discussion and Analysis” and the consolidated financial statements and notes thereto.

	Year Ended April 30,
(Dollars in thousands, except per share data)	2011			2010			2009			2008			2007
Statements of Income:
Net sales	$	4,825,743		$	4,605,289		$	3,757,933		$	2,524,774		$	2,148,017
Gross profit	$	1,798,517		$	1,786,690		$	1,251,429		$	782,164		$	702,055
% of net sales		37.3	%		38.8	%		33.3	%		31.0	%		32.7	%
Operating income	$	784,272		$	790,909		$	452,275		$	284,559		$	254,648
% of net sales		16.3	%		17.2	%		12.0	%		11.3	%		11.9	%
Net income	$	479,482		$	494,138		$	265,953		$	170,379		$	157,219
Financial Position:
Cash and cash equivalents	$	319,845		$	283,570		$	456,693		$	171,541		$	199,541
Total assets		8,324,585			7,974,853			8,192,161			3,129,881			2,693,823
Total debt		1,304,039			910,000			1,536,726			789,684			425,643
Shareholders’ equity		5,292,363			5,326,320			4,939,931			1,799,853			1,795,657
Statements of Cash Flows:
Net cash provided by operating activities	$	391,562		$	713,478		$	446,993		$	182,918		$	273,607
Capital expenditures		180,080			136,983			108,907			76,430			57,002
Quarterly dividends paid		194,024			166,224			110,668			68,074			63,632
Purchase of treasury shares		389,135			5,569			4,025			152,521			52,125
Share Data:
Weighted-average shares outstanding		118,165,751			118,951,434			85,448,592			56,641,810			56,844,151
Weighted-average shares outstanding — assuming dilution		118,276,086			119,081,445			85,547,530			56,873,492			57,233,399
Dividends declared per common share	$	1.68		$	1.45		$	6.31		$	1.22		$	1.14
Earnings per Common Share:
Net income	$	4.06		$	4.15		$	3.11		$	3.01		$	2.77
Net income — assuming dilution		4.05			4.15			3.11			3.00			2.75
Non-GAAP Measures: (1)
Gross profit excluding special project costs	$	1,852,606		$	1,790,560		$	1,251,429		$	783,674		$	712,036
% of net sales		38.4	%		38.9	%		33.3	%		31.0	%		33.1	%
Operating income excluding special project costs	$	897,423		$	830,312		$	535,170		$	297,273		$	266,810
% of net sales		18.6	%		18.0	%		14.2	%		11.8	%		12.4	%
Income and income per common share excluding special project costs:
Income	$	555,133		$	520,782		$	321,617		$	178,881		$	165,152
Income per common share — assuming dilution	$	4.69		$	4.37		$	3.76		$	3.15		$	2.89

(1) Refer to “Non-GAAP Measures” located on page 28 in the “Management’s Discussion and Analysis” section for a reconciliation to the comparable GAAP financial measure.

NET SALES (Dollars in billions) NON-GAAP NET INCOME (Dollars in millions) NON-GAAP EARNINGS PER SHARE E ASSUMING DILUTION $2.1 $2.5 $3.8 $4.6 $4.8 2007 2008 2009 2010 2011 $165.2 2007 $178.9 2008 $321.6 2009 $520.8 $555.1 2011 $2.89 2007 $3.15 2008 $3.76 2009 $4.37 $4.69 2010 2011

THE J. M. SMUCKER COMPANY 2011 ANNUAL REPORT 17

Summary of Quarterly Results of Operations
The J. M. Smucker Company

The following is a summary of unaudited quarterly results of operations for the years ended April 30, 2011 and 2010.

										Net Income per
								Net Income per		Common Share -
(Dollars in thousands, except per share data)	Quarter Ended	Net Sales		Gross Profit		Net Income		Common Share		Assuming Dilution
2011	July 31, 2010	$	1,047,312	$	408,435	$	102,881	$	0.86	$	0.86
	October 31, 2010		1,278,913		494,670		149,726		1.25		1.25
	January 31, 2011		1,312,351		474,414		131,995		1.12		1.11
	April 30, 2011		1,187,167		420,998		94,880		0.82		0.82
2010	July 31, 2009	$	1,051,526	$	406,029	$	98,063	$	0.83	$	0.83
	October 31, 2009		1,278,745		492,250		139,990		1.18		1.18
	January 31, 2010		1,205,939		458,304		135,479		1.14		1.14
	April 30, 2010		1,069,079		430,107		120,606		1.01		1.01

Annual net income per common share may not equal the sum of the individual quarters due to differences in the average number of shares outstanding during the respective periods.

Stock Price Data

The Company’s common shares are listed on the New York Stock Exchange — ticker symbol SJM. The table below presents the high and low market prices for the shares and the quarterly dividends declared. There were approximately 334,846 shareholders as of June 14, 2011, of which 71,104 were registered holders of common shares.

	Quarter Ended	High		Low		Dividends
2011	July 31, 2010	$	63.75	$	53.27	$	0.40
	October 31, 2010		64.55		57.20		0.40
	January 31, 2011		66.28		60.46		0.44
	April 30, 2011		75.46		61.16		0.44
2010	July 31, 2009	$	51.06	$	39.19	$	0.35
	October 31, 2009		55.36		49.08		0.35
	January 31, 2010		63.00		51.19		0.35
	April 30, 2010		63.50		57.72		0.40

18 THE J. M. SMUCKER COMPANY 2011 ANNUAL REPORT

Comparison of Five-Year Cumulative Total Shareholder Return
The J. M. Smucker Company

Among The J. M. Smucker Company, the S&P 500 Index, and the S&P Packaged Foods & Meats Index

$250 $200 $150 $100 $50 $0 4/06 4/07 4/08 4/09 4/10 4/11 the J. M. Smucker Company S&P 500 S&P Packaged Foods & Meats

	April 30,
	2006		2007		2008		2009		2010		2011
The J. M. Smucker Company	$	100.00	$	145.74	$	133.19	$	118.70	$	189.15	$	238.88
S&P 500		100.00		115.24		109.85		71.06		98.66		115.65
S&P Packaged Foods & Meats		100.00		119.46		117.29		92.84		129.98		151.12

The above graph compares the cumulative total shareholder return for the five years ended April 30, 2011, for the Company’s common shares, the S&P 500 Index, and the S&P Packaged Foods and Meats Index. These figures assume all dividends are reinvested when received and are based on $100 invested in the Company’s common shares and the referenced index funds on April 30, 2006.

Copyright^© 2011 Standard & Poor’s, a division of The McGraw-Hill Companies Inc. All rights reserved.
www.researchdatagroup.com/S&P.htm

THE J. M. SMUCKER COMPANY 2011 ANNUAL REPORT 19

Management’s Discussion and Analysis
The J. M. Smucker Company

EXECUTIVE SUMMARY

For more than 110 years, The J. M. Smucker Company (“Company”), headquartered in Orrville, Ohio, has been committed to offering consumers trusted, quality products that bring families together to share memorable meals and moments. Today, the Company is a leading marketer and manufacturer of fruit spreads, retail packaged coffee, peanut butter, shortening and oils, ice cream toppings, sweetened condensed milk, and health and natural foods beverages in North America.

Its family of brands includes Smucker’s, Folgers, Dunkin’ Donuts, Jif, Crisco, Pillsbury, Eagle Brand, R.W. Knudsen Family, Hungry Jack, Café Bustelo, Café Pilon, White Lily, and Martha White in the United States, along with Robin Hood, Five Roses, Carnation, Europe’s Best, and Bick’s in Canada. In addition to these brands, the Company markets products under numerous other brands, including Millstone, Dickinson’s, Laura Scudder’s, Adams, Double Fruit (Canada), and Santa Cruz Organic.

The Company has four reportable segments: U.S. Retail Coffee Market, U.S. Retail Consumer Market, U.S. Retail Oils and Baking Market, and Special Markets. The Company’s three U.S. retail market segments in total comprised over 80 percent of the Company’s net sales in 2011 and represent a major portion of the strategic focus area for the Company — the sale of branded food products with leadership positions to consumers through retail outlets in North America. The Special Markets segment represents sales outside of the U.S. retail market segments and includes the Company’s Canada, foodservice, natural foods, and international business areas.

In each of the U.S. retail market segments, the Company’s products are sold primarily to food retailers, food wholesalers, drug stores, club stores, mass merchandisers, discount and dollar stores, and military commissaries. In the Special Markets segment, the Company’s products are distributed domestically and in foreign countries through retail channels, foodservice distributors and operators (e.g., restaurants, schools and universities, health care operators), and health and natural foods stores and distributors.

STRATEGIC ELEMENTS

The Company remains rooted in its Basic Beliefs of Quality, People, Ethics, Growth, and Independence, established by its founder and namesake, Jerome Smucker, more than a century ago. Today, these basic beliefs are the core of the Company’s unique culture and serve as a foundation for decision making and actions. The Company has been led by four generations of family leadership, having had only five chief executive officers in 114 years. This continuity of management and thought extends to the broader leadership team that embodies the values and embraces the business practices that have contributed to the Company’s consistent growth.

The Company’s strategic vision is to own and market food brands which hold the number one market position in their category, with an emphasis on North America while embracing a global perspective.

The Company’s strategic long-term growth objectives are to increase net sales by six percent and earnings per share by greater than eight percent annually. While the net sales contribution from acquisitions will vary from year to year, the Company expects organic growth, including new products, to add three to four percent per year and acquisitions to contribute the remainder over the long term.

20 THE J. M. SMUCKER COMPANY 2011 ANNUAL REPORT

Management’s Discussion and Analysis
The J. M. Smucker Company

RESULTS OF OPERATIONS

On November 6, 2008, the Company completed a merger transaction with The Folgers Coffee Company (“Folgers”), previously a subsidiary of The Procter & Gamble Company. The transaction was accounted for as a purchase business combination and Folgers is included in the Company’s consolidated financial statements from the date of the merger. Because the transaction closed during the first week of the Company’s 2009 third quarter, incremental Folgers business, approximating six months of operations, is included in 2010, compared to 2009 (“incremental Folgers business”).

	Year Ended April 30,
							% Increase									% Increase
(Dollars in millions, except per share data)	2011			2010			(Decrease)			2010			2009			(Decrease)
Net sales	$	4,825.7		$	4,605.3			5	%	$	4,605.3		$	3,757.9			23	%
Gross profit	$	1,798.5		$	1,786.7			1	%	$	1,786.7		$	1,251.4			43	%
% of net sales		37.3	%		38.8	%					38.8	%		33.3	%
Operating income	$	784.3		$	790.9			(1	)%	$	790.9		$	452.3			75	%
% of net sales		16.3	%		17.2	%					17.2	%		12.0	%
Net income:
Income	$	479.5		$	494.1			(3	)%	$	494.1		$	266.0			86	%
Income per common share — assuming dilution	$	4.05		$	4.15			(2	)%	$	4.15		$	3.11			33	%
Gross profit excluding special project costs (1)	$	1,852.6		$	1,790.6			3	%	$	1,790.6		$	1,251.4			43	%
% of net sales		38.4	%		38.9	%					38.9	%		33.3	%
Operating income excluding special project costs (1)	$	897.4		$	830.3			8	%	$	830.3		$	535.2			55	%
% of net sales		18.6	%		18.0	%					18.0	%		14.2	%
Income excluding special project costs:(1)
Income	$	555.1		$	520.8			7	%	$	520.8		$	321.6			62	%
Income per common share — assuming dilution	$	4.69		$	4.37			7	%	$	4.37		$	3.76			16	%

(1) Refer to “Non-GAAP Measures” located on page 28 in the “Management’s Discussion and Analysis” section for a reconciliation to the comparable GAAP financial measure.

Summary of 2011

Net sales in 2011 increased five percent, compared to 2010, primarily due to price increases. Sales mix and foreign exchange rates also contributed to more than offset the impact of potato products divested in March 2010 and a one percent decline in volume. While the net effect of price increases more than offset overall higher raw material costs, increased restructuring and merger and integration costs (“special project costs”) and impairment charges resulted in a one percent decline in operating income. Excluding special project costs, operating income increased eight percent for 2011, compared to 2010. The Company’s net income per diluted share decreased two percent, yet increased seven percent excluding special project costs, for 2011, compared to 2010.

Summary of 2010

Net sales, margins, and earnings per share growth was realized in 2010 as the incremental Folgers business and improved profitability across all of the Company’s reportable segments contributed to the improvements. Company net sales increased 23 percent in 2010, compared to 2009, as incremental Folgers business more than offset the impact of price reductions in certain categories resulting from generally lower commodity costs in 2010, compared to 2009. Operating income increased 75 percent and, excluding special project costs, increased 55 percent as the Company realized the first full year of synergies associated with the Folgers merger and the benefit of favorable green coffee costs. Net income per common share — assuming dilution increased approximately 33 percent. Excluding special project costs, income per common share — assuming dilution increased approximately 16 percent in 2010, compared to 2009.

Net Sales
2011 Compared to 2010

	Year Ended April 30,
							Increase
(Dollars in millions)	2011			2010			(Decrease)			%
Net sales	$	4,825.7		$	4,605.3		$	220.5			5	%
Adjust for certain noncomparable items:
Divestiture		—			(40.4	)		40.4			1
Foreign exchange		(22.1	)		—			(22.1	)		—
Net sales, excluding divestiture and foreign exchange	$	4,803.7		$	4,564.9		$	238.8			5	%

Amounts may not add due to rounding.

THE J. M. SMUCKER COMPANY 2011 ANNUAL REPORT 21

Management’s Discussion and Analysis
The J. M. Smucker Company

Net sales for 2011 increased $220.5 million, or five percent, compared to 2010, as the net impact of pricing contributed approximately four percent to net sales and the overall impact of sales mix was favorable. The impact of the potato products divestiture and foreign exchange was not significant. Overall volume decreased one percent. Volume gains were realized in Jif peanut butter, Crisco oils, natural foods beverages, Smucker’s fruit spreads, Dunkin’ Donuts packaged coffee, and Pillsbury frostings. Volume declines were primarily in Pillsbury flour and baking mixes.

2010 Compared to 2009

				Year Ended April 30,
							Increase
(Dollars in millions)	2010			2009			(Decrease)			%
Net sales	$	4,605.3		$	3,757.9		$	847.4			23	%
Adjust for certain
noncomparable items:
Acquisitions		(920.9	)		—			(920.9	)		(25	)
Divestiture		—			(6.3	)		6.3			—
Foreign exchange		(23.4	)		—			(23.4	)		(1	)
Net sales, excluding acquisitions, divestiture, and foreign exchange	$	3,661.0		$	3,751.6		$	(90.6	)		(2	)%

Amounts may not add due to rounding.

Net sales increased $847.4 million, or 23 percent, to $4,605.3 million in 2010, compared to $3,757.9 million in 2009. Acquisitions, primarily incremental Folgers business, contributed $920.9 million to 2010 net sales. Excluding acquisitions, the potato business divested in March 2010, and the impact of foreign exchange, net sales were down two percent in 2010, compared to 2009, primarily due to pricing.

Excluding the incremental Folgers business and divestiture, volume increased one percent in 2010, compared to 2009, with gains across most of the Company’s leading brands including Pillsbury flour, baking mixes, and frostings, Jif peanut butter, Crisco shortening and oils, Robin Hood baking products in Canada, Hungry Jack pancakes and syrups, and Smucker’s fruit spreads. Volume declines were primarily in private label canned milk, regional baking brands, and Europe’s Best frozen fruit in Canada. The overall favorable impact of volume growth on net sales was more than offset by a three percent price and mix decline, attributable primarily to price reductions in the U.S. Retail Oils and Baking Market segment, and an increase in promotional spending across several categories.

Operating Income

The following table presents components of operating income as a percentage of net sales.

	Year Ended April 30,
	2011			2010			2009
Gross profit		37.3	%		38.8	%		33.3	%
Selling, distribution, and administrative expenses:
Marketing		3.4	%		3.8	%		3.7	%
Advertising		2.4			2.8			2.1
Selling		3.3			3.3			3.5
Distribution		3.2			3.3			3.5
General and administrative		5.6			5.9			5.1
Total selling, distribution, and administrative expenses		17.9	%		19.1	%		17.9	%
Amortization		1.5			1.6			1.0
Impairment charges		0.4			0.3			0.1
Restructuring and merger and integration costs		1.2			0.8			2.2
Other operating expense (income) — net		—			(0.2	)		0.1
Operating income		16.3	%		17.2	%		12.0	%

Amounts may not add due to rounding.

2011 Compared to 2010

Gross profit increased $11.8 million in 2011, compared to 2010, as the increase in net sales offset the impact of overall higher raw material and freight costs and $50.2 million of incremental special project costs included in cost of products sold, consisting primarily of accelerated depreciation. Excluding special project costs, gross profit increased $62.0 million, or three percent, yet decreased as a percent of net sales from 38.9 percent in 2010 to 38.4 percent in 2011. Raw material cost increases were most significant for green coffee, soybean oil, milk, and sugar and more than offset lower costs for peanuts. Price increases taken during the year, mostly on the Company’s coffee brands to offset higher green coffee costs, drove the gross profit increase in 2011, but did not generate gross margin expansion compared to 2010. Gross margin was also reduced by price declines in effect on Crisco oils during part of 2011 in response to competitive dynamics, despite higher soybean oil costs. Unrealized mark-to-market adjustments on commodity derivatives in 2011 were not material.

Selling, distribution, and administrative expenses (“SD&A”) decreased two percent in 2011, compared to 2010, and decreased as a percentage of net sales from 19.1 percent to 17.9 percent. Marketing expenses, including advertising, decreased eight percent in 2011, compared to 2010, which included record investment in print, online, and television advertisement in support of the Company’s largest brands. Distribution expenses decreased one percent in 2011, compared to 2010, related generally to declines in sales volume. Selling expenses increased three percent but remained flat as a percentage of net sales. General and

22 THE J. M. SMUCKER COMPANY 2011 ANNUAL REPORT

Management’s Discussion and Analysis
The J. M. Smucker Company

administrative expenses increased two percent, primarily related to higher depreciation charges and digital marketing initiatives, but were lower as a percentage of net sales.

Noncash impairment charges of $17.6 million and $11.7 million were recognized in 2011 and 2010, respectively, resulting from the write-down to estimated fair value of certain of the Company’s intangible assets, primarily the Europe’s Best trademark and customer relationship. Other operating expense — net of $0.6 million was recognized in 2011 consisting of losses on the disposition of assets. Other operating income — net of $3.3 million was recognized in 2010 resulting from a $12.9 million gain recognized on the divestiture of the potato business which more than offset losses on the disposition of assets.

Operating income decreased $6.6 million, or one percent, in 2011, compared to 2010, including an overall $73.7 million increase in special project costs. Excluding the impact of special project costs in both periods, operating income increased $67.1 million, or eight percent, and improved from 18.0 percent of net sales in 2010 to 18.6 percent in 2011. Special project costs were higher in 2011, compared to 2010, driven by the Company’s ongoing progress on its restructuring project which were only slightly offset by lower integration costs as activities related to Folgers were minimal.

2010 Compared to 2009

Gross profit increased $535.3 million, or 43 percent, in 2010, compared to 2009, and improved to 38.8 percent of net sales from 33.3 percent over the same period. Much of the gross profit improvement was attributable to incremental Folgers business and other coffee-related impacts in 2010, compared to 2009, primarily favorable green coffee costs and volume-related plant efficiencies. Lower other raw material costs, notably oils, flour, and milk, and freight costs across the businesses also favorably impacted gross margin in 2010, compared to 2009. Unrealized mark-to-market adjustments on commodity derivatives in 2010 were not material.

SD&A expenses increased 30 percent in 2010, compared to 2009, primarily due to incremental Folgers business and the larger company. Marketing expense, including advertising expense, increased approximately 39 percent in 2010, compared to 2009, as the Company made a record investment in advertisement. Advertising expense was $130.6 million in 2010, compared to $77.4 million in 2009. Selling and distribution expenses both increased 17 percent in 2010, compared to 2009, as the impact of synergies related to the Folgers merger partially offset the expense impact of the incremental Folgers business. General and administrative expenses increased 38 percent in 2010, compared to 2009, as 2009 did not include expenses to fully support the Folgers business. Increased pension and other employee benefit costs and costs related to the closure of the Company’s West Fargo, North Dakota, manufacturing facility, are also included in 2010.

Amortization expense was $73.7 million in 2010, an increase of $34.8 million from 2009, reflecting the full year impact of intangible assets associated with the Folgers transaction. Noncash impairment charges of $11.7 million were recognized in 2010, primarily related to the Europe’s Best trademark in Canada.

Other operating income — net of $3.3 million was recognized in 2010 resulting from a $12.9 million gain recognized on the divestiture of the potato business which offset other asset losses. Other operating expense — net of $2.4 million was recognized in 2009 consisting of losses on the disposition of assets.

Driven by gross profit improvements, operating income increased 75 percent in 2010, compared to 2009, and improved from 12.0 percent to 17.2 percent of net sales. Special project costs were $43.5 million lower in 2010, compared to 2009, as integration activities related to Folgers were near completion and restructuring costs had minimal impact.

Interest Income and Expense

Interest income was flat in 2011, compared to 2010. Interest expense increased $4.4 million during 2011, compared to 2010, due to higher average debt outstanding. The interest expense impact of $625.0 million of debt repayments in 2010, most of which were made in the second half of the year, was more than offset by the interest expense associated with the issuance of $400.0 million in 4.50 percent Senior Notes on June 15, 2010.

Interest income decreased $4.2 million during 2010, compared to 2009, primarily due to a decrease in the average investment balance throughout the year. Interest expense increased $2.7 million in 2010, compared to 2009, reflecting an increase in the Company’s debt obligations during the first half of 2010, compared to the first half of 2009, resulting from the October 2008 issuance of $400.0 million in Senior Notes with a weighted-average interest rate of 6.60 percent and the addition of Folgers’ $350.0 million variable-rate bank note payable at the merger date. The interest incurred on these additional borrowings was mostly offset by a reduction in interest expense resulting from the scheduled repayments of Senior Notes of $75.0 million and $200.0 million in June and November 2009, respectively, and the Folgers’ $350.0 million bank note in November 2009.

Income Taxes

Income taxes increased slightly in 2011, compared to 2010, despite a two percent decrease in income before income taxes during the same period. The effective tax rate increased to 33.1 percent in 2011, from 32.4 percent in 2010, primarily due to higher current and deferred state income taxes and reduced tax benefits associated with the Canadian operations, partially offset by increased tax benefits related to the domestic manufacturing deduction in 2011, compared to 2010.

THE J. M. SMUCKER COMPANY 2011 ANNUAL REPORT 23

Management’s Discussion and Analysis
The J. M. Smucker Company

Income taxes increased $106.5 million, or 82 percent, during 2010, compared to 2009, slightly less than the percentage increase in income before income taxes as the effective tax rate was 32.4 percent in 2010, compared to 32.9 percent in 2009. The effective tax rate decrease was primarily a result of lower deferred tax rates and increased benefits realized from the domestic manufacturing deduction, offset somewhat by increases in state and local income taxes.

Restructuring

In calendar 2010, the Company announced its plan to restructure its coffee, fruit spreads, and Canadian pickle and condiments operations as part of its ongoing efforts to enhance the long-term strength and profitability of its leading brands. The initiative is a long-term investment to optimize production capacity and lower the overall cost structure. It includes estimated capital investments of approximately $220.0 million, to be incurred through 2014, for a new state-of-the-art food manufacturing facility in Orrville, Ohio, and consolidation of coffee production in New Orleans, Louisiana. The Company’s pickle and condiments production will be transitioned to third-party manufacturers.

Upon completion in 2014, the restructuring plan will result in the closing of six of the Company’s facilities — Memphis, Tennessee; Ste. Marie, Quebec; Sherman, Texas; Kansas City, Missouri; Dunnville, Ontario; and Delhi Township, Ontario; and the reduction of approximately 850 full-time positions. The Sherman facility closed in April 2011.

The Company expects total restructuring costs of approximately $235.0 million, of which $107.7 million has been incurred through April 30, 2011, including $102.0 million in 2011 consisting primarily of $53.6 million of long-lived asset charges and $36.0 million of employee separation costs. The restructuring is proceeding as planned and the balance of the costs is anticipated to be recognized over the next three fiscal years as the facilities are closed.

Subsequent Event

On May 16, 2011, the Company announced that it had completed an acquisition of the coffee brands and business operations of Rowland Coffee Roasters, Inc. (“Rowland Coffee”), a privately-held company headquartered in Miami, Florida, for $360.0 million in cash.

Rowland Coffee’s products are primarily sold under the leading Hispanic Café Bustelo and Café Pilon brands with distribution in retail and foodservice channels concentrated in southern Florida and the northeastern U.S. It is a leading producer of espresso coffee in the U.S., generating total net sales in excess of $110.0 million in calendar 2010. The acquisition includes a manufacturing, distribution, and office facility in Miami. The Company completed the transaction with cash on hand and borrowings of $180.0 million under its existing credit facility.

Segment Results

The Company has four reportable segments: U.S. Retail Coffee Market, U.S. Retail Consumer Market, U.S. Retail Oils and Baking Market, and Special Markets. The U.S. Retail Coffee Market segment represents the domestic sales of Folgers, Millstone, and Dunkin’ Donuts branded coffee; the U.S. Retail Consumer Market segment primarily includes domestic sales of Smucker’s, Jif, and Hungry Jack branded products; the U.S. Retail Oils and Baking Market segment includes domestic sales of Crisco, Pillsbury, Eagle Brand, Martha White, and White Lily branded products; and the Special Markets segment is comprised of the Canada, foodservice, natural foods, and international strategic business areas. Special Markets segment products are distributed domestically and in foreign countries through retail channels, foodservice distributors and operators (e.g., restaurants, schools and universities, health care operators), and health and natural foods stores and distributors.

	Year Ended April 30,
							% Increase									% Increase
(Dollars in millions)	2011			2010			(Decrease)			2010			2009			(Decrease)
Net sales:
U.S. Retail Coffee Market	$	1,930.9		$	1,700.5			14	%	$	1,700.5		$	855.6			99	%
U.S. Retail Consumer Market		1,091.6			1,125.3			(3	)		1,125.3			1,103.3			2
U.S. Retail Oils and Baking Market		888.0			905.7			(2	)		905.7			995.5			(9	)
Special Markets		915.3			873.8			5			873.8			803.6			9
Segment profit:
U.S. Retail Coffee Market	$	536.1		$	484.0			11	%	$	484.0		$	211.1			129	%
U.S. Retail Consumer Market		295.0			285.2			3			285.2			249.4			14
U.S. Retail Oils and Baking Market		116.6			128.0			(9	)		128.0			116.9			9
Special Markets		154.4			134.9			14			134.9			105.0			28
Segment profit margin:
U.S. Retail Coffee Market		27.8	%		28.5	%					28.5	%		24.7	%
U.S. Retail Consumer Market		27.0			25.3						25.3			22.6
U.S. Retail Oils and Baking Market		13.1			14.1						14.1			11.7
Special Markets		16.9			15.4						15.4			13.1

24 THE J. M. SMUCKER COMPANY 2011 ANNUAL REPORT

Management’s Discussion and Analysis
The J. M. Smucker Company

While the Company’s four reportable segments remain the same for 2011, the calculation of segment profit was modified in 2011 to include intangible asset amortization and impairment charges related to segment assets, along with certain other items in each of the segments. These items were previously considered corporate expenses and were not allocated to the segments. This change more accurately aligns the segment financial results with the responsibilities of segment management, most notably in the area of intangible assets. Segment profit for 2010 and 2009 has been presented to be consistent with the current methodology.

As a result of the Company’s organizational changes and realignment of management responsibilities effective May 1, 2011, the Company’s reportable segments will change in 2012. All historical information will be retroactively conformed to the new presentation.

U.S. Retail Coffee Market

Net sales for the U.S. Retail Coffee Market increased 14 percent in 2011, compared to 2010. Price increases taken during the year contributed approximately 11 percent to net sales and more than offset a one percent volume decline. The introduction of Folgers Gourmet Selections and Millstone K-Cups offerings in the second quarter of the fiscal year added approximately three percent to U.S. Retail Coffee Market segment net sales in 2011. Volume decreased two percent for the Folgers brand while Dunkin’ Donuts packaged coffee increased six percent in 2011, compared to 2010. Segment profit increased 11 percent in 2011, compared to 2010, as price increases realized during the year more than offset higher green coffee costs. Segment marketing expenses decreased 17 percent in 2011, compared to 2010, as advertising was at more typical levels in the current year and incremental investments were made in the prior year. Segment profit margin declined to 27.8 percent in 2011 from 28.5 percent in 2010.

U.S. Retail Coffee Market segment net sales nearly doubled in 2010, compared to 2009, including incremental Folgers business totaling approximately $840.6 million. Volume increased approximately four percent in 2010, compared to the same full 12-month period in 2009, which included the period prior to the merger, approximating six months of operations. The Folgers brand contributed the majority of the volume increase in 2010, compared to 2009. Continued growth of Dunkin’ Donuts coffee also contributed double-digit volume growth and nearly $250.0 million in net sales for 2010. The U.S. Retail Coffee Market segment profit more than doubled to $484.0 million in 2010, compared to $211.1 million in 2009, and improved to 28.5 percent of net sales from 24.7 percent in 2009. The 2010 segment profit margin was favorably impacted by green coffee costs, product mix, and volume-related plant efficiencies which offset significantly increased marketing investments.

U.S. Retail Consumer Market

Net sales and volume for the U.S. Retail Consumer Market decreased three percent and one percent, respectively, in 2011, compared to 2010. Net sales and volume increased one percent and three percent, respectively, for the same period excluding potato products. Net sales include the impact of a peanut butter price reduction of five percent taken at the beginning of the fiscal year. Volume gains were realized in Jif peanut butter, Smucker’s fruit spreads, and Hungry Jack pancake mixes and syrups. Segment profit increased three percent in 2011, compared to 2010, and segment profit margin improved from 25.3 percent to 27.0 percent, as a decrease in supply chain costs in 2011 more than offset the gain of approximately $12.9 million on divested potato products included in 2010.

U.S. Retail Consumer Market segment net sales increased two percent in 2010, compared to 2009. Total volume in the U.S. Retail Consumer Market segment increased four percent, compared to 2009, with gains in Hungry Jack pancake mixes and syrups, Jif peanut butter, and Smucker’s fruit spreads. Volume gains were somewhat offset by increases in promotional spending and price declines on selected items. During March 2010, the Company divested its potato products in a $19.0 million cash transaction realizing a gain of approximately $12.9 million on the divestiture. U.S. Retail Consumer Market segment profit increased 14 percent for 2010, compared to 2009, mainly due to the divestiture gain and lower raw material and freight costs, offset by an eight percent increase in marketing expense. Segment profit margin improved from 22.6 percent in 2009 to 25.3 percent in 2010.

U.S. Retail Oils and Baking Market

U.S. Retail Oils and Baking Market segment net sales and volume decreased two percent and four percent, respectively, in 2011, compared to 2010. Strong volume gains in Crisco oils were more than offset by declines in Pillsbury flour and baking mixes, resulting from a combination of planned reductions in lower-margin products, and a competitive and promotional environment during most of the year. Regional baking brands and canned milk were also down. The impact of net price increases and sales mix partially offset the volume declines in the segment. Segment profit decreased nine percent in 2011, compared to 2010, and segment profit margin declined from 14.1 percent to 13.1 percent for the same period. Crisco oil price declines in effect during much of the year in response to competitive dynamics combined with higher soybean oil costs drove the profit margin decline in 2011, which was slightly offset by lower marketing expense.

THE J. M. SMUCKER COMPANY 2011 ANNUAL REPORT 25

Management’s Discussion and Analysis
The J. M. Smucker Company

Total volume in the U.S. Retail Oils and Baking Market segment was up one percent in 2010, compared to 2009, with strong gains in the Pillsbury and Crisco brands mostly offset by declines in canned milk and regional baking brands. Net sales in the U.S. Retail Oils and Baking Market segment were down nine percent in 2010, compared to 2009, reflecting the full year impact of price declines taken during 2009 and increased promotional spending across the segment. The U.S. Retail Oils and Baking Market segment profit increased nine percent in 2010, compared to 2009, resulting in segment profit margin increasing to 14.1 percent, compared to 11.7 percent in 2009. Segment profit in 2010 benefited from lower raw material costs, compared to 2009, which more than offset intangible asset impairments and losses on the disposition of assets no longer used in manufacturing operations.

Special Markets

Net sales and volume in the Special Markets segment increased five percent and two percent, respectively, in 2011, compared to 2010. Excluding foreign exchange, net sales increased two percent compared to the same period last year. Special Markets segment profit increased 14 percent and improved to 16.9 percent of net sales in 2011, from 15.4 percent of net sales in 2010. Impairment charges of $17.2 million related to Europe’s Best intangible assets in Canada were recorded in 2011, compared to $7.3 million in 2010. The incremental impairment charge of $9.9 million reduced segment profit margin by 1.1 percentage points. However, segment profit in 2011 benefited from lower supply chain costs and favorable sales mix, primarily driven by Folgers coffee, which more than offset the impact of the higher impairment charge.

Net sales in the Special Markets segment increased nine percent in 2010, compared to 2009, due to a favorable exchange rate impact of $23.4 million and incremental Folgers business totaling approximately $78.3 million. Net sales, excluding acquisitions and foreign exchange, decreased four percent over the same period. Volume decreased two percent, excluding incremental Folgers business, in 2010, compared to 2009. Gains in Canada’s baking and spreads categories and coffee in the foodservice and export businesses were offset by declines in Europe’s Best frozen fruit in Canada, natural foods beverages, and foodservice portion control. The impact of the overall volume decline, combined with lower prices and increases in promotional spending, resulted in the net sales decline, excluding acquisitions and foreign exchange. Special Markets segment profit increased 28 percent in 2010, compared to 2009, primarily due to the impact of increased coffee sales and lower raw material costs which more than offset the impairment charge related to Europe’s Best and losses on the disposition of assets no longer used in manufacturing operations. Segment profit margin improved from 13.1 percent in 2009 to 15.4 percent in 2010.

FINANCIAL CONDITION
Liquidity

	Year Ended April 30,
(Dollars in millions)	2011			2010			2009
Net cash provided by operating activities	$	391.6		$	713.5		$	447.0
Net cash used for investing activities		(192.9	)		(104.4	)		(177.0	)
Net cash (used for) provided by financing activities		(170.4	)		(788.5	)		12.6
Net cash provided by operating activities	$	391.6		$	713.5		$	447.0
Additions to property, plant, and equipment		(180.1	)		(137.0	)		(108.9	)
Free cash flow	$	211.5		$	576.5		$	338.1

Amounts may not add due to rounding.

The Company’s principal source of funds is cash generated from operations, supplemented by borrowings against the Company’s revolving credit facility. Total cash and cash equivalents increased to $319.8 million at April 30, 2011, compared to $283.6 million at April 30, 2010.

The Company expects a significant use of cash during the first half of each fiscal year, primarily due to seasonal fruit and vegetable procurement, the buildup of inventories to support the Fall Bake and Holiday period, and the additional increase of coffee inventory in advance of the Atlantic hurricane season. The Company typically expects cash provided by operations in the second half of the year to significantly exceed the amount in the first half of the year, upon completion of the Company’s key promotional periods.

Cash provided by operating activities in 2011 was $391.6 million, compared to $713.5 million in 2010. The decrease in cash provided by operating activities in 2011, compared to 2010, was primarily related to increases in commodity costs on higher inventory levels, an increase in income tax payments, and the timing of the Easter holiday. The significant increase in commodity costs, primarily green coffee in the second half of 2011, is reflected in higher trade receivables and inventory balances, offset somewhat by the related impact of an increase in accounts payable in 2011, compared to 2010. Also contributing to the higher trade receivables is the Easter holiday occurring later in 2011 than in 2010 resulting in more of the collection cycle being deferred into the next fiscal year. Approximately $80.0 million of the increase in income tax payments represents a change in the timing of the payments.

26 THE J. M. SMUCKER COMPANY 2011 ANNUAL REPORT

Management’s Discussion and Analysis

The J. M. Smucker Company

Cash used for investing activities was $192.9 million in 2011, compared to $104.4 million in 2010. The increased cash used for investing activities in 2011, compared to 2010, was primarily due to the purchase of $75.6 million of marketable securities in 2011 and increased capital expenditures. Cash used for capital expenditures increased to $180.1 million in 2011, compared to $137.0 million in 2010, primarily related to expenditures associated with the Company’s restructuring project and corporate headquarters expansion.

Cash used for financing activities during 2011 was $170.4 million. The Company’s issuance of $400.0 million in Senior Notes was more than offset by quarterly dividend payments of $194.0 million and the purchase of treasury shares for $389.1 million, including the repurchase of approximately 5.7 million common shares available under Board of Directors’ authorizations. During 2010, total cash of $788.5 million was used for financing purposes consisting primarily of $625.0 million in debt repayments and $166.2 million in quarterly dividend payments. The increased dividend payments in 2011, compared to 2010, resulted from increases in the quarterly dividend rate during the period.

Capital Resources

The following table presents the Company’s capital structure.

		April 30,
(Dollars in millions)	2011		2010
Current portion of long-term debt	$	—	$	10.0
Long-term debt		1,304.0		900.0
Total debt	$	1,304.0	$	910.0
Shareholders’ equity		5,292.4		5,326.3
Total capital	$	6,596.4	$	6,236.3

Amounts may not add due to rounding.

On June 15, 2010, the Company issued $400.0 million of 4.50 percent Senior Notes with a final maturity on June 1, 2025. The Senior Notes have a 12-year average maturity with scheduled payments starting on June 1, 2020. Proceeds from the Senior Notes issuance were used for general corporate purposes, including the purchase of treasury shares. On September 1, 2010, the Company repaid the $10.0 million of 7.94 percent Series C Senior Notes utilizing cash on hand.

On January 31, 2011, the Company entered into an amended and restated credit agreement with a group of six banks. The credit facility provides for an unsecured revolving credit line of $600.0 million and matures January 31, 2016. At April 30, 2011, the Company did not have a balance outstanding under the revolving credit facility. Subsequent to year end, the Company borrowed $240.0 million under its revolving credit facility for general corporate purposes, including the Rowland Coffee acquisition.

During 2011, the Company completed the repurchase of approximately 5.7 million common shares under Rule 10b5-1 trading plans utilizing $381.5 million of cash on hand. At April 30, 2011, approximately 3.0 million common shares remain available for repurchase under the Board of Directors’ most recent authorization, including approximately 0.5 million common shares remaining under the Company’s Rule 10b5-1 repurchase plan (“Plan”) established in March 2011. Purchases will be transacted by a broker based upon the guidelines and parameters of the Plan. There is no guarantee as to the exact number of shares that will be repurchased.

Cash requirements for 2012 will include capital expenditures of approximately $250.0 to $275.0 million, including amounts related to the announced restructuring program, quarterly dividend payments of approximately $200.0 million based on current rates and common shares outstanding, and interest payments on long-term debt obligations of approximately $65.0 million for the year. Absent any further acquisitions or other significant investments, the Company believes that cash on hand, combined with cash provided by operations and borrowings available under its credit facility, will be sufficient to meet cash requirements for the next 12 months, including capital expenditures, the payment of quarterly dividends, and interest on debt outstanding.

THE J. M. SMUCKER COMPANY 2011 ANNUAL REPORT 27

Management’s Discussion and Analysis
The J. M. Smucker Company

NON-GAAP MEASURES

The Company uses non-GAAP measures including net sales excluding acquisitions, divestiture, and foreign exchange rate impact; gross profit, operating income, income, and income per diluted share, excluding special project costs; and free cash flow as key measures for purposes of evaluating performance internally. These non-GAAP measures are not intended to replace the presentation of financial results in accordance with U.S. generally accepted accounting principles (“GAAP”).

Rather, the presentation of these non-GAAP measures supplements other metrics used by management to internally evaluate its businesses and facilitate the comparison of past and present operations. These non-GAAP measures may not be comparable to similar measures used by other companies and may exclude certain nondiscretionary expenses and cash payments. The following table reconciles certain non-GAAP financial measures to the comparable GAAP financial measure.

					Year Ended April 30,
(Dollars in thousands, except per share data)	2011		2010		2009		2008		2007
Reconciliation to gross profit:
Gross profit	$	1,798,517	$	1,786,690	$	1,251,429	$	782,164	$	702,055
Cost of products sold — restructuring		54,089		3,870		—		1,510		9,981
Gross profit excluding special project costs	$	1,852,606	$	1,790,560	$	1,251,429	$	783,674	$	712,036
Reconciliation to operating income:
Operating income	$	784,272	$	790,909	$	452,275	$	284,559	$	254,648
Merger and integration costs		11,194		33,692		72,666		7,967		61
Cost of products sold — restructuring		54,089		3,870		—		1,510		9,981
Other restructuring costs		47,868		1,841		10,229		3,237		2,120
Operating income excluding special project costs	$	897,423	$	830,312	$	535,170	$	297,273	$	266,810
Reconciliation to net income:
Income before income taxes	$	717,164	$	730,753	$	396,065	$	254,788	$	241,004
Merger and integration costs		11,194		33,692		72,666		7,967		61
Cost of products sold — restructuring		54,089		3,870		—		1,510		9,981
Other restructuring costs		47,868		1,841		10,229		3,237		2,120
Income before income taxes, excluding special project costs	$	830,315	$	770,156	$	478,960	$	267,502	$	253,166
Income taxes, as adjusted		275,182		249,374		157,343		88,621		88,014
Income excluding special project costs	$	555,133	$	520,782	$	321,617	$	178,881	$	165,152
Weighted-average shares — assuming dilution		118,276,086		119,081,445		85,547,530		56,873,492		57,233,399
Income per common share excluding special project costs — assuming dilution	$	4.69	$	4.37	$	3.76	$	3.15	$	2.89

28 THE J. M. SMUCKER COMPANY 2011 ANNUAL REPORT

Management’s Discussion and Analysis
The J. M. Smucker Company

OFF-BALANCE SHEET ARRANGEMENTS AND CONTRACTUAL OBLIGATIONS

The Company does not have off-balance sheet arrangements, financings, or other relationships with unconsolidated entities or other persons, also known as variable interest entities. Transactions with related parties are in the ordinary course of business, conducted at an arm’s length basis, and not material to the Company’s results of operations, financial condition, or cash flows.

The following table summarizes the Company’s contractual obligations at April 30, 2011.

									More
			Less		One		Three		Than
			Than		to Three		to Five		Five
(Dollars in millions)	Total		One Year		Years		Years		Years
Debt obligations	$	1,304.0	$	—	$	100.0	$	199.0	$	1,005.0
Operating lease obligations		103.6		26.1		40.8		22.7		14.0
Purchase obligations		1,646.5		1,563.8		82.7		—		—
Other noncurrent liabilities		180.6		—		2.4		—		178.2
Total	$	3,234.7	$	1,589.9	$	225.9	$	221.7	$	1,197.2

Purchase obligations in the above table include agreements to purchase goods or services that are enforceable and legally binding on the Company. Included in this category are certain obligations related to normal, ongoing purchase obligations in which the Company has guaranteed payment to ensure availability of raw materials and packaging supplies. The Company expects to receive consideration for these purchase obligations in the form of materials. The purchase obligations in the above table do not represent the entire anticipated purchases in the future, but represent only those items for which the Company is contractually obligated. The table excludes the liability for unrecognized tax benefits and tax-related net interest and penalties of approximately $22.1 million under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 740, Income Taxes, since the Company is unable to reasonably estimate the timing of cash settlements with the respective taxing authorities.

CRITICAL ACCOUNTING ESTIMATES AND POLICIES

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that in certain circumstances affect amounts reported in the accompanying consolidated financial statements. In preparing these financial statements, management has made its best estimates and judgments of certain amounts included in the financial statements, giving due consideration to materiality. The Company does not believe there is a great likelihood that materially different amounts would be reported under different conditions or using different assumptions related to the accounting policies described below. However, application of these accounting policies involves the exercise of judgment and use of assumptions as to future uncertainties and, as a result, actual results could differ from these estimates.

Revenue Recognition. The Company recognizes revenue when all of the following criteria have been met: a valid customer order with a determinable price has been received; the product has been shipped and title has transferred to the customer; there is no further significant obligation to assist in the resale of the product; and collectibility is reasonably assured. A provision for estimated returns and allowances is recognized as a reduction of sales at the time revenue is recognized.

Trade Marketing and Merchandising Programs. In order to support the Company’s products, various promotional activities are conducted through retail trade, distributors, or directly with consumers, including in-store display and product placement programs, feature price discounts, coupons, and other similar activities. The Company regularly reviews and revises, when it deems necessary, estimates of costs to the Company for these promotional programs based on estimates of what will be redeemed by retail trade, distributors, or consumers. These estimates are made using various techniques including historical data on performance of similar promotional programs. Differences between estimated expense and actual performance are recognized as a change in management’s estimate in a subsequent period. As the Company’s total promotional expenditures, including amounts classified as a reduction of net sales, represented approximately 26 percent of net sales in 2011, the possibility exists of materially different reported results if factors such as the level and success of the promotional programs or other conditions differ from expectations.

Income Taxes. The future tax benefit arising from the net deductible temporary differences and tax carryforwards is approximately $116.9 million and $96.7 million at April 30, 2011 and 2010, respectively. Management believes that the Company’s earnings during the periods when the temporary differences become deductible will be sufficient to realize the related future income tax benefits. For those jurisdictions where the expiration date of tax carryforwards or the projected operating results of the Company indicate that realization is not likely, a valuation allowance has been provided.

In assessing the need for a valuation allowance, the Company estimates future taxable income, considering the viability of ongoing tax planning strategies and the probable recognition of future tax deductions and loss carryforwards. Valuation allowances related to deferred tax assets can be affected by changes in tax laws, statutory tax rates, and projected future taxable income levels. Changes in estimated realization of deferred tax assets would result in an adjustment to income in the period in which that determination is made.

THE J. M. SMUCKER COMPANY 2011 ANNUAL REPORT 29

Management’s Discussion and Analysis
The J. M. Smucker Company

In the ordinary course of business, the Company is exposed to uncertainties related to tax filing positions and periodically assesses these tax positions for all tax years that remain subject to examination, based upon the latest information available. For uncertain tax positions, the Company has recognized a liability for unrecognized tax benefits, including any applicable interest and penalty charges, in accordance with FASB ASC 740.

Long-Lived Assets. Long-lived assets, except goodwill and indefinite-lived intangible assets, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of the assets to future net cash flows estimated to be generated by such assets. If such assets are considered to be impaired, the impairment to be recognized is the amount by which the carrying amount of the assets exceeds the estimated fair value of the assets. However, determining fair value is subject to estimates of both cash flows and discount rates and different estimates could yield different results. There are no events or changes in circumstances of which management is aware that indicate the carrying value of the Company’s long-lived assets may not be recoverable.

Goodwill and Other Indefinite-Lived Intangible Assets. The Company is required to test goodwill for impairment annually and more often if indicators of impairment exist. To test for goodwill impairment, the Company estimates the fair value of each of its reporting units using both a discounted cash flow valuation technique and a market-based approach. The impairment test incorporates the Company’s estimates of future cash flows, allocations of certain assets, liabilities, and cash flows among reporting units, future growth rates, terminal value amounts, and the applicable weighted-average cost of capital used to discount those estimated cash flows. The estimates and projections used in the calculation of fair value are consistent with the Company’s current and long-range plans, including anticipated changes in market conditions, industry trends, growth rates, and planned capital expenditures. Changes in forecasted operations and other estimates and assumptions could impact the assessment of impairment in the future.

At April 30, 2011, goodwill totaled $2.8 billion. Goodwill is substantially concentrated within the U.S. Retail Coffee Market, U.S. Retail Consumer Market, and U.S. Retail Oils and Baking Market segments. No goodwill impairment was recognized as a result of the annual evaluation performed as of February 1, 2011. The estimated fair value of each reporting unit was substantially in excess of its carrying value as of the annual test date, with the exception of the U.S. Retail Oils and Baking Market segment. A sensitivity analysis was performed for this reporting unit, which decreased the expected long-term growth rate by 50 basis points, and still yielded an estimated fair value which supported its carrying value.

The Company’s other indefinite-lived intangible assets, consisting entirely of trademarks, are also tested for impairment annually and whenever events or changes in circumstances indicate their carrying value may not be recoverable. To test these assets for impairment, the Company estimates the fair value of each asset based on a discounted cash flow model using various inputs, including projected revenues, an assumed royalty rate, and a discount rate. Changes in these estimates and assumptions could impact the assessment of impairment in the future.

At April 30, 2011, other indefinite-lived intangible assets totaled $1.8 billion. The Company has eight trademarks which represent several of its leading, iconic brands and comprise more than 95 percent of the total carrying value of its other indefinite-lived intangible assets. Each of these trademarks had an estimated fair value substantially in excess of its carrying value as of the annual test date.

Pension and Other Postretirement Benefit Plans. To determine the Company’s ultimate obligation under its defined benefit pension plans and other postretirement benefit plans, management must estimate the future cost of benefits and attribute that cost to the time period during which each covered employee works. Various actuarial assumptions must be made in order to predict and measure costs and obligations many years prior to the settlement date, the most significant being the interest rates used to discount the obligations of the plans, the long-term rates of return on the plans’ assets, assumed pay increases, and the health care cost trend rates. Management, along with third-party actuaries and investment managers, reviews all of these assumptions on an ongoing basis to ensure that the most reasonable information available is being considered. For 2012 expense recognition, the Company will use a discount rate of 5.5 percent and 5.0 percent, and a rate of compensation increase of 4.1 percent and 4.0 percent for the U.S. and Canadian plans, respectively. The Company anticipates using an expected rate of return on plan assets of 7.0 percent for U.S. plans. For the Canadian plans, the Company will use an expected rate of return on plan assets of 6.5 percent for the hourly plan and 6.75 percent for all other plans.

