10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

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

For the quarterly period ended January 31, 2013

or

¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                      to                     

Commission file number 1-5111

THE J. M. SMUCKER COMPANY

(Exact name of registrant as specified in its charter)

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

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

N/A

(Former name, former address and former fiscal year, if changed since last report)

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 at least the past 90 days.    Yes  x     No  ¨

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  x    No  ¨

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 definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer	x	Accelerated filer	¨
Non-accelerated filer	¨  (Do not check if a smaller reporting company)	Smaller Reporting Company	¨

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

The Company had 107,257,848 common shares outstanding on February 28, 2013.

The Exhibit Index is located at Page No. 42.

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements.

THE J. M. SMUCKER COMPANY

CONDENSED STATEMENTS OF CONSOLIDATED INCOME

(Unaudited)

	Three Months Ended January 31,						Nine Months Ended January 31,
	2013			2012			2013			2012
	(Dollars in thousands, except per share data)
Net sales	$	1,559,558		$	1,467,641		$	4,558,007		$	4,170,429
Cost of products sold		1,022,163			988,825			3,002,506			2,738,715
Cost of products sold—restructuring and merger and integration		1,166			13,131			7,588			36,276
Gross Profit		536,229			465,685			1,547,913			1,395,438
Selling, distribution, and administrative expenses		251,016			225,016			740,419			678,170
Amortization		24,200			22,031			72,594			62,825
Other restructuring and merger and integration costs		6,870			19,422			35,522			51,231
Other special project costs		—			—			6,669			—
Loss on divestiture		—			—			—			11,287
Other operating income—net		(4,164	)		(1,150	)		(3,665	)		(758	)
Operating Income		258,307			200,366			696,374			592,683
Interest income		466			464			1,122			1,090
Interest expense		(24,226	)		(23,599	)		(72,374	)		(58,469	)
Other (expense) income—net		(553	)		4			355			1,958
Income Before Income Taxes		233,994			177,235			625,477			537,262
Income taxes		79,826			60,391			211,599			181,648
Net Income	$	154,168		$	116,844		$	413,878		$	355,614
Earnings per common share:
Net Income	$	1.42		$	1.03		$	3.78		$	3.12
Net Income—Assuming Dilution	$	1.42		$	1.03		$	3.78		$	3.12
Dividends declared per common share	$	0.52		$	0.48		$	1.56		$	1.44

See notes to unaudited condensed consolidated financial statements.

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THE J. M. SMUCKER COMPANY

CONDENSED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited)

	Three Months Ended January 31,						Nine Months Ended January 31,
	2013			2012			2013			2012
	(Dollars in thousands, except per share data)
Net Income	$	154,168		$	116,844		$	413,878		$	355,614
Other comprehensive income (loss):
Foreign currency translation adjustments		1,072			(459	)		(2,516	)		(18,672	)
Cash flow hedging derivative activity, net of tax		2,628			634			5,129			(13,464	)
Pension and other postretirement benefit plans activity, net of tax		1,910			(4,008	)		6,144			(4,008	)
Available-for-sale securities activity, net of tax		(256	)		958			375			(211	)
Total other comprehensive income (loss)		5,354			(2,875	)		9,132			(36,355	)
Comprehensive Income	$	159,522		$	113,969		$	423,010		$	319,259

See notes to unaudited condensed consolidated financial statements.

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THE J. M. SMUCKER COMPANY

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

	January 31, 2013			April 30, 2012
	(Dollars in thousands)
ASSETS
CURRENT ASSETS
Cash and cash equivalents	$	438,814		$	229,708
Trade receivables, less allowance for doubtful accounts		360,205			347,518
Inventories:
Finished products		575,850			643,517
Raw materials		302,306			318,059
		878,156			961,576
Other current assets		68,770			104,663
Total Current Assets		1,745,945			1,643,465
PROPERTY, PLANT, AND EQUIPMENT
Land and land improvements		96,020			89,599
Buildings and fixtures		490,283			460,242
Machinery and equipment		1,227,999			1,160,307
Construction in progress		121,327			142,983
		1,935,629			1,853,131
Accumulated depreciation		(814,014	)		(757,042	)
Total Property, Plant, and Equipment		1,121,615			1,096,089
OTHER NONCURRENT ASSETS
Goodwill		3,053,746			3,054,618
Other intangible assets—net		3,114,024			3,187,007
Other noncurrent assets		149,124			134,047
Total Other Noncurrent Assets		6,316,894			6,375,672
	$	9,184,454		$	9,115,226
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES
Accounts payable	$	251,584		$	274,725
Accrued trade marketing and merchandising		89,829			62,111
Current portion of long-term debt		50,000			50,000
Other current liabilities		202,050			230,136
Total Current Liabilities		593,463			616,972
NONCURRENT LIABILITIES
Long-term debt		2,018,508			2,020,543
Deferred income taxes		999,324			992,692
Other noncurrent liabilities		312,923			321,633
Total Noncurrent Liabilities		3,330,755			3,334,868
SHAREHOLDERS’ EQUITY
Common shares		27,121			27,571
Additional capital		4,198,713			4,261,171
Retained income		1,111,042			961,207
Amount due from ESOP Trust		(1,781	)		(2,572	)
Accumulated other comprehensive loss		(74,859	)		(83,991	)
Total Shareholders’ Equity		5,260,236			5,163,386
	$	9,184,454		$	9,115,226

See notes to unaudited condensed consolidated financial statements.

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THE J. M. SMUCKER COMPANY

CONDENSED STATEMENTS OF CONSOLIDATED CASH FLOWS

(Unaudited)

	Nine Months Ended January 31,
	2013			2012
	(Dollars in thousands)
OPERATING ACTIVITIES
Net income	$	413,878		$	355,614
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation		107,800			83,756
Depreciation—restructuring and merger and integration		7,242			31,749
Amortization		72,594			62,825
Share-based compensation expense		15,821			16,524
Other restructuring activities		(693	)		6,942
Loss on sale of assets—net		3,363			3,108
Loss on divestiture		—			11,287
Changes in assets and liabilities, net of effect from businesses acquired:
Trade receivables		(12,988	)		(8,434	)
Inventories		82,906			(78,362	)
Accounts payable and accrued items		2,017			(653	)
Proceeds from settlement of interest rate swaps—net		—			17,718
Defined benefit pension contributions		(30,535	)		(6,997	)
Accrued and prepaid taxes		(6,783	)		(30,116	)
Other—net		29,017			4,278
Net Cash Provided by Operating Activities		683,639			469,239
INVESTING ACTIVITIES
Businesses acquired, net of cash acquired		—			(742,355	)
Additions to property, plant, and equipment		(146,539	)		(196,891	)
Proceeds from divestiture		—			9,268
Sales and maturities of marketable securities		—			18,600
Proceeds from disposal of property, plant, and equipment		3,115			2,784
Other—net		17,197			(1,021	)
Net Cash Used for Investing Activities		(126,227	)		(909,615	)
FINANCING ACTIVITIES
Proceeds from long-term debt—net		—			748,560
Quarterly dividends paid		(166,475	)		(159,389	)
Purchase of treasury shares		(175,490	)		(90,522	)
Proceeds from stock option exercises		1,881			1,719
Other—net		(7,117	)		(2,915	)
Net Cash (Used for) Provided by Financing Activities		(347,201	)		497,453
Effect of exchange rate changes on cash		(1,105	)		(6,494	)
Net increase in cash and cash equivalents		209,106			50,583
Cash and cash equivalents at beginning of period		229,708			319,845
Cash and Cash Equivalents at End of Period	$	438,814		$	370,428

(    ) Denotes use of cash

See notes to unaudited condensed consolidated financial statements.

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THE J. M. SMUCKER COMPANY

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

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

Note 1: Basis of Presentation

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and notes required by U.S. generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments of a normal recurring nature considered necessary for a fair presentation have been included. Certain prior year amounts have been reclassified to conform to current year classifications.

Operating results for the nine-month period ended January 31, 2013, are not necessarily indicative of the results that may be expected for the year ending April 30, 2013. For further information, reference is made to the consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K for the year ended April 30, 2012.

Note 2: Recently Issued Accounting Standards

In June 2011, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2011-05, Presentation of Comprehensive Income, which eliminated the option to present the components of other comprehensive income as part of the statement of shareholders’ equity and required the presentation of net income and other comprehensive income to be in a single continuous statement of comprehensive income or in two separate but consecutive statements. ASU 2011-05 does not change the components that are recognized in net income or other comprehensive income. ASU 2011-05 was effective May 1, 2012, for the Company and the Company elected to present net income and other comprehensive income in two separate but consecutive statements. In February 2013, the FASB issued ASU 2013-02, Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income. ASU 2013-02 requires reclassification adjustments for items that are reclassified from accumulated other comprehensive income to net income be presented on the financial statements or in a note to the financial statements. ASU 2013-02 will be effective May 1, 2013, for the Company and will be applied prospectively. The Company anticipates the adoption of ASU 2013-02 will not impact the financial statements, but will expand the disclosures related to amounts reclassified out of accumulated other comprehensive income.

In December 2011, the FASB issued ASU 2011-11, Disclosures about Offsetting Assets and Liabilities. ASU 2011-11 requires the disclosure of both gross and net information about financial instruments and transactions eligible for offset in the consolidated balance sheet. In January 2013, the FASB issued ASU 2013-01, Scope Clarification of Disclosures about Offsetting Assets and Liabilities, which limits the scope of ASU 2011-11 to derivatives, repurchase and reverse repurchase agreements, and securities borrowing and lending transactions. ASU 2011-11, as clarified by ASU 2013-01, will be effective May 1, 2013, for the Company and will require retrospective application. The Company anticipates the adoption of 2011-11, as clarified by ASU 2013-01, will not impact the financial statements, but may expand the disclosures related to financial instruments.

The FASB issued ASU 2011-08, Testing Goodwill for Impairment, and ASU 2012-02, Intangibles – Goodwill and Other (Topic 350): Testing Indefinite-Lived Intangible Assets for Impairment, in September 2011 and July 2012, respectively. ASU 2011-08 and ASU 2012-02 simplify the guidance for testing impairment of goodwill and indefinite-lived intangible assets by allowing the Company the option to perform a qualitative test to assess the likelihood that the estimated fair value is less than the carrying amount. ASU 2011-08 will be effective for the Company’s February 1, 2013 annual impairment test. ASU 2012-02 will be effective for the Company’s February 1, 2014 annual impairment test, but early adoption is permitted. The adoption of ASU 2011-08 and ASU 2012-02 will not change the process for the February 1, 2013 impairment test and will not impact the financial statements or related disclosures.

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Note 3: Acquisitions

On January 3, 2012, the Company completed the acquisition of a majority of the North American foodservice coffee and hot beverage business of Sara Lee Corporation (“Sara Lee foodservice business”), including a liquid coffee manufacturing facility in Suffolk, Virginia, for $420.6 million in an all-cash transaction. Utilizing proceeds from the 3.50 percent Notes issued in October 2011, the Company paid Sara Lee Corporation, recently renamed The Hillshire Brands Company, $375.6 million, net of a working capital adjustment, and will pay an additional $50.0 million in declining installments over the next 10 years to a subsidiary of D.E Master Blenders 1753 N.V., an independent public company recently separated from The Hillshire Brands Company. The additional $50.0 million obligation was included in other current liabilities and other noncurrent liabilities in the Condensed Consolidated Balance Sheet and recorded at a present value of $45.0 million as of the date of acquisition. During the nine months ended January 31, 2013, $10.0 million was paid and included in other – net financing on the Condensed Statement of Consolidated Cash Flows.

Total one-time costs related to the acquisition are estimated to be approximately $28.0 million, consisting primarily of transition services provided by Sara Lee Corporation and employee separation and relocation costs, nearly all of which are cash related. The Company has incurred one-time costs of $24.2 million through January 31, 2013, directly related to the merger and integration of the acquired business, and the charges were reported in other restructuring and merger and integration costs in the Condensed Statements of Consolidated Income. The Company expects the remainder of the costs to be incurred through fiscal 2014.

The acquisition included the market-leading liquid coffee concentrate business sold under the licensed Douwe Egberts^® brand, along with a variety of roast and ground coffee, cappuccino, tea, and cocoa products, sold through foodservice channels in North America. Liquid coffee concentrate adds a unique, high-quality, and technology-driven form of coffee to the Company’s existing foodservice product offering.

During the second quarter of 2013, the Company announced its plan to exit the private label roast and ground coffee portion of the acquired Sara Lee foodservice business representing approximately $75.0 to $100.0 million in annual net sales. While the Company anticipates a future reduction in net sales, the exit is expected to have a favorable impact on profit margins within the International, Foodservice, and Natural Foods segment. One-time costs associated with the exit are not expected to be significant and primarily include employee separation costs. Although the exit began in the third quarter, it is not expected to have a material impact on 2013 results. The Company expects to complete the exit during fiscal 2014. The net sales reduction in fiscal 2014 is expected to be approximately $50.0 million as exits will occur throughout the first half of the fiscal year.

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The purchase price was allocated to the underlying assets acquired and liabilities assumed based upon their fair values at the date of acquisition. The Company determined the estimated fair values based on independent appraisals, discounted cash flow analyses, and estimates made by management. The purchase price exceeded the fair value of the net identifiable tangible and intangible assets acquired, and, as such, the excess was allocated to goodwill. The amount allocated to goodwill was primarily attributable to anticipated synergies and market expansion. The following table summarizes the fair values of the assets acquired and liabilities assumed at the acquisition date.

Assets acquired:
Cash and cash equivalents	$	1,221
Other current assets		42,619
Property, plant, and equipment		92,775
Intangible assets		138,900
Goodwill		149,948
Other noncurrent assets		863
Total assets acquired	$	426,326
Liabilities assumed:
Current liabilities	$	3,599
Noncurrent liabilities		2,097
Total liabilities assumed	$	5,696
Net assets acquired	$	420,630

Of the total goodwill assigned to the International, Foodservice, and Natural Foods segment, $136.0 million is deductible for tax purposes.

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

Intangible assets with finite lives:
Customer relationships (10-year useful life)	$	92,000
Technology (10-year useful life)		23,800
Trademarks (6-year weighted-average useful life)		23,100
Total intangible assets	$	138,900

On May 16, 2011, the Company completed the acquisition of the coffee brands and business operations of Rowland Coffee Roasters, Inc. (“Rowland Coffee”), a privately-held company headquartered in Miami, Florida, for $362.8 million. The acquisition included a manufacturing, distribution, and office facility in Miami. The Company utilized cash on hand and borrowed $180.0 million under its revolving credit facility to fund the transaction. In addition, the Company has incurred one-time costs of $12.3 million through January 31, 2013, directly related to the merger and integration of Rowland Coffee, which includes approximately $5.7 million in noncash expense items that were reported in cost of products sold – restructuring and merger and integration. The remaining charges were reported in other restructuring and merger and integration costs in the Condensed Statements of Consolidated Income. Total one-time costs related to the acquisition are estimated to be approximately $25.0 million, including approximately $10.0 million of noncash charges, primarily accelerated depreciation, associated with consolidating coffee production currently in Miami into the Company’s existing facilities in New Orleans, Louisiana. The Company expects these costs to be incurred through fiscal 2015.

The acquisition of Rowland Coffee, a leading producer of espresso coffee in the U.S., 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 Company’s portfolio of brands.

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The purchase price was allocated to the underlying assets acquired and liabilities assumed based upon their fair values at the date of acquisition. The Company determined the estimated fair values based on independent appraisals, discounted cash flow analyses, and estimates made by management. The purchase price exceeded the fair value of the net identifiable tangible and intangible assets acquired, and, as such, the excess was allocated to goodwill. The amount allocated to goodwill was primarily attributable to anticipated synergies and market expansion. The following table summarizes the fair values of the assets acquired and liabilities assumed at the acquisition date.

Assets acquired:
Current assets	$	33,971
Property, plant, and equipment		29,227
Intangible assets		213,500
Goodwill		91,675
Total assets acquired	$	368,373
Liabilities assumed:
Current liabilities	$	5,527
Total liabilities assumed	$	5,527
Net assets acquired	$	362,846

Goodwill of $84.8 million and $6.9 million was assigned to the U.S. Retail Coffee and the International, Foodservice, and Natural Foods segments, respectively. Of the total goodwill, $84.0 million is deductible for tax purposes.

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

Intangible assets with finite lives:
Customer relationships (19-year weighted-average useful life)	$	147,800
Trademark (10-year useful life)		1,600
Intangible assets with indefinite lives:
Trademarks		64,100
Total intangible assets	$	213,500

If the Sara Lee foodservice business and Rowland Coffee acquisitions had occurred on May 1, 2011, pro forma consolidated net sales would have been approximately $4.4 billion for the nine months ended January 31, 2012, and the contribution of the acquired businesses would not have had a material impact to reported consolidated earnings for the nine months ended January 31, 2012. The pro forma consolidated results do not give effect to the synergies of the acquisitions and are not indicative of operations in current or future periods.

Note 4: Equity Method Investment

On March 26, 2012, the Company acquired a 25 percent equity interest in Guilin Seamild Biologic Technology Development Co., Ltd. (“Seamild”), a privately-owned manufacturer and marketer of oats products headquartered in Guilin in the Guangxi province of China, for $35.9 million. Seamild’s products, primarily oatmeal and oat-based cereals, are sold under the leading Seamild brand with distribution in retail channels throughout China. Seamild’s portfolio of quality, trusted products aligns with the Company’s strategy of owning and marketing leading food brands.

The initial investment in Seamild was recorded at cost and is included in other noncurrent assets in the Consolidated Balance Sheets. The difference between the carrying amount of the investment and the underlying equity in net assets is primarily attributable to goodwill and other intangible assets. Under the equity method of accounting, the investment is adjusted for the Company’s proportionate share of earnings or losses, including consideration of basis differences resulting from the difference between the initial carrying amount of

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the investment and the underlying equity in net assets. The investment did not have a material impact on the International, Foodservice, and Natural Foods segment or the Company’s consolidated financial statements for the three or nine months ended January 31, 2013.

Note 5: 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 includes capital investments for a new state-of-the-art food manufacturing facility in Orrville, Ohio; consolidation of coffee production in New Orleans, Louisiana; and the transition of the Company’s pickle and condiments production to third-party manufacturers.

Upon completion, the restructuring plan will result in a reduction of approximately 850 full-time positions. As of January 31, 2013, approximately 80 percent of the 850 full-time positions have been reduced and the Sherman, Texas; Dunnville, Ontario; Delhi Township, Ontario; and Kansas City, Missouri facilities have been closed. The Ste. Marie, Quebec facility is anticipated to close in the next fiscal year.

The Company expects to incur restructuring costs of approximately $245.0 million, of which $218.9 million has been incurred through January 31, 2013.

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

	Long-Lived Asset Charges			Employee Separation			Site Preparation and Equipment Relocation			Production Start-up			Other Costs			Total
Total expected restructuring charge	$	105,000		$	66,000		$	35,000		$	29,000		$	10,000		$	245,000
Balance at May 1, 2011	$	—		$	10,198		$	—		$	—		$	—		$	10,198
Charge to expense		34,195			20,364			12,963			10,689			2,930			81,141
Cash payments		—			(13,754	)		(12,963	)		(10,689	)		(2,930	)		(40,336	)
Noncash utilization		(34,195	)		(8,030	)		—			—			—			(42,225	)
Balance at April 30, 2012	$	—		$	8,778		$	—		$	—		$	—		$	8,778
Charge to expense—net		5,370			3,742			10,609			8,292			2,121			30,134
Cash payments		—			(4,111	)		(10,609	)		(8,292	)		(2,121	)		(25,133	)
Noncash utilization		(5,370	)		(6	)		—			—			—			(5,376	)
Balance at January 31, 2013	$	—		$	8,403		$	—		$	—		$	—		$	8,403
Remaining expected restructuring charge	$	7,996		$	4,745		$	4,829		$	4,809		$	3,678		$	26,057

During the three and nine months ended January 31, 2013, total restructuring charges of $5.4 million and $30.1 million, respectively, were reported in the Condensed Statements of Consolidated Income. Of the total restructuring charges, $0.8 million and $6.4 million were reported in cost of products sold – restructuring and merger and integration in the three and nine months ended January 31, 2013, respectively, while the remaining charges were reported in other restructuring and merger and integration costs. During the three and nine months ended January 31, 2012, total restructuring charges of $25.6 million and $67.3 million, respectively, were reported in the Condensed Statements of Consolidated Income. Of the total restructuring charges, $12.0 million and $33.5 million were reported in cost of products sold – restructuring and merger and integration in the three and nine months ended January 31, 2012, respectively, while the remaining charges were reported in other restructuring and merger and integration 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 had been used at the affected production facilities until they were closed or sold.

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 Condensed Consolidated Balance Sheets. For additional information on the impact of the restructuring plan on defined

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benefit pension and other postretirement benefit plans, see Note 11: 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.

Subsequent to January 31, 2013, the Company announced its plan to expand capacity in order to support the Company’s growth expectations for its peanut and other nut butter businesses. Production expansion will include converting the Memphis, Tennessee fruit spreads facility into a peanut butter plant. The Memphis facility was originally scheduled to close as part of the previously announced fruit spreads restructuring plan.

Upon conversion of the Memphis facility, the Company intends to relocate its natural peanut butter production, currently produced at its New Bethlehem, Pennsylvania facility, to the Memphis facility. The New Bethlehem facility will then be converted to produce specialty nut butters, which are currently produced by third-party manufacturers. The Company expects to incur additional restructuring costs of approximately $10.0 million, increasing the total estimated restructuring costs to approximately $255.0 million. These additional costs are anticipated to be recognized through fiscal 2015 and primarily consist of site preparation and equipment relocation and production start-up costs. These changes to the restructuring program will not result in an additional reduction in the total number of full-time employees.

Note 6: Share-Based Payments

The Company provides for equity-based incentives to be awarded to key employees and non-employee directors. These incentives are administered primarily through the Company’s 2010 Equity and Incentive Compensation Plan, and currently consist of restricted shares, restricted stock units (which may also be referred to as deferred stock units), performance units, and stock options.

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

	Three Months Ended January 31,				Nine Months Ended January 31,
	2013		2012		2013		2012
Share-based compensation expense included in selling, distribution, and administrative expenses	$	5,131	$	3,576	$	15,256	$	14,320
Share-based compensation expense included in other restructuring and merger and integration costs		185		415		571		2,290
Total share-based compensation expense	$	5,316	$	3,991	$	15,827	$	16,610
Related income tax benefit	$	1,816	$	1,366	$	5,354	$	5,616

As of January 31, 2013, total compensation cost related to nonvested share-based awards not yet recognized was approximately $35.8 million. The weighted-average period over which this amount is expected to be recognized is 3.0 years.

Note 7: Common Shares

The following table sets forth common share information.

	January 31, 2013		April 30, 2012
Common shares authorized		150,000,000		150,000,000
Common shares outstanding		108,482,773		110,284,715
Treasury shares		20,122,392		18,320,450

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Subsequent to January 31, 2013, the Company repurchased 1,226,028 common shares for approximately $113.3 million, resulting in 5,718,272 common shares remaining available for repurchase under the Board of Directors’ authorizations as of February 28, 2013.

Note 8: Reportable Segments

The Company operates in one industry: the manufacturing and marketing of food products. The Company has three reportable segments: U.S. Retail Coffee, U.S. Retail Consumer Foods, and International, Foodservice, and Natural Foods. The U.S. Retail Coffee segment primarily represents the domestic sales of Folgers^®, Dunkin’ Donuts^®, Millstone^®, Café Bustelo, and Café Pilon branded coffee; the U.S. Retail Consumer Foods segment primarily includes domestic sales of Smucker’s^®, Jif^®, Crisco^®, Pillsbury^®, Eagle Brand^®, Hungry Jack^®, and Martha White^® branded products; and the International, Foodservice, and Natural Foods segment is comprised of products distributed domestically and in foreign countries through retail channels, foodservice distributors and operators (e.g., restaurants, lodging, schools and universities, health care operators), and health and natural foods stores and distributors.

Segment profit represents revenue, less direct and allocable operating expenses, and is consistent with the way in which the Company manages its segments. However, the Company does not represent that the segments, if operated independently, would report the segment profit set forth below, as segment profit excludes certain operating expenses such as corporate administrative expenses.

	Three Months Ended January 31,						Nine Months Ended January 31,
	2013			2012			2013			2012
Net sales:
U.S. Retail Coffee	$	627,717		$	637,886		$	1,770,980		$	1,755,518
U.S. Retail Consumer Foods		581,278			556,549			1,729,030			1,631,241
International, Foodservice, and Natural Foods		350,563			273,206			1,057,997			783,670
Total net sales	$	1,559,558		$	1,467,641		$	4,558,007		$	4,170,429
Segment profit:
U.S. Retail Coffee	$	175,178		$	138,346		$	459,777		$	418,015
U.S. Retail Consumer Foods		106,161			106,645			325,122			301,619
International, Foodservice, and Natural Foods		49,870			39,029			148,736			116,565
Total segment profit	$	331,209		$	284,020		$	933,635		$	836,199
Interest income		466			464			1,122			1,090
Interest expense		(24,226	)		(23,599	)		(72,374	)		(58,469	)
Share-based compensation expense		(5,131	)		(3,576	)		(15,256	)		(14,320	)
Cost of products sold—restructuring and merger and integration		(1,166	)		(13,131	)		(7,588	)		(36,276	)
Other restructuring and merger and integration costs		(6,870	)		(19,422	)		(35,522	)		(51,231	)
Other special project costs		—			—			(6,669	)		—
Corporate administrative expenses		(59,735	)		(47,525	)		(172,226	)		(141,689	)
Other (expense) income—net		(553	)		4			355			1,958
Income before income taxes	$	233,994		$	177,235		$	625,477		$	537,262

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Note 9: Debt and Financing Arrangements

Long-term debt consists of the following:

	January 31, 2013		April 30, 2012
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		395,762		397,906
3.50% Notes due October 15, 2021		748,746		748,637
5.55% Senior Notes due April 1, 2022		400,000		400,000
4.50% Senior Notes due June 1, 2025		400,000		400,000
Total long-term debt	$	2,068,508	$	2,070,543
Current portion of long-term debt		50,000		50,000
Total long-term debt, less current portion	$	2,018,508	$	2,020,543

All of the Company’s Senior Notes are unsecured and interest is paid semiannually. Scheduled principal 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. The Company may prepay at any time all or part of the Senior Notes at 100 percent of the principal amount thereof, together with accrued and unpaid interest, and any applicable make-whole amount.

The Company has available a $1.0 billion revolving credit facility with a group of nine banks that matures in July 2016. The Company did not have a balance outstanding under the revolving credit facility at January 31, 2013.

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

Note 10: Earnings per Share

The following table sets forth the computation of net income per common share and net income per common share – assuming dilution under the two-class method.

	Three Months Ended January 31,				Nine Months Ended January 31,
	2013		2012		2013		2012
Computation of net income per common share:
Net income	$	154,168	$	116,844	$	413,878	$	355,614
Net income allocated to participating securities		1,341		974		3,594		3,394
Net income allocated to common stockholders	$	152,827	$	115,870	$	410,284	$	352,220
Weighted-average common shares outstanding		107,528,722		112,493,822		108,405,604		112,783,014
Net income per common share	$	1.42	$	1.03	$	3.78	$	3.12
Computation of net income per common share—assuming dilution:
Net income	$	154,168	$	116,844	$	413,878	$	355,614
Net income allocated to participating securities		1,341		973		3,593		3,394
Net income allocated to common stockholders	$	152,827	$	115,871	$	410,285	$	352,220
Weighted-average common shares outstanding		107,528,722		112,493,822		108,405,604		112,783,014
Dilutive effect of stock options		19,655		49,125		25,263		52,811
Weighted-average common shares outstanding—assuming dilution		107,548,377		112,542,947		108,430,867		112,835,825
Net income per common share—assuming dilution	$	1.42	$	1.03	$	3.78	$	3.12

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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.

