Guarantor and Non-Guarantor Financial Information

6 Months Ended

Oct. 31, 2011

Guarantor and Non-Guarantor Financial Information [Abstract]

Guarantor and Non-Guarantor Financial Information

Note P – Guarantor and Non-Guarantor Financial Information

On October 13, 2011, the Company filed a registration statement on Form S-3 registering certain securities described therein, including debt securities which are guaranteed by certain of the Company's subsidiaries. The Company issued $750.0 million of Notes pursuant to the registration statement that are fully and unconditionally guaranteed, on a joint and several basis, by the following wholly-owned subsidiaries of the Company: J.M. Smucker LLC and The Folgers Coffee Company (the "subsidiary guarantors"). Therefore, the following condensed consolidated financial information for the Company, the subsidiary guarantors, and the non-guarantor subsidiaries is provided. The principal elimination entries relate to investments in subsidiaries and intercompany balances and transactions, including transactions with the Company's wholly-owned subsidiary guarantors and non-guarantor subsidiaries. The Company has accounted for investments in subsidiaries using the equity method.

CONDENSED STATEMENTS OF CONSOLIDATED INCOME

Three Months Ended October 31, 2011

	The J.M. Smucker Company (Parent)			Subsidiary Guarantors		Non- Guarantor Subsidiaries			Eliminations			Consolidated
Net sales	$	1,181,087		$	435,912	$	1,121,799		$	(1,224,893	)	$	1,513,905
Cost of products sold		1,034,958			398,999		801,196			(1,219,917	)		1,015,236
Gross Profit		146,129			36,913		320,603			(4,976	)		498,669
Selling, distribution, and administrative expenses, restructuring, and merger and integration costs		63,740			14,222		175,867			0			253,829
Amortization		1,381			0		19,178			0			20,559
Loss on sale of business and other operating (income) expense—net		(151	)		746		12,072			0			12,667
Operating Income		81,159			21,945		113,486			(4,976	)		211,614
Interest (expense) income—net		(19,344	)		975		(755	)		0			(19,124	)
Other (expense) income—net		(102	)		117		696			0			711
Equity in net earnings of subsidiaries		85,373			63,304		22,059			(170,736	)		0
Income Before Income Taxes		147,086			86,341		135,486			(175,712	)		193,201
Income taxes		19,839			325		45,790			0			65,954
Net Income	$	127,247		$	86,016	$	89,696		$	(175,712	)	$	127,247

CONDENSED STATEMENTS OF CONSOLIDATED INCOME

Three Months Ended October 31, 2010

	The J.M. Smucker Company (Parent)			Subsidiary Guarantors		Non- Guarantor Subsidiaries			Eliminations			Consolidated
Net sales	$	993,660		$	747,173	$	1,100,630		$	(1,562,550	)	$	1,278,913
Cost of products sold		799,379			681,419		865,580			(1,562,135	)		784,243
Gross Profit		194,281			65,754		235,050			(415	)		494,670
Selling, distribution, and administrative expenses, restructuring, and merger and integration costs		55,344			18,045		160,550			0			233,939
Amortization		1,296			16,168		1,037			0			18,501
Other operating (income) expense—net		(440	)		784		1,850			0			2,194
Operating Income		138,081			30,757		71,613			(415	)		240,036
Interest (expense) income—net		(18,042	)		474		(365	)		0			(17,933	)
Other (expense) income—net		(185	)		226		(417	)		0			(376	)
Equity in net earnings of subsidiaries		68,572			23,252		18,828			(110,652	)		0
Income Before Income Taxes		188,426			54,709		89,659			(111,067	)		221,727
Income taxes		38,700			4,135		29,166			0			72,001
Net Income	$	149,726		$	50,574	$	60,493		$	(111,067	)	$	149,726

Six Months Ended October 31, 2011

	The J.M. Smucker Company (Parent)			Subsidiary Guarantors		Non- Guarantor Subsidiaries			Eliminations			Consolidated
Net sales	$	2,098,196		$	783,400	$	1,875,188		$	(2,053,996	)	$	2,702,788
Cost of products sold		1,815,543			717,294		1,286,153			(2,045,955	)		1,773,035
Gross Profit		282,653			66,106		589,035			(8,041	)		929,753
Selling, distribution, and administrative expenses, restructuring, and merger and integration costs		123,055			26,424		335,484			0			484,963
Amortization		2,678			0		38,116			0			40,794
Loss on sale of business and other operating (income) expense—net		(84	)		248		11,515			0			11,679
Operating Income		157,004			39,434		203,920			(8,041	)		392,317
Interest (expense) income—net		(34,718	)		1,950		(1,476	)		0			(34,244	)
Other income—net		689			234		1,031			0			1,954
Equity in net earnings of subsidiaries		154,959			109,623		39,667			(304,249	)		0
Income Before Income Taxes		277,934			151,241		243,142			(312,290	)		360,027
Income taxes		39,164			648		81,445			0			121,257
Net Income	$	238,770		$	150,593	$	161,697		$	(312,290	)	$	238,770