Recovery of Trade Receivables. In the normal course of business, the Company extends credit to customers that satisfy predefined criteria. The Company evaluates the collectibility of trade receivables based on a combination of factors. When aware that a specific customer may be unable to meet its financial obligations, such as in the case of bankruptcy filings or deterioration in the customer’s operating results or financial position, the Company records a specific reserve for bad debt to reduce the related receivable to the amount the Company reasonably believes is collectible. The Company also records reserves for bad debt for all other customers based on a variety of factors, including the length of time the receivables are past due, historical collection experience, and an evaluation of current and projected economic conditions at the balance sheet date. Actual collections of trade receivables could differ from management’s estimates due

30 THE J. M. SMUCKER COMPANY 2011 ANNUAL REPORT

Management’s Discussion and Analysis
The J. M. Smucker Company

to changes in future economic or industry conditions or specific customers’ financial conditions.

DERIVATIVE FINANCIAL INSTRUMENTS AND MARKET RISK

The following discussions about the Company’s market risk disclosures involve forward-looking statements. Actual results could differ from those projected in the forward-looking statements. The Company is exposed to market risk related to changes in interest rates, foreign currency exchange rates, and commodity prices.

Interest Rate Risk. The fair value of the Company’s cash and short-term investment portfolio at April 30, 2011, approximates carrying value. Exposure to interest rate risk on the Company’s long-term debt is mitigated due to fixed-rate maturities. In an effort to achieve a mix of variable versus fixed-rate debt under currently favorable market conditions, the Company entered into an interest rate swap in the fourth quarter of 2011 on a portion of fixed-rate Senior Notes. The Company receives a fixed rate and pays variable rates based on the London Interbank Offered Rate. The interest rate swap is designated as a fair value hedge and is used to hedge against the changes in the fair value of the debt. The instrument is recognized at fair value in the Consolidated Balance Sheet at April 30, 2011, and changes in the fair value are recognized in interest expense. The change in the fair value of the interest rate swap is offset by the change in the fair value of the long-term debt.

Based on the Company’s overall interest rate exposure as of and during the year ended April 30, 2011, including derivatives and other instruments sensitive to interest rates, a hypothetical 10 percent movement in interest rates would not materially affect the Company’s results of operations. In measuring interest rate risk by the amount of net change in the fair value of the Company’s financial liabilities, a hypothetical one percent decrease in interest rates at April 30, 2011, would increase the fair value of the Company’s long-term debt by approximately $54.0 million.

Foreign Currency Exchange Risk. The Company has operations outside the U.S. with foreign currency denominated assets and liabilities, primarily denominated in Canadian currency. Because the Company has foreign currency denominated assets and liabilities, financial exposure may result, primarily from the timing of transactions and the movement of exchange rates. The foreign currency balance sheet exposures as of April 30, 2011, are not expected to result in a significant impact on future earnings or cash flows.

The Company utilizes foreign currency exchange forwards and options contracts to manage the price volatility of foreign currency exchange fluctuations on future cash transactions. The contracts generally have maturities of less than one year. Instruments currently used to manage foreign currency exchange exposures do not meet the requirements for hedge accounting treatment and the change in value of these instruments is immediately recognized in cost of products sold. If the contract qualifies for hedge accounting treatment, to the extent the hedge is deemed effective, the associated mark-to-market gains and losses are deferred and included as a component of accumulated other comprehensive income (loss). These gains or losses are reclassified to earnings in the period the contract is executed. The ineffective portion of these contracts is immediately recognized in earnings. Based on the Company’s hedged foreign currency positions as of April 30, 2011, a hypothetical 10 percent change in exchange rates would result in a loss of fair value of approximately $4.7 million.

Revenues from customers outside the U.S. represented 10 percent of net sales during 2011. Thus, certain revenues and expenses have been, and are expected to be, subject to the effect of foreign currency fluctuations, and these fluctuations may have an impact on operating results.

Commodity Price Risk. Raw materials and other commodities used by the Company are subject to price volatility caused by supply and demand conditions, political and economic variables, weather, investor speculation, and other unpredictable factors. To manage the volatility related to anticipated commodity purchases, the Company uses futures and options with maturities generally less than one year. Certain of these instruments are designated as cash flow hedges. The mark-to-market gains or losses on qualifying hedges are included in accumulated other comprehensive income (loss) to the extent effective, and reclassified to cost of products sold in the period during which the hedged transaction affects earnings. The mark-to-market gains or losses on nonqualifying, excluded, and ineffective portions of hedges are recognized in cost of products sold immediately.

The following sensitivity analysis presents the Company’s potential loss of fair value resulting from a hypothetical 10 percent change in market prices.

	Year Ended April 30,
(Dollars in millions)	2011		2010
Raw material commodities:
High	$	24.5	$	21.2
Low		6.6		2.3
Average		14.7		11.6

The estimated fair value was determined using quoted market prices and was based on the Company’s net derivative position by commodity at each quarter end during the fiscal year. The calculations are not intended to represent actual losses in fair value that the Company expects to incur. In practice, as markets move, the Company actively manages its risk and adjusts hedging strategies as appropriate. The commodities hedged have a high inverse correlation to price changes of the derivative commodity instrument; thus, the Company would expect that any gain or loss in the estimated fair value of its derivatives would generally be offset by an increase or decrease in the estimated fair value of the underlying exposures.

THE J. M. SMUCKER COMPANY 2011 ANNUAL REPORT 31

Management’s Discussion and Analysis
The J. M. Smucker Company

FORWARD-LOOKING STATEMENTS

Certain statements included in this Annual Report contain forward-looking statements within the meaning of federal securities laws. The forward-looking statements may include statements concerning the Company’s current expectations, estimates, assumptions, and beliefs concerning future events, conditions, plans, and strategies that are not historical fact. Any statement that is not historical in nature is a forward-looking statement and may be identified by the use of words and phrases such as “expects,” “anticipates,” “believes,” “will,” “plans,” and similar phrases.

Federal securities laws provide a safe harbor for forward-looking statements to encourage companies to provide prospective information. The Company is providing this cautionary statement in connection with the safe harbor provisions. Readers are cautioned not to place undue reliance on any forward-looking statements as such statements are by nature subject to risks, uncertainties, and other factors, many of which are outside of the Company’s control and could cause actual results to differ materially from such statements and from the Company’s historical results and experience. These risks and uncertainties include, but are not limited to, those set forth under the caption “Risk Factors” in the Company’s Annual Report on Form 10-K, as well as the following:

• volatility of commodity markets from which raw materials, particularly green coffee beans, wheat, soybean oil, milk, and peanuts, are procured and the related impact on costs;

• risks associated with derivative and purchasing strategies employed by the Company to manage commodity pricing risks, including the risk that such strategies could result in significant losses and adversely impact the Company’s liquidity;

• crude oil price trends and their impact on transportation, energy, and packaging costs;

• the ability to successfully implement and realize the full benefit of price changes and the competitive response;

• the success and cost of introducing new products and the competitive response;

• the success and cost of marketing and sales programs and strategies intended to promote growth in the Company’s businesses;

• general competitive activity in the market, including competitors’ pricing practices and promotional spending levels;

• the ability of the Company to successfully integrate acquired and merged businesses in a timely and cost effective manner;

• the successful completion of the Company’s restructuring programs and the ability to realize anticipated savings and other potential benefits within the time frames currently contemplated;

• the impact of food safety concerns involving either the Company or its competitors’ products;

• the impact of accidents and natural disasters, including crop failures and storm damage;

• the concentration of certain of the Company’s businesses with key customers and suppliers and the ability to manage and maintain key relationships;

• the loss of significant customers, a substantial reduction in orders from such customers, or the bankruptcy of any such customer;

• changes in consumer coffee preferences and other factors affecting the coffee business, which represents a substantial portion of the Company’s business;

• the ability of the Company to obtain any required financing;

• the timing and amount of the Company’s capital expenditures, share repurchases, and restructuring costs;

• impairments in the carrying value of goodwill, other intangible assets, or other long-lived assets or changes in useful lives of other intangible assets;

• the impact of new or changes to existing governmental laws and regulations or their application;

• the impact of future legal, regulatory, or market measures regarding climate change;

• the outcome of current and future tax examinations, changes in tax laws, and other tax matters, and their related impact on the Company’s tax positions;

• foreign currency and interest rate fluctuations;

• political or economic disruption;

• other factors affecting share prices and capital markets generally; and

• the other factors described under “Risk Factors” in registration statements filed by the Company with the Securities and Exchange Commission and in the other reports and statements filed by the Company with the Securities and Exchange Commission, including its most recent Annual Report on Form 10-K and proxy materials.

Readers are cautioned not to unduly rely on such forward-looking statements, which speak only as of the date made, when evaluating the information presented in this Annual Report. The Company does not undertake any obligation to update or revise these forward-looking statements to reflect new events or circumstances.

32 THE J. M. SMUCKER COMPANY 2011 ANNUAL REPORT

Report of Management on Internal Control Over Financial Reporting
The J. M. Smucker Company

Shareholders

The J. M. Smucker Company

Management of The J. M. Smucker Company is responsible for establishing and maintaining adequate accounting and internal control systems over financial reporting, as such term is defined in Rules 13a-15(f) and 15d-15(f) under the Securities and Exchange Act of 1934, as amended. The Company’s internal control system is designed to provide reasonable assurance that the Company has the ability to record, process, summarize, and report reliable financial information on a timely basis.

The Company’s management, with the participation of the principal financial and executive officers, assessed the effectiveness of the Company’s internal control over financial reporting as of April 30, 2011. In making this assessment, management used the criteria established in Internal Control — Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (“the COSO criteria”).

Based on the Company’s assessment of internal control over financial reporting under the COSO criteria, management concluded the Company’s internal control over financial reporting was effective as of April 30, 2011.

Ernst & Young LLP, independent registered public accounting firm, audited the effectiveness of the Company’s internal control over financial reporting as of April 30, 2011, and their report thereon is included on page 34 of this report.

Timothy P. Smucker	Richard K. Smucker	Mark R. Belgya
Chairman of the Board and Co-Chief Executive Officer	Executive Chairman and Co-Chief Executive Officer	Senior Vice President and Chief Financial Officer

THE J. M. SMUCKER COMPANY 2011 ANNUAL REPORT 33

Report of Independent Registered Public Accounting Firm on Internal Control Over Financial Reporting

Board of Directors and Shareholders
The J. M.Smucker Company

We have audited The J. M. Smucker Company’s internal control over financial reporting as of April 30, 2011, based on criteria established in Internal Control — Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (“the COSO criteria”). The J. M. Smucker Company’s management is responsible for maintaining effective internal control over financial reporting, and for its assessment of the effectiveness of internal control over financial reporting included in the accompanying Report of Management on Internal Control Over Financial Reporting. Our responsibility is to express an opinion on the Company’s internal control over financial reporting based on our audit.

We conducted our audit in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.

A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

In our opinion, The J. M. Smucker Company maintained, in all material respects, effective internal control over financial reporting as of April 30, 2011, based on the COSO criteria.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the consolidated balance sheets of The J. M. Smucker Company as of April 30, 2011 and 2010, and the related statements of consolidated income, shareholders’ equity, and cash flows for each of the three years in the period ended April 30, 2011, and our report dated June 22, 2011, expressed an unqualified opinion thereon.

Akron, Ohio
June 22, 2011

34 THE J. M. SMUCKER COMPANY 2011 ANNUAL REPORT

Report of Independent Registered Public Accounting Firm on the Consolidated Financial Statements

Board of Directors and Shareholders
The J. M. Smucker Company

We have audited the accompanying consolidated balance sheets of The J. M. Smucker Company as of April 30, 2011 and 2010, and the related statements of consolidated income, shareholders’ equity, and cash flows for each of the three years in the period ended April 30, 2011. These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on these financial statements based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the consolidated financial position of The J. M. Smucker Company at April 30, 2011 and 2010, and the consolidated results of its operations and its cash flows for each of the three years in the period ended April 30, 2011, in conformity with U.S. generally accepted accounting principles.

We also have audited in accordance with the standards of the Public Company Accounting Oversight Board (United States), The J. M. Smucker Company’s internal control over financial reporting as of April 30, 2011, based on criteria established in Internal Control — Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission and our report dated June 22, 2011, expressed an unqualified opinion thereon.

Akron, Ohio
June 22, 2011

THE J. M. SMUCKER COMPANY 2011 ANNUAL REPORT 35

Report of Management on Responsibility for Financial Reporting
The J. M. Smucker Company

Shareholders

The J. M. Smucker Company

Management of The J. M. Smucker Company is responsible for the preparation, integrity, accuracy, and consistency of the consolidated financial statements and the related financial information in this report. Such information has been prepared in accordance with U.S. generally accepted accounting principles and is based on our best estimates and judgments.

The Company maintains systems of internal accounting controls supported by formal policies and procedures that are communicated throughout the Company. There is a program of audits performed by the Company’s internal audit staff designed to evaluate the adequacy of and adherence to these controls, policies, and procedures.

Ernst & Young LLP, independent registered public accounting firm, has audited the Company’s financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Management has made all financial records and related data available to Ernst & Young LLP during its audit.

The Company’s audit committee, comprised of three non-employee members of the Board of Directors, meets regularly with the independent registered public accounting firm and management to review the work of the internal audit staff and the work, audit scope, timing arrangements, and fees of the independent registered public accounting firm. The audit committee also regularly satisfies itself as to the adequacy of controls, systems, and financial records. The manager of the internal audit department is required to report directly to the chair of the audit committee as to internal audit matters.

It is the Company’s best judgment that its policies and procedures, its program of internal and independent audits, and the oversight activity of the audit committee work together to provide reasonable assurance that the operations of the Company are conducted according to law and in compliance with the high standards of business ethics and conduct to which the Company subscribes.

Timothy P.Smucker	Richard K.Smucker	Mark R.Belgya
Chairman of the Board and Co-Chief Executive Officer	Executive Chairman and Co-Chief Executive Officer	Senior Vice President and Chief Financial Officer

36 THE J. M. SMUCKER COMPANY 2011 ANNUAL REPORT

Statements of Consolidated Income
The J. M. Smucker Company

				Year Ended April 30,
(Dollars in thousands, except per share data)	2011			2010			2009
Net sales	$	4,825,743		$	4,605,289		$	3,757,933
Cost of products sold		2,973,137			2,814,729			2,506,504
Cost of products sold — restructuring		54,089			3,870			—
Gross Profit		1,798,517			1,786,690			1,251,429
Selling, distribution, and administrative expenses		863,114			878,221			673,565
Amortization		73,844			73,657			38,823
Impairment charges		17,599			11,658			1,491
Merger and integration costs		11,194			33,692			72,666
Other restructuring costs		47,868			1,841			10,229
Other operating expense (income) — net		626			(3,288	)		2,380
Operating Income		784,272			790,909			452,275
Interest income		2,512			2,793			6,993
Interest expense		(69,594	)		(65,187	)		(62,478	)
Other (expense) income — net		(26	)		2,238			(725	)
Income Before Income Taxes		717,164			730,753			396,065
Income taxes		237,682			236,615			130,112
Net Income	$	479,482		$	494,138		$	265,953
Earnings per common share:
Net Income	$	4.06		$	4.15		$	3.11
Net Income — Assuming Dilution	$	4.05		$	4.15		$	3.11

See notes to consolidated financial statements.

THE J. M. SMUCKER COMPANY 2011 ANNUAL REPORT 37

Consolidated Balance Sheets
The J. M. Smucker Company

ASSETS

	April 30,
(Dollars in thousands)	2011			2010
Current Assets
Cash and cash equivalents	$	319,845		$	283,570
Trade receivables, less allowance for doubtful accounts		344,410			238,867
Inventories:
Finished products		518,243			413,269
Raw materials		345,336			241,670
		863,579			654,939
Other current assets		109,165			46,254
Total Current Assets		1,636,999			1,223,630
Property, Plant, and Equipment
Land and land improvements		77,074			62,982
Buildings and fixtures		347,950			308,358
Machinery and equipment		1,022,670			997,374
Construction in progress		76,778			31,426
		1,524,472			1,400,140
Accumulated depreciation		(656,590	)		(541,827	)
Total Property, Plant, and Equipment		867,882			858,313
Other Noncurrent Assets
Goodwill		2,812,746			2,807,730
Other intangible assets, net		2,940,010			3,026,515
Other noncurrent assets		66,948			58,665
Total Other Noncurrent Assets		5,819,704			5,892,910
	$	8,324,585		$	7,974,853

See notes to consolidated financial statements.

38 THE J. M. SMUCKER COMPANY 2011 ANNUAL REPORT

Consolidated Balance Sheets
The J. M. Smucker Company

LIABILITIES AND SHAREHOLDERS’ EQUITY

	April 30,
(Dollars in thousands)	2011			2010
Current Liabilities
Accounts payable	$	234,916		$	179,509
Accrued compensation		62,313			60,080
Accrued trade marketing and merchandising		62,588			52,536
Income taxes payable		7,706			75,977
Dividends payable		50,236			47,648
Current portion of long-term debt		—			10,000
Other current liabilities		64,917			53,147
Total Current Liabilities		482,676			478,897
Noncurrent Liabilities
Long-term debt		1,304,039			900,000
Defined benefit pensions		98,722			86,968
Postretirement benefits other than pensions		59,789			45,592
Deferred income taxes		1,042,823			1,101,506
Other noncurrent liabilities		44,173			35,570
Total Noncurrent Liabilities		2,549,546			2,169,636
Shareholders’ Equity
Serial preferred shares — no par value:
Authorized — 3,000,000 shares; outstanding — none		—			—
Common shares — no par value:
Authorized — 150,000,000 shares; outstanding — 114,172,122 in 2011 and 119,119,152 in 2010 (net of 14,432,043 and 9,485,013 treasury shares, respectively), at stated value		28,543			29,780
Additional capital		4,396,592			4,575,127
Retained income		866,933			746,063
Amount due from ESOP Trust		(3,334	)		(4,069	)
Accumulated other comprehensive income (loss)		3,629			(20,581	)
Total Shareholders’ Equity		5,292,363			5,326,320
	$	8,324,585		$	7,974,853

See notes to consolidated financial statements.

THE J. M. SMUCKER COMPANY 2011 ANNUAL REPORT 39

Statements of Consolidated Cash Flows
The J. M. Smucker Company

	Year Ended April 30,
(Dollars in thousands)	2011			2010			2009
Operating Activities
Net income	$	479,482		$	494,138		$	265,953
Adjustments to reconcile net income to net cash provided by operations:
Depreciation		112,226			108,225			79,450
Depreciation — restructuring		53,569			3,870			—
Amortization		73,844			73,657			38,823
Impairment charges		17,599			11,658			1,491
Share-based compensation expense		24,044			25,949			22,105
Other noncash restructuring charges		8,540			—			9,093
Loss (gain) on sale of assets — net		2,867			(7,831	)		2,165
Deferred income tax (benefit) expense		(59,801	)		(39,320	)		25,525
Changes in assets and liabilities, net of effect from businesses acquired:
Trade receivables		(102,625	)		31,521			(78,631	)
Inventories		(204,159	)		(46,160	)		34,669
Other current assets		(45,649	)		3,461			38,792
Accounts payable and accrued items		84,633			(34,620	)		67,883
Defined benefit pension contributions		(16,779	)		(4,436	)		(34,665	)
Income taxes		(66,187	)		55,449			22,941
Other — net		29,958			37,917			(48,601	)
Net Cash Provided by Operating Activities		391,562			713,478			446,993
Investing Activities
Businesses acquired, net of cash acquired		—			—			(77,335	)
Additions to property, plant, and equipment		(180,080	)		(136,983	)		(108,907	)
Proceeds from sale of businesses		—			19,554			—
Purchases of marketable securities		(75,637	)		—			—
Sales and maturities of marketable securities		57,100			13,519			3,013
Proceeds from disposal of property, plant, and equipment		5,830			205			800
Other — net		(126	)		(738	)		5,448
Net Cash Used for Investing Activities		(192,913	)		(104,443	)		(176,981	)
Financing Activities
Repayment of bank note payable		—			(350,000	)		—
Repayments of long-term debt		(10,000	)		(275,000	)		—
Proceeds from long-term debt		400,000			—			400,000
Quarterly dividends paid		(194,024	)		(166,224	)		(110,668	)
Special dividends paid		—			—			(274,208	)
Purchase of treasury shares		(389,135	)		(5,569	)		(4,025	)
Proceeds from stock option exercises		14,525			6,413			1,976
Other — net		8,215			1,832			(474	)
Net Cash (Used for) Provided by Financing Activities		(170,419	)		(788,548	)		12,601
Effect of exchange rate changes on cash		8,045			6,390			2,539
Net increase (decrease) in cash and cash equivalents		36,275			(173,123	)		285,152
Cash and cash equivalents at beginning of year		283,570			456,693			171,541
Cash and Cash Equivalents at End of Year	$	319,845		$	283,570		$	456,693

( )  Denotes use of cash

See notes to consolidated financial statements.

40 THE J. M. SMUCKER COMPANY 2011 ANNUAL REPORT

Statements of Consolidated Shareholders’ Equity
The J. M. Smucker Company

																Accumulated
	Common												Amount			Other			Total
(Dollars in thousands,	Shares			Common			Additional			Retained			Due from			Comprehensive			Shareholders’
except per share data)	Outstanding			Shares			Capital			Income			ESOP Trust			Income (Loss)			Equity
Balance at May 1, 2008		54,622,612		$	13,656		$	1,181,645		$	567,419		$	(5,479	)	$	42,612		$	1,799,853
Net income											265,953									265,953
Foreign currency translation adjustment																	(47,024	)		(47,024	)
Pensions and other postretirement liabilities																	(43,479	)		(43,479	)
Unrealized loss on available-for-sale securities																	(2,798	)		(2,798	)
Unrealized loss on cash flow hedging derivatives																	(6,581	)		(6,581	)
Comprehensive Income																				166,071
Purchase of treasury shares		(81,685	)		(20	)		(3,982	)		(23	)								(4,025	)
Purchase business combination		63,166,532			15,792			3,350,561												3,366,353
Stock plans		714,664			178			17,344												17,522
Cash dividends declared — $6.31 per share											(408,845	)								(408,845	)
Tax benefit of stock plans								2,353												2,353
Other														649						649
Balance at April 30, 2009		118,422,123			29,606			4,547,921			424,504			(4,830	)		(57,270	)		4,939,931
Net income											494,138									494,138
Foreign currency translation adjustment																	45,926			45,926
Pensions and other postretirement liabilities																	(12,313	)		(12,313	)
Unrealized gain on available-for-sale securities																	2,652			2,652
Unrealized gain on cash flow hedging derivatives																	424			424
Comprehensive Income																				530,827
Purchase of treasury shares		(122,483	)		(31	)		(5,383	)		(155	)								(5,569	)
Stock plans		819,512			205			29,584												29,789
Cash dividends declared — $1.45 per share											(172,424	)								(172,424	)
Tax benefit of stock plans								3,005												3,005
Other														761						761
Balance at April 30, 2010		119,119,152			29,780			4,575,127			746,063			(4,069	)		(20,581	)		5,326,320
Net income											479,482									479,482
Foreign currency translation adjustment																	24,773			24,773
Pensions and other postretirement liabilities																	(5,928	)		(5,928	)
Unrealized gain on available-for-sale securities																	1,359			1,359
Unrealized gain on cash flow hedging derivatives																	4,006			4,006
Comprehensive Income																				503,692
Purchase of treasury shares		(5,832,423	)		(1,458	)		(225,677	)		(162,000	)								(389,135	)
Stock plans		885,393			221			39,832												40,053
Cash dividends declared — $1.68 per share											(196,612	)								(196,612	)
Tax benefit of stock plans								7,310												7,310
Other														735						735
Balance at April 30, 2011		114,172,122		$	28,543		$	4,396,592		$	866,933		$	(3,334	)	$	3,629		$	5,292,363

See notes to consolidated financial statements.

THE J. M. SMUCKER COMPANY 2011 ANNUAL REPORT 41

Notes to Consolidated Financial Statements
The J. M. Smucker Company

(Dollars in thousands, unless otherwise noted, except per share data)

NOTE A: ACCOUNTING POLICIES

Principles of Consolidation: The consolidated financial statements include the accounts of the Company, its wholly-owned subsidiaries, and its majority-owned investments, if any. Intercompany transactions and accounts are eliminated in consolidation.

Use of Estimates: The preparation of consolidated financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make certain estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Significant estimates in these consolidated financial statements include: allowances for doubtful trade receivables, estimates of future cash flows associated with assets, asset impairments, useful lives for depreciation and amortization, loss contingencies, net realizable value of inventories, accruals for trade marketing and merchandising programs, income taxes, and the determination of discount and other rate assumptions for defined benefit pension and other postretirement benefit expenses. Actual results could differ from these estimates.

Revenue Recognition: The Company recognizes revenue, net of estimated returns and allowances, when all of the following criteria have been met: a valid customer order with a determinable price has been received; the product has been shipped and title has transferred to the customer; there is no further significant obligation to assist in the resale of the product; and collectibility is reasonably assured.

Major Customer: Sales to Wal-Mart Stores, Inc. and subsidiaries amounted to approximately 26 percent, 27 percent, and 24 percent of net sales in 2011, 2010, and 2009, respectively. These sales are primarily included in the three U.S. retail market segments. No other customer exceeded 10 percent of net sales for any year. Trade receivables at April 30, 2011 and 2010, included amounts due from Wal-Mart Stores, Inc. and subsidiaries of $87,623 and $61,176, respectively.

Shipping and Handling Costs: Shipping and handling costs are included in cost of products sold.

Trade Marketing and Merchandising Programs: In order to support the Company’s products, various promotional activities are conducted through retail trade, distributors, or directly with consumers, including in-store display and product placement programs, feature price discounts, coupons, and other similar activities. The Company regularly reviews and revises, when it deems necessary, estimates of costs to the Company for these promotional programs based on estimates of what will be redeemed by retail trade, distributors, or consumers. These estimates are made using various techniques including historical data on performance of similar promotional programs. Differences between estimated expense and actual performance are recognized as a change in management’s estimate in a subsequent period. As the Company’s total promotional expenditures, including amounts classified as a reduction of net sales, represented approximately 26 percent of net sales in 2011, a possibility exists of materially different reported results if factors such as the level and success of the promotional programs or other conditions differ from expectations.

Advertising Expense: Advertising costs are expensed as incurred. Advertising expense was $115,066, $130,583, and $77,363 in 2011, 2010, and 2009, respectively.

Research and Development Costs: Total research and development costs, including product formulation costs, were $20,981, $20,963, and $14,498 in 2011, 2010, and 2009, respectively.

Share-Based Payments: Share-based compensation expense is recognized over the requisite service period, which includes a one-year performance period plus the defined forfeiture period, which is typically four years of service or the attainment of a defined age and years of service.

42 THE J. M. SMUCKER COMPANY 2011 ANNUAL REPORT

Notes to Consolidated Financial Statements
The J. M. Smucker Company

The following table summarizes amounts related to share-based payments.

	April 30,
	2011		2010		2009
Share-based compensation expense included in selling, distribution, and administrative expenses	$	19,896	$	20,687	$	14,043
Share-based compensation expense included in merger and integration costs		4,148		5,262		8,062
Share-based compensation expense included in other restructuring costs		290		—		—
Total share-based compensation expense	$	24,334	$	25,949	$	22,105
Related income tax benefit	$	8,064	$	8,402	$	7,261

As of April 30, 2011, total unrecognized share-based compensation cost related to nonvested share-based awards was approximately $33,703. The weighted-average period over which this amount is expected to be recognized is approximately three years.

Corporate income tax benefits realized upon exercise or vesting of an award in excess of that previously recognized in earnings, referred to as excess tax benefits, are presented in the Statements of Consolidated Cash Flows as a financing activity. Realized excess tax benefits are credited to additional capital in the Consolidated Balance Sheets. Realized shortfall tax benefits, amounts which are less than that previously recognized in earnings, are first offset against the cumulative balance of excess tax benefits, if any, and then charged directly to income tax expense. For 2011, 2010, and 2009, the actual tax deductible benefit realized from share-based compensation was $7,310, $3,005, and $2,353, including $6,990, $2,908, and $2,372, respectively, of excess tax benefits realized upon exercise or vesting of share-based compensation, and classified as other-net under financing activities in the Statements of Consolidated Cash Flows.

Income Taxes: The Company accounts for income taxes using the liability method. Accordingly, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in the applicable tax rate is recognized in income or expense in the period that the change is effective. A valuation allowance is established when it is more likely than not that all or a portion of a deferred tax asset will not be realized. A tax benefit is recognized when it is more likely than not to be sustained.

Cash and Cash Equivalents: The Company considers all short-term investments with a maturity of three months or less when purchased to be cash equivalents.

Trade Receivables: In the normal course of business, the Company extends credit to customers. Trade receivables, less allowance for doubtful accounts, reflect the net realizable value of receivables and approximate fair value. The Company evaluates its trade receivables and establishes an allowance for doubtful accounts based on a combination of factors. When aware that a specific customer has been impacted by circumstances such as bankruptcy filings or deterioration in the customer’s operating results or financial position, potentially making it unable to meet its financial obligations, the Company records a specific reserve for bad debt to reduce the related receivable to the amount the Company reasonably believes is collectible. The Company also records reserves for bad debt for all other customers based on a variety of factors, including the length of time the receivables are past due, historical collection experience, and an evaluation of current and projected economic conditions at the balance sheet date. Trade receivables are charged off against the allowance after management determines the potential for recovery is remote. At April 30, 2011 and 2010, the allowance for doubtful accounts was $1,882 and $1,521, respectively. The net provision for the allowance for doubtful accounts increased $361 and $1,091 in 2011 and 2009, respectively, and decreased $480 in 2010. The Company believes there is no concentration of risk with any single customer whose failure or nonperformance would materially affect the Company’s results other than as discussed in Major Customer.

Inventories: Inventories are stated at the lower of cost or market. Cost for all inventories is determined using the first-in, first-out method.

The cost of finished products and work-in-process inventory includes materials, direct labor, and overhead. Work-in-process is included in finished products in the Consolidated Balance Sheets and was $77,594 and $49,214 at April 30, 2011 and 2010, respectively.

THE J. M. SMUCKER COMPANY 2011 ANNUAL REPORT 43

Notes to Consolidated Financial Statements
The J. M. Smucker Company

Derivative Financial Instruments: The Company utilizes derivative instruments such as basis contracts, commodity futures and options contracts, foreign currency forwards and options, and an interest rate swap to manage exposures in commodity prices, foreign currency exchange rates, and interest rates. The Company accounts for these derivative instruments in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 815, Derivatives and Hedging. FASB ASC 815 requires that all derivative instruments be recognized in the financial statements and measured at fair value regardless of the purpose or intent for holding them. For derivatives designated as a cash flow hedge that are used to hedge an anticipated transaction, changes in fair value are deferred and recognized in shareholders’ equity as a component of accumulated other comprehensive income (loss) to the extent the hedge is effective and then recognized in the Statements of Consolidated Income in the period during which the hedged transaction affects earnings. Hedge effectiveness is measured at inception and on a monthly basis. Any ineffectiveness associated with the hedge or changes in fair value of derivatives that are nonqualifying are recognized immediately in the Statements of Consolidated Income. The Company’s interest rate swap is designated as a fair value hedge and is used to hedge against changes in the fair value of the underlying long-term debt. The interest rate swap is recognized at fair value in the Consolidated Balance Sheet at April 30, 2011, and changes in the fair value are recognized in the Statement of Consolidated Income for the year ended April 30, 2011. The change in the fair value of the interest rate swap is offset by the change in the fair value of the underlying long-term debt. By policy, the Company historically has not entered into derivative financial instruments for trading purposes or for speculation. For additional information, see Note M: Derivative Financial Instruments.

Property, Plant, and Equipment: Property, plant, and equipment is recognized at cost and is depreciated on a straight-line basis over the estimated useful life of the asset (3 to 20 years for machinery and equipment, 3 to 7 years for capitalized software costs, and 5 to 40 years for buildings, fixtures, and improvements).

The Company leases certain land, buildings, and equipment for varying periods of time, with renewal options. Rent expense in 2011, 2010, and 2009 totaled $57,572, $55,010, and $36,547, respectively. As of April 30, 2011, the Company’s minimum operating lease obligations are as follows: $26,110 in 2012, $21,887 in 2013, $18,956 in 2014, $14,121 in 2015, and $22,565 in 2016 and beyond.

Impairment of Long-Lived Assets: In accordance with FASB ASC 360, Property, Plant, and Equipment, long-lived assets, except goodwill and indefinite-lived intangible assets, are reviewed for impairment when circumstances indicate the carrying value of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of the assets to future net cash flows estimated by the Company to be generated by such assets. If such assets are considered to be impaired, the impairment to be recognized is the amount by which the carrying amount of the assets exceeds the fair value of the assets. Assets to be disposed of by sale are recognized as held for sale at the lower of carrying value or estimated net realizable value.

Goodwill and Other Intangible Assets: Goodwill is the excess of the purchase price paid over the fair value of the net assets of the business acquired. In accordance with FASB ASC 350, Intangibles — Goodwill and Other, goodwill and other indefinite-lived intangible assets are not amortized but are reviewed at least annually for impairment. The Company conducts its annual test for impairment of goodwill and other indefinite-lived intangible assets as of February 1 of each year. A discounted cash flow valuation technique and a market-based approach are utilized to estimate the fair value of the Company’s reporting units. For annual impairment testing purposes, the Company’s reporting units are its operating segments. The discount rates utilized in the analysis are developed using a weighted-average cost of capital methodology. In addition to the annual test, the Company will test for impairment if events or circumstances occur that would more likely than not reduce the fair value of a reporting unit below its carrying amount. Finite-lived intangible assets are amortized on a straight-line basis over their estimated useful lives. For additional information, see Note G: Goodwill and Other Intangible Assets.

Marketable Securities and Other Investments: Under the Company’s investment policy, it may invest in debt securities deemed to be investment grade at the time of purchase for general corporate purposes. The Company determines the appropriate categorization of debt securities at the time of purchase and reevaluates such designation at each balance sheet date. The Company has categorized all debt securities as available for sale because it currently has the intent to convert these investments into cash if and when needed. Classification of these available-for-sale marketable securities as current or noncurrent is based on whether the conversion to cash is expected to be necessary for operations in the upcoming year, which is currently consistent with the security’s maturity date.

Securities categorized as available for sale are stated at fair value, with unrealized gains and losses reported as a component of accumulated other comprehensive income (loss). The fair value of available-for-sale marketable securities was $18,600 and was included in other current assets at April 30, 2011. Approximately $57,100, $13,519, and $3,013 of proceeds have been realized upon maturity or sale of available-for-sale marketable securities in 2011, 2010, and 2009, respectively. The Company uses specific identification to determine the basis on which securities are sold.

The Company also maintains funds for the payment of benefits associated with nonqualified retirement plans. These funds include investments considered to be available-for-sale marketable securities. At April 30, 2011 and 2010, the fair value of these investments was $41,560 and $34,895, respectively, and was included in other noncurrent assets. Included in accumulated other comprehensive income (loss) at April 30, 2011 and 2010, were unrealized gains of $2,817 and $693, respectively.

44 THE J. M. SMUCKER COMPANY 2011 ANNUAL REPORT

Notes to Consolidated Financial Statements
The J. M. Smucker Company

Foreign Currency Translation: Assets and liabilities of the Company’s foreign subsidiaries are translated using the exchange rates in effect at the balance sheet date, while income and expenses are translated using average rates. Translation adjustments are reported as a component of shareholders’ equity in accumulated other comprehensive income (loss).

Recently Issued Accounting Standards: In January 2010, the FASB issued Accounting Standards Update (“ASU”) 2010-06, Improving Disclosures about Fair Value Measurements, which requires additional disclosures about fair value measurements including transfers in and out of different levels of the fair value hierarchy and a higher level of disaggregation for different types of financial instruments. These disclosure requirements were effective in the current fiscal year for the Company. In addition to these disclosure requirements, ASU 2010-06 requires information about purchases, sales, issuances, and settlements of Level 3 assets to be presented separately. These additional disclosure requirements will be effective May 1, 2011, for the Company.

In May 2011, the FASB issued ASU 2011-04, Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs. ASU 2011-04 provides clarification about the application of existing fair value measurement and disclosure requirements and expands certain other disclosure requirements. This ASU will be effective February 1, 2012, for the Company.

Risks and Uncertainties: The raw materials used by the Company in each of its segments are primarily commodities and agricultural-based products. Glass, plastic, steel cans, caps, carton board, and corrugate are the principle packaging materials used by the Company. The fruit and vegetable raw materials used by the Company in the production of its food products are purchased from independent growers and suppliers. Green coffee, peanuts, edible oils, sweeteners, milk, flour, corn, and other ingredients are obtained from various suppliers. The availability, quality, and cost of many of these commodities have fluctuated, and may continue to fluctuate, over time. Green coffee is sourced solely from foreign countries and its supply and price are subject to high volatility due to factors such as weather, global supply and demand, pest damage, and political and economic conditions in the source countries. Raw materials are generally available from numerous sources although the Company has elected to source certain plastic packaging materials from single sources of supply pursuant to long-term contracts. While availability may vary year to year, the Company believes that it will continue to be able to obtain adequate supplies and that alternatives to single-sourced materials are available. The Company has not historically encountered significant shortages of key raw materials. The Company considers its relationships with key material suppliers to be good.

Approximately 32 percent of the Company’s employees, located at 10 facilities, are covered by union contracts. The contracts vary in term depending on the location with three contracts expiring in 2012.

The Company insures its business and assets in each country against insurable risks, to the extent that it deems appropriate, based upon an analysis of the relative risks and costs.

Reclassifications: Certain prior year amounts have been reclassified to conform to current year classifications.

NOTE B: SUBSEQUENT EVENT — ROWLAND COFFEE ACQUISITION

On May 16, 2011, the Company completed an acquisition of the coffee brands and business operations of Rowland Coffee Roasters, Inc. (“Rowland Coffee”), a privately-held company headquartered in Miami, Florida, for $360.0 million. The Company utilized cash on hand and borrowed $180.0 million under its revolving credit facility.

Rowland Coffee is a leading producer of espresso coffee in the U.S., generating total net sales in excess of $110.0 million in calendar 2010. The acquisition strengthens and broadens the Company’s leadership in the U.S. retail coffee category by adding the leading Hispanic brands, Café Bustelo and Café Pilon, to the Smucker family of brands.

The purchase price allocation is in the preliminary stages of the valuation process. The purchase price will be allocated to the underlying assets acquired and liabilities assumed based upon their estimated fair values at the date of acquisition. The Company will determine the estimated fair values based on independent appraisals, discounted cash flow analyses, quoted market prices, and estimates made by management. To the extent the purchase price exceeds the estimated fair value of the net identifiable tangible and intangible assets acquired, such excess will be allocated to goodwill.

THE J. M. SMUCKER COMPANY 2011 ANNUAL REPORT 45

Notes to Consolidated Financial Statements
The J. M. Smucker Company

NOTE C: FOLGERS MERGER

On November 6, 2008, the Company merged The Folgers Coffee Company (“Folgers”), previously a subsidiary of The Procter & Gamble Company (“P&G”), with a wholly-owned subsidiary of the Company. Under the terms of the agreement, P&G distributed the Folgers common shares to electing P&G shareholders in a tax-free transaction, which was immediately followed by the conversion of Folgers common stock into Company common shares. As a result of the merger, Folgers became a wholly-owned subsidiary of the Company. In the merger, P&G shareholders received approximately 63.2 million common shares of the Company valued at approximately $3,366.4 million. The aggregate purchase price was approximately $3,735.8 million. The transaction with Folgers, a leading producer of retail packaged coffee products in the U.S., is consistent with the Company’s strategy to own and market number one brands in North America.

The Folgers purchase price was allocated to the underlying assets acquired and liabilities assumed based upon their estimated fair values at the date of the merger. The Company determined the estimated fair values based on independent appraisals, discounted cash flow analyses, quoted market prices, and estimates made by management. The purchase price exceeded the estimated fair value of the net identifiable tangible and intangible assets acquired and the excess was allocated to goodwill. The following table summarizes the estimated fair values of the assets acquired and liabilities assumed at the transaction date.

Assets acquired:
Current assets	$	300,781
Property, plant, and equipment		316,851
Intangible assets		2,515,000
Goodwill		1,643,636
Other noncurrent assets		4,278
Total assets acquired	$	4,780,546
Liabilities assumed:
Current liabilities	$	85,795
Deferred tax liabilities		955,235
Other noncurrent liabilities		3,750
Total liabilities assumed	$	1,044,780
Net assets acquired	$	3,735,766

Folgers goodwill of $1,643.6 million was assigned to the U.S. Retail Coffee Market and Special Markets segments. Of the total goodwill, $1,634.3 million is not deductible for tax purposes.

The purchase price allocated to the identifiable intangible assets acquired is as follows:

Intangible assets with finite lives:
Customer and contractual relationships (20-year weighted-average useful life)	$	1,089,000
Technology (14-year weighted-average useful life)		133,000
Intangible assets with indefinite lives		1,293,000
Total intangible assets	$	2,515,000

46 THE J. M. SMUCKER COMPANY 2011 ANNUAL REPORT

Notes to Consolidated Financial Statements
The J. M. Smucker Company

The results of operations of the Folgers business are included in the Company’s consolidated financial statements from the date of the transaction. Had the transaction occurred on May 1, 2008, unaudited, pro forma consolidated results for the year ended April 30, 2009, would have been as follows:

	Year Ended April 30, 2009
Net sales	$	4,684,746
Net income		359,979
Net income per common share — assuming dilution		3.04

The unaudited, pro forma consolidated results are based on the Company’s historical financial statements and those of the Folgers business and do not necessarily indicate the results of operations that would have resulted had the merger been completed at the beginning of the applicable period presented. The unaudited, pro forma consolidated results do not give effect to the synergies of the merger and are not indicative of the results of operations in future periods.

NOTE D: RESTRUCTURING

During 2010, the Company announced its plan to restructure certain operations as part of its ongoing efforts to enhance the long-term strength and profitability of its leading brands. The initiative is a long-term investment to optimize production capacity and lower the overall cost structure and includes capital investments for a new state-of-the-art food manufacturing facility in Orrville, Ohio, and consolidation of coffee production in New Orleans, Louisiana. The Company expects to incur restructuring costs of approximately $190.0 million related to this plan.

In 2011, the Company expanded its restructuring plan and committed to an initiative to improve the overall cost structure of its Canadian pickle and condiments operations by transitioning production to third-party manufacturers in the U.S. The Company expects to incur additional restructuring costs of approximately $45.0 million related to this initiative.

The Company expects total restructuring costs of approximately $235.0 million, of which $107.7 million has been incurred through April 30, 2011. The balance of the costs is anticipated to be recognized over the next three fiscal years.

Upon completion, the restructuring will result in a reduction of approximately 850 full-time positions and the closing of six of the Company’s facilities — Memphis, Tennessee; Ste. Marie, Quebec; Sherman, Texas; Kansas City, Missouri; Dunnville, Ontario; and Delhi Township, Ontario. The Sherman facility closed in April 2011.

The following table summarizes the restructuring activity, including the reserves established and the total amount expected to be incurred.

							Site Preparation
	Long-Lived			Employee			and Equipment			Production
	Asset Charges			Separation			Relocation			Start-up			Other Costs			Total
Total expected restructuring charge	$	118,000		$	60,000		$	23,500		$	23,000		$	10,500		$	235,000
Balance at May 1, 2009	$	—		$	—		$	—		$	—		$	—		$	—
Charge to expense		3,870			1,139			407			16			279			5,711
Cash payments		—			(50	)		(407	)		(16	)		(279	)		(752	)
Noncash utilization		(3,870	)		—			—			—			—			(3,870	)
Balance at April 30, 2010	$	—		$	1,089		$	—		$	—		$	—		$	1,089
Charge to expense		53,569			36,010			6,192			5,194			992			101,957
Cash payments		—			(18,361	)		(6,192	)		(5,194	)		(992	)		(30,739	)
Noncash utilization		(53,569	)		(8,540	)		—			—			—			(62,109	)
Balance at April 30, 2011	$	—		$	10,198		$	—		$	—		$	—		$	10,198
Remaining expected restructuring charge	$	60,561		$	22,851		$	16,901		$	17,790		$	9,229		$	127,332

THE J. M . SMUCKER COMPANY 2011 ANNUAL REPORT 47

Notes to Consolidated Financial Statements
The J. M. Smucker Company

Total restructuring charges of $102.0 million and $5.7 million in 2011 and 2010, respectively, were reported in the Statements of Consolidated Income. Of the total restructuring charges, $54.1 million and $3.9 million were reported in cost of products sold in 2011 and 2010, respectively, while the remaining charges were reported in other restructuring costs. The restructuring costs classified as cost of products sold primarily include long-lived asset charges for accelerated depreciation related to property, plant, and equipment that will be used at the affected production facilities until they are closed or sold.

Expected employee separation costs include severance, retention bonuses, and pension costs. Severance costs and retention bonuses are being recognized over the estimated future service period of the affected employees. The obligation related to employee separation costs is included in other current liabilities in the Consolidated Balance Sheets. For additional information on the impact of the restructuring plan on defined benefit pension and other postretirement benefit plans, see Note H: Pensions and Other Postretirement Benefits.

Other costs include professional fees, costs related to closing the facilities, and miscellaneous expenditures associated with the Company’s restructuring initiative and are expensed as incurred.

The Company incurred total restructuring costs of approximately $10.2 million in 2009, related to a separate restructuring program completed in 2009, consisting primarily of a $9.1 million noncash defined benefit pension settlement charge.

NOTE E: REPORTABLE SEGMENTS

The Company operates in one industry: the manufacturing and marketing of food products. The Company has four reportable segments: U.S. Retail Coffee Market, U.S. Retail Consumer Market, U.S. Retail Oils and Baking Market, and Special Markets. The U.S. Retail Coffee Market segment represents the domestic sales of Folgers, Dunkin’ Donuts, and Millstone branded coffee to retail customers; the U.S. Retail Consumer Market segment primarily includes domestic sales of Smucker’s, Jif, and Hungry Jack branded products; the U.S. Retail Oils and Baking Market segment includes domestic sales of Crisco, Pillsbury, Eagle Brand, and Martha White branded products; and the Special Markets segment is comprised of the Canada, foodservice, natural foods, and international strategic business areas. Special Markets segment products are distributed domestically and in foreign countries through retail channels, foodservice distributors and operators (e.g., restaurants, schools and universities, health care operators), and health and natural foods stores and distributors.

While the Company’s four reportable segments remain the same for 2011, the calculation of segment profit was modified at the beginning of 2011 to include intangible asset amortization and impairment charges related to segment assets, along with certain other items in each of the segments. These items were previously considered corporate expenses and were not allocated to the segments. This change more accurately aligns the segment financial results with the responsibilities of segment management, most notably in the area of intangible assets. Segment profit for 2010 and 2009 has been presented to be consistent with the current methodology.

48 THE J. M. SMUCKER COMPANY 2011 ANNUAL REPORT

Notes to Consolidated Financial Statements
The J. M. Smucker Company

The following table sets forth reportable segment and geographical information.

	Year Ended April 30,
	2011			2010			2009
Net sales:
U.S. Retail Coffee Market	$	1,930,869		$	1,700,458		$	855,571
U.S. Retail Consumer Market		1,091,595			1,125,280			1,103,264
U.S. Retail Oils and Baking Market		888,008			905,719			995,474
Special Markets		915,271			873,832			803,624
Total net sales	$	4,825,743		$	4,605,289		$	3,757,933
Segment profit:
U.S. Retail Coffee Market	$	536,133		$	484,006		$	211,113
U.S. Retail Consumer Market		294,970			285,223			249,439
U.S. Retail Oils and Baking Market		116,624			127,954			116,946
Special Markets		154,441			134,948			105,028
Total segment profit	$	1,102,168		$	1,032,131		$	682,526
Interest income		2,512			2,793			6,993
Interest expense		(69,594	)		(65,187	)		(62,478	)
Share-based compensation expense		(19,896	)		(20,687	)		(14,043	)
Merger and integration costs		(11,194	)		(33,692	)		(72,666	)
Cost of products sold — restructuring		(54,089	)		(3,870	)		—
Other restructuring costs		(47,868	)		(1,841	)		(10,229	)
Corporate administrative expenses		(184,849	)		(181,132	)		(133,313	)
Other (expense) income — net		(26	)		2,238			(725	)
Income before income taxes	$	717,164		$	730,753		$	396,065
Net sales:
Domestic	$	4,358,091		$	4,167,042		$	3,353,362
International:
Canada	$	409,710		$	385,870		$	356,300
All other international		57,942			52,377			48,271
Total international	$	467,652		$	438,247		$	404,571
Total net sales	$	4,825,743		$	4,605,289		$	3,757,933
Assets:
Domestic	$	7,912,311		$	7,591,931		$	7,670,192
International:
Canada	$	406,576		$	376,788		$	514,993
All other international		5,698			6,134			6,976
Total international	$	412,274		$	382,922		$	521,969
Total assets	$	8,324,585		$	7,974,853		$	8,192,161
Long-lived assets:
Domestic	$	6,502,749		$	6,543,440		$	6,406,085
International:
Canada	$	184,624		$	207,517		$	386,948
All other international		213			266			237
Total international	$	184,837		$	207,783		$	387,185
Total long-lived assets	$	6,687,586		$	6,751,223		$	6,793,270

Segment profit represents revenue less direct and allocable operating expenses.