	Three Months Ended January 31,				Nine Months Ended January 31,
	2013		2012		2013		2012
Weighted-average common shares outstanding		107,528,722		112,493,822		108,405,604		112,783,014
Weighted-average participating shares outstanding		943,545		945,330		949,527		1,086,897
Total weighted-average shares outstanding		108,472,267		113,439,152		109,355,131		113,869,911
Dilutive effect of stock options		19,655		49,125		25,263		52,811
Total weighted-average shares outstanding—assuming dilution		108,491,922		113,488,277		109,380,394		113,922,722

Note 11: Pensions and Other Postretirement Benefits

The components of the Company’s net periodic benefit cost for defined benefit pension and other postretirement benefit plans are shown below.

	Three Months Ended January 31,
	Defined Benefit Pension Plans						Other Postretirement Benefits
	2013			2012			2013			2012
Service cost	$	2,211		$	2,003		$	616		$	586
Interest cost		5,975			6,523			774			762
Expected return on plan assets		(6,321	)		(6,672	)		—			—
Recognized net actuarial loss (gain)		3,280			2,151			—			(10	)
Termination benefit cost		—			1,838			—			2,030
Curtailment loss (gain)		—			1,124			—			(115	)
Other		253			271			(106	)		(106	)
Net periodic benefit cost	$	5,398		$	7,238		$	1,284		$	3,147
	Nine Months Ended January 31,
	Defined Benefit Pension Plans						Other Postretirement Benefits
	2013			2012			2013			2012
Service cost	$	6,829		$	6,041		$	1,848		$	1,656
Interest cost		18,000			19,646			2,320			2,314
Expected return on plan assets		(18,970	)		(20,271	)		—			—
Recognized net actuarial loss (gain)		9,917			7,424			—			(33	)
Termination benefit cost		—			1,838			—			2,030
Curtailment loss (gain)		—			1,124			—			(115	)
Settlement loss		6,669			—			—			—
Other		759			856			(318	)		(319	)
Net periodic benefit cost	$	23,204		$	16,658		$	3,850		$	5,533

Upon completion of the restructuring plan discussed in Note 5: Restructuring, approximately 850 full-time positions will be reduced. The Company has included the estimated impact of the planned reductions in measuring the net periodic benefit cost of the defined benefit pension and other postretirement benefit plans for the three and nine months ended January 31, 2013 and 2012. During the nine months ended January 31, 2013, the Company paid a portion of its terminated pension participants lump-sum cash settlements in order to reduce the Company’s future pension obligation and administrative costs. The charges related to the lump-sum cash settlements are included above in settlement loss and were reported in other special project costs in the Condensed Statement of Consolidated Income during the nine months ended January 31, 2013.

Note 12: 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 currently a defendant in a variety of such legal proceedings. The Company cannot predict with certainty the ultimate results of these

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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 13: 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 related 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 key raw materials, notably green coffee, edible oils, corn, corn sweetener, and flour. 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 Coffee and U.S. Retail Consumer Foods segments meet the hedge criteria 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 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 Condensed 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 and assessed at inception and on a monthly basis. The mark-to-market gains or losses on nonqualifying and ineffective portions of commodity hedges are recognized in cost of products sold immediately.

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.

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 in Canada. 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 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. If the contract is designated as a cash flow hedge, the mark-to-market gains or losses on the swap are deferred and included as a component of accumulated other comprehensive loss to the extent effective, and reclassified to interest expense in the period during which the hedged transaction affects earnings. If the contract is designated as a fair value hedge, the swap would be recognized at fair value on the balance sheet and changes in the fair value would be recognized in interest expense. Generally, changes in the fair value of the derivative are equal

15

to changes in the fair value of the underlying debt and have no impact to earnings. There were no interest rate swaps outstanding at January 31, 2013 and April 30, 2012.

The following table sets forth the fair value of derivative instruments recognized in the Condensed Consolidated Balance Sheets.

	January 31, 2013				April 30, 2012
	Other Current Assets		Other Current Liabilities		Other Current Assets		Other Current Liabilities
Derivatives designated as hedging instruments:
Commodity contracts	$	1,184	$	923	$	6,569	$	19,510
Derivatives not designated as hedging instruments:
Commodity contracts	$	9,157	$	3,364	$	3,166	$	3,631
Foreign currency exchange contracts		1,119		107		436		982
Total derivatives not designated as hedging instruments	$	10,276	$	3,471	$	3,602	$	4,613
Total derivatives instruments	$	11,460	$	4,394	$	10,171	$	24,123

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 $5.9 million and $32.5 million at January 31, 2013 and April 30, 2012, respectively, that are included in other current assets in the Condensed Consolidated Balance Sheets.

The following table presents information on pre-tax commodity contract gains and losses recognized on derivatives designated as cash flow hedges.

	Three Months Ended January 31,						Nine Months Ended January 31,
	2013			2012			2013			2012
Losses recognized in other comprehensive income (loss) (effective portion)	$	(7,959	)	$	(681	)	$	(23,304	)	$	(10,941	)
(Losses) gains reclassified from accumulated other comprehensive loss to cost of products sold (effective portion)		(11,953	)		(1,546	)		(30,959	)		4,146
Change in accumulated other comprehensive loss	$	3,994		$	865		$	7,655		$	(15,087	)
(Losses) gains recognized in cost of products sold (ineffective portion)	$	(386	)	$	15		$	(604	)	$	(498	)

Included as a component of accumulated other comprehensive loss at January 31, 2013 and April 30, 2012, were deferred pre-tax losses of $16.6 million and $24.3 million, respectively, related to commodity contracts. The related tax impact recognized in accumulated other comprehensive loss was a benefit of $6.0 million and $8.8 million at January 31, 2013 and April 30, 2012, respectively. The entire amount of the deferred loss included in accumulated other comprehensive loss at January 31, 2013, is expected to be recognized in earnings within one year as the related commodities are sold.

The following table presents information on the pre-tax losses recognized on the interest rate swap designated as a cash flow hedge.

	Three Months Ended January 31,						Nine Months Ended January 31,
	2013			2012			2013			2012
Losses recognized in other comprehensive income (loss) (effective portion)	$	—		$	—		$	—		$	(6,192	)
Losses reclassified from accumulated other comprehensive loss to interest expense (effective portion)		(134	)		(130	)	$	(398	)		(148	)
Change in accumulated other comprehensive loss	$	134		$	130		$	398		$	(6,044	)
Losses recognized in interest expense (ineffective portion)	$	—		$	—		$	—		$	(19	)

Included as a component of accumulated other comprehensive loss at January 31, 2013 and April 30, 2012, were deferred pre-tax losses of $5.5 million and $5.9 million, respectively, related to the interest rate swap which was terminated in October 2011. The related tax benefit recognized in accumulated other

16

comprehensive loss was $2.0 million and $2.1 million at January 31, 2013 and April 30, 2012, respectively. Approximately $0.5 million of the loss will be recognized over the next 12 months.

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

	Three Months Ended January 31,						Nine Months Ended January 31,
	2013			2012			2013			2012
Unrealized (losses) gains on commodity contracts	$	(409	)	$	2,647		$	7,979		$	(3,829	)
Unrealized (losses) gains on foreign currency exchange contracts		(49	)		(554	)		942			(127	)
Total unrealized (losses) gains recognized in cost of products sold	$	(458	)	$	2,093		$	8,921		$	(3,956	)
Realized gains (losses) on commodity contracts	$	111		$	(1,639	)	$	(463	)	$	20,641
Realized gains (losses) on foreign currency exchange contracts		120			671			(84	)		1,899
Total realized gains (losses) recognized in cost of products sold	$	231		$	(968	)	$	(547	)	$	22,540
Total (losses) gains recognized in cost of products sold	$	(227	)	$	1,125		$	8,374		$	18,584

The following table presents the gross contract notional value of outstanding derivative contracts.

	January 31, 2013		April 30, 2012
Commodity contracts	$	433,432	$	983,381
Foreign currency exchange contracts		68,344		94,424

Note 14: 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. 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.

	January 31, 2013						April 30, 2012
	Carrying Amount			Fair Value			Carrying Amount			Fair Value
Other investments	$	46,259		$	46,259		$	36,173		$	36,173
Derivative financial instruments—net		7,066			7,066			(13,952	)		(13,952	)
Long-term debt		(2,068,508	)		(2,423,370	)		(2,070,543	)		(2,443,514	)

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.

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The following tables summarize the fair values and the levels within the fair value hierarchy in which the fair value measurements fall for the Company’s financial instruments.

	Quoted Prices in			Significant			Significant
	Active Markets for			Observable			Unobservable		Fair Value at
	Identical Assets			Inputs			Inputs		January 31,
	(Level 1)			(Level 2)			(Level 3)		2013
Other investments: (A)
Equity mutual funds	$	19,212		$	—		$	—	$	19,212
Municipal obligations		—			26,549			—		26,549
Other investments		498			—			—		498
Derivatives: (B)
Commodity contracts—net		5,868			186			—		6,054
Foreign currency exchange contracts—net		107			905			—		1,012
Long-term debt (C)		(794,049	)		(1,629,321	)		—		(2,423,370	)
Total financial instruments measured at fair value	$	(768,364	)	$	(1,601,681	)	$	—	$	(2,370,045	)
	Quoted Prices in			Significant			Significant
	Active Markets for			Observable			Unobservable		Fair Value at
	Identical Assets			Inputs			Inputs		April 30,
	(Level 1)			(Level 2)			(Level 3)		2012
Other investments: (A)
Equity mutual funds	$	14,649		$	—		$	—	$	14,649
Municipal obligations		—			20,392			—		20,392
Other investments		1,132			—			—		1,132
Derivatives: (B)
Commodity contracts—net		(12,788	)		(618	)		—		(13,406	)
Foreign currency exchange contracts—net		(1	)		(545	)		—		(546	)
Long-term debt (C)		(777,023	)		(1,666,491	)		—		(2,443,514	)
Total financial instruments measured at fair value	$	(774,031	)	$	(1,647,262	)	$	—	$	(2,421,293	)

(A) 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 obligations valued by a third party using valuation techniques which utilize inputs that are derived principally from or corroborated by observable market data. As of January 31, 2013, the Company’s municipal obligations are scheduled to mature as follows: $1.1 million in 2013, $0.7 million in 2014, $2.7 million in 2015, $0.5 million in 2016, and $21.5 million in 2017 and beyond.

(B) The Company’s Level 1 derivatives are valued using quoted market prices for identical instruments in active markets. The Level 2 derivatives are valued using 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 13: Derivative Financial Instruments.

(C) The Company’s long-term debt is comprised of public Notes classified as Level 1 and private Senior Notes classified as Level 2. The public Notes are traded in an active secondary market and valued using quoted prices. The value of the private Senior Notes is based on the net present value of each interest and principal payment, calculated utilizing an interest rate derived from a market yield curve. For additional information, see Note 9: Debt and Financing Arrangements.

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Note 15: Income Taxes

During the three months ended January 31, 2013 and 2012, the Company’s effective tax rate was 34.1 percent. During the nine months ended January 31, 2013 and 2012, the Company’s effective tax rate was 33.8 percent. The effective income tax rate varied from the U.S. statutory income tax rate primarily due to the domestic manufacturing deduction partially offset by state income taxes.

Within the next twelve months, it is reasonably possible that the Company could decrease its unrecognized tax benefits by an additional $3.1 million, primarily as a result of expiring statute of limitations periods.

Note 16: Guarantor and Non-Guarantor Financial Information

In October 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 3.50 percent Notes pursuant to the registration statement that are fully and unconditionally guaranteed, on a joint and several basis, by the following 100 percent wholly-owned subsidiaries of the Company: J.M. Smucker LLC and The Folgers Coffee Company (the “subsidiary guarantors”). A subsidiary guarantor will be released from its obligations under the indenture governing the notes (a) if the Company exercises its legal defeasance option or its covenant defeasance option or if its obligations under the indenture are discharged in accordance with the terms of the indenture or (b) upon delivery of an officer’s certificate to the trustee that the subsidiary guarantor does not guarantee the Company’s obligations under any of the Company’s other primary senior indebtedness and that any other guarantees of such primary senior indebtedness of the subsidiary guarantor have been released other than through discharges as a result of payment by such guarantor on such guarantees.

The following condensed consolidated financial information for the Company, the subsidiary guarantors, and the non-guarantor subsidiaries is provided below. The principal elimination entries relate to investments in subsidiaries and intercompany balances and transactions, including transactions with the Company’s 100 percent wholly-owned subsidiary guarantors and non-guarantor subsidiaries. The Company has accounted for investments in subsidiaries using the equity method.

CONDENSED STATEMENTS OF CONSOLIDATED COMPREHENSIVE INCOME

	Three Months Ended January 31, 2013
	The J.M. Smucker			Subsidiary			Non-Guarantor
	Company (Parent)			Guarantors			Subsidiaries			Eliminations			Consolidated
Net sales	$	1,144,268		$	326,125		$	1,465,800		$	(1,376,635	)	$	1,559,558
Cost of products sold		994,229			300,108			1,099,700			(1,370,708	)		1,023,329
Gross Profit		150,039			26,017			366,100			(5,927	)		536,229
Selling, distribution, and administrative expenses, restructuring, and merger and integration costs		41,708			10,396			205,782			—			257,886
Amortization		1,195			—			23,005			—			24,200
Other operating income—net		(2,464	)		(793	)		(907	)		—			(4,164	)
Operating Income		109,600			16,414			138,220			(5,927	)		258,307
Interest (expense) income—net		(24,115	)		299			56			—			(23,760	)
Other (expense) income—net		(10,124	)		324			9,247			—			(553	)
Equity in net earnings of subsidiaries		103,357			41,944			16,735			(162,036	)		—
Income Before Income Taxes		178,718			58,981			164,258			(167,963	)		233,994
Income taxes		24,550			102			55,174			—			79,826
Net Income	$	154,168		$	58,879		$	109,084		$	(167,963	)	$	154,168
Other comprehensive income, net of tax		5,354			3,735			3,793			(7,528	)		5,354
Comprehensive Income	$	159,522		$	62,614		$	112,877		$	(175,491	)	$	159,522

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CONDENSED STATEMENTS OF CONSOLIDATED COMPREHENSIVE INCOME

	Three Months Ended January 31, 2012
	The J.M. Smucker			Subsidiary			Non-Guarantor
	Company (Parent)			Guarantors			Subsidiaries			Eliminations			Consolidated
Net sales	$	1,159,940		$	396,539		$	1,040,114		$	(1,128,952	)	$	1,467,641
Cost of products sold		1,038,288			357,429			741,938			(1,135,699	)		1,001,956
Gross Profit		121,652			39,110			298,176			6,747			465,685
Selling, distribution, and administrative expenses, restructuring, and merger and integration costs		60,727			19,867			163,844			—			244,438
Amortization		1,550			—			20,481			—			22,031
Loss on divestiture and other operating (income) expense—net		(627	)		(717	)		194			—			(1,150	)
Operating Income		60,002			19,960			113,657			6,747			200,366
Interest (expense) income—net		(23,353	)		721			(503	)		—			(23,135	)
Other (expense) income—net		(11	)		96			(81	)		—			4
Equity in net earnings of subsidiaries		95,637			55,084			20,048			(170,769	)		—
Income Before Income Taxes		132,275			75,861			133,121			(164,022	)		177,235
Income taxes		15,431			245			44,715			—			60,391
Net Income	$	116,844		$	75,616		$	88,406		$	(164,022	)	$	116,844
Other comprehensive (loss) income, net of tax		(2,875	)		755			52			(807	)		(2,875	)
Comprehensive Income	$	113,969		$	76,371		$	88,458		$	(164,829	)	$	113,969
CONDENSED STATEMENTS OF CONSOLIDATED COMPREHENSIVE INCOME
	Nine Months Ended January 31, 2013
	The J.M. Smucker			Subsidiary			Non-Guarantor
	Company (Parent)			Guarantors			Subsidiaries			Eliminations			Consolidated
Net sales	$	3,331,257		$	1,002,619		$	4,312,763		$	(4,088,632	)	$	4,558,007
Cost of products sold		2,931,429			921,062			3,238,047			(4,080,444	)		3,010,094
Gross Profit		399,828			81,557			1,074,716			(8,188	)		1,547,913
Selling, distribution, and administrative expenses, restructuring, merger and integration, and other special project costs		157,670			33,134			591,806			—			782,610
Amortization		7,064			—			65,530			—			72,594
Other operating (income) expense—net		(3,174	)		(2,041	)		1,550			—			(3,665	)
Operating Income		238,268			50,464			415,830			(8,188	)		696,374
Interest (expense) income—net		(72,046	)		895			(101	)		—			(71,252	)
Other (expense) income—net		(624	)		999			(20	)		—			355
Equity in net earnings of subsidiaries		302,396			115,404			51,454			(469,254	)		—
Income Before Income Taxes		467,994			167,762			467,163			(477,442	)		625,477
Income taxes		54,116			304			157,179			—			211,599
Net Income	$	413,878		$	167,458		$	309,984		$	(477,442	)	$	413,878
Other comprehensive income, net of tax		9,132			5,338			3,395			(8,733	)		9,132
Comprehensive Income	$	423,010		$	172,796		$	313,379		$	(486,175	)	$	423,010
CONDENSED STATEMENTS OF CONSOLIDATED COMPREHENSIVE INCOME
	Nine Months Ended January 31, 2012
	The J.M. Smucker			Subsidiary			Non-Guarantor
	Company (Parent)			Guarantors			Subsidiaries			Eliminations			Consolidated
Net sales	$	3,258,136		$	1,179,939		$	2,915,302		$	(3,182,948	)	$	4,170,429
Cost of products sold		2,853,831			1,074,723			2,028,091			(3,181,654	)		2,774,991
Gross Profit		404,305			105,216			887,211			(1,294	)		1,395,438
Selling, distribution, and administrative expenses, restructuring, and merger and integration costs		183,782			46,291			499,328			—			729,401
Amortization		4,228			—			58,597			—			62,825
Loss on divestiture and other operating (income) expense—net		(711	)		(469	)		11,709			—			10,529
Operating Income		217,006			59,394			317,577			(1,294	)		592,683
Interest (expense) income—net		(58,071	)		2,671			(1,979	)		—			(57,379	)
Other income—net		678			330			950			—			1,958
Equity in net earnings of subsidiaries		250,596			164,707			59,715			(475,018	)		—
Income Before Income Taxes		410,209			227,102			376,263			(476,312	)		537,262
Income taxes		54,595			893			126,160			—			181,648
Net Income	$	355,614		$	226,209		$	250,103		$	(476,312	)	$	355,614
Other comprehensive loss, net of tax		(36,355	)		(8,962	)		(28,055	)		37,017			(36,355	)
Comprehensive Income	$	319,259		$	217,247		$	222,048		$	(439,295	)	$	319,259

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CONDENSED CONSOLIDATED BALANCE SHEETS

	January 31, 2013
	The J.M. Smucker		Subsidiary		Non-Guarantor
	Company (Parent)		Guarantors		Subsidiaries		Eliminations			Consolidated
ASSETS
CURRENT ASSETS
Cash and cash equivalents	$	294,693	$	—	$	144,121	$	—		$	438,814
Inventories		—		134,825		766,382		(23,051	)		878,156
Other current assets		359,252		1,090		68,633		—			428,975
Total Current Assets		653,945		135,915		979,136		(23,051	)		1,745,945
PROPERTY, PLANT, AND EQUIPMENT		229,287		425,303		467,025		—			1,121,615
INVESTMENTS IN SUBSIDIARIES AND INTERCOMPANY		5,370,945		4,245,444		969,653		(10,586,042	)		—
OTHER NONCURRENT ASSETS
Goodwill		1,081,988		—		1,971,758		—			3,053,746
Other intangible assets—net		511,056		—		2,602,968		—			3,114,024
Other noncurrent assets		68,366		14,923		65,835		—			149,124
Total Other Noncurrent Assets		1,661,410		14,923		4,640,561		—			6,316,894
	$	7,915,587	$	4,821,585	$	7,056,375	$	(10,609,093	)	$	9,184,454
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES	$	312,261	$	92,379	$	188,823	$	—		$	593,463
NONCURRENT LIABILITIES
Long-term debt		2,018,508		—		—		—			2,018,508
Deferred income taxes		108,103		—		891,221		—			999,324
Other noncurrent liabilities		216,479		19,928		76,516		—			312,923
Total Noncurrent Liabilities		2,343,090		19,928		967,737		—			3,330,755
SHAREHOLDERS’ EQUITY		5,260,236		4,709,278		5,899,815		(10,609,093	)		5,260,236
	$	7,915,587	$	4,821,585	$	7,056,375	$	(10,609,093	)	$	9,184,454
CONDENSED CONSOLIDATED BALANCE SHEETS
	April 30, 2012
	The J.M. Smucker		Subsidiary		Non-Guarantor
	Company (Parent)		Guarantors		Subsidiaries		Eliminations			Consolidated
ASSETS
CURRENT ASSETS
Cash and cash equivalents	$	108,281	$	—	$	121,427	$	—		$	229,708
Inventories		—		161,411		815,030		(14,865	)		961,576
Other current assets		334,220		3,499		114,462		—			452,181
Total Current Assets		442,501		164,910		1,050,919		(14,865	)		1,643,465
PROPERTY, PLANT, AND EQUIPMENT		220,354		389,163		486,572		—			1,096,089
INVESTMENTS IN SUBSIDIARIES AND INTERCOMPANY		5,684,496		4,241,145		702,550		(10,628,191	)		—
OTHER NONCURRENT ASSETS
Goodwill		981,606		—		2,073,012		—			3,054,618
Other intangible assets—net		435,713		—		2,751,294		—			3,187,007
Other noncurrent assets		59,992		11,137		62,918		—			134,047
Total Other Noncurrent Assets		1,477,311		11,137		4,887,224		—			6,375,672
	$	7,824,662		4,806,355	$	7,127,265	$	(10,643,056	)	$	9,115,226
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES	$	323,608	$	101,714	$	191,650	$	—		$	616,972
NONCURRENT LIABILITIES
Long-term debt		2,020,543		—		—		—			2,020,543
Deferred income taxes		104,822		311		887,559		—			992,692
Other noncurrent liabilities		212,303		20,031		89,299		—			321,633
Total Noncurrent Liabilities		2,337,668		20,342		976,858		—			3,334,868
SHAREHOLDERS’ EQUITY		5,163,386		4,684,299		5,958,757		(10,643,056	)		5,163,386
	$	7,824,662	$	4,806,355	$	7,127,265	$	(10,643,056	)	$	9,115,226

21

CONDENSED STATEMENTS OF CONSOLIDATED CASH FLOWS

	Nine Months Ended January 31, 2013
	The J.M. Smucker			Subsidiary			Non-Guarantor
	Company (Parent)			Guarantors			Subsidiaries			Eliminations		Consolidated
Net Cash Provided by Operating Activities	$	119,090		$	103,388		$	461,161		$	—	$	683,639
INVESTING ACTIVITIES
Additions to property, plant, and equipment		(24,941	)		(70,704	)		(50,894	)		—		(146,539	)
Proceeds from disposal of property, plant, and equipment		—			69			3,046			—		3,115
Other—net		(9,449	)		3,911			22,735			—		17,197
Net Cash Used for Investing Activities		(34,390	)		(66,724	)		(25,113	)		—		(126,227	)
FINANCING ACTIVITIES
Quarterly dividends paid		(166,475	)		—			—			—		(166,475	)
Purchase of treasury shares		(175,490	)		—			—			—		(175,490	)
Proceeds from stock option exercises		1,881			—			—			—		1,881
Intercompany		438,913			(36,664	)		(402,249	)		—		—
Other—net		2,883			—			(10,000	)		—		(7,117	)
Net Cash Provided by (Used for) Financing Activities		101,712			(36,664	)		(412,249	)		—		(347,201	)
Effect of exchange rate changes on cash		—			—			(1,105	)		—		(1,105	)
Net increase in cash and cash equivalents		186,412			—			22,694			—		209,106
Cash and cash equivalents at beginning of period		108,281			—			121,427			—		229,708
Cash and Cash Equivalents at End of Period	$	294,693		$	—		$	144,121		$	—	$	438,814
CONDENSED STATEMENTS OF CONSOLIDATED CASH FLOWS
	Nine Months Ended January 31, 2012
	The J.M. Smucker			Subsidiary			Non-Guarantor
	Company (Parent)			Guarantors			Subsidiaries			Eliminations		Consolidated
Net Cash Provided by Operating Activities	$	79,972		$	94,057		$	295,210		$	—	$	469,239
INVESTING ACTIVITIES
Businesses acquired, net of cash acquired		—			—			(742,355	)		—		(742,355	)
Additions to property, plant, and equipment		(41,483	)		(101,333	)		(54,075	)		—		(196,891	)
Proceeds from divestiture		—			—			9,268			—		9,268
Sales and maturities of marketable securities		18,600			—			—			—		18,600
Proceeds from disposal of property, plant, and equipment		262			320			2,202			—		2,784
Other—net		—			—			(1,021	)		—		(1,021	)
Net Cash Used for Investing Activities		(22,621	)		(101,013	)		(785,981	)		—		(909,615	)
FINANCING ACTIVITIES
Proceeds from long-term debt—net		748,560			—			—			—		748,560
Quarterly dividends paid		(159,389	)		—			—			—		(159,389	)
Purchase of treasury shares		(90,522	)		—			—			—		(90,522	)
Proceeds from stock option exercises		1,719			—			—			—		1,719
Intercompany		(497,712	)		6,956			490,756			—		—
Other—net		(2,915	)		—			—			—		(2,915	)
Net Cash (Used for) Provided by Financing Activities		(259	)		6,956			490,756			—		497,453
Effect of exchange rate changes		—			—			(6,494	)		—		(6,494	)
Net increase (decrease) in cash and cash equivalents		57,092			—			(6,509	)		—		50,583
Cash and cash equivalents at beginning of period		206,845			—			113,000			—		319,845
Cash and Cash Equivalents at End of Period	$	263,937		$	—		$	106,491		$	—	$	370,428

22

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

This discussion and analysis deals with comparisons of material changes in the unaudited condensed consolidated financial statements for the three-month and nine-month periods ended January 31, 2013 and 2012. Results for the three and nine months ended January 31, 2013 and 2012, include the operations of the North American foodservice coffee and hot beverage business acquired from Sara Lee Corporation (“Sara Lee foodservice business”) since the completion of the acquisition on January 3, 2012.

The Company is the owner of all trademarks, except for the following which are used under license: Pillsbury, the Barrelhead logo, and the Doughboy character are trademarks of The Pillsbury Company, LLC; Carnation^® is a trademark of Société des Produits Nestlé S.A.; Dunkin’ Donuts is a registered trademark of DD IP Holder, LLC; and Douwe Egberts and Pickwick^® are registered trademarks of D.E Master Blenders 1753 N.V. Borden^® and Elsie are also trademarks used under license.

Dunkin’ Donuts brand is licensed to the Company for packaged coffee products sold in retail channels such as grocery stores, mass merchandisers, club stores, dollar stores, and drug stores. Information in this document does not pertain to Dunkin’ Donuts coffee or other products for sale in Dunkin’ Donuts restaurants. K-Cup^® and K-Cups^® are trademarks of Keurig, Incorporated.

Results of Operations

	Three Months Ended January 31,						Nine Months Ended January 31,
	2013			2012			2013			2012
	(Dollars in millions, except per share data)
Net sales	$	1,559.6		$	1,467.6		$	4,558.0		$	4,170.4
Gross profit	$	536.2		$	465.7		$	1,547.9		$	1,395.4
% of net sales		34.4	%		31.7	%		34.0	%		33.5	%
Operating income	$	258.3		$	200.4		$	696.4		$	592.7
% of net sales		16.6	%		13.7	%		15.3	%		14.2	%
Net income:
Net income	$	154.2		$	116.8		$	413.9		$	355.6
Net income per common share—assuming dilution	$	1.42		$	1.03		$	3.78		$	3.12
Gross profit excluding special project costs (1)	$	537.4		$	478.8		$	1,555.5		$	1,431.7
% of net sales		34.5	%		32.6	%		34.1	%		34.3	%
Operating income excluding special project costs (1)	$	266.3		$	232.9		$	746.2		$	680.2
% of net sales		17.1	%		15.9	%		16.4	%		16.3	%
Net income excluding special project costs: (1)
Income	$	159.4		$	138.3		$	446.8		$	413.5
Income per common share—assuming dilution	$	1.47		$	1.22		$	4.08		$	3.63

(1) Refer to “Non-GAAP Measures” located on page 32 for a reconciliation to the comparable GAAP financial measure.