Six Months Ended October 31, 2010

	The J.M. Smucker Company (Parent)			Subsidiary Guarantors		Non- Guarantor Subsidiaries			Eliminations			Consolidated
Net sales	$	1,815,967		$	1,366,430	$	1,993,956		$	(2,850,128	)	$	2,326,225
Cost of products sold		1,471,456			1,232,349		1,549,599			(2,830,284	)		1,423,120
Gross Profit		344,511			134,081		444,357			(19,844	)		903,105
Selling, distribution, and administrative expenses, restructuring, and merger and integration costs		102,942			46,495		308,523			0			457,960
Amortization		2,593			32,336		2,069			0			36,998
Other operating (income) expense—net		(720	)		993		2,671			0			2,944
Operating Income		239,696			54,257		131,094			(19,844	)		405,203
Interest (expense) income—net		(34,197	)		1,449		(1,291	)		0			(34,039	)
Other (expense) income—net		(264	)		384		197			0			317
Equity in net earnings of subsidiaries		105,233			42,514		36,088			(183,835	)		0
Income Before Income Taxes		310,468			98,604		166,088			(203,679	)		371,481
Income taxes		57,861			6,573		54,440			0			118,874
Net Income	$	252,607		$	92,031	$	111,648		$	(203,679	)	$	252,607

CONDENSED CONSOLIDATED BALANCE SHEETS

October 31, 2011

	The J.M. Smucker Company (Parent)		Subsidiary Guarantors		Non-Guarantor Subsidiaries		Eliminations			Consolidated
ASSETS
CURRENT ASSETS
Cash and cash equivalents	$	378,441	$	0	$	117,847	$	0		$	496,288
Inventories		0		211,224		960,470		(27,743	)		1,143,951
Other current assets		472,970		7,526		72,972		0			553,468
Total Current Assets		851,411		218,750		1,151,289		(27,743	)		2,193,707
PROPERTY, PLANT, AND EQUIPMENT, NET		211,315		353,085		383,825		0			948,225
INVESTMENTS IN SUBSIDIARIES AND INTERCOMPANY		5,431,898		900,978		818,718		(7,151,594	)		0
OTHER NONCURRENT ASSETS
Goodwill		976,617		0		1,921,364		0			2,897,981
Other intangible assets, net		439,210		0		2,659,857		0			3,099,067
Other noncurrent assets		55,635		15,135		5,670		0			76,440
Total Other Noncurrent Assets		1,471,462		15,135		4,586,891		0			6,073,488
	$	7,966,086	$	1,487,948	$	6,940,723	$	(7,179,337	)	$	9,215,420
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES	$	252,493	$	110,933	$	181,495	$	0		$	544,921
NONCURRENT LIABILITIES
Long-term debt		2,071,852		0		0		0			2,071,852
Deferred income taxes		113,099		0		918,181		0			1,031,280
Other noncurrent liabilities		165,293		16,429		22,296		0			204,018
Total Noncurrent Liabilities		2,350,244		16,429		940,477		0			3,307,150
SHAREHOLDERS’ EQUITY		5,363,349		1,360,586		5,818,751		(7,179,337	)		5,363,349
	$	7,966,086	$	1,487,948	$	6,940,723	$	(7,179,337	)	$	9,215,420