THE J.M. SMUCKE RCOMPANY 2011 ANNUAL REPORT 49

Notes to Consolidated Financial Statements
The J. M. Smucker Company

The following table presents product sales information.

					Year Ended April 30,
	2011			2010			2009
Coffee		44	%		40	%		25	%
Peanut butter		12			12			14
Fruit spreads		8			8			9
Shortening and oils		7			8			11
Baking mixes and frostings		6			6			8
Canned milk		5			5			7
Flour and baking ingredients		5			5			7
Portion control		3			3			4
Juices and beverages		3			3			3
Uncrustables frozen sandwiches		2			3			3
Toppings and syrups		2			2			3
Other		3			5			6
Total product sales		100	%		100	%		100	%

As a result of the Company’s organizational changes and realignment of management responsibilities effective May 1, 2011, the Company’s reportable segments will change in 2012. All historical information will be retroactively conformed to the new presentation.

NOTE F: EARNINGS PER SHARE

In 2010, the Company adopted the two-class method of computing earnings per share as required by FASB ASC 260, Earnings Per Share. FASB ASC 260 provides that unvested share-based payment awards that contain nonforfeitable rights to dividends or dividend equivalents, whether paid or unpaid, are participating securities and are to be included in the computation of earnings per share under the two-class method described in FASB ASC 260. The Company’s unvested restricted shares contain rights to receive nonforfeitable dividends and are participating securities. All presented prior period earnings per share data has been adjusted to retrospectively reflect the application of the two-class method. The conversion to the two-class method resulted in a reduction of net income per common share and net income per common share — assuming dilution for the year ended April 30, 2009, of $0.03 and $0.01 per share, respectively.

The following table sets forth the computation of net income per common share and net income per common share — assuming dilution.

	Year Ended April 30,
	2011		2010		2009
Computation of net income per share:
Net income	$	479,482	$	494,138	$	265,953
Net income allocated to participating securities		4,692		4,321		1,944
Net income allocated to common stockholders	$	474,790	$	489,817	$	264,009
Weighted-average common shares outstanding		117,009,362		117,911,160		84,823,849
Net income per common share	$	4.06	$	4.15	$	3.11

Computation of net income per share — assuming dilution:
Net income	$	479,482	$	494,138	$	265,953
Net income allocated to participating securities		4,690		4,318		1,947
Net income allocated to common stockholders	$	474,792	$	489,820	$	264,006
Weighted-average common shares outstanding		117,009,362		117,911,160		84,823,849
Dilutive effect of stock options		110,335		130,011		98,938
Weighted-average common shares outstanding — assuming dilution		117,119,697		118,041,171		84,922,787
Net income per common share — assuming dilution	$	4.05	$	4.15	$	3.11

50 THE J. M. SMUCK ERCOMPANY      2011 ANNUAL REPORT

Notes to Consolidated Financial Statements

The J. M. Smucker Company

The following table reconciles the weighted-average common shares used in the basic and diluted earnings per share disclosures to the total weighted-average shares outstanding.

	Year Ended April 30,
	2011		2010		2009
Weighted-average common shares outstanding		117,009,362		117,911,160		84,823,849
Weighted-average participating shares outstanding		1,156,389		1,040,274		624,743
Weighted-average shares outstanding		118,165,751		118,951,434		85,448,592
Dilutive effect of stock options		110,335		130,011		98,938
Weighted-average shares outstanding — assuming dilution		118,276,086		119,081,445		85,547,530

NOTE G: GOODWILL AND OTHER INTANGIBLE ASSETS

A summary of changes in the Company’s goodwill during the years ended April 30, 2011 and 2010, by reportable segment is as follows:

				U.S. Retail		U.S. Retail
	U.S. Retail			Consumer		Oils and		Special
	Coffee Market			Market		Baking Market		Markets		Total
Balance at May 1, 2009	$	1,629,873		$	569,683	$	460,840	$	130,995	$	2,791,391
Acquisitions		5,540			289		—		265		6,094
Foreign currency translation adjustments		—			2,301		1,282		6,662		10,245
Balance at April 30, 2010	$	1,635,413		$	572,273	$	462,122	$	137,922	$	2,807,730
Foreign currency translation adjustments		(47	)		1,138		634		3,291		5,016
Balance at April 30, 2011	$	1,635,366		$	573,411	$	462,756	$	141,213	$	2,812,746

The Company’s other intangible assets and related accumulated amortization and impairment charges are as follows:

			April 30, 2011						April 30, 2010
			Accumulated						Accumulated
			Amortization/						Amortization/
	Acquisition		Impairment				Acquisition		Impairment
	Cost		Charges		Net		Cost		Charges		Net
Finite-lived intangible assets subject to amortization:
Customer and contractual relationships	$	1,180,000	$	168,125	$	1,011,875	$	1,180,000	$	95,722	$	1,084,278
Patents and technology		134,970		25,980		108,990		134,970		15,874		119,096
Trademarks		35,153		6,652		28,501		29,222		3,491		25,731
Total intangible assets subject to amortization	$	1,350,123	$	200,757	$	1,149,366	$	1,344,192	$	115,087	$	1,229,105
Indefinite-lived intangible assets not subject to amortization:
Trademarks	$	1,799,862	$	9,218	$	1,790,644	$	1,805,793	$	8,383	$	1,797,410
Total other intangible assets	$	3,149,985	$	209,975	$	2,940,010	$	3,149,985	$	123,470	$	3,026,515

Amortization expense for finite-lived intangible assets was $73,438, $72,417, and $38,094 in 2011, 2010, and 2009, respectively. The weighted-average useful life of the finite-lived intangible assets is 19 years. Based on the amount of intangible assets subject to amortization at April 30, 2011, the estimated amortization expense for each of the succeeding five years is approximately $73,000.

THE J. M. SMUCKER COMPANY 2011 ANNUAL REPORT 51

Notes to Consolidated Financial Statements
The J. M. Smucker Company

Pursuant to FASB ASC 350, the Company is required to review goodwill and other indefinite-lived intangible assets at least annually for impairment. The annual impairment review was performed as of February 1, 2011. Goodwill impairment is tested at the reporting unit level which is the Company’s operating segments. Impairment of $17,599, $11,658, and $1,491 was recognized related to certain intangible assets in 2011, 2010, and 2009, respectively.

The majority of the impairment recognized in 2011 was recognized in the third quarter when the Company became aware of a significant future reduction in its Europe’s Best frozen vegetable business with a customer in Canada. This was subsequent to declines in net sales and profit margins of the frozen fruit and vegetable business during 2011. The Company determined that these events constituted a potential indicator of impairment of the Europe’s Best indefinite-lived and finite-lived intangible assets recognized in its Special Markets segment under FASB ASC 350 and FASB ASC 360, respectively.

The Company determined the estimated fair value of the Europe’s Best indefinite-lived trademark based on an analysis of the projected cash flows for the brand, discounted at a rate developed using a risk-adjusted, weighted-average cost of capital methodology. As a result, an impairment charge of $3,621 was recognized in 2011 to reduce this trademark to its estimated fair value. During 2010, an impairment charge of $7,282 was recognized related to the Europe’s Best trademark after the Company became aware of a significant reduction in the frozen fruit business.

The Company determined that the carrying value of the finite-lived customer relationship intangible asset associated with the Europe’s Best business was not recoverable based on the undiscounted projected net cash flows expected to be generated from the asset. The estimated fair value of the customer relationship was then calculated based on a discounted cash flow model which utilized a forecast of future revenues and expenses related to the intangible asset. As a result, an impairment charge of $13,534 was recognized in 2011 to reduce the carrying value of the customer relationship to its estimated fair value. No additional impairment was recognized related to Europe’s Best as a result of the February 1, 2011, impairment test, and no further indicators of potential impairment have been identified subsequent to that date.

NOTE H: PENSIONS AND OTHER POSTRETIREMENT BENEFITS

The Company has defined benefit pension plans covering certain domestic and Canadian employees. Benefits are based on the employee’s years of service and compensation. The Company’s plans are funded in conformity with the funding requirements of applicable government regulations.

In addition to providing pension benefits, the Company sponsors several unfunded, defined postretirement plans that provide health care and life insurance benefits to certain retired domestic and Canadian employees. These plans are contributory, with retiree contributions adjusted periodically, and contain other cost-sharing features, such as deductibles and coinsurance. Covered employees generally are eligible for these benefits when they reach age 55 and have attained 10 years of credited service.

Upon completion of the restructuring activity discussed in Note D: Restructuring, approximately 850 full-time positions will be reduced. The Company has included the estimated impact of the planned reductions in measuring the U.S. and Canadian benefit obligation of the pension plans and other postretirement plans at April 30, 2011. As a result, the benefit obligation of the pension plans and other postretirement plans increased by approximately $10,500 and $4,200, respectively. Included in the following tables are charges recognized for termination benefits and curtailment as a result of the restructuring plan. In 2012, the Company expects to recognize additional expense of approximately $1,800 related to a reduction in the expected remaining future service lifetime of certain participants in the Canadian plans. These costs are being recognized over the estimated future service period of the affected participants.

52 THE J. M . SMUCKER COMPANY 2011 ANNUAL REPORT

Notes to Consolidated Financial Statements
The J. M. Smucker Company

The following table summarizes the components of net periodic benefit cost and the change in accumulated other comprehensive income (loss) related to the defined benefit pension and other postretirement plans.

	Defined Benefit Pension Plans									Other Postretirement Benefits
Year Ended April 30,	2011			2010			2009			2011			2010			2009
Service cost	$	7,504		$	5,755		$	5,871		$	1,620		$	1,525		$	1,892
Interest cost		25,491			24,788			26,263			2,775			2,607			2,540
Expected return on plan assets		(26,848	)		(22,894	)		(29,905	)		—			—			—
Amortization of prior service cost (credit)		1,146			1,362			1,295			(489	)		(489	)		(489	)
Amortization of net actuarial loss (gain)		10,294			6,291			1,360			(536	)		(1,043	)		(730	)
Settlement loss		—			—			9,908			—			—			—
Curtailment		4,095			—			—			—			—			—
Termination benefit cost		8,395			—			—			2,413			—			—
Net periodic benefit cost	$	30,077		$	15,302		$	14,792		$	5,783		$	2,600		$	3,213

Other changes in plan assets and benefit liabilities recognized in accumulated other comprehensive income (loss) before income taxes:
Prior service cost arising during the year	$	(359	)	$	(1,334	)	$	—		$	(925	)	$	—		$	—
Net actuarial (loss) gain arising during the year		(13,533	)		(13,713	)		(74,195	)		(7,769	)		(3,248	)		4,645
Amortization of prior service cost (credit)		1,146			1,362			1,295			(489	)		(489	)		(489	)
Amortization of net actuarial loss (gain)		10,294			6,291			1,360			(536	)		(1,043	)		(730	)
Curtailment		4,095			—			—			—			—			—
Foreign currency translation		(2,032	)		(5,932	)		2,517			104			173			(231	)
Other adjustments		—			(71	)		—			—			—			—
Net change for year	$	(389	)	$	(13,397	)	$	(69,023	)	$	(9,615	)	$	(4,607	)	$	3,195

Weighted-average assumptions used in determining net periodic benefit costs:
U.S. plans:
Discount rate	5.80	%	7.40	%	6.60	%	5.80	%	7.40	%	6.60	%
Expected return on plan assets	7.50		7.75		7.75		—		—		—
Rate of compensation increase	4.15		3.79		3.84		—		—		—
Canadian plans:
Discount rate	5.30	%	5.40	%	6.10	%	5.30	%	5.40	%	6.10	%
Expected return on plan assets	7.08		7.33		7.25		—		—		—
Rate of compensation increase	4.00		4.00		4.00		—		—		—

The Company uses a measurement date of April 30 to determine defined benefit pension plans and other postretirement benefits’ assets and benefit obligations.

THE J. M. SMUCKER COMPANY 2011 ANNUAL REPORT 53

Notes to Consolidated Financial Statements
The J. M. Smucker Company

The following table sets forth the combined status of the plans as recognized in the Consolidated Balance Sheets.

	Defined Benefit Pension Plans						Other Postretirement Benefits
April 30,	2011			2010			2011			2010
Change in benefit obligation:
Benefit obligation at beginning of the year	$	450,728		$	362,720		$	45,592		$	38,182
Service cost		7,504			5,755			1,620			1,525
Interest cost		25,491			24,788			2,775			2,607
Amendments		359			1,334			925			—
Actuarial loss		30,276			64,423			7,769			3,248
Participant contributions		498			410			1,077			988
Benefits paid		(30,502	)		(25,296	)		(3,674	)		(2,577	)
Foreign currency translation adjustments		8,446			16,594			1,270			1,602
Curtailment		2,151			—			—			—
Termination benefit cost		8,395			—			2,413			—
Other adjustments		—			—			22			17
Benefit obligation at end of the year	$	503,346		$	450,728		$	59,789		$	45,592
Change in plan assets:
Fair value of plan assets at beginning of the year	$	367,322		$	300,482		$	—		$	—
Actual return on plan assets		45,743			73,604			—			—
Company contributions		16,779			4,436			2,576			1,572
Participant contributions		498			410			1,077			988
Benefits paid		(30,502	)		(25,296	)		(3,674	)		(2,577	)
Foreign currency translation adjustments		7,760			13,756			—			—
Other adjustments		—			(70	)		21			17
Fair value of plan assets at end of the year	$	407,600		$	367,322		$	—		$	—
Funded status of the plans	$	(95,746	)	$	(83,406	)	$	(59,789	)	$	(45,592	)
Other noncurrent assets	$	2,976		$	3,562		$	—		$	—
Defined benefit pensions		(98,722	)		(86,968	)		—			—
Postretirement benefits other than pensions		—			—			(59,789	)		(45,592	)
Net benefit liability	$	(95,746	)	$	(83,406	)	$	(59,789	)	$	(45,592	)

The following table summarizes amounts recognized in accumulated other comprehensive income (loss) in the Consolidated Balance Sheets, before income taxes.

	Defined Benefit Pension Plans						Other Postretirement Benefits
April 30,	2011			2010			2011		2010
Net actuarial (loss) gain	$	(134,306	)	$	(131,489	)	$	6,683	$	14,885
Prior service (cost) credit		(4,809	)		(7,237	)		2,129		3,542
Total recognized in accumulated other comprehensive income (loss)	$	(139,115	)	$	(138,726	)	$	8,812	$	18,427

During 2012, the Company expects to recognize amortization of net actuarial losses and prior service cost of $8,973 and $746, respectively, in net periodic benefit cost.

54 THE J. M. SMUCKER COMPANY      2011 ANNUAL REPORT

Notes to Consolidated Financial Statements
The J. M. Smucker Company

The following table sets forth the assumptions used in determining the benefit obligations.

	Defined Benefit Pension Plans						Other Postretirement Benefits
April 30,	2011			2010			2011			2010
Weighted-average assumptions used in determining benefit obligation:
U.S. plans:
Discount rate		5.50	%		5.80	%		5.50	%		5.80	%
Rate of compensation increase		4.14			4.13			—			—
Canadian plans:
Discount rate		5.00	%		5.30	%		5.00	%		5.30	%
Rate of compensation increase		4.00			4.00			—			—

For 2012, the assumed health care trend rates are 8.5 percent and 7.0 percent for the U.S. and Canadian plans, respectively. The rate for participants under age 65 is assumed to decrease to 5.0 percent in 2019 and 4.5 percent in 2017 for the U.S. and Canadian plans, respectively. The health care cost trend rate assumption has a significant effect on the amount of the other postretirement benefits obligation and periodic other postretirement benefits cost reported.

A one-percentage point annual change in the assumed health care cost trend rate would have the following effect as of April 30, 2011:

	One-Percentage Point
	Increase		Decrease
Effect on total service and interest cost components	$	193	$	(138	)
Effect on benefit obligation		2,792		(2,455	)

The following table sets forth selective information pertaining to the Company’s Canadian pension and other postretirement benefit plans.

	Defined Benefit Pension Plans						Other Postretirement Benefits
Year Ended April 30,	2011			2010			2011			2010
Benefit obligation at end of the year	$	123,600		$	112,672		$	12,898		$	11,586
Fair value of plan assets at end of the year		113,814			99,103			—			—
Funded status of the plans	$	(9,786	)	$	(13,569	)	$	(12,898	)	$	(11,586	)
Service cost	$	1,470		$	1,112		$	34		$	62
Interest cost		5,713			5,491			596			632
Expected return on plan assets		(6,912	)		(5,988	)		—			—
Curtailment		185			—			—			—
Termination benefit cost		933			—			—			—
Company contributions		4,629			1,698			771			665
Participant contributions		498			410			—			—
Benefits paid		(8,595	)		(8,238	)		(771	)		(665	)
Actual return on plan assets		10,419			15,649			—			—
Net periodic benefit cost		6,231			2,746			590			694
Amortization of net actuarial loss (gain)		4,836			2,116			(39	)		—

THE J. M. SMUCKER COMPANY      2011 ANNUAL REPORT 55

Notes to Consolidated Financial Statements
The J. M. Smucker Company

The following table sets forth additional information related to the Company’s defined benefit pension plans.

	April 30,
	2011		2010
Accumulated benefit obligation for all pension plans	$	468,604	$	422,166
Plans with an accumulated benefit obligation in excess of plan assets:
Accumulated benefit obligation		436,329		290,762
Fair value of plan assets		371,895		225,244
Plans with a projected benefit obligation in excess of plan assets:
Projected benefit obligation		473,555		423,270
Fair value of plan assets		374,741		336,454

The Company employs a total return on investment approach for the defined benefit pension plans’ assets. A mix of equity, fixed-income, and alternative investments is used to maximize the long-term rate of return on assets for the level of risk. In determining the expected long-term rate of return on the defined benefit pension plans’ assets, management considers the historical rates of return, the nature of investments, the asset allocation, and expectations of future investment strategies.

The following table summarizes the fair value of the major asset classes for the U.S. and Canadian defined benefit pension plans and the levels within the fair value hierarchy in which the fair value measurements fall.

	Quoted Prices in		Significant		Significant
	Active Markets for		Observable		Unobservable
	Identical Assets		Inputs		Inputs		Fair Value at		Fair Value at
	(Level 1)		(Level 2)		(Level 3)		April 30, 2011		April 30, 2010
Cash and cash equivalents(A)	$	6,006	$	—	$	—	$	6,006	$	5,048
Equity securities:
U.S.(B)		82,457		18,930		4,777		106,164		96,405
International(C)		40,189		41,808		—		81,997		72,786
Fixed-income securities:
Bonds(D)		65,126		17,610		—		82,736		86,852
Fixed income(E)		45,515		34,544		—		80,059		63,843
Other types of investments:
Hedge funds(F)		—		—		37,451		37,451		33,163
Private equity funds(G)		—		—		13,187		13,187		9,225
Total financial assets measured at fair value	$	239,293	$	112,892	$	55,415	$	407,600	$	367,322

(A)	This category includes money market holdings classified as Level 1 and valued at fair value.
(B)	This category is invested primarily in a portfolio of common stocks included in the Russell 1000 Index and traded on active exchanges. The Level 1 assets are valued using quoted market prices. The Level 2 assets are funds that consist of equity securities traded on active exchanges. The Level 3 assets are valued at approximate fair value.
(C)	This category is invested primarily in common stocks and other equity securities traded on active exchanges whose issuers are located outside of the U.S. The fund invests primarily in developed countries, but may also invest in emerging markets. The Level 1 assets are valued using quoted market prices. The Level 2 assets are funds that consist of equity securities traded on active exchanges.
(D)	This category seeks to duplicate the return characteristics of high-quality corporate bonds with a duration range of 10 to 13 years. The Level 1 assets are valued using quoted market prices. The Level 2 assets are funds that consist of bonds traded on active exchanges.
(E)	This category is comprised of a core fixed-income fund that invests at least 80 percent of its assets in investment-grade U.S. corporate and government fixed-income securities, including mortgage-backed securities. The Level 1 assets are valued using quoted market prices. The Level 2 assets are funds that consist of fixed-income securities traded on active exchanges.
(F)	This category is comprised of two hedge funds. The funds are classified as Level 3 assets and valued using significant unobservable inputs including the funds’ own assumptions. One of the funds has a one-year lock up which has expired and quarterly liquidity with 65 days notice. The second fund has a two-year lock up on initial and subsequent purchases expiring on December 31, 2011.
(G)	This category is comprised of private equity funds consisting of primary limited partnership interests in corporate finance and venture capital funds. The funds are classified as Level 3 and valued using significant unobservable inputs including the funds’ own assumptions. The funds are not liquid and distributions began in calendar 2010.

56 THE J. M. SMUCKER COMPANY      2011 ANNUAL REPORT

Notes to Consolidated Financial Statements
The J. M. Smucker Company

The following table presents a rollforward of activity for Level 3 assets between May 1, 2010 and April 30, 2011.

	U.S. Equity		Hedge		Private
	Securities		Funds		Equity Funds		Total
Balance at May 1, 2010	$	2,391	$	33,163	$	9,225	$	44,779
Actual return on plan assets still held at reporting date		698		1,988		1,750		4,436
Purchases		1,688		2,300		2,212		6,200
Balance at April 30, 2011	$	4,777	$	37,451	$	13,187	$	55,415

The Company’s current investment policy is to have approximately 42 percent of assets invested in equity securities, 39 percent in fixed-income securities, and 19 percent in cash and other investments. Included in equity securities were 317,552 of the Company’s common shares at April 30, 2011 and 2010. The market value of these shares was $23,839 at April 30, 2011. The Company paid dividends of $521 on these shares during 2011.

The Company expects to contribute approximately $20 million to the defined benefit pension plans in 2012. The Company expects to make the following benefit payments for the defined benefit pension and other postretirement benefit plans: $36 million in 2012, $34 million in each of the years 2013 through 2016, and $185 million in 2017 through 2021.

NOTE I: SAVINGS PLANS

ESOP: The Company sponsors an Employee Stock Ownership Plan and Trust (“ESOP”) for certain domestic, nonrepresented employees. The Company has entered into loan agreements with the Trustee of the ESOP for purchases by the ESOP of the Company’s common shares in amounts not to exceed a total of 1,134,120 unallocated common shares of the Company at any one time. These shares are to be allocated to participants over a period of not less than 20 years.

ESOP loans bear interest at one-half percentage point over prime, are secured by the unallocated shares of the plan, and are payable as a condition of allocating shares to participants. Interest expense incurred on ESOP debt was $127, $115, and $261 in 2011, 2010, and 2009, respectively. A contribution to the plan, representing compensation expense, is made annually in the amount sufficient to fund ESOP debt repayment and was $614 in 2009. Due to the payment by the Company of a $5.00 per share one-time special dividend in 2009, no contribution was necessary in 2011 or 2010 to fund ESOP debt repayment. Dividends on unallocated shares are used to reduce expense and were $262, $281, and $1,461 in 2011, 2010, and 2009, respectively. The principal payments received from the ESOP in 2011, 2010, and 2009 were $735, $761, and $649, respectively.

Dividends on allocated shares are credited to participant accounts and are used to purchase additional common shares for participant accounts. Dividends on allocated and unallocated shares are charged to retained income by the Company.

As permitted by FASB ASC 718, Compensation — Retirement Benefits, the Company will continue to recognize future compensation using the cost basis as all shares currently held by the ESOP were acquired prior to 1993. At April 30, 2011, the ESOP held 155,986 unallocated and 856,318 allocated shares. All shares held by the ESOP were considered outstanding in earnings per share calculations for all periods presented.

Defined Contribution Plans: The Company offers employee savings plans for domestic and Canadian employees. The Company’s contributions under these plans are based on a specified percentage of employee contributions. Charges to operations for these plans in 2011, 2010, and 2009 were $16,440, $15,625, and $10,900, respectively.

NOTE J: SHARE–BASED PAYMENTS

The Company provides for equity-based incentives to be awarded to key employees and non-employee directors. Currently, these incentives consist of restricted shares, restricted stock units, deferred shares, deferred stock units, performance units, and stock options. These awards are administered primarily through the 2010 Equity and Incentive Compensation Plan approved by the Company’s shareholders in August 2010. Awards under this plan may be in the form of stock options, stock appreciation rights, restricted shares, restricted stock units (which may also be referred to as deferred stock units), performance shares, performance units, incentive awards, and other share-based awards. Awards under this plan may be granted to the Company’s and its subsidiaries’ non-employee directors, consultants, officers, and other employees. Deferred stock units granted to non-employee directors vest immediately. At April 30, 2011, there were 7,600,347 shares available for future issuance under this plan. As a result of this plan becoming effective in November 2010, no further awards will be made under the previously existing equity compensation plans.

THE J. M. SMUCKER COMPANY      2011 ANNUAL REPORT 57

Notes to Consolidated Financial Statements
The J. M. Smucker Company

Under the 2010 Equity and Incentive Compensation Plan, the Company has the option to settle share-based awards by issuing common shares from treasury, issuing new Company common shares, or issuing a combination of common shares from treasury and new Company common shares.

Stock Options: The following table is a summary of the Company’s stock option activity and related information.

				Weighted-Average
	Options			Exercise Price
Outstanding at May 1, 2010		711,987		$	41.06
Exercised		(515,062	)		41.01
Outstanding and exercisable at April 30, 2011		196,925		$	41.18

At April 30, 2011, the weighted-average remaining contractual term for stock options outstanding and exercisable was approximately 2.6 years and the aggregate intrinsic value of these stock options was approximately $6,673.

The total intrinsic value of options exercised during 2011, 2010, and 2009 was approximately $13,355, $5,876, and $2,871, respectively.

Other Equity Awards: The following table is a summary of the Company’s restricted shares, deferred shares, deferred stock units, and performance units.

	Restricted/
	Deferred			Weighted-
	Shares and			Average					Weighted-
	Deferred			Grant Date		Performance			Average
	Stock Units			Fair Value		Units			Fair Value
Outstanding at May 1, 2010		1,078,722		$	44.74		190,010		$	57.37
Granted		303,863			58.32		125,360			77.53
Converted		190,010			57.37		(190,010	)		57.37
Vested		(373,522	)		47.33		—			—
Forfeited		(41,807	)		49.08		—			—
Outstanding at April 30, 2011		1,157,266		$	49.39		125,360		$	77.53

The total fair value of equity awards other than stock options vesting in 2011, 2010, and 2009 was approximately $17,680, $16,273, and $11,117, respectively. The weighted-average grant date fair value of restricted shares, deferred shares, deferred stock units, and performance units is the average of the high and the low share price on the date of grant. The following table summarizes the weighted-average grant date fair values of the equity awards granted in 2011, 2010, and 2009.

	Restricted/
	Deferred		Weighted-				Weighted-
	Shares and		Average				Average
	Deferred		Grant Date		Performance		Grant Date
	Stock Units		Fair Value		Units		Fair Value
2011		303,863	$	58.32		125,360	$	77.53
2010		504,580		44.63		190,010		57.37
2009		570,359		42.29		114,440		43.44

The performance units column represents the number of restricted shares received by certain executive officers, subsequent to year end, upon conversion of the performance units earned during the year. Restricted stock generally vests four years from the date of grant or upon the attainment of a defined age and years of service.

58 THE J. M. SMUCKER COMPANY      2011 ANNUAL REPORT

Notes to Consolidated Financial Statements
The J. M. Smucker Company

NOTE K: DEBT AND FINANCING ARRANGEMENTS

Long-term debt consists of the following:

	April 30,
	2011		2010
7.94% Series C Senior Notes due September 1, 2010	$	—	$	10,000
4.78% Senior Notes due June 1, 2014		100,000		100,000
6.12% Senior Notes due November 1, 2015		24,000		24,000
6.63% Senior Notes due November 1, 2018		380,039		376,000
5.55% Senior Notes due April 1, 2022		400,000		400,000
4.50% Senior Notes due June 1, 2025		400,000		—
Total long-term debt	$	1,304,039	$	910,000
Current portion of long-term debt		—		10,000
Total long-term debt, less current portion	$	1,304,039	$	900,000

On June 15, 2010, the Company issued $400.0 million of 4.50 percent Senior Notes with a final maturity on June 1, 2025. The Senior Notes have a 12-year average maturity. Proceeds from the Senior Notes issuance were used for general corporate purposes. On September 1, 2010, the Company repaid the $10.0 million of 7.94 percent Series C Senior Notes utilizing cash on hand.

In the fourth quarter of 2011, the Company entered into an interest rate swap on the 6.63 percent Senior Notes due November 1, 2018. The notional amount was $376.0 million, converting the Senior Notes from a fixed to a variable-rate basis until maturity. The interest rate swap was designated as a fair value hedge of the underlying debt obligation. The fair value adjustment of the interest rate swap at April 30, 2011, was $4.0 million and was recorded as an increase in the long-term debt balance. For additional information, see Note M: Derivative Financial Instruments.

All of the Company’s Senior Notes are unsecured and interest is paid semiannually. Scheduled payments are required on the 5.55 percent Senior Notes, the first of which is $50.0 million on April 1, 2013, and on the 4.50 percent Senior Notes, the first of which is $100.0 million on June 1, 2020.

Interest paid totaled $62,075, $76,461, and $52,918 in 2011, 2010, and 2009, respectively. This differs from interest expense due to the timing of payments, amortization of the fair value adjustment on the 6.60 percent Senior Notes prior to maturity, amortization of debt issuance costs, and interest capitalized.

On January 31, 2011, the Company’s $180.0 million revolving credit facility matured and the Company entered into an amended and restated credit agreement with a group of six banks. The credit facility, which amends and restates in its entirety the $400.0 million credit agreement dated as of October 29, 2009, provides for an unsecured revolving credit line of $600.0 million and matures January 31, 2016. The Company’s borrowings under the credit facility will bear interest based on prevailing U.S. Prime Rate, Canadian Base Rate, London Interbank Offered Rate, or Canadian Dealer Offered Rate, as determined by the Company. Interest is payable either on a quarterly basis or at the end of the borrowing term. At April 30, 2011, the Company did not have a balance outstanding under the revolving credit facility. Subsequent to year end, the Company borrowed $240.0 million under its revolving credit facility for general corporate purposes, including the Rowland Coffee acquisition. For additional information, see Note B: Subsequent Event — Rowland Coffee Acquisition. At April 30, 2011, the Company had standby letters of credit of approximately $7.1 million outstanding.

The Company’s debt instruments contain certain financial covenant restrictions including consolidated net worth, leverage ratios, and an interest coverage ratio. The Company is in compliance with all covenants.

THE J. M. SMUCKER COMPANY 2011 ANNUAL REPORT      59

Notes to Consolidated Financial Statements
The J. M. Smucker Company

NOTE L: CONTINGENCIES

The Company, like other food manufacturers, is from time to time subject to various administrative, regulatory, and other legal proceedings arising in the ordinary course of business. The Company is a defendant in a variety of legal proceedings. The Company cannot predict with certainty the results of these proceedings or reasonably determine a range of potential loss. The Company’s policy is to accrue costs for contingent liabilities when such liabilities are probable and amounts can be reasonably estimated. Based on the information known to date, the Company does not believe the final outcome of these proceedings will have a material adverse effect on the Company’s financial position, results of operations, or cash flows.

NOTE M: DERIVATIVE FINANCIAL INSTRUMENTS

The Company is exposed to market risks, such as changes in commodity prices, foreign currency exchange rates, and interest rates. To manage the volatility relating to these exposures, the Company enters into various derivative transactions. By policy, the Company historically has not entered into derivative financial instruments for trading purposes or for speculation.

Commodity Price Management: The Company enters into commodity futures and options contracts to manage the price volatility and reduce the variability of future cash flows related to anticipated inventory purchases of green coffee, edible oils, flour, milk, corn, and corn sweetener. The Company also enters into commodity futures and options contracts to manage price risk for energy input costs, including natural gas and diesel fuel. The derivative instruments generally have maturities of less than one year.

Certain of the derivative instruments associated with the Company’s U.S. Retail Oils and Baking Market and U.S. Retail Coffee Market segments meet the hedge criteria according to FASB ASC 815 and are accounted for as cash flow hedges. The mark-to-market gains or losses on qualifying hedges are deferred and included as a component of accumulated other comprehensive income (loss) to the extent effective, and reclassified to cost of products sold in the period during which the hedged transaction affects earnings. Cash flows related to qualifying hedges are classified consistently with the cash flows from the hedged item in the Statements of Consolidated Cash Flows. In order to qualify as a hedge of commodity price risk, it must be demonstrated that the changes in the fair value of the commodity’s futures contracts are highly effective in hedging price risks associated with the commodity purchased. Hedge effectiveness is measured at inception and on a monthly basis.

The mark-to-market gains or losses on nonqualifying and ineffective portions of hedges are recognized in cost of products sold immediately.

Foreign Currency Exchange Rate Hedging: The Company utilizes foreign currency forwards and options contracts to manage the effect of foreign currency exchange fluctuations on future cash payments primarily related to purchases of certain raw materials, finished goods, and fixed assets. The contracts generally have maturities of less than one year. At the inception of the contract, the derivative is evaluated and documented for hedge accounting treatment. Instruments currently used to manage foreign currency exchange exposures do not meet the requirements for hedge accounting treatment and the change in value of these instruments is immediately recognized in cost of products sold. If the contract qualifies for hedge accounting treatment, to the extent the hedge is deemed effective, the associated mark-to-market gains and losses are deferred and included as a component of accumulated other comprehensive income (loss). These gains or losses are reclassified to earnings in the period the contract is executed. The ineffective portion of these contracts is immediately recognized in earnings.

Interest Rate Hedging: The Company utilizes derivative instruments to manage changes in the fair value of its debt. Interest rate swaps mitigate the risk associated with the underlying hedged item. At the inception of the contract, the instrument is evaluated and documented for hedge accounting treatment. The Company’s interest rate swap met the criteria to be designated as a fair value hedge. The Company receives a fixed rate and pays variable rates, hedging the underlying debt and the associated changes in the fair value of the debt. The interest rate swap is recognized at fair value in the Consolidated Balance Sheet at April 30, 2011, and changes in the fair value are recognized in interest expense. Gains and losses recognized in interest expense on the instrument have no net impact to earnings as the change in the fair value of the derivative is equal to the change in fair value of the underlying debt.

60 THE J. M. SMUCKER COMPANY 2011 ANNUAL REPORT

Notes to Consolidated Financial Statements
The J. M. Smucker Company

The following table sets forth the fair value of derivative instruments as recognized in the Consolidated Balance Sheets at April 30, 2011 and 2010.

			April 30, 2011				April 30, 2010
	Other		Other		Other		Other		Other
	Current		Current		Noncurrent		Current		Current
	Assets		Liabilities		Liabilities		Assets		Liabilities
Derivatives designated as hedging instruments:
Commodity contracts	$	3,408	$	—	$	—	$	1,874	$	9
Interest rate contract		5,423		—		1,384		—		—
Total derivatives designated as hedging instruments	$	8,831	$	—	$	1,384	$	1,874	$	9
Derivatives not designated as hedging instruments:
Commodity contracts	$	9,887	$	5,432	$	—	$	2,414	$	599
Foreign currency exchange contracts		317		3,204		—		—		830
Total derivatives not designated as hedging instruments	$	10,204	$	8,636	$	—	$	2,414	$	1,429
Total derivative instruments	$	19,035	$	8,636	$	1,384	$	4,288	$	1,438

The Company has elected to not offset fair value amounts recognized for commodity derivative instruments and its cash margin accounts executed with the same counterparty. The Company maintained cash margin accounts of $12,292 and $5,714 at April 30, 2011 and 2010, respectively, that are included in other current assets in the Consolidated Balance Sheets.

The following table presents information on gains recognized on derivatives designated as cash flow hedges, all of which hedge commodity price risk.

	Year Ended April 30,
	2011		2010
Gains recognized in other comprehensive income (effective portion)	$	21,082	$	6,029
Gains reclassized from accumulated other comprehensive income (loss) to cost of products sold (effective portion)		14,780		5,395
Change in accumulated other comprehensive income (loss)	$	6,302	$	634
Gains recognized in cost of products sold (ineffective portion)	$	611	$	200

Included as a component of accumulated other comprehensive income (loss) at April 30, 2011 and 2010, were deferred pre-tax gains of $9,430 and $3,128, respectively. The related tax impact recognized in accumulated other comprehensive income (loss) was $3,430 and $1,134 at April 30, 2011 and 2010, respectively. The entire amount of the deferred gain included in accumulated other comprehensive income (loss) at April 30, 2011, is expected to be recognized in earnings within one year as the related inventory is sold.

The following table presents the realized and unrealized losses recognized in cost of products sold on derivatives not designated as qualified hedging instruments.

	Year Ended April 30,
	2011		2010
Losses on commodity contracts	$	3,994	$	2,384
Losses on foreign currency exchange contracts		3,290		7,234
Losses recognized in cost of products sold (derivatives not designated as hedging instruments)	$	7,284	$	9,618

The following table presents the gross contract notional value of outstanding derivative contracts at April 30, 2011 and 2010.

	April 30,
	2011		2010
Commodity contracts	$	869,107	$	323,351
Foreign currency exchange contracts		73,158		45,295
Interest rate contract		376,000		—

THE J.M. SMUCKER COMPANY 2011 ANNUAL REPORT 61

Notes to Consolidated Financial Statements
The J. M. Smucker Company

NOTE N: OTHER FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS

Financial instruments, other than derivatives, that potentially subject the Company to significant concentrations of credit risk consist principally of cash investments and trade receivables. With respect to trade receivables, the Company believes there is no concentration of risk with any single customer whose failure or nonperformance would materially affect the Company’s results other than as discussed in Major Customer of Note A: Accounting Policies. The Company does not require collateral from its customers. The fair value of the Company’s financial instruments, other than its long-term debt, approximates their carrying amounts.

The following table provides information on the carrying amount and fair value of the Company’s financial instruments.

	April 30, 2011				April 30, 2010
	Carrying				Carrying
	Amount		Fair Value		Amount		Fair Value
Marketable securities	$	18,600	$	18,600	$	—	$	—
Other investments		41,560		41,560		34,895		34,895
Derivative financial instruments, net		9,015		9,015		2,850		2,850
Long-term debt		1,304,039		1,648,614		910,000		1,172,467

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Valuation techniques are based on observable and unobservable inputs. Observable inputs reflect readily obtainable data from independent sources, while unobservable inputs reflect the Company’s market assumptions.

The following table summarizes the fair values and the levels within the fair value hierarchy in which the fair value measurements fall for the Company’s financial assets (liabilities).

	Quoted Prices in			Significant		Significant
	Active Markets			Observable		Unobservable
	for Identical			Inputs		Inputs		Fair Value at			Fair Value at
	Assets (Level 1)			(Level 2)		(Level 3)		April 30, 2011			April 30, 2010
Marketable securities: (A)
Mortgage-backed securities	$	—		$	18,600	$	—	$	18,600		$	—
Other investments: (B)
Equity mutual funds		14,011			—		—		14,011			11,626
Municipal obligations		—			20,042		—		20,042			16,753
Other investments		464			7,043		—		7,507			6,516
Derivatives: (C)
Commodity contracts, net		7,863			—		—		7,863			3,680
Foreign currency exchange contracts, net		(2,887	)		—		—		(2,887	)		(830	)
Interest rate contract, net		—			4,039		—		4,039			—
Total financial assets measured at fair value	$	19,451		$	49,724	$	—	$	69,175		$	37,745

(A)	The Company’s marketable securities, consisting entirely of mortgage-backed securities, are broker-priced and valued by a third party using an evaluated pricing methodology. An evaluated pricing methodology is a valuation technique which uses inputs that are derived principally from or corroborated by observable market data. For additional information, see Marketable Securities and Other Investments of Note A: Accounting Policies.
(B)	The Company’s other investments consist of funds maintained for the payment of benefits associated with nonqualified retirement plans. The funds include equity securities listed in active markets and municipal bonds valued by a third party using an evaluated pricing methodology. For additional information, see Marketable Securities and Other Investments of Note A: Accounting Policies.
(C)	The Company’s commodity contract and foreign currency exchange contract derivatives are valued using quoted market prices. The Company’s interest rate contract derivative is valued using the income approach, observable Level 2 market expectations at the measurement date, and standard valuation techniques to convert future amounts to a single discounted present value. Level 2 inputs for the interest rate contract are limited to quoted prices for similar assets or liabilities in active markets and inputs other than quoted prices that are observable for the asset or liability. For additional information, see Note M: Derivative Financial Instruments.

62      THE J. M. SMUCKER COMPANY      2011 ANNUAL REPORT

Notes to Consolidated Financial Statements
The J. M. Smucker Company

The following tables present the Company’s nonfinancial assets adjusted to fair value during the years ended April 30, 2011 and 2010, respectively.

	Carrying								Carrying
	Amount at		Fair Value			Other			Amount at
	May 1, 2010		Adjustment			Adjustments			April 30, 2011
Indefinite-lived trademarks (D)	$	11,896	$	(4,065	)	$	510		$	8,341
Finite-lived customer relationship (D)		18,964		(13,534	)		(222	)		5,208
Total nonfinancial assets adjusted to fair value	$	30,860	$	(17,599	)	$	288		$	13,549

	Carrying								Carrying
	Amount at		Fair Value			Other			Amount at
	May 1, 2009		Adjustment			Adjustments			April 30, 2010
Indefinite-lived trademarks (D)	$	21,370	$	(9,133	)	$	2,315		$	14,552
Finite-lived trademarks (D)		3,012		(2,525	)		(487	)		—
Total nonfinancial assets adjusted to fair value	$	24,382	$	(11,658	)	$	1,828		$	14,552

(D) The Company utilized Level 3 inputs to estimate the fair value of the nonfinancial assets. For additional information, see Note G: Goodwill and Other Intangible Assets.

During 2011 and 2010, the Company recognized fair value adjustments related to the impairment of certain indefinite-lived and finite-lived intangible assets. Other adjustments related to foreign currency exchange and amortization were recognized during the years ended April 30, 2011 and 2010.

NOTE O: INCOME TAXES

Deferred income taxes reflect the tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax reporting. Significant components of the Company’s deferred tax assets and liabilities are as follows:

	April 30,
	2011			2010
Deferred tax liabilities:
Intangible assets	$	1,025,301		$	1,042,375
Property, plant, and equipment		111,537			121,950
Other		10,016			22,042
Total deferred tax liability	$	1,146,854		$	1,186,367
Deferred tax assets:
Post-employment and other employee benefits	$	84,723		$	69,887
Tax credit and loss carryforwards		4,583			5,049
Intangible assets		3,279			3,984
Other		27,668			21,247
Total deferred tax assets	$	120,253		$	100,167
Valuation allowance for deferred tax assets		(3,324	)		(3,470	)
Total deferred tax assets, less allowance	$	116,929		$	96,697
Net deferred tax liability	$	1,029,925		$	1,089,670

THE J. M. SMUCKER COMPANY      2011 ANNUAL REPORT      63

Notes to Consolidated Financial Statements
The J. M. Smucker Company

The following table summarizes domestic and foreign loss and credit carryforwards at April 30, 2011.

	Related Tax		Deferred		Valuation		Expiration
	Deduction		Tax Asset		Allowance		Date
Tax carryforwards:
State loss carryforwards	$	68,869	$	3,407	$	3,187		2012 to 2030
State tax credit carryforwards		—		1,160		—		2018
Foreign jurisdictional tax credit carryforwards		—		16		—		2014
Total tax carryforwards	$	68,869	$	4,583	$	3,187

The Company evaluates the realizability of deferred tax assets for each of the jurisdictions in which it operates. Included in the overall valuation allowance is $137 for other deferred tax assets where it is more likely than not those assets will not be realized. The valuation allowance decreased by $146, $5,556, and $864 in 2011, 2010, and 2009, respectively, primarily due to the expiration of loss carryforwards that had full valuation allowances.

Deferred income taxes have not been provided on approximately $194,058 of undistributed earnings of foreign subsidiaries since these amounts are considered to be permanently reinvested. Any additional taxes payable on the earnings of foreign subsidiaries, if remitted, would be partially offset by domestic tax deductions for foreign taxes paid. It is not practical to estimate the amount of additional taxes that might be payable on such undistributed earnings.

Income (loss) before income taxes is as follows:

	Year Ended April 30,
	2011			2010		2009
Domestic	$	729,654		$	712,226	$	378,293
Foreign		(12,490	)		18,527		17,772
Income before income taxes	$	717,164		$	730,753	$	396,065

The components of the provision for income taxes are as follows:

	Year Ended April 30,
	2011			2010			2009
Current:
Federal	$	271,361		$	256,444		$	97,182
Foreign		4,554			6,584			1,688
State and local		21,568			12,907			5,717
Deferred:
Federal		(51,011	)		(21,362	)		27,158
Foreign		(7,338	)		(4,386	)		(831	)
State and local		(1,452	)		(13,572	)		(802	)
Total income tax expense	$	237,682		$	236,615		$	130,112

64     THE J. M. SMUCKER COMPANY      2011 ANNUAL REPORT

Notes to Consolidated Financial Statements
The J. M. Smucker Company

A reconciliation of the statutory federal income tax rate and the effective income tax rate is as follows:

	Year Ended April 30,
Percent of Pretax Income	2011			2010			2009
Statutory federal income tax rate		35.0	%		35.0	%		35.0	%
State and local income taxes, net of federal income tax benefit		2.2			1.2			0.6
Domestic manufacturing deduction		(3.8	)		(1.9	)		(1.5	)
Other items — net		(0.3	)		(1.9	)		(1.2	)
Effective income tax rate		33.1	%		32.4	%		32.9	%
Income taxes paid	$	365,994		$	212,981		$	69,107

The Company accounts for the financial statement recognition and measurement criteria of a tax position taken or expected to be taken in a tax return under FASB ASC 740, Income Taxes. FASB ASC 740 also provides guidance on derecognition, classification, interest and penalties, accounting in interim periods, disclosure, and transition.

In accordance with the requirements of FASB ASC 740, unrecognized tax benefits have been classified in the Consolidated Balance Sheets as long term, except to the extent payment is expected within one year. The Company recognizes net interest and penalties related to unrecognized tax benefits in income tax expense.

The Company files income tax returns in the U.S. and various state, local, and foreign jurisdictions. The Company is no longer subject to examination of U.S. federal income taxes for years prior to 2008 and, with limited exceptions, the Company is no longer subject to examination of state, local, or foreign income taxes for years prior to 2007. The Company is a voluntary participant in the Compliance Assurance Process (“CAP”) offered by the Internal Revenue Service (“IRS”). Through the contemporaneous exchange of information with the IRS, this program is designed to identify and resolve tax positions with the IRS prior to the filing of a tax return, which allows the Company to remain current with its IRS examinations. The Company is currently under a CAP examination for the tax year ending April 30, 2011. During 2011, the Company reached an agreement with the IRS on proposed adjustments resulting from an examination of its federal income tax returns for the years ended April 30, 2008, June 30, 2009, and April 30, 2010. In May 2009, the Company reached an agreement with the IRS on proposed adjustments resulting from an examination of its federal income tax returns for years ended in 2007 and 2006. The agreements did not have a material effect on the Company’s effective tax rate or financial position.

Within the next 12 months, it is reasonably possible that the Company could decrease its unrecognized tax benefits by an estimated $1,874, primarily as a result of the expiration of statute of limitations periods.

The Company’s unrecognized tax benefits as of April 30, 2011 and 2010, were $20,261 and $15,322, respectively. Of the unrecognized tax benefits, $13,939 and $11,321 would affect the effective tax rate, if recognized, as of April 30, 2011 and 2010, respectively. The Company’s accrual for tax-related net interest and penalties totaled $1,792 and $2,289 as of April 30, 2011 and 2010, respectively. The amount of tax-related net interest and penalties credited to earnings totaled $497, $594, and $1,982 during 2011, 2010, and 2009, respectively.

A reconciliation of the Company’s unrecognized tax benefits is as follows:

	2011		2010
Balance at May 1,	$	15,322	$	13,794
Increases:
Current year tax positions		5,237		3,977
Prior year tax positions		4,106		2,353
Foreign currency translation		—		686
Decreases:
Prior year tax positions		271		—
Settlement with tax authorities		31		—
Expiration of statute of limitations periods		3,985		5,488
Foreign currency translation		117		—
Balance at April 30,	$	20,261	$	15,322

THE J. M. SMUCKER COMPANY      2011 ANNUAL REPORT      65

Notes to Consolidated Financial Statements
The J. M. Smucker Company

NOTE P: ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

Comprehensive income is included in the Statements of Consolidated Shareholders’ Equity. The components of accumulated other comprehensive income (loss) as shown in the Consolidated Balance Sheets are as follows:

	Foreign			Pension			Unrealized			Unrealized			Accumulated
	Currency			and Other			Gain (Loss) on			Gain on Cash			Other
	Translation			Postretirement			Available-for-			Flow Hedging			Comprehensive
	Adjustment			Liabilities			Sale Securities			Derivatives			Income (Loss)
Balance at May 1, 2008	$	58,086		$	(24,214	)	$	589		$	8,151		$	42,612
Reclassification adjustments		—			—			—			(12,885	)		(12,885	)
Current period (charge) credit		(47,024	)		(65,828	)		(4,384	)		2,494			(114,742	)
Income tax benefit		—			22,349			1,586			3,810			27,745
Balance at April 30, 2009	$	11,062		$	(67,693	)	$	(2,209	)	$	1,570		$	(57,270	)
Reclassification adjustments		—			—			—			(2,494	)		(2,494	)
Current period credit (charge)		45,926			(18,004	)		4,162			3,128			35,212
Income tax benefit (expense)		—			5,691			(1,510	)		(210	)		3,971
Balance at April 30, 2010	$	56,988		$	(80,006	)	$	443		$	1,994		$	(20,581	)
Reclassification adjustments		—			—			—			(3,128	)		(3,128	)
Current period credit (charge)		24,773			(10,004	)		2,124			9,430			26,323
Income tax benefit (expense)		—			4,076			(765	)		(2,296	)		1,015
Balance at April 30, 2011	$	81,761		$	(85,934	)	$	1,802		$	6,000		$	3,629

Income tax benefit (expense) is determined using the applicable deferred tax rate for each component of accumulated other comprehensive income (loss).