Net sales in the third quarter and first nine months of 2013 increased six percent and nine percent, respectively, compared to 2012, due to the contribution from the acquired Sara Lee foodservice business and favorable sales mix. Operating income increased 29 percent and 17 percent in the third quarter and first nine months of 2013, respectively, compared to 2012. Excluding the impact of restructuring, merger and integration, and certain pension settlement costs (“special project costs”), operating income increased 14

23

percent and 10 percent in the third quarter and first nine months of 2013, respectively. Included in the first nine months of 2012 was a loss on divestiture of $11.3 million.

The Company’s net income per diluted share was $1.42 and $1.03 for the third quarters of 2013 and 2012, respectively, and $3.78 and $3.12 for the first nine months of 2013 and 2012, respectively, an increase of 38 percent for the quarter and 21 percent for the first nine months. The Company’s net income per diluted share excluding special project costs increased 20 percent in the third quarter of 2013 to $1.47, compared to $1.22 in the third quarter of 2012, and increased 12 percent for the first nine months of 2013 to $4.08, compared to $3.63 in 2012. In addition to gross profit improvements, net income per diluted share and net income per diluted share excluding special project costs for the third quarter and first nine months of 2013 benefited from a decrease in weighted-average shares outstanding as a result of the Company’s share repurchase activity over the past year.

Net Sales

	Three Months Ended January 31,											Nine Months Ended January 31,
	2013			2012		Increase (Decrease)			%			2013			2012			Increase (Decrease)			%
	(Dollars in millions)
Net sales	$	1,559.6		$	1,467.6	$	91.9			6	%	$	4,558.0		$	4,170.4		$	387.6			9	%
Adjust for certain noncomparable items:
Acquisition		(59.7	)		—		(59.7	)		(4	)		(237.1	)		—			(237.1	)		(6	)
Divestiture		—			—		—			0			—			(8.0	)		8.0			0
Foreign exchange		(3.4	)		—		(3.4	)		(0	)		0.0			—			0.0			0
Net sales adjusted for the noncomparable impact of acquisition, divestiture, and foreign exchange	$	1,496.5		$	1,467.6	$	28.9			2	%	$	4,320.9		$	4,162.5		$	158.4			4	%

Amounts may not add due to rounding.

Net sales increased $91.9 million, or six percent, in the third quarter of 2013, compared to the third quarter of 2012, primarily due to the Sara Lee foodservice business acquisition and favorable sales mix. As a result of the acquisition in January 2012, an additional two months of net sales, totaling $59.7 million, were recognized in the third quarter of 2013. Favorable sales mix in the quarter was driven by the Company’s K-Cups and peanut butter products, which are higher priced per pound, compared to other products within the Company’s portfolio. Overall net price realization was lower primarily due to price declines on coffee taken earlier in the fiscal year. Volume gains realized in Jif peanut butter and Smucker’s fruit spreads were offset by decreases in the Pillsbury brand and the Canadian Robin Hood^® and Five Roses^® flour brands. Overall volume, based on weight and excluding the incremental impact of the acquisition, decreased one percent in the third quarter of 2013, compared to the third quarter of 2012.

Net sales for the first nine months were $4,558.0 million in 2013, and increased $387.6 million, or nine percent, compared to the first nine months of 2012, due primarily to the incremental impact of the acquired Sara Lee foodservice business and favorable sales mix. Overall net price realization was slightly higher for the first nine months of 2013, compared to 2012, as price increases taken on peanut butter during fiscal 2012 more than offset the impact of coffee price declines. Overall volume, based on weight and excluding acquisition, was flat for the first nine months of 2013, compared to 2012. Volume gains were realized in Jif peanut butter, Folgers coffee, and Robin Hood and Five Roses flour in Canada but were offset by volume declines in Pillsbury baking mixes and Bicks^® pickles. Favorable sales mix for the first nine months was driven by volume growth in the Company’s coffee brands, including K-Cups.

24

Operating Income

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

	Three Months Ended January 31,						Nine Months Ended January 31,
	2013			2012			2013			2012
Gross profit		34.4	%		31.7	%		34.0	%		33.5	%
Selling, distribution, and administrative expenses:
Marketing		4.8	%		4.8	%		5.1	%		5.1	%
Selling		3.3			3.2			3.3			3.2
Distribution		2.6			2.6			2.6			2.8
General and administrative		5.4			4.7			5.3			5.1
Total selling, distribution, and administrative expenses		16.1	%		15.3	%		16.2	%		16.3	%
Amortization		1.6			1.5			1.6			1.5
Other restructuring, merger and integration, and special project costs		0.4			1.3			0.9			1.2
Loss on divestiture		0.0			0.0			0.0			0.3
Other operating income—net		(0.3	)		(0.1	)		(0.1	)		(0.0	)
Operating income		16.6	%		13.7	%		15.3	%		14.2	%

Amounts may not add due to rounding.

Gross profit increased $70.5 million, or 15 percent, in the third quarter of 2013, compared to 2012, and gross margin increased from 31.7 percent to 34.4 percent over the same period. The increase in gross profit was due to favorable mix, lower commodity costs, the impact of an additional two months of the Sara Lee foodservice business, and a decrease in special project costs. Lower commodity costs were driven by green coffee offset somewhat by higher peanut costs. Excluding special project costs, gross profit increased $58.6 million, or 12 percent, and improved to 34.5 percent of net sales in the third quarter of 2013, compared to 32.6 percent in the third quarter of 2012.

Selling, distribution, and administrative (“SD&A”) expenses increased 12 percent in the third quarter of 2013, compared to the third quarter of 2012, and increased as a percentage of net sales from 15.3 percent to 16.1 percent. Marketing, selling, and distribution expenses increased six percent, 10 percent, and five percent, respectively, and were primarily driven by the acquired Sara Lee foodservice business. General and administrative expenses increased 21 percent due to increased incentive compensation and employee benefit costs.

Restructuring and merger and integration costs decreased $24.5 million in the third quarter of 2013, compared to the third quarter of 2012, due primarily to the closing of several facilities included in the Company’s restructuring plan during 2012.

Operating income increased $57.9 million, or 29 percent, in the third quarter of 2013, compared to 2012, and operating margin increased from 13.7 percent to 16.6 percent over the same period. Excluding the impact of special project costs in both periods, operating income increased $33.4 million, or 14 percent, and increased from 15.9 percent of net sales in 2012 to 17.1 percent in 2013.

Gross profit increased $152.5 million, or 11 percent, in the first nine months of 2013, compared to 2012, and gross margin increased from 33.5 percent to 34.0 percent over the same period. The increase in gross profit was primarily due to the acquired Sara Lee foodservice business, favorable mix, and a $12.9 million increase in the benefit of unrealized mark-to-market adjustments on derivative contracts, which increased to a gain of $8.9 million in the first nine months of 2013 from a loss of $4.0 million in the first nine months of 2012. Overall commodity costs were relatively flat for the first nine months of 2013, compared to 2012, as lower green coffee costs were offset by higher costs for peanuts. The impact of lower green coffee costs was mostly offset by lower net price realization as a result of a coffee price decline in May 2012. Price increases taken on peanut butter during fiscal 2012 more than offset the impact of higher peanut costs. Excluding special project costs,

25

gross profit increased $123.8 million, or nine percent, and gross margin was 34.1 percent in the first nine months of 2013, compared to 34.3 percent in 2012.

SD&A expenses in the first nine months of 2013 increased nine percent, compared to the first nine months of 2012, but were relatively flat as a percentage of net sales. Marketing and selling expenses increased eight and 12 percent, respectively, generally in line with the increase in net sales and driven in part by the acquired Sara Lee foodservice business. General and administrative expenses increased 13 percent primarily due to increased incentive compensation and employee benefit costs.

Restructuring and merger and integration costs decreased $44.4 million in the first nine months of 2013, compared to 2012, due primarily to the closing of several facilities included in the Company’s restructuring plan during 2012.

Higher amortization expense was recognized in the first nine months of 2013, compared to 2012, primarily related to intangibles associated with the Sara Lee foodservice business acquisition.

Operating income increased $103.7 million, or 17 percent, in the first nine months of 2013, compared to 2012, and operating margin increased from 14.2 percent to 15.3 percent over the same period. Excluding the impact of special project costs in both periods, operating income increased $66.0 million, or 10 percent, and was 16.4 percent of net sales in the first nine months of 2013, compared to 16.3 percent in 2012. Both operating income measures include a loss on divestiture of $11.3 million in 2012.

Other

Interest expense increased $13.9 million in the first nine months of 2013, compared to 2012, primarily representing the cost of higher average debt outstanding due to the Company’s October 2011 public debt issuance.

Income taxes increased $19.4 million and $30.0 million in the third quarter and first nine months of 2013, respectively, compared to 2012, in line with the increase in income before taxes. The effective tax rate remained consistent during both the third quarter and first nine months of 2013, compared to 2012.

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 includes capital investments for a new state-of-the-art food manufacturing facility in Orrville, Ohio; consolidation of coffee production in New Orleans, Louisiana; and the transition of the Company’s pickle and condiments production to third-party manufacturers and is a long-term investment to optimize production capacity and lower the overall cost structure.

Upon completion, the restructuring plan will result in a reduction of approximately 850 full-time positions and the closing of five of the Company’s facilities. As of January 31, 2013, approximately 80 percent of the 850 full-time positions have been reduced and the Sherman, Texas; Dunnville, Ontario; Delhi Township, Ontario; and Kansas City, Missouri facilities have been closed. The Ste. Marie, Quebec facility is anticipated to close in the next fiscal year. The Company’s pickle and condiments production was transitioned to third-party manufacturers during fiscal 2012. The consolidation of coffee production in New Orleans is complete. Approximately one-half of the retail fruit spreads production has been transitioned to the new manufacturing facility in Orrville with the remaining production expected to be transitioned by the end of calendar 2013. The overall restructuring initiative is delivering the savings expected to date.

The Company expects to incur restructuring costs of approximately $245.0 million, of which $218.9 million has been incurred through January 31, 2013. Restructuring costs of $5.4 million and $30.1 million have been incurred in the third quarter and first nine months of 2013, respectively, compared to $25.6 million and $67.3 million in the third quarter and first nine months of 2012, respectively.

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Subsequent to January 31, 2013, the Company announced its plan to expand peanut butter production in order to support the Company’s growth expectations for the peanut and other nut butter businesses, including efforts to grow the Jif brand. Production expansion will include converting the Memphis, Tennessee fruit spreads facility into a peanut butter plant. The Memphis facility was originally scheduled to close as part of the previously announced fruit spreads restructuring plan.

Upon completion of the conversion of the Memphis facility, the Company also intends to relocate its natural peanut butter production, currently produced at its New Bethlehem, Pennsylvania facility, to the Memphis facility. The New Bethlehem facility will then be converted to produce specialty nut butters, which are currently produced by third-party manufacturers. The total capital investment for these peanut and nut butter projects is estimated at approximately $60.0 million. Additional restructuring costs will approximate $10.0 million, increasing the total estimated restructuring costs to approximately $255.0 million. The Company expects the majority of the spend related to this initiative to occur through fiscal 2015. The decision to utilize the Memphis facility for peanut butter production does not impact the total savings originally estimated related to the fruit spreads restructuring plan.

Segment Results

	Three Months Ended January 31,									Nine Months Ended January 31,
	2013			2012			% Increase (Decrease)			2013			2012			% Increase (Decrease)
	(Dollars in millions)
Net sales:
U.S. Retail Coffee	$	627.7		$	637.9			(2	)%	$	1,771.0		$	1,755.5			1	%
U.S. Retail Consumer Foods		581.3			556.5			4			1,729.0			1,631.2			6
International, Foodservice, and Natural Foods		350.6			273.2			28			1,058.0			783.7			35
Segment profit:
U.S. Retail Coffee	$	175.2		$	138.3			27	%	$	459.8		$	418.0			10	%
U.S. Retail Consumer Foods		106.2			106.6			(0	)		325.1			301.6			8
International, Foodservice, and Natural Foods		49.9			39.0			28			148.7			116.6			28
Segment profit margin:
U.S. Retail Coffee		27.9	%		21.7	%					26.0	%		23.8	%
U.S. Retail Consumer Foods		18.3			19.2						18.8			18.5
International, Foodservice, and Natural Foods		14.2			14.3						14.1			14.9

U.S. Retail Coffee

The U.S. Retail Coffee segment net sales decreased two percent in the third quarter of 2013, compared to the third quarter of 2012, reflecting price declines taken over the past year. Segment volume increased one percent in the third quarter of 2013, compared to the third quarter of 2012, led by K-Cups, Café Bustelo, and Café Pilon. Volume of the overall Folgers brand was flat as the growth experienced in K-Cups was offset by a slight decline in roast and ground that was attributed to a supply constraint for certain retail coffee canisters that arose in the second quarter. The constraint was resolved by the end of the third quarter and did not have a material effect on the financial results for fiscal 2013. Dunkin’ Donuts packaged coffee volume decreased two percent, reflecting increased competitive activities. The impact of sales mix was favorable due to K-Cups. Net sales of K-Cups increased $30.4 million, or 51 percent, compared to the third quarter of 2012, and contributed five percentage points of growth to segment net sales, while contributing only one percentage point of growth to volume.

The U.S. Retail Coffee segment profit increased $36.8 million, or 27 percent, in the third quarter of 2013, compared to the third quarter of 2012. Green coffee costs were significantly lower in the third quarter of 2013, compared to the third quarter of 2012. The Company reduced coffee prices in May 2012 with the expectation that it would recognize lower green coffee costs as it progressed through its fiscal year. The majority of these lower costs was recognized during the quarter and, in large part, offset the unfavorable impact realized earlier in the year. Mix also contributed to the increase in segment profit in the third quarter of 2013, compared to

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2012, offset somewhat by an increase in marketing expenses. Segment profit margin improved from 21.7 percent of net sales in the third quarter of 2012 to 27.9 percent in the third quarter of 2013.

For the first nine months of 2013, net sales for the U.S. Retail Coffee segment increased one percent, compared to the first nine months of 2012, as favorable sales mix driven primarily by K-Cups and increased volume more than offset the impact of price declines taken since the third quarter of 2012. Segment volume increased four percent in the first nine months of 2013, compared to the first nine months of 2012, as the Folgers and Café Bustelo brands increased three percent and 21 percent, respectively, and Dunkin’ Donuts packaged coffee increased six percent. Net sales of K-Cups increased $97.4 million, compared to the first nine months of 2012. K-Cups represented six percentage points of segment net sales growth, while contributing only one percentage point growth to volume.

Segment profit for the first nine months of 2013 increased $41.8 million, or 10 percent, compared to the first nine months of 2012, primarily due to favorable mix and volume growth. The net impact of lower prices and green coffee costs did not have a material effect on segment profit. Unrealized mark-to-market adjustments on derivative contracts, which were a gain of $3.9 million in the first nine months of 2013, compared to a loss of $0.6 million in 2012, represented $4.5 million of the segment profit increase. Segment profit margin was 26.0 percent in the first nine months of 2013, compared to 23.8 percent in 2012.

In February 2013, in response to sustained declines in green coffee costs, the Company announced an additional price decline of approximately six percent on the majority of its packaged coffee products sold in the United States, primarily consisting of items sold under the Folgers and Dunkin Donuts brands.

U.S. Retail Consumer Foods

The U.S. Retail Consumer Foods segment net sales increased four percent in the third quarter of 2013, compared to the third quarter of 2012, as the impact of favorable sales mix and higher net price realization offset a one percent decline in segment volume. Jif brand net sales increased 21 percent in the third quarter of 2013, compared to 2012, reflecting a 17 percent volume increase. Jif peanut butter volume in last year’s third quarter was impacted by the 30 percent price increase at the beginning of that quarter along with the consumer buy-in that occurred in advance of it. Smucker’s fruit spreads net sales and volume increased five percent and nine percent, respectively, in the third quarter of 2013, compared to 2012, due to more competitive pricing and increased promotional activities. Net sales and volume of Smucker’s Uncrustables^® frozen sandwiches both increased 38 percent during the same period, benefiting from new distribution and new product introductions. Net sales for the Pillsbury brand decreased four percent, while volume decreased nine percent, in the third quarter of 2013, compared to 2012, with approximately one-half of the volume decline due to the tonnage impact of the previously announced cake mix downsizing. Canned milk net sales and volume decreased 10 percent and five percent, respectively, during the third quarter of 2013, compared to 2012.

The U.S. Retail Consumer Foods segment profit was flat in the third quarter of 2013, compared to the third quarter of 2012 which benefited from the timing of peanut butter pricing actions. Segment profit was positively impacted by mix along with decreases in marketing and selling expenses. Overall raw material costs recognized were higher in the third quarter of 2013, compared to 2012, primarily due to peanuts. Although elevated peanut costs are expected to continue in the fourth quarter due to long-term contracts in place, it is expected that the size and quality of the calendar 2012 U.S. peanut crop will lead to lower peanut costs in the future. In anticipation of lower peanut costs in future periods, the Company decreased peanut butter prices by approximately 10 percent late in the third quarter. As a result, higher peanut costs were not fully recovered by net price realization and contributed to the flat quarter-over-quarter segment profit. However, the Company believes that the price decline properly reflects its role as the peanut butter category leader and achieves the Company’s desired pricing objective based on its anticipated peanut costs over the course of the upcoming fiscal year. Segment profit margin was 18.3 percent in the third quarter of 2013, compared to 19.2 percent in 2012.

Net sales for the U.S. Retail Consumer Foods segment increased six percent in the first nine months of 2013, compared to the first nine months of 2012, due primarily to higher net price realization and favorable sales mix, offset partially by a two percent decline in segment volume. Jif brand net sales increased 29 percent in the

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first nine months of 2013, compared to the first nine months of 2012, primarily reflecting price increases taken since the third quarter of 2012. Volume of the Jif brand increased five percent over the same period last year. Smucker’s fruit spreads net sales and volume were both down two percent, impacted by higher pricing during key promotional periods and competitive activities during the first nine months of 2013. Net sales and volume of Smucker’s Uncrustables frozen sandwiches increased 26 percent and 23 percent, respectively, in the first nine months of 2013, compared to the first nine months of 2012, benefiting from new distribution. Crisco brand net sales and volume decreased five percent and two percent, respectively, in the first nine months of 2013, compared to 2012, resulting from declines at a key retailer. For the same period, net sales for the Pillsbury brand increased two percent, while volume decreased five percent mostly due to the tonnage impact of cake mix downsizing.

Segment profit increased $23.5 million, or eight percent, in the first nine months of 2013, compared to the first nine months of 2012, led by peanut butter. Overall raw material costs were higher for the first nine months of 2013 but were more than offset by higher net price realization. Price increases taken in fiscal 2012, which more than offset higher peanut costs in fiscal 2013, were the primary driver for the increase in profitability. Segment profit was also impacted by decreases in marketing expense and favorable mix, partially offset by the volume decline. Unrealized mark-to-market adjustments on derivative contracts, which were a gain of $2.0 million in the first nine months of 2013, compared to a loss of $1.7 million in 2012, represented $3.6 million of the segment profit increase. Segment profit margin improved from 18.5 percent of net sales in the first nine months of 2012 to 18.8 percent in the first nine months of 2013.

International, Foodservice, and Natural Foods

Net sales in the International, Foodservice, and Natural Foods segment increased 28 percent in the third quarter of 2013, compared to the third quarter of 2012. The additional two months of Sara Lee foodservice business net sales totaled $59.7 million and represented 22 percentage points of the net sales growth. Excluding the impact of acquisition and foreign exchange, segment net sales increased five percent over the same period last year primarily due to sales mix, driven by coffee, and higher net price realization. Volume declined one percent primarily driven by the Robin Hood and Five Roses Canadian flour brands, partially offset by gains in natural beverages.

Segment profit increased $10.8 million, or 28 percent, in the third quarter of 2013, compared to 2012. The Sara Lee foodservice business, including the profit from the additional two months of activity, contributed over one-half of the segment profit increase in the third quarter of 2013, compared to the third quarter of 2012. Favorable mix contributed most of the remaining segment profit increase, offset somewhat by higher distribution expenses. Overall higher raw material costs were more than offset by higher prices in the third quarter of 2013, compared to the third quarter of 2012 which was impacted by an unfavorable price to cost relationship, notably for coffee and natural beverages.

The International, Foodservice, and Natural Foods segment net sales increased 35 percent in the first nine months of 2013, compared to the first nine months of 2012, due primarily to the impact of the additional eight months of the acquired Sara Lee foodservice business, which contributed $237.1 million, or 30 percentage points, of the net sales growth. Excluding the impact of acquisition, divestiture, and foreign exchange, segment net sales increased six percent over the same period last year. Volume was up two percent with gains realized in the Robin Hood and Five Roses Canadian flour brands, as well as nonbranded beverages.

Segment profit increased $32.2 million, or 28 percent, in the first nine months of 2013, compared to the first nine months of 2012 which included an $11.3 million loss on divestiture. Excluding this loss, segment profit increased $20.9 million, or 16 percent, driven primarily by the contribution of the Sara Lee foodservice business. Unrealized mark-to-market adjustments on derivative contracts, which were a gain of $1.5 million in the first nine months of 2013, compared to a loss of $0.5 million in 2012, represented $2.0 million of the segment profit increase.

During the second quarter, the Company announced its plan to exit the private label roast and ground coffee portion of the acquired Sara Lee foodservice business representing approximately $75.0 to $100.0 million in annual net sales. While the Company anticipates a future reduction in net sales, the exit is expected to have a

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favorable impact on profit margins within the International, Foodservice, and Natural Foods segment. One-time costs associated with the exit are not expected to be significant and primarily include employee separation costs. Although the exit began in the third quarter, it is not expected to have a material impact on fiscal 2013 results. The Company expects to complete the exit during fiscal 2014. The net sales reduction in fiscal 2014 is expected to be approximately $50.0 million as exits will occur throughout the first half of the fiscal year.

Financial Condition – Liquidity and Capital Resources

Liquidity

On an annual basis, 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 at January 31, 2013, were $438.8 million, compared to $229.7 million at April 30, 2012.

The Company typically expects a significant use of cash to fund working capital requirements during the first half of each fiscal year, primarily due to seasonal fruit 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 expects cash provided by operations in the second half of its fiscal year to significantly exceed the amount in the first half of the year, upon completion of the Company’s Fall Bake and Holiday period.

The following table presents selected cash flow information.

	Nine Months Ended January 31,
(Dollars in millions)	2013			2012
Net cash provided by operating activities	$	683.6		$	469.2
Net cash used for investing activities		(126.2	)		(909.6	)
Net cash (used for) provided by financing activities		(347.2	)		497.5
Net cash provided by operating activities	$	683.6		$	469.2
Additions to property, plant, and equipment		(146.5	)		(196.9	)
Free cash flow	$	537.1		$	272.3

Amounts may not add due to rounding.

Cash provided by operating activities was $683.6 million in the first nine months of 2013, compared to $469.2 million during the first nine months of 2012. The $214.4 million increase is primarily due to a significant reduction in the use of cash required to fund inventory, as well as higher net income in 2013. The reduction in the cash required to fund inventory during 2013 was mainly the result of lower green coffee costs and a reduction in inventory levels.

Cash used for investing activities was $126.2 million in the first nine months of 2013, compared to $909.6 million in the same period of 2012. The decrease in cash used for investing activities in 2013, compared to 2012, was primarily related to the use of $742.4 million for the acquisitions of Rowland Coffee and the Sara Lee foodservice business in 2012.

Cash used for financing activities during the first nine months of 2013 was $347.2 million, consisting of the purchase of treasury shares for $175.5 million, primarily representing the repurchase of 2.0 million common shares, and quarterly dividend payments of $166.5 million. During the first nine months of 2012, total cash of $497.5 million was provided by financing activities, consisting primarily of proceeds from the Company’s October 2011 public debt issuance of $748.6 million, partially offset by quarterly dividend payments of $159.4 million and the purchase of treasury shares for $90.5 million.

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Capital Resources

The following table presents the Company’s capital structure.

	January 31, 2013		April 30, 2012
	(Dollars in millions)
Current portion of long-term debt	$	50.0	$	50.0
Long-term debt		2,018.5		2,020.5
Total debt	$	2,068.5	$	2,070.5
Shareholders’ equity		5,260.2		5,163.4
Total capital	$	7,328.7	$	7,233.9

Amounts may not add due to rounding.

The Company has available a $1.0 billion revolving credit facility with a group of nine banks that matures in July 2016. The Company did not have a balance outstanding under the revolving credit facility at January 31, 2013.

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

At January 31, 2013, the Company had 6,944,300 common shares remaining for repurchase under its Board of Directors’ authorizations, which includes 5,000,000 common shares authorized by the Board at its January 2013 meeting.

Subsequent to January 31, 2013, the Company repurchased 1,226,028 common shares for approximately $113.3 million, resulting in 5,718,272 common shares remaining available for repurchase under the Board of Directors’ authorizations as of February 28, 2013.

Absent any material 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 the payment of interest and principal on debt outstanding. As of January 31, 2013, approximately $140.5 million of the Company’s total cash and cash equivalents was held by its international subsidiaries. The Company does not intend to repatriate these funds to meet these obligations. Should the Company repatriate these funds, the Company will be required to provide taxes on these funds based on the applicable U.S. tax rates net of any foreign tax credit consideration.

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Non-GAAP Measures

The Company uses non-GAAP measures including net sales adjusted for the noncomparable impact of acquisition, divestiture, and foreign exchange rate; gross profit, operating income, net income, and net 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.

	Three Months Ended January 31,				Nine Months Ended January 31,
	2013		2012		2013		2012
	(Dollars in millions, except per share data)
Reconciliation to gross profit:
Gross Profit	$	536.2	$	465.7	$	1,547.9	$	1,395.4
Cost of products sold—restructuring and merger and integration		1.2		13.1		7.6		36.3
Gross profit excluding special project costs	$	537.4	$	478.8	$	1,555.5	$	1,431.7
Reconciliation to operating income:
Operating Income	$	258.3	$	200.4	$	696.4	$	592.7
Cost of products sold—restructuring and merger and integration		1.2		13.1		7.6		36.3
Other restructuring and merger and integration costs		6.9		19.4		35.5		51.2
Other special project costs		—		—		6.7		—
Operating income excluding special project costs	$	266.3	$	232.9	$	746.2	$	680.2
Reconciliation to net income:
Net Income	$	154.2	$	116.8	$	413.9	$	355.6
Income taxes		79.8		60.4		211.6		181.6
Cost of products sold—restructuring and merger and integration		1.2		13.1		7.6		36.3
Other restructuring and merger and integration costs		6.9		19.4		35.5		51.2
Other special project costs		—		—		6.7		—
Income before income taxes, excluding special project costs		242.0		209.8		675.3		624.8
Income taxes, as adjusted		82.6		71.5		228.4		211.2
Net income excluding special project costs	$	159.4	$	138.3	$	446.8	$	413.5
Weighted-average shares—assuming dilution		108,491,922		113,488,277		109,380,394		113,922,722
Net income per common share excluding special project costs—assuming dilution	$	1.47	$	1.22	$	4.08	$	3.63

Amounts may not add due to rounding.

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Off-Balance Sheet Arrangements and Contractual Obligations

The Company does not have material 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 January 31, 2013.

(Dollars in millions)	Total		Less Than One Year		One to Three Years		Three to Five Years		More Than Five Years
Long-term debt obligations	$	2,068.5	$	50.0	$	150.0	$	136.5	$	1,732.0
Interest payments on long-term debt		676.4		24.4		183.7		169.0		299.3
Operating lease obligations		73.3		5.6		34.7		21.9		11.1
Purchase obligations		1,033.7		546.0		487.7		—		—
Other noncurrent liabilities		285.2		—		4.2		—		281.0
Total	$	4,137.1	$	626.0	$	860.3	$	327.4	$	2,323.4

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, including certain commodities 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. Other noncurrent liabilities in the above table mainly consist of projected commitments associated with our defined benefit pension plans and other postretirement benefits. The table excludes the liability for unrecognized tax benefits and tax-related net interest and penalties of approximately $27.7 million under Financial Accounting Standards Board Accounting Standards Codification 740, Income Taxes, since the Company is unable to reasonably estimate the timing of possible cash settlements with the respective taxing authorities.