April 30, 2011

	The J.M. Smucker Company (Parent)		Subsidiary Guarantors		Non-Guarantor Subsidiaries		Eliminations			Consolidated
ASSETS
CURRENT ASSETS
Cash and cash equivalents	$	206,845	$	0	$	113,000	$	0		$	319,845
Inventories		0		182,531		700,750		(19,702	)		863,579
Other current assets		364,377		8,190		81,008		0			453,575
Total Current Assets		571,222		190,721		894,758		(19,702	)		1,636,999
PROPERTY, PLANT, AND EQUIPMENT, NET		193,321		305,519		369,042		0			867,882
INVESTMENTS IN SUBSIDIARIES AND INTERCOMPANY		4,872,622		802,936		1,209,603		(6,885,161	)		0
OTHER NONCURRENT ASSETS
Goodwill		981,606		0		1,831,140		0			2,812,746
Other intangible assets, net		440,174		3,116		2,496,720		0			2,940,010
Other noncurrent assets		50,012		15,106		1,830		0			66,948
Total Other Noncurrent Assets		1,471,792		18,222		4,329,690		0			5,819,704
	$	7,108,957	$	1,317,398	$	6,803,093	$	(6,904,863	)	$	8,324,585
LIABILITIES AND SHAREHOLDERS’EQUITY
CURRENT LIABILITIES	$	234,262	$	81,239	$	167,175	$	0		$	482,676
NONCURRENT LIABILITIES
Long-term debt		1,304,039		0		0		0			1,304,039
Deferred income taxes		115,985		0		926,838		0			1,042,823
Other noncurrent liabilities		162,308		16,447		23,929		0			202,684
Total Noncurrent Liabilities		1,582,332		16,447		950,767		0			2,549,546
SHAREHOLDERS’ EQUITY		5,292,363		1,219,712		5,685,151		(6,904,863	)		5,292,363
	$	7,108,957	$	1,317,398	$	6,803,093	$	(6,904,863	)	$	8,324,585

CONDENSED STATEMENTS OF CONSOLIDATED CASH FLOWS

Six Months Ended October 31, 2011

	The J.M. Smucker Company (Parent)			Subsidiary Guarantors			Non-Guarantor Subsidiaries			Eliminations		Consolidated
Net cash (used for) provided by operating activities	$	(11,177	)	$	53,363		$	17,748		$	0	$	59,934
INVESTING ACTIVITIES
Business acquired, net of cash acquired		0			0			(362,846	)		0		(362,846	)
Additions to property, plant, and equipment		(31,087	)		(68,215	)		(36,405	)		0		(135,707	)
Proceeds from sale of business		0			0			9,268			0		9,268
Sale and maturity of marketable securities		18,600			0			0			0		18,600
Proceeds from disposal of property, plant, and equipment		26			158			719			0		903
Other — net		3			(1	)		(2,252	)		0		(2,250	)
Net cash used for investing activities		(12,458	)		(68,058	)		(391,516	)		0		(472,032	)
FINANCING ACTIVITIES
Proceeds from long-term debt - net		748,560			0			0			0		748,560
Quarterly dividends paid		(104,825	)		0			0			0		(104,825	)
Purchase of treasury shares		(44,592	)		0			0			0		(44,592	)
Proceeds from stock option exercises		518			0			0			0		518
Intercompany		(399,329	)		14,695			384,634			0		0
Other — net		(5,101	)		0			0			0		(5,101	)
Net cash provided by financing activities		195,231			14,695			384,634			0		594,560
Effect of exchange rate changes		0			0			(6,019	)		0		(6,019	)
Net increase in cash and cash equivalents		171,596			0			4,847			0		176,443
Cash and cash equivalents at beginning of period		206,845			0			113,000			0		319,845
Cash and cash equivalents at end of period	$	378,441		$	0		$	117,847		$	0	$	496,288

Six Months Ended October 31, 2010

	The J.M. Smucker Company (Parent)			Subsidiary Guarantors			Non-Guarantor Subsidiaries			Eliminations		Consolidated
Net cash (used for) provided by operating activities	$	(43,492	)	$	31,206		$	31,832		$	0	$	19,546
INVESTING ACTIVITIES
Additions to property, plant, and equipment		(26,168	)		(15,505	)		(20,400	)		0		(62,073	)
Sale and maturity of marketable securities		9,000			0			0			0		9,000
Purchases of marketable securities		(57,037	)		0			0			0		(57,037	)
Proceeds from disposal of property, plant, and equipment		0			300			39			0		339
Other — net		(48	)		36			23			0		11
Net cash used for investing activities		(74,253	)		(15,169	)		(20,338	)		0		(109,760	)
FINANCING ACTIVITIES
Repayments of long-term debt		(10,000	)		0			0			0		(10,000	)
Proceeds from long-term debt		400,000			0			0			0		400,000
Quarterly dividends paid		(95,333	)		0			0			0		(95,333	)
Purchase of treasury shares		(5,147	)		0			0			0		(5,147	)
Proceeds from stock option exercises		2,100			0			0			0		2,100
Intercompany		6,378			(16,037	)		9,659			0		0
Other — net		2,476			0			0			0		2,476
Net cash provided by (used for) financing activities		300,474			(16,037	)		9,659			0		294,096
Effect of exchange rate changes		0			0			11			0		11
Net increase in cash and cash equivalents		182,729			0			21,164			0		203,893
Cash and cash equivalents at beginning of period		217,730			0			65,840			0		283,570
Cash and cash equivalents at end of period	$	400,459		$	0		$	87,004		$	0	$	487,463