66      THE J. M. SMUCKER COMPANY 2011 ANNUAL REPORT

Notes to Consolidated Financial Statements
The J. M. Smucker Company

NOTE Q: COMMON SHARES

Voting: The Company’s Amended Articles of Incorporation (“Articles”) provide that each holder of an outstanding common share is entitled to one vote on each matter submitted to a vote of the shareholders except for the following specific matters:

• any matter that relates to or would result in the dissolution or liquidation of the Company;

• the adoption of any amendment of the Articles or the Regulations of the Company. or the adoption of amended Articles, other than the adoption of any amendment or amended Articles that increases the number of votes to which holders of common shares are entitled or expands the matters to which time-phase voting applies;

• any proposal or other action to be taken by the shareholders of the Company, relating to the Company’s Rights Agreement, dated as of May 20, 2009, between the Company and Computershare Trust Company, N.A. or any successor plan;

• any matter relating to any stock option plan, stock purchase plan, executive compensation plan, executive benefit plan, or other similar plan, arrangement, or agreement;

• adoption of any agreement or plan of or for the merger, consolidation, or majority share acquisition of the Company or any of its subsidiaries with or into any other person, whether domestic or foreign, corporate or noncorporate, or the authorization of the lease, sale, exchange, transfer, or other disposition of all, or substantially all, of the Company’s assets;

• any matter submitted to the Company’s shareholders pursuant to Article Fifth (which relates to procedures applicable to certain business combinations) or Article Seventh (which relates to procedures applicable to certain proposed acquisitions of specified percentages of the Company’s outstanding common shares) of the Articles, as they may be further amended, or any issuance of common shares of the Company for which shareholder approval is required by applicable stock exchange rules; and

• any matter relating to the issuance of common shares, or the repurchase of common shares that the Board determines is required or appropriate to be submitted to the Company’s shareholders under the Ohio Revised Code or applicable stock exchange rules.

On the matters listed above, common shares are entitled to 10 votes per share, if they meet the requirements set forth in the Articles. Common shares which would be entitled to 10 votes per share must meet one of the following criteria:

• common shares beneficially owned as of November 6, 2008, and for which there has not been a change in beneficial ownership after November 6, 2008; or

• common shares received through the Company’s various equity plans which have not been sold or otherwise transferred since November 6, 2008.

In the event of a change in beneficial ownership, the new owner of that common share will be entitled to only one vote with respect to that share on all matters until four years pass without a further change in beneficial ownership of the share.

Shareholders’ Rights Plan: Pursuant to a Shareholders’ Rights Plan adopted by the Company’s Board of Directors on May 20, 2009, one share purchase right is associated with each of the Company’s outstanding common shares.

Under the plan, the rights will initially trade together with the Company’s common shares and will not be exercisable. In the absence of further action by the directors, the rights generally will become exercisable and allow the holder to acquire the Company’s common shares at a discounted price if a person or group acquires 10 percent or more of the outstanding common shares. Rights held by persons who exceed the applicable threshold will be void. Shares held by members of the Smucker family are not subject to the threshold. If exercisable, each right entitles the shareholder to buy one common share at a discounted price. Under certain circumstances, the rights will entitle the holder to buy shares in an acquiring entity at a discounted price.

The plan also includes an exchange option. In general, if the rights become exercisable, the directors may, at their option, effect an exchange of part or all of the rights, other than rights that have become void, for common shares. Under this option, the Company would issue one common share for each right, in each case subject to adjustment in certain circumstances.

The Company’s directors may, at their option, redeem all rights for $0.001 per right, generally at any time prior to the rights becoming exercisable. The rights will expire June 3, 2019, unless earlier redeemed, exchanged, or amended by the directors.

THE J. M. SMUCKER COMPANY      2011 ANNUAL REPORT 67

Directors and Officers
The J. M. Smucker Company

(As of May 1, 2011)

DIRECTORS

Vincent C. Byrd
President and Chief Operating Officer
The J. M. Smucker Company

R. Douglas Cowan ^A

Director and Retired Chairman and
Chief Executive Officer
The Davey Tree Expert Company
Kent, Ohio

Kathryn W. Dindo ^{A, E}
Retired Vice President
FirstEnergy Corp.
Akron, Ohio

Paul J. Dolan ^E
Chairman and Chief Executive Officer
Cleveland Indians
Cleveland, Ohio

Elizabeth Valk Long ^{A, E}
Former Executive Vice President
Time Inc.
New York, New York

Nancy Lopez Knight ^G
Founder
Nancy Lopez Golf Company
Auburn, Alabama

Gary A. Oatey ^G
Chairman and Chief Executive Officer
Oatey Co.
Cleveland, Ohio

Alex Shumate ^G
Managing Partner, North America
Squire, Sanders & Dempsey L.L.P.
Columbus, Ohio

Mark T. Smucker
President, U.S. Retail Coffee
The J. M. Smucker Company

Richard K. Smucker
Chief Executive Officer^{^}
The J. M. Smucker Company

Timothy P. Smucker
Chairman of the Board^{^}
The J. M. Smucker Company

William H. Steinbrink ^G
Principal
Unstuk, LLC
Shaker Heights, Ohio

Paul Smucker Wagstaff
President, U.S. Retail Consumer Foods
The J. M. Smucker Company

EXECUTIVE OFFICERS

Timothy P. Smucker
Chairman of the Board^{^}

Richard K. Smucker
Chief Executive Officer^{^}

Dennis J. Armstrong
Senior Vice President, Logistics and
Operations Support

Mark R. Belgya
Senior Vice President and
Chief Financial Officer

James A. Brown
Vice President, U.S. Grocery Sales

Vincent C. Byrd
President and Chief Operating Officer

John W. Denman
Vice President and Controller

Barry C. Dunaway
Senior Vice President and Chief
Administrative Officer

Jeannette L. Knudsen
Vice President, General Counsel and
Corporate Secretary

John F. Mayer
Vice President, Sales, Grocery Market

Kenneth A. Miller
Vice President, Alternate Channels

Steven Oakland
President, International, Foodservice,
and Natural Foods

Andrew G. Platt
Vice President, Information Services and
Chief Information Officer

Christopher P. Resweber
Vice President, Marketing Communications

Julia L. Sabin
Vice President and General Manager,
Smucker Natural Foods, Inc.

Mark T. Smucker
President, U.S. Retail Coffee

Paul Smucker Wagstaff
President, U.S. Retail Consumer Foods

Albert W. Yeagley
Vice President, Industry and
Government Affairs

PROPERTIES

Corporate Offices:
Orrville, Ohio

Domestic Manufacturing Locations:
Chico, California
Cincinnati, Ohio
El Paso, Texas
Grandview, Washington
Havre de Grace, Maryland
Kansas City, Missouri
Lexington, Kentucky
Memphis, Tennessee
New Bethlehem, Pennsylvania
New Orleans, Louisiana (2)
Orrville, Ohio
Oxnard, California
Ripon, Wisconsin
Scottsville, Kentucky
Seneca, Missouri
Toledo, Ohio

International Manufacturing Locations:
Delhi Township, Ontario, Canada
Dunnville, Ontario, Canada
Sherbrooke, Quebec, Canada
Ste. Marie, Quebec, Canada

Sales and Administrative Offices:*
Akron, Ohio
Bentonville, Arkansas
Edina, Minnesota
Markham, Ontario, Canada
Mexico City, Mexico
Shanghai, China
Tampa, Florida

^	Effective August 16, 2011
*	Leased properties
A	Audit Committee Member
E	Executive Compensation Committee Member
G	Nominating and Corporate Governance Committee Member

68 THE J. M. SMUCKER COMPANY 2011 ANNUAL REPORT

Corporate Offices The J. M. Smucker Company One Strawberry Lane Orrville, Ohio 44667 Telephone: (330) 682-3000 Stock Listing The J. M. Smucker Company’s common shares are listed on the New York Stock Exchange — ticker symbol SJM. Corporate WebSite To learn more about The J. M. Smucker Company, visit smuckers.com. Annual Meeting The annual meeting will be held at 11:00 a.m. Eastern Time, Wednesday, August 17, 2011, in the Fisher Auditorium at the Ohio Agricultural Research and Development Center, 1680 Madison Avenue, Wooster, Ohio 44691. Corporate News and Reports Corporate news releases, annual reports, and Securities and Exchange Commission filings, including Forms 10-K, 10-Q, and 8-K, are available free of charge on the Company’s website. They are also available without cost to shareholders who submit a written request to: The J. M. Smucker Company Attention: Corporate Secretary One Strawberry Lane Orrville, Ohio 44667 Certifications The Company’s Co-Chief Executive Officers and Chief Financial Officer have certified to the New York Stock Exchange that they are not aware of any violation by the Company of the New York Stock Exchange corporate governance standards. The Company has also filed with the Securities and Exchange Commission certain certifications relating to the quality of the Company’s public disclosures. These certifications are filed as exhibits to the Company’s Annual Report on Form 10-K. Independent Registered Public Acc ounting Firm Ernst & Young LLP Akron, Ohio Dividends The Company’s Board of Directors typically declares a cash dividend each quarter. Dividends are generally payable on the first business day of March, June, September, and December. The record date is approximately two weeks before the payment date. The Company’s dividend disbursement agent is Computershare Investor Services, LLC. Shareholder Services The transfer agent and registrar for the Company, Computershare Investor Services, LLC, is responsible for assisting registered shareholders with a variety of matters including: - Shareholder investment program (CIPSM) - direct purchase of Company common shares - dividend reinvestment - automatic monthly cash investments - Book-entry share ownership - Share transfer matters (including name changes, gifting, and inheritances) - Direct deposit of dividend payments - Nonreceipt of dividend checks - Lost share certificates - Changes of address - Online shareholder account access - Form 1099 income inquiries (including requests for duplicate copies) Shareholders may contact Shareholder Services at the corporate offices regarding other shareholder inquiries. Transfer Agent and Registrar Computershare Investor Services, LLC 250 Royall Street Canton, MA 02021 Telephone: (800) 456-1169 Telephone outside the U.S., Canada, and Puerto Rico: (312) 360-5254 Website: computershare.com/contactus This Annual Report includes certain forward-looking statements that are based on current expectations and are subject to a number of risks and uncertainties. Please reference “Forward-Looking Statements” located on page 32 in the “Management’s Discussion and Analysis” section. The J. M. Smucker Company is the owner of all trademarks, except Pillsbury, the Barrelhead logo and the Doughboy character are trademarks of The Pillsbury Company, LLC, used under license; Carnation is a trademark of Société des Produits Nestlé S.A., used under license; and Dunkin’ Donuts is a registered trademark of DD IP Holder, LLC, used under license. Borden and Elsie are trademarks used under license. K-Cup is a trademark of Keurig, Incorporated.

THE J.M. SMUCKER COMPANY Stay in Touch with Smucker We appreciate your interest in our 2011 Annual Report. We encourage you and all of our constituents to stay in touch with us throughout the year through our growing number ofin Websites Smuckers.com OnlineStore.Smucker.com PowerOfFamilyMeals.com Crisco.com EagleBrand.com Folgers.com Hungryjack.com Jif.com PillsburyBaking.com RWKnudsenFamily.com SantaCruzOrganic.com Bicks.ca RobinHood.ca Social Media Facebook.com/smuckers Facebook.com/Crisco Facebook.com/folgers Facebook.com/hungryjack Facebook.com/jif Facebook.com/pillsburybaking Facebook.com/rwknudsen Facebook.com/santacruzorganic Facebook.com/uncrustablesteractive channels, including those listed below The J. M. Smucker Company One Strawberry Lane / Orrville, Ohio 44667 / 30.682.3000 smuckers.com

EX-21

Exhibit 21

SUBSIDIARIES OF THE COMPANY
(As of April 30, 2011)¹

	State or Jurisdiction of
Subsidiaries	Incorporation or Organization
Eagle Family Foods Holdings, Inc.	Delaware
Eagle Family Foods, Inc.	Delaware
EB International Inc.	Barbados
Europe’s Best International LLC	Delaware
Europe’s Best International SRL	Barbados
Europe’s Best LLC	Ohio
Fantasia Confections, Inc.	California
Folgers Café Serviços de Pesquisas, Ltda.	Brazil
IMC Bakery International, Inc.	Delaware
Inversiones 91060, C.A.	Venezuela
JMS Coffee Company2	Ohio
JMS Manufacturing, Inc.	Ohio
J.M. Smucker de Mexico, S.A. de C.V.	Mexico (domesticated in Delaware)
J.M. Smucker Holdings, LLC	Ohio
J.M. Smucker LLC	Ohio
Juice Creations Co.	Ohio
King Kelly, LLC	Ohio
Knudsen & Sons, Inc.	Ohio
Martha White Foods, Inc.	Delaware
Mary Ellen’s, Incorporated	Ohio
Millstone Coffee, Inc.	Washington
Milnot Company	Delaware
Santa Cruz Natural Incorporated	California
Simply Smucker’s, Inc.	Ohio
Smucker Direct, Inc.	Ohio
Smucker Foods of Canada Corp.	Federal Canadian Corporation
Smucker Foodservice, Inc.	Delaware
Smucker Fruit Processing Co.	Ohio
Smucker Holdings, Inc.	Ohio
Smucker Hong Kong Limited	Hong Kong, Peoples’ Republic of China
Smucker International, Inc.	Ohio
Smucker Natural Foods, Inc.	California
Smucker Sales and Distribution Company	Ohio
Smucker Services Company	Ohio
The Dickinson Family, Inc.	Ohio
The Folgers Coffee Company	Delaware
The Folger Coffee Company	Ohio

1	Pursuant to Item 601(b)(21)(ii) of Regulation S-K, the names of certain subsidiaries of the Company have been omitted because such unnamed subsidiaries, considered in the aggregate as a single subsidiary, would not constitute a significant subsidiary as of April 30, 2011.
2	On May 16, 2011, the name of this entity was changed to Rowland Coffee Roasters, Inc.

EX-23

Exhibit 23

Consent of Independent Registered Public Accounting Firm

We consent to the incorporation by reference in this Annual Report (Form 10-K) of The J. M. Smucker Company of our reports dated June 22, 2011, with respect to the consolidated financial statements of The J. M. Smucker Company and the effectiveness of internal control over financial reporting of The J. M. Smucker Company, included in the 2011 Annual Report to Shareholders of The J. M. Smucker Company.

We also consent to the incorporation by reference in the following Registration Statements of our reports dated June 22, 2011, with respect to the consolidated financial statements of The J. M. Smucker Company and the effectiveness of internal control over financial reporting of The J. M. Smucker Company incorporated by reference in this Annual Report (Form 10-K) of The J. M. Smucker Company for the year ended April 30, 2011:

Registration Statement	Registration Number	Description
Form S-8	33-21273	1987 Stock Option Plan
Form S-8	33-38011	1987 Stock Option Plan
Form S-8	333-98335	The J. M. Smucker Company Amended and Restated 1998 Equity and Performance Incentive Plan
Form S-8	333-116622	Amended and Restated 1986 Stock Option Incentive Plan of The J. M. Smucker Company
		Amended and Restated 1989 Stock-Based Incentive Plan of The J. M. Smucker Company
		Amended and Restated 1997 Stock-Based Incentive Plan of The J. M. Smucker Company
Form S-8	333-137629	The J. M. Smucker Company 2006 Equity Compensation Plan
Form S-8	333-139167	The J. M. Smucker Company Nonemployee Director Deferred Compensation Plan
Form S-8	333-139170	Non-Qualified Stock Option Agreement Between International Multifoods Corporation (predecessor-in-interest to the Registrant) and Daryl Schaller
Form S-8	333-170653	The J. M. Smucker Company 2010 Equity and Incentive Compensation Plan

/s/ Ernst & Young LLP
Akron, Ohio
June 28, 2011

EX-24

Exhibit 24

THE J. M. SMUCKER COMPANY

REGISTRATION ON FORM 10-K

POWER OF ATTORNEY

     KNOW ALL MEN BY THESE PRESENTS, that VINCENT C. BYRD, director of The J. M. Smucker Company, hereby appoints Timothy P. Smucker, Richard K. Smucker, Mark R. Belgya, and Jeannette L. Knudsen, and each of them, with full power of substitution, as attorney or attorneys of the undersigned, to execute an Annual Report on Form 10-K for the fiscal year ended April 30, 2011, in a form that The J. M. Smucker Company deems appropriate and to file the same, with all exhibits thereto and other documents in connection therewith, with the Securities and Exchange Commission, all pursuant to applicable legal provisions, with full power and authority to do and perform each and every act and thing requisite and necessary to be done, as fully to all intents and purposes as the undersigned director might or could do in person, in furtherance of the foregoing.

June 20, 2011	/s/ Vincent C. Byrd
Date	Director

THE J. M. SMUCKER COMPANY

REGISTRATION ON FORM 10-K

POWER OF ATTORNEY

     KNOW ALL MEN BY THESE PRESENTS, that KATHRYN W. DINDO, director of The J. M. Smucker Company, hereby appoints Timothy P. Smucker, Richard K. Smucker, Mark R. Belgya, and Jeannette L. Knudsen, and each of them, with full power of substitution, as attorney or attorneys of the undersigned, to execute an Annual Report on Form 10-K for the fiscal year ended April 30, 2011, in a form that The J. M. Smucker Company deems appropriate and to file the same, with all exhibits thereto and other documents in connection therewith, with the Securities and Exchange Commission, all pursuant to applicable legal provisions, with full power and authority to do and perform each and every act and thing requisite and necessary to be done, as fully to all intents and purposes as the undersigned director might or could do in person, in furtherance of the foregoing.

June 20, 2011	/s/ Kathryn W. Dindo
Date	Director

THE J. M. SMUCKER COMPANY

REGISTRATION ON FORM 10-K

POWER OF ATTORNEY

     KNOW ALL MEN BY THESE PRESENTS, that PAUL J. DOLAN, director of The J. M. Smucker Company, hereby appoints Timothy P. Smucker, Richard K. Smucker, Mark R. Belgya, and Jeannette L. Knudsen, and each of them, with full power of substitution, as attorney or attorneys of the undersigned, to execute an Annual Report on Form 10-K for the fiscal year ended April 30, 2011, in a form that The J. M. Smucker Company deems appropriate and to file the same, with all exhibits thereto and other documents in connection therewith, with the Securities and Exchange Commission, all pursuant to applicable legal provisions, with full power and authority to do and perform each and every act and thing requisite and necessary to be done, as fully to all intents and purposes as the undersigned director might or could do in person, in furtherance of the foregoing.

June 20, 2011	/s/ Paul J. Dolan
Date	Director

THE J. M. SMUCKER COMPANY

REGISTRATION ON FORM 10-K

POWER OF ATTORNEY

     KNOW ALL MEN BY THESE PRESENTS, that ELIZABETH VALK LONG, director of The J. M. Smucker Company, hereby appoints Timothy P. Smucker, Richard K. Smucker, Mark R. Belgya, and Jeannette L. Knudsen, and each of them, with full power of substitution, as attorney or attorneys of the undersigned, to execute an Annual Report on Form 10-K for the fiscal year ended April 30, 2011, in a form that The J. M. Smucker Company deems appropriate and to file the same, with all exhibits thereto and other documents in connection therewith, with the Securities and Exchange Commission, all pursuant to applicable legal provisions, with full power and authority to do and perform each and every act and thing requisite and necessary to be done, as fully to all intents and purposes as the undersigned director might or could do in person, in furtherance of the foregoing.

June 20, 2011	/s/ Elizabeth Valk Long
Date	Director

THE J. M. SMUCKER COMPANY

REGISTRATION ON FORM 10-K

POWER OF ATTORNEY

     KNOW ALL MEN BY THESE PRESENTS, that NANCY LOPEZ KNIGHT, director of The J. M. Smucker Company, hereby appoints Timothy P. Smucker, Richard K. Smucker, Mark R. Belgya, and Jeannette L. Knudsen, and each of them, with full power of substitution, as attorney or attorneys of the undersigned, to execute an Annual Report on Form 10-K for the fiscal year ended April 30, 2011, in a form that The J. M. Smucker Company deems appropriate and to file the same, with all exhibits thereto and other documents in connection therewith, with the Securities and Exchange Commission, all pursuant to applicable legal provisions, with full power and authority to do and perform each and every act and thing requisite and necessary to be done, as fully to all intents and purposes as the undersigned director might or could do in person, in furtherance of the foregoing.

June 20, 2011	/s/ Nancy Lopez Knight
Date	Director

THE J. M. SMUCKER COMPANY

REGISTRATION ON FORM 10-K

POWER OF ATTORNEY

     KNOW ALL MEN BY THESE PRESENTS, that RICHARD K. SMUCKER, director of The J. M. Smucker Company, hereby appoints Timothy P. Smucker, Mark R. Belgya and Jeannette L. Knudsen, and each of them, with full power of substitution, as attorney or attorneys of the undersigned, to execute an Annual Report on Form 10-K for the fiscal year ended April 30, 2011, in a form that The J. M. Smucker Company deems appropriate and to file the same, with all exhibits thereto and other documents in connection therewith, with the Securities and Exchange Commission, all pursuant to applicable legal provisions, with full power and authority to do and perform each and every act and thing requisite and necessary to be done, as fully to all intents and purposes as the undersigned director might or could do in person, in furtherance of the foregoing.

June 20, 2011	/s/ Richard K. Smucker
Date	Director

THE J. M. SMUCKER COMPANY

REGISTRATION ON FORM 10-K

POWER OF ATTORNEY

     KNOW ALL MEN BY THESE PRESENTS, that TIMOTHY P. SMUCKER, director of The J. M. Smucker Company, hereby appoints Richard K. Smucker, Mark R. Belgya, and Jeannette L. Knudsen, and each of them, with full power of substitution, as attorney or attorneys of the undersigned, to execute an Annual Report on Form 10-K for the fiscal year ended April 30, 2011, in a form that The J. M. Smucker Company deems appropriate and to file the same, with all exhibits thereto and other documents in connection therewith, with the Securities and Exchange Commission, all pursuant to applicable legal provisions, with full power and authority to do and perform each and every act and thing requisite and necessary to be done, as fully to all intents and purposes as the undersigned director might or could do in person, in furtherance of the foregoing.

June 20, 2011	/s/ Timothy P. Smucker
Date	Director

THE J. M. SMUCKER COMPANY

REGISTRATION ON FORM 10-K

POWER OF ATTORNEY

     KNOW ALL MEN BY THESE PRESENTS, that WILLIAM H. STEINBRINK, director of The J. M. Smucker Company, hereby appoints Timothy P. Smucker, Richard K. Smucker, Mark R. Belgya, and Jeannette L. Knudsen, and each of them, with full power of substitution, as attorney or attorneys of the undersigned, to execute an Annual Report on Form 10-K for the fiscal year ended April 30, 2011, in a form that The J. M. Smucker Company deems appropriate and to file the same, with all exhibits thereto and other documents in connection therewith, with the Securities and Exchange Commission, all pursuant to applicable legal provisions, with full power and authority to do and perform each and every act and thing requisite and necessary to be done, as fully to all intents and purposes as the undersigned director might or could do in person, in furtherance of the foregoing.

June 20, 2011	/s/ William H. Steinbrink
Date	Director

THE J. M. SMUCKER COMPANY

REGISTRATION ON FORM 10-K

POWER OF ATTORNEY

     KNOW ALL MEN BY THESE PRESENTS, that R. DOUGLAS COWAN, director of The J. M. Smucker Company, hereby appoints Timothy P. Smucker, Richard K. Smucker, Mark R. Belgya, and Jeannette L. Knudsen, and each of them, with full power of substitution, as attorney or attorneys of the undersigned, to execute an Annual Report on Form 10-K for the fiscal year ended April 30, 2011, in a form that The J. M. Smucker Company deems appropriate and to file the same, with all exhibits thereto and other documents in connection therewith, with the Securities and Exchange Commission, all pursuant to applicable legal provisions, with full power and authority to do and perform each and every act and thing requisite and necessary to be done, as fully to all intents and purposes as the undersigned director might or could do in person, in furtherance of the foregoing.

June 20, 2011	/s/ R. Douglas Cowan
Date	Director

THE J. M. SMUCKER COMPANY

REGISTRATION ON FORM 10-K

POWER OF ATTORNEY

     KNOW ALL MEN BY THESE PRESENTS, that GARY A. OATEY, director of The J. M. Smucker Company, hereby appoints Timothy P. Smucker, Richard K. Smucker, Mark R. Belgya, and Jeannette L. Knudsen, and each of them, with full power of substitution, as attorney or attorneys of the undersigned, to execute an Annual Report on Form 10-K for the fiscal year ended April 30, 2011, in a form that The J. M. Smucker Company deems appropriate and to file the same, with all exhibits thereto and other documents in connection therewith, with the Securities and Exchange Commission, all pursuant to applicable legal provisions, with full power and authority to do and perform each and every act and thing requisite and necessary to be done, as fully to all intents and purposes as the undersigned director might or could do in person, in furtherance of the foregoing.

June 20, 2011	/s/ Gary A. Oatey
Date	Director

THE J. M. SMUCKER COMPANY

REGISTRATION ON FORM 10-K

POWER OF ATTORNEY

     KNOW ALL MEN BY THESE PRESENTS, that ALEX SHUMATE, director of The J. M. Smucker Company, hereby appoints Timothy P. Smucker, Richard K. Smucker, Mark R. Belgya, and Jeannette L. Knudsen, and each of them, with full power of substitution, as attorney or attorneys of the undersigned, to execute an Annual Report on Form 10-K for the fiscal year ended April 30, 2011, in a form that The J. M. Smucker Company deems appropriate and to file the same, with all exhibits thereto and other documents in connection therewith, with the Securities and Exchange Commission, all pursuant to applicable legal provisions, with full power and authority to do and perform each and every act and thing requisite and necessary to be done, as fully to all intents and purposes as the undersigned director might or could do in person, in furtherance of the foregoing.

June 20, 2011	/s/ Alex Shumate
Date	Director

THE J. M. SMUCKER COMPANY

REGISTRATION ON FORM 10-K

POWER OF ATTORNEY

     KNOW ALL MEN BY THESE PRESENTS, that MARK T. SMUCKER, director of The J. M. Smucker Company, hereby appoints Timothy P. Smucker, Richard K. Smucker, Mark R. Belgya, and Jeannette L. Knudsen, and each of them, with full power of substitution, as attorney or attorneys of the undersigned, to execute an Annual Report on Form 10-K for the fiscal year ended April 30, 2011, in a form that The J. M. Smucker Company deems appropriate and to file the same, with all exhibits thereto and other documents in connection therewith, with the Securities and Exchange Commission, all pursuant to applicable legal provisions, with full power and authority to do and perform each and every act and thing requisite and necessary to be done, as fully to all intents and purposes as the undersigned director might or could do in person, in furtherance of the foregoing.

June 20, 2011	/s/ Mark T. Smucker
Date	Director

THE J. M. SMUCKER COMPANY

REGISTRATION ON FORM 10-K

POWER OF ATTORNEY

     KNOW ALL MEN BY THESE PRESENTS, that PAUL SMUCKER WAGSTAFF, director of The J. M. Smucker Company, hereby appoints Timothy P. Smucker, Richard K. Smucker, Mark R. Belgya, and Jeannette L. Knudsen, and each of them, with full power of substitution, as attorney or attorneys of the undersigned, to execute an Annual Report on Form 10-K for the fiscal year ended April 30, 2011, in a form that The J. M. Smucker Company deems appropriate and to file the same, with all exhibits thereto and other documents in connection therewith, with the Securities and Exchange Commission, all pursuant to applicable legal provisions, with full power and authority to do and perform each and every act and thing requisite and necessary to be done, as fully to all intents and purposes as the undersigned director might or could do in person, in furtherance of the foregoing.

June 20, 2011	/s/ Paul Smucker Wagstaff
Date	Director

THE J. M. SMUCKER COMPANY

REGISTRATION ON FORM 10-K

POWER OF ATTORNEY

     KNOW ALL MEN BY THESE PRESENTS, that JOHN W. DENMAN, controller of The J. M. Smucker Company, hereby appoints Timothy P. Smucker, Richard K. Smucker, Mark R. Belgya, and Jeannette L. Knudsen, and each of them, with full power of substitution, as attorney or attorneys of the undersigned, to execute an Annual Report on Form 10-K for the fiscal year ended April 30, 2011, in a form that The J. M. Smucker Company deems appropriate and to file the same, with all exhibits thereto and other documents in connection therewith, with the Securities and Exchange Commission, all pursuant to applicable legal provisions, with full power and authority to do and perform each and every act and thing requisite and necessary to be done, as fully to all intents and purposes as the undersigned controller might or could do in person, in furtherance of the foregoing.

June 20, 2011	/s/ John W. Denman
Date	Controller

EX-31.1

Exhibit 31.1

RULE 13a-14(a)/15d-14(a) CERTIFICATIONS

I, Timothy P. Smucker, Co-Chief Executive Officer of The J. M. Smucker Company, certify that:

(1)	I have reviewed this annual report on Form 10-K of The J. M. Smucker Company;
(2)	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
(3)	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
(4)	The registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a.	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b.	Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c.	Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d.	Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

(5) The registrant’s other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a.	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
b.	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: June 28, 2011

/s/ Timothy P. Smucker
Name:	Timothy P. Smucker
Title:	Co-Chief Executive Officer

EX-31.2

Exhibit 31.2

RULE 13a-14(a)/15d-14(a) CERTIFICATIONS

I, Richard K. Smucker, Co-Chief Executive Officer of The J. M. Smucker Company, certify that:

(1)	I have reviewed this annual report on Form 10-K of The J. M. Smucker Company;
(2)	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
(3)	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
(4)	The registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a.	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b.	Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c.	Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d.	Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

(5) The registrant’s other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a.	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
b.	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: June 28, 2011

/s/ Richard K. Smucker
Name:	Richard K. Smucker
Title:	Co-Chief Executive Officer

EX-31.3

Exhibit 31.3

RULE 13a-14(a)/15d-14(a) CERTIFICATIONS

I, Mark R. Belgya, Chief Financial Officer of The J. M. Smucker Company, certify that:

(1)	I have reviewed this annual report on Form 10-K of The J. M. Smucker Company;
(2)	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
(3)	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
(4)	The registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a.	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b.	Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c.	Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d.	Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

(5) The registrant’s other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a.	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
b.	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: June 28, 2011

/s/ Mark R. Belgya
Name:	Mark R. Belgya
Title:	Chief Financial Officer

EX-32

Exhibit 32

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED
PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

          In connection with the Annual Report on Form 10-K of The J. M. Smucker Company (the “Company”) for the year ended April 30, 2011, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), each of the undersigned officers of the Company certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to such officer’s knowledge:

(1)	The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
(2)	The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company as of the dates and for the periods expressed in the Report.

/s/ Timothy P. Smucker
Name:	Timothy P. Smucker
Title:	Co-Chief Executive Officer
/s/ Richard K. Smucker
Name:	Richard K. Smucker
Title:	Co-Chief Executive Officer
/s/ Mark R. Belgya
Name:	Mark R. Belgya
Title:	Chief Financial Officer

Date: June 28, 2011

The foregoing certification is being furnished solely pursuant to 18 U.S.C. Section 1350 and is not being filed as part of the Report or as a separate disclosure document.

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Document and Entity Information (USD $)	12 Months Ended
	Apr. 30, 2011
Document and Entity Information [Abstract]
Entity Registrant Name	SMUCKER J M CO
Entity Central Index Key	0000091419
Document Type	10-K
Document Period End Date	Apr. 30, 2011
Amendment Flag	false
Document Fiscal Year Focus	2011
Document Fiscal Period Focus	FY
Current Fiscal Year End Date	--04-30
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Public Float	$ 7,231,532,766
Entity Common Stock, Shares Outstanding	114,378,016

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Folgers Merger

12 Months Ended

Apr. 30, 2011

Folgers Merger [Abstract]

Folgers Acquisitions

NOTE C: FOLGERS MERGER

On November 6, 2008, the Company merged The Folgers Coffee Company (“Folgers”), previously a subsidiary of The Procter & Gamble Company (“P&G”), with a wholly-owned subsidiary of the Company. Under the terms of the agreement, P&G distributed the Folgers common shares to electing P&G shareholders in a tax-free transaction, which was immediately followed by the conversion of Folgers common stock into Company common shares. As a result of the merger, Folgers became a wholly-owned subsidiary of the Company. In the merger, P&G shareholders received approximately 63.2 million common shares of the Company valued at approximately $3,366.4 million. The aggregate purchase price was approximately $3,735.8 million. The transaction with Folgers, a leading producer of retail packaged coffee products in the U.S., is consistent with the Company’s strategy to own and market number one brands in North America.

The Folgers purchase price was allocated to the underlying assets acquired and liabilities assumed based upon their estimated fair values at the date of the merger. The Company determined the estimated fair values based on independent appraisals, discounted cash flow analyses, quoted market prices, and estimates made by management. The purchase price exceeded the estimated fair value of the net identifiable tangible and intangible assets acquired and the excess was allocated to goodwill. The following table summarizes the estimated fair values of the assets acquired and liabilities assumed at the transaction date.

Assets acquired:
Current assets	$	300,781
Property, plant, and equipment		316,851
Intangible assets		2,515,000
Goodwill		1,643,636
Other noncurrent assets		4,278
Total assets acquired	$	4,780,546
Liabilities assumed:
Current liabilities	$	85,795
Deferred tax liabilities		955,235
Other noncurrent liabilities		3,750
Total liabilities assumed	$	1,044,780
Net assets acquired	$	3,735,766

Folgers goodwill of $1,643.6 million was assigned to the U.S. Retail Coffee Market and Special Markets segments. Of the total goodwill, $1,634.3 million is not deductible for tax purposes.

The purchase price allocated to the identifiable intangible assets acquired is as follows:

Intangible assets with finite lives:
Customer and contractual relationships (20-year weighted-average useful life)	$	1,089,000
Technology (14-year weighted-average useful life)		133,000
Intangible assets with indefinite lives		1,293,000
Total intangible assets	$	2,515,000

The results of operations of the Folgers business are included in the Company’s consolidated financial statements from the date of the transaction. Had the transaction occurred on May 1, 2008, unaudited, pro forma consolidated results for the year ended April 30, 2009, would have been as follows:

	Year Ended April 30, 2009
Net sales	$	4,684,746
Net income		359,979
Net income per common share — assuming dilution		3.04

The unaudited, pro forma consolidated results are based on the Company’s historical financial statements and those of the Folgers business and do not necessarily indicate the results of operations that would have resulted had the merger been completed at the beginning of the applicable period presented. The unaudited, pro forma consolidated results do not give effect to the synergies of the merger and are not indicative of the results of operations in future periods.

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Restructuring

12 Months Ended

Apr. 30, 2011

Restructuring [Abstract]

Restructuring

NOTE D: RESTRUCTURING

During 2010, the Company announced its plan to restructure certain operations as part of its ongoing efforts to enhance the long-term strength and profitability of its leading brands. The initiative is a long-term investment to optimize production capacity and lower the overall cost structure and includes capital investments for a new state-of-the-art food manufacturing facility in Orrville, Ohio, and consolidation of coffee production in New Orleans, Louisiana. The Company expects to incur restructuring costs of approximately $190.0 million related to this plan.

In 2011, the Company expanded its restructuring plan and committed to an initiative to improve the overall cost structure of its Canadian pickle and condiments operations by transitioning production to third-party manufacturers in the U.S. The Company expects to incur additional restructuring costs of approximately $45.0 million related to this initiative.

The Company expects total restructuring costs of approximately $235.0 million, of which $107.7 million has been incurred through April 30, 2011. The balance of the costs is anticipated to be recognized over the next three fiscal years.

Upon completion, the restructuring will result in a reduction of approximately 850 full-time positions and the closing of six of the Company’s facilities — Memphis, Tennessee; Ste. Marie, Quebec; Sherman, Texas; Kansas City, Missouri; Dunnville, Ontario; and Delhi Township, Ontario. The Sherman facility closed in April 2011.

The following table summarizes the restructuring activity, including the reserves established and the total amount expected to be incurred.

							Site Preparation
	Long-Lived			Employee			and Equipment			Production
	Asset Charges			Separation			Relocation			Start-up			Other Costs			Total
Total expected restructuring charge	$	118,000		$	60,000		$	23,500		$	23,000		$	10,500		$	235,000
Balance at May 1, 2009	$	—		$	—		$	—		$	—		$	—		$	—
Charge to expense		3,870			1,139			407			16			279			5,711
Cash payments		—			(50	)		(407	)		(16	)		(279	)		(752	)
Noncash utilization		(3,870	)		—			—			—			—			(3,870	)
Balance at April 30, 2010	$	—		$	1,089		$	—		$	—		$	—		$	1,089
Charge to expense		53,569			36,010			6,192			5,194			992			101,957
Cash payments		—			(18,361	)		(6,192	)		(5,194	)		(992	)		(30,739	)
Noncash utilization		(53,569	)		(8,540	)		—			—			—			(62,109	)
Balance at April 30, 2011	$	—		$	10,198		$	—		$	—		$	—		$	10,198
Remaining expected restructuring charge	$	60,561		$	22,851		$	16,901		$	17,790		$	9,229		$	127,332

Total restructuring charges of $102.0 million and $5.7 million in 2011 and 2010, respectively, were reported in the Statements of Consolidated Income. Of the total restructuring charges, $54.1 million and $3.9 million were reported in cost of products sold in 2011 and 2010, respectively, while the remaining charges were reported in other restructuring costs. The restructuring costs classified as cost of products sold primarily include long-lived asset charges for accelerated depreciation related to property, plant, and equipment that will be used at the affected production facilities until they are closed or sold.

Expected employee separation costs include severance, retention bonuses, and pension costs. Severance costs and retention bonuses are being recognized over the estimated future service period of the affected employees. The obligation related to employee separation costs is included in other current liabilities in the Consolidated Balance Sheets. For additional information on the impact of the restructuring plan on defined benefit pension and other postretirement benefit plans, see Note H: Pensions and Other Postretirement Benefits.

Other costs include professional fees, costs related to closing the facilities, and miscellaneous expenditures associated with the Company’s restructuring initiative and are expensed as incurred.

The Company incurred total restructuring costs of approximately $10.2 million in 2009, related to a separate restructuring program completed in 2009, consisting primarily of a $9.1 million noncash defined benefit pension settlement charge.

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Reportable Segments

12 Months Ended

Apr. 30, 2011

Reportable Segments [Abstract]

Reportable Segments

NOTE E: REPORTABLE SEGMENTS

The Company operates in one industry: the manufacturing and marketing of food products. The Company has four reportable segments: U.S. Retail Coffee Market, U.S. Retail Consumer Market, U.S. Retail Oils and Baking Market, and Special Markets. The U.S. Retail Coffee Market segment represents the domestic sales of Folgers, Dunkin’ Donuts, and Millstone branded coffee to retail customers; the U.S. Retail Consumer Market segment primarily includes domestic sales of Smucker’s, Jif, and Hungry Jack branded products; the U.S. Retail Oils and Baking Market segment includes domestic sales of Crisco, Pillsbury, Eagle Brand, and Martha White branded products; and the Special Markets segment is comprised of the Canada, foodservice, natural foods, and international strategic business areas. Special Markets segment products are distributed domestically and in foreign countries through retail channels, foodservice distributors and operators (e.g., restaurants, schools and universities, health care operators), and health and natural foods stores and distributors.

While the Company’s four reportable segments remain the same for 2011, the calculation of segment profit was modified at the beginning of 2011 to include intangible asset amortization and impairment charges related to segment assets, along with certain other items in each of the segments. These items were previously considered corporate expenses and were not allocated to the segments. This change more accurately aligns the segment financial results with the responsibilities of segment management, most notably in the area of intangible assets. Segment profit for 2010 and 2009 has been presented to be consistent with the current methodology.

The following table sets forth reportable segment and geographical information.

	Year Ended April 30,
	2011			2010			2009
Net sales:
U.S. Retail Coffee Market	$	1,930,869		$	1,700,458		$	855,571
U.S. Retail Consumer Market		1,091,595			1,125,280			1,103,264
U.S. Retail Oils and Baking Market		888,008			905,719			995,474
Special Markets		915,271			873,832			803,624
Total net sales	$	4,825,743		$	4,605,289		$	3,757,933
Segment profit:
U.S. Retail Coffee Market	$	536,133		$	484,006		$	211,113
U.S. Retail Consumer Market		294,970			285,223			249,439
U.S. Retail Oils and Baking Market		116,624			127,954			116,946
Special Markets		154,441			134,948			105,028
Total segment profit	$	1,102,168		$	1,032,131		$	682,526
Interest income		2,512			2,793			6,993
Interest expense		(69,594	)		(65,187	)		(62,478	)
Share-based compensation expense		(19,896	)		(20,687	)		(14,043	)
Merger and integration costs		(11,194	)		(33,692	)		(72,666	)
Cost of products sold — restructuring		(54,089	)		(3,870	)		—
Other restructuring costs		(47,868	)		(1,841	)		(10,229	)
Corporate administrative expenses		(184,849	)		(181,132	)		(133,313	)
Other (expense) income — net		(26	)		2,238			(725	)
Income before income taxes	$	717,164		$	730,753		$	396,065
Net sales:
Domestic	$	4,358,091		$	4,167,042		$	3,353,362
International:
Canada	$	409,710		$	385,870		$	356,300
All other international		57,942			52,377			48,271
Total international	$	467,652		$	438,247		$	404,571
Total net sales	$	4,825,743		$	4,605,289		$	3,757,933
Assets:
Domestic	$	7,912,311		$	7,591,931		$	7,670,192
International:
Canada	$	406,576		$	376,788		$	514,993
All other international		5,698			6,134			6,976
Total international	$	412,274		$	382,922		$	521,969
Total assets	$	8,324,585		$	7,974,853		$	8,192,161
Long-lived assets:
Domestic	$	6,502,749		$	6,543,440		$	6,406,085
International:
Canada	$	184,624		$	207,517		$	386,948
All other international		213			266			237
Total international	$	184,837		$	207,783		$	387,185
Total long-lived assets	$	6,687,586		$	6,751,223		$	6,793,270

Segment profit represents revenue less direct and allocable operating expenses.

The following table presents product sales information.

					Year Ended April 30,
	2011			2010			2009
Coffee		44	%		40	%		25	%
Peanut butter		12			12			14
Fruit spreads		8			8			9
Shortening and oils		7			8			11
Baking mixes and frostings		6			6			8
Canned milk		5			5			7
Flour and baking ingredients		5			5			7
Portion control		3			3			4
Juices and beverages		3			3			3
Uncrustables frozen sandwiches		2			3			3
Toppings and syrups		2			2			3
Other		3			5			6
Total product sales		100	%		100	%		100	%

As a result of the Company’s organizational changes and realignment of management responsibilities effective May 1, 2011, the Company’s reportable segments will change in 2012. All historical information will be retroactively conformed to the new presentation.

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Earnings per Share

12 Months Ended

Apr. 30, 2011

Earnings per Share [Abstract]

Earnings per Share

NOTE F: EARNINGS PER SHARE

In 2010, the Company adopted the two-class method of computing earnings per share as required by FASB ASC 260, Earnings Per Share. FASB ASC 260 provides that unvested share-based payment awards that contain nonforfeitable rights to dividends or dividend equivalents, whether paid or unpaid, are participating securities and are to be included in the computation of earnings per share under the two-class method described in FASB ASC 260. The Company’s unvested restricted shares contain rights to receive nonforfeitable dividends and are participating securities. All presented prior period earnings per share data has been adjusted to retrospectively reflect the application of the two-class method. The conversion to the two-class method resulted in a reduction of net income per common share and net income per common share — assuming dilution for the year ended April 30, 2009, of $0.03 and $0.01 per share, respectively.

The following table sets forth the computation of net income per common share and net income per common share — assuming dilution.

	Year Ended April 30,
	2011		2010		2009
Computation of net income per share:
Net income	$	479,482	$	494,138	$	265,953
Net income allocated to participating securities		4,692		4,321		1,944
Net income allocated to common stockholders	$	474,790	$	489,817	$	264,009
Weighted-average common shares outstanding		117,009,362		117,911,160		84,823,849
Net income per common share	$	4.06	$	4.15	$	3.11

Computation of net income per share — assuming dilution:
Net income	$	479,482	$	494,138	$	265,953
Net income allocated to participating securities		4,690		4,318		1,947
Net income allocated to common stockholders	$	474,792	$	489,820	$	264,006
Weighted-average common shares outstanding		117,009,362		117,911,160		84,823,849
Dilutive effect of stock options		110,335		130,011		98,938
Weighted-average common shares outstanding — assuming dilution		117,119,697		118,041,171		84,922,787
Net income per common share — assuming dilution	$	4.05	$	4.15	$	3.11

The following table reconciles the weighted-average common shares used in the basic and diluted earnings per share disclosures to the total weighted-average shares outstanding.

	Year Ended April 30,
	2011		2010		2009
Weighted-average common shares outstanding		117,009,362		117,911,160		84,823,849
Weighted-average participating shares outstanding		1,156,389		1,040,274		624,743
Weighted-average shares outstanding		118,165,751		118,951,434		85,448,592
Dilutive effect of stock options		110,335		130,011		98,938
Weighted-average shares outstanding — assuming dilution		118,276,086		119,081,445		85,547,530

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Goodwill and Other Intangible Assets

12 Months Ended

Apr. 30, 2011

Goodwill and Other Intangible Assets [Abstract]

Goodwill and Other Intangible Assets

NOTE G: GOODWILL AND OTHER INTANGIBLE ASSETS

A summary of changes in the Company’s goodwill during the years ended April 30, 2011 and 2010, by reportable segment is as follows:

				U.S. Retail		U.S. Retail
	U.S. Retail			Consumer		Oils and		Special
	Coffee Market			Market		Baking Market		Markets		Total
Balance at May 1, 2009	$	1,629,873		$	569,683	$	460,840	$	130,995	$	2,791,391
Acquisitions		5,540			289		—		265		6,094
Foreign currency translation adjustments		—			2,301		1,282		6,662		10,245
Balance at April 30, 2010	$	1,635,413		$	572,273	$	462,122	$	137,922	$	2,807,730
Foreign currency translation adjustments		(47	)		1,138		634		3,291		5,016
Balance at April 30, 2011	$	1,635,366		$	573,411	$	462,756	$	141,213	$	2,812,746

The Company’s other intangible assets and related accumulated amortization and impairment charges are as follows:

			April 30, 2011						April 30, 2010
			Accumulated						Accumulated
			Amortization/						Amortization/
	Acquisition		Impairment				Acquisition		Impairment
	Cost		Charges		Net		Cost		Charges		Net
Finite-lived intangible assets subject to amortization:
Customer and contractual relationships	$	1,180,000	$	168,125	$	1,011,875	$	1,180,000	$	95,722	$	1,084,278
Patents and technology		134,970		25,980		108,990		134,970		15,874		119,096
Trademarks		35,153		6,652		28,501		29,222		3,491		25,731
Total intangible assets subject to amortization	$	1,350,123	$	200,757	$	1,149,366	$	1,344,192	$	115,087	$	1,229,105
Indefinite-lived intangible assets not subject to amortization:
Trademarks	$	1,799,862	$	9,218	$	1,790,644	$	1,805,793	$	8,383	$	1,797,410
Total other intangible assets	$	3,149,985	$	209,975	$	2,940,010	$	3,149,985	$	123,470	$	3,026,515

Amortization expense for finite-lived intangible assets was $73,438, $72,417, and $38,094 in 2011, 2010, and 2009, respectively. The weighted-average useful life of the finite-lived intangible assets is 19 years. Based on the amount of intangible assets subject to amortization at April 30, 2011, the estimated amortization expense for each of the succeeding five years is approximately $73,000.

Pursuant to FASB ASC 350, the Company is required to review goodwill and other indefinite-lived intangible assets at least annually for impairment. The annual impairment review was performed as of February 1, 2011. Goodwill impairment is tested at the reporting unit level which is the Company’s operating segments. Impairment of $17,599, $11,658, and $1,491 was recognized related to certain intangible assets in 2011, 2010, and 2009, respectively.

The majority of the impairment recognized in 2011 was recognized in the third quarter when the Company became aware of a significant future reduction in its Europe’s Best frozen vegetable business with a customer in Canada. This was subsequent to declines in net sales and profit margins of the frozen fruit and vegetable business during 2011. The Company determined that these events constituted a potential indicator of impairment of the Europe’s Best indefinite-lived and finite-lived intangible assets recognized in its Special Markets segment under FASB ASC 350 and FASB ASC 360, respectively.

The Company determined the estimated fair value of the Europe’s Best indefinite-lived trademark based on an analysis of the projected cash flows for the brand, discounted at a rate developed using a risk-adjusted, weighted-average cost of capital methodology. As a result, an impairment charge of $3,621 was recognized in 2011 to reduce this trademark to its estimated fair value. During 2010, an impairment charge of $7,282 was recognized related to the Europe’s Best trademark after the Company became aware of a significant reduction in the frozen fruit business.