Item 3. Quantitative and Qualitative Disclosures About Market Risk.

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 January 31, 2013, approximates carrying value. Exposure to interest rate risk on the Company’s long-term debt is mitigated due to fixed-rate maturities.

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. If the contract is designated as a cash flow hedge, the mark-to-market gains or losses on the swap are deferred and included as a component of accumulated other comprehensive loss to the extent effective, and reclassified to interest expense in the period during which the hedged transaction affects earnings. If the contract is designated as a fair value hedge, the swap would be recognized at fair value on the balance sheet and changes in the fair value would

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be recognized in interest expense. Generally, changes in the fair value of the derivative are equal to changes in the fair value of the underlying debt and have no impact to earnings. There were no interest rate swaps outstanding at January 31, 2013 and April 30, 2012.

Based on the Company’s overall interest rate exposure as of and during the nine-month period ended January 31, 2013, 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 fair value of the Company’s liabilities, a hypothetical one percent decrease in interest rates at January 31, 2013, would increase the fair value of the Company’s long-term debt by approximately $106.2 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 January 31, 2013, 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 loss. These gains or losses are reclassified to earnings in the period the contract is executed. Based on the Company’s hedged foreign currency positions as of January 31, 2013, a hypothetical 10 percent change in exchange rates would not result in a material loss of fair value.

Revenues from customers outside the U.S. represented approximately nine percent of net sales during the nine-month period ended January 31, 2013. 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. 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 loss to the extent effective, and reclassified into 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.

(Dollars in millions)	January 31, 2013		April 30, 2012
Raw material commodities:
High	$	35.3	$	28.0
Low		9.3		6.4
Average		23.5		14.6

Fair value was determined using quoted market prices and was based on the Company’s net derivative position by commodity for the previous four quarters. 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, derivative, and purchasing strategies as appropriate. The commodities hedged have a high inverse correlation to price changes of the derivative commodity instrument; thus, the

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Company would expect that any gain or loss in the fair value of its derivatives would generally be offset by an increase or decrease in the fair value of the underlying exposures.

Certain Forward-Looking Statements

Certain statements included in this Quarterly 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, the following:

• volatility of commodity markets from which raw materials, particularly green coffee beans, peanuts, soybean oil, wheat, milk, corn, and sugar, 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 that are intended to ultimately fully recover cost including the competitive, retailer, and consumer response, and the impact of the timing of the price changes to profits and cash flow in a particular period;

• 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 security concerns involving either the Company’s 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, including single-source suppliers of certain raw materials, such as packaging for its Folgers coffee products, and finished goods, such as K-cups, and the ability to manage and maintain key relationships;

• the loss of significant customers, a substantial reduction in orders from these 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;

• a change in outlook or downgrade in the Company’s public credit ratings by a rating agency;

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

• the timing and amount of 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 and 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

35

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

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 Quarterly Report. The Company does not undertake any obligation to update or revise these forward-looking statements to reflect new events or circumstances.

36

Item 4. Controls and Procedures.

Evaluation of Disclosure Controls and Procedures. The Company’s management, including the Company’s principal executive officer 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 Securities Exchange Act of 1934, as amended (the “Exchange Act”)) as of January 31, 2013 (the “Evaluation Date”). Based on that evaluation, the Company’s principal executive officer 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 officer 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 control over financial reporting that occurred during the quarter ended January 31, 2013, that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

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PART II. OTHER INFORMATION

Item 1A. Risk Factors.

The Company’s business, operations, and financial condition are subject to various risks and uncertainties. The risk factors described in “Part I, Item 1A. Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended April 30, 2012, should be carefully considered, together with the other information contained or incorporated by reference in this Quarterly Report on Form 10-Q and in the Company’s other filings with the Securities and Exchange Commission in connection with evaluating the Company, its business, and the forward-looking statements contained in this Quarterly 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.

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Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

(a) Not applicable.

(b) Not applicable.

(c) Issuer Purchases of Equity Securities

	(a)		(b)		(c)		(d)
Period	Total Number of Shares Purchased		Average Price Paid Per Share		Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs		Maximum Number (or Approximate Dollar Value) of Shares That May Yet Be Purchased Under the Plans or Programs
November 1, 2012—November 30, 2012		2,220	$	59.01		—		1,944,300
December 1, 2012—December 31, 2012		3,252		88.35		—		1,944,300
January 1, 2013—January 31, 2013		—		—		—		6,944,300
Total		5,472	$	76.44		—		6,944,300

Information set forth in the table above represents activity in the Company’s third fiscal quarter.

(a) Shares in this column include shares repurchased from stock plan recipients in lieu of cash payments.

(d) In January 2013, the Board of Directors authorized management to repurchase an additional five million common shares at its discretion with no established expiration date. As of January 31, 2013, there were 6,944,300 shares available for future repurchase.

Subsequent to January 31, 2013, the Company repurchased 1,226,028 common shares for approximately $113.3 million, resulting in 5,718,272 shares remaining available for repurchase under the Board of Directors’ authorizations as of February 28, 2013.

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Item 6. Exhibits.

See the Index of Exhibits that appears on Page No. 42 of this report.

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SIGNATURES

Pursuant to the requirements 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.

March 1, 2013	THE J. M. SMUCKER COMPANY
	/s/ Richard K. Smucker
	By: RICHARD K. SMUCKER
	Chief Executive Officer
	/s/ Mark R. Belgya
	By: MARK R. BELGYA
	Senior Vice President and Chief Financial Officer

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INDEX OF EXHIBITS

Exhibit No.	Description
10.1	Second Amendment to The J. M. Smucker Company Top Management Supplemental Retirement Benefit Plan, dated as of August 31, 2011.*
10.2	Third Amendment to The J. M. Smucker Company Top Management Supplemental Retirement Benefit Plan, dated as of December 15, 2012.*
10.3	The J. M. Smucker Company Voluntary Deferred Compensation Plan, amended and restated as of December 1, 2012.*
12	Computation of Ratio of Earnings to Fixed Charges.
31.1	Certifications of Richard K. Smucker pursuant to Rule 13a-14(a) and Rule 15d-14(a) of the Securities Exchange Act of 1934, as amended.
31.2	Certifications of Mark R. Belgya pursuant to Rule 13a-14(a) and Rule 15d-14(a) of the Securities Exchange Act of 1934, 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 agreement.

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EX-10.1

Exhibit 10.1

SECOND AMENDMENT TO

THE J. M. SMUCKER COMPANY TOP MANAGEMENT

SUPPLEMENTAL RETIREMENT PLAN

(January 1, 2009 RESTATEMENT)

The J. M. Smucker Company Top Management Supplemental Retirement Plan, established effective January 1, 1985, as amended and restated effective as of May 1, 1994, May 1, 1999, January 1, 2005 and January 1, 2009 and further amended by the First Amendment dated April 21, 2011 effective generally January 1, 2011 (the “Plan”), hereby is amended further on this 31^st day of August, 2011, effective August 16, 2011;

WHEREAS, effective August 16, 2011 (the “Transition Date”), Timothy P. Smucker (“Mr. Smucker”), Chairman of the Board and Co-Chief Executive Officer of The J. M. Smucker Company (the “Company”), will no longer serve as a Co-Chief Executive Officer but will continue to serve as Chairman of the Board of Directors of the Company (the “Board”);

WHEREAS, following the Transition Date, the Company desires for Mr. Smucker to continue to provide services to the Company, including focusing his efforts on corporate strategy, succession planning, serving as an ambassador of the Company with employees and other constituents, and other matters as requested by the Board;

WHEREAS, the Plan provides Mr. Smucker with supplemental retirement benefits upon his cessation of service with the Company;

WHEREAS, the Executive Compensation Committee (the “Committee”), by actions taken on August 16, 2011, has determined that it is in the best interests of the Company to authorize the Company to amend the Plan and authorize the Company to enter into such arrangements as are necessary, based on advice of its outside advisors, such that Mr. Smucker will receive the same level of benefits under the Plan that he would be entitled to receive if he ceased providing services to the Company on the Transition Date. i.e., approximately $11.4 million; and

WHEREAS, pursuant to Section 7.1 of the Plan and the authority delegated by the Board, the Committee has the power to amend the Plan.

NOW, THEREFORE, the Plan hereby is amended as follows:

1. Section 2.3 of the Plan is hereby amended to add a new penultimate paragraph to read as follows:

“Notwithstanding the foregoing provisions of this Section 2.3, in no event shall the Monthly Retirement Benefit payable to Timothy P. Smucker (“Mr. Smucker”) be less than the Monthly Retirement Benefit that he would have been entitled to receive calculated under this Section 2.3 had he ceased providing services to the Company on August 16, 2011.”

2. Section 2.6 of the Plan is hereby amended to add the following at the end thereof:

“Notwithstanding the foregoing provisions of this Section 2.6, the Benefit Target Date for Mr. Smucker will be August 16, 2011.”

Executed at Orrville, Ohio on this 31st day of August, 2011, effective August 16, 2011.

THE J. M. SMUCKER COMPANY,

by its duly authorized officer

/s/ Jeannette L. Knudsen

By: Jeannette L. Knudsen, Vice President,

General Counsel and Corporate Secretary

-2-

EX-10.2

Exhibit 10.2

THIRD AMENDMENT TO

THE J. M. SMUCKER COMPANY TOP MANAGEMENT

SUPPLEMENTAL RETIREMENT PLAN

(January 1, 2009 RESTATEMENT)

The J. M. Smucker Company Top Management Supplemental Retirement Plan, established effective January 1, 1985, as amended and restated effective as of May 1, 1994, May 1, 1999, January 1, 2005, and January 1, 2009, and further amended by the First and Second Amendments (the “Plan”), hereby is amended further on this 15^th day of December, 2012, generally effective January 1, 2012, unless otherwise provided herein;

WHEREAS, The J. M. Smucker Company (the “Company”) desires to clarify the calculation of benefits whose commencement has been delayed to a date after the Benefit Target Date (as such term is defined in the Plan), and to clarify the calculation of benefits whose start date does not coincide with the Annuity Starting Date as defined in The J. M. Smucker Company Employees’ Retirement Plan (the “Retirement Plan”);

NOW, THEREFORE, the Plan is hereby amended as follows:

1. The last paragraph in Section 2.3 is amended to read as follows:

A Participant whose Monthly Retirement Benefit commences prior to his Normal Retirement Date shall be eligible for an early retirement Monthly Retirement Benefit in an amount determined in the same manner as provided for a normal retirement Monthly Retirement Benefit, except that

(1) the amount determined in Section 2.3(a) above shall be reduced by one-third of one percent for each full month by which commencement of payment of the benefit precedes the month following the date on which the Participant attains age 62;

(2) the amount determined under Section 2.3(b) above is determined at the later of the Participant’s current age or age 62;

(3) the amount determined under Section 2.3(c) above is determined at the date of commencement of the early retirement Monthly Retirement Benefit, regardless of when the benefit under the Retirement Plan actually commences; and

(4) the amount determined under Section 2.3(d) is determined based on the age at commencement of the early retirement Monthly Retirement Benefit.

2. Section 2.6 (including changes from the First and Second Amendments) is amended by re-numbering subsections (d) and (e) to (e) and (f), respectively, and adding a new subsection (d) that will read as follows:

(d) in the event the Benefit Target Date is prior to age 62, determining the Monthly Retirement Benefit as indicated in Section 2.3 as of the earlier of

the delayed date of commencement or age 62. Any optional form of payment chosen, including a lump sum, will be the Actuarial Equivalent of the Monthly Retirement Benefit as of the earlier of the date of commencement or age 62 based on assumptions set forth in Section 1.12 as of the earlier of the delayed date of commencement or age 62. For a delay of commencement that extends past age 62, the benefit determined in this subsection will be further adjusted according to subsections (e) or (f) as applicable.

New subsection (e) is amended to read as follows:

(e) for delays in commencement beyond age 62 and in the event the benefit is payable in the form of a single lump sum benefit:

(1) determining the single lump sum benefit which would have otherwise been payable on the later of the Benefit Target Date or age 62, if so permitted under the Plan terms (generally, the Actuarial Equivalent of the Monthly Retirement Benefit as of the later of the Benefit Target Date or age 62, based on the assumptions set forth in subsections (a) and (b) of Section 1.12 as of such date); and

(2) increasing such single lump sum benefit with interest for the period from the later of the Benefit Target Date or age 62 through the date of benefit commencement at the interest rate determined in subsection (b) of Section 1.12 as of the later of the Benefit Target Date or age 62; and

New subsection (f) is amended to read as follows:

(f) for delays in commencement beyond age 62 and in the event the benefit is payable in the form of an annuity:

(1) determining the Monthly Retirement Benefit (as a monthly benefit payable in a single life annuity form) commencing on the date of benefit commencement which is the Actuarial Equivalent of the Monthly Retirement Benefit which would have otherwise been payable commencing at the later of the Benefit Target Date or age 62, with such Actuarial Equivalent determined as of the later of the Benefit Target Date or age 62, based on the assumptions set forth in Section 1.12 as of such date; and

(2) using such adjusted Monthly Retirement Benefit determined in item (f)(1) above (or, if greater, the Monthly Retirement Benefit otherwise determined under Section 2.3 on the date of benefit commencement) as the basis for determining the amount of such

benefit (and, in the event such annuity is in the form other than a single life annuity, converting the single life annuity amount into an Actuarial Equivalent annuity commencing as of the date of benefit commencement in such other annuity form as is applicable hereunder, based on the assumptions set forth in Section 1.12 as of such date).

Executed at Orrville, Ohio on this 15^th day of December, 2012, effective as of January 1, 2012.

THE J. M. SMUCKER COMPANY,

by its duly authorized officer

/s/ Jeannette L. Knudsen

By: Jeannette L. Knudsen, Vice President,

General Counsel and Corporate Secretary

EX-10.3

Exhibit 10.3

THE J. M. SMUCKER COMPANY

VOLUNTARY DEFERRED COMPENSATION PLAN

(Amended and Restated Effective December 1, 2012)

The J. M. Smucker Company Deferred Compensation Plan (hereinafter referred to as the “Plan”), established effective as of May 1, 2003, by The J. M. Smucker Company, (hereinafter referred to as the “Company”), will be maintained by the Company for the purpose of providing benefits for certain employees as provided herein. The Plan was amended and restated in good faith, effective January 1, 2005, in order to comply with Code §409A and the regulations and other guidance promulgated thereunder. The Plan was further amended and restated in good faith, effective January 1, 2009, in order to clarify certain provisions of the Plan to assure more fully that the Plan was compliant with Code § 409A. The Plan is now further amended to terminate the portion of the Plan governing the “Grandfathered Benefit,” and as so amended, is restated in its entirety, effective December 1, 2012.

ARTICLE I

ELIGIBILITY AND PARTICIPATION

Section 1.1 Participants. The Company’s Board of Directors has identified certain members of management who are highly compensated employees eligible to participate in the Plan and has provided such individuals with written notice of eligibility (each a “Participant”).

Section 1.2 Elections to Defer. The individuals described in Section 1.1 shall be eligible to participate in the Plan and may do so by filing a written election with the Company in such form as approved by the Company. In the first year in which a Participant becomes eligible to participate in the Plan, in order to participate in the Plan, the newly eligible Participant must make an election to defer compensation for services to be performed for the Company within 30

days after he or she becomes eligible. Subsequent elections to defer payment of compensation that would otherwise be paid as annual base salary must be made before the beginning of the calendar year for which the compensation is earned. Subsequent elections to defer payment of compensation that would otherwise be paid as an annual bonus award must be made before the beginning of the fiscal year (May 1) for which the bonus compensation is earned.

Section 1.3 Participant Accounts. For each Participant, the Company shall establish and maintain a separate deferred compensation account (the “Voluntary Deferral Account”). The amount of each Participant’s compensation which is deferred pursuant to the deferral election form shall be credited to the Voluntary Deferral Account as of the date such compensation otherwise would be payable. Participants shall always be 100% percent vested in the balance in their Voluntary Deferral Account and any earnings and losses on such amounts. No amount shall actually be set aside for payment under the Plan, and the Voluntary Deferral Account shall be maintained for record keeping purposes only. Any Participant to whom an amount is credited under the Plan shall be deemed a general, unsecured creditor of the Company.

Section 1.4 Elections to Defer Compensation. Any Participant may defer all or any portion (up to the limits specified in Section 2.1 of this Plan) of his or her compensation otherwise earned by him or her for the calendar year or fiscal year, as applicable, beginning after the date of such election. Any amounts deferred shall be paid to the Participant only as provided in this Plan. Any Participant may change the amount of, or suspend, future deferrals with respect to compensation otherwise payable to him or her for calendar or fiscal years, as applicable, beginning after the date of change or suspension. The election to defer shall be irrevocable as to the deferred compensation for the period for which the election is made.

2

ARTICLE II

DEFERRED COMPENSATION

Section 2.1 Deferred Compensation. Each Participant will have the right to defer up to 50% of his/her respective annual base salary and up to 100% of his/her respective annual bonus award, and such amounts will be deemed contributed to the Participant’s Voluntary Deferral Account. Annually, the Company will provide to each Participant an election to defer form, either as a paper form or electronically, which must be completed before: (i) December 31, in order to be effective for the subsequent calendar year’s compensation that would otherwise have been paid as annual base salary, and (ii) April 30, in order to be effective for the subsequent fiscal year’s compensation that would otherwise have been paid as an annual bonus award.

Section 2.2 Deemed Investment Earnings. All amounts credited under the terms of the Plan to the Voluntary Deferral Account maintained in the name of a Participant by the Company shall be credited with earnings or losses based upon the Participant’s deemed investments made pursuant to an investment election form provided by the Company either as a paper form or electronically. The investment vehicles available pursuant to this Plan are listed in Exhibit A attached to the Plan. Such earnings or losses shall continue to be credited to the Participant’s balance in the Voluntary Deferral Account until the entire amount credited to the account has been distributed to the Participant or to the Participant’s beneficiary in accordance with a beneficiary designation form delivered to the Company. The Company retains the right to change the available investment vehicles at its sole discretion. Participants will have the right to change deemed investment vehicles in accordance with administrative procedures adopted by the Company by completing new investment elections in the paper or electronic form provided by the Company.

3

ARTICLE III

DISTRIBUTION

Section 3.1 Distribution of Benefit. Distribution of amounts deferred with respect to a Participant under the Plan will be payable as set forth below or in Section 3.2, as applicable, based on the earliest to occur of such Participant’s Separation from Service, death (to which Section 3.2(a) applies) or Total Disability (to which Section 3.2(b) applies). In the event death causes a Separation from Service, death shall be deemed to be the earliest event to occur under the Plan.

If Separation from Service is the earliest such event for a Participant (and such Separation from Service does not occur within the two years following a Change in Control, in which case Section 3.2(c) applies) then payment shall be made or commence on the first anniversary of the date on which such Participant has a Separation from Service. Such distributions will be made in ten annual installments on the first through the tenth anniversaries of the date the Participant has such a Separation from Service, and shall reflect any gains or losses in the Participant’s Voluntary Deferral Account in such manner as the Company shall determine. In the alternative, the Participant may select one of the distribution alternatives set forth below:

(a) a lump sum payment made within 60 days of such Separation from Service: or

(b) substantially equal annual installments for not less than two and not greater than 10 years. Distribution shall commence on the first anniversary of the date on which the Participant has such Separation from Service, with subsequent installments made on each anniversary date following the date of the first installment. The final installment will be the balance of the Participant’s Voluntary Deferral Account.

4

Selection of an alternative form of distribution must be made prior to the calendar year or fiscal year, as applicable, in which the compensation would be otherwise paid, as provided in Section 1.2 of the Plan. Subsequent changes to an election of an alternative form of distribution or any election to defer the commencement of distribution, with respect to amounts deferred in any calendar year or fiscal year, as applicable, shall not be effective unless the election satisfies the following requirements:

(1) A change of election will not be effective until at least 12 months after the date on which it is filed by the Participant with the Company;

(2) A change of election with respect to a payment commencing on, or made on, a specified date may not be filed with the Company less than 12 months prior to such date; and

(3) A change of election with respect to a time of payment or a method of payment must provide that the payment subject to the change be deferred for a period of not less than five years from the date such payment would otherwise have been made except in the event of a payment made on account of the Participant’s death or Total Disability.

The Company may impose such other restrictions and limitations on subsequent changes to an election relating to the time or form of distribution as it determines appropriate.

Section 3.2 Distribution of Benefit in Event of Death, Total Disability or Separation after a Change in Control. To the extent applicable pursuant to Section 3.1:

(a) Within 30 days following the date on which a Participant dies, the Company will distribute to the Participant’s primary beneficiary in a single lump sum the amount credited to the Participant’s Voluntary Deferral Account. If the primary beneficiary is no longer alive, then such amounts shall be distributed to the Participant’s secondary beneficiary. If a Participant has not designated a beneficiary, or if no designated beneficiary is living on the date

5

of distribution, then such amounts shall be distributed to such Participant’s spouse, or if deceased, or none, then to the Participant’s children, per stirpes, or if none, then to the Participant’s estate.

(b) Within 30 days following the date on which a Participant incurs a Total Disability, the Company will distribute to the Participant in a single lump sum the amount credited to his Voluntary Deferral Account.

(c) If a Participant incurs a Separation from Service for any reason (whether by reason of his voluntary or involuntary termination of employment) within the two years following a Change in Control, the Company will distribute to the Participant in a single lump sum within 30 days following the date of such Separation from Service the amount credited to the Participant’s Voluntary Deferral Account.

Section 3.3 Distribution of Benefit upon Death following Separation from Service. If a Participant should die after Separation from Service and before distribution of the full amount of the Voluntary Deferral Account has been made to the Participant (whether before or after payments have commenced), any remaining amounts shall be distributed to the Participant’s primary beneficiary by the same method as distributions were being made to the Participant or were scheduled to be made. If the primary beneficiary is no longer alive, then such amounts shall be distributed to the Participant’s secondary beneficiary. If a Participant has not designated a beneficiary, or if no designated beneficiary is living on the date of distribution, then, such amounts shall be distributed to such Participant’s spouse, or if deceased or none, then to the Participant’s children per stirpes, or if none, then to the Participant’s estate.

Section 3.4 Distribution of Small Amounts. If, at any time following Separation from Service, the value of a Participant’s Voluntary Deferral Account is less than $10,000, the Company may elect to distribute such account balance in a lump sum payment regardless of the Participant’s election.

6

Section 3.5 Distributions of Amounts in Excess of Code §162(m). Notwithstanding the above provisions, no amount may be distributed from the Plan if the Company reasonably anticipates that such amount would not be deductible under Code §l62(m), as determined by the Board of Directors in its sole discretion, and in accordance with Code §409A and the Treasury regulations promulgated thereunder.

Section 3.6 Distributions of Amounts Deemed Includable in Gross Income. Notwithstanding any provisions of the Plan to the contrary, if, at any time, a court or the Internal Revenue Service determines that an amount in a Participant’s Voluntary Deferral Account is includable in the gross income of the Participant and subject to tax, the Board of Directors of the Company may, in its sole discretion, and in accordance with Code §409A and the Treasury regulations promulgated thereunder, permit a lump sum distribution of an amount equal to the amount determined to be includable in the Participant’s gross income.

Section 3.7 Distributions of Amounts in Violation of Securities Laws. Notwithstanding any provisions of the Plan to the contrary, a payment under the Plan may be delayed if the Company reasonably anticipates that the making of such payment will violate Federal securities laws or other applicable law, in the Company’s sole discretion, and in accordance with Code §409A and the Treasury regulations promulgated thereunder, provided that the payment is made on the earliest at which the Company reasonably anticipates that the making of the payment will not cause such violation.

Section 3.8 Six-Month Delay of Distributions to Specified Employees. Under no circumstances, other than death as set forth above, will a Participant who is a Specified Employee, as of the date of the Participant’s Separation from Service, receive a distribution under the Plan earlier than six months following such Participant’s Separation from Service.

7

ARTICLE IV

AMENDMENT AND TERMINATION OF PLAN

The Company reserves the right to amend or terminate the Plan at any time, prospectively or retroactively, through an instrument executed by an officer pursuant to authorization or ratification by the Board or by any committee designated by the Board. Any termination shall be in writing and shall be effective when made. In the event the Company elects to terminate the Plan, any amounts credited to the Voluntary Deferral Account of any Participant shall remain subject to the provisions of the Plan (including Article III, as applicable) and distribution will not be accelerated because of the termination of the Plan, except as otherwise provided in an amendment to this Plan, and under the circumstances permitted in accordance with Code §409A. Notification to Participants of any amendment or termination shall be in writing and delivered by first class mail, addressed to each Participant at the Participant’s last known address, or by such other method as the Company may determine. No amendment or termination shall directly or indirectly reduce the balance of any Voluntary Deferral Account described in this Plan as of the later of the date of such amendment or termination, or the effective date of such amendment or termination. No additional credits or contributions will be made to the Voluntary Deferral Accounts of the Participants under the Plan after termination of the Plan, but Voluntary Deferral Accounts of the Participants under the Plan will continue to fluctuate with investment gains and losses until all benefits are distributed to the participants or to their beneficiaries.

ARTICLE V

CLAIMS PROCEDURE

Section 5.1 Claims Reviewer. For purposes of handling claims with respect to this Plan, the “Claims Reviewer” shall be the benefits committee, unless another person or organizational unit is designated by the Company as Claims Reviewer.

8

Section 5.2 Claims for Benefits. An initial claim for benefits under the Plan must be made by the Participant or his or her beneficiary in accordance with the terms of the Plan through which the benefits are provided. Not later than 90 days after receipt of such a claim, the Claims Reviewer will render a written decision on the claim to the claimant, unless special circumstances require the extension of such 90-day period. If such extension is necessary, the Claims Reviewer shall provide the Participant or the Participant’s beneficiary with written notification of such extension before the expiration of the initial 90-day period. Such notice shall specify the reason or reasons for such extension and the date by which a final decision can be expected. In no event shall such extension exceed a period of 90 days from the end of the initial 90-day period.

In the event the Claims Reviewer denies the claim of a Participant or the beneficiary in whole or in part, the Claims Reviewer’s written notification shall specify, in a manner calculated to be understood by the claimant, the reason for the denial; a reference to the Plan or other document or form that is the basis for the denial: a description of any additional material or information necessary for the claimant to perfect the claim; an explanation as to why such information or material is necessary; and an explanation of the applicable claims procedure.

Should the claim be denied in whole or in part and should the claimant be dissatisfied with the Claims Reviewer’s disposition of the claimant’s claim, the claimant may have a full and fair review of the claim by the Company (but not the same person who reviewed the initial claim, or subordinate of such person) upon written request therefore submitted by the claimant or the claimant’s duly authorized representative and received by the Company within 60 days after the claimant receives written notification that the claimant’s claim has been denied in connection with such review, the claimant or the claimant’s duly authorized representative shall be entitled to review pertinent documents and submit the claimant’s views as to the issues, in writing. The Company shall act to deny or accept the claim within 60 days after receipt of the claimant’s

9

written request for review unless special circumstances require the extension of such 60-day period. If such extension is necessary, the Company shall provide the claimant with written notification of such extension before the expiration of such initial 60-day period. In all events, the Company shall act to deny or accept the claim within 120 days of the receipt of the claimant’s written request for review. The action of the Company shall be in the form of a written notice to the claimant and its contents shall include all of the requirements for action on the original claim.

In no event may a claimant commence legal action for benefits the claimant believes are due to the claimant until the claimant has exhausted all of the remedies and procedures afforded the claimant by this Article V.

ARTICLE VI

ADMINISTRATION

Section 6.1 Plan is Unfunded. The right of a Participant or the Participant’s beneficiary to receive a distribution hereunder shall be an unsecured claim against the general assets of the Company, and neither a Participant nor his or her designated beneficiary shall have any rights in or against any amount credited to any Voluntary Deferral Accounts under this Plan or any other assets of the Company. The Plan at all times shall be considered entirely unfunded both for tax purposes and for purposes of Title I of the Employee Retirement Income Security Act of 1974, as amended. Any funds invested hereunder shall continue for all purposes to be part of the general assets of the Company and available to its general creditors in the event of bankruptcy or insolvency. Voluntary Deferral Accounts under this Plan and any benefits which may be payable pursuant to this Plan are not subject in any manner to anticipation, sale, alienation, transfer, assignment, pledge, encumbrance, attachment, or garnishment by creditors of a Participant or a Participant’s beneficiary. The Plan constitutes a mere promise by the Company to make benefit payments in the future. No interest or right to receive a benefit may be taken,

10

either voluntarily or involuntarily, for the satisfaction of the debts of, or other obligations or claims against, such person or entity, including claims for alimony, support, separate maintenance and claims in bankruptcy proceedings.

Section 6.2 Plan Administration. The Plan shall be administered by the benefits committee or such other committee as designated by the Board of Directors of the Company. The committee administering the Plan shall have the authority, duty and power to interpret and construe the provisions of the Plan and the duty and responsibility of maintaining records, making the requisite calculations and disbursing the payments hereunder. The Board shall have the authority to determine and identify participants eligible to participate in the Plan.

Section 6.3 Expenses of Administration. Expenses of administration shall be paid by the Company. The committee administering the Plan shall be entitled to rely on all tables, valuations, certificates, opinions, data and reports furnished by any actuary, accountant, controller, counsel or other person employed or retained by the Company with respect to the Plan.

Section 6.4 Individual Participant Accounts. The committee administering the Plan shall furnish individual annual statements of accrued benefits to each Participant, or current beneficiary, in such form as determined by the Company or as required by law.

Section 6.5 No Guaranty of Plan Benefits or of Employment. The sole rights of a Participant or beneficiary under this Plan shall be to have this Plan administered according to its provisions, to receive whatever benefits he or she may be entitled to hereunder, and nothing in the Plan shall be interpreted as a guaranty that any funds in any trust which may be established in connection with the Plan or assets of the Company will be sufficient to pay any benefit hereunder. Further, the adoption and maintenance of this Plan shall not be construed as creating any contract of employment between the Company and any Participant. The Plan shall not affect the right of

11

the Company to deal with any participants in employment respects, including their hiring, discharge, compensation, and conditions of employment.

Section 6.6 Incompetent Participant. The Company may from time to time establish rules and procedures which it determines to be necessary for the proper administration of the Plan and the benefits payable to an individual in the event that individual is declared incompetent and a conservator or other person legally charged with that individual’s care is appointed. Except as otherwise provided herein, when the Company determines that such individual is unable to manage his or her financial affairs, the Company may pay such individual’s benefits to such conservator, person legally charged with such individual’s care, or institution then contributing toward or providing for the care and maintenance of such individual. Any such payment shall constitute a complete discharge of any liability of the Company and the Plan for such individual.

Section 6.7 Lost Participants. Each Participant shall keep the Company informed of his or her current address and the current address of his or her designated beneficiary. The Company shall not be obligated to search for any person.

Section 6.8 No Liability. Notwithstanding any provision herein to the contrary, neither the Company nor any individual acting as an employee or agent of the Company shall be liable to any Participant, former Participant, designated beneficiary, or any other person for any claim, loss, liability or expense incurred in connection with the Plan, including without limitation, the investment performance of any deemed investments, unless attributable to fraud or willful misconduct on the part of the Company or any such employee or agent of the Company.

Section 6.9 Applicable Law. All questions pertaining to the construction, validity and effect of the Plan shall be determined in accordance with the laws of the United States, and to the extent not preempted by such laws, by the laws of the State of Ohio.

12

Section 6.10 Compliance with Code §409A. To the extent applicable, it is intended that this Plan and any deferrals of compensation made hereunder comply with the provisions of Code §409A. This Plan and any deferrals or compensation made hereunder shall be administrated in a manner consistent with this intent, and any provisions that would cause this Plan or any grant made hereunder to fail to satisfy Code §409A shall have no force and effect until amended to comply with Code §409A (which amendment may be retroactive to the extent permitted by Code §409A and may be made by the Company without the consent of Participants). Any reference in this Plan to Code §409A will also include any proposed, temporary or final regulations, or any other guidance, promulgated with respect to Code §409A by the U.S. Department of the Treasury or the Internal Revenue Service. In no event, however, shall this section or any other provisions of this Plan be construed to require the Company to provide any gross-up for the tax consequences of any provisions of, or payments under, this Plan and the Company shall have no responsibility for tax or legal consequences to any Participant (or beneficiary) resulting from the terms or operation of this Plan.

ARTICLE VII

DEFINITIONS

Whenever used in the Plan, the following words and phrases shall have the meanings set forth below unless the context plainly requires a different meaning, and when a defined meaning is intended, the term is capitalized in this document.

Section 7.1 “Change of Control” means the definition of change of control provided in The J. M. Smucker Company 2010 Equity and Incentive Compensation Plan provided that, for purposes of distributions from the Plan, such distribution shall only be made on the basis of a Change in Control to the extent that the event constitutes a “change in ownership or effective

13

control” of the Company or “in the ownership of a substantial portion of the assets” of the Company (as determined under Code §409A, and Treasury regulation §1.409A-3(i)(5)).

Section 7.2 “Code” means the Internal Revenue Code of 1986, as amended from time to time, and any lawful regulations or other pronouncements relating thereto.

Section 7.3 “Company” means The J. M. Smucker Company and any of its subsidiaries or affiliated business entities, as determined in accordance with the provisions contained in Code §414.

Section 7.4 “Participant” means any employee described in Article I of this Plan.

Section 7.5 “Plan” means The J. M. Smucker Company Voluntary Deferred Compensation Plan, as of May 1, 2003, amended and restated effective January 1, 2005, amended and restated herein effective January 1, 2009, and as further amended and restated herein effective December 1, 2012 and including any subsequent amendments thereto.

Section 7.6 “Separation from Service” means a separation from service as defined in Code §409A with the Company and all other related employers of the Company (as determined under Code §414), which Code §409A is incorporated herein by reference, generally including the severance of the Employee’s employment relationship for any reason, voluntarily or involuntarily, and with or without cause, including without limitation, quit, discharge, retirement, death, leave of absence (including military leave, sick leave, or other bona tide leave of absence if the period of such leave exceeds the greater of six months, or the period for which the Employee’s right to reemployment is provided either by statute or by contract) or permanent decrease in service to the Company and all such other related employers to a level that is no more than 20% of its prior level.

14

Section 7.7 “Specified Employee” refers to an individual defined in Code §416(i) without regard to paragraph (5) of that Section as of the date of the individual’s Separation from Service determined as provided in Treasury Regulation § 409A-1(i).

Section 7.8 “Totally Disabled” or “Total Disability’ means the first to occur of the following conditions, all as determined in accordance with Code §409A:

(a) The Participant is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less than 12 months, or

(b) The Participant is, by reason of any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less than 12 months, receiving income replacement benefits for a period of not less than 3 months under any plan covering employees of the Employer, or

(c) The Participant has been determined to be totally disabled by the Social Security Administration.

15

The Company hereby adopts this Amendment and Restatement of the Plan effective as of December 1, 2012.

THE J. M. SMUCKER COMPANY

/s/ Barry C. Dunaway

Dated: December 1, 2012

16

EXHIBIT A

TO

VOLUNTARY DEFERRED COMPENSATION PLAN

Deferred amounts may be tracked with investments in either (or a combination of):

1. Common shares of the Company; or

2. Funds of Fidelity Management and Research Company or any of its affiliates, which are available as designated investments under the Company’s 401(k) plan.

EX-12

Exhibit 12

The J.M. Smucker Company

Computation of Ratio of Earnings to Fixed Charges

(in thousands of dollars)

	January 31, 2013
	Three Months Ended			Nine Months Ended
Earnings before fixed charges:
Income before income taxes	$	233,994		$	625,477
Total fixed charges		30,126			90,273
Less: capitalized interest		(762	)		(2,894	)
Earnings available for fixed charges	$	263,358		$	712,856
Fixed charges:
Interest and other debt expense, net of capitalized interest	$	24,226		$	72,374
Capitalized interest		762			2,894
Estimated interest portion of rent expense (a)		5,138			15,005
Total fixed charges	$	30,126		$	90,273
Ratio of earnings to fixed charges		8.7			7.9

(a) For purposes of this calculation, management estimates approximately one-third of rent expense is representative of interest expense.

EX-31.1

Exhibit 31.1

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

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

(1) I have reviewed this quarterly report on Form 10-Q 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 officer 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 officer 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: March 1, 2013

/s/ Richard K. Smucker

Name: Richard K. Smucker

Title:   Chief Executive Officer

EX-31.2

Exhibit 31.2

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

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

(1) I have reviewed this quarterly report on Form 10-Q 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 officer 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 officer 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: March 1, 2013

/s/ Mark R. Belgya

Name: Mark R. Belgya

Title:   Senior Vice President and

            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 Quarterly Report on Form 10-Q of The J. M. Smucker Company (the “Company”) for the quarter ended January 31, 2013, 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/ Richard K. Smucker

Name: Richard K. Smucker

Title:   Chief Executive Officer

/s/ Mark R. Belgya

Name: Mark R. Belgya

Title:   Senior Vice President and

            Chief Financial Officer

Date: March 1, 2013

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.

XML

Restructuring (Details Textual) (USD $)	3 Months Ended		9 Months Ended		12 Months Ended
	Jan. 31, 2013	Jan. 31, 2012	Jan. 31, 2013 Position	Jan. 31, 2012	Apr. 30, 2012	Feb. 19, 2013 Subsequent Event [Member]
Restructuring (Textual) [Abstract]
Additional restructuring costs						$ 10,000,000
Total expected restructuring charge	245,000,000		245,000,000			255,000,000
Restructuring (Additional Textual) [Abstract]
Percent of positions reduced due to restructuring	80.00%		80.00%
Restructuring costs incurred announcement-to-date			218,900,000
Reduction in positions due to restructuring			850
Cost of products sold restructuring	800,000	12,000,000	6,400,000	33,500,000
Total restructuring charges	$ 5,400,000	$ 25,600,000	$ 30,134,000	$ 67,300,000	$ 81,141,000

XML

Other Financial Instruments and Fair Value Measurements (Details) (USD $) In Thousands, unless otherwise specified	Jan. 31, 2013	Apr. 30, 2012
Carrying amount and fair value of financial instruments
Long-term debt	$ (2,068,508)	$ (2,070,543)
Long-term debt	(2,423,370)	(2,443,514)
Carrying Amount [Member]
Carrying amount and fair value of financial instruments
Other investments	46,259	36,173
Derivative financial instruments - net	7,066	(13,952)
Long-term debt	(2,068,508)	(2,070,543)
Fair Value [Member]
Carrying amount and fair value of financial instruments
Other investments	46,259	36,173
Derivative financial instruments - net	$ 7,066	$ (13,952)

XML

Pensions and Other Postretirement Benefits (Details Textual)	9 Months Ended
	Jan. 31, 2013 Position
Pensions and Other Postretirement Benefits (Textual) [Abstract]
Reduction in positions due to restructuring	850

XML

Other Financial Instruments and Fair Value Measurements (Details 1) (USD $) In Thousands, unless otherwise specified	Jan. 31, 2013		Apr. 30, 2012
Financial assets (liabilities) measured at fair value on a recurring basis
Long-term debt	$ (2,423,370)		$ (2,443,514)
Fair value measurements recurring [Member]
Financial assets (liabilities) measured at fair value on a recurring basis
Long-term debt	(2,423,370)	[1]	(2,443,514)	[1]
Total financial instruments measured at fair value	(2,370,045)		(2,421,293)
Fair value measurements recurring [Member] | Equity mutual funds [Member]
Financial assets (liabilities) measured at fair value on a recurring basis
Other investments	19,212	[2]	14,649	[2]
Fair value measurements recurring [Member] | Municipal obligations [Member]
Financial assets (liabilities) measured at fair value on a recurring basis
Other investments	26,549	[2]	20,392	[2]
Fair value measurements recurring [Member] | Other investments [Member]
Financial assets (liabilities) measured at fair value on a recurring basis
Other investments	498	[2]	1,132	[2]
Fair value measurements recurring [Member] | Commodity contracts - net [Member]
Financial assets (liabilities) measured at fair value on a recurring basis
Derivatives	6,054	[3]	(13,406)	[3]
Fair value measurements recurring [Member] | Foreign currency exchange contracts - net [Member]
Financial assets (liabilities) measured at fair value on a recurring basis
Derivatives	1,012	[3]	(546)	[3]
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Fair value measurements recurring [Member]
Financial assets (liabilities) measured at fair value on a recurring basis
Long-term debt	(794,049)	[1]	(777,023)	[1]
Total financial instruments measured at fair value	(768,364)		(774,031)
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Fair value measurements recurring [Member] | Equity mutual funds [Member]
Financial assets (liabilities) measured at fair value on a recurring basis
Other investments	19,212	[2]	14,649	[2]
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Fair value measurements recurring [Member] | Municipal obligations [Member]
Financial assets (liabilities) measured at fair value on a recurring basis
Other investments	0	[2]	0	[2]
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Fair value measurements recurring [Member] | Other investments [Member]
Financial assets (liabilities) measured at fair value on a recurring basis
Other investments	498	[2]	1,132	[2]
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Fair value measurements recurring [Member] | Commodity contracts - net [Member]
Financial assets (liabilities) measured at fair value on a recurring basis
Derivatives	5,868	[3]	(12,788)	[3]
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Fair value measurements recurring [Member] | Foreign currency exchange contracts - net [Member]
Financial assets (liabilities) measured at fair value on a recurring basis
Derivatives	107	[3]	(1)	[3]
Significant Observable Inputs (Level 2) [Member] | Fair value measurements recurring [Member]
Financial assets (liabilities) measured at fair value on a recurring basis
Long-term debt	(1,629,321)	[1]	(1,666,491)	[1]
Total financial instruments measured at fair value	(1,601,681)		(1,647,262)
Significant Observable Inputs (Level 2) [Member] | Fair value measurements recurring [Member] | Equity mutual funds [Member]
Financial assets (liabilities) measured at fair value on a recurring basis
Other investments	0	[2]	0	[2]
Significant Observable Inputs (Level 2) [Member] | Fair value measurements recurring [Member] | Municipal obligations [Member]
Financial assets (liabilities) measured at fair value on a recurring basis
Other investments	26,549	[2]	20,392	[2]
Significant Observable Inputs (Level 2) [Member] | Fair value measurements recurring [Member] | Other investments [Member]
Financial assets (liabilities) measured at fair value on a recurring basis
Other investments	0	[2]	0	[2]
Significant Observable Inputs (Level 2) [Member] | Fair value measurements recurring [Member] | Commodity contracts - net [Member]
Financial assets (liabilities) measured at fair value on a recurring basis
Derivatives	186	[3]	(618)	[3]
Significant Observable Inputs (Level 2) [Member] | Fair value measurements recurring [Member] | Foreign currency exchange contracts - net [Member]
Financial assets (liabilities) measured at fair value on a recurring basis
Derivatives	905	[3]	(545)	[3]
Significant Unobservable Inputs (Level 3) [Member] | Fair value measurements recurring [Member]
Financial assets (liabilities) measured at fair value on a recurring basis
Long-term debt	0	[1]	0	[1]
Total financial instruments measured at fair value	0		0
Significant Unobservable Inputs (Level 3) [Member] | Fair value measurements recurring [Member] | Equity mutual funds [Member]
Financial assets (liabilities) measured at fair value on a recurring basis
Other investments	0	[2]	0	[2]
Significant Unobservable Inputs (Level 3) [Member] | Fair value measurements recurring [Member] | Municipal obligations [Member]
Financial assets (liabilities) measured at fair value on a recurring basis
Other investments	0	[2]	0	[2]
Significant Unobservable Inputs (Level 3) [Member] | Fair value measurements recurring [Member] | Other investments [Member]
Financial assets (liabilities) measured at fair value on a recurring basis
Other investments	0	[2]	0	[2]
Significant Unobservable Inputs (Level 3) [Member] | Fair value measurements recurring [Member] | Commodity contracts - net [Member]
Financial assets (liabilities) measured at fair value on a recurring basis
Derivatives	0	[3]	0	[3]
Significant Unobservable Inputs (Level 3) [Member] | Fair value measurements recurring [Member] | Foreign currency exchange contracts - net [Member]
Financial assets (liabilities) measured at fair value on a recurring basis
Derivatives	$ 0	[3]	$ 0	[3]

[1] The Company's long-term debt is comprised of public Notes classified as Level 1 and private Senior Notes classified as Level 2. The public Notes are traded in an active secondary market and valued using quoted prices. The value of the private Senior Notes is based on the net present value of each interest and principal payment, calculated utilizing an interest rate derived from a market yield curve. For additional information, see Note 9: Debt and Financing Arrangements.

[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 obligations valued by a third party using valuation techniques which utilize inputs that are derived principally from or corroborated by observable market data. As of January 31, 2013, the Company's municipal obligations are scheduled to mature as follows: $1.1 million in 2013, $0.7 million in 2014, $2.7 million in 2015, $0.5 million in 2016, and $21.5 million in 2017 and beyond.

[3] The Company's Level 1 derivatives are valued using quoted market prices for identical instruments in active markets. The Level 2 derivatives are valued using quoted prices for similar assets or liabilites in active markets and inputs other than quoted prices that are observable for the asset or liability. For additional information, see Note 13: Derivative Financial Instruments.

XML

Earnings per Share (Details) (USD $) In Thousands, except Share data, unless otherwise specified	3 Months Ended		9 Months Ended
	Jan. 31, 2013	Jan. 31, 2012	Jan. 31, 2013	Jan. 31, 2012
Computation of net income per common share:
Net income	$ 154,168	$ 116,844	$ 413,878	$ 355,614
Net income allocated to participating securities	1,341	974	3,594	3,394
Net income allocated to common stockholders	152,827	115,870	410,284	352,220
Weighted-average common shares outstanding	107,528,722	112,493,822	108,405,604	112,783,014
Net income per common share	$ 1.42	$ 1.03	$ 3.78	$ 3.12
Computation of net income per common share - assuming dilution:
Net income	154,168	116,844	413,878	355,614
Net income allocated to participating securities	1,341	973	3,593	3,394
Net income allocated to common stockholders	$ 152,827	$ 115,871	$ 410,285	$ 352,220
Weighted-average common shares outstanding	107,528,722	112,493,822	108,405,604	112,783,014
Dilutive effect of stock options	19,655	49,125	25,263	52,811
Weighted-average common shares outstanding - assuming dilution	107,548,377	112,542,947	108,430,867	112,835,825
Net income per common share - assuming dilution	$ 1.42	$ 1.03	$ 3.78	$ 3.12
Weighted-average common shares, basic and diluted
Weighted-average common shares outstanding	107,528,722	112,493,822	108,405,604	112,783,014
Weighted-average participating shares outstanding	943,545	945,330	949,527	1,086,897
Total weighted-average shares outstanding	108,472,267	113,439,152	109,355,131	113,869,911
Dilutive effect of stock options	19,655	49,125	25,263	52,811
Total weighted-average shares outstanding - assuming dilution	108,491,922	113,488,277	109,380,394	113,922,722

XML

Guarantor and Non-Guarantor Financial Information (Tables)

9 Months Ended

Jan. 31, 2013

Guarantor and Non - Guarantor Financial Information [Abstract]

CONDENSED STATEMENTS OF CONSOLIDATED COMPREHENSIVE INCOME

CONDENSED STATEMENTS OF CONSOLIDATED COMPREHENSIVE INCOME

	Three Months Ended January 31, 2013
	The J.M. Smucker		Subsidiary		Non-Guarantor
	Company (Parent)		Guarantors		Subsidiaries		Eliminations		Consolidated
Net sales	$	1,144,268	$	326,125	$	1,465,800	$	(1,376,635)	$	1,559,558
Cost of products sold		994,229		300,108		1,099,700		(1,370,708)		1,023,329
Gross Profit		150,039		26,017		366,100		(5,927)		536,229
Selling, distribution, and administrative expenses, restructuring, and merger and integration costs		41,708		10,396		205,782		—		257,886
Amortization		1,195		—		23,005		—		24,200
Other operating income—net		(2,464)		(793)		(907)		—		(4,164)
Operating Income		109,600		16,414		138,220		(5,927)		258,307
Interest (expense) income—net		(24,115)		299		56		—		(23,760)
Other (expense) income—net		(10,124)		324		9,247		—		(553)
Equity in net earnings of subsidiaries		103,357		41,944		16,735		(162,036)		—
Income Before Income Taxes		178,718		58,981		164,258		(167,963)		233,994
Income taxes		24,550		102		55,174		—		79,826
Net Income	$	154,168	$	58,879	$	109,084	$	(167,963)	$	154,168
Other comprehensive income, net of tax		5,354		3,735		3,793		(7,528)		5,354
Comprehensive Income	$	159,522	$	62,614	$	112,877	$	(175,491)	$	159,522

CONDENSED STATEMENTS OF CONSOLIDATED COMPREHENSIVE INCOME

	Three Months Ended January 31, 2012
	The J.M. Smucker		Subsidiary		Non-Guarantor
	Company (Parent)		Guarantors		Subsidiaries		Eliminations		Consolidated
Net sales	$	1,159,940	$	396,539	$	1,040,114	$	(1,128,952)	$	1,467,641
Cost of products sold		1,038,288		357,429		741,938		(1,135,699)		1,001,956
Gross Profit		121,652		39,110		298,176		6,747		465,685
Selling, distribution, and administrative expenses, restructuring, and merger and integration costs		60,727		19,867		163,844		—		244,438
Amortization		1,550		—		20,481		—		22,031
Loss on divestiture and other operating (income) expense—net		(627)		(717)		194		—		(1,150)
Operating Income		60,002		19,960		113,657		6,747		200,366
Interest (expense) income—net		(23,353)		721		(503)		—		(23,135)
Other (expense) income—net		(11)		96		(81)		—		4
Equity in net earnings of subsidiaries		95,637		55,084		20,048		(170,769)		—
Income Before Income Taxes		132,275		75,861		133,121		(164,022)		177,235
Income taxes		15,431		245		44,715		—		60,391
Net Income	$	116,844	$	75,616	$	88,406	$	(164,022)	$	116,844
Other comprehensive (loss) income, net of tax		(2,875)		755		52		(807)		(2,875)
Comprehensive Income	$	113,969	$	76,371	$	88,458	$	(164,829)	$	113,969
CONDENSED STATEMENTS OF CONSOLIDATED COMPREHENSIVE INCOME
	Nine Months Ended January 31, 2013
	The J.M. Smucker		Subsidiary		Non-Guarantor
	Company (Parent)		Guarantors		Subsidiaries		Eliminations		Consolidated
Net sales	$	3,331,257	$	1,002,619	$	4,312,763	$	(4,088,632)	$	4,558,007
Cost of products sold		2,931,429		921,062		3,238,047		(4,080,444)		3,010,094
Gross Profit		399,828		81,557		1,074,716		(8,188)		1,547,913
Selling, distribution, and administrative expenses, restructuring, merger and integration, and other special project costs		157,670		33,134		591,806		—		782,610
Amortization		7,064		—		65,530		—		72,594
Other operating (income) expense—net		(3,174)		(2,041)		1,550		—		(3,665)
Operating Income		238,268		50,464		415,830		(8,188)		696,374
Interest (expense) income—net		(72,046)		895		(101)		—		(71,252)
Other (expense) income—net		(624)		999		(20)		—		355
Equity in net earnings of subsidiaries		302,396		115,404		51,454		(469,254)		—
Income Before Income Taxes		467,994		167,762		467,163		(477,442)		625,477
Income taxes		54,116		304		157,179		—		211,599
Net Income	$	413,878	$	167,458	$	309,984	$	(477,442)	$	413,878
Other comprehensive income, net of tax		9,132		5,338		3,395		(8,733)		9,132
Comprehensive Income	$	423,010	$	172,796	$	313,379	$	(486,175)	$	423,010
CONDENSED STATEMENTS OF CONSOLIDATED COMPREHENSIVE INCOME
	Nine Months Ended January 31, 2012
	The J.M. Smucker		Subsidiary		Non-Guarantor
	Company (Parent)		Guarantors		Subsidiaries		Eliminations		Consolidated
Net sales	$	3,258,136	$	1,179,939	$	2,915,302	$	(3,182,948)	$	4,170,429
Cost of products sold		2,853,831		1,074,723		2,028,091		(3,181,654)		2,774,991
Gross Profit		404,305		105,216		887,211		(1,294)		1,395,438
Selling, distribution, and administrative expenses, restructuring, and merger and integration costs		183,782		46,291		499,328		—		729,401
Amortization		4,228		—		58,597		—		62,825
Loss on divestiture and other operating (income) expense—net		(711)		(469)		11,709		—		10,529
Operating Income		217,006		59,394		317,577		(1,294)		592,683
Interest (expense) income—net		(58,071)		2,671		(1,979)		—		(57,379)
Other income—net		678		330		950		—		1,958
Equity in net earnings of subsidiaries		250,596		164,707		59,715		(475,018)		—
Income Before Income Taxes		410,209		227,102		376,263		(476,312)		537,262
Income taxes		54,595		893		126,160		—		181,648
Net Income	$	355,614	$	226,209	$	250,103	$	(476,312)	$	355,614
Other comprehensive loss, net of tax		(36,355)		(8,962)		(28,055)		37,017		(36,355)
Comprehensive Income	$	319,259	$	217,247	$	222,048	$	(439,295)	$	319,259

CONDENSED CONSOLIDATED BALANCE SHEETS

CONDENSED CONSOLIDATED BALANCE SHEETS

	January 31, 2013
	The J.M. Smucker		Subsidiary		Non-Guarantor
	Company (Parent)		Guarantors		Subsidiaries		Eliminations		Consolidated
ASSETS
CURRENT ASSETS
Cash and cash equivalents	$	294,693	$	—	$	144,121	$	—	$	438,814
Inventories		—		134,825		766,382		(23,051)		878,156
Other current assets		359,252		1,090		68,633		—		428,975
Total Current Assets		653,945		135,915		979,136		(23,051)		1,745,945
PROPERTY, PLANT, AND EQUIPMENT		229,287		425,303		467,025		—		1,121,615
INVESTMENTS IN SUBSIDIARIES AND INTERCOMPANY		5,370,945		4,245,444		969,653		(10,586,042)		—
OTHER NONCURRENT ASSETS
Goodwill		1,081,988		—		1,971,758		—		3,053,746
Other intangible assets—net		511,056		—		2,602,968		—		3,114,024
Other noncurrent assets		68,366		14,923		65,835		—		149,124
Total Other Noncurrent Assets		1,661,410		14,923		4,640,561		—		6,316,894
	$	7,915,587	$	4,821,585	$	7,056,375	$	(10,609,093)	$	9,184,454
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES	$	312,261	$	92,379	$	188,823	$	—	$	593,463
NONCURRENT LIABILITIES
Long-term debt		2,018,508		—		—		—		2,018,508
Deferred income taxes		108,103		—		891,221		—		999,324
Other noncurrent liabilities		216,479		19,928		76,516		—		312,923
Total Noncurrent Liabilities		2,343,090		19,928		967,737		—		3,330,755
SHAREHOLDERS’ EQUITY		5,260,236		4,709,278		5,899,815		(10,609,093)		5,260,236
	$	7,915,587	$	4,821,585	$	7,056,375	$	(10,609,093)	$	9,184,454
CONDENSED CONSOLIDATED BALANCE SHEETS
	April 30, 2012
	The J.M. Smucker		Subsidiary		Non-Guarantor
	Company (Parent)		Guarantors		Subsidiaries		Eliminations		Consolidated
ASSETS
CURRENT ASSETS
Cash and cash equivalents	$	108,281	$	—	$	121,427	$	—	$	229,708
Inventories		—		161,411		815,030		(14,865)		961,576
Other current assets		334,220		3,499		114,462		—		452,181
Total Current Assets		442,501		164,910		1,050,919		(14,865)		1,643,465
PROPERTY, PLANT, AND EQUIPMENT		220,354		389,163		486,572		—		1,096,089
INVESTMENTS IN SUBSIDIARIES AND INTERCOMPANY		5,684,496		4,241,145		702,550		(10,628,191)		—
OTHER NONCURRENT ASSETS
Goodwill		981,606		—		2,073,012		—		3,054,618
Other intangible assets—net		435,713		—		2,751,294		—		3,187,007
Other noncurrent assets		59,992		11,137		62,918		—		134,047
Total Other Noncurrent Assets		1,477,311		11,137		4,887,224		—		6,375,672
	$	7,824,662		4,806,355	$	7,127,265	$	(10,643,056)	$	9,115,226
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES	$	323,608	$	101,714	$	191,650	$	—	$	616,972
NONCURRENT LIABILITIES
Long-term debt		2,020,543		—		—		—		2,020,543
Deferred income taxes		104,822		311		887,559		—		992,692
Other noncurrent liabilities		212,303		20,031		89,299		—		321,633
Total Noncurrent Liabilities		2,337,668		20,342		976,858		—		3,334,868
SHAREHOLDERS’ EQUITY		5,163,386		4,684,299		5,958,757		(10,643,056)		5,163,386
	$	7,824,662	$	4,806,355	$	7,127,265	$	(10,643,056)	$	9,115,226