The Company determined that the carrying value of the finite-lived customer relationship intangible asset associated with the Europe’s Best business was not recoverable based on the undiscounted projected net cash flows expected to be generated from the asset. The estimated fair value of the customer relationship was then calculated based on a discounted cash flow model which utilized a forecast of future revenues and expenses related to the intangible asset. As a result, an impairment charge of $13,534 was recognized in 2011 to reduce the carrying value of the customer relationship to its estimated fair value. No additional impairment was recognized related to Europe’s Best as a result of the February 1, 2011, impairment test, and no further indicators of potential impairment have been identified subsequent to that date.

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Pensions and Other Postretirement Benefits

12 Months Ended

Apr. 30, 2011

Pensions and Other Postretirement Benefits [Abstract]

Pensions and Other Postretirement Benefits

NOTE H: PENSIONS AND OTHER POSTRETIREMENT BENEFITS

The Company has defined benefit pension plans covering certain domestic and Canadian employees. Benefits are based on the employee’s years of service and compensation. The Company’s plans are funded in conformity with the funding requirements of applicable government regulations.

In addition to providing pension benefits, the Company sponsors several unfunded, defined postretirement plans that provide health care and life insurance benefits to certain retired domestic and Canadian employees. These plans are contributory, with retiree contributions adjusted periodically, and contain other cost-sharing features, such as deductibles and coinsurance. Covered employees generally are eligible for these benefits when they reach age 55 and have attained 10 years of credited service.

Upon completion of the restructuring activity discussed in Note D: Restructuring, approximately 850 full-time positions will be reduced. The Company has included the estimated impact of the planned reductions in measuring the U.S. and Canadian benefit obligation of the pension plans and other postretirement plans at April 30, 2011. As a result, the benefit obligation of the pension plans and other postretirement plans increased by approximately $10,500 and $4,200, respectively. Included in the following tables are charges recognized for termination benefits and curtailment as a result of the restructuring plan. In 2012, the Company expects to recognize additional expense of approximately $1,800 related to a reduction in the expected remaining future service lifetime of certain participants in the Canadian plans. These costs are being recognized over the estimated future service period of the affected participants.

The following table summarizes the components of net periodic benefit cost and the change in accumulated other comprehensive income (loss) related to the defined benefit pension and other postretirement plans.

	Defined Benefit Pension Plans									Other Postretirement Benefits
Year Ended April 30,	2011			2010			2009			2011			2010			2009
Service cost	$	7,504		$	5,755		$	5,871		$	1,620		$	1,525		$	1,892
Interest cost		25,491			24,788			26,263			2,775			2,607			2,540
Expected return on plan assets		(26,848	)		(22,894	)		(29,905	)		—			—			—
Amortization of prior service cost (credit)		1,146			1,362			1,295			(489	)		(489	)		(489	)
Amortization of net actuarial loss (gain)		10,294			6,291			1,360			(536	)		(1,043	)		(730	)
Settlement loss		—			—			9,908			—			—			—
Curtailment		4,095			—			—			—			—			—
Termination benefit cost		8,395			—			—			2,413			—			—
Net periodic benefit cost	$	30,077		$	15,302		$	14,792		$	5,783		$	2,600		$	3,213

Other changes in plan assets and benefit liabilities recognized in accumulated other comprehensive income (loss) before income taxes:
Prior service cost arising during the year	$	(359	)	$	(1,334	)	$	—		$	(925	)	$	—		$	—
Net actuarial (loss) gain arising during the year		(13,533	)		(13,713	)		(74,195	)		(7,769	)		(3,248	)		4,645
Amortization of prior service cost (credit)		1,146			1,362			1,295			(489	)		(489	)		(489	)
Amortization of net actuarial loss (gain)		10,294			6,291			1,360			(536	)		(1,043	)		(730	)
Curtailment		4,095			—			—			—			—			—
Foreign currency translation		(2,032	)		(5,932	)		2,517			104			173			(231	)
Other adjustments		—			(71	)		—			—			—			—
Net change for year	$	(389	)	$	(13,397	)	$	(69,023	)	$	(9,615	)	$	(4,607	)	$	3,195

Weighted-average assumptions used in determining net periodic benefit costs:
U.S. plans:
Discount rate	5.80	%	7.40	%	6.60	%	5.80	%	7.40	%	6.60	%
Expected return on plan assets	7.50		7.75		7.75		—		—		—
Rate of compensation increase	4.15		3.79		3.84		—		—		—
Canadian plans:
Discount rate	5.30	%	5.40	%	6.10	%	5.30	%	5.40	%	6.10	%
Expected return on plan assets	7.08		7.33		7.25		—		—		—
Rate of compensation increase	4.00		4.00		4.00		—		—		—

The Company uses a measurement date of April 30 to determine defined benefit pension plans and other postretirement benefits’ assets and benefit obligations.

The following table sets forth the combined status of the plans as recognized in the Consolidated Balance Sheets.

	Defined Benefit Pension Plans						Other Postretirement Benefits
April 30,	2011			2010			2011			2010
Change in benefit obligation:
Benefit obligation at beginning of the year	$	450,728		$	362,720		$	45,592		$	38,182
Service cost		7,504			5,755			1,620			1,525
Interest cost		25,491			24,788			2,775			2,607
Amendments		359			1,334			925			—
Actuarial loss		30,276			64,423			7,769			3,248
Participant contributions		498			410			1,077			988
Benefits paid		(30,502	)		(25,296	)		(3,674	)		(2,577	)
Foreign currency translation adjustments		8,446			16,594			1,270			1,602
Curtailment		2,151			—			—			—
Termination benefit cost		8,395			—			2,413			—
Other adjustments		—			—			22			17
Benefit obligation at end of the year	$	503,346		$	450,728		$	59,789		$	45,592
Change in plan assets:
Fair value of plan assets at beginning of the year	$	367,322		$	300,482		$	—		$	—
Actual return on plan assets		45,743			73,604			—			—
Company contributions		16,779			4,436			2,576			1,572
Participant contributions		498			410			1,077			988
Benefits paid		(30,502	)		(25,296	)		(3,674	)		(2,577	)
Foreign currency translation adjustments		7,760			13,756			—			—
Other adjustments		—			(70	)		21			17
Fair value of plan assets at end of the year	$	407,600		$	367,322		$	—		$	—
Funded status of the plans	$	(95,746	)	$	(83,406	)	$	(59,789	)	$	(45,592	)
Other noncurrent assets	$	2,976		$	3,562		$	—		$	—
Defined benefit pensions		(98,722	)		(86,968	)		—			—
Postretirement benefits other than pensions		—			—			(59,789	)		(45,592	)
Net benefit liability	$	(95,746	)	$	(83,406	)	$	(59,789	)	$	(45,592	)

The following table summarizes amounts recognized in accumulated other comprehensive income (loss) in the Consolidated Balance Sheets, before income taxes.

	Defined Benefit Pension Plans						Other Postretirement Benefits
April 30,	2011			2010			2011		2010
Net actuarial (loss) gain	$	(134,306	)	$	(131,489	)	$	6,683	$	14,885
Prior service (cost) credit		(4,809	)		(7,237	)		2,129		3,542
Total recognized in accumulated other comprehensive income (loss)	$	(139,115	)	$	(138,726	)	$	8,812	$	18,427

During 2012, the Company expects to recognize amortization of net actuarial losses and prior service cost of $8,973 and $746, respectively, in net periodic benefit cost.

The following table sets forth the assumptions used in determining the benefit obligations.

	Defined Benefit Pension Plans						Other Postretirement Benefits
April 30,	2011			2010			2011			2010
Weighted-average assumptions used in determining benefit obligation:
U.S. plans:
Discount rate		5.50	%		5.80	%		5.50	%		5.80	%
Rate of compensation increase		4.14			4.13			—			—
Canadian plans:
Discount rate		5.00	%		5.30	%		5.00	%		5.30	%
Rate of compensation increase		4.00			4.00			—			—

For 2012, the assumed health care trend rates are 8.5 percent and 7.0 percent for the U.S. and Canadian plans, respectively. The rate for participants under age 65 is assumed to decrease to 5.0 percent in 2019 and 4.5 percent in 2017 for the U.S. and Canadian plans, respectively. The health care cost trend rate assumption has a significant effect on the amount of the other postretirement benefits obligation and periodic other postretirement benefits cost reported.

A one-percentage point annual change in the assumed health care cost trend rate would have the following effect as of April 30, 2011:

	One-Percentage Point
	Increase		Decrease
Effect on total service and interest cost components	$	193	$	(138	)
Effect on benefit obligation		2,792		(2,455	)

The following table sets forth selective information pertaining to the Company’s Canadian pension and other postretirement benefit plans.

	Defined Benefit Pension Plans						Other Postretirement Benefits
Year Ended April 30,	2011			2010			2011			2010
Benefit obligation at end of the year	$	123,600		$	112,672		$	12,898		$	11,586
Fair value of plan assets at end of the year		113,814			99,103			—			—
Funded status of the plans	$	(9,786	)	$	(13,569	)	$	(12,898	)	$	(11,586	)
Service cost	$	1,470		$	1,112		$	34		$	62
Interest cost		5,713			5,491			596			632
Expected return on plan assets		(6,912	)		(5,988	)		—			—
Curtailment		185			—			—			—
Termination benefit cost		933			—			—			—
Company contributions		4,629			1,698			771			665
Participant contributions		498			410			—			—
Benefits paid		(8,595	)		(8,238	)		(771	)		(665	)
Actual return on plan assets		10,419			15,649			—			—
Net periodic benefit cost		6,231			2,746			590			694
Amortization of net actuarial loss (gain)		4,836			2,116			(39	)		—

The following table sets forth additional information related to the Company’s defined benefit pension plans.

	April 30,
	2011		2010
Accumulated benefit obligation for all pension plans	$	468,604	$	422,166
Plans with an accumulated benefit obligation in excess of plan assets:
Accumulated benefit obligation		436,329		290,762
Fair value of plan assets		371,895		225,244
Plans with a projected benefit obligation in excess of plan assets:
Projected benefit obligation		473,555		423,270
Fair value of plan assets		374,741		336,454

The Company employs a total return on investment approach for the defined benefit pension plans’ assets. A mix of equity, fixed-income, and alternative investments is used to maximize the long-term rate of return on assets for the level of risk. In determining the expected long-term rate of return on the defined benefit pension plans’ assets, management considers the historical rates of return, the nature of investments, the asset allocation, and expectations of future investment strategies.

The following table summarizes the fair value of the major asset classes for the U.S. and Canadian defined benefit pension plans and the levels within the fair value hierarchy in which the fair value measurements fall.

	Quoted Prices in		Significant		Significant
	Active Markets for		Observable		Unobservable
	Identical Assets		Inputs		Inputs		Fair Value at		Fair Value at
	(Level 1)		(Level 2)		(Level 3)		April 30, 2011		April 30, 2010
Cash and cash equivalents(A)	$	6,006	$	—	$	—	$	6,006	$	5,048
Equity securities:
U.S.(B)		82,457		18,930		4,777		106,164		96,405
International(C)		40,189		41,808		—		81,997		72,786
Fixed-income securities:
Bonds(D)		65,126		17,610		—		82,736		86,852
Fixed income(E)		45,515		34,544		—		80,059		63,843
Other types of investments:
Hedge funds(F)		—		—		37,451		37,451		33,163
Private equity funds(G)		—		—		13,187		13,187		9,225
Total financial assets measured at fair value	$	239,293	$	112,892	$	55,415	$	407,600	$	367,322

(A)	This category includes money market holdings classified as Level 1 and valued at fair value.
(B)	This category is invested primarily in a portfolio of common stocks included in the Russell 1000 Index and traded on active exchanges. The Level 1 assets are valued using quoted market prices. The Level 2 assets are funds that consist of equity securities traded on active exchanges. The Level 3 assets are valued at approximate fair value.
(C)	This category is invested primarily in common stocks and other equity securities traded on active exchanges whose issuers are located outside of the U.S. The fund invests primarily in developed countries, but may also invest in emerging markets. The Level 1 assets are valued using quoted market prices. The Level 2 assets are funds that consist of equity securities traded on active exchanges.
(D)	This category seeks to duplicate the return characteristics of high-quality corporate bonds with a duration range of 10 to 13 years. The Level 1 assets are valued using quoted market prices. The Level 2 assets are funds that consist of bonds traded on active exchanges.
(E)	This category is comprised of a core fixed-income fund that invests at least 80 percent of its assets in investment-grade U.S. corporate and government fixed-income securities, including mortgage-backed securities. The Level 1 assets are valued using quoted market prices. The Level 2 assets are funds that consist of fixed-income securities traded on active exchanges.
(F)	This category is comprised of two hedge funds. The funds are classified as Level 3 assets and valued using significant unobservable inputs including the funds’ own assumptions. One of the funds has a one-year lock up which has expired and quarterly liquidity with 65 days notice. The second fund has a two-year lock up on initial and subsequent purchases expiring on December 31, 2011.
(G)	This category is comprised of private equity funds consisting of primary limited partnership interests in corporate finance and venture capital funds. The funds are classified as Level 3 and valued using significant unobservable inputs including the funds’ own assumptions. The funds are not liquid and distributions began in calendar 2010.

The following table presents a rollforward of activity for Level 3 assets between May 1, 2010 and April 30, 2011.

	U.S. Equity		Hedge		Private
	Securities		Funds		Equity Funds		Total
Balance at May 1, 2010	$	2,391	$	33,163	$	9,225	$	44,779
Actual return on plan assets still held at reporting date		698		1,988		1,750		4,436
Purchases		1,688		2,300		2,212		6,200
Balance at April 30, 2011	$	4,777	$	37,451	$	13,187	$	55,415

The Company’s current investment policy is to have approximately 42 percent of assets invested in equity securities, 39 percent in fixed-income securities, and 19 percent in cash and other investments. Included in equity securities were 317,552 of the Company’s common shares at April 30, 2011 and 2010. The market value of these shares was $23,839 at April 30, 2011. The Company paid dividends of $521 on these shares during 2011.

The Company expects to contribute approximately $20 million to the defined benefit pension plans in 2012. The Company expects to make the following benefit payments for the defined benefit pension and other postretirement benefit plans: $36 million in 2012, $34 million in each of the years 2013 through 2016, and $185 million in 2017 through 2021.

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Savings Plans

12 Months Ended

Apr. 30, 2011

Savings Plans [Abstract]

Savings Plans

NOTE I: SAVINGS PLANS

ESOP: The Company sponsors an Employee Stock Ownership Plan and Trust (“ESOP”) for certain domestic, nonrepresented employees. The Company has entered into loan agreements with the Trustee of the ESOP for purchases by the ESOP of the Company’s common shares in amounts not to exceed a total of 1,134,120 unallocated common shares of the Company at any one time. These shares are to be allocated to participants over a period of not less than 20 years.

ESOP loans bear interest at one-half percentage point over prime, are secured by the unallocated shares of the plan, and are payable as a condition of allocating shares to participants. Interest expense incurred on ESOP debt was $127, $115, and $261 in 2011, 2010, and 2009, respectively. A contribution to the plan, representing compensation expense, is made annually in the amount sufficient to fund ESOP debt repayment and was $614 in 2009. Due to the payment by the Company of a $5.00 per share one-time special dividend in 2009, no contribution was necessary in 2011 or 2010 to fund ESOP debt repayment. Dividends on unallocated shares are used to reduce expense and were $262, $281, and $1,461 in 2011, 2010, and 2009, respectively. The principal payments received from the ESOP in 2011, 2010, and 2009 were $735, $761, and $649, respectively.

Dividends on allocated shares are credited to participant accounts and are used to purchase additional common shares for participant accounts. Dividends on allocated and unallocated shares are charged to retained income by the Company.

As permitted by FASB ASC 718, Compensation — Retirement Benefits, the Company will continue to recognize future compensation using the cost basis as all shares currently held by the ESOP were acquired prior to 1993. At April 30, 2011, the ESOP held 155,986 unallocated and 856,318 allocated shares. All shares held by the ESOP were considered outstanding in earnings per share calculations for all periods presented.

Defined Contribution Plans: The Company offers employee savings plans for domestic and Canadian employees. The Company’s contributions under these plans are based on a specified percentage of employee contributions. Charges to operations for these plans in 2011, 2010, and 2009 were $16,440, $15,625, and $10,900, respectively.

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Share-Based Payments

12 Months Ended

Apr. 30, 2011

Share-Based Payments [Abstract]

Share-Based Payments

NOTE J: SHARE–BASED PAYMENTS

The Company provides for equity-based incentives to be awarded to key employees and non-employee directors. Currently, these incentives consist of restricted shares, restricted stock units, deferred shares, deferred stock units, performance units, and stock options. These awards are administered primarily through the 2010 Equity and Incentive Compensation Plan approved by the Company’s shareholders in August 2010. Awards under this plan may be in the form of stock options, stock appreciation rights, restricted shares, restricted stock units (which may also be referred to as deferred stock units), performance shares, performance units, incentive awards, and other share-based awards. Awards under this plan may be granted to the Company’s and its subsidiaries’ non-employee directors, consultants, officers, and other employees. Deferred stock units granted to non-employee directors vest immediately. At April 30, 2011, there were 7,600,347 shares available for future issuance under this plan. As a result of this plan becoming effective in November 2010, no further awards will be made under the previously existing equity compensation plans.

Under the 2010 Equity and Incentive Compensation Plan, the Company has the option to settle share-based awards by issuing common shares from treasury, issuing new Company common shares, or issuing a combination of common shares from treasury and new Company common shares.

Stock Options: The following table is a summary of the Company’s stock option activity and related information.

				Weighted-Average
	Options			Exercise Price
Outstanding at May 1, 2010		711,987		$	41.06
Exercised		(515,062	)		41.01
Outstanding and exercisable at April 30, 2011		196,925		$	41.18

At April 30, 2011, the weighted-average remaining contractual term for stock options outstanding and exercisable was approximately 2.6 years and the aggregate intrinsic value of these stock options was approximately $6,673.

The total intrinsic value of options exercised during 2011, 2010, and 2009 was approximately $13,355, $5,876, and $2,871, respectively.

Other Equity Awards: The following table is a summary of the Company’s restricted shares, deferred shares, deferred stock units, and performance units.

	Restricted/
	Deferred			Weighted-
	Shares and			Average					Weighted-
	Deferred			Grant Date		Performance			Average
	Stock Units			Fair Value		Units			Fair Value
Outstanding at May 1, 2010		1,078,722		$	44.74		190,010		$	57.37
Granted		303,863			58.32		125,360			77.53
Converted		190,010			57.37		(190,010	)		57.37
Vested		(373,522	)		47.33		—			—
Forfeited		(41,807	)		49.08		—			—
Outstanding at April 30, 2011		1,157,266		$	49.39		125,360		$	77.53

The total fair value of equity awards other than stock options vesting in 2011, 2010, and 2009 was approximately $17,680, $16,273, and $11,117, respectively. The weighted-average grant date fair value of restricted shares, deferred shares, deferred stock units, and performance units is the average of the high and the low share price on the date of grant. The following table summarizes the weighted-average grant date fair values of the equity awards granted in 2011, 2010, and 2009.

	Restricted/
	Deferred		Weighted-				Weighted-
	Shares and		Average				Average
	Deferred		Grant Date		Performance		Grant Date
	Stock Units		Fair Value		Units		Fair Value
2011		303,863	$	58.32		125,360	$	77.53
2010		504,580		44.63		190,010		57.37
2009		570,359		42.29		114,440		43.44

The performance units column represents the number of restricted shares received by certain executive officers, subsequent to year end, upon conversion of the performance units earned during the year. Restricted stock generally vests four years from the date of grant or upon the attainment of a defined age and years of service.

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Debt and Financing Arrangements

12 Months Ended

Apr. 30, 2011

Debt and Financing Arrangements [Abstract]

Debt and Financing Arrangements

NOTE K: DEBT AND FINANCING ARRANGEMENTS

Long-term debt consists of the following:

	April 30,
	2011		2010
7.94% Series C Senior Notes due September 1, 2010	$	—	$	10,000
4.78% Senior Notes due June 1, 2014		100,000		100,000
6.12% Senior Notes due November 1, 2015		24,000		24,000
6.63% Senior Notes due November 1, 2018		380,039		376,000
5.55% Senior Notes due April 1, 2022		400,000		400,000
4.50% Senior Notes due June 1, 2025		400,000		—
Total long-term debt	$	1,304,039	$	910,000
Current portion of long-term debt		—		10,000
Total long-term debt, less current portion	$	1,304,039	$	900,000

On June 15, 2010, the Company issued $400.0 million of 4.50 percent Senior Notes with a final maturity on June 1, 2025. The Senior Notes have a 12-year average maturity. Proceeds from the Senior Notes issuance were used for general corporate purposes. On September 1, 2010, the Company repaid the $10.0 million of 7.94 percent Series C Senior Notes utilizing cash on hand.

In the fourth quarter of 2011, the Company entered into an interest rate swap on the 6.63 percent Senior Notes due November 1, 2018. The notional amount was $376.0 million, converting the Senior Notes from a fixed to a variable-rate basis until maturity. The interest rate swap was designated as a fair value hedge of the underlying debt obligation. The fair value adjustment of the interest rate swap at April 30, 2011, was $4.0 million and was recorded as an increase in the long-term debt balance. For additional information, see Note M: Derivative Financial Instruments.

All of the Company’s Senior Notes are unsecured and interest is paid semiannually. Scheduled payments are required on the 5.55 percent Senior Notes, the first of which is $50.0 million on April 1, 2013, and on the 4.50 percent Senior Notes, the first of which is $100.0 million on June 1, 2020.

Interest paid totaled $62,075, $76,461, and $52,918 in 2011, 2010, and 2009, respectively. This differs from interest expense due to the timing of payments, amortization of the fair value adjustment on the 6.60 percent Senior Notes prior to maturity, amortization of debt issuance costs, and interest capitalized.

On January 31, 2011, the Company’s $180.0 million revolving credit facility matured and the Company entered into an amended and restated credit agreement with a group of six banks. The credit facility, which amends and restates in its entirety the $400.0 million credit agreement dated as of October 29, 2009, provides for an unsecured revolving credit line of $600.0 million and matures January 31, 2016. The Company’s borrowings under the credit facility will bear interest based on prevailing U.S. Prime Rate, Canadian Base Rate, London Interbank Offered Rate, or Canadian Dealer Offered Rate, as determined by the Company. Interest is payable either on a quarterly basis or at the end of the borrowing term. At April 30, 2011, the Company did not have a balance outstanding under the revolving credit facility. Subsequent to year end, the Company borrowed $240.0 million under its revolving credit facility for general corporate purposes, including the Rowland Coffee acquisition. For additional information, see Note B: Subsequent Event — Rowland Coffee Acquisition. At April 30, 2011, the Company had standby letters of credit of approximately $7.1 million outstanding.

The Company’s debt instruments contain certain financial covenant restrictions including consolidated net worth, leverage ratios, and an interest coverage ratio. The Company is in compliance with all covenants.

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Contingencies

12 Months Ended

Apr. 30, 2011

Contingencies [Abstract]

Contingencies

NOTE L: CONTINGENCIES

The Company, like other food manufacturers, is from time to time subject to various administrative, regulatory, and other legal proceedings arising in the ordinary course of business. The Company is a defendant in a variety of legal proceedings. The Company cannot predict with certainty the results of these proceedings or reasonably determine a range of potential loss. The Company’s policy is to accrue costs for contingent liabilities when such liabilities are probable and amounts can be reasonably estimated. Based on the information known to date, the Company does not believe the final outcome of these proceedings will have a material adverse effect on the Company’s financial position, results of operations, or cash flows.

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Statements of Consolidated Income (USD $) In Thousands, except Per Share data	12 Months Ended
	Apr. 30, 2011	Apr. 30, 2010	Apr. 30, 2009
Statements of Consolidated Income [Abstract]
Net sales	$ 4,825,743	$ 4,605,289	$ 3,757,933
Cost of products sold	2,973,137	2,814,729	2,506,504
Cost of products sold - restructuring	54,089	3,870	0
Gross Profit	1,798,517	1,786,690	1,251,429
Selling, distribution, and administrative expenses	863,114	878,221	673,565
Amortization	73,844	73,657	38,823
Impairment charges	17,599	11,658	1,491
Merger and integration costs	11,194	33,692	72,666
Other restructuring costs	47,868	1,841	10,229
Other operating expense (income) - net	626	(3,288)	2,380
Operating Income	784,272	790,909	452,275
Interest income	2,512	2,793	6,993
Interest expense	(69,594)	(65,187)	(62,478)
Other (expense) income - net	(26)	2,238	(725)
Income Before Income Taxes	717,164	730,753	396,065
Income taxes	237,682	236,615	130,112
Net Income	$ 479,482	$ 494,138	$ 265,953
Earnings per common share:
Net Income, in USD per share	$ 4.06	$ 4.15	$ 3.11
Net Income - Assuming Dilution, in USD per share	$ 4.05	$ 4.15	$ 3.11

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Derivative Financial Instruments

12 Months Ended

Apr. 30, 2011

Derivative Financial Instruments [Abstract]

Derivative Financial Instruments

NOTE M: DERIVATIVE FINANCIAL INSTRUMENTS

The Company is exposed to market risks, such as changes in commodity prices, foreign currency exchange rates, and interest rates. To manage the volatility relating to these exposures, the Company enters into various derivative transactions. By policy, the Company historically has not entered into derivative financial instruments for trading purposes or for speculation.

Commodity Price Management: The Company enters into commodity futures and options contracts to manage the price volatility and reduce the variability of future cash flows related to anticipated inventory purchases of green coffee, edible oils, flour, milk, corn, and corn sweetener. The Company also enters into commodity futures and options contracts to manage price risk for energy input costs, including natural gas and diesel fuel. The derivative instruments generally have maturities of less than one year.

Certain of the derivative instruments associated with the Company’s U.S. Retail Oils and Baking Market and U.S. Retail Coffee Market segments meet the hedge criteria according to FASB ASC 815 and are accounted for as cash flow hedges. The mark-to-market gains or losses on qualifying hedges are deferred and included as a component of accumulated other comprehensive income (loss) to the extent effective, and reclassified to cost of products sold in the period during which the hedged transaction affects earnings. Cash flows related to qualifying hedges are classified consistently with the cash flows from the hedged item in the Statements of Consolidated Cash Flows. In order to qualify as a hedge of commodity price risk, it must be demonstrated that the changes in the fair value of the commodity’s futures contracts are highly effective in hedging price risks associated with the commodity purchased. Hedge effectiveness is measured at inception and on a monthly basis.

The mark-to-market gains or losses on nonqualifying and ineffective portions of hedges are recognized in cost of products sold immediately.

Foreign Currency Exchange Rate Hedging: The Company utilizes foreign currency forwards and options contracts to manage the effect of foreign currency exchange fluctuations on future cash payments primarily related to purchases of certain raw materials, finished goods, and fixed assets. The contracts generally have maturities of less than one year. At the inception of the contract, the derivative is evaluated and documented for hedge accounting treatment. Instruments currently used to manage foreign currency exchange exposures do not meet the requirements for hedge accounting treatment and the change in value of these instruments is immediately recognized in cost of products sold. If the contract qualifies for hedge accounting treatment, to the extent the hedge is deemed effective, the associated mark-to-market gains and losses are deferred and included as a component of accumulated other comprehensive income (loss). These gains or losses are reclassified to earnings in the period the contract is executed. The ineffective portion of these contracts is immediately recognized in earnings.

Interest Rate Hedging: The Company utilizes derivative instruments to manage changes in the fair value of its debt. Interest rate swaps mitigate the risk associated with the underlying hedged item. At the inception of the contract, the instrument is evaluated and documented for hedge accounting treatment. The Company’s interest rate swap met the criteria to be designated as a fair value hedge. The Company receives a fixed rate and pays variable rates, hedging the underlying debt and the associated changes in the fair value of the debt. The interest rate swap is recognized at fair value in the Consolidated Balance Sheet at April 30, 2011, and changes in the fair value are recognized in interest expense. Gains and losses recognized in interest expense on the instrument have no net impact to earnings as the change in the fair value of the derivative is equal to the change in fair value of the underlying debt.

The following table sets forth the fair value of derivative instruments as recognized in the Consolidated Balance Sheets at April 30, 2011 and 2010.

			April 30, 2011				April 30, 2010
	Other		Other		Other		Other		Other
	Current		Current		Noncurrent		Current		Current
	Assets		Liabilities		Liabilities		Assets		Liabilities
Derivatives designated as hedging instruments:
Commodity contracts	$	3,408	$	—	$	—	$	1,874	$	9
Interest rate contract		5,423		—		1,384		—		—
Total derivatives designated as hedging instruments	$	8,831	$	—	$	1,384	$	1,874	$	9
Derivatives not designated as hedging instruments:
Commodity contracts	$	9,887	$	5,432	$	—	$	2,414	$	599
Foreign currency exchange contracts		317		3,204		—		—		830
Total derivatives not designated as hedging instruments	$	10,204	$	8,636	$	—	$	2,414	$	1,429
Total derivative instruments	$	19,035	$	8,636	$	1,384	$	4,288	$	1,438

The Company has elected to not offset fair value amounts recognized for commodity derivative instruments and its cash margin accounts executed with the same counterparty. The Company maintained cash margin accounts of $12,292 and $5,714 at April 30, 2011 and 2010, respectively, that are included in other current assets in the Consolidated Balance Sheets.

The following table presents information on gains recognized on derivatives designated as cash flow hedges, all of which hedge commodity price risk.

	Year Ended April 30,
	2011		2010
Gains recognized in other comprehensive income (effective portion)	$	21,082	$	6,029
Gains reclassized from accumulated other comprehensive income (loss) to cost of products sold (effective portion)		14,780		5,395
Change in accumulated other comprehensive income (loss)	$	6,302	$	634
Gains recognized in cost of products sold (ineffective portion)	$	611	$	200

Included as a component of accumulated other comprehensive income (loss) at April 30, 2011 and 2010, were deferred pre-tax gains of $9,430 and $3,128, respectively. The related tax impact recognized in accumulated other comprehensive income (loss) was $3,430 and $1,134 at April 30, 2011 and 2010, respectively. The entire amount of the deferred gain included in accumulated other comprehensive income (loss) at April 30, 2011, is expected to be recognized in earnings within one year as the related inventory is sold.

The following table presents the realized and unrealized losses recognized in cost of products sold on derivatives not designated as qualified hedging instruments.

	Year Ended April 30,
	2011		2010
Losses on commodity contracts	$	3,994	$	2,384
Losses on foreign currency exchange contracts		3,290		7,234
Losses recognized in cost of products sold (derivatives not designated as hedging instruments)	$	7,284	$	9,618

The following table presents the gross contract notional value of outstanding derivative contracts at April 30, 2011 and 2010.

	April 30,
	2011		2010
Commodity contracts	$	869,107	$	323,351
Foreign currency exchange contracts		73,158		45,295
Interest rate contract		376,000		—

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Other Financial Instruments and Fair Value Measurements

12 Months Ended

Apr. 30, 2011

Other Financial Instruments and Fair Value Measurements [Abstract]

Other Financial Instruments and Fair Value Measurements

NOTE N: OTHER FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS

Financial instruments, other than derivatives, that potentially subject the Company to significant concentrations of credit risk consist principally of cash investments and trade receivables. With respect to trade receivables, the Company believes there is no concentration of risk with any single customer whose failure or nonperformance would materially affect the Company’s results other than as discussed in Major Customer of Note A: Accounting Policies. The Company does not require collateral from its customers. The fair value of the Company’s financial instruments, other than its long-term debt, approximates their carrying amounts.

The following table provides information on the carrying amount and fair value of the Company’s financial instruments.

	April 30, 2011				April 30, 2010
	Carrying				Carrying
	Amount		Fair Value		Amount		Fair Value
Marketable securities	$	18,600	$	18,600	$	—	$	—
Other investments		41,560		41,560		34,895		34,895
Derivative financial instruments, net		9,015		9,015		2,850		2,850
Long-term debt		1,304,039		1,648,614		910,000		1,172,467

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Valuation techniques are based on observable and unobservable inputs. Observable inputs reflect readily obtainable data from independent sources, while unobservable inputs reflect the Company’s market assumptions.

The following table summarizes the fair values and the levels within the fair value hierarchy in which the fair value measurements fall for the Company’s financial assets (liabilities).

	Quoted Prices in			Significant		Significant
	Active Markets			Observable		Unobservable
	for Identical			Inputs		Inputs		Fair Value at			Fair Value at
	Assets (Level 1)			(Level 2)		(Level 3)		April 30, 2011			April 30, 2010
Marketable securities: (A)
Mortgage-backed securities	$	—		$	18,600	$	—	$	18,600		$	—
Other investments: (B)
Equity mutual funds		14,011			—		—		14,011			11,626
Municipal obligations		—			20,042		—		20,042			16,753
Other investments		464			7,043		—		7,507			6,516
Derivatives: (C)
Commodity contracts, net		7,863			—		—		7,863			3,680
Foreign currency exchange contracts, net		(2,887	)		—		—		(2,887	)		(830	)
Interest rate contract, net		—			4,039		—		4,039			—
Total financial assets measured at fair value	$	19,451		$	49,724	$	—	$	69,175		$	37,745

(A)	The Company’s marketable securities, consisting entirely of mortgage-backed securities, are broker-priced and valued by a third party using an evaluated pricing methodology. An evaluated pricing methodology is a valuation technique which uses inputs that are derived principally from or corroborated by observable market data. For additional information, see Marketable Securities and Other Investments of Note A: Accounting Policies.
(B)	The Company’s other investments consist of funds maintained for the payment of benefits associated with nonqualified retirement plans. The funds include equity securities listed in active markets and municipal bonds valued by a third party using an evaluated pricing methodology. For additional information, see Marketable Securities and Other Investments of Note A: Accounting Policies.
(C)	The Company’s commodity contract and foreign currency exchange contract derivatives are valued using quoted market prices. The Company’s interest rate contract derivative is valued using the income approach, observable Level 2 market expectations at the measurement date, and standard valuation techniques to convert future amounts to a single discounted present value. Level 2 inputs for the interest rate contract are limited to quoted prices for similar assets or liabilities in active markets and inputs other than quoted prices that are observable for the asset or liability. For additional information, see Note M: Derivative Financial Instruments.

The following tables present the Company’s nonfinancial assets adjusted to fair value during the years ended April 30, 2011 and 2010, respectively.

	Carrying								Carrying
	Amount at		Fair Value			Other			Amount at
	May 1, 2010		Adjustment			Adjustments			April 30, 2011
Indefinite-lived trademarks (D)	$	11,896	$	(4,065	)	$	510		$	8,341
Finite-lived customer relationship (D)		18,964		(13,534	)		(222	)		5,208
Total nonfinancial assets adjusted to fair value	$	30,860	$	(17,599	)	$	288		$	13,549

	Carrying								Carrying
	Amount at		Fair Value			Other			Amount at
	May 1, 2009		Adjustment			Adjustments			April 30, 2010
Indefinite-lived trademarks (D)	$	21,370	$	(9,133	)	$	2,315		$	14,552
Finite-lived trademarks (D)		3,012		(2,525	)		(487	)		—
Total nonfinancial assets adjusted to fair value	$	24,382	$	(11,658	)	$	1,828		$	14,552

(D) The Company utilized Level 3 inputs to estimate the fair value of the nonfinancial assets. For additional information, see Note G: Goodwill and Other Intangible Assets.

During 2011 and 2010, the Company recognized fair value adjustments related to the impairment of certain indefinite-lived and finite-lived intangible assets. Other adjustments related to foreign currency exchange and amortization were recognized during the years ended April 30, 2011 and 2010.

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Income Taxes

12 Months Ended

Apr. 30, 2011

Income Taxes [Abstract]

Income Taxes

NOTE O: INCOME TAXES

Deferred income taxes reflect the tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax reporting. Significant components of the Company’s deferred tax assets and liabilities are as follows:

	April 30,
	2011			2010
Deferred tax liabilities:
Intangible assets	$	1,025,301		$	1,042,375
Property, plant, and equipment		111,537			121,950
Other		10,016			22,042
Total deferred tax liability	$	1,146,854		$	1,186,367
Deferred tax assets:
Post-employment and other employee benefits	$	84,723		$	69,887
Tax credit and loss carryforwards		4,583			5,049
Intangible assets		3,279			3,984
Other		27,668			21,247
Total deferred tax assets	$	120,253		$	100,167
Valuation allowance for deferred tax assets		(3,324	)		(3,470	)
Total deferred tax assets, less allowance	$	116,929		$	96,697
Net deferred tax liability	$	1,029,925		$	1,089,670

The following table summarizes domestic and foreign loss and credit carryforwards at April 30, 2011.

	Related Tax		Deferred		Valuation		Expiration
	Deduction		Tax Asset		Allowance		Date
Tax carryforwards:
State loss carryforwards	$	68,869	$	3,407	$	3,187		2012 to 2030
State tax credit carryforwards		—		1,160		—		2018
Foreign jurisdictional tax credit carryforwards		—		16		—		2014
Total tax carryforwards	$	68,869	$	4,583	$	3,187

The Company evaluates the realizability of deferred tax assets for each of the jurisdictions in which it operates. Included in the overall valuation allowance is $137 for other deferred tax assets where it is more likely than not those assets will not be realized. The valuation allowance decreased by $146, $5,556, and $864 in 2011, 2010, and 2009, respectively, primarily due to the expiration of loss carryforwards that had full valuation allowances.

Deferred income taxes have not been provided on approximately $194,058 of undistributed earnings of foreign subsidiaries since these amounts are considered to be permanently reinvested. Any additional taxes payable on the earnings of foreign subsidiaries, if remitted, would be partially offset by domestic tax deductions for foreign taxes paid. It is not practical to estimate the amount of additional taxes that might be payable on such undistributed earnings.

Income (loss) before income taxes is as follows:

	Year Ended April 30,
	2011			2010		2009
Domestic	$	729,654		$	712,226	$	378,293
Foreign		(12,490	)		18,527		17,772
Income before income taxes	$	717,164		$	730,753	$	396,065

The components of the provision for income taxes are as follows:

	Year Ended April 30,
	2011			2010			2009
Current:
Federal	$	271,361		$	256,444		$	97,182
Foreign		4,554			6,584			1,688
State and local		21,568			12,907			5,717
Deferred:
Federal		(51,011	)		(21,362	)		27,158
Foreign		(7,338	)		(4,386	)		(831	)
State and local		(1,452	)		(13,572	)		(802	)
Total income tax expense	$	237,682		$	236,615		$	130,112

A reconciliation of the statutory federal income tax rate and the effective income tax rate is as follows:

	Year Ended April 30,
Percent of Pretax Income	2011			2010			2009
Statutory federal income tax rate		35.0	%		35.0	%		35.0	%
State and local income taxes, net of federal income tax benefit		2.2			1.2			0.6
Domestic manufacturing deduction		(3.8	)		(1.9	)		(1.5	)
Other items — net		(0.3	)		(1.9	)		(1.2	)
Effective income tax rate		33.1	%		32.4	%		32.9	%
Income taxes paid	$	365,994		$	212,981		$	69,107

The Company accounts for the financial statement recognition and measurement criteria of a tax position taken or expected to be taken in a tax return under FASB ASC 740, Income Taxes. FASB ASC 740 also provides guidance on derecognition, classification, interest and penalties, accounting in interim periods, disclosure, and transition.

In accordance with the requirements of FASB ASC 740, unrecognized tax benefits have been classified in the Consolidated Balance Sheets as long term, except to the extent payment is expected within one year. The Company recognizes net interest and penalties related to unrecognized tax benefits in income tax expense.

The Company files income tax returns in the U.S. and various state, local, and foreign jurisdictions. The Company is no longer subject to examination of U.S. federal income taxes for years prior to 2008 and, with limited exceptions, the Company is no longer subject to examination of state, local, or foreign income taxes for years prior to 2007. The Company is a voluntary participant in the Compliance Assurance Process (“CAP”) offered by the Internal Revenue Service (“IRS”). Through the contemporaneous exchange of information with the IRS, this program is designed to identify and resolve tax positions with the IRS prior to the filing of a tax return, which allows the Company to remain current with its IRS examinations. The Company is currently under a CAP examination for the tax year ending April 30, 2011. During 2011, the Company reached an agreement with the IRS on proposed adjustments resulting from an examination of its federal income tax returns for the years ended April 30, 2008, June 30, 2009, and April 30, 2010. In May 2009, the Company reached an agreement with the IRS on proposed adjustments resulting from an examination of its federal income tax returns for years ended in 2007 and 2006. The agreements did not have a material effect on the Company’s effective tax rate or financial position.

Within the next 12 months, it is reasonably possible that the Company could decrease its unrecognized tax benefits by an estimated $1,874, primarily as a result of the expiration of statute of limitations periods.

The Company’s unrecognized tax benefits as of April 30, 2011 and 2010, were $20,261 and $15,322, respectively. Of the unrecognized tax benefits, $13,939 and $11,321 would affect the effective tax rate, if recognized, as of April 30, 2011 and 2010, respectively. The Company’s accrual for tax-related net interest and penalties totaled $1,792 and $2,289 as of April 30, 2011 and 2010, respectively. The amount of tax-related net interest and penalties credited to earnings totaled $497, $594, and $1,982 during 2011, 2010, and 2009, respectively.

A reconciliation of the Company’s unrecognized tax benefits is as follows:

	2011		2010
Balance at May 1,	$	15,322	$	13,794
Increases:
Current year tax positions		5,237		3,977
Prior year tax positions		4,106		2,353
Foreign currency translation		—		686
Decreases:
Prior year tax positions		271		—
Settlement with tax authorities		31		—
Expiration of statute of limitations periods		3,985		5,488
Foreign currency translation		117		—
Balance at April 30,	$	20,261	$	15,322

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Accumulated Other Comprehensive Income (Loss)

12 Months Ended

Apr. 30, 2011

Accumulated Other Comprehensive Income (Loss) [Abstract]

Accumulated Other Comprehensive Income (Loss)

NOTE P: ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

Comprehensive income is included in the Statements of Consolidated Shareholders’ Equity. The components of accumulated other comprehensive income (loss) as shown in the Consolidated Balance Sheets are as follows:

	Foreign			Pension			Unrealized			Unrealized			Accumulated
	Currency			and Other			Gain (Loss) on			Gain on Cash			Other
	Translation			Postretirement			Available-for-			Flow Hedging			Comprehensive
	Adjustment			Liabilities			Sale Securities			Derivatives			Income (Loss)
Balance at May 1, 2008	$	58,086		$	(24,214	)	$	589		$	8,151		$	42,612
Reclassification adjustments		—			—			—			(12,885	)		(12,885	)
Current period (charge) credit		(47,024	)		(65,828	)		(4,384	)		2,494			(114,742	)
Income tax benefit		—			22,349			1,586			3,810			27,745
Balance at April 30, 2009	$	11,062		$	(67,693	)	$	(2,209	)	$	1,570		$	(57,270	)
Reclassification adjustments		—			—			—			(2,494	)		(2,494	)
Current period credit (charge)		45,926			(18,004	)		4,162			3,128			35,212
Income tax benefit (expense)		—			5,691			(1,510	)		(210	)		3,971
Balance at April 30, 2010	$	56,988		$	(80,006	)	$	443		$	1,994		$	(20,581	)
Reclassification adjustments		—			—			—			(3,128	)		(3,128	)
Current period credit (charge)		24,773			(10,004	)		2,124			9,430			26,323
Income tax benefit (expense)		—			4,076			(765	)		(2,296	)		1,015
Balance at April 30, 2011	$	81,761		$	(85,934	)	$	1,802		$	6,000		$	3,629

Income tax benefit (expense) is determined using the applicable deferred tax rate for each component of accumulated other comprehensive income (loss).

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Common Shares

12 Months Ended

Apr. 30, 2011

Common Shares [Abstract]

Common Shares

NOTE Q: COMMON SHARES

Voting: The Company’s Amended Articles of Incorporation (“Articles”) provide that each holder of an outstanding common share is entitled to one vote on each matter submitted to a vote of the shareholders except for the following specific matters:

• any matter that relates to or would result in the dissolution or liquidation of the Company;

• the adoption of any amendment of the Articles or the Regulations of the Company. or the adoption of amended Articles, other than the adoption of any amendment or amended Articles that increases the number of votes to which holders of common shares are entitled or expands the matters to which time-phase voting applies;

• any proposal or other action to be taken by the shareholders of the Company, relating to the Company’s Rights Agreement, dated as of May 20, 2009, between the Company and Computershare Trust Company, N.A. or any successor plan;

• any matter relating to any stock option plan, stock purchase plan, executive compensation plan, executive benefit plan, or other similar plan, arrangement, or agreement;

• adoption of any agreement or plan of or for the merger, consolidation, or majority share acquisition of the Company or any of its subsidiaries with or into any other person, whether domestic or foreign, corporate or noncorporate, or the authorization of the lease, sale, exchange, transfer, or other disposition of all, or substantially all, of the Company’s assets;

• any matter submitted to the Company’s shareholders pursuant to Article Fifth (which relates to procedures applicable to certain business combinations) or Article Seventh (which relates to procedures applicable to certain proposed acquisitions of specified percentages of the Company’s outstanding common shares) of the Articles, as they may be further amended, or any issuance of common shares of the Company for which shareholder approval is required by applicable stock exchange rules; and

• any matter relating to the issuance of common shares, or the repurchase of common shares that the Board determines is required or appropriate to be submitted to the Company’s shareholders under the Ohio Revised Code or applicable stock exchange rules.

On the matters listed above, common shares are entitled to 10 votes per share, if they meet the requirements set forth in the Articles. Common shares which would be entitled to 10 votes per share must meet one of the following criteria:

• common shares beneficially owned as of November 6, 2008, and for which there has not been a change in beneficial ownership after November 6, 2008; or

• common shares received through the Company’s various equity plans which have not been sold or otherwise transferred since November 6, 2008.

In the event of a change in beneficial ownership, the new owner of that common share will be entitled to only one vote with respect to that share on all matters until four years pass without a further change in beneficial ownership of the share.

Shareholders’ Rights Plan: Pursuant to a Shareholders’ Rights Plan adopted by the Company’s Board of Directors on May 20, 2009, one share purchase right is associated with each of the Company’s outstanding common shares.

Under the plan, the rights will initially trade together with the Company’s common shares and will not be exercisable. In the absence of further action by the directors, the rights generally will become exercisable and allow the holder to acquire the Company’s common shares at a discounted price if a person or group acquires 10 percent or more of the outstanding common shares. Rights held by persons who exceed the applicable threshold will be void. Shares held by members of the Smucker family are not subject to the threshold. If exercisable, each right entitles the shareholder to buy one common share at a discounted price. Under certain circumstances, the rights will entitle the holder to buy shares in an acquiring entity at a discounted price.

The plan also includes an exchange option. In general, if the rights become exercisable, the directors may, at their option, effect an exchange of part or all of the rights, other than rights that have become void, for common shares. Under this option, the Company would issue one common share for each right, in each case subject to adjustment in certain circumstances.

The Company’s directors may, at their option, redeem all rights for $0.001 per right, generally at any time prior to the rights becoming exercisable. The rights will expire June 3, 2019, unless earlier redeemed, exchanged, or amended by the directors.

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Accounting Policies (Policies)

12 Months Ended

Apr. 30, 2011

Accounting Policies (Policies) [Abstract]

Principles of Consolidation

Principles of Consolidation: The consolidated financial statements include the accounts of the Company, its wholly-owned subsidiaries, and its majority-owned investments, if any. Intercompany transactions and accounts are eliminated in consolidation.

Use of Estimates

Use of Estimates: The preparation of consolidated financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make certain estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Significant estimates in these consolidated financial statements include: allowances for doubtful trade receivables, estimates of future cash flows associated with assets, asset impairments, useful lives for depreciation and amortization, loss contingencies, net realizable value of inventories, accruals for trade marketing and merchandising programs, income taxes, and the determination of discount and other rate assumptions for defined benefit pension and other postretirement benefit expenses. Actual results could differ from these estimates.

Revenue Recognition

Revenue Recognition: The Company recognizes revenue, net of estimated returns and allowances, when all of the following criteria have been met: a valid customer order with a determinable price has been received; the product has been shipped and title has transferred to the customer; there is no further significant obligation to assist in the resale of the product; and collectibility is reasonably assured.

Major Customer

Major Customer: Sales to Wal-Mart Stores, Inc. and subsidiaries amounted to approximately 26 percent, 27 percent, and 24 percent of net sales in 2011, 2010, and 2009, respectively. These sales are primarily included in the three U.S. retail market segments. No other customer exceeded 10 percent of net sales for any year. Trade receivables at April 30, 2011 and 2010, included amounts due from Wal-Mart Stores, Inc. and subsidiaries of $87,623 and $61,176, respectively.

Shipping and Handling Costs

Shipping and Handling Costs: Shipping and handling costs are included in cost of products sold.

Trade Marketing and Merchandising Programs Policy

Trade Marketing and Merchandising Programs: In order to support the Company’s products, various promotional activities are conducted through retail trade, distributors, or directly with consumers, including in-store display and product placement programs, feature price discounts, coupons, and other similar activities. The Company regularly reviews and revises, when it deems necessary, estimates of costs to the Company for these promotional programs based on estimates of what will be redeemed by retail trade, distributors, or consumers. These estimates are made using various techniques including historical data on performance of similar promotional programs. Differences between estimated expense and actual performance are recognized as a change in management’s estimate in a subsequent period. As the Company’s total promotional expenditures, including amounts classified as a reduction of net sales, represented approximately 26 percent of net sales in 2011, a possibility exists of materially different reported results if factors such as the level and success of the promotional programs or other conditions differ from expectations.

Advertising Expense

Advertising Expense: Advertising costs are expensed as incurred. Advertising expense was $115,066, $130,583, and $77,363 in 2011, 2010, and 2009, respectively.

Research and Development Costs

Research and Development Costs: Total research and development costs, including product formulation costs, were $20,981, $20,963, and $14,498 in 2011, 2010, and 2009, respectively.

Share-Based Payments

Share-Based Payments: Share-based compensation expense is recognized over the requisite service period, which includes a one-year performance period plus the defined forfeiture period, which is typically four years of service or the attainment of a defined age and years of service.

The following table summarizes amounts related to share-based payments.

	April 30,
	2011		2010		2009
Share-based compensation expense included in selling, distribution, and administrative expenses	$	19,896	$	20,687	$	14,043
Share-based compensation expense included in merger and integration costs		4,148		5,262		8,062
Share-based compensation expense included in other restructuring costs		290		—		—
Total share-based compensation expense	$	24,334	$	25,949	$	22,105
Related income tax benefit	$	8,064	$	8,402	$	7,261

As of April 30, 2011, total unrecognized share-based compensation cost related to nonvested share-based awards was approximately $33,703. The weighted-average period over which this amount is expected to be recognized is approximately three years.

Corporate income tax benefits realized upon exercise or vesting of an award in excess of that previously recognized in earnings, referred to as excess tax benefits, are presented in the Statements of Consolidated Cash Flows as a financing activity. Realized excess tax benefits are credited to additional capital in the Consolidated Balance Sheets. Realized shortfall tax benefits, amounts which are less than that previously recognized in earnings, are first offset against the cumulative balance of excess tax benefits, if any, and then charged directly to income tax expense. For 2011, 2010, and 2009, the actual tax deductible benefit realized from share-based compensation was $7,310, $3,005, and $2,353, including $6,990, $2,908, and $2,372, respectively, of excess tax benefits realized upon exercise or vesting of share-based compensation, and classified as other-net under financing activities in the Statements of Consolidated Cash Flows.

Income Taxes

Income Taxes: The Company accounts for income taxes using the liability method. Accordingly, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in the applicable tax rate is recognized in income or expense in the period that the change is effective. A valuation allowance is established when it is more likely than not that all or a portion of a deferred tax asset will not be realized. A tax benefit is recognized when it is more likely than not to be sustained.

Cash and Cash Equivalents

Cash and Cash Equivalents: The Company considers all short-term investments with a maturity of three months or less when purchased to be cash equivalents.

Trade Receivables

Trade Receivables: In the normal course of business, the Company extends credit to customers. Trade receivables, less allowance for doubtful accounts, reflect the net realizable value of receivables and approximate fair value. The Company evaluates its trade receivables and establishes an allowance for doubtful accounts based on a combination of factors. When aware that a specific customer has been impacted by circumstances such as bankruptcy filings or deterioration in the customer’s operating results or financial position, potentially making it unable to meet its financial obligations, the Company records a specific reserve for bad debt to reduce the related receivable to the amount the Company reasonably believes is collectible. The Company also records reserves for bad debt for all other customers based on a variety of factors, including the length of time the receivables are past due, historical collection experience, and an evaluation of current and projected economic conditions at the balance sheet date. Trade receivables are charged off against the allowance after management determines the potential for recovery is remote. At April 30, 2011 and 2010, the allowance for doubtful accounts was $1,882 and $1,521, respectively. The net provision for the allowance for doubtful accounts increased $361 and $1,091 in 2011 and 2009, respectively, and decreased $480 in 2010. The Company believes there is no concentration of risk with any single customer whose failure or nonperformance would materially affect the Company’s results other than as discussed in Major Customer.

Inventories

Inventories: Inventories are stated at the lower of cost or market. Cost for all inventories is determined using the first-in, first-out method.

The cost of finished products and work-in-process inventory includes materials, direct labor, and overhead. Work-in-process is included in finished products in the Consolidated Balance Sheets and was $77,594 and $49,214 at April 30, 2011 and 2010, respectively.

Derivative Financial Instruments

Derivative Financial Instruments: The Company utilizes derivative instruments such as basis contracts, commodity futures and options contracts, foreign currency forwards and options, and an interest rate swap to manage exposures in commodity prices, foreign currency exchange rates, and interest rates. The Company accounts for these derivative instruments in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 815, Derivatives and Hedging. FASB ASC 815 requires that all derivative instruments be recognized in the financial statements and measured at fair value regardless of the purpose or intent for holding them. For derivatives designated as a cash flow hedge that are used to hedge an anticipated transaction, changes in fair value are deferred and recognized in shareholders’ equity as a component of accumulated other comprehensive income (loss) to the extent the hedge is effective and then recognized in the Statements of Consolidated Income in the period during which the hedged transaction affects earnings. Hedge effectiveness is measured at inception and on a monthly basis. Any ineffectiveness associated with the hedge or changes in fair value of derivatives that are nonqualifying are recognized immediately in the Statements of Consolidated Income. The Company’s interest rate swap is designated as a fair value hedge and is used to hedge against changes in the fair value of the underlying long-term debt. The interest rate swap is recognized at fair value in the Consolidated Balance Sheet at April 30, 2011, and changes in the fair value are recognized in the Statement of Consolidated Income for the year ended April 30, 2011. The change in the fair value of the interest rate swap is offset by the change in the fair value of the underlying long-term debt. By policy, the Company historically has not entered into derivative financial instruments for trading purposes or for speculation. For additional information, see Note M: Derivative Financial Instruments.

Property, Plant, and Equipment

Property, Plant, and Equipment: Property, plant, and equipment is recognized at cost and is depreciated on a straight-line basis over the estimated useful life of the asset (3 to 20 years for machinery and equipment, 3 to 7 years for capitalized software costs, and 5 to 40 years for buildings, fixtures, and improvements).

The Company leases certain land, buildings, and equipment for varying periods of time, with renewal options. Rent expense in 2011, 2010, and 2009 totaled $57,572, $55,010, and $36,547, respectively. As of April 30, 2011, the Company’s minimum operating lease obligations are as follows: $26,110 in 2012, $21,887 in 2013, $18,956 in 2014, $14,121 in 2015, and $22,565 in 2016 and beyond.

Impairment of Long-Lived Assets

Impairment of Long-Lived Assets: In accordance with FASB ASC 360, Property, Plant, and Equipment, long-lived assets, except goodwill and indefinite-lived intangible assets, are reviewed for impairment when circumstances indicate the carrying value of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of the assets to future net cash flows estimated by the Company to be generated by such assets. If such assets are considered to be impaired, the impairment to be recognized is the amount by which the carrying amount of the assets exceeds the fair value of the assets. Assets to be disposed of by sale are recognized as held for sale at the lower of carrying value or estimated net realizable value.

Goodwill and Other Intangible Assets

Goodwill and Other Intangible Assets: Goodwill is the excess of the purchase price paid over the fair value of the net assets of the business acquired. In accordance with FASB ASC 350, Intangibles — Goodwill and Other, goodwill and other indefinite-lived intangible assets are not amortized but are reviewed at least annually for impairment. The Company conducts its annual test for impairment of goodwill and other indefinite-lived intangible assets as of February 1 of each year. A discounted cash flow valuation technique and a market-based approach are utilized to estimate the fair value of the Company’s reporting units. For annual impairment testing purposes, the Company’s reporting units are its operating segments. The discount rates utilized in the analysis are developed using a weighted-average cost of capital methodology. In addition to the annual test, the Company will test for impairment if events or circumstances occur that would more likely than not reduce the fair value of a reporting unit below its carrying amount. Finite-lived intangible assets are amortized on a straight-line basis over their estimated useful lives. For additional information, see Note G: Goodwill and Other Intangible Assets.

Marketable Securities and Other Investments

Marketable Securities and Other Investments: Under the Company’s investment policy, it may invest in debt securities deemed to be investment grade at the time of purchase for general corporate purposes. The Company determines the appropriate categorization of debt securities at the time of purchase and reevaluates such designation at each balance sheet date. The Company has categorized all debt securities as available for sale because it currently has the intent to convert these investments into cash if and when needed. Classification of these available-for-sale marketable securities as current or noncurrent is based on whether the conversion to cash is expected to be necessary for operations in the upcoming year, which is currently consistent with the security’s maturity date.

Securities categorized as available for sale are stated at fair value, with unrealized gains and losses reported as a component of accumulated other comprehensive income (loss). The fair value of available-for-sale marketable securities was $18,600 and was included in other current assets at April 30, 2011. Approximately $57,100, $13,519, and $3,013 of proceeds have been realized upon maturity or sale of available-for-sale marketable securities in 2011, 2010, and 2009, respectively. The Company uses specific identification to determine the basis on which securities are sold.

The Company also maintains funds for the payment of benefits associated with nonqualified retirement plans. These funds include investments considered to be available-for-sale marketable securities. At April 30, 2011 and 2010, the fair value of these investments was $41,560 and $34,895, respectively, and was included in other noncurrent assets. Included in accumulated other comprehensive income (loss) at April 30, 2011 and 2010, were unrealized gains of $2,817 and $693, respectively.

Foreign Currency Translation

Foreign Currency Translation: Assets and liabilities of the Company’s foreign subsidiaries are translated using the exchange rates in effect at the balance sheet date, while income and expenses are translated using average rates. Translation adjustments are reported as a component of shareholders’ equity in accumulated other comprehensive income (loss).

Recently Issued Accounting Standards

Recently Issued Accounting Standards: In January 2010, the FASB issued Accounting Standards Update (“ASU”) 2010-06, Improving Disclosures about Fair Value Measurements, which requires additional disclosures about fair value measurements including transfers in and out of different levels of the fair value hierarchy and a higher level of disaggregation for different types of financial instruments. These disclosure requirements were effective in the current fiscal year for the Company. In addition to these disclosure requirements, ASU 2010-06 requires information about purchases, sales, issuances, and settlements of Level 3 assets to be presented separately. These additional disclosure requirements will be effective May 1, 2011, for the Company.

In May 2011, the FASB issued ASU 2011-04, Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs. ASU 2011-04 provides clarification about the application of existing fair value measurement and disclosure requirements and expands certain other disclosure requirements. This ASU will be effective February 1, 2012, for the Company.

Risks and Uncertainties

Risks and Uncertainties: The raw materials used by the Company in each of its segments are primarily commodities and agricultural-based products. Glass, plastic, steel cans, caps, carton board, and corrugate are the principle packaging materials used by the Company. The fruit and vegetable raw materials used by the Company in the production of its food products are purchased from independent growers and suppliers. Green coffee, peanuts, edible oils, sweeteners, milk, flour, corn, and other ingredients are obtained from various suppliers. The availability, quality, and cost of many of these commodities have fluctuated, and may continue to fluctuate, over time. Green coffee is sourced solely from foreign countries and its supply and price are subject to high volatility due to factors such as weather, global supply and demand, pest damage, and political and economic conditions in the source countries. Raw materials are generally available from numerous sources although the Company has elected to source certain plastic packaging materials from single sources of supply pursuant to long-term contracts. While availability may vary year to year, the Company believes that it will continue to be able to obtain adequate supplies and that alternatives to single-sourced materials are available. The Company has not historically encountered significant shortages of key raw materials. The Company considers its relationships with key material suppliers to be good.

Approximately 32 percent of the Company’s employees, located at 10 facilities, are covered by union contracts. The contracts vary in term depending on the location with three contracts expiring in 2012.

The Company insures its business and assets in each country against insurable risks, to the extent that it deems appropriate, based upon an analysis of the relative risks and costs.

Reclassification

Reclassifications: Certain prior year amounts have been reclassified to conform to current year classifications.

Earnings per Share

In 2010, the Company adopted the two-class method of computing earnings per share as required by FASB ASC 260, Earnings Per Share. FASB ASC 260 provides that unvested share-based payment awards that contain nonforfeitable rights to dividends or dividend equivalents, whether paid or unpaid, are participating securities and are to be included in the computation of earnings per share under the two-class method described in FASB ASC 260. The Company’s unvested restricted shares contain rights to receive nonforfeitable dividends and are participating securities. All presented prior period earnings per share data has been adjusted to retrospectively reflect the application of the two-class method. The conversion to the two-class method resulted in a reduction of net income per common share and net income per common share — assuming dilution for the year ended April 30, 2009, of $0.03 and $0.01 per share, respectively.

Savings Plans

As permitted by FASB ASC 718, Compensation — Retirement Benefits, the Company will continue to recognize future compensation using the cost basis as all shares currently held by the ESOP were acquired prior to 1993. At April 30, 2011, the ESOP held 155,986 unallocated and 856,318 allocated shares. All shares held by the ESOP were considered outstanding in earnings per share calculations for all periods presented.

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Accounting Policies (Tables)

12 Months Ended

Apr. 30, 2011

Accounting Policies (Tables) [Abstract]

Share based payments

The following table summarizes amounts related to share-based payments.

	April 30,
	2011		2010		2009
Share-based compensation expense included in selling, distribution, and administrative expenses	$	19,896	$	20,687	$	14,043
Share-based compensation expense included in merger and integration costs		4,148		5,262		8,062
Share-based compensation expense included in other restructuring costs		290		—		—
Total share-based compensation expense	$	24,334	$	25,949	$	22,105
Related income tax benefit	$	8,064	$	8,402	$	7,261

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Folgers Merger (Tables)

12 Months Ended

Apr. 30, 2011

Folgers Merger (Tables) [Abstract]

Estimated fair values of the assets acquired and liabilities assumed

Assets acquired:
Current assets	$	300,781
Property, plant, and equipment		316,851
Intangible assets		2,515,000
Goodwill		1,643,636
Other noncurrent assets		4,278
Total assets acquired	$	4,780,546
Liabilities assumed:
Current liabilities	$	85,795
Deferred tax liabilities		955,235
Other noncurrent liabilities		3,750
Total liabilities assumed	$	1,044,780
Net assets acquired	$	3,735,766

Folgers goodwill of $1,643.6 million was assigned to the U.S. Retail Coffee Market and Special Markets segments. Of the total goodwill, $1,634.3 million is not deductible for tax purposes.

The purchase price allocated to the identifiable intangible assets

The purchase price allocated to the identifiable intangible assets acquired is as follows:

Intangible assets with finite lives:
Customer and contractual relationships (20-year weighted-average useful life)	$	1,089,000
Technology (14-year weighted-average useful life)		133,000
Intangible assets with indefinite lives		1,293,000
Total intangible assets	$	2,515,000

The results of the operations of the Folgers business are included in the Company's consolidated financial statements

The results of operations of the Folgers business are included in the Company’s consolidated financial statements from the date of the transaction. Had the transaction occurred on May 1, 2008, unaudited, pro forma consolidated results for the year ended April 30, 2009, would have been as follows:

	Year Ended April 30, 2009
Net sales	$	4,684,746
Net income		359,979
Net income per common share — assuming dilution		3.04

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Restructuring (Tables)

12 Months Ended

Apr. 30, 2011

Restructuring (Tables) [Abstract]

Restructuring and related charges

The following table summarizes the restructuring activity, including the reserves established and the total amount expected to be incurred.

							Site Preparation
	Long-Lived			Employee			and Equipment			Production
	Asset Charges			Separation			Relocation			Start-up			Other Costs			Total
Total expected restructuring charge	$	118,000		$	60,000		$	23,500		$	23,000		$	10,500		$	235,000
Balance at May 1, 2009	$	—		$	—		$	—		$	—		$	—		$	—
Charge to expense		3,870			1,139			407			16			279			5,711
Cash payments		—			(50	)		(407	)		(16	)		(279	)		(752	)
Noncash utilization		(3,870	)		—			—			—			—			(3,870	)
Balance at April 30, 2010	$	—		$	1,089		$	—		$	—		$	—		$	1,089
Charge to expense		53,569			36,010			6,192			5,194			992			101,957
Cash payments		—			(18,361	)		(6,192	)		(5,194	)		(992	)		(30,739	)
Noncash utilization		(53,569	)		(8,540	)		—			—			—			(62,109	)
Balance at April 30, 2011	$	—		$	10,198		$	—		$	—		$	—		$	10,198
Remaining expected restructuring charge	$	60,561		$	22,851		$	16,901		$	17,790		$	9,229		$	127,332

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Reportable Segments (Tables)

12 Months Ended

Apr. 30, 2011

Reportable Segments (Tables) [Abstract]

Segmental and geographical information

The following table sets forth reportable segment and geographical information.

	Year Ended April 30,
	2011			2010			2009
Net sales:
U.S. Retail Coffee Market	$	1,930,869		$	1,700,458		$	855,571
U.S. Retail Consumer Market		1,091,595			1,125,280			1,103,264
U.S. Retail Oils and Baking Market		888,008			905,719			995,474
Special Markets		915,271			873,832			803,624
Total net sales	$	4,825,743		$	4,605,289		$	3,757,933
Segment profit:
U.S. Retail Coffee Market	$	536,133		$	484,006		$	211,113
U.S. Retail Consumer Market		294,970			285,223			249,439
U.S. Retail Oils and Baking Market		116,624			127,954			116,946
Special Markets		154,441			134,948			105,028
Total segment profit	$	1,102,168		$	1,032,131		$	682,526
Interest income		2,512			2,793			6,993
Interest expense		(69,594	)		(65,187	)		(62,478	)
Share-based compensation expense		(19,896	)		(20,687	)		(14,043	)
Merger and integration costs		(11,194	)		(33,692	)		(72,666	)
Cost of products sold — restructuring		(54,089	)		(3,870	)		—
Other restructuring costs		(47,868	)		(1,841	)		(10,229	)
Corporate administrative expenses		(184,849	)		(181,132	)		(133,313	)
Other (expense) income — net		(26	)		2,238			(725	)
Income before income taxes	$	717,164		$	730,753		$	396,065
Net sales:
Domestic	$	4,358,091		$	4,167,042		$	3,353,362
International:
Canada	$	409,710		$	385,870		$	356,300
All other international		57,942			52,377			48,271
Total international	$	467,652		$	438,247		$	404,571
Total net sales	$	4,825,743		$	4,605,289		$	3,757,933
Assets:
Domestic	$	7,912,311		$	7,591,931		$	7,670,192
International:
Canada	$	406,576		$	376,788		$	514,993
All other international		5,698			6,134			6,976
Total international	$	412,274		$	382,922		$	521,969
Total assets	$	8,324,585		$	7,974,853		$	8,192,161
Long-lived assets:
Domestic	$	6,502,749		$	6,543,440		$	6,406,085
International:
Canada	$	184,624		$	207,517		$	386,948
All other international		213			266			237
Total international	$	184,837		$	207,783		$	387,185
Total long-lived assets	$	6,687,586		$	6,751,223		$	6,793,270

Segment profit represents revenue less direct and allocable operating expenses.

Product sales information

The following table presents product sales information.

					Year Ended April 30,
	2011			2010			2009
Coffee		44	%		40	%		25	%
Peanut butter		12			12			14
Fruit spreads		8			8			9
Shortening and oils		7			8			11
Baking mixes and frostings		6			6			8
Canned milk		5			5			7
Flour and baking ingredients		5			5			7
Portion control		3			3			4
Juices and beverages		3			3			3
Uncrustables frozen sandwiches		2			3			3
Toppings and syrups		2			2			3
Other		3			5			6
Total product sales		100	%		100	%		100	%

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Consolidated Balance Sheets (USD $) In Thousands	Apr. 30, 2011	Apr. 30, 2010
Current Assets
Cash and cash equivalents	$ 319,845	$ 283,570
Trade receivables, less allowance for doubtful accounts	344,410	238,867
Inventories:
Finished products	518,243	413,269
Raw materials	345,336	241,670
Total Inventories	863,579	654,939
Other current assets	109,165	46,254
Total Current Assets	1,636,999	1,223,630
Property, Plant, and Equipment
Land and land improvements	77,074	62,982
Buildings and fixtures	347,950	308,358
Machinery and equipment	1,022,670	997,374
Construction in progress	76,778	31,426
Property, Plant, and Equipment, Gross	1,524,472	1,400,140
Accumulated depreciation	(656,590)	(541,827)
Total Property, Plant, and Equipment	867,882	858,313
Other Noncurrent Assets
Goodwill	2,812,746	2,807,730
Other intangible assets, net	2,940,010	3,026,515
Other noncurrent assets	66,948	58,665
Total Other Noncurrent Assets	5,819,704	5,892,910
Total assets	8,324,585	7,974,853
Current Liabilities
Accounts payable	234,916	179,509
Accrued compensation	62,313	60,080
Accrued trade marketing and merchandising	62,588	52,536
Income taxes payable	7,706	75,977
Dividends payable	50,236	47,648
Current portion of long-term debt	0	10,000
Other current liabilities	64,917	53,147
Total Current Liabilities	482,676	478,897
Noncurrent Liabilities
Long-term debt	1,304,039	900,000
Defined benefit pensions	98,722	86,968
Postretirement benefits other than pensions	59,789	45,592
Deferred income taxes	1,042,823	1,101,506
Other noncurrent liabilities	44,173	35,570
Total Noncurrent Liabilities	2,549,546	2,169,636
Shareholders' Equity
Serial preferred shares - no par value: Authorized - 3,000,000 shares; outstanding - none	0	0
Common shares - no par value: Authorized - 150,000,000 shares; outstanding - 114,172,122 in 2011 and 119,119,152 in 2010 (net of 14,432,043 and 9,485,013 treasury shares, respectively), at stated value	28,543	29,780
Additional capital	4,396,592	4,575,127
Retained income	866,933	746,063
Amount due from ESOP Trust	(3,334)	(4,069)
Accumulated other comprehensive income (loss)	3,629	(20,581)
Total Shareholders' Equity	5,292,363	5,326,320
Total Liabilities and Shareholders' Equity	$ 8,324,585	$ 7,974,853

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Earnings per Share (Tables)

12 Months Ended

Apr. 30, 2011

Earnings Per Share (Tables) [Abstract]

Computation of Earnings Per Common Share

The following table sets forth the computation of net income per common share and net income per common share — assuming dilution.

	Year Ended April 30,
	2011		2010		2009
Computation of net income per share:
Net income	$	479,482	$	494,138	$	265,953
Net income allocated to participating securities		4,692		4,321		1,944
Net income allocated to common stockholders	$	474,790	$	489,817	$	264,009
Weighted-average common shares outstanding		117,009,362		117,911,160		84,823,849
Net income per common share	$	4.06	$	4.15	$	3.11

Computation of Earnings Per Common Share - assuming dilution

Computation of net income per share — assuming dilution:
Net income	$	479,482	$	494,138	$	265,953
Net income allocated to participating securities		4,690		4,318		1,947
Net income allocated to common stockholders	$	474,792	$	489,820	$	264,006
Weighted-average common shares outstanding		117,009,362		117,911,160		84,823,849
Dilutive effect of stock options		110,335		130,011		98,938
Weighted-average common shares outstanding — assuming dilution		117,119,697		118,041,171		84,922,787
Net income per common share — assuming dilution	$	4.05	$	4.15	$	3.11

Weighted-average common shares, basic and diluted

The following table reconciles the weighted-average common shares used in the basic and diluted earnings per share disclosures to the total weighted-average shares outstanding.

	Year Ended April 30,
	2011		2010		2009
Weighted-average common shares outstanding		117,009,362		117,911,160		84,823,849
Weighted-average participating shares outstanding		1,156,389		1,040,274		624,743
Weighted-average shares outstanding		118,165,751		118,951,434		85,448,592
Dilutive effect of stock options		110,335		130,011		98,938
Weighted-average shares outstanding — assuming dilution		118,276,086		119,081,445		85,547,530

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Goodwill and Other Intangible Assets (Tables)

12 Months Ended

Apr. 30, 2011

Goodwill and Other Intangible Assets (Tables) [Abstract]

Summary of changes in the Company's goodwill

A summary of changes in the Company’s goodwill during the years ended April 30, 2011 and 2010, by reportable segment is as follows:

				U.S. Retail		U.S. Retail
	U.S. Retail			Consumer		Oils and		Special
	Coffee Market			Market		Baking Market		Markets		Total
Balance at May 1, 2009	$	1,629,873		$	569,683	$	460,840	$	130,995	$	2,791,391
Acquisitions		5,540			289		—		265		6,094
Foreign currency translation adjustments		—			2,301		1,282		6,662		10,245
Balance at April 30, 2010	$	1,635,413		$	572,273	$	462,122	$	137,922	$	2,807,730
Foreign currency translation adjustments		(47	)		1,138		634		3,291		5,016
Balance at April 30, 2011	$	1,635,366		$	573,411	$	462,756	$	141,213	$	2,812,746

Other intangible assets and related accumulated amortization and impairment charges

The Company’s other intangible assets and related accumulated amortization and impairment charges are as follows:

			April 30, 2011						April 30, 2010
			Accumulated						Accumulated
			Amortization/						Amortization/
	Acquisition		Impairment				Acquisition		Impairment
	Cost		Charges		Net		Cost		Charges		Net
Finite-lived intangible assets subject to amortization:
Customer and contractual relationships	$	1,180,000	$	168,125	$	1,011,875	$	1,180,000	$	95,722	$	1,084,278
Patents and technology		134,970		25,980		108,990		134,970		15,874		119,096
Trademarks		35,153		6,652		28,501		29,222		3,491		25,731
Total intangible assets subject to amortization	$	1,350,123	$	200,757	$	1,149,366	$	1,344,192	$	115,087	$	1,229,105
Indefinite-lived intangible assets not subject to amortization:
Trademarks	$	1,799,862	$	9,218	$	1,790,644	$	1,805,793	$	8,383	$	1,797,410
Total other intangible assets	$	3,149,985	$	209,975	$	2,940,010	$	3,149,985	$	123,470	$	3,026,515

Amortization expense for finite-lived intangible assets was $73,438, $72,417, and $38,094 in 2011, 2010, and 2009, respectively. The weighted-average useful life of the finite-lived intangible assets is 19 years. Based on the amount of intangible assets subject to amortization at April 30, 2011, the estimated amortization expense for each of the succeeding five years is approximately $73,000.

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Pensions and Other Postretirement Benefits (Tables)

12 Months Ended

Apr. 30, 2011

Pensions and Other Postretirement Benefits (Tables) [Abstract]

Net periodic benefit cost

The following table summarizes the components of net periodic benefit cost and the change in accumulated other comprehensive income (loss) related to the defined benefit pension and other postretirement plans.

	Defined Benefit Pension Plans									Other Postretirement Benefits
Year Ended April 30,	2011			2010			2009			2011			2010			2009
Service cost	$	7,504		$	5,755		$	5,871		$	1,620		$	1,525		$	1,892
Interest cost		25,491			24,788			26,263			2,775			2,607			2,540
Expected return on plan assets		(26,848	)		(22,894	)		(29,905	)		—			—			—
Amortization of prior service cost (credit)		1,146			1,362			1,295			(489	)		(489	)		(489	)
Amortization of net actuarial loss (gain)		10,294			6,291			1,360			(536	)		(1,043	)		(730	)
Settlement loss		—			—			9,908			—			—			—
Curtailment		4,095			—			—			—			—			—
Termination benefit cost		8,395			—			—			2,413			—			—
Net periodic benefit cost	$	30,077		$	15,302		$	14,792		$	5,783		$	2,600		$	3,213

Net change for year in OCI

Other changes in plan assets and benefit liabilities recognized in accumulated other comprehensive income (loss) before income taxes:
Prior service cost arising during the year	$	(359	)	$	(1,334	)	$	—		$	(925	)	$	—		$	—
Net actuarial (loss) gain arising during the year		(13,533	)		(13,713	)		(74,195	)		(7,769	)		(3,248	)		4,645
Amortization of prior service cost (credit)		1,146			1,362			1,295			(489	)		(489	)		(489	)
Amortization of net actuarial loss (gain)		10,294			6,291			1,360			(536	)		(1,043	)		(730	)
Curtailment		4,095			—			—			—			—			—
Foreign currency translation		(2,032	)		(5,932	)		2,517			104			173			(231	)
Other adjustments		—			(71	)		—			—			—			—
Net change for year	$	(389	)	$	(13,397	)	$	(69,023	)	$	(9,615	)	$	(4,607	)	$	3,195

Weighted-average assumptions used

Weighted-average assumptions used in determining net periodic benefit costs:
U.S. plans:
Discount rate	5.80	%	7.40	%	6.60	%	5.80	%	7.40	%	6.60	%
Expected return on plan assets	7.50		7.75		7.75		—		—		—
Rate of compensation increase	4.15		3.79		3.84		—		—		—
Canadian plans:
Discount rate	5.30	%	5.40	%	6.10	%	5.30	%	5.40	%	6.10	%
Expected return on plan assets	7.08		7.33		7.25		—		—		—
Rate of compensation increase	4.00		4.00		4.00		—		—		—

The Company uses a measurement date of April 30 to determine defined benefit pension plans and other postretirement benefits’ assets and benefit obligations.

Combined status of the plans

The following table sets forth the combined status of the plans as recognized in the Consolidated Balance Sheets.

	Defined Benefit Pension Plans						Other Postretirement Benefits
April 30,	2011			2010			2011			2010
Change in benefit obligation:
Benefit obligation at beginning of the year	$	450,728		$	362,720		$	45,592		$	38,182
Service cost		7,504			5,755			1,620			1,525
Interest cost		25,491			24,788			2,775			2,607
Amendments		359			1,334			925			—
Actuarial loss		30,276			64,423			7,769			3,248
Participant contributions		498			410			1,077			988
Benefits paid		(30,502	)		(25,296	)		(3,674	)		(2,577	)
Foreign currency translation adjustments		8,446			16,594			1,270			1,602
Curtailment		2,151			—			—			—
Termination benefit cost		8,395			—			2,413			—
Other adjustments		—			—			22			17
Benefit obligation at end of the year	$	503,346		$	450,728		$	59,789		$	45,592
Change in plan assets:
Fair value of plan assets at beginning of the year	$	367,322		$	300,482		$	—		$	—
Actual return on plan assets		45,743			73,604			—			—
Company contributions		16,779			4,436			2,576			1,572
Participant contributions		498			410			1,077			988
Benefits paid		(30,502	)		(25,296	)		(3,674	)		(2,577	)
Foreign currency translation adjustments		7,760			13,756			—			—
Other adjustments		—			(70	)		21			17
Fair value of plan assets at end of the year	$	407,600		$	367,322		$	—		$	—
Funded status of the plans	$	(95,746	)	$	(83,406	)	$	(59,789	)	$	(45,592	)
Other noncurrent assets	$	2,976		$	3,562		$	—		$	—
Defined benefit pensions		(98,722	)		(86,968	)		—			—
Postretirement benefits other than pensions		—			—			(59,789	)		(45,592	)
Net benefit liability	$	(95,746	)	$	(83,406	)	$	(59,789	)	$	(45,592	)

Accumulated other comprehensive (loss) income

The following table summarizes amounts recognized in accumulated other comprehensive income (loss) in the Consolidated Balance Sheets, before income taxes.

	Defined Benefit Pension Plans						Other Postretirement Benefits
April 30,	2011			2010			2011		2010
Net actuarial (loss) gain	$	(134,306	)	$	(131,489	)	$	6,683	$	14,885
Prior service (cost) credit		(4,809	)		(7,237	)		2,129		3,542
Total recognized in accumulated other comprehensive income (loss)	$	(139,115	)	$	(138,726	)	$	8,812	$	18,427

During 2012, the Company expects to recognize amortization of net actuarial losses and prior service cost of $8,973 and $746, respectively, in net periodic benefit cost.

Assumptions used in determining the benefit obligations

The following table sets forth the assumptions used in determining the benefit obligations.

	Defined Benefit Pension Plans						Other Postretirement Benefits
April 30,	2011			2010			2011			2010
Weighted-average assumptions used in determining benefit obligation:
U.S. plans:
Discount rate		5.50	%		5.80	%		5.50	%		5.80	%
Rate of compensation increase		4.14			4.13			—			—
Canadian plans:
Discount rate		5.00	%		5.30	%		5.00	%		5.30	%
Rate of compensation increase		4.00			4.00			—			—

For 2012, the assumed health care trend rates are 8.5 percent and 7.0 percent for the U.S. and Canadian plans, respectively. The rate for participants under age 65 is assumed to decrease to 5.0 percent in 2019 and 4.5 percent in 2017 for the U.S. and Canadian plans, respectively. The health care cost trend rate assumption has a significant effect on the amount of the other postretirement benefits obligation and periodic other postretirement benefits cost reported.

One-percentage point annual change in the assumed health care cost

A one-percentage point annual change in the assumed health care cost trend rate would have the following effect as of April 30, 2011:

	One-Percentage Point
	Increase		Decrease
Effect on total service and interest cost components	$	193	$	(138	)
Effect on benefit obligation		2,792		(2,455	)

Company's Canadian pension and other postretirement benefit plans

The following table sets forth selective information pertaining to the Company’s Canadian pension and other postretirement benefit plans.

	Defined Benefit Pension Plans						Other Postretirement Benefits
Year Ended April 30,	2011			2010			2011			2010
Benefit obligation at end of the year	$	123,600		$	112,672		$	12,898		$	11,586
Fair value of plan assets at end of the year		113,814			99,103			—			—
Funded status of the plans	$	(9,786	)	$	(13,569	)	$	(12,898	)	$	(11,586	)
Service cost	$	1,470		$	1,112		$	34		$	62
Interest cost		5,713			5,491			596			632
Expected return on plan assets		(6,912	)		(5,988	)		—			—
Curtailment		185			—			—			—
Termination benefit cost		933			—			—			—
Company contributions		4,629			1,698			771			665
Participant contributions		498			410			—			—
Benefits paid		(8,595	)		(8,238	)		(771	)		(665	)
Actual return on plan assets		10,419			15,649			—			—
Net periodic benefit cost		6,231			2,746			590			694
Amortization of net actuarial loss (gain)		4,836			2,116			(39	)		—

Additional information related to the Company's defined benefit pension plans

The following table sets forth additional information related to the Company’s defined benefit pension plans.

	April 30,
	2011		2010
Accumulated benefit obligation for all pension plans	$	468,604	$	422,166
Plans with an accumulated benefit obligation in excess of plan assets:
Accumulated benefit obligation		436,329		290,762
Fair value of plan assets		371,895		225,244
Plans with a projected benefit obligation in excess of plan assets:
Projected benefit obligation		473,555		423,270
Fair value of plan assets		374,741		336,454

Major asset classes for the U.S. and Canadian defined benefit pension plans and levels fair value measurements

The following table summarizes the fair value of the major asset classes for the U.S. and Canadian defined benefit pension plans and the levels within the fair value hierarchy in which the fair value measurements fall.

	Quoted Prices in		Significant		Significant
	Active Markets for		Observable		Unobservable
	Identical Assets		Inputs		Inputs		Fair Value at		Fair Value at
	(Level 1)		(Level 2)		(Level 3)		April 30, 2011		April 30, 2010
Cash and cash equivalents(A)	$	6,006	$	—	$	—	$	6,006	$	5,048
Equity securities:
U.S.(B)		82,457		18,930		4,777		106,164		96,405
International(C)		40,189		41,808		—		81,997		72,786
Fixed-income securities:
Bonds(D)		65,126		17,610		—		82,736		86,852
Fixed income(E)		45,515		34,544		—		80,059		63,843
Other types of investments:
Hedge funds(F)		—		—		37,451		37,451		33,163
Private equity funds(G)		—		—		13,187		13,187		9,225
Total financial assets measured at fair value	$	239,293	$	112,892	$	55,415	$	407,600	$	367,322

(A)	This category includes money market holdings classified as Level 1 and valued at fair value.
(B)	This category is invested primarily in a portfolio of common stocks included in the Russell 1000 Index and traded on active exchanges. The Level 1 assets are valued using quoted market prices. The Level 2 assets are funds that consist of equity securities traded on active exchanges. The Level 3 assets are valued at approximate fair value.
(C)	This category is invested primarily in common stocks and other equity securities traded on active exchanges whose issuers are located outside of the U.S. The fund invests primarily in developed countries, but may also invest in emerging markets. The Level 1 assets are valued using quoted market prices. The Level 2 assets are funds that consist of equity securities traded on active exchanges.
(D)	This category seeks to duplicate the return characteristics of high-quality corporate bonds with a duration range of 10 to 13 years. The Level 1 assets are valued using quoted market prices. The Level 2 assets are funds that consist of bonds traded on active exchanges.
(E)	This category is comprised of a core fixed-income fund that invests at least 80 percent of its assets in investment-grade U.S. corporate and government fixed-income securities, including mortgage-backed securities. The Level 1 assets are valued using quoted market prices. The Level 2 assets are funds that consist of fixed-income securities traded on active exchanges.
(F)	This category is comprised of two hedge funds. The funds are classified as Level 3 assets and valued using significant unobservable inputs including the funds’ own assumptions. One of the funds has a one-year lock up which has expired and quarterly liquidity with 65 days notice. The second fund has a two-year lock up on initial and subsequent purchases expiring on December 31, 2011.
(G)	This category is comprised of private equity funds consisting of primary limited partnership interests in corporate finance and venture capital funds. The funds are classified as Level 3 and valued using significant unobservable inputs including the funds’ own assumptions. The funds are not liquid and distributions began in calendar 2010.

Rollforward of activity for Level 3 assets

The following table presents a rollforward of activity for Level 3 assets between May 1, 2010 and April 30, 2011.

	U.S. Equity		Hedge		Private
	Securities		Funds		Equity Funds		Total
Balance at May 1, 2010	$	2,391	$	33,163	$	9,225	$	44,779
Actual return on plan assets still held at reporting date		698		1,988		1,750		4,436
Purchases		1,688		2,300		2,212		6,200
Balance at April 30, 2011	$	4,777	$	37,451	$	13,187	$	55,415

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Share Based Payments (Tables)

12 Months Ended

Apr. 30, 2011

Share Based Payments (Tables) [Abstract]

Summary of the Company's stock option activity and related information

Stock Options: The following table is a summary of the Company’s stock option activity and related information.

				Weighted-Average
	Options			Exercise Price
Outstanding at May 1, 2010		711,987		$	41.06
Exercised		(515,062	)		41.01
Outstanding and exercisable at April 30, 2011		196,925		$	41.18

At April 30, 2011, the weighted-average remaining contractual term for stock options outstanding and exercisable was approximately 2.6 years and the aggregate intrinsic value of these stock options was approximately $6,673.

The total intrinsic value of options exercised during 2011, 2010, and 2009 was approximately $13,355, $5,876, and $2,871, respectively.

Summary of the Company's Restricted shares, Deferred shares, Deferred stock units, and Performance units

Other Equity Awards: The following table is a summary of the Company’s restricted shares, deferred shares, deferred stock units, and performance units.

	Restricted/
	Deferred			Weighted-
	Shares and			Average					Weighted-
	Deferred			Grant Date		Performance			Average
	Stock Units			Fair Value		Units			Fair Value
Outstanding at May 1, 2010		1,078,722		$	44.74		190,010		$	57.37
Granted		303,863			58.32		125,360			77.53
Converted		190,010			57.37		(190,010	)		57.37
Vested		(373,522	)		47.33		—			—
Forfeited		(41,807	)		49.08		—			—
Outstanding at April 30, 2011		1,157,266		$	49.39		125,360		$	77.53

Weighted-Average grant date fair values of the Equity

	Restricted/
	Deferred		Weighted-				Weighted-
	Shares and		Average				Average
	Deferred		Grant Date		Performance		Grant Date
	Stock Units		Fair Value		Units		Fair Value
2011		303,863	$	58.32		125,360	$	77.53
2010		504,580		44.63		190,010		57.37
2009		570,359		42.29		114,440		43.44

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Debt and Financing Arrangements (Tables)

12 Months Ended

Apr. 30, 2011

Debt and Financing Arrangements (Tables) [Abstract]

Long-term debt

Long-term debt consists of the following:

	April 30,
	2011		2010
7.94% Series C Senior Notes due September 1, 2010	$	—	$	10,000
4.78% Senior Notes due June 1, 2014		100,000		100,000
6.12% Senior Notes due November 1, 2015		24,000		24,000
6.63% Senior Notes due November 1, 2018		380,039		376,000
5.55% Senior Notes due April 1, 2022		400,000		400,000
4.50% Senior Notes due June 1, 2025		400,000		—
Total long-term debt	$	1,304,039	$	910,000
Current portion of long-term debt		—		10,000
Total long-term debt, less current portion	$	1,304,039	$	900,000

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Derivative Financial Instruments (Tables)

12 Months Ended

Apr. 30, 2011

Derivative Financial Instruments (Tables) [Abstract]

Fair value of derivative instruments

The following table sets forth the fair value of derivative instruments as recognized in the Consolidated Balance Sheets at April 30, 2011 and 2010.

			April 30, 2011				April 30, 2010
	Other		Other		Other		Other		Other
	Current		Current		Noncurrent		Current		Current
	Assets		Liabilities		Liabilities		Assets		Liabilities
Derivatives designated as hedging instruments:
Commodity contracts	$	3,408	$	—	$	—	$	1,874	$	9
Interest rate contract		5,423		—		1,384		—		—
Total derivatives designated as hedging instruments	$	8,831	$	—	$	1,384	$	1,874	$	9
Derivatives not designated as hedging instruments:
Commodity contracts	$	9,887	$	5,432	$	—	$	2,414	$	599
Foreign currency exchange contracts		317		3,204		—		—		830
Total derivatives not designated as hedging instruments	$	10,204	$	8,636	$	—	$	2,414	$	1,429
Total derivative instruments	$	19,035	$	8,636	$	1,384	$	4,288	$	1,438

The Company has elected to not offset fair value amounts recognized for commodity derivative instruments and its cash margin accounts executed with the same counterparty. The Company maintained cash margin accounts of $12,292 and $5,714 at April 30, 2011 and 2010, respectively, that are included in other current assets in the Consolidated Balance Sheets.

Gains and losses recognized on derivatives designated as cash flow hedges

The following table presents information on gains recognized on derivatives designated as cash flow hedges, all of which hedge commodity price risk.

	Year Ended April 30,
	2011		2010
Gains recognized in other comprehensive income (effective portion)	$	21,082	$	6,029
Gains reclassized from accumulated other comprehensive income (loss) to cost of products sold (effective portion)		14,780		5,395
Change in accumulated other comprehensive income (loss)	$	6,302	$	634
Gains recognized in cost of products sold (ineffective portion)	$	611	$	200

Included as a component of accumulated other comprehensive income (loss) at April 30, 2011 and 2010, were deferred pre-tax gains of $9,430 and $3,128, respectively. The related tax impact recognized in accumulated other comprehensive income (loss) was $3,430 and $1,134 at April 30, 2011 and 2010, respectively. The entire amount of the deferred gain included in accumulated other comprehensive income (loss) at April 30, 2011, is expected to be recognized in earnings within one year as the related inventory is sold.

Gains and losses recognized in cost of products sold on derivatives not designated as qualified hedging instruments

The following table presents the realized and unrealized losses recognized in cost of products sold on derivatives not designated as qualified hedging instruments.

	Year Ended April 30,
	2011		2010
Losses on commodity contracts	$	3,994	$	2,384
Losses on foreign currency exchange contracts		3,290		7,234
Losses recognized in cost of products sold (derivatives not designated as hedging instruments)	$	7,284	$	9,618

Outstanding derivative contracts

The following table presents the gross contract notional value of outstanding derivative contracts at April 30, 2011 and 2010.

	April 30,
	2011		2010
Commodity contracts	$	869,107	$	323,351
Foreign currency exchange contracts		73,158		45,295
Interest rate contract		376,000		—

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Other Financial Instruments and Fair Value Measurements (Tables)

12 Months Ended

Apr. 30, 2011

Other Financial Instruments and Fair Value Measurements (Tables) [Abstract]

Carrying amount and fair value of financial instruments

The following table provides information on the carrying amount and fair value of the Company’s financial instruments.

	April 30, 2011				April 30, 2010
	Carrying				Carrying
	Amount		Fair Value		Amount		Fair Value
Marketable securities	$	18,600	$	18,600	$	—	$	—
Other investments		41,560		41,560		34,895		34,895
Derivative financial instruments, net		9,015		9,015		2,850		2,850
Long-term debt		1,304,039		1,648,614		910,000		1,172,467

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Valuation techniques are based on observable and unobservable inputs. Observable inputs reflect readily obtainable data from independent sources, while unobservable inputs reflect the Company’s market assumptions.

Financial assets (liabilities) measured at fair value on a recurring basis

The following table summarizes the fair values and the levels within the fair value hierarchy in which the fair value measurements fall for the Company’s financial assets (liabilities).

	Quoted Prices in			Significant		Significant
	Active Markets			Observable		Unobservable
	for Identical			Inputs		Inputs		Fair Value at			Fair Value at
	Assets (Level 1)			(Level 2)		(Level 3)		April 30, 2011			April 30, 2010
Marketable securities: (A)
Mortgage-backed securities	$	—		$	18,600	$	—	$	18,600		$	—
Other investments: (B)
Equity mutual funds		14,011			—		—		14,011			11,626
Municipal obligations		—			20,042		—		20,042			16,753
Other investments		464			7,043		—		7,507			6,516
Derivatives: (C)
Commodity contracts, net		7,863			—		—		7,863			3,680
Foreign currency exchange contracts, net		(2,887	)		—		—		(2,887	)		(830	)
Interest rate contract, net		—			4,039		—		4,039			—
Total financial assets measured at fair value	$	19,451		$	49,724	$	—	$	69,175		$	37,745

(A)	The Company’s marketable securities, consisting entirely of mortgage-backed securities, are broker-priced and valued by a third party using an evaluated pricing methodology. An evaluated pricing methodology is a valuation technique which uses inputs that are derived principally from or corroborated by observable market data. For additional information, see Marketable Securities and Other Investments of Note A: Accounting Policies.
(B)	The Company’s other investments consist of funds maintained for the payment of benefits associated with nonqualified retirement plans. The funds include equity securities listed in active markets and municipal bonds valued by a third party using an evaluated pricing methodology. For additional information, see Marketable Securities and Other Investments of Note A: Accounting Policies.
(C)	The Company’s commodity contract and foreign currency exchange contract derivatives are valued using quoted market prices. The Company’s interest rate contract derivative is valued using the income approach, observable Level 2 market expectations at the measurement date, and standard valuation techniques to convert future amounts to a single discounted present value. Level 2 inputs for the interest rate contract are limited to quoted prices for similar assets or liabilities in active markets and inputs other than quoted prices that are observable for the asset or liability. For additional information, see Note M: Derivative Financial Instruments.

Nonfinancial assets adjusted to fair value

The following tables present the Company’s nonfinancial assets adjusted to fair value during the years ended April 30, 2011 and 2010, respectively.

	Carrying								Carrying
	Amount at		Fair Value			Other			Amount at
	May 1, 2010		Adjustment			Adjustments			April 30, 2011
Indefinite-lived trademarks (D)	$	11,896	$	(4,065	)	$	510		$	8,341
Finite-lived customer relationship (D)		18,964		(13,534	)		(222	)		5,208
Total nonfinancial assets adjusted to fair value	$	30,860	$	(17,599	)	$	288		$	13,549

	Carrying								Carrying
	Amount at		Fair Value			Other			Amount at
	May 1, 2009		Adjustment			Adjustments			April 30, 2010
Indefinite-lived trademarks (D)	$	21,370	$	(9,133	)	$	2,315		$	14,552
Finite-lived trademarks (D)		3,012		(2,525	)		(487	)		—
Total nonfinancial assets adjusted to fair value	$	24,382	$	(11,658	)	$	1,828		$	14,552

(D) The Company utilized Level 3 inputs to estimate the fair value of the nonfinancial assets. For additional information, see Note G: Goodwill and Other Intangible Assets.

During 2011 and 2010, the Company recognized fair value adjustments related to the impairment of certain indefinite-lived and finite-lived intangible assets. Other adjustments related to foreign currency exchange and amortization were recognized during the years ended April 30, 2011 and 2010.

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Income Taxes (Tables)

12 Months Ended

Apr. 30, 2011

Income Taxes (Tables) [Abstract]

Deferred tax assets and liabilities

Deferred income taxes reflect the tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax reporting. Significant components of the Company’s deferred tax assets and liabilities are as follows:

	April 30,
	2011			2010
Deferred tax liabilities:
Intangible assets	$	1,025,301		$	1,042,375
Property, plant, and equipment		111,537			121,950
Other		10,016			22,042
Total deferred tax liability	$	1,146,854		$	1,186,367
Deferred tax assets:
Post-employment and other employee benefits	$	84,723		$	69,887
Tax credit and loss carryforwards		4,583			5,049
Intangible assets		3,279			3,984
Other		27,668			21,247
Total deferred tax assets	$	120,253		$	100,167
Valuation allowance for deferred tax assets		(3,324	)		(3,470	)
Total deferred tax assets, less allowance	$	116,929		$	96,697
Net deferred tax liability	$	1,029,925		$	1,089,670

Domestic and foreign loss and credit carryforwards

The following table summarizes domestic and foreign loss and credit carryforwards at April 30, 2011.