CONDENSED STATEMENTS OF CONSOLIDATED CASH FLOWS

CONDENSED STATEMENTS OF CONSOLIDATED CASH FLOWS

	Nine Months Ended January 31, 2013
	The J.M. Smucker		Subsidiary			Non-Guarantor
	Company (Parent)		Guarantors			Subsidiaries		Eliminations		Consolidated
Net Cash Provided by Operating Activities	$	119,090	$	103,388		$	461,161	$	—	$	683,639
INVESTING ACTIVITIES
Additions to property, plant, and equipment		(24,941)		(70,704)			(50,894)		—		(146,539)
Proceeds from disposal of property, plant, and equipment		—		69			3,046		—		3,115
Other—net		(9,449)		3,911			22,735		—		17,197
Net Cash Used for Investing Activities		(34,390)		(66,724)			(25,113)		—		(126,227)
FINANCING ACTIVITIES
Quarterly dividends paid		(166,475)		—			—		—		(166,475)
Purchase of treasury shares		(175,490)		—			—		—		(175,490)
Proceeds from stock option exercises		1,881		—			—		—		1,881
Intercompany		438,913		(36,664)			(402,249)		—		—
Other—net		2,883		—			(10,000)		—		(7,117)
Net Cash Provided by (Used for) Financing Activities		101,712		(36,664)			(412,249)		—		(347,201)
Effect of exchange rate changes on cash		—		—			(1,105)		—		(1,105)
Net increase in cash and cash equivalents		186,412		—			22,694		—		209,106
Cash and cash equivalents at beginning of period		108,281		—			121,427		—		229,708
Cash and Cash Equivalents at End of Period	$	294,693	$	—		$	144,121	$	—	$	438,814
CONDENSED STATEMENTS OF CONSOLIDATED CASH FLOWS
	Nine Months Ended January 31, 2012
	The J.M. Smucker		Subsidiary			Non-Guarantor
	Company (Parent)		Guarantors			Subsidiaries		Eliminations		Consolidated
Net Cash Provided by Operating Activities	$	79,972	$	94,057		$	295,210	$	—	$	469,239
INVESTING ACTIVITIES
Businesses acquired, net of cash acquired		—		—			(742,355)		—		(742,355)
Additions to property, plant, and equipment		(41,483)		(101,333	)		(54,075)		—		(196,891)
Proceeds from divestiture		—		—			9,268		—		9,268
Sales and maturities of marketable securities		18,600		—			—		—		18,600
Proceeds from disposal of property, plant, and equipment		262		320			2,202		—		2,784
Other—net		—		—			(1,021)		—		(1,021)
Net Cash Used for Investing Activities		(22,621)		(101,013	)		(785,981)		—		(909,615)
FINANCING ACTIVITIES
Proceeds from long-term debt—net		748,560		—			—		—		748,560
Quarterly dividends paid		(159,389)		—			—		—		(159,389)
Purchase of treasury shares		(90,522)		—			—		—		(90,522)
Proceeds from stock option exercises		1,719		—			—		—		1,719
Intercompany		(497,712)		6,956			490,756		—		—
Other—net		(2,915)		—			—		—		(2,915)
Net Cash (Used for) Provided by Financing Activities		(259)		6,956			490,756		—		497,453
Effect of exchange rate changes		—		—			(6,494)		—		(6,494)
Net increase (decrease) in cash and cash equivalents		57,092		—			(6,509)		—		50,583
Cash and cash equivalents at beginning of period		206,845		—			113,000		—		319,845
Cash and Cash Equivalents at End of Period	$	263,937	$	—		$	106,491	$	—	$	370,428

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Income Taxes (Details) (USD $)	3 Months Ended		9 Months Ended
	Jan. 31, 2013	Jan. 31, 2012	Jan. 31, 2013	Jan. 31, 2012
Income Taxes (Textual) [Abstract]
Effective tax rate	34.10%	34.10%	33.80%	33.80%
Time period over which it is reasonably possible that the Company could increase or decrease its unrecognized tax benefits			12 months
Amount unrecognized tax benefit could decrease in next 12 months	$ 3,100,000		$ 3,100,000

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Share Based Payments (Tables)

9 Months Ended

Jan. 31, 2013

Share-Based Payments [Abstract]

Share based payments

	Three Months Ended January 31,				Nine Months Ended January 31,
	2013		2012		2013		2012
Share-based compensation expense included in selling, distribution, and administrative expenses	$	5,131	$	3,576	$	15,256	$	14,320
Share-based compensation expense included in other restructuring and merger and integration costs		185		415		571		2,290
Total share-based compensation expense	$	5,316	$	3,991	$	15,827	$	16,610
Related income tax benefit	$	1,816	$	1,366	$	5,354	$	5,616

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Derivative Financial Instruments (Details 1) (Cash Flow Hedging [Member], USD $) In Thousands, unless otherwise specified	3 Months Ended		9 Months Ended
	Jan. 31, 2013	Jan. 31, 2012	Jan. 31, 2013	Jan. 31, 2012
Commodity Contracts [Member]
Cash flow hedging derivative instruments gain loss
Losses recognized in other comprehensive income (loss) (effective portion)	$ (7,959)	$ (681)	$ (23,304)	$ (10,941)
(Losses) gains reclassified from accumulated other comprehensive loss to earnings (effective portion)	(11,953)	(1,546)	(30,959)	4,146
Change in accumulated other comprehensive loss	3,994	865	7,655	(15,087)
(Losses) gains recognized in earnings (ineffective portion)	(386)	15	(604)	(498)
Interest Rate Contract [Member]
Cash flow hedging derivative instruments gain loss
Losses recognized in other comprehensive income (loss) (effective portion)	0	0	0	(6,192)
(Losses) gains reclassified from accumulated other comprehensive loss to earnings (effective portion)	(134)	(130)	(398)	(148)
Change in accumulated other comprehensive loss	134	130	398	(6,044)
(Losses) gains recognized in earnings (ineffective portion)	$ 0	$ 0	$ 0	$ (19)

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Common Shares (Details) (USD $)			1 Months Ended
	Jan. 31, 2013	Apr. 30, 2012	Feb. 28, 2013 Subsequent Event [Member]
Common Shares Information
Common shares authorized	150,000,000	150,000,000
Common shares outstanding	108,482,773	110,284,715
Treasury shares	20,122,392	18,320,450
Common Shares (Textual) [Abstract]
Shares repurchased subsequent to quarter-end			1,226,028
Purchase amount for shares repurchased subsequent to quarter-end			$ 113,300,000
Shares remaining for repurchase			5,718,272

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Equity Method Investment (Details Textual) (USD $)	Mar. 26, 2012
Equity Method Investment (Textual) [Abstract]
Percentage of equity interest acquired	25.00%
Equity method investment	$ 35,900,000

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Derivative Financial Instruments (Details 3) (USD $) In Thousands, unless otherwise specified	Jan. 31, 2013	Apr. 30, 2012
Commodity contracts [Member]
Outstanding derivative contracts
Gross contract notional amount	$ 433,432	$ 983,381
Foreign currency exchange contracts [Member]
Outstanding derivative contracts
Gross contract notional amount	$ 68,344	$ 94,424

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Guarantor and Non-Guarantor Financial Information (Details Textual) (USD $)	Jan. 31, 2013	Apr. 30, 2012	Oct. 18, 2011
Guarantor and Non Guarantor Financial Information (Textual) [Abstract]
Interest rate on notes			3.50%
3.50% Notes due October 15, 2021 [Member]
Guarantor and Non Guarantor Financial Information (Textual) [Abstract]
Amount of guaranteed notes issued			$ 750,000,000
Interest rate on notes	3.50%	3.50%
Percentage ownership of wholly-owned subsidiaries			100.00%

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Pensions and Other Postretirement Benefits (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended		9 Months Ended
	Jan. 31, 2013	Jan. 31, 2012	Jan. 31, 2013	Jan. 31, 2012
Defined Benefit Pension Plans [Member]
Components of net periodic benefit cost
Service cost	$ 2,211	$ 2,003	$ 6,829	$ 6,041
Interest cost	5,975	6,523	18,000	19,646
Expected return on plan assets	(6,321)	(6,672)	(18,970)	(20,271)
Recognized net actuarial loss (gain)	3,280	2,151	9,917	7,424
Termination benefit cost	0	1,838	0	1,838
Curtailment loss (gain)	0	1,124	0	1,124
Settlement loss			6,669	0
Other	253	271	759	856
Net periodic benefit cost	5,398	7,238	23,204	16,658
Other Postretirement Benefits [Member]
Components of net periodic benefit cost
Service cost	616	586	1,848	1,656
Interest cost	774	762	2,320	2,314
Expected return on plan assets	0	0	0	0
Recognized net actuarial loss (gain)	0	(10)	0	(33)
Termination benefit cost	0	2,030	0	2,030
Curtailment loss (gain)	0	(115)	0	(115)
Settlement loss			0	0
Other	(106)	(106)	(318)	(319)
Net periodic benefit cost	$ 1,284	$ 3,147	$ 3,850	$ 5,533

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Equity Method Investment

9 Months Ended

Jan. 31, 2013

Equity Method Investments and Joint Ventures [Abstract]

Equity Method Investment

Note 4: Equity Method Investment

On March 26, 2012, the Company acquired a 25 percent equity interest in Guilin Seamild Biologic Technology Development Co., Ltd. (“Seamild”), a privately-owned manufacturer and marketer of oats products headquartered in Guilin in the Guangxi province of China, for $35.9 million. Seamild’s products, primarily oatmeal and oat-based cereals, are sold under the leading Seamild brand with distribution in retail channels throughout China. Seamild’s portfolio of quality, trusted products aligns with the Company’s strategy of owning and marketing leading food brands.

The initial investment in Seamild was recorded at cost and is included in other noncurrent assets in the Consolidated Balance Sheets. The difference between the carrying amount of the investment and the underlying equity in net assets is primarily attributable to goodwill and other intangible assets. Under the equity method of accounting, the investment is adjusted for the Company’s proportionate share of earnings or losses, including consideration of basis differences resulting from the difference between the initial carrying amount of the investment and the underlying equity in net assets. The investment did not have a material impact on the International, Foodservice, and Natural Foods segment or the Company’s consolidated financial statements for the three or nine months ended January 31, 2013.

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Reportable Segments (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended		9 Months Ended
	Jan. 31, 2013	Jan. 31, 2012	Jan. 31, 2013	Jan. 31, 2012
Net sales:
Net sales	$ 1,559,558	$ 1,467,641	$ 4,558,007	$ 4,170,429
Segment profit:
Segment profit	331,209	284,020	933,635	836,199
Interest income	466	464	1,122	1,090
Interest expense	(24,226)	(23,599)	(72,374)	(58,469)
Share-based compensation expense	(5,131)	(3,576)	(15,256)	(14,320)
Cost of products sold - restructuring and merger and integration	(1,166)	(13,131)	(7,588)	(36,276)
Other restructuring and merger and integration costs	(6,870)	(19,422)	(35,522)	(51,231)
Other special project costs	0	0	(6,669)	0
Corporate administrative expenses	(59,735)	(47,525)	(172,226)	(141,689)
Other (expense) income - net	(553)	4	355	1,958
Income before income taxes	233,994	177,235	625,477	537,262
U.S. Retail Coffee [Member]
Net sales:
Net sales	627,717	637,886	1,770,980	1,755,518
Segment profit:
Segment profit	175,178	138,346	459,777	418,015
U.S. Retail Consumer Foods [Member]
Net sales:
Net sales	581,278	556,549	1,729,030	1,631,241
Segment profit:
Segment profit	106,161	106,645	325,122	301,619
International, Foodservice, and Natural Foods [Member]
Net sales:
Net sales	350,563	273,206	1,057,997	783,670
Segment profit:
Segment profit	$ 49,870	$ 39,029	$ 148,736	$ 116,565

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Earnings per Share (Tables)

9 Months Ended

Jan. 31, 2013

Earnings Per Share [Abstract]

Computation of earnings per common share

	Three Months Ended January 31,				Nine Months Ended January 31,
	2013		2012		2013		2012
Computation of net income per common share:
Net income	$	154,168	$	116,844	$	413,878	$	355,614
Net income allocated to participating securities		1,341		974		3,594		3,394
Net income allocated to common stockholders	$	152,827	$	115,870	$	410,284	$	352,220
Weighted-average common shares outstanding		107,528,722		112,493,822		108,405,604		112,783,014
Net income per common share	$	1.42	$	1.03	$	3.78	$	3.12

Computation of earnings per common share - assuming dilution

Computation of net income per common share—assuming dilution:
Net income	$	154,168	$	116,844	$	413,878	$	355,614
Net income allocated to participating securities		1,341		973		3,593		3,394
Net income allocated to common stockholders	$	152,827	$	115,871	$	410,285	$	352,220
Weighted-average common shares outstanding		107,528,722		112,493,822		108,405,604		112,783,014
Dilutive effect of stock options		19,655		49,125		25,263		52,811
Weighted-average common shares outstanding—assuming dilution		107,548,377		112,542,947		108,430,867		112,835,825
Net income per common share—assuming dilution	$	1.42	$	1.03	$	3.78	$	3.12

Weighted-average common shares, basic and diluted

	Three Months Ended January 31,				Nine Months Ended January 31,
	2013		2012		2013		2012
Weighted-average common shares outstanding		107,528,722		112,493,822		108,405,604		112,783,014
Weighted-average participating shares outstanding		943,545		945,330		949,527		1,086,897
Total weighted-average shares outstanding		108,472,267		113,439,152		109,355,131		113,869,911
Dilutive effect of stock options		19,655		49,125		25,263		52,811
Total weighted-average shares outstanding—assuming dilution		108,491,922		113,488,277		109,380,394		113,922,722

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Debt and Financing Arrangements (Tables)

9 Months Ended

Jan. 31, 2013

Debt and Financing Arrangements [Abstract]

Long-term debt

	January 31, 2013		April 30, 2012
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		395,762		397,906
3.50% Notes due October 15, 2021		748,746		748,637
5.55% Senior Notes due April 1, 2022		400,000		400,000
4.50% Senior Notes due June 1, 2025		400,000		400,000
Total long-term debt	$	2,068,508	$	2,070,543
Current portion of long-term debt		50,000		50,000
Total long-term debt, less current portion	$	2,018,508	$	2,020,543

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Other Financial Instruments and Fair Value Measurements (Details Textual) (USD $)	Jan. 31, 2013
Other Financial Instruments and Fair Value Measurements (Textual) [Abstract]
Company's Municipal bond mature in 2013	$ 1,100,000
Company's Municipal bond mature in 2014	700,000
Company's Municipal bond mature in 2015	2,700,000
Company's Municipal bond mature in 2016	500,000
Company's Municipal bond mature in 2017 and beyond	$ 21,500,000

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Reportable Segments (Details Textual)	9 Months Ended
	Jan. 31, 2013 Industry Segment
Reportable Segments (Textual) [Abstract]
Number of Reportable Segments	3
Number of industries in which Company operates	1

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Pensions and Other Postretirement Benefits (Tables)

9 Months Ended

Jan. 31, 2013

Pensions and Other Postretirement Benefits [Abstract]

Net periodic benefit cost

	Three Months Ended January 31,
	Defined Benefit Pension Plans						Other Postretirement Benefits
	2013			2012			2013			2012
Service cost	$	2,211		$	2,003		$	616		$	586
Interest cost		5,975			6,523			774			762
Expected return on plan assets		(6,321	)		(6,672	)		—			—
Recognized net actuarial loss (gain)		3,280			2,151			—			(10	)
Termination benefit cost		—			1,838			—			2,030
Curtailment loss (gain)		—			1,124			—			(115	)
Other		253			271			(106	)		(106	)
Net periodic benefit cost	$	5,398		$	7,238		$	1,284		$	3,147
	Nine Months Ended January 31,
	Defined Benefit Pension Plans						Other Postretirement Benefits
	2013			2012			2013			2012
Service cost	$	6,829		$	6,041		$	1,848		$	1,656
Interest cost		18,000			19,646			2,320			2,314
Expected return on plan assets		(18,970	)		(20,271	)		—			—
Recognized net actuarial loss (gain)		9,917			7,424			—			(33	)
Termination benefit cost		—			1,838			—			2,030
Curtailment loss (gain)		—			1,124			—			(115	)
Settlement loss		6,669			—			—			—
Other		759			856			(318	)		(319	)
Net periodic benefit cost	$	23,204		$	16,658		$	3,850		$	5,533

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Derivative Financial Instruments (Tables)

9 Months Ended

Jan. 31, 2013

Derivative Financial Instruments [Abstract]

Fair value of derivative instruments

	January 31, 2013				April 30, 2012
	Other Current Assets		Other Current Liabilities		Other Current Assets		Other Current Liabilities
Derivatives designated as hedging instruments:
Commodity contracts	$	1,184	$	923	$	6,569	$	19,510
Derivatives not designated as hedging instruments:
Commodity contracts	$	9,157	$	3,364	$	3,166	$	3,631
Foreign currency exchange contracts		1,119		107		436		982
Total derivatives not designated as hedging instruments	$	10,276	$	3,471	$	3,602	$	4,613
Total derivatives instruments	$	11,460	$	4,394	$	10,171	$	24,123

Commodity contracts gains and losses recognized on derivatives designated as cash flow hedges

	Three Months Ended January 31,						Nine Months Ended January 31,
	2013			2012			2013			2012
Losses recognized in other comprehensive income (loss) (effective portion)	$	(7,959	)	$	(681	)	$	(23,304	)	$	(10,941	)
(Losses) gains reclassified from accumulated other comprehensive loss to cost of products sold (effective portion)		(11,953	)		(1,546	)		(30,959	)		4,146
Change in accumulated other comprehensive loss	$	3,994		$	865		$	7,655		$	(15,087	)
(Losses) gains recognized in cost of products sold (ineffective portion)	$	(386	)	$	15		$	(604	)	$	(498	)

Interest rate contract gains and losses recognized on the derivative designated as a cash flow hedge

	Three Months Ended January 31,						Nine Months Ended January 31,
	2013			2012			2013			2012
Losses recognized in other comprehensive income (loss) (effective portion)	$	—		$	—		$	—		$	(6,192	)
Losses reclassified from accumulated other comprehensive loss to interest expense (effective portion)		(134	)		(130	)	$	(398	)		(148	)
Change in accumulated other comprehensive loss	$	134		$	130		$	398		$	(6,044	)
Losses recognized in interest expense (ineffective portion)	$	—		$	—		$	—		$	(19	)

Net realized and unrealized gains and losses recognized in cost of products sold on derivatives not designated as qualified hedging instruments

	Three Months Ended January 31,						Nine Months Ended January 31,
	2013			2012			2013			2012
Unrealized (losses) gains on commodity contracts	$	(409	)	$	2,647		$	7,979		$	(3,829	)
Unrealized (losses) gains on foreign currency exchange contracts		(49	)		(554	)		942			(127	)
Total unrealized (losses) gains recognized in cost of products sold	$	(458	)	$	2,093		$	8,921		$	(3,956	)
Realized gains (losses) on commodity contracts	$	111		$	(1,639	)	$	(463	)	$	20,641
Realized gains (losses) on foreign currency exchange contracts		120			671			(84	)		1,899
Total realized gains (losses) recognized in cost of products sold	$	231		$	(968	)	$	(547	)	$	22,540
Total (losses) gains recognized in cost of products sold	$	(227	)	$	1,125		$	8,374		$	18,584

Outstanding derivative contracts

	January 31, 2013		April 30, 2012
Commodity contracts	$	433,432	$	983,381
Foreign currency exchange contracts		68,344		94,424

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Acquisitions

9 Months Ended

Jan. 31, 2013

Acquisitions [Abstract]

Acquisitions

Note 3: Acquisitions

On January 3, 2012, the Company completed the acquisition of a majority of the North American foodservice coffee and hot beverage business of Sara Lee Corporation (“Sara Lee foodservice business”), including a liquid coffee manufacturing facility in Suffolk, Virginia, for $420.6 million in an all-cash transaction. Utilizing proceeds from the 3.50 percent Notes issued in October 2011, the Company paid Sara Lee Corporation, recently renamed The Hillshire Brands Company, $375.6 million, net of a working capital adjustment, and will pay an additional $50.0 million in declining installments over the next 10 years to a subsidiary of D.E Master Blenders 1753 N.V., an independent public company recently separated from The Hillshire Brands Company. The additional $50.0 million obligation was included in other current liabilities and other noncurrent liabilities in the Condensed Consolidated Balance Sheet and recorded at a present value of $45.0 million as of the date of acquisition. During the nine months ended January 31, 2013, $10.0 million was paid and included in other – net financing on the Condensed Statement of Consolidated Cash Flows.

Total one-time costs related to the acquisition are estimated to be approximately $28.0 million, consisting primarily of transition services provided by Sara Lee Corporation and employee separation and relocation costs, nearly all of which are cash related. The Company has incurred one-time costs of $24.2 million through January 31, 2013, directly related to the merger and integration of the acquired business, and the charges were reported in other restructuring and merger and integration costs in the Condensed Statements of Consolidated Income. The Company expects the remainder of the costs to be incurred through fiscal 2014.

The acquisition included the market-leading liquid coffee concentrate business sold under the licensed Douwe Egberts® brand, along with a variety of roast and ground coffee, cappuccino, tea, and cocoa products, sold through foodservice channels in North America. Liquid coffee concentrate adds a unique, high-quality, and technology-driven form of coffee to the Company’s existing foodservice product offering.

During the second quarter of 2013, the Company announced its plan to exit the private label roast and ground coffee portion of the acquired Sara Lee foodservice business representing approximately $75.0 to $100.0 million in annual net sales. While the Company anticipates a future reduction in net sales, the exit is expected to have a favorable impact on profit margins within the International, Foodservice, and Natural Foods segment. One-time costs associated with the exit are not expected to be significant and primarily include employee separation costs. Although the exit began in the third quarter, it is not expected to have a material impact on 2013 results. The Company expects to complete the exit during fiscal 2014. The net sales reduction in fiscal 2014 is expected to be approximately $50.0 million as exits will occur throughout the first half of the fiscal year.

The purchase price was allocated to the underlying assets acquired and liabilities assumed based upon their fair values at the date of acquisition. The Company determined the estimated fair values based on independent appraisals, discounted cash flow analyses, and estimates made by management. The purchase price exceeded the fair value of the net identifiable tangible and intangible assets acquired, and, as such, the excess was allocated to goodwill. The amount allocated to goodwill was primarily attributable to anticipated synergies and market expansion. The following table summarizes the fair values of the assets acquired and liabilities assumed at the acquisition date.

Assets acquired:
Cash and cash equivalents	$	1,221
Other current assets		42,619
Property, plant, and equipment		92,775
Intangible assets		138,900
Goodwill		149,948
Other noncurrent assets		863
Total assets acquired	$	426,326
Liabilities assumed:
Current liabilities	$	3,599
Noncurrent liabilities		2,097
Total liabilities assumed	$	5,696
Net assets acquired	$	420,630

Of the total goodwill assigned to the International, Foodservice, and Natural Foods segment, $136.0 million is deductible for tax purposes.

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

Intangible assets with finite lives:
Customer relationships (10-year useful life)	$	92,000
Technology (10-year useful life)		23,800
Trademarks (6-year weighted-average useful life)		23,100
Total intangible assets	$	138,900

On May 16, 2011, the Company completed the acquisition of the coffee brands and business operations of Rowland Coffee Roasters, Inc. (“Rowland Coffee”), a privately-held company headquartered in Miami, Florida, for $362.8 million. The acquisition included a manufacturing, distribution, and office facility in Miami. The Company utilized cash on hand and borrowed $180.0 million under its revolving credit facility to fund the transaction. In addition, the Company has incurred one-time costs of $12.3 million through January 31, 2013, directly related to the merger and integration of Rowland Coffee, which includes approximately $5.7 million in noncash expense items that were reported in cost of products sold – restructuring and merger and integration. The remaining charges were reported in other restructuring and merger and integration costs in the Condensed Statements of Consolidated Income. Total one-time costs related to the acquisition are estimated to be approximately $25.0 million, including approximately $10.0 million of noncash charges, primarily accelerated depreciation, associated with consolidating coffee production currently in Miami into the Company’s existing facilities in New Orleans, Louisiana. The Company expects these costs to be incurred through fiscal 2015.

The acquisition of Rowland Coffee, a leading producer of espresso coffee in the U.S., 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 Company’s portfolio of brands.

The purchase price was allocated to the underlying assets acquired and liabilities assumed based upon their fair values at the date of acquisition. The Company determined the estimated fair values based on independent appraisals, discounted cash flow analyses, and estimates made by management. The purchase price exceeded the fair value of the net identifiable tangible and intangible assets acquired, and, as such, the excess was allocated to goodwill. The amount allocated to goodwill was primarily attributable to anticipated synergies and market expansion. The following table summarizes the fair values of the assets acquired and liabilities assumed at the acquisition date.

Assets acquired:
Current assets	$	33,971
Property, plant, and equipment		29,227
Intangible assets		213,500
Goodwill		91,675
Total assets acquired	$	368,373
Liabilities assumed:
Current liabilities	$	5,527
Total liabilities assumed	$	5,527
Net assets acquired	$	362,846

Goodwill of $84.8 million and $6.9 million was assigned to the U.S. Retail Coffee and the International, Foodservice, and Natural Foods segments, respectively. Of the total goodwill, $84.0 million is deductible for tax purposes.

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

Intangible assets with finite lives:
Customer relationships (19-year weighted-average useful life)	$	147,800
Trademark (10-year useful life)		1,600
Intangible assets with indefinite lives:
Trademarks		64,100
Total intangible assets	$	213,500

If the Sara Lee foodservice business and Rowland Coffee acquisitions had occurred on May 1, 2011, pro forma consolidated net sales would have been approximately $4.4 billion for the nine months ended January 31, 2012, and the contribution of the acquired businesses would not have had a material impact to reported consolidated earnings for the nine months ended January 31, 2012. The pro forma consolidated results do not give effect to the synergies of the acquisitions and are not indicative of operations in current or future periods.

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Other Financial Instruments and Fair Value Measurements (Tables)

9 Months Ended

Jan. 31, 2013

Other Financial Instruments and Fair Value Measurements [Abstract]

Carrying amount and fair value of financial instruments

	January 31, 2013						April 30, 2012
	Carrying Amount			Fair Value			Carrying Amount			Fair Value
Other investments	$	46,259		$	46,259		$	36,173		$	36,173
Derivative financial instruments—net		7,066			7,066			(13,952	)		(13,952	)
Long-term debt		(2,068,508	)		(2,423,370	)		(2,070,543	)		(2,443,514	)

Financial assets (liabilities) measured at fair value on a recurring basis

	Quoted Prices in			Significant			Significant
	Active Markets for			Observable			Unobservable		Fair Value at
	Identical Assets			Inputs			Inputs		January 31,
	(Level 1)			(Level 2)			(Level 3)		2013
Other investments: (A)
Equity mutual funds	$	19,212		$	—		$	—	$	19,212
Municipal obligations		—			26,549			—		26,549
Other investments		498			—			—		498
Derivatives: (B)
Commodity contracts—net		5,868			186			—		6,054
Foreign currency exchange contracts—net		107			905			—		1,012
Long-term debt (C)		(794,049	)		(1,629,321	)		—		(2,423,370	)
Total financial instruments measured at fair value	$	(768,364	)	$	(1,601,681	)	$	—	$	(2,370,045	)
	Quoted Prices in			Significant			Significant
	Active Markets for			Observable			Unobservable		Fair Value at
	Identical Assets			Inputs			Inputs		April 30,
	(Level 1)			(Level 2)			(Level 3)		2012
Other investments: (A)
Equity mutual funds	$	14,649		$	—		$	—	$	14,649
Municipal obligations		—			20,392			—		20,392
Other investments		1,132			—			—		1,132
Derivatives: (B)
Commodity contracts—net		(12,788	)		(618	)		—		(13,406	)
Foreign currency exchange contracts—net		(1	)		(545	)		—		(546	)
Long-term debt (C)		(777,023	)		(1,666,491	)		—		(2,443,514	)
Total financial instruments measured at fair value	$	(774,031	)	$	(1,647,262	)	$	—	$	(2,421,293	)

(A) 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 obligations valued by a third party using valuation techniques which utilize inputs that are derived principally from or corroborated by observable market data. As of January 31, 2013, the Company’s municipal obligations are scheduled to mature as follows: $1.1 million in 2013, $0.7 million in 2014, $2.7 million in 2015, $0.5 million in 2016, and $21.5 million in 2017 and beyond.

(B) The Company’s Level 1 derivatives are valued using quoted market prices for identical instruments in active markets. The Level 2 derivatives are valued using 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 13: Derivative Financial Instruments.

(C) The Company’s long-term debt is comprised of public Notes classified as Level 1 and private Senior Notes classified as Level 2. The public Notes are traded in an active secondary market and valued using quoted prices. The value of the private Senior Notes is based on the net present value of each interest and principal payment, calculated utilizing an interest rate derived from a market yield curve. For additional information, see Note 9: Debt and Financing Arrangements.

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Share-Based Payments (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended		9 Months Ended
	Jan. 31, 2013	Jan. 31, 2012	Jan. 31, 2013	Jan. 31, 2012
Share-Based Payments
Share-based compensation expense included in selling, distribution, and administrative expenses	$ 5,131	$ 3,576	$ 15,256	$ 14,320
Share-based compensation expense included in other restructuring and merger and integration costs	185	415	571	2,290
Total share-based compensation expense	5,316	3,991	15,827	16,610
Related income tax benefit	$ 1,816	$ 1,366	$ 5,354	$ 5,616

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Derivative Financial Instruments (Details Textual) (USD $)	9 Months Ended
	Jan. 31, 2013	Apr. 30, 2012
Derivative Financial Instruments (Additional Textual) [Abstract]
Cash margin accounts related to derivative instruments recognized	$ 5,900,000	$ 32,500,000
Commodity Contracts [Member]
Derivative Financial Instruments (Textual) [Abstract]
Derivative instrument maturity	1 year
Deferred pre-tax loss included in accumulated other comprehensive loss	(16,600,000)	(24,300,000)
Tax impact related to deferred losses and gains on cash flow hedges included in accumulated other comprehensive loss	6,000,000	8,800,000
Maximum expected recognized period of deferred loss in earnings	1 year
Interest Rate Contract [Member]
Derivative Financial Instruments (Textual) [Abstract]
Deferred pre-tax loss included in accumulated other comprehensive loss	(5,500,000)	(5,900,000)
Tax impact related to deferred losses and gains on cash flow hedges included in accumulated other comprehensive loss	2,000,000	2,100,000
Effective portion of the hedge loss reclassified to interest expense upon termination of the swap	$ 500,000
Expected period for recognition of the hedge loss reclassified to interest expense under termination of the swap	12 months
Foreign currency exchange contracts [Member]
Derivative Financial Instruments (Textual) [Abstract]
Derivative instrument maturity	1 year

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Condensed Statements of Consolidated Income (Unaudited) (USD $) In Thousands, except Per Share data, unless otherwise specified	3 Months Ended		9 Months Ended
	Jan. 31, 2013	Jan. 31, 2012	Jan. 31, 2013	Jan. 31, 2012
Income Statement [Abstract]
Net sales	$ 1,559,558	$ 1,467,641	$ 4,558,007	$ 4,170,429
Cost of products sold	1,022,163	988,825	3,002,506	2,738,715
Cost of products sold - restructuring and merger and integration	1,166	13,131	7,588	36,276
Gross Profit	536,229	465,685	1,547,913	1,395,438
Selling, distribution, and administrative expenses	251,016	225,016	740,419	678,170
Amortization	24,200	22,031	72,594	62,825
Other restructuring and merger and integration costs	6,870	19,422	35,522	51,231
Other special project costs	0	0	6,669	0
Loss on divestiture	0	0	0	11,287
Other operating income - net	(4,164)	(1,150)	(3,665)	(758)
Operating Income	258,307	200,366	696,374	592,683
Interest income	466	464	1,122	1,090
Interest expense	(24,226)	(23,599)	(72,374)	(58,469)
Other (expense) income - net	(553)	4	355	1,958
Income Before Income Taxes	233,994	177,235	625,477	537,262
Income taxes	79,826	60,391	211,599	181,648
Net Income	$ 154,168	$ 116,844	$ 413,878	$ 355,614
Earnings per common share:
Net Income	$ 1.42	$ 1.03	$ 3.78	$ 3.12
Net Income - Assuming Dilution	$ 1.42	$ 1.03	$ 3.78	$ 3.12
Dividends declared per common share	$ 0.52	$ 0.48	$ 1.56	$ 1.44

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Debt and Financing Arrangements (Details) (USD $)	Jan. 31, 2013 Bank	Apr. 30, 2012	Oct. 18, 2011
Debt and Financing Arrangements (Textual) [Abstract]
Percentage of notes			3.50%
Total long-term debt	$ 2,068,508,000	$ 2,070,543,000
Current portion of long-term debt	50,000,000	50,000,000
Total long-term debt, less current portion	2,018,508,000	2,020,543,000
Debt and Financing Arrangements (Additional Textual) [Abstract]
Number of banks	9
Revolving credit facility maximum borrowing capacity	1,000,000,000
Percentage of the principal amount thereof at which company can prepay	100.00%
4.78% Senior Notes due June 1, 2014 [Member]
Long-term debt
Company issued Senior Notes	100,000,000	100,000,000
Debt and Financing Arrangements (Textual) [Abstract]
Percentage of notes	4.78%	4.78%
6.12% Senior Notes due November 1, 2015 [Member]
Long-term debt
Company issued Senior Notes	24,000,000	24,000,000
Debt and Financing Arrangements (Textual) [Abstract]
Percentage of notes	6.12%	6.12%
6.63% Senior Notes due November 1, 2018 [Member]
Long-term debt
Company issued Senior Notes	395,762,000	397,906,000
Debt and Financing Arrangements (Textual) [Abstract]
Percentage of notes	6.63%	6.63%
3.50% Notes due October 15, 2021 [Member]
Long-term debt
Notes Payable, Noncurrent	748,746,000	748,637,000
Debt and Financing Arrangements (Textual) [Abstract]
Percentage of notes	3.50%	3.50%
5.55% Senior Notes due April 1, 2022 [Member]
Long-term debt
Company issued Senior Notes	400,000,000	400,000,000
Debt and Financing Arrangements (Textual) [Abstract]
Percentage of notes	5.55%	5.55%
First period payment of Senior Notes	50,000,000
4.50% Senior Notes due June 1, 2025 [Member]
Long-term debt
Company issued Senior Notes	400,000,000	400,000,000
Debt and Financing Arrangements (Textual) [Abstract]
Percentage of notes	4.50%	4.50%
First period payment of Senior Notes	$ 100,000,000

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Basis of Presentation

9 Months Ended

Jan. 31, 2013

Basis of Presentation [Abstract]

Basis of Presentation

Note 1: Basis of Presentation

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and notes required by U.S. generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments of a normal recurring nature considered necessary for a fair presentation have been included. Certain prior year amounts have been reclassified to conform to current year classifications.

Operating results for the nine-month period ended January 31, 2013, are not necessarily indicative of the results that may be expected for the year ending April 30, 2013. For further information, reference is made to the consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K for the year ended April 30, 2012.

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Guarantor and Non-Guarantor Financial Information (Details 1) (USD $) In Thousands, unless otherwise specified	Jan. 31, 2013	Apr. 30, 2012	Jan. 31, 2012	Apr. 30, 2011
CURRENT ASSETS
Cash and cash equivalents	$ 438,814	$ 229,708	$ 370,428	$ 319,845
Inventories	878,156	961,576
Other current assets	428,975	452,181
Total Current Assets	1,745,945	1,643,465
PROPERTY, PLANT, AND EQUIPMENT	1,121,615	1,096,089
INVESTMENTS IN SUBSIDIARIES AND INTERCOMPANY	0	0
OTHER NONCURRENT ASSETS
Goodwill	3,053,746	3,054,618
Other intangible assets - net	3,114,024	3,187,007
Other noncurrent assets	149,124	134,047
Total Other Noncurrent Assets	6,316,894	6,375,672
Total Assets	9,184,454	9,115,226
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES	593,463	616,972
NONCURRENT LIABILITIES
Long-term debt	2,018,508	2,020,543
Deferred income taxes	999,324	992,692
Other noncurrent liabilities	312,923	321,633
Total Noncurrent Liabilities	3,330,755	3,334,868
SHAREHOLDERS' EQUITY	5,260,236	5,163,386
Total Liabilities and Shareholders' Equity	9,184,454	9,115,226
The J.M. Smucker Company (Parent) [Member]
CURRENT ASSETS
Cash and cash equivalents	294,693	108,281	263,937	206,845
Inventories	0	0
Other current assets	359,252	334,220
Total Current Assets	653,945	442,501
PROPERTY, PLANT, AND EQUIPMENT	229,287	220,354
INVESTMENTS IN SUBSIDIARIES AND INTERCOMPANY	5,370,945	5,684,496
OTHER NONCURRENT ASSETS
Goodwill	1,081,988	981,606
Other intangible assets - net	511,056	435,713
Other noncurrent assets	68,366	59,992
Total Other Noncurrent Assets	1,661,410	1,477,311
Total Assets	7,915,587	7,824,662
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES	312,261	323,608
NONCURRENT LIABILITIES
Long-term debt	2,018,508	2,020,543
Deferred income taxes	108,103	104,822
Other noncurrent liabilities	216,479	212,303
Total Noncurrent Liabilities	2,343,090	2,337,668
SHAREHOLDERS' EQUITY	5,260,236	5,163,386
Total Liabilities and Shareholders' Equity	7,915,587	7,824,662
Subsidiary Guarantors [Member]
CURRENT ASSETS
Cash and cash equivalents	0	0	0	0
Inventories	134,825	161,411
Other current assets	1,090	3,499
Total Current Assets	135,915	164,910
PROPERTY, PLANT, AND EQUIPMENT	425,303	389,163
INVESTMENTS IN SUBSIDIARIES AND INTERCOMPANY	4,245,444	4,241,145
OTHER NONCURRENT ASSETS
Goodwill	0	0
Other intangible assets - net	0	0
Other noncurrent assets	14,923	11,137
Total Other Noncurrent Assets	14,923	11,137
Total Assets	4,821,585	4,806,355
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES	92,379	101,714
NONCURRENT LIABILITIES
Long-term debt	0	0
Deferred income taxes	0	311
Other noncurrent liabilities	19,928	20,031
Total Noncurrent Liabilities	19,928	20,342
SHAREHOLDERS' EQUITY	4,709,278	4,684,299
Total Liabilities and Shareholders' Equity	4,821,585	4,806,355
Non-Guarantor Subsidiaries [Member]
CURRENT ASSETS
Cash and cash equivalents	144,121	121,427	106,491	113,000
Inventories	766,382	815,030
Other current assets	68,633	114,462
Total Current Assets	979,136	1,050,919
PROPERTY, PLANT, AND EQUIPMENT	467,025	486,572
INVESTMENTS IN SUBSIDIARIES AND INTERCOMPANY	969,653	702,550
OTHER NONCURRENT ASSETS
Goodwill	1,971,758	2,073,012
Other intangible assets - net	2,602,968	2,751,294
Other noncurrent assets	65,835	62,918
Total Other Noncurrent Assets	4,640,561	4,887,224
Total Assets	7,056,375	7,127,265
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES	188,823	191,650
NONCURRENT LIABILITIES
Long-term debt	0	0
Deferred income taxes	891,221	887,559
Other noncurrent liabilities	76,516	89,299
Total Noncurrent Liabilities	967,737	976,858
SHAREHOLDERS' EQUITY	5,899,815	5,958,757
Total Liabilities and Shareholders' Equity	7,056,375	7,127,265
Eliminations [Member]
CURRENT ASSETS
Cash and cash equivalents	0	0	0	0
Inventories	(23,051)	(14,865)
Other current assets	0	0
Total Current Assets	(23,051)	(14,865)
PROPERTY, PLANT, AND EQUIPMENT	0	0
INVESTMENTS IN SUBSIDIARIES AND INTERCOMPANY	(10,586,042)	(10,628,191)
OTHER NONCURRENT ASSETS
Goodwill	0	0
Other intangible assets - net	0	0
Other noncurrent assets	0	0
Total Other Noncurrent Assets	0	0
Total Assets	(10,609,093)	(10,643,056)
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES	0	0
NONCURRENT LIABILITIES
Long-term debt	0	0
Deferred income taxes	0	0
Other noncurrent liabilities	0	0
Total Noncurrent Liabilities	0	0
SHAREHOLDERS' EQUITY	(10,609,093)	(10,643,056)
Total Liabilities and Shareholders' Equity	$ (10,609,093)	$ (10,643,056)

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Acquisitions (Details 1) (USD $) In Thousands, unless otherwise specified	Jan. 03, 2012 Sara Lee Corporation [Member]	Jan. 03, 2012 Sara Lee Corporation [Member] Customer Relationships [Member]	Jan. 03, 2012 Sara Lee Corporation [Member] Technology [Member]	Jan. 03, 2012 Sara Lee Corporation [Member] Finite-Lived Trademarks [Member]	May 16, 2011 Rowland Coffee Roasters, Inc. [Member]	May 16, 2011 Rowland Coffee Roasters, Inc. [Member] Indefinite-Lived Trademarks [Member]	May 16, 2011 Rowland Coffee Roasters, Inc. [Member] Customer Relationships [Member]	May 16, 2011 Rowland Coffee Roasters, Inc. [Member] Finite-Lived Trademarks [Member]
The purchase price allocated to the identifiable intangible assets acquired
Intangible assets with finite lives		$ 92,000	$ 23,800	$ 23,100			$ 147,800	$ 1,600
Intangible assets with indefinite lives						64,100
Total intangible assets	$ 138,900				$ 213,500

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Recently Issued Accounting Standards (Policies)

9 Months Ended

Jan. 31, 2013

Recently Issued Accounting Standards [Abstract]

ASU 2011-05, Presentation of Comprehensive Income

In June 2011, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2011-05, Presentation of Comprehensive Income, which eliminated the option to present the components of other comprehensive income as part of the statement of shareholders’ equity and required the presentation of net income and other comprehensive income to be in a single continuous statement of comprehensive income or in two separate but consecutive statements. ASU 2011-05 does not change the components that are recognized in net income or other comprehensive income. ASU 2011-05 was effective May 1, 2012, for the Company and the Company elected to present net income and other comprehensive income in two separate but consecutive statements.

ASU 2013-02, Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income

In February 2013, the FASB issued ASU 2013-02, Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income. ASU 2013-02 requires reclassification adjustments for items that are reclassified from accumulated other comprehensive income to net income be presented on the financial statements or in a note to the financial statements. ASU 2013-02 will be effective May 1, 2013, for the Company and will be applied prospectively. The Company anticipates the adoption of ASU 2013-02 will not impact the financial statements, but will expand the disclosures related to amounts reclassified out of accumulated other comprehensive income.

ASU 2011-11, Disclosures about Offsetting Assets and Liabilities

In December 2011, the FASB issued ASU 2011-11, Disclosures about Offsetting Assets and Liabilities. ASU 2011-11 requires the disclosure of both gross and net information about financial instruments and transactions eligible for offset in the consolidated balance sheet. In January 2013, the FASB issued ASU 2013-01, Scope Clarification of Disclosures about Offsetting Assets and Liabilities, which limits the scope of ASU 2011-11 to derivatives, repurchase and reverse repurchase agreements, and securities borrowing and lending transactions. ASU 2011-11, as clarified by ASU 2013-01, will be effective May 1, 2013, for the Company and will require retrospective application. The Company anticipates the adoption of ASU 2011-11, as clarified by ASU 2013-01, will not impact the financial statements, but may expand the disclosures related to financial instruments.

ASU 2012-02, Intangibles - Goodwill and Other

The FASB issued ASU 2011-08, Testing Goodwill for Impairment, and ASU 2012-02, Intangibles – Goodwill and Other (Topic 350): Testing Indefinite-Lived Intangible Assets for Impairment, in September 2011 and July 2012, respectively. ASU 2011-08 and ASU 2012-02 simplify the guidance for testing impairment of goodwill and indefinite-lived intangible assets by allowing the Company the option to perform a qualitative test to assess the likelihood that the estimated fair value is less than the carrying amount. ASU 2011-08 will be effective for the Company’s February 1, 2013 annual impairment test. ASU 2012-02 will be effective for the Company’s February 1, 2014 annual impairment test, but early adoption is permitted. The adoption of ASU 2011-08 and ASU 2012-02 will not change the process for the February 1, 2013 impairment test and will not impact the financial statements or related disclosures.

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Acquisitions (Details Textual) (USD $)	9 Months Ended		9 Months Ended		9 Months Ended				9 Months Ended		9 Months Ended
	Jan. 31, 2012	Oct. 18, 2011	Jan. 31, 2013 Rowland Coffee Roasters, Inc. [Member]	May 16, 2011 Rowland Coffee Roasters, Inc. [Member]	Jan. 31, 2013 Rowland Coffee Roasters, Inc. [Member] Customer Relationships [Member] Y	Jan. 31, 2013 Rowland Coffee Roasters, Inc. [Member] Finite-Lived Trademarks [Member] Y	May 16, 2011 Rowland Coffee Roasters, Inc. [Member] U.S. Retail Coffee [Member]	May 16, 2011 Rowland Coffee Roasters, Inc. [Member] International, Foodservice, and Natural Foods [Member]	Jan. 31, 2013 Sara Lee Corporation [Member] Y	Jan. 03, 2012 Sara Lee Corporation [Member]	Jan. 31, 2013 Sara Lee Corporation [Member] Customer Relationships [Member] Y	Jan. 31, 2013 Sara Lee Corporation [Member] Technology [Member] Y	Jan. 31, 2013 Sara Lee Corporation [Member] Finite-Lived Trademarks [Member] Y
Acquisitions (Textual) [Abstract]
Cost of acquired entity				$ 362,800,000						$ 420,600,000
Borrowings under revolving credit facility				180,000,000
One-time costs directly related to merger and integration			12,300,000						24,200,000
Noncash acquisition expenses			5,700,000
One time costs related to the acquisition estimated			25,000,000						28,000,000
Noncash charges estimated			10,000,000
Goodwill assigned to the U.S. Retail Coffee and International, Foodservice and Natural Food segments				91,675,000			84,800,000	6,900,000		149,948,000
Weighted-average useful life of the finite-lived intangible assets					19	10					10	10	6
Goodwill deductible for tax purposes				84,000,000						136,000,000
Additional purchase price included in other current liabilities and other noncurrent liabilities										50,000,000
Time period over which additional liability will be paid									10
Present value of additional purchase price included in other current liabilities and other noncurrent liabilities										45,000,000
Payments for acquisition										375,600,000
Business acquisition purchase price payment included in other - net financing activities									10,000,000
Estimated minimum future decrease in annual net sales									(75,000,000)
Estimated maximum future decrease in annual net sales									(100,000,000)
Estimated decrease in net sales in fiscal 2014									(50,000,000)
Acquisitions (Additional Textual) [Abstract]
Expected consolidated net sales	$ 4,400,000,000
Percentage of notes		3.50%

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Restructuring (Tables)

9 Months Ended

Jan. 31, 2013

Restructuring [Abstract]

Restructuring and related charges

	Long-Lived Asset Charges			Employee Separation			Site Preparation and Equipment Relocation			Production Start-up			Other Costs			Total
Total expected restructuring charge	$	105,000		$	66,000		$	35,000		$	29,000		$	10,000		$	245,000
Balance at May 1, 2011	$	—		$	10,198		$	—		$	—		$	—		$	10,198
Charge to expense		34,195			20,364			12,963			10,689			2,930			81,141
Cash payments		—			(13,754	)		(12,963	)		(10,689	)		(2,930	)		(40,336	)
Noncash utilization		(34,195	)		(8,030	)		—			—			—			(42,225	)
Balance at April 30, 2012	$	—		$	8,778		$	—		$	—		$	—		$	8,778
Charge to expense—net		5,370			3,742			10,609			8,292			2,121			30,134
Cash payments		—			(4,111	)		(10,609	)		(8,292	)		(2,121	)		(25,133	)
Noncash utilization		(5,370	)		(6	)		—			—			—			(5,376	)
Balance at January 31, 2013	$	—		$	8,403		$	—		$	—		$	—		$	8,403
Remaining expected restructuring charge	$	7,996		$	4,745		$	4,829		$	4,809		$	3,678		$	26,057

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Recently Issued Accounting Standards

9 Months Ended

Jan. 31, 2013

Recently Issued Accounting Standards [Abstract]

Recently Issued Accounting Standards

Note 2: Recently Issued Accounting Standards

In June 2011, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2011-05, Presentation of Comprehensive Income, which eliminated the option to present the components of other comprehensive income as part of the statement of shareholders’ equity and required the presentation of net income and other comprehensive income to be in a single continuous statement of comprehensive income or in two separate but consecutive statements. ASU 2011-05 does not change the components that are recognized in net income or other comprehensive income. ASU 2011-05 was effective May 1, 2012, for the Company and the Company elected to present net income and other comprehensive income in two separate but consecutive statements. In February 2013, the FASB issued ASU 2013-02, Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income. ASU 2013-02 requires reclassification adjustments for items that are reclassified from accumulated other comprehensive income to net income be presented on the financial statements or in a note to the financial statements. ASU 2013-02 will be effective May 1, 2013, for the Company and will be applied prospectively. The Company anticipates the adoption of ASU 2013-02 will not impact the financial statements, but will expand the disclosures related to amounts reclassified out of accumulated other comprehensive income.

In December 2011, the FASB issued ASU 2011-11, Disclosures about Offsetting Assets and Liabilities. ASU 2011-11 requires the disclosure of both gross and net information about financial instruments and transactions eligible for offset in the consolidated balance sheet. In January 2013, the FASB issued ASU 2013-01, Scope Clarification of Disclosures about Offsetting Assets and Liabilities, which limits the scope of ASU 2011-11 to derivatives, repurchase and reverse repurchase agreements, and securities borrowing and lending transactions. ASU 2011-11, as clarified by ASU 2013-01, will be effective May 1, 2013, for the Company and will require retrospective application. The Company anticipates the adoption of ASU 2011-11, as clarified by ASU 2013-01, will not impact the financial statements, but may expand the disclosures related to financial instruments.

The FASB issued ASU 2011-08, Testing Goodwill for Impairment, and ASU 2012-02, Intangibles – Goodwill and Other (Topic 350): Testing Indefinite-Lived Intangible Assets for Impairment, in September 2011 and July 2012, respectively. ASU 2011-08 and ASU 2012-02 simplify the guidance for testing impairment of goodwill and indefinite-lived intangible assets by allowing the Company the option to perform a qualitative test to assess the likelihood that the estimated fair value is less than the carrying amount. ASU 2011-08 will be effective for the Company’s February 1, 2013 annual impairment test. ASU 2012-02 will be effective for the Company’s February 1, 2014 annual impairment test, but early adoption is permitted. The adoption of ASU 2011-08 and ASU 2012-02 will not change the process for the February 1, 2013 impairment test and will not impact the financial statements or related disclosures.

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Condensed Statements of Comprehensive Income (Unaudited) (USD $) In Thousands, unless otherwise specified	3 Months Ended		9 Months Ended
	Jan. 31, 2013	Jan. 31, 2012	Jan. 31, 2013	Jan. 31, 2012
Condensed Statements of Comprehensive Income [Abstract]
Net Income	$ 154,168	$ 116,844	$ 413,878	$ 355,614
Other comprehensive income (loss):
Foreign currency translation adjustments	1,072	(459)	(2,516)	(18,672)
Cash flow hedging derivative activity, net of tax	2,628	634	5,129	(13,464)
Pension and other postretirement benefit plans activity, net of tax	1,910	(4,008)	6,144	(4,008)
Available-for-sale securities activity, net of tax	(256)	958	375	(211)
Total other comprehensive income (loss)	5,354	(2,875)	9,132	(36,355)
Comprehensive Income	$ 159,522	$ 113,969	$ 423,010	$ 319,259

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Contingencies

9 Months Ended

Jan. 31, 2013

Contingencies [Abstract]

Contingencies

Note 12: 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 currently a defendant in a variety of such legal proceedings. The Company cannot predict with certainty the ultimate 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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Document and Entity Information	9 Months Ended
	Jan. 31, 2013	Feb. 28, 2013
Document and Entity Information [Abstract]
Entity Registrant Name	SMUCKER J M CO
Entity Central Index Key	0000091419
Document Type	10-Q
Document Period End Date	Jan. 31, 2013
Amendment Flag	false
Document Fiscal Year Focus	2013
Document Fiscal Period Focus	Q3
Current Fiscal Year End Date	--04-30
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		107,257,848

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Derivative Financial Instruments

9 Months Ended

Jan. 31, 2013

Derivative Financial Instruments [Abstract]

Derivative Financial Instruments

Note 13: 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 related 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 key raw materials, notably green coffee, edible oils, corn, corn sweetener, and flour. 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 Coffee and U.S. Retail Consumer Foods segments meet the hedge criteria 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 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 Condensed 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 and assessed at inception and on a monthly basis. The mark-to-market gains or losses on nonqualifying and ineffective portions of commodity hedges are recognized in cost of products sold immediately.

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.

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 in Canada. 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 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. If the contract is designated as a cash flow hedge, the mark-to-market gains or losses on the swap are deferred and included as a component of accumulated other comprehensive loss to the extent effective, and reclassified to interest expense in the period during which the hedged transaction affects earnings. If the contract is designated as a fair value hedge, the swap would be recognized at fair value on the balance sheet and changes in the fair value would be recognized in interest expense. Generally, changes in the fair value of the derivative are equal to changes in the fair value of the underlying debt and have no impact to earnings. There were no interest rate swaps outstanding at January 31, 2013 and April 30, 2012.

The following table sets forth the fair value of derivative instruments recognized in the Condensed Consolidated Balance Sheets.

	January 31, 2013				April 30, 2012
	Other Current Assets		Other Current Liabilities		Other Current Assets		Other Current Liabilities
Derivatives designated as hedging instruments:
Commodity contracts	$	1,184	$	923	$	6,569	$	19,510
Derivatives not designated as hedging instruments:
Commodity contracts	$	9,157	$	3,364	$	3,166	$	3,631
Foreign currency exchange contracts		1,119		107		436		982
Total derivatives not designated as hedging instruments	$	10,276	$	3,471	$	3,602	$	4,613
Total derivatives instruments	$	11,460	$	4,394	$	10,171	$	24,123

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 $5.9 million and $32.5 million at January 31, 2013 and April 30, 2012, respectively, that are included in other current assets in the Condensed Consolidated Balance Sheets.

The following table presents information on pre-tax commodity contract gains and losses recognized on derivatives designated as cash flow hedges.