	Related Tax		Deferred		Valuation		Expiration
	Deduction		Tax Asset		Allowance		Date
Tax carryforwards:
State loss carryforwards	$	68,869	$	3,407	$	3,187		2012 to 2030
State tax credit carryforwards		—		1,160		—		2018
Foreign jurisdictional tax credit carryforwards		—		16		—		2014
Total tax carryforwards	$	68,869	$	4,583	$	3,187

Income (loss) before income taxes

Income (loss) before income taxes is as follows:

	Year Ended April 30,
	2011			2010		2009
Domestic	$	729,654		$	712,226	$	378,293
Foreign		(12,490	)		18,527		17,772
Income before income taxes	$	717,164		$	730,753	$	396,065

Components of the provision for income taxes

The components of the provision for income taxes are as follows:

	Year Ended April 30,
	2011			2010			2009
Current:
Federal	$	271,361		$	256,444		$	97,182
Foreign		4,554			6,584			1,688
State and local		21,568			12,907			5,717
Deferred:
Federal		(51,011	)		(21,362	)		27,158
Foreign		(7,338	)		(4,386	)		(831	)
State and local		(1,452	)		(13,572	)		(802	)
Total income tax expense	$	237,682		$	236,615		$	130,112

Reconciliation of the statutory federal income tax rate and the effective income tax rate

A reconciliation of the statutory federal income tax rate and the effective income tax rate is as follows:

	Year Ended April 30,
Percent of Pretax Income	2011			2010			2009
Statutory federal income tax rate		35.0	%		35.0	%		35.0	%
State and local income taxes, net of federal income tax benefit		2.2			1.2			0.6
Domestic manufacturing deduction		(3.8	)		(1.9	)		(1.5	)
Other items — net		(0.3	)		(1.9	)		(1.2	)
Effective income tax rate		33.1	%		32.4	%		32.9	%
Income taxes paid	$	365,994		$	212,981		$	69,107

Reconciliation of unrecognized tax benefits

A reconciliation of the Company’s unrecognized tax benefits is as follows:

	2011		2010
Balance at May 1,	$	15,322	$	13,794
Increases:
Current year tax positions		5,237		3,977
Prior year tax positions		4,106		2,353
Foreign currency translation		—		686
Decreases:
Prior year tax positions		271		—
Settlement with tax authorities		31		—
Expiration of statute of limitations periods		3,985		5,488
Foreign currency translation		117		—
Balance at April 30,	$	20,261	$	15,322

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Accumulated Other Comprehensive Income (Loss) (Tables)

12 Months Ended

Apr. 30, 2011

Accumulated Other Comprehensive Income (Loss) (Tables) [Abstract]

Components of accumulated other comprehensive (loss) income

Comprehensive income is included in the Statements of Consolidated Shareholders’ Equity. The components of accumulated other comprehensive income (loss) as shown in the Consolidated Balance Sheets are as follows:

	Foreign			Pension			Unrealized			Unrealized			Accumulated
	Currency			and Other			Gain (Loss) on			Gain on Cash			Other
	Translation			Postretirement			Available-for-			Flow Hedging			Comprehensive
	Adjustment			Liabilities			Sale Securities			Derivatives			Income (Loss)
Balance at May 1, 2008	$	58,086		$	(24,214	)	$	589		$	8,151		$	42,612
Reclassification adjustments		—			—			—			(12,885	)		(12,885	)
Current period (charge) credit		(47,024	)		(65,828	)		(4,384	)		2,494			(114,742	)
Income tax benefit		—			22,349			1,586			3,810			27,745
Balance at April 30, 2009	$	11,062		$	(67,693	)	$	(2,209	)	$	1,570		$	(57,270	)
Reclassification adjustments		—			—			—			(2,494	)		(2,494	)
Current period credit (charge)		45,926			(18,004	)		4,162			3,128			35,212
Income tax benefit (expense)		—			5,691			(1,510	)		(210	)		3,971
Balance at April 30, 2010	$	56,988		$	(80,006	)	$	443		$	1,994		$	(20,581	)
Reclassification adjustments		—			—			—			(3,128	)		(3,128	)
Current period credit (charge)		24,773			(10,004	)		2,124			9,430			26,323
Income tax benefit (expense)		—			4,076			(765	)		(2,296	)		1,015
Balance at April 30, 2011	$	81,761		$	(85,934	)	$	1,802		$	6,000		$	3,629

Income tax benefit (expense) is determined using the applicable deferred tax rate for each component of accumulated other comprehensive income (loss).

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Accounting Policies (Details) (USD $) In Thousands	12 Months Ended
	Apr. 30, 2011	Apr. 30, 2010	Apr. 30, 2009
Share-Based Payments
Share-based compensation expense included in selling, distribution, and administrative expenses	$ 19,896	$ 20,687	$ 14,043
Share-based compensation expense included in merger and integration costs	4,148	5,262	8,062
Share-based compensation expense included in other restructuring costs	290	0	0
Total share-based compensation expense	24,334	25,949	22,105
Related income tax benefit	$ 8,064	$ 8,402	$ 7,261

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Consolidated Balance Sheets (Parenthetical) (USD $)	Apr. 30, 2011	Apr. 30, 2010
Shareholders' Equity
Serial preferred shares, no par value, in USD per share	$ 0	$ 0
Serial preferred shares, shares authorized	3,000,000	3,000,000
Serial preferred shares, shares outstanding	0	0
Common shares, no par value, in USD per share	$ 0	$ 0
Common shares, shares authorized	150,000,000	150,000,000
Common shares, shares outstanding	114,172,122	119,119,152
Treasury shares, shares outstanding	14,432,043	9,485,013

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Accounting Policies (Details 1) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Apr. 30, 2011 PositionsEliminated Facilities RetailMarketSegment UnionContract Votes Plants	Apr. 30, 2010	Apr. 30, 2009
Accounting Policies (Textuals)
Approximate percentage of net sales sold to Wal-Mart Stores, Inc. and subsidiaries	26.00%	27.00%	24.00%
Percentage of sales to be considered to determine major customers	10.00%
Number of U.S. retail market segments that contain major customer sales	3
Amount due from Wal-Mart Stores, Inc. and subsidiaries included in trade receivables	$ 87,623	$ 61,176
Company's total promotional expenditures, including amounts classified as a reduction of net sales, represented approximately in percentage of net sales	26.00%
Advertising Expense	115,066	130,583	77,363
Research and Development Costs	20,981	20,963	14,498
Requisite performance period for share based payments	1 year
Requisite service period for share based payments	4 year
Total unrecognized share-based compensation cost related to nonvested share-based awards	33,703
Weighted-average period of recognition	3
Actual tax deductible benefit realized from share-based compensation	7,310	3,005	2,353
Excess tax benefits realized upon exercise or vesting of share-based compensation	6,990	2,908	2,372
Allowance for doubtful accounts	1,882	1,521
Work-in-process	77,594	49,214
Maximum maturity period of short-term investments to be considered as cash equivalents	3 months
Rent expense	57,572	55,010	36,547
Fair value of available-for-sale marketable securities included in other current assets	18,600
Proceeds from available-for-sale marketable securities realized upon maturity or sale	57,100	13,519	3,013
Fair value of available-for-sale marketable securities included in other noncurrent assets	41,560	34,895
Unrealized gains included in accumulated other comprehensive income (loss) on other investments	2,817	693
Approximate percentage of Company's employees covered by union contracts	32.00%
Number of union contracts expiring in 2012	3
Facilities covered by union contracts	10
Increase (Decrease) in net provision for the allowance for doubtful accounts	361	(480)	1,091
Minimum operating lease obligations in 2012	26,110
Minimum operating lease obligations in 2013	21,887
Minimum operating lease obligations in 2014	18,956
Minimum operating lease obligations in 2015	14,121
Minimum operating lease obligations in 2016 and beyond	$ 22,565
Machinery and Equipment [Member]
Property, Plant and Equipment [Line Items]
Estimated minimum useful life of assets, in years	3
Estimated maximum useful life of assets, in years	20
Capitalized software costs [Member]
Property, Plant and Equipment [Line Items]
Estimated minimum useful life of assets, in years	3
Estimated maximum useful life of assets, in years	7
Buildings, fixtures, and improvements [Member]
Property, Plant and Equipment [Line Items]
Estimated minimum useful life of assets, in years	5
Estimated maximum useful life of assets, in years	40

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Subsequent Event - Rowland Coffee Acquisition (Details) (Acquisition [Member], USD $) In Millions	12 Months Ended
	Apr. 30, 2012	May 16, 2011	Dec. 31, 2010
Acquisition [Member]
Subsequent Event - Rowland Coffee Acquisition (Textuals) [Abstract]
Cost of Acquired Entity		$ 360.0
Net sales generated by the acquired company			110.0
Borrowings under revolving credit facility	$ 180.0

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Folgers Merger (Details) (Folgers coffee company [Member], USD $) In Thousands, except Per Share data	12 Months Ended
	Apr. 30, 2009	Nov. 06, 2008
Folgers coffee company [Member]
Assets acquired
Current assets		$ 300,781
Property, plant, and equipment		316,851
Intangible assets		2,515,000
Goodwill		1,643,636
Other noncurrent assets		4,278
Total assets acquired		4,780,546
Liabilities assumed
Current liabilities		85,795
Deferred tax liabilities		955,235
Other noncurrent liabilities		3,750
Total liabilities assumed		1,044,780
Net assets acquired		3,735,766
The results of the operations of the Folgers business are included in the Company's consolidated financial
Net sales	4,684,746
Net income	$ 359,979
Net income per common share - assuming dilution, in USD per share	$ 3.04

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Folgers Merger (Details 1) (Folgers coffee company [Member], USD $) In Thousands	Nov. 06, 2008
The purchase price allocated to the identifiable intangible assets
Intangible assets with indefinite lives	$ 1,293,000
Total intangible assets	2,515,000
Customer and Contractual Relationships [Member]
The purchase price allocated to the identifiable intangible assets
Customer and contractual relationships (20-year weighted-average useful life)/Technology (14-year weighted-average useful life)	1,089,000
Developed Technology Rights [Member]
The purchase price allocated to the identifiable intangible assets
Customer and contractual relationships (20-year weighted-average useful life)/Technology (14-year weighted-average useful life)	$ 133,000

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Folgers Merger (Details Textual) (USD $)	12 Months Ended					12 Months Ended
	Apr. 30, 2011	Apr. 30, 2009	Apr. 30, 2009 Folgers coffee company [Member]	Apr. 30, 2011 Folgers coffee company [Member]	Nov. 06, 2008 Folgers coffee company [Member]	Apr. 30, 2011 Folgers coffee company [Member] Customer and Contractual Relationships [Member]	Apr. 30, 2011 Folgers coffee company [Member] Developed Technology Rights [Member]
Folgers Merger (Textuals) [Abstract]
Weighted-average useful life of the finite-lived intangible assets [In years]	19					20	14
Common shares issued/received			63,200,000
Common shares value		$ 3,366,353,000	$ 3,366,400,000
Approximate aggregate purchase price					3,735,800,000
Folgers goodwill assigned to the U.S. Retail Coffee Market and Special Markets segments					1,643,636,000
Goodwill not deductible for tax				$ 1,634,300,000

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Restructuring (Details) (USD $) In Thousands	12 Months Ended
	Apr. 30, 2011	Apr. 30, 2010
Restructuring and related charges
Total expected restructuring charge	$ 235,000
Beginning Balance	1,089	0
Charge to expense	101,957	5,711
Cash payments	(30,739)	(752)
Noncash utilization	(62,109)	(3,870)
Ending Balance	10,198	1,089
Remaining expected restructuring charge	127,332
Long-Lived Asset Charges [Member]
Restructuring and related charges
Total expected restructuring charge	118,000
Beginning Balance	0	0
Charge to expense	53,569	3,870
Cash payments	0	0
Noncash utilization	(53,569)	(3,870)
Ending Balance	0	0
Remaining expected restructuring charge	60,561
Employee Separation [Member]
Restructuring and related charges
Total expected restructuring charge	60,000
Beginning Balance	1,089	0
Charge to expense	36,010	1,139
Cash payments	(18,361)	(50)
Noncash utilization	(8,540)	0
Ending Balance	10,198	1,089
Remaining expected restructuring charge	22,851
Site Preparation and Equipment Relocation [Member]
Restructuring and related charges
Total expected restructuring charge	23,500
Beginning Balance	0	0
Charge to expense	6,192	407
Cash payments	(6,192)	(407)
Noncash utilization	0	0
Ending Balance	0	0
Remaining expected restructuring charge	16,901
Production start-up [Member]
Restructuring and related charges
Total expected restructuring charge	23,000
Beginning Balance	0	0
Charge to expense	5,194	16
Cash payments	(5,194)	(16)
Noncash utilization	0	0
Ending Balance	0	0
Remaining expected restructuring charge	17,790
Other Costs [Member]
Restructuring and related charges
Total expected restructuring charge	10,500
Beginning Balance	0	0
Charge to expense	992	279
Cash payments	(992)	(279)
Noncash utilization	0	0
Ending Balance	0	0
Remaining expected restructuring charge	$ 9,229

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Restructuring (Details Textual) (USD $)	12 Months Ended
	Apr. 30, 2011 PositionsEliminated Facilities RetailMarketSegment UnionContract Votes Plants	Apr. 30, 2010	Apr. 30, 2009
Restructuring (Textuals) [Abstract]
Expected restructuring costs - March 2010 announcement	$ 190,000,000
Expected restructuring costs - September 2010 announcement	45,000,000
Total expected restructuring charge	235,000,000
Restructuring costs incurred announcement-to-date	107,700,000
Total restructuring charges	101,957,000	5,711,000
Reduction in position due to restructuring	850
Cost of products sold restructuring	54,089,000	3,870,000	0
Plants announced to be closed	6
Years over which balance of restructuring costs will be incurred	3
Approximate total restructuring costs related to the Company's divested Canadian businesses	47,868,000	1,841,000	10,229,000
Other noncash restructuring charges	$ 8,540,000	$ 0	$ 9,093,000

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Reportable Segments (Details) (USD $) In Thousands	12 Months Ended
	Apr. 30, 2011	Apr. 30, 2010	Apr. 30, 2009
Net sales:
Total net sales	$ 4,825,743	$ 4,605,289	$ 3,757,933
Segment profit:
Total segment profit	1,102,168	1,032,131	682,526
Interest income	2,512	2,793	6,993
Interest expense	(69,594)	(65,187)	(62,478)
Share-based compensation expense	(19,896)	(20,687)	(14,043)
Merger and integration costs	(11,194)	(33,692)	(72,666)
Cost of products sold - restructuring	(54,089)	(3,870)	0
Other restructuring costs	(47,868)	(1,841)	(10,229)
Corporate administrative expenses	(184,849)	(181,132)	(133,313)
Other (expense) income - net	(26)	2,238	(725)
Income Before Income Taxes	717,164	730,753	396,065
U.S. Retail Coffee Market [Member]
Net sales:
Total net sales	1,930,869	1,700,458	855,571
Segment profit:
Total segment profit	536,133	484,006	211,113
U.S. Retail Consumer Market [Member]
Net sales:
Total net sales	1,091,595	1,125,280	1,103,264
Segment profit:
Total segment profit	294,970	285,223	249,439
U.S. Retail Oils and Baking Market [Member]
Net sales:
Total net sales	888,008	905,719	995,474
Segment profit:
Total segment profit	116,624	127,954	116,946
Special Markets [Member]
Net sales:
Total net sales	915,271	873,832	803,624
Segment profit:
Total segment profit	$ 154,441	$ 134,948	$ 105,028

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Reportable Segments (Details 1) (USD $) In Thousands	12 Months Ended
	Apr. 30, 2011	Apr. 30, 2010	Apr. 30, 2009
Net sales:
Domestic	$ 4,358,091	$ 4,167,042	$ 3,353,362
Total International	467,652	438,247	404,571
Total net sales	4,825,743	4,605,289	3,757,933
Assets:
Total assets	8,324,585	7,974,853	8,192,161
Long-lived assets:
Domestic	6,502,749	6,543,440	6,406,085
Total international	184,837	207,783	387,185
Total long-lived assets	6,687,586	6,751,223	6,793,270
Domestic [Member]
Assets:
Total assets	7,912,311	7,591,931	7,670,192
Canada [Member]
Net sales:
Total International	409,710	385,870	356,300
Assets:
Total assets	406,576	376,788	514,993
Long-lived assets:
Total international	184,624	207,517	386,948
All other international [Member]
Net sales:
Total International	57,942	52,377	48,271
Assets:
Total assets	5,698	6,134	6,976
Long-lived assets:
Total international	213	266	237
Total international [Member]
Assets:
Total assets	$ 412,274	$ 382,922	$ 521,969

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Reportable Segments (Details 2)	12 Months Ended
	Apr. 30, 2011	Apr. 30, 2010	Apr. 30, 2009
Product sales information
Total product sales	100.00%	100.00%	100.00%
Coffee [Member]
Product sales information
Total product sales	44.00%	40.00%	25.00%
Peanut Butter [Member]
Product sales information
Total product sales	12.00%	12.00%	14.00%
Fruit Spreads [Member]
Product sales information
Total product sales	8.00%	8.00%	9.00%
Shortening and oils [Member]
Product sales information
Total product sales	7.00%	8.00%	11.00%
Baking Mixes And Frostings [Member]
Product sales information
Total product sales	6.00%	6.00%	8.00%
Canned Milk [Member]
Product sales information
Total product sales	5.00%	5.00%	7.00%
Flour and baking ingredients [Member]
Product sales information
Total product sales	5.00%	5.00%	7.00%
Portion Control [Member]
Product sales information
Total product sales	3.00%	3.00%	4.00%
Juices And Beverages [Member]
Product sales information
Total product sales	3.00%	3.00%	3.00%
Uncrustables Frozen Sandwiches [Member]
Product sales information
Total product sales	2.00%	3.00%	3.00%
Toppings And Syrups [Member]
Product sales information
Total product sales	2.00%	2.00%	3.00%
Other Product [Member]
Product sales information
Total product sales	3.00%	5.00%	6.00%

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Statements of Consolidated Cash Flows (USD $) In Thousands	12 Months Ended
	Apr. 30, 2011	Apr. 30, 2010	Apr. 30, 2009
Operating Activities
Net income	$ 479,482	$ 494,138	$ 265,953
Adjustments to reconcile net income to net cash provided by operations:
Depreciation	112,226	108,225	79,450
Depreciation- restructuring	53,569	3,870	0
Amortization	73,844	73,657	38,823
Impairment charges	17,599	11,658	1,491
Share-based compensation expense	24,044	25,949	22,105
Other noncash restructuring charges	8,540	0	9,093
Loss (gain) on sale of assets - net	2,867	(7,831)	2,165
Deferred income tax (benefit) expense	(59,801)	(39,320)	25,525
Changes in assets and liabilities, net of effect from businesses acquired:
Trade receivables	(102,625)	31,521	(78,631)
Inventories	(204,159)	(46,160)	34,669
Other current assets	(45,649)	3,461	38,792
Accounts payable and accrued items	84,633	(34,620)	67,883
Defined benefit pension contributions	(16,779)	(4,436)	(34,665)
Income taxes	(66,187)	55,449	22,941
Other - net	29,958	37,917	(48,601)
Net Cash Provided by Operating Activities	391,562	713,478	446,993
Investing Activities
Businesses acquired, net of cash acquired	0	0	(77,335)
Additions to property, plant, and equipment	(180,080)	(136,983)	(108,907)
Proceeds from sale of businesses	0	19,554	0
Purchases of marketable securities	(75,637)	0	0
Sales and maturities of marketable securities	57,100	13,519	3,013
Proceeds from disposal of property, plant, and equipment	5,830	205	800
Other - net	(126)	(738)	5,448
Net Cash Used for Investing Activities	(192,913)	(104,443)	(176,981)
Financing Activities
Repayment of bank note payable	0	(350,000)	0
Repayments of long-term debt	(10,000)	(275,000)	0
Proceeds from long-term debt	400,000	0	400,000
Quarterly dividends paid	(194,024)	(166,224)	(110,668)
Special dividends paid	0	0	(274,208)
Purchase of treasury shares	(389,135)	(5,569)	(4,025)
Proceeds from stock option exercises	14,525	6,413	1,976
Other - net	8,215	1,832	(474)
Net Cash (Used for) Provided by Financing Activities	(170,419)	(788,548)	12,601
Effect of exchange rate changes on cash	8,045	6,390	2,539
Net increase (decrease) in cash and cash equivalents	36,275	(173,123)	285,152
Cash and cash equivalents at beginning of year	283,570	456,693	171,541
Cash and Cash Equivalents at End of Year	$ 319,845	$ 283,570	$ 456,693

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Reportable Segments (Details Textual)	12 Months Ended
	Apr. 30, 2011
Reportable Segments (Textuals) [Abstract]
Number of reportable segments	4
Number of industries in which company operates	1

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Earnings per Share (Details) (USD $) In Thousands, except Share data	12 Months Ended
	Apr. 30, 2011	Apr. 30, 2010	Apr. 30, 2009
Computation of net income per share:
Net income	$ 479,482	$ 494,138	$ 265,953
Net income allocated to participating securities	4,692	4,321	1,944
Net income allocated to common stockholders	474,790	489,817	264,009
Weighted-average common shares outstanding	117,009,362	117,911,160	84,823,849
Net income per common share, in USD per Share	$ 4.06	$ 4.15	$ 3.11
Computation of net income per share - assuming dilution:
Net income	479,482	494,138	265,953
Net income allocated to participating securities	4,690	4,318	1,947
Net income allocated to common stockholders	$ 474,792	$ 489,820	$ 264,006
Weighted-average common shares outstanding	117,009,362	117,911,160	84,823,849
Dilutive effect of stock options, in shares	110,335	130,011	98,938
'Weighted-average common shares outstanding - assuming dilution	117,119,697	118,041,171	84,922,787
Net income per common share - assuming dilution, in USD per Share	$ 4.05	$ 4.15	$ 3.11
Weighted-average common shares, basic and diluted
Weighted-average common shares outstanding	117,009,362	117,911,160	84,823,849
Weighted Average Participating Shares Outstanding	1,156,389	1,040,274	624,743
Weighted-average shares outstanding	118,165,751	118,951,434	85,448,592
Dilutive effect of stock options, in shares	110,335	130,011	98,938
Weighted-average shares outstanding - assuming dilution	118,276,086	119,081,445	85,547,530

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Earnings per Share (Details Textual) (USD $)	Apr. 30, 2009
Earnings per Share (Textuals) [Abstract]
Reduction in Net Income Per Common Share Due to Two-Class Method	$ 0.03
Reduction In Net Income Per Common Share Assuming Dilution Due To Two Class Method	$ 0.01

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Goodwill and Other Intangible Assets (Details) (USD $) In Thousands	12 Months Ended
	Apr. 30, 2011	Apr. 30, 2010
Summary of changes in the Company's goodwill
Goodwill, Beginning Balance	$ 2,807,730	$ 2,791,391
Acquisitions		6,094
Foreign currency translation adjustments	5,016	10,245
Goodwill, Ending Balance	2,812,746	2,807,730
U.S. Retail Coffee Market [Member]
Summary of changes in the Company's goodwill
Goodwill, Beginning Balance	1,635,413	1,629,873
Acquisitions		5,540
Foreign currency translation adjustments	(47)	0
Goodwill, Ending Balance	1,635,366	1,635,413
U.S. Retail Consumer Market [Member]
Summary of changes in the Company's goodwill
Goodwill, Beginning Balance	572,273	569,683
Acquisitions		289
Foreign currency translation adjustments	1,138	2,301
Goodwill, Ending Balance	573,411	572,273
U.S. Retail Oils and Baking Market [Member]
Summary of changes in the Company's goodwill
Goodwill, Beginning Balance	462,122	460,840
Acquisitions		0
Foreign currency translation adjustments	634	1,282
Goodwill, Ending Balance	462,756	462,122
Special Markets [Member]
Summary of changes in the Company's goodwill
Goodwill, Beginning Balance	137,922	130,995
Acquisitions		265
Foreign currency translation adjustments	3,291	6,662
Goodwill, Ending Balance	$ 141,213	$ 137,922

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Goodwill and Other Intangible Assets (Details 1) (USD $) In Thousands	Apr. 30, 2011	Apr. 30, 2010
Finite-lived intangible assets subject to amortization:
Finite-lived intangible assets subject to amortization, acquisition cost	$ 1,350,123	$ 1,344,192
Finite-lived intangible assets subject to amortization, accumulated amortization/ impairment charges	200,757	115,087
Finite-lived intangible assets subject to amortization, net	1,149,366	1,229,105
Indefinite-lived intangible assets not subject to amortization:
Total other intangible assets acquisition cost	3,149,985	3,149,985
Total other intangible assets accumulated amortization/impairment charges	209,975	123,470
Other intangible assets, net	2,940,010	3,026,515
Customer and Contractual Relationships [Member]
Finite-lived intangible assets subject to amortization:
Finite-lived intangible assets subject to amortization, acquisition cost	1,180,000	1,180,000
Finite-lived intangible assets subject to amortization, accumulated amortization/ impairment charges	168,125	95,722
Finite-lived intangible assets subject to amortization, net	1,011,875	1,084,278
Patented Technology [Member]
Finite-lived intangible assets subject to amortization:
Finite-lived intangible assets subject to amortization, acquisition cost	134,970	134,970
Finite-lived intangible assets subject to amortization, accumulated amortization/ impairment charges	25,980	15,874
Finite-lived intangible assets subject to amortization, net	108,990	119,096
Finite-Lived Trademarks [Member]
Finite-lived intangible assets subject to amortization:
Finite-lived intangible assets subject to amortization, acquisition cost	35,153	29,222
Finite-lived intangible assets subject to amortization, accumulated amortization/ impairment charges	6,652	3,491
Finite-lived intangible assets subject to amortization, net	28,501	25,731
Indefinite-Lived Trademark [Member]
Indefinite-lived intangible assets not subject to amortization:
Indefinite-lived intangible assets not subject to amortization, acquisition cost	1,799,862	1,805,793
Indefinite-lived intangible assets not subject to amortization, accumulated amortization/ impairment charges	9,218	8,383
Indefinite-lived intangible assets not subject to amortization, net	$ 1,790,644	$ 1,797,410

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Goodwill and Other Intangible Assets (Details Textual) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Apr. 30, 2011	Apr. 30, 2010	Apr. 30, 2009
Goodwill and Other Intangible Assets (Textuals) [Abstract]
Amortization expense for finite-lived intangible assets	$ 73,438	$ 72,417	$ 38,094
Weighted-average useful life of the finite-lived intangible assets [In years]	19
Estimated amortization expense for year one	73,000
Estimated amortization expense for year two	73,000
Estimated amortization expense for year three	73,000
Estimated amortization expense for year four	73,000
Estimated amortization expense for year five	73,000
Impairment charges	17,599	11,658	1,491
Europe's Best Trademark [Member]
Indefinite-lived Intangible Assets by Major Class [Line Items]
Impairment charge recognized	3,621	7,282
Customer Relationships [Member]
Finite-Lived Intangible Assets [Line Items]
Impairment charge recognized to reduce the carrying value of the customer relationship to its estimated fair value	$ (13,534)

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Pensions and Other Postretirement Benefits (Details) (USD $) In Thousands	12 Months Ended
	Apr. 30, 2011	Apr. 30, 2010	Apr. 30, 2009
Defined Benefit Pension Plans [Member]
Net periodic benefit cost
Service cost	$ 7,504	$ 5,755	$ 5,871
Interest cost	25,491	24,788	26,263
Expected return on plan assets	(26,848)	(22,894)	(29,905)
Amortization of prior service cost (credit)	1,146	1,362	1,295
Amortization of net actuarial loss (gain)	10,294	6,291	1,360
Settlement loss	0	0	9,908
Curtailment	4,095	0	0
Termination benefit cost	8,395	0	0
Net periodic benefit cost	30,077	15,302	14,792
Other Postretirement Benefits [Member]
Net periodic benefit cost
Service cost	1,620	1,525	1,892
Interest cost	2,775	2,607	2,540
Expected return on plan assets	0	0	0
Amortization of prior service cost (credit)	(489)	(489)	(489)
Amortization of net actuarial loss (gain)	(536)	(1,043)	(730)
Settlement loss	0	0	0
Curtailment	0	0	0
Termination benefit cost	2,413	0	0
Net periodic benefit cost	$ 5,783	$ 2,600	$ 3,213

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Pensions and Other Postretirement Benefits (Details 1) (USD $) In Thousands	12 Months Ended
	Apr. 30, 2011	Apr. 30, 2010	Apr. 30, 2009
Defined Benefit Pension Plans [Member]
Net change for year in OCI
Prior Service Cost arising during year	$ 359	$ 1,334	$ 0
Net actuarial (loss) gain arising during the year	(13,533)	(13,713)	(74,195)
Amortization of prior service cost (credit)	1,146	1,362	1,295
Amortization of net actuarial loss (gain)	10,294	6,291	1,360
Curtailment	4,095	0	0
Foreign currency translation	(2,032)	(5,932)	2,517
Other adjustments	0	(71)	0
Net change for year	(389)	(13,397)	(69,023)
Prior Service Cost arising during year	(359)	(1,334)	0
Net actuarial (loss) gain arising during the year	(13,533)	(13,713)	(74,195)
Other Postretirement Benefits [Member]
Net change for year in OCI
Prior Service Cost arising during year	925	0	0
Net actuarial (loss) gain arising during the year	(7,769)	(3,248)	4,645
Amortization of prior service cost (credit)	(489)	(489)	(489)
Amortization of net actuarial loss (gain)	(536)	(1,043)	(730)
Curtailment	0	0	0
Foreign currency translation	104	173	(231)
Other adjustments	0	0	0
Net change for year	(9,615)	(4,607)	3,195
Prior Service Cost arising during year	(925)	0	0
Net actuarial (loss) gain arising during the year	$ (7,769)	$ (3,248)	$ 4,645

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Pensions and Other Postretirement Benefits (Details 2)	12 Months Ended
	Apr. 30, 2011	Apr. 30, 2010	Apr. 30, 2009
Defined Benefit Pension Plans [Member] | U.S. plans [Member]
Weighted-average assumptions used
Discount rate	5.80%	7.40%	6.60%
Expected return on plan assets	7.50%	7.75%	7.75%
Rate of compensation increase	4.15%	3.79%	3.84%
Defined Benefit Pension Plans [Member] | Canadian plans [Member]
Weighted-average assumptions used
Discount rate	5.30%	5.40%	6.10%
Expected return on plan assets	7.08%	7.33%	7.25%
Rate of compensation increase	4.00%	4.00%	4.00%
Other Postretirement Benefits [Member] | U.S. plans [Member]
Weighted-average assumptions used
Discount rate	5.80%	7.40%	6.60%
Expected return on plan assets	0.00%	0.00%	0.00%
Rate of compensation increase	0.00%	0.00%	0.00%
Other Postretirement Benefits [Member] | Canadian plans [Member]
Weighted-average assumptions used
Discount rate	5.30%	5.40%	6.10%
Expected return on plan assets	0.00%	0.00%	0.00%
Rate of compensation increase	0.00%	0.00%	0.00%

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Pensions and Other Postretirement Benefits (Details 3) (USD $) In Thousands	12 Months Ended
	Apr. 30, 2011	Apr. 30, 2010	Apr. 30, 2009
Change in plan assets:
Company contributions	$ (16,779)	$ (4,436)	$ (34,665)
Defined benefit pensions	(98,722)	(86,968)
Postretirement benefits other than pensions	(59,789)	(45,592)
Defined Benefit Pension Plans [Member]
Change in benefit obligation:
Benefit obligation at beginning of the year	450,728	362,720
Service cost	7,504	5,755	5,871
Interest cost	25,491	24,788	26,263
Amendments	359	1,334
Actuarial loss	30,276	64,423
Participant contributions	498	410
Benefits paid	(30,502)	(25,296)
Foreign currency translation adjustments	8,446	16,594
Curtailment loss	(4,095)	0	0
Curtailment	2,151	0
Termination benefit cost	8,395	0	0
Other adjustments	0	0
Benefit obligation at end of the year	503,346	450,728	362,720
Change in plan assets:
Fair value of plan assets at beginning of year	367,322	300,482
Actual return on plan assets	45,743	73,604
Company contributions	16,779	4,436
Participant contributions	498	410
Benefits paid	(30,502)	(25,296)
Foreign currency translation adjustments	7,760	13,756
Other adjustments	0	(70)
Fair value of plan assets at end of year	407,600	367,322	300,482
Funded status of the plans	(95,746)	(83,406)
Other noncurrent assets	2,976	3,562
Defined benefit pensions	(98,722)	(86,968)
Postretirement benefits other than pensions	0	0
Net benefit liability	(95,746)	(83,406)
Other Postretirement Benefits [Member]
Change in benefit obligation:
Benefit obligation at beginning of the year	45,592	38,182
Service cost	1,620	1,525	1,892
Interest cost	2,775	2,607	2,540
Amendments	925	0
Actuarial loss	7,769	3,248
Participant contributions	1,077	988
Benefits paid	(3,674)	(2,577)
Foreign currency translation adjustments	1,270	1,602
Curtailment loss	0	0	0
Curtailment	0	0
Termination benefit cost	2,413	0	0
Other adjustments	22	17
Benefit obligation at end of the year	59,789	45,592	38,182
Change in plan assets:
Fair value of plan assets at beginning of year	0	0
Actual return on plan assets	0	0
Company contributions	2,576	1,572
Participant contributions	1,077	988
Benefits paid	(3,674)	(2,577)
Foreign currency translation adjustments	0	0
Other adjustments	21	17
Fair value of plan assets at end of year	0	0	0
Funded status of the plans	(59,789)	(45,592)
Other noncurrent assets	0	0
Defined benefit pensions	0	0
Postretirement benefits other than pensions	(59,789)	(45,592)
Net benefit liability	$ (59,789)	$ (45,592)

XML



Statements of Consolidated Shareholders' Equity (USD $) In Thousands, except Share data	Total USD ($)	Common Shares Outstanding	Common Shares USD ($)	Additional Capital USD ($)	Retained Income USD ($)	Amount Due from ESOP Trust USD ($)	Accumulated Other Comprehensive Income (Loss) USD ($)
Beginning Balance at Apr. 30, 2008	$ 1,799,853		$ 13,656	$ 1,181,645	$ 567,419	$ (5,479)	$ 42,612
Beginning Balance, shares at Apr. 30, 2008		54,622,612
Net income	265,953				265,953
Foreign currency translation adjustment	(47,024)						(47,024)
Pensions and other postretirement liabilities	(43,479)						(43,479)
Unrealized (loss) gain on available-for-sale securities	(2,798)						(2,798)
Unrealized (loss) gain on cash flow hedging derivatives	(6,581)						(6,581)
Comprehensive Income	166,071
Purchase of treasury shares	(4,025)		(20)	(3,982)	(23)
Purchase of treasury shares, shares		(81,685)
Purchase business combination	3,366,353		15,792	3,350,561
Purchase business combination, shares		63,166,532
Stock plans	17,522		178	17,344
Stock plans, shares		714,664
Cash dividends declared	(408,845)				(408,845)
Tax benefit of stock plans	2,353			2,353
Other	649					649
Ending Balance at Apr. 30, 2009	4,939,931		29,606	4,547,921	424,504	(4,830)	(57,270)
Ending Balance, shares at Apr. 30, 2009		118,422,123
Net income	494,138				494,138
Foreign currency translation adjustment	45,926						45,926
Pensions and other postretirement liabilities	(12,313)						(12,313)
Unrealized (loss) gain on available-for-sale securities	2,652						2,652
Unrealized (loss) gain on cash flow hedging derivatives	424						424
Comprehensive Income	530,827
Purchase of treasury shares	(5,569)		(31)	(5,383)	(155)
Purchase of treasury shares, shares		(122,483)
Stock plans	29,789		205	29,584
Stock plans, shares		819,512
Cash dividends declared	(172,424)				(172,424)
Tax benefit of stock plans	3,005			3,005
Other	761					761
Ending Balance at Apr. 30, 2010	5,326,320		29,780	4,575,127	746,063	(4,069)	(20,581)
Ending Balance, shares at Apr. 30, 2010	119,119,152	119,119,152
Net income	479,482				479,482
Foreign currency translation adjustment	24,773						24,773
Pensions and other postretirement liabilities	(5,928)						(5,928)
Unrealized (loss) gain on available-for-sale securities	1,359						1,359
Unrealized (loss) gain on cash flow hedging derivatives	4,006						4,006
Comprehensive Income	503,692
Purchase of treasury shares	(389,135)		(1,458)	(225,677)	(162,000)
Purchase of treasury shares, shares		(5,832,423)
Stock plans	40,053		221	39,832
Stock plans, shares		885,393
Cash dividends declared	(196,612)				(196,612)
Tax benefit of stock plans	7,310			7,310
Other	735					735
Ending Balance at Apr. 30, 2011	$ 5,292,363		$ 28,543	$ 4,396,592	$ 866,933	$ (3,334)	$ 3,629
Ending Balance, shares at Apr. 30, 2011	114,172,122	114,172,122

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Pensions and Other Postretirement Benefits (Details 4) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Apr. 30, 2011	Apr. 30, 2011 Defined Benefit Pension Plans [Member]	Apr. 30, 2010 Defined Benefit Pension Plans [Member]	Apr. 30, 2011 Defined Benefit Pension Plans [Member] U.S. plans [Member]	Apr. 30, 2010 Defined Benefit Pension Plans [Member] U.S. plans [Member]	Apr. 30, 2011 Defined Benefit Pension Plans [Member] Canadian plans [Member]	Apr. 30, 2010 Defined Benefit Pension Plans [Member] Canadian plans [Member]	Apr. 30, 2011 Other Postretirement Benefits [Member]	Apr. 30, 2010 Other Postretirement Benefits [Member]	Apr. 30, 2011 Other Postretirement Benefits [Member] U.S. plans [Member]	Apr. 30, 2010 Other Postretirement Benefits [Member] U.S. plans [Member]	Apr. 30, 2011 Other Postretirement Benefits [Member] Canadian plans [Member]	Apr. 30, 2010 Other Postretirement Benefits [Member] Canadian plans [Member]
Accumulated other comprehensive (loss) income
Net actuarial (loss) gain		$ (134,306)	$ (131,489)					$ 6,683	$ 14,885
Prior service (cost) credit		(4,809)	(7,237)					2,129	3,542
Total recognized in accumulated other comprehensive (loss) income		139,115	138,726					(8,812)	(18,427)
Assumptions used in determining the benefit obligations
Discount rate				5.50%	5.80%	5.00%	5.30%			5.50%	5.80%	5.00%	5.30%
Rate of compensation increase				4.14%	4.13%	4.00%	4.00%			0.00%	0.00%	0.00%	0.00%
One-percentage point annual change in the assumed health care cost
Effect on total service and interest cost components, Increase	193
Effect on total service and interest cost components, Decrease	(138)
Effect on benefit obligation, increase	2,792
Effect on benefit obligation, decrease	$ (2,455)

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Pensions and Other Postretirement Benefits (Details 5) (USD $) In Thousands	12 Months Ended
	Apr. 30, 2011	Apr. 30, 2010	Apr. 30, 2009
Company's Canadian pension and other postretirement benefit plans
Company contributions	$ (16,779)	$ (4,436)	$ (34,665)
Defined Benefit Pension Plans [Member]
Company's Canadian pension and other postretirement benefit plans
Benefit obligation at end of the year	503,346	450,728	362,720
Fair value of plan assets at end of the year	407,600	367,322	300,482
Funded status of the plans	(95,746)	(83,406)
Service cost	7,504	5,755	5,871
Interest cost	25,491	24,788	26,263
Expected return on plan assets	26,848	22,894	29,905
Curtailment	4,095	0	0
Termination benefit cost	8,395	0	0
Company contributions	16,779	4,436
Participant contributions	498	410
Benefits paid	(30,502)	(25,296)
Actual return on plan assets	45,743	73,604
Net periodic benefit cost	30,077	15,302	14,792
Amortization of net actuarial loss (gain)	(10,294)	(6,291)	(1,360)
Defined Benefit Pension Plans [Member] | Canadian plans [Member]
Company's Canadian pension and other postretirement benefit plans
Benefit obligation at end of the year	123,600	112,672
Fair value of plan assets at end of the year	113,814	99,103
Funded status of the plans	(9,786)	(13,569)
Service cost	1,470	1,112
Interest cost	5,713	5,491
Expected return on plan assets	6,912	5,988
Curtailment	185	0
Termination benefit cost	933	0
Company contributions	4,629	1,698
Participant contributions	498	410
Benefits paid	(8,595)	(8,238)
Actual return on plan assets	10,419	15,649
Net periodic benefit cost	6,231	2,746
Amortization of net actuarial loss (gain)	4,836	2,116
Other Postretirement Benefits [Member]
Company's Canadian pension and other postretirement benefit plans
Benefit obligation at end of the year	59,789	45,592	38,182
Fair value of plan assets at end of the year	0	0	0
Funded status of the plans	(59,789)	(45,592)
Service cost	1,620	1,525	1,892
Interest cost	2,775	2,607	2,540
Expected return on plan assets	0	0	0
Curtailment	0	0	0
Termination benefit cost	2,413	0	0
Company contributions	2,576	1,572
Participant contributions	1,077	988
Benefits paid	(3,674)	(2,577)
Actual return on plan assets	0	0
Net periodic benefit cost	5,783	2,600	3,213
Amortization of net actuarial loss (gain)	536	1,043	730
Other Postretirement Benefits [Member] | Canadian plans [Member]
Company's Canadian pension and other postretirement benefit plans
Benefit obligation at end of the year	12,898	11,586
Fair value of plan assets at end of the year	0	0
Funded status of the plans	(12,898)	(11,586)
Service cost	34	62
Interest cost	596	632
Expected return on plan assets	0	0
Curtailment	0	0
Termination benefit cost	0	0
Company contributions	771	665
Participant contributions	0	0
Benefits paid	(771)	(665)
Actual return on plan assets	0	0
Net periodic benefit cost	590	694
Amortization of net actuarial loss (gain)	$ (39)	$ 0

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Pensions and Other Postretirement Benefits (Details 6) (Defined Benefit Pension Plans [Member], USD $) In Thousands	Apr. 30, 2011	Apr. 30, 2010
Defined Benefit Pension Plans [Member]
Additional information related to the Company's defined benefit pension plans
Accumulated benefit obligation for all pension plans	$ 468,604	$ 422,166
Plans with an accumulated benefit obligation in excess of plan assets:
Accumulated benefit obligation	436,329	290,762
Fair value of plan assets	371,895	225,244
Plans with a projected benefit obligation in excess of plan assets:
Projected benefit obligation	473,555	423,270
Fair value of plan assets	$ 374,741	$ 336,454

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Pensions and Other Postretirement Benefits (Details 7) (USD $) In Thousands	Apr. 30, 2011	Apr. 30, 2010	Apr. 30, 2009
Defined Benefit Pension Plans [Member]
Major asset classes for the U.S. and Canadian defined benefit pension plans and levels fair value measurements
Total financial assets measured at fair value	$ 407,600	$ 367,322	$ 300,482
Defined Benefit Pension Plans [Member] | Cash and cash equivalents [Member]
Major asset classes for the U.S. and Canadian defined benefit pension plans and levels fair value measurements
Total financial assets measured at fair value	6,006	5,048
Defined Benefit Pension Plans [Member] | Cash and cash equivalents [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
Major asset classes for the U.S. and Canadian defined benefit pension plans and levels fair value measurements
Total financial assets measured at fair value	6,006
Defined Benefit Pension Plans [Member] | Cash and cash equivalents [Member] | Significant Observable Inputs (Level 2) [Member]
Major asset classes for the U.S. and Canadian defined benefit pension plans and levels fair value measurements
Total financial assets measured at fair value	0
Defined Benefit Pension Plans [Member] | Cash and cash equivalents [Member] | Significant Unobservable Inputs (Level 3) [Member]
Major asset classes for the U.S. and Canadian defined benefit pension plans and levels fair value measurements
Total financial assets measured at fair value	0
Defined Benefit Pension Plans [Member] | U.S. Equity Securities [Member]
Major asset classes for the U.S. and Canadian defined benefit pension plans and levels fair value measurements
Total financial assets measured at fair value	106,164	96,405
Defined Benefit Pension Plans [Member] | U.S. Equity Securities [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
Major asset classes for the U.S. and Canadian defined benefit pension plans and levels fair value measurements
Total financial assets measured at fair value	82,457
Defined Benefit Pension Plans [Member] | U.S. Equity Securities [Member] | Significant Observable Inputs (Level 2) [Member]
Major asset classes for the U.S. and Canadian defined benefit pension plans and levels fair value measurements
Total financial assets measured at fair value	18,930
Defined Benefit Pension Plans [Member] | U.S. Equity Securities [Member] | Significant Unobservable Inputs (Level 3) [Member]
Major asset classes for the U.S. and Canadian defined benefit pension plans and levels fair value measurements
Total financial assets measured at fair value	4,777
Defined Benefit Pension Plans [Member] | International Equity Securities [Member]
Major asset classes for the U.S. and Canadian defined benefit pension plans and levels fair value measurements
Total financial assets measured at fair value	81,997	72,786
Defined Benefit Pension Plans [Member] | International Equity Securities [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
Major asset classes for the U.S. and Canadian defined benefit pension plans and levels fair value measurements
Total financial assets measured at fair value	40,189
Defined Benefit Pension Plans [Member] | International Equity Securities [Member] | Significant Observable Inputs (Level 2) [Member]
Major asset classes for the U.S. and Canadian defined benefit pension plans and levels fair value measurements
Total financial assets measured at fair value	41,808
Defined Benefit Pension Plans [Member] | International Equity Securities [Member] | Significant Unobservable Inputs (Level 3) [Member]
Major asset classes for the U.S. and Canadian defined benefit pension plans and levels fair value measurements
Total financial assets measured at fair value	0
Defined Benefit Pension Plans [Member] | Bonds [Member]
Major asset classes for the U.S. and Canadian defined benefit pension plans and levels fair value measurements
Total financial assets measured at fair value	82,736	86,852
Defined Benefit Pension Plans [Member] | Bonds [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
Major asset classes for the U.S. and Canadian defined benefit pension plans and levels fair value measurements
Total financial assets measured at fair value	65,126
Defined Benefit Pension Plans [Member] | Bonds [Member] | Significant Observable Inputs (Level 2) [Member]
Major asset classes for the U.S. and Canadian defined benefit pension plans and levels fair value measurements
Total financial assets measured at fair value	17,610
Defined Benefit Pension Plans [Member] | Bonds [Member] | Significant Unobservable Inputs (Level 3) [Member]
Major asset classes for the U.S. and Canadian defined benefit pension plans and levels fair value measurements
Total financial assets measured at fair value	0
Defined Benefit Pension Plans [Member] | Fixed income [Member]
Major asset classes for the U.S. and Canadian defined benefit pension plans and levels fair value measurements
Total financial assets measured at fair value	80,059	63,843
Defined Benefit Pension Plans [Member] | Fixed income [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
Major asset classes for the U.S. and Canadian defined benefit pension plans and levels fair value measurements
Total financial assets measured at fair value	45,515
Defined Benefit Pension Plans [Member] | Fixed income [Member] | Significant Observable Inputs (Level 2) [Member]
Major asset classes for the U.S. and Canadian defined benefit pension plans and levels fair value measurements
Total financial assets measured at fair value	34,544
Defined Benefit Pension Plans [Member] | Fixed income [Member] | Significant Unobservable Inputs (Level 3) [Member]
Major asset classes for the U.S. and Canadian defined benefit pension plans and levels fair value measurements
Total financial assets measured at fair value	0
Defined Benefit Pension Plans [Member] | Hedge funds [Member]
Major asset classes for the U.S. and Canadian defined benefit pension plans and levels fair value measurements
Total financial assets measured at fair value	37,451	33,163
Defined Benefit Pension Plans [Member] | Hedge funds [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
Major asset classes for the U.S. and Canadian defined benefit pension plans and levels fair value measurements
Total financial assets measured at fair value	0
Defined Benefit Pension Plans [Member] | Hedge funds [Member] | Significant Observable Inputs (Level 2) [Member]
Major asset classes for the U.S. and Canadian defined benefit pension plans and levels fair value measurements
Total financial assets measured at fair value	0
Defined Benefit Pension Plans [Member] | Hedge funds [Member] | Significant Unobservable Inputs (Level 3) [Member]
Major asset classes for the U.S. and Canadian defined benefit pension plans and levels fair value measurements
Total financial assets measured at fair value	37,451
Defined Benefit Pension Plans [Member] | Private equity funds [Member]
Major asset classes for the U.S. and Canadian defined benefit pension plans and levels fair value measurements
Total financial assets measured at fair value	13,187	9,225
Defined Benefit Pension Plans [Member] | Private equity funds [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
Major asset classes for the U.S. and Canadian defined benefit pension plans and levels fair value measurements
Total financial assets measured at fair value	0
Defined Benefit Pension Plans [Member] | Private equity funds [Member] | Significant Observable Inputs (Level 2) [Member]
Major asset classes for the U.S. and Canadian defined benefit pension plans and levels fair value measurements
Total financial assets measured at fair value	0
Defined Benefit Pension Plans [Member] | Private equity funds [Member] | Significant Unobservable Inputs (Level 3) [Member]
Major asset classes for the U.S. and Canadian defined benefit pension plans and levels fair value measurements
Total financial assets measured at fair value	13,187
Defined Benefit Pension Plans [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
Major asset classes for the U.S. and Canadian defined benefit pension plans and levels fair value measurements
Total financial assets measured at fair value	239,293
Defined Benefit Pension Plans [Member] | Significant Observable Inputs (Level 2) [Member]
Major asset classes for the U.S. and Canadian defined benefit pension plans and levels fair value measurements
Total financial assets measured at fair value	112,892
Defined Benefit Pension Plans [Member] | Significant Unobservable Inputs (Level 3) [Member]
Major asset classes for the U.S. and Canadian defined benefit pension plans and levels fair value measurements
Total financial assets measured at fair value	55,415
U.S. Equity Securities [Member] | Significant Unobservable Inputs (Level 3) [Member]
Major asset classes for the U.S. and Canadian defined benefit pension plans and levels fair value measurements
Total financial assets measured at fair value	4,777	2,391
Hedge funds [Member] | Significant Unobservable Inputs (Level 3) [Member]
Major asset classes for the U.S. and Canadian defined benefit pension plans and levels fair value measurements
Total financial assets measured at fair value	37,451	33,163
Private equity funds [Member] | Significant Unobservable Inputs (Level 3) [Member]
Major asset classes for the U.S. and Canadian defined benefit pension plans and levels fair value measurements
Total financial assets measured at fair value	13,187	9,225
Significant Unobservable Inputs (Level 3) [Member]
Major asset classes for the U.S. and Canadian defined benefit pension plans and levels fair value measurements
Total financial assets measured at fair value	$ 55,415	$ 44,779