	Three Months Ended January 31,						Nine Months Ended January 31,
	2013			2012			2013			2012
Losses recognized in other comprehensive income (loss) (effective portion)	$	(7,959	)	$	(681	)	$	(23,304	)	$	(10,941	)
(Losses) gains reclassified from accumulated other comprehensive loss to cost of products sold (effective portion)		(11,953	)		(1,546	)		(30,959	)		4,146
Change in accumulated other comprehensive loss	$	3,994		$	865		$	7,655		$	(15,087	)
(Losses) gains recognized in cost of products sold (ineffective portion)	$	(386	)	$	15		$	(604	)	$	(498	)

Included as a component of accumulated other comprehensive loss at January 31, 2013 and April 30, 2012, were deferred pre-tax losses of $16.6 million and $24.3 million, respectively, related to commodity contracts. The related tax impact recognized in accumulated other comprehensive loss was a benefit of $6.0 million and $8.8 million at January 31, 2013 and April 30, 2012, respectively. The entire amount of the deferred loss included in accumulated other comprehensive loss at January 31, 2013, is expected to be recognized in earnings within one year as the related commodities are sold.

The following table presents information on the pre-tax losses recognized on the interest rate swap designated as a cash flow hedge.

	Three Months Ended January 31,						Nine Months Ended January 31,
	2013			2012			2013			2012
Losses recognized in other comprehensive income (loss) (effective portion)	$	—		$	—		$	—		$	(6,192	)
Losses reclassified from accumulated other comprehensive loss to interest expense (effective portion)		(134	)		(130	)	$	(398	)		(148	)
Change in accumulated other comprehensive loss	$	134		$	130		$	398		$	(6,044	)
Losses recognized in interest expense (ineffective portion)	$	—		$	—		$	—		$	(19	)

Included as a component of accumulated other comprehensive loss at January 31, 2013 and April 30, 2012, were deferred pre-tax losses of $5.5 million and $5.9 million, respectively, related to the interest rate swap which was terminated in October 2011. The related tax benefit recognized in accumulated other comprehensive loss was $2.0 million and $2.1 million at January 31, 2013 and April 30, 2012, respectively. Approximately $0.5 million of the loss will be recognized over the next 12 months.

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

	Three Months Ended January 31,						Nine Months Ended January 31,
	2013			2012			2013			2012
Unrealized (losses) gains on commodity contracts	$	(409	)	$	2,647		$	7,979		$	(3,829	)
Unrealized (losses) gains on foreign currency exchange contracts		(49	)		(554	)		942			(127	)
Total unrealized (losses) gains recognized in cost of products sold	$	(458	)	$	2,093		$	8,921		$	(3,956	)
Realized gains (losses) on commodity contracts	$	111		$	(1,639	)	$	(463	)	$	20,641
Realized gains (losses) on foreign currency exchange contracts		120			671			(84	)		1,899
Total realized gains (losses) recognized in cost of products sold	$	231		$	(968	)	$	(547	)	$	22,540
Total (losses) gains recognized in cost of products sold	$	(227	)	$	1,125		$	8,374		$	18,584

The following table presents the gross contract notional value of outstanding derivative contracts.

	January 31, 2013		April 30, 2012
Commodity contracts	$	433,432	$	983,381
Foreign currency exchange contracts		68,344		94,424

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Condensed Consolidated Balance Sheets (Unaudited) (USD $) In Thousands, unless otherwise specified	Jan. 31, 2013	Apr. 30, 2012
CURRENT ASSETS
Cash and cash equivalents	$ 438,814	$ 229,708
Trade receivables, less allowance for doubtful accounts	360,205	347,518
Inventories:
Finished products	575,850	643,517
Raw materials	302,306	318,059
Total Inventories	878,156	961,576
Other current assets	68,770	104,663
Total Current Assets	1,745,945	1,643,465
PROPERTY, PLANT, AND EQUIPMENT
Land and land improvements	96,020	89,599
Buildings and fixtures	490,283	460,242
Machinery and equipment	1,227,999	1,160,307
Construction in progress	121,327	142,983
Property, Plant, and Equipment, Gross	1,935,629	1,853,131
Accumulated depreciation	(814,014)	(757,042)
Total Property, Plant, and Equipment	1,121,615	1,096,089
OTHER NONCURRENT ASSETS
Goodwill	3,053,746	3,054,618
Other intangible assets - net	3,114,024	3,187,007
Other noncurrent assets	149,124	134,047
Total Other Noncurrent Assets	6,316,894	6,375,672
Total assets	9,184,454	9,115,226
CURRENT LIABILITIES
Accounts payable	251,584	274,725
Accrued trade marketing and merchandising	89,829	62,111
Current portion of long-term debt	50,000	50,000
Other current liabilities	202,050	230,136
Total Current Liabilities	593,463	616,972
NONCURRENT LIABILITIES
Long-term debt	2,018,508	2,020,543
Deferred income taxes	999,324	992,692
Other noncurrent liabilities	312,923	321,633
Total Noncurrent Liabilities	3,330,755	3,334,868
SHAREHOLDERS' EQUITY
Common shares	27,121	27,571
Additional capital	4,198,713	4,261,171
Retained income	1,111,042	961,207
Amount due from ESOP Trust	(1,781)	(2,572)
Accumulated other comprehensive loss	(74,859)	(83,991)
Total Shareholders' Equity	5,260,236	5,163,386
Total Liabilities and Shareholders' Equity	$ 9,184,454	$ 9,115,226

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Common Shares

9 Months Ended

Jan. 31, 2013

Common Shares [Abstract]

Common Shares

Note 7: Common Shares

The following table sets forth common share information.

	January 31, 2013		April 30, 2012
Common shares authorized		150,000,000		150,000,000
Common shares outstanding		108,482,773		110,284,715
Treasury shares		20,122,392		18,320,450

Subsequent to January 31, 2013, the Company repurchased 1,226,028 common shares for approximately $113.3 million, resulting in 5,718,272 common shares remaining available for repurchase under the Board of Directors’ authorizations as of February 28, 2013.

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Share-Based Payments

9 Months Ended

Jan. 31, 2013

Share-Based Payments [Abstract]

Share-Based Payments

Note 6: Share-Based Payments

The Company provides for equity-based incentives to be awarded to key employees and non-employee directors. These incentives are administered primarily through the Company’s 2010 Equity and Incentive Compensation Plan, and currently consist of restricted shares, restricted stock units (which may also be referred to as deferred stock units), performance units, and stock options.

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

	Three Months Ended January 31,				Nine Months Ended January 31,
	2013		2012		2013		2012
Share-based compensation expense included in selling, distribution, and administrative expenses	$	5,131	$	3,576	$	15,256	$	14,320
Share-based compensation expense included in other restructuring and merger and integration costs		185		415		571		2,290
Total share-based compensation expense	$	5,316	$	3,991	$	15,827	$	16,610
Related income tax benefit	$	1,816	$	1,366	$	5,354	$	5,616

As of January 31, 2013, total compensation cost related to nonvested share-based awards not yet recognized was approximately $35.8 million. The weighted-average period over which this amount is expected to be recognized is 3.0 years.

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Acquisitions (Tables)

9 Months Ended

Jan. 31, 2013

Acquisitions [Abstract]

Estimated fair values of the assets acquired and liabilities assumed

Assets acquired:
Cash and cash equivalents	$	1,221
Other current assets		42,619
Property, plant, and equipment		92,775
Intangible assets		138,900
Goodwill		149,948
Other noncurrent assets		863
Total assets acquired	$	426,326
Liabilities assumed:
Current liabilities	$	3,599
Noncurrent liabilities		2,097
Total liabilities assumed	$	5,696
Net assets acquired	$	420,630

Assets acquired:
Current assets	$	33,971
Property, plant, and equipment		29,227
Intangible assets		213,500
Goodwill		91,675
Total assets acquired	$	368,373
Liabilities assumed:
Current liabilities	$	5,527
Total liabilities assumed	$	5,527
Net assets acquired	$	362,846

The purchase price allocated to the identifiable intangible assets

Intangible assets with finite lives:
Customer relationships (10-year useful life)	$	92,000
Technology (10-year useful life)		23,800
Trademarks (6-year weighted-average useful life)		23,100
Total intangible assets	$	138,900

Intangible assets with finite lives:
Customer relationships (19-year weighted-average useful life)	$	147,800
Trademark (10-year useful life)		1,600
Intangible assets with indefinite lives:
Trademarks		64,100
Total intangible assets	$	213,500

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Other Financial Instruments and Fair Value Measurements

9 Months Ended

Jan. 31, 2013

Other Financial Instruments and Fair Value Measurements [Abstract]

Other Financial Instruments and Fair Value Measurements

Note 14: 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. 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.

	January 31, 2013						April 30, 2012
	Carrying Amount			Fair Value			Carrying Amount			Fair Value
Other investments	$	46,259		$	46,259		$	36,173		$	36,173
Derivative financial instruments—net		7,066			7,066			(13,952	)		(13,952	)
Long-term debt		(2,068,508	)		(2,423,370	)		(2,070,543	)		(2,443,514	)

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 tables summarize the fair values and the levels within the fair value hierarchy in which the fair value measurements fall for the Company’s financial instruments.

	Quoted Prices in			Significant			Significant
	Active Markets for			Observable			Unobservable		Fair Value at
	Identical Assets			Inputs			Inputs		January 31,
	(Level 1)			(Level 2)			(Level 3)		2013
Other investments: (A)
Equity mutual funds	$	19,212		$	—		$	—	$	19,212
Municipal obligations		—			26,549			—		26,549
Other investments		498			—			—		498
Derivatives: (B)
Commodity contracts—net		5,868			186			—		6,054
Foreign currency exchange contracts—net		107			905			—		1,012
Long-term debt (C)		(794,049	)		(1,629,321	)		—		(2,423,370	)
Total financial instruments measured at fair value	$	(768,364	)	$	(1,601,681	)	$	—	$	(2,370,045	)
	Quoted Prices in			Significant			Significant
	Active Markets for			Observable			Unobservable		Fair Value at
	Identical Assets			Inputs			Inputs		April 30,
	(Level 1)			(Level 2)			(Level 3)		2012
Other investments: (A)
Equity mutual funds	$	14,649		$	—		$	—	$	14,649
Municipal obligations		—			20,392			—		20,392
Other investments		1,132			—			—		1,132
Derivatives: (B)
Commodity contracts—net		(12,788	)		(618	)		—		(13,406	)
Foreign currency exchange contracts—net		(1	)		(545	)		—		(546	)
Long-term debt (C)		(777,023	)		(1,666,491	)		—		(2,443,514	)
Total financial instruments measured at fair value	$	(774,031	)	$	(1,647,262	)	$	—	$	(2,421,293	)

(A) 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 obligations valued by a third party using valuation techniques which utilize inputs that are derived principally from or corroborated by observable market data. As of January 31, 2013, the Company’s municipal obligations are scheduled to mature as follows: $1.1 million in 2013, $0.7 million in 2014, $2.7 million in 2015, $0.5 million in 2016, and $21.5 million in 2017 and beyond.

(B) The Company’s Level 1 derivatives are valued using quoted market prices for identical instruments in active markets. The Level 2 derivatives are valued using 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 13: Derivative Financial Instruments.

(C) The Company’s long-term debt is comprised of public Notes classified as Level 1 and private Senior Notes classified as Level 2. The public Notes are traded in an active secondary market and valued using quoted prices. The value of the private Senior Notes is based on the net present value of each interest and principal payment, calculated utilizing an interest rate derived from a market yield curve. For additional information, see Note 9: Debt and Financing Arrangements.

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Earnings per Share

9 Months Ended

Jan. 31, 2013

Earnings Per Share [Abstract]

Earnings per Share

Note 10: Earnings per Share

The following table sets forth the computation of net income per common share and net income per common share – assuming dilution under the two-class method.

	Three Months Ended January 31,				Nine Months Ended January 31,
	2013		2012		2013		2012
Computation of net income per common share:
Net income	$	154,168	$	116,844	$	413,878	$	355,614
Net income allocated to participating securities		1,341		974		3,594		3,394
Net income allocated to common stockholders	$	152,827	$	115,870	$	410,284	$	352,220
Weighted-average common shares outstanding		107,528,722		112,493,822		108,405,604		112,783,014
Net income per common share	$	1.42	$	1.03	$	3.78	$	3.12
Computation of net income per common share—assuming dilution:
Net income	$	154,168	$	116,844	$	413,878	$	355,614
Net income allocated to participating securities		1,341		973		3,593		3,394
Net income allocated to common stockholders	$	152,827	$	115,871	$	410,285	$	352,220
Weighted-average common shares outstanding		107,528,722		112,493,822		108,405,604		112,783,014
Dilutive effect of stock options		19,655		49,125		25,263		52,811
Weighted-average common shares outstanding—assuming dilution		107,548,377		112,542,947		108,430,867		112,835,825
Net income per common share—assuming dilution	$	1.42	$	1.03	$	3.78	$	3.12

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.

	Three Months Ended January 31,				Nine Months Ended January 31,
	2013		2012		2013		2012
Weighted-average common shares outstanding		107,528,722		112,493,822		108,405,604		112,783,014
Weighted-average participating shares outstanding		943,545		945,330		949,527		1,086,897
Total weighted-average shares outstanding		108,472,267		113,439,152		109,355,131		113,869,911
Dilutive effect of stock options		19,655		49,125		25,263		52,811
Total weighted-average shares outstanding—assuming dilution		108,491,922		113,488,277		109,380,394		113,922,722

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Guarantor and Non-Guarantor Financial Information (Details 2) (USD $) In Thousands, unless otherwise specified	9 Months Ended
	Jan. 31, 2013	Jan. 31, 2012
Condensed Statements of Consolidated Cash Flows
Net Cash (Used for) Provided by Operating Activities	$ 683,639	$ 469,239
INVESTING ACTIVITIES
Businesses acquired, net of cash acquired	0	(742,355)
Additions to property, plant, and equipment	(146,539)	(196,891)
Proceeds from divestiture	0	9,268
Sales and maturities of marketable securities	0	18,600
Proceeds from disposal of property, plant, and equipment	3,115	2,784
Other - net	17,197	(1,021)
Net Cash Used for Investing Activities	(126,227)	(909,615)
FINANCING ACTIVITIES
Proceeds from long-term debt - net	0	748,560
Quarterly dividends paid	(166,475)	(159,389)
Purchase of treasury shares	(175,490)	(90,522)
Proceeds from stock option exercises	1,881	1,719
Intercompany	0	0
Other - net	(7,117)	(2,915)
Net Cash Provided by (Used for) Financing Activities	(347,201)	497,453
Effect of exchange rate changes on cash	(1,105)	(6,494)
Net increase (decrease) in cash and cash equivalents	209,106	50,583
Cash and cash equivalents at beginning of period	229,708	319,845
Cash and Cash Equivalents at End of Period	438,814	370,428
The J.M. Smucker Company (Parent) [Member]
Condensed Statements of Consolidated Cash Flows
Net Cash (Used for) Provided by Operating Activities	119,090	79,972
INVESTING ACTIVITIES
Businesses acquired, net of cash acquired		0
Additions to property, plant, and equipment	(24,941)	(41,483)
Proceeds from divestiture		0
Sales and maturities of marketable securities		18,600
Proceeds from disposal of property, plant, and equipment	0	262
Other - net	(9,449)	0
Net Cash Used for Investing Activities	(34,390)	(22,621)
FINANCING ACTIVITIES
Proceeds from long-term debt - net		748,560
Quarterly dividends paid	(166,475)	(159,389)
Purchase of treasury shares	(175,490)	(90,522)
Proceeds from stock option exercises	1,881	1,719
Intercompany	438,913	(497,712)
Other - net	2,883	(2,915)
Net Cash Provided by (Used for) Financing Activities	101,712	(259)
Effect of exchange rate changes on cash	0	0
Net increase (decrease) in cash and cash equivalents	186,412	57,092
Cash and cash equivalents at beginning of period	108,281	206,845
Cash and Cash Equivalents at End of Period	294,693	263,937
Subsidiary Guarantors [Member]
Condensed Statements of Consolidated Cash Flows
Net Cash (Used for) Provided by Operating Activities	103,388	94,057
INVESTING ACTIVITIES
Businesses acquired, net of cash acquired		0
Additions to property, plant, and equipment	(70,704)	(101,333)
Proceeds from divestiture		0
Sales and maturities of marketable securities		0
Proceeds from disposal of property, plant, and equipment	69	320
Other - net	3,911	0
Net Cash Used for Investing Activities	(66,724)	(101,013)
FINANCING ACTIVITIES
Proceeds from long-term debt - net		0
Quarterly dividends paid	0	0
Purchase of treasury shares	0	0
Proceeds from stock option exercises	0	0
Intercompany	(36,664)	6,956
Other - net	0	0
Net Cash Provided by (Used for) Financing Activities	(36,664)	6,956
Effect of exchange rate changes on cash	0	0
Net increase (decrease) in cash and cash equivalents	0	0
Cash and cash equivalents at beginning of period	0	0
Cash and Cash Equivalents at End of Period	0	0
Non-Guarantor Subsidiaries [Member]
Condensed Statements of Consolidated Cash Flows
Net Cash (Used for) Provided by Operating Activities	461,161	295,210
INVESTING ACTIVITIES
Businesses acquired, net of cash acquired		(742,355)
Additions to property, plant, and equipment	(50,894)	(54,075)
Proceeds from divestiture		9,268
Sales and maturities of marketable securities		0
Proceeds from disposal of property, plant, and equipment	3,046	2,202
Other - net	22,735	(1,021)
Net Cash Used for Investing Activities	(25,113)	(785,981)
FINANCING ACTIVITIES
Proceeds from long-term debt - net		0
Quarterly dividends paid	0	0
Purchase of treasury shares	0	0
Proceeds from stock option exercises	0	0
Intercompany	(402,249)	490,756
Other - net	(10,000)	0
Net Cash Provided by (Used for) Financing Activities	(412,249)	490,756
Effect of exchange rate changes on cash	(1,105)	(6,494)
Net increase (decrease) in cash and cash equivalents	22,694	(6,509)
Cash and cash equivalents at beginning of period	121,427	113,000
Cash and Cash Equivalents at End of Period	144,121	106,491
Eliminations [Member]
Condensed Statements of Consolidated Cash Flows
Net Cash (Used for) Provided by Operating Activities	0	0
INVESTING ACTIVITIES
Businesses acquired, net of cash acquired		0
Additions to property, plant, and equipment	0	0
Proceeds from divestiture		0
Sales and maturities of marketable securities		0
Proceeds from disposal of property, plant, and equipment	0	0
Other - net	0	0
Net Cash Used for Investing Activities	0	0
FINANCING ACTIVITIES
Proceeds from long-term debt - net		0
Quarterly dividends paid	0	0
Purchase of treasury shares	0	0
Proceeds from stock option exercises	0	0
Intercompany	0	0
Other - net	0	0
Net Cash Provided by (Used for) Financing Activities	0	0
Effect of exchange rate changes on cash	0	0
Net increase (decrease) in cash and cash equivalents	0	0
Cash and cash equivalents at beginning of period	0	0
Cash and Cash Equivalents at End of Period	$ 0	$ 0

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Reportable Segments

9 Months Ended

Jan. 31, 2013

Segment Reporting [Abstract]

Reportable Segments

Note 8: Reportable Segments

The Company operates in one industry: the manufacturing and marketing of food products. The Company has three reportable segments: U.S. Retail Coffee, U.S. Retail Consumer Foods, and International, Foodservice, and Natural Foods. The U.S. Retail Coffee segment primarily represents the domestic sales of Folgers®, Dunkin’ Donuts®, Millstone®, Café Bustelo, and Café Pilon branded coffee; the U.S. Retail Consumer Foods segment primarily includes domestic sales of Smucker’s®, Jif®, Crisco®, Pillsbury®, Eagle Brand®, Hungry Jack®, and Martha White®branded products; and the International, Foodservice, and Natural Foods segment is comprised of products distributed domestically and in foreign countries through retail channels, foodservice distributors and operators (e.g., restaurants, lodging, schools and universities, health care operators), and health and natural foods stores and distributors.

Segment profit represents revenue, less direct and allocable operating expenses, and is consistent with the way in which the Company manages its segments. However, the Company does not represent that the segments, if operated independently, would report the segment profit set forth below, as segment profit excludes certain operating expenses such as corporate administrative expenses.

	Three Months Ended January 31,						Nine Months EndedJanuary 31,
	2013			2012			2013			2012
Net sales:
U.S. Retail Coffee	$	627,717		$	637,886		$	1,770,980		$	1,755,518
U.S. Retail Consumer Foods		581,278			556,549			1,729,030			1,631,241
International, Foodservice, and Natural Foods		350,563			273,206			1,057,997			783,670
Total net sales	$	1,559,558		$	1,467,641		$	4,558,007		$	4,170,429
Segment profit:
U.S. Retail Coffee	$	175,178		$	138,346		$	459,777		$	418,015
U.S. Retail Consumer Foods		106,161			106,645			325,122			301,619
International, Foodservice, and Natural Foods		49,870			39,029			148,736			116,565
Total segment profit	$	331,209		$	284,020		$	933,635		$	836,199
Interest income		466			464			1,122			1,090
Interest expense		(24,226	)		(23,599	)		(72,374	)		(58,469	)
Share-based compensation expense		(5,131	)		(3,576	)		(15,256	)		(14,320	)
Cost of products sold—restructuring and merger and integration		(1,166	)		(13,131	)		(7,588	)		(36,276	)
Other restructuring and merger and integration costs		(6,870	)		(19,422	)		(35,522	)		(51,231	)
Other special project costs		—			—			(6,669	)		—
Corporate administrative expenses		(59,735	)		(47,525	)		(172,226	)		(141,689	)
Other (expense) income—net		(553	)		4			355			1,958
Income before income taxes	$	233,994		$	177,235		$	625,477		$	537,262

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Debt and Financing Arrangements

9 Months Ended

Jan. 31, 2013

Debt and Financing Arrangements [Abstract]

Debt and Financing Arrangements

Note 9: Debt and Financing Arrangements

Long-term debt consists of the following:

	January 31, 2013		April 30, 2012
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		395,762		397,906
3.50% Notes due October 15, 2021		748,746		748,637
5.55% Senior Notes due April 1, 2022		400,000		400,000
4.50% Senior Notes due June 1, 2025		400,000		400,000
Total long-term debt	$	2,068,508	$	2,070,543
Current portion of long-term debt		50,000		50,000
Total long-term debt, less current portion	$	2,018,508	$	2,020,543

All of the Company’s Senior Notes are unsecured and interest is paid semiannually. Scheduled principal 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. The Company may prepay at any time all or part of the Senior Notes at 100 percent of the principal amount thereof, together with accrued and unpaid interest, and any applicable make-whole amount.

The Company has available a $1.0 billion revolving credit facility with a group of nine banks that matures in July 2016. The Company did not have a balance outstanding under the revolving credit facility at January 31, 2013.

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

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Pensions and Other Postretirement Benefits

9 Months Ended

Jan. 31, 2013

Pensions and Other Postretirement Benefits [Abstract]

Pensions and Other Postretirement Benefits

Note 11: Pensions and Other Postretirement Benefits

The components of the Company’s net periodic benefit cost for defined benefit pension and other postretirement benefit plans are shown below.

	Three Months Ended January 31,
	Defined Benefit Pension Plans						Other Postretirement Benefits
	2013			2012			2013			2012
Service cost	$	2,211		$	2,003		$	616		$	586
Interest cost		5,975			6,523			774			762
Expected return on plan assets		(6,321	)		(6,672	)		—			—
Recognized net actuarial loss (gain)		3,280			2,151			—			(10	)
Termination benefit cost		—			1,838			—			2,030
Curtailment loss (gain)		—			1,124			—			(115	)
Other		253			271			(106	)		(106	)
Net periodic benefit cost	$	5,398		$	7,238		$	1,284		$	3,147
	Nine Months Ended January 31,
	Defined Benefit Pension Plans						Other Postretirement Benefits
	2013			2012			2013			2012
Service cost	$	6,829		$	6,041		$	1,848		$	1,656
Interest cost		18,000			19,646			2,320			2,314
Expected return on plan assets		(18,970	)		(20,271	)		—			—
Recognized net actuarial loss (gain)		9,917			7,424			—			(33	)
Termination benefit cost		—			1,838			—			2,030
Curtailment loss (gain)		—			1,124			—			(115	)
Settlement loss		6,669			—			—			—
Other		759			856			(318	)		(319	)
Net periodic benefit cost	$	23,204		$	16,658		$	3,850		$	5,533

Upon completion of the restructuring plan discussed in Note 5: Restructuring, approximately 850 full-time positions will be reduced. The Company has included the estimated impact of the planned reductions in measuring the net periodic benefit cost of the defined benefit pension and other postretirement benefit plans for the three and nine months ended January 31, 2013 and 2012. During the nine months ended January 31, 2013, the Company paid a portion of its terminated pension participants lump-sum cash settlements in order to reduce the Company’s future pension obligation and administrative costs. The charges related to the lump-sum cash settlements are included above in settlement loss and were reported in other special project costs in the Condensed Statement of Consolidated Income during the nine months ended January 31, 2013.

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Acquisitions (Details) (USD $)	Jan. 03, 2012 Sara Lee Corporation [Member]	May 16, 2011 Rowland Coffee Roasters, Inc. [Member]
Assets acquired:
Current assets		$ 33,971,000
Cash and cash equivalents	1,221,000
Other current assets	42,619,000
Property, plant, and equipment	92,775,000	29,227,000
Intangible assets	138,900,000	213,500,000
Goodwill	149,948,000	91,675,000
Other noncurrent assets	863,000
Total assets acquired	426,326,000	368,373,000
Liabilities assumed:
Current liabilities	3,599,000	5,527,000
Noncurrent liabilities	2,097,000
Total liabilities assumed	5,696,000	5,527,000
Net assets acquired	$ 420,630,000	$ 362,846,000

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Derivative Financial Instruments (Details 2) (USD $) In Thousands, unless otherwise specified	3 Months Ended		9 Months Ended
	Jan. 31, 2013	Jan. 31, 2012	Jan. 31, 2013	Jan. 31, 2012
Gains and losses recognized in cost of products sold on derivatives not designated as qualified hedging instruments
Unrealized (losses) gains recognized in cost of products sold	$ (458)	$ 2,093	$ 8,921	$ (3,956)
Realized gains (losses) recognized in cost of products sold	231	(968)	(547)	22,540
Total (losses) gains recognized in cost of products sold	(227)	1,125	8,374	18,584
Commodity Contracts [Member]
Gains and losses recognized in cost of products sold on derivatives not designated as qualified hedging instruments
Unrealized (losses) gains recognized in cost of products sold	(409)	2,647	7,979	(3,829)
Realized gains (losses) recognized in cost of products sold	111	(1,639)	(463)	20,641
Foreign currency exchange contracts [Member]
Gains and losses recognized in cost of products sold on derivatives not designated as qualified hedging instruments
Unrealized (losses) gains recognized in cost of products sold	(49)	(554)	942	(127)
Realized gains (losses) recognized in cost of products sold	$ 120	$ 671	$ (84)	$ 1,899

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Guarantor and Non-Guarantor Financial Information

9 Months Ended

Jan. 31, 2013

Guarantor and Non - Guarantor Financial Information [Abstract]

Guarantor and Non-Guarantor Financial Information

Note 16: Guarantor and Non-Guarantor Financial Information

In October 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 3.50 percent Notes pursuant to the registration statement that are fully and unconditionally guaranteed, on a joint and several basis, by the following 100 percent wholly-owned subsidiaries of the Company: J.M. Smucker LLC and The Folgers Coffee Company (the “subsidiary guarantors”). A subsidiary guarantor will be released from its obligations under the indenture governing the notes (a) if the Company exercises its legal defeasance option or its covenant defeasance option or if its obligations under the indenture are discharged in accordance with the terms of the indenture or (b) upon delivery of an officer’s certificate to the trustee that the subsidiary guarantor does not guarantee the Company’s obligations under any of the Company’s other primary senior indebtedness and that any other guarantees of such primary senior indebtedness of the subsidiary guarantor have been released other than through discharges as a result of payment by such guarantor on such guarantees.

The following condensed consolidated financial information for the Company, the subsidiary guarantors, and the non-guarantor subsidiaries is provided below. The principal elimination entries relate to investments in subsidiaries and intercompany balances and transactions, including transactions with the Company’s 100 percent wholly-owned subsidiary guarantors and non-guarantor subsidiaries. The Company has accounted for investments in subsidiaries using the equity method.

CONDENSED STATEMENTS OF CONSOLIDATED COMPREHENSIVE INCOME