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Pensions and Other Postretirement Benefits (Details 8) (Significant Unobservable Inputs (Level 3) [Member], USD $) In Thousands	12 Months Ended
	Apr. 30, 2011
Change in plan assets:
Fair value of plan assets at beginning of year	$ 44,779
Actual return on plan assets still held at reporting date	4,436
Purchases	6,200
Fair value of plan assets at end of year	55,415
U.S. Equity Securities [Member]
Change in plan assets:
Fair value of plan assets at beginning of year	2,391
Actual return on plan assets still held at reporting date	698
Purchases	1,688
Fair value of plan assets at end of year	4,777
Hedge Funds [Member]
Change in plan assets:
Fair value of plan assets at beginning of year	33,163
Actual return on plan assets still held at reporting date	1,988
Purchases	2,300
Fair value of plan assets at end of year	37,451
Private Equity Funds [Member]
Change in plan assets:
Fair value of plan assets at beginning of year	9,225
Actual return on plan assets still held at reporting date	1,750
Purchases	2,212
Fair value of plan assets at end of year	$ 13,187

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Pensions and Other Postretirement Benefits (Details Textuals) (USD $)	12 Months Ended
	Apr. 30, 2011 PositionsEliminated Facilities RetailMarketSegment UnionContract Votes Plants	Apr. 30, 2010
Pensions and Other Postretirement Benefits (Textual) [Abstract]
Reduction in position due to restructuring	850
Eligibility condition for covered employees to avail the benefits of unfunded, defined postretirement plans that provide health care and life insurance benefits	when they reach age 55 and have attained 10 years of credited service
Increased benefit obligation of the pension plans	$ 10,500,000
Increased benefit obligation of the other postretirement plans	4,200,000
Expected amount to be recognized during 2012 of amortization of net actuarial losses in net periodic benefit cost	8,973,000
Expected amount to be recognized during 2012 of amortization of prior service cost in net periodic benefit cost	746,000
Additional expense expected to recognize relating to restructure	1,800,000
Assumed percentage rate to decrease for participants under age 65 in 2019 under U.S. plans	5.00%
Assumed percentage rate to decrease for participants under age 65 in 2017 under Canadian plans	4.50%
Fixed income invested	80.00%
Corporation bond range	10 to 13 years
Liquidity notice period	65 days
Approximate percentage of assets to be invested in equity securities according to company's current investment policy	42.00%
Approximate percentage of assets to be invested in fixed income securities according to company's current investment policy	39.00%
Approximate percentage of assets to be invested in cash and other investments according to company's current investment policy	19.00%
Company's common shares included in equity securities	317,552	317,552
Market value of company's common shares included in equity securities	23,839,000
Dividends paid on company's common shares included in equity securities	521,000
Expected benefit payments for the defined benefit pension and other postretirement in 2012	36,000,000
Expected benefit payments for the defined benefit pension and other postretirement in 2013	34,000,000
Expected benefit payments for the defined benefit pension and other postretirement in 2014	34,000,000
Expected benefit payments for the defined benefit pension and other postretirement in 2015	34,000,000
Expected benefit payments for the defined benefit pension and other postretirement in 2016	34,000,000
Expected benefit payments for the defined benefit pension and other postretirement, thereafter	185,000,000
Annual change in the assumed health care cost	One-percentage point annual change in the assumed health care cost
U.S. plans [Member]
Schedule Of Defined Benefit Plans Disclosures (Textuals) [Abstract]
Assumed percentage of health care trend rates	8.50%
Canadian plans [Member]
Schedule Of Defined Benefit Plans Disclosures (Textuals) [Abstract]
Assumed percentage of health care trend rates	7.00%
Defined Benefit Pension Plans [Member]
Schedule Of Defined Benefit Plans Disclosures (Textuals) [Abstract]
Expected benefit contributions for the defined benefit pension and other postretirement in 2012	$ 20,000,000

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Savings Plans (Details) (USD $) In Thousands, except Share data, unless otherwise specified	12 Months Ended
	Apr. 30, 2011	Apr. 30, 2010	Apr. 30, 2009
Savings Plans (Textual) [Abstract]
Maximum number of shares to be purchased under ESOP	1,134,120
Minimum number of years for allocation of shares in Esop	20
Interest on ESOP loan	one-half percentage point over prime
Interest expense incurred on ESOP debt	$ 127	$ 115	$ 261
Contribution to plan representing compensation expense			614
Special dividend on common share, in USD per share			$ 5
Dividends on unallocated shares	262	281	1,461
Principal Payments received from the ESOP	735	761	649
ESOP held unallocated shares	155,986
ESOP held allocated shares	856,318
Charges for defined contribution plan	$ 16,440	$ 15,625	$ 10,900

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Share-Based Payments (Details) (USD $)	12 Months Ended
	Apr. 30, 2011
Summary of the Company's stock option activity and related information
Outstanding at May 1, 2010	711,987
Weighted Average-Exercise Price Outstanding at May 1, 2010	$ 41.06
Options Exercised	(515,062)
Weighted Average-Exercise Price Exercised	$ 41.01
Outstanding and exercisable at April 30, 2011	196,925
Weighted Average-Exercise Price Outstanding and exercisable at April 30, 2011	$ 41.18

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Share-Based Payments (Details 1) (USD $)	12 Months Ended
	Apr. 30, 2011	Apr. 30, 2010	Apr. 30, 2009
Deferred Compensation, Share-based Payments [Member]
Summary of the Company's Restricted shares Deferred shares Deferred stock units and Performance units
Beginning Balance, Restricted/Deferred Shares and Deferred Stock Units and Performance Units	1,078,722
Beginning Balance, Weighted Average Grant Date Fair Value, in USD per share	$ 44.74
Granted Restricted/Deferred Shares and Deferred Stock Units and Performance Units	303,863	504,580	570,359
Converted Restricted/Deferred Shares and Deferred Stock Units and Performance Units	190,010
Vested Restricted/Deferred Shares and Deferred Stock Units and Performance Units	(373,522)
Forfeited Restricted/Deferred Shares and Deferred Stock Units and Performance Units	(41,807)
Granted weighted average grant date fair value, in USD per share	$ 58.32	$ 44.63	$ 42.29
Converted Weighted Average Grant Date Fair Value, in USD per share	$ 57.37
Vested Weighted Average Grant Date Fair Value, in USD per share	$ 47.33
Forfeited Weighted Average Grant Date Fair Value, [in USD per share]	$ 49.08
Ending Balance, Restricted/Deferred Shares and Deferred Stock Units and Performance Units	1,157,266	1,078,722
Ending Balance, Weighted Average Grant Date Fair Value, in USD per share	$ 49.39	$ 44.74
Performance Units [Member]
Summary of the Company's Restricted shares Deferred shares Deferred stock units and Performance units
Beginning Balance, Restricted/Deferred Shares and Deferred Stock Units and Performance Units	190,010
Beginning Balance, Weighted Average Grant Date Fair Value, in USD per share	$ 57.37
Granted Restricted/Deferred Shares and Deferred Stock Units and Performance Units	125,360	190,010	114,440
Converted Restricted/Deferred Shares and Deferred Stock Units and Performance Units	(190,010)
Vested Restricted/Deferred Shares and Deferred Stock Units and Performance Units	0
Forfeited Restricted/Deferred Shares and Deferred Stock Units and Performance Units	0
Granted weighted average grant date fair value, in USD per share	$ 77.53	$ 57.37	$ 43.44
Converted Weighted Average Grant Date Fair Value, in USD per share	$ 57.37
Vested Weighted Average Grant Date Fair Value, in USD per share	$ 0
Forfeited Weighted Average Grant Date Fair Value, [in USD per share]	$ 0
Ending Balance, Restricted/Deferred Shares and Deferred Stock Units and Performance Units	125,360	190,010
Ending Balance, Weighted Average Grant Date Fair Value, in USD per share	$ 77.53	$ 57.37

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Share-Based Payments (Details 2) (USD $)	12 Months Ended
	Apr. 30, 2011	Apr. 30, 2010	Apr. 30, 2009
Deferred Compensation, Share-based Payments [Member]
Weighted-average grant date fair values of the equity
Granted Restricted/Deferred Shares and Deferred Stock Units and Performance Units	303,863	504,580	570,359
Granted weighted average grant date fair value, in USD per share	$ 58.32	$ 44.63	$ 42.29
Performance Units [Member]
Weighted-average grant date fair values of the equity
Granted Restricted/Deferred Shares and Deferred Stock Units and Performance Units	125,360	190,010	114,440
Granted weighted average grant date fair value, in USD per share	$ 77.53	$ 57.37	$ 43.44

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Statements of Consolidated Shareholders' Equity (Parenthetical) (USD $)	12 Months Ended
	Apr. 30, 2011	Apr. 30, 2010	Apr. 30, 2009
Statement of Consolidated Shareholders' Equity [Abstract]
Dividend declared per common share	$ 1.68	$ 1.45	$ 6.31

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Share-Based Payments (Details Textual) (USD $) In Thousands, except Share data, unless otherwise specified	12 Months Ended
	Apr. 30, 2011	Apr. 30, 2010	Apr. 30, 2009
Share-Based Payments (Textuals) [Abstract]
Shares available for future issuance	7,600,347
Weighted-average remaining contractual term for stock options outstanding and exercisable, in years	2.6
Aggregate intrinsic value of stock options	$ 6,673
Intrinsic value of options exercised	13,355	5,876	2,871
Fair value of equity awards other than stock options vesting	$ 17,680	$ 16,273	$ 11,117
Restricted stock, vesting period (in Years)	4 years

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Debt and Financing Arrangements (Details) (USD $)	12 Months Ended																				12 Months Ended			12 Months Ended
	Apr. 30, 2012	Apr. 30, 2011	Apr. 30, 2010	Apr. 30, 2009	Apr. 30, 2011 7.94% Series C Senior Notes due September 1, 2010 [Member]	Sep. 01, 2010 7.94% Series C Senior Notes due September 1, 2010 [Member]	Apr. 30, 2010 7.94% Series C Senior Notes due September 1, 2010 [Member]	Apr. 30, 2011 4.78% Senior Notes due June 1, 2014 [Member]	Apr. 30, 2010 4.78% Senior Notes due June 1, 2014 [Member]	Apr. 30, 2011 6.12% Senior Notes due November 1, 2015 [Member]	Apr. 30, 2010 6.12% Senior Notes due November 1, 2015 [Member]	Apr. 30, 2011 6.63% Senior Notes due November 1, 2018 [Member]	Apr. 30, 2010 6.63% Senior Notes due November 1, 2018 [Member]	Apr. 01, 2013 5.55% Senior Notes due April 1, 2022 [Member]	Apr. 30, 2011 5.55% Senior Notes due April 1, 2022 [Member]	Apr. 30, 2010 5.55% Senior Notes due April 1, 2022 [Member]	Jun. 01, 2020 4.50% Senior Notes due June 1, 2025 [Member]	Apr. 30, 2011 4.50% Senior Notes due June 1, 2025 [Member]	Jun. 15, 2010 4.50% Senior Notes due June 1, 2025 [Member]	Apr. 30, 2010 4.50% Senior Notes due June 1, 2025 [Member]	Apr. 30, 2011 Unsecured Senior Notes [Member]	Jan. 31, 2011 Group of six lenders [Member]	Jan. 31, 2011 Amounts Maturing during the Year [Member]	Apr. 30, 2011 Interest rate contract [Member]	Apr. 30, 2010 Interest rate contract [Member]
Long-term debt
Company issued Senior Notes					$ 0		$ 10,000,000	$ 100,000,000	$ 100,000,000	$ 24,000,000	$ 24,000,000	$ 380,039,000	$ 376,000,000		$ 400,000,000	$ 400,000,000		$ 400,000,000		$ 0
Total long-term debt		1,304,039,000	910,000,000
Current portion of long-term debt		0	10,000,000
Total long-term debt less current portion		1,304,039,000	900,000,000
Debt and Financing Arrangements (Textuals)
Percentage of senior notes		6.60%				7.94%		4.78%		6.12%		6.63%			5.55%				4.50%
Issued 4.50 percent senior notes with a final maturity on June1, 2025																			400,000,000
First period payment of Senior Notes														50,000,000			100,000,000
Average maturity of Senior Notes																					12 years
Payment of Senior Notes		10,000,000	275,000,000	0	10,000,000
Outstanding stand By Letter of credit		7,100,000
Revolving credit facility for general corporate purposes utilized	240,000,000
Interest Paid		62,075,000	76,461,000	52,918,000
Line of Credit Facility (Textuals) [Line Items]
Unsecured revolving credit facility with banks																						600,000,000	180,000,000
Notional amount																								376,000,000	0
Interest rate swap																								$ 4,000,000

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Derivative Financial Instruments (Details) (USD $) In Thousands	12 Months Ended
	Apr. 30, 2011	Apr. 30, 2010
Gains and losses recognized in cost of products sold on derivatives not designated as qualified hedging instruments
Losses recognized in cost of products sold (derivatives not designated as hedging instruments)	$ 7,284	$ 9,618
Derivative Financial Instruments (Textuals)
Cash margin accounts related to derivative instruments recognized	12,292	5,714
Deferred pretax gains included in accumulated other comprehensive income (loss)	9,430	3,128
Tax impact related to deferred gains on cash flow hedges included in accumulated other comprehensive income (loss)	3,430	1,134
Other Current Assets [Member]
Fair value of derivative instruments [Line Items]
Derivative asset designated as hedging instrument	8,831	1,874
Derivative asset not designated as hedging instrument	10,204	2,414
Total derivatives instruments, Other Current Assets	19,035	4,288
Other Current Assets [Member] | Commodity contracts [Member]
Fair value of derivative instruments [Line Items]
Derivative asset designated as hedging instrument	3,408	1,874
Derivative asset not designated as hedging instrument	9,887	2,414
Other Current Assets [Member] | Interest rate contract [Member]
Fair value of derivative instruments [Line Items]
Derivative asset designated as hedging instrument	5,423	0
Other Current Assets [Member] | Foreign currency exchange contracts [Member]
Fair value of derivative instruments [Line Items]
Derivative asset not designated as hedging instrument	317	0
Other Current Liabilities [Member]
Fair value of derivative instruments [Line Items]
Derivative liability designated as hedging instrument	0	9
Derivative liability not designated as hedging instrument	8,636	1,429
Total derivative instruments, Liabilities	8,636	1,438
Other Current Liabilities [Member] | Commodity contracts [Member]
Fair value of derivative instruments [Line Items]
Derivative liability designated as hedging instrument	0	9
Derivative liability not designated as hedging instrument	5,432	599
Other Current Liabilities [Member] | Interest rate contract [Member]
Fair value of derivative instruments [Line Items]
Derivative liability designated as hedging instrument	0	0
Other Current Liabilities [Member] | Foreign currency exchange contracts [Member]
Fair value of derivative instruments [Line Items]
Derivative liability not designated as hedging instrument	3,204	830
Other Noncurrent Liabilities [Member]
Fair value of derivative instruments [Line Items]
Derivative liability designated as hedging instrument	1,384
Derivative liability not designated as hedging instrument	0
Total derivative instruments, Liabilities	1,384
Other Noncurrent Liabilities [Member] | Commodity contracts [Member]
Fair value of derivative instruments [Line Items]
Derivative liability designated as hedging instrument	0
Derivative liability not designated as hedging instrument	0
Other Noncurrent Liabilities [Member] | Interest rate contract [Member]
Fair value of derivative instruments [Line Items]
Derivative liability designated as hedging instrument	1,384
Other Noncurrent Liabilities [Member] | Foreign currency exchange contracts [Member]
Fair value of derivative instruments [Line Items]
Derivative liability not designated as hedging instrument	0
Commodity contracts [Member]
Gains and losses recognized in cost of products sold on derivatives not designated as qualified hedging instruments
Losses recognized in cost of products sold (derivatives not designated as hedging instruments)	3,994	2,384
Outstanding derivative contracts
Gross contract notional amount	869,107	323,351
Interest rate contract [Member]
Outstanding derivative contracts
Gross contract notional amount	376,000	0
Foreign currency exchange contracts [Member]
Gains and losses recognized in cost of products sold on derivatives not designated as qualified hedging instruments
Losses recognized in cost of products sold (derivatives not designated as hedging instruments)	3,290	7,234
Outstanding derivative contracts
Gross contract notional amount	73,158	45,295
Cash Flow Hedging [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gains recognized in other comprehensive income (effective portion)	21,082	6,029
Gains reclassified from accumulated other comprehensive income (loss) to cost of products sold (effective portion)	14,780	5,395
Change in accumulated other comprehensive income (loss)	6,302	634
Gains recognized in cost of products sold (ineffective portion)	$ 611	$ 200

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Other Financial Instruments and Fair Value Measurements (Details) (USD $) In Thousands	Apr. 30, 2011		Apr. 30, 2010
Carrying amount and fair value of financial instruments
Marketable securities	$ 18,600
Other Investments	41,560		34,895
Long-term debt	1,304,039		910,000
Financial assets (liabilities) measured at fair value on a recurring basis
Marketable securities	18,600	[1]	0	[1]
Total Financial Assets Measured at Fair Value	69,175		37,745
Carrying Amount [Member]
Carrying amount and fair value of financial instruments
Marketable securities	18,600		0
Other Investments	41,560		34,895
Derivatives financial instruments, net	9,015		2,850
Long-term debt	1,304,039		910,000
Fair Value [Member]
Carrying amount and fair value of financial instruments
Marketable securities	18,600		0
Other Investments	41,560		34,895
Derivatives financial instruments, net	9,015		2,850
Long-term debt	1,648,614		1,172,467
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
Financial assets (liabilities) measured at fair value on a recurring basis
Marketable securities	0	[1]
Total Financial Assets Measured at Fair Value	19,451
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Equity mutual funds [Member]
Financial assets (liabilities) measured at fair value on a recurring basis
Other investments	14,011	[2]
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Municipal obligations [Member]
Financial assets (liabilities) measured at fair value on a recurring basis
Other investments	0	[2]
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Other investments [Member]
Financial assets (liabilities) measured at fair value on a recurring basis
Other investments	464	[2]
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Commodity contracts [Member]
Financial assets (liabilities) measured at fair value on a recurring basis
Derivatives	7,863	[3]
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Foreign currency exchange contracts [Member]
Financial assets (liabilities) measured at fair value on a recurring basis
Derivatives	(2,887)	[3]
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Interest rate contract [Member]
Financial assets (liabilities) measured at fair value on a recurring basis
Derivatives	0
Significant Observable Inputs (Level 2) [Member]
Financial assets (liabilities) measured at fair value on a recurring basis
Marketable securities	18,600	[1]
Total Financial Assets Measured at Fair Value	49,724
Significant Observable Inputs (Level 2) [Member] | Equity mutual funds [Member]
Financial assets (liabilities) measured at fair value on a recurring basis
Other investments	0	[2]
Significant Observable Inputs (Level 2) [Member] | Municipal obligations [Member]
Financial assets (liabilities) measured at fair value on a recurring basis
Other investments	20,042	[2]
Significant Observable Inputs (Level 2) [Member] | Other investments [Member]
Financial assets (liabilities) measured at fair value on a recurring basis
Other investments	7,043	[2]
Significant Observable Inputs (Level 2) [Member] | Commodity contracts [Member]
Financial assets (liabilities) measured at fair value on a recurring basis
Derivatives	0	[3]
Significant Observable Inputs (Level 2) [Member] | Foreign currency exchange contracts [Member]
Financial assets (liabilities) measured at fair value on a recurring basis
Derivatives	0	[3]
Significant Observable Inputs (Level 2) [Member] | Interest rate contract [Member]
Financial assets (liabilities) measured at fair value on a recurring basis
Derivatives	4,039
Significant Unobservable Inputs (Level 3) [Member]
Financial assets (liabilities) measured at fair value on a recurring basis
Marketable securities	0	[1]
Total Financial Assets Measured at Fair Value	0
Significant Unobservable Inputs (Level 3) [Member] | Equity mutual funds [Member]
Financial assets (liabilities) measured at fair value on a recurring basis
Other investments	0	[2]
Significant Unobservable Inputs (Level 3) [Member] | Municipal obligations [Member]
Financial assets (liabilities) measured at fair value on a recurring basis
Other investments	0	[2]
Significant Unobservable Inputs (Level 3) [Member] | Other investments [Member]
Financial assets (liabilities) measured at fair value on a recurring basis
Other investments	0	[2]
Significant Unobservable Inputs (Level 3) [Member] | Commodity contracts [Member]
Financial assets (liabilities) measured at fair value on a recurring basis
Derivatives	0	[3]
Significant Unobservable Inputs (Level 3) [Member] | Foreign currency exchange contracts [Member]
Financial assets (liabilities) measured at fair value on a recurring basis
Derivatives	0	[3]
Significant Unobservable Inputs (Level 3) [Member] | Interest rate contract [Member]
Financial assets (liabilities) measured at fair value on a recurring basis
Derivatives	0
Equity mutual funds [Member]
Financial assets (liabilities) measured at fair value on a recurring basis
Other investments	14,011	[2]	11,626	[2]
Municipal obligations [Member]
Financial assets (liabilities) measured at fair value on a recurring basis
Other investments	20,042	[2]	16,753	[2]
Other investments [Member]
Financial assets (liabilities) measured at fair value on a recurring basis
Other investments	7,507	[2]	6,516	[2]
Commodity contracts [Member]
Financial assets (liabilities) measured at fair value on a recurring basis
Derivatives	7,863	[3]	3,680	[3]
Foreign currency exchange contracts [Member]
Financial assets (liabilities) measured at fair value on a recurring basis
Derivatives	(2,887)	[3]	(830)	[3]
Interest rate contract [Member]
Financial assets (liabilities) measured at fair value on a recurring basis
Derivatives	$ 4,039		$ 0

[1] The Company's marketable securities, consisting entirely of mortgage-backed securities, are broker-priced and valued by a third party using an evaluated pricing methodology. An evaluated pricing methodology is a valuation technique which uses inputs that are derived principally from or corroborated by observable market data. For additional information, see Marketable Securities and Other Investments of Note A: Accounting Policies.

[2] The Company's other investments consist of funds maintained for the payment of benefits associated with nonqualified retirement plans. The funds include equity securities listed in active markets and municipal bonds. The municipal bonds are valued by a third party using an evaluated pricing methodology. For additional information, see Marketable Securities and Other Investments of Note A: Accounting Policies.

[3] The Company's commodity contract and foreign currency exchange contract derivatives are valued using quoted market prices. The Company's interest rate contract derivatives are valued using the income approach, observable Level 2 market expectations at the measurement date, and standard valuation techniques to convert future amounts to a single discounted present value. Level 2 inputs for the swap XBRL valuations are limited to quoted prices for similar assets or liabilities in active markets and inputs other than quoted prices that are observable for the asset or liability. For additional information, see Note M: Derivative Financial Instruments.

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Other Financial Instruments and Fair Value Measurements (Details 1) (Indefinite-Lived Trademark [Member], Significant Unobservable Inputs (Level 3) [Member], USD $) In Thousands	12 Months Ended		12 Months Ended
	Apr. 30, 2010 Nonfinancial Assets Adjusted To Fair Value in the Prior Year [Member]	Apr. 30, 2009 Nonfinancial Assets Adjusted To Fair Value in the Prior Year [Member]	Apr. 30, 2011		Apr. 30, 2010
Indefinite-lived Intangible Assets by Major Class [Line Items]
Indefinite-Lived Trademarks	$ 14,552	$ 21,370	$ 8,341	[1]	$ 11,896	[1]
Indefinite-lived trademark, Fair Value Adjustment	(9,133)		(4,065)	[1]
Indefinite-lived trademark, Other Adjustments	$ 2,315		$ 510	[1]

[1] The Company utilized Level 3 inputs to estimate the fair value of the nonfinancial assets. For additional information, see Note F: Goodwill and Other Intangible Assets.

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Other Financial Instruments and Fair Value Measurements (Details 2) (USD $) In Thousands			12 Months Ended		12 Months Ended
	Apr. 30, 2011	Apr. 30, 2010	Apr. 30, 2010 Finite-Lived Trademarks [Member] Significant Unobservable Inputs (Level 3) [Member] Nonfinancial Assets Adjusted To Fair Value in the Prior Year [Member]	Apr. 30, 2009 Finite-Lived Trademarks [Member] Significant Unobservable Inputs (Level 3) [Member] Nonfinancial Assets Adjusted To Fair Value in the Prior Year [Member]	Apr. 30, 2011 Customer Relationships [Member]	Apr. 30, 2011 Customer Relationships [Member] Significant Unobservable Inputs (Level 3) [Member]		Apr. 30, 2010 Customer Relationships [Member] Significant Unobservable Inputs (Level 3) [Member]		Apr. 30, 2011 Finite-Lived Trademarks [Member]	Apr. 30, 2010 Finite-Lived Trademarks [Member]
Finite-Lived Intangible Assets [Line Items]
Finite-lived trademarks, Carrying Amount	$ 1,149,366	$ 1,229,105	$ 0	$ 3,012		$ 5,208	[1]	$ 18,964	[1]	$ 28,501	$ 25,731
Finite-lived Intangible Assets, Fair Value Adjustment			(2,525)		(13,534)	(13,534)	[1]
Finite-lived Intangible Assets, Other Adjustments			$ (487)			$ (222)	[1]

[1] The Company utilized Level 3 inputs to estimate the fair value of the nonfinancial assets. For additional information, see Note F: Goodwill and Other Intangible Assets.

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Other Financial Instruments and Fair Value Measurements (Details 3) (USD $) In Thousands	12 Months Ended
	Apr. 30, 2011	Apr. 30, 2010	Apr. 30, 2009
Nonfinancial assets adjusted to fair value
Total other intangible assets	$ 2,940,010	$ 3,026,515
Impairment charges	17,599	11,658	1,491
Significant Unobservable Inputs (Level 3) [Member] | Nonfinancial Assets Adjusted To Fair Value in the Prior Year [Member]
Nonfinancial assets adjusted to fair value
Total other intangible assets		14,552	24,382
Impairment charges		(11,658)
Total Other Adjustments		1,828
Significant Unobservable Inputs (Level 3) [Member]
Nonfinancial assets adjusted to fair value
Total other intangible assets	13,549	30,860
Impairment charges	(17,599)
Total Other Adjustments	$ 288

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Income Taxes (Details) (USD $) In Thousands	Apr. 30, 2011	Apr. 30, 2010
Deferred tax liabilities:
Intangible assets	$ 1,025,301	$ 1,042,375
Property, plant, and equipment	111,537	121,950
Other	10,016	22,042
Total deferred tax liability	1,146,854	1,186,367
Deferred tax assets:
Post-employment and other employee benefits	84,723	69,887
Tax credit and loss carryforwards	4,583	5,049
Intangible assets	3,279	3,984
Other	27,668	21,247
Total deferred tax assets	120,253	100,167
Valuation allowance for deferred tax assets	(3,324)	(3,470)
Total deferred tax assets less allowance	116,929	96,697
Net deferred tax liability	$ 1,029,925	$ 1,089,670

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Income Taxes (Details 1) (USD $) In Thousands			12 Months Ended
	Apr. 30, 2011	Apr. 30, 2010	Apr. 30, 2011 State Loss Carryforwards [Member]	Apr. 30, 2011 State Tax Credit Carryforwards [Member]	Apr. 30, 2011 Foreign Jurisdictional Tax Credit Carryforwards [Member]	Apr. 30, 2011 Total Tax Carryforwards [Member]
Tax carryforwards:
Related Tax Deduction, State loss carryforwards			$ 68,869
Deferred Tax Asset, State loss carryforwards			3,407
Valuation Allowance, State loss carryforwards			3,187
Expiration Dates, Operating loss carryforwards			2012 to 2030
Related Tax Deduction, State tax credit carry forwards and Foreign jurisdictional tax credit carryforwards				0	0
Deferred Tax Asset, State tax credit carryforwards				1,160
Valuation Allowance, State tax credit carryforwards and Foreign jurisdictional tax credit carryforwards				0	0
Expiration Dates, State tax credit carryforwards and Foreign jurisdictional tax credit carryforwards				2018	2014
Deferred Tax Asset, Foreign jurisdictional tax credit carryforwards					16
Related Tax Deduction, Total tax carryforwards						68,869
Deferred Tax Asset, Total tax carryforwards	4,583	5,049				4,583
Valuation Allowance, Total tax carryforwards						$ 3,187

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Income Taxes (Details 2) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Apr. 30, 2011	Apr. 30, 2010	Apr. 30, 2009
Income (loss) before income taxes
Domestic	$ 729,654	$ 712,226	$ 378,293
Foreign	(12,490)	18,527	17,772
Income Before Income Taxes	717,164	730,753	396,065
Current:
Federal	271,361	256,444	97,182
Foreign	4,554	6,584	1,688
State and local	21,568	12,907	5,717
Deferred
Federal	(51,011)	(21,362)	27,158
Foreign	(7,338)	(4,386)	(831)
State and local	(1,452)	(13,572)	(802)
Total income tax expense	237,682	236,615	130,112
Percent of Pretax Income
Statutory federal income tax rate	35.00%	35.00%	35.00%
State and local income taxes, net of federal income tax benefit	2.20%	1.20%	0.60%
Domestic manufacturing deduction	(3.80%)	(1.90%)	(1.50%)
Other items - net	(0.30%)	(1.90%)	(1.20%)
Effective income tax rate	33.10%	32.40%	32.90%
Income taxes paid	365,994	212,981	69,107
Reconciliation Of Unrecognized Tax Benefits
Balance at May 1,	15,322	13,794
Increases:
Current year tax positions	5,237	3,977
Prior year tax positions	4,106	2,353
Foreign currency translation	0	686
Decreases:
Prior year tax positions	271	0
Settlement with tax authorities	31	0
Expiration of statute of limitations periods	3,985	5,488
Foreign currency translation	117	0
Balance at April 30,	$ 20,261	$ 15,322	$ 13,794

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Accounting Policies

12 Months Ended

Apr. 30, 2011

Accounting Policies [Abstract]

Accounting Policies

NOTE A: ACCOUNTING POLICIES

Principles of Consolidation: The consolidated financial statements include the accounts of the Company, its wholly-owned subsidiaries, and its majority-owned investments, if any. Intercompany transactions and accounts are eliminated in consolidation.

Use of Estimates: The preparation of consolidated financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make certain estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Significant estimates in these consolidated financial statements include: allowances for doubtful trade receivables, estimates of future cash flows associated with assets, asset impairments, useful lives for depreciation and amortization, loss contingencies, net realizable value of inventories, accruals for trade marketing and merchandising programs, income taxes, and the determination of discount and other rate assumptions for defined benefit pension and other postretirement benefit expenses. Actual results could differ from these estimates.

Revenue Recognition: The Company recognizes revenue, net of estimated returns and allowances, when all of the following criteria have been met: a valid customer order with a determinable price has been received; the product has been shipped and title has transferred to the customer; there is no further significant obligation to assist in the resale of the product; and collectibility is reasonably assured.

Major Customer: Sales to Wal-Mart Stores, Inc. and subsidiaries amounted to approximately 26 percent, 27 percent, and 24 percent of net sales in 2011, 2010, and 2009, respectively. These sales are primarily included in the three U.S. retail market segments. No other customer exceeded 10 percent of net sales for any year. Trade receivables at April 30, 2011 and 2010, included amounts due from Wal-Mart Stores, Inc. and subsidiaries of $87,623 and $61,176, respectively.

Shipping and Handling Costs: Shipping and handling costs are included in cost of products sold.

Trade Marketing and Merchandising Programs: In order to support the Company’s products, various promotional activities are conducted through retail trade, distributors, or directly with consumers, including in-store display and product placement programs, feature price discounts, coupons, and other similar activities. The Company regularly reviews and revises, when it deems necessary, estimates of costs to the Company for these promotional programs based on estimates of what will be redeemed by retail trade, distributors, or consumers. These estimates are made using various techniques including historical data on performance of similar promotional programs. Differences between estimated expense and actual performance are recognized as a change in management’s estimate in a subsequent period. As the Company’s total promotional expenditures, including amounts classified as a reduction of net sales, represented approximately 26 percent of net sales in 2011, a possibility exists of materially different reported results if factors such as the level and success of the promotional programs or other conditions differ from expectations.

Advertising Expense: Advertising costs are expensed as incurred. Advertising expense was $115,066, $130,583, and $77,363 in 2011, 2010, and 2009, respectively.

Research and Development Costs: Total research and development costs, including product formulation costs, were $20,981, $20,963, and $14,498 in 2011, 2010, and 2009, respectively.

Share-Based Payments: Share-based compensation expense is recognized over the requisite service period, which includes a one-year performance period plus the defined forfeiture period, which is typically four years of service or the attainment of a defined age and years of service.

The following table summarizes amounts related to share-based payments.

	April 30,
	2011		2010		2009
Share-based compensation expense included in selling, distribution, and administrative expenses	$	19,896	$	20,687	$	14,043
Share-based compensation expense included in merger and integration costs		4,148		5,262		8,062
Share-based compensation expense included in other restructuring costs		290		—		—
Total share-based compensation expense	$	24,334	$	25,949	$	22,105
Related income tax benefit	$	8,064	$	8,402	$	7,261

As of April 30, 2011, total unrecognized share-based compensation cost related to nonvested share-based awards was approximately $33,703. The weighted-average period over which this amount is expected to be recognized is approximately three years.

Corporate income tax benefits realized upon exercise or vesting of an award in excess of that previously recognized in earnings, referred to as excess tax benefits, are presented in the Statements of Consolidated Cash Flows as a financing activity. Realized excess tax benefits are credited to additional capital in the Consolidated Balance Sheets. Realized shortfall tax benefits, amounts which are less than that previously recognized in earnings, are first offset against the cumulative balance of excess tax benefits, if any, and then charged directly to income tax expense. For 2011, 2010, and 2009, the actual tax deductible benefit realized from share-based compensation was $7,310, $3,005, and $2,353, including $6,990, $2,908, and $2,372, respectively, of excess tax benefits realized upon exercise or vesting of share-based compensation, and classified as other-net under financing activities in the Statements of Consolidated Cash Flows.

Income Taxes: The Company accounts for income taxes using the liability method. Accordingly, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in the applicable tax rate is recognized in income or expense in the period that the change is effective. A valuation allowance is established when it is more likely than not that all or a portion of a deferred tax asset will not be realized. A tax benefit is recognized when it is more likely than not to be sustained.

Cash and Cash Equivalents: The Company considers all short-term investments with a maturity of three months or less when purchased to be cash equivalents.

Trade Receivables: In the normal course of business, the Company extends credit to customers. Trade receivables, less allowance for doubtful accounts, reflect the net realizable value of receivables and approximate fair value. The Company evaluates its trade receivables and establishes an allowance for doubtful accounts based on a combination of factors. When aware that a specific customer has been impacted by circumstances such as bankruptcy filings or deterioration in the customer’s operating results or financial position, potentially making it unable to meet its financial obligations, the Company records a specific reserve for bad debt to reduce the related receivable to the amount the Company reasonably believes is collectible. The Company also records reserves for bad debt for all other customers based on a variety of factors, including the length of time the receivables are past due, historical collection experience, and an evaluation of current and projected economic conditions at the balance sheet date. Trade receivables are charged off against the allowance after management determines the potential for recovery is remote. At April 30, 2011 and 2010, the allowance for doubtful accounts was $1,882 and $1,521, respectively. The net provision for the allowance for doubtful accounts increased $361 and $1,091 in 2011 and 2009, respectively, and decreased $480 in 2010. The Company believes there is no concentration of risk with any single customer whose failure or nonperformance would materially affect the Company’s results other than as discussed in Major Customer.

Inventories: Inventories are stated at the lower of cost or market. Cost for all inventories is determined using the first-in, first-out method.

The cost of finished products and work-in-process inventory includes materials, direct labor, and overhead. Work-in-process is included in finished products in the Consolidated Balance Sheets and was $77,594 and $49,214 at April 30, 2011 and 2010, respectively.

Derivative Financial Instruments: The Company utilizes derivative instruments such as basis contracts, commodity futures and options contracts, foreign currency forwards and options, and an interest rate swap to manage exposures in commodity prices, foreign currency exchange rates, and interest rates. The Company accounts for these derivative instruments in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 815, Derivatives and Hedging. FASB ASC 815 requires that all derivative instruments be recognized in the financial statements and measured at fair value regardless of the purpose or intent for holding them. For derivatives designated as a cash flow hedge that are used to hedge an anticipated transaction, changes in fair value are deferred and recognized in shareholders’ equity as a component of accumulated other comprehensive income (loss) to the extent the hedge is effective and then recognized in the Statements of Consolidated Income in the period during which the hedged transaction affects earnings. Hedge effectiveness is measured at inception and on a monthly basis. Any ineffectiveness associated with the hedge or changes in fair value of derivatives that are nonqualifying are recognized immediately in the Statements of Consolidated Income. The Company’s interest rate swap is designated as a fair value hedge and is used to hedge against changes in the fair value of the underlying long-term debt. The interest rate swap is recognized at fair value in the Consolidated Balance Sheet at April 30, 2011, and changes in the fair value are recognized in the Statement of Consolidated Income for the year ended April 30, 2011. The change in the fair value of the interest rate swap is offset by the change in the fair value of the underlying long-term debt. By policy, the Company historically has not entered into derivative financial instruments for trading purposes or for speculation. For additional information, see Note M: Derivative Financial Instruments.

Property, Plant, and Equipment: Property, plant, and equipment is recognized at cost and is depreciated on a straight-line basis over the estimated useful life of the asset (3 to 20 years for machinery and equipment, 3 to 7 years for capitalized software costs, and 5 to 40 years for buildings, fixtures, and improvements).

The Company leases certain land, buildings, and equipment for varying periods of time, with renewal options. Rent expense in 2011, 2010, and 2009 totaled $57,572, $55,010, and $36,547, respectively. As of April 30, 2011, the Company’s minimum operating lease obligations are as follows: $26,110 in 2012, $21,887 in 2013, $18,956 in 2014, $14,121 in 2015, and $22,565 in 2016 and beyond.

Impairment of Long-Lived Assets: In accordance with FASB ASC 360, Property, Plant, and Equipment, long-lived assets, except goodwill and indefinite-lived intangible assets, are reviewed for impairment when circumstances indicate the carrying value of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of the assets to future net cash flows estimated by the Company to be generated by such assets. If such assets are considered to be impaired, the impairment to be recognized is the amount by which the carrying amount of the assets exceeds the fair value of the assets. Assets to be disposed of by sale are recognized as held for sale at the lower of carrying value or estimated net realizable value.

Goodwill and Other Intangible Assets: Goodwill is the excess of the purchase price paid over the fair value of the net assets of the business acquired. In accordance with FASB ASC 350, Intangibles — Goodwill and Other, goodwill and other indefinite-lived intangible assets are not amortized but are reviewed at least annually for impairment. The Company conducts its annual test for impairment of goodwill and other indefinite-lived intangible assets as of February 1 of each year. A discounted cash flow valuation technique and a market-based approach are utilized to estimate the fair value of the Company’s reporting units. For annual impairment testing purposes, the Company’s reporting units are its operating segments. The discount rates utilized in the analysis are developed using a weighted-average cost of capital methodology. In addition to the annual test, the Company will test for impairment if events or circumstances occur that would more likely than not reduce the fair value of a reporting unit below its carrying amount. Finite-lived intangible assets are amortized on a straight-line basis over their estimated useful lives. For additional information, see Note G: Goodwill and Other Intangible Assets.

Marketable Securities and Other Investments: Under the Company’s investment policy, it may invest in debt securities deemed to be investment grade at the time of purchase for general corporate purposes. The Company determines the appropriate categorization of debt securities at the time of purchase and reevaluates such designation at each balance sheet date. The Company has categorized all debt securities as available for sale because it currently has the intent to convert these investments into cash if and when needed. Classification of these available-for-sale marketable securities as current or noncurrent is based on whether the conversion to cash is expected to be necessary for operations in the upcoming year, which is currently consistent with the security’s maturity date.

Securities categorized as available for sale are stated at fair value, with unrealized gains and losses reported as a component of accumulated other comprehensive income (loss). The fair value of available-for-sale marketable securities was $18,600 and was included in other current assets at April 30, 2011. Approximately $57,100, $13,519, and $3,013 of proceeds have been realized upon maturity or sale of available-for-sale marketable securities in 2011, 2010, and 2009, respectively. The Company uses specific identification to determine the basis on which securities are sold.

The Company also maintains funds for the payment of benefits associated with nonqualified retirement plans. These funds include investments considered to be available-for-sale marketable securities. At April 30, 2011 and 2010, the fair value of these investments was $41,560 and $34,895, respectively, and was included in other noncurrent assets. Included in accumulated other comprehensive income (loss) at April 30, 2011 and 2010, were unrealized gains of $2,817 and $693, respectively.

Foreign Currency Translation: Assets and liabilities of the Company’s foreign subsidiaries are translated using the exchange rates in effect at the balance sheet date, while income and expenses are translated using average rates. Translation adjustments are reported as a component of shareholders’ equity in accumulated other comprehensive income (loss).

Recently Issued Accounting Standards: In January 2010, the FASB issued Accounting Standards Update (“ASU”) 2010-06, Improving Disclosures about Fair Value Measurements, which requires additional disclosures about fair value measurements including transfers in and out of different levels of the fair value hierarchy and a higher level of disaggregation for different types of financial instruments. These disclosure requirements were effective in the current fiscal year for the Company. In addition to these disclosure requirements, ASU 2010-06 requires information about purchases, sales, issuances, and settlements of Level 3 assets to be presented separately. These additional disclosure requirements will be effective May 1, 2011, for the Company.

In May 2011, the FASB issued ASU 2011-04, Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs. ASU 2011-04 provides clarification about the application of existing fair value measurement and disclosure requirements and expands certain other disclosure requirements. This ASU will be effective February 1, 2012, for the Company.

Risks and Uncertainties: The raw materials used by the Company in each of its segments are primarily commodities and agricultural-based products. Glass, plastic, steel cans, caps, carton board, and corrugate are the principle packaging materials used by the Company. The fruit and vegetable raw materials used by the Company in the production of its food products are purchased from independent growers and suppliers. Green coffee, peanuts, edible oils, sweeteners, milk, flour, corn, and other ingredients are obtained from various suppliers. The availability, quality, and cost of many of these commodities have fluctuated, and may continue to fluctuate, over time. Green coffee is sourced solely from foreign countries and its supply and price are subject to high volatility due to factors such as weather, global supply and demand, pest damage, and political and economic conditions in the source countries. Raw materials are generally available from numerous sources although the Company has elected to source certain plastic packaging materials from single sources of supply pursuant to long-term contracts. While availability may vary year to year, the Company believes that it will continue to be able to obtain adequate supplies and that alternatives to single-sourced materials are available. The Company has not historically encountered significant shortages of key raw materials. The Company considers its relationships with key material suppliers to be good.

Approximately 32 percent of the Company’s employees, located at 10 facilities, are covered by union contracts. The contracts vary in term depending on the location with three contracts expiring in 2012.

The Company insures its business and assets in each country against insurable risks, to the extent that it deems appropriate, based upon an analysis of the relative risks and costs.

Reclassifications: Certain prior year amounts have been reclassified to conform to current year classifications.

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Income Taxes (Details Textuals) (USD $) In Thousands	12 Months Ended
	Apr. 30, 2011	Apr. 30, 2010	Apr. 30, 2009
Income Taxes (Textuals) [Abstract]
Valuation allowance for other deferred tax assets	$ 137
Valuation allowance increase (decrease)	146	5,556	864
Undistributed earnings of foreign subsidiaries on which deferred income taxes not provided	194,058
Amount unrecognized tax benefit could decrease in next 12 months	1,874
Company's unrecognized tax benefits	20,261	15,322	13,794
Unrecognized tax benefits that would affect the effective tax rate	13,939	11,321
Tax-related net interest and penalties	1,792	2,289
Tax-related net interest and penalties credited to earnings	$ 497	$ 594	$ 1,982

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Accumulated Other Comprehensive Income (Loss) (Details) (USD $) In Thousands	12 Months Ended
	Apr. 30, 2011	Apr. 30, 2010	Apr. 30, 2009
Components of accumulated other comprehensive (loss) income
Foreign Currency Translation Adjustment, Beginning Balance	$ 56,988	$ 11,062	$ 58,086
Pension and Other Postretirement Liabilities, Beginning Balance	(80,006)	(67,693)	(24,214)
Unrealized Gain (Loss) on Available-for-Sale Securities, Beginning Balance	443	(2,209)	589
Unrealized Gain On Cash Flow Hedging Derivatives, Beginning Balance	1,994	1,570	8,151
Accumulated Other Comprehensive (Loss) Income, Beginning Balance	(20,581)	(57,270)	42,612
Reclassification adjustments, Foreign Currency Translation Adjustment	0	0	0
Reclassification adjustments, Pension and Other Postretirement Liabilities	0	0	0
Reclassification adjustments, Unrealized Gain (Loss) on Available-for-Sale Securities	0	0	0
Reclassification adjustments, Unrealized Gain On Cash Flow Hedging Derivatives	(3,128)	(2,494)	(12,885)
Reclassification adjustments, Accumulated Other Comprehensive (Loss) Income	(3,128)	(2,494)	(12,885)
Current period (charge) credit, Foreign Currency Translation Adjustment	24,773	45,926	(47,024)
Current period (charge) credit, Pension and Other Postretirement Liabilities	10,004	18,004	65,828
Current period (charge) credit, Unrealized Gain (Loss) on Available-for-Sale Securities	2,124	4,162	(4,384)
Current period (charge) credit, Unrealized Gain On Cash Flow Hedging Derivatives	9,430	3,128	2,494
Accumulated Other Comprehensive (Loss) Income Current Period (Charge) Credit	26,323	35,212	(114,742)
Income tax benefit, Foreign Currency Translation Adjustment	0	0	0
Income tax benefit (expense), Pension and Other Postretirement Liabilities	4,076	5,691	22,349
Income tax benefit (expense), Unrealized Gain (Loss) on Available-for-Sale Securities	(765)	(1,510)	1,586
Income tax benefit (expense), Unrealized Gain On Cash Flow Hedging Derivatives	(2,296)	(210)	3,810
Income tax benefit (expense), Accumulated Other Comprehensive (Loss) Income	(1,015)	(3,971)	(27,745)
Foreign Currency Translation Adjustment, Ending Balance	81,761	56,988	11,062
Pension and Other Postretirement Liabilities, Ending Balance	(85,934)	(80,006)	(67,693)
Unrealized Gain (Loss) on Available-for-Sale Securities, Ending Balance	1,802	443	(2,209)
Unrealized Gain On Cash Flow Hedging Derivatives, Ending Balance	6,000	1,994	1,570
Accumulated Other Comprehensive (Loss) Income, Ending Balance	$ 3,629	$ (20,581)	$ (57,270)

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Common Shares (Details Textual)	12 Months Ended
	Apr. 30, 2011 PositionsEliminated Facilities RetailMarketSegment UnionContract Votes Plants
Common Shares (Textuals) [Abstract]
Number of votes per share	10
Number of votes per share after change in beneficial ownership	1
Minimum percentage of outstanding common shares held by persons or group	10.00%
Value To redeem per right	0.001

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Subsequent Event - Rowland Coffee Acquisition

12 Months Ended

Apr. 30, 2011

Subsequent Event - Rowland Coffee Acquisition [Abstract]

Subsequent Event - Rowland Coffee Acquisition

NOTE B: SUBSEQUENT EVENT — ROWLAND COFFEE ACQUISITION

On May 16, 2011, the Company completed an acquisition of the coffee brands and business operations of Rowland Coffee Roasters, Inc. (“Rowland Coffee”), a privately-held company headquartered in Miami, Florida, for $360.0 million. The Company utilized cash on hand and borrowed $180.0 million under its revolving credit facility.

Rowland Coffee is a leading producer of espresso coffee in the U.S., generating total net sales in excess of $110.0 million in calendar 2010. The acquisition strengthens and broadens the Company’s leadership in the U.S. retail coffee category by adding the leading Hispanic brands, Café Bustelo and Café Pilon, to the Smucker family of brands.

The purchase price allocation is in the preliminary stages of the valuation process. The purchase price will be allocated to the underlying assets acquired and liabilities assumed based upon their estimated fair values at the date of acquisition. The Company will determine the estimated fair values based on independent appraisals, discounted cash flow analyses, quoted market prices, and estimates made by management. To the extent the purchase price exceeds the estimated fair value of the net identifiable tangible and intangible assets acquired, such excess will be allocated to goodwill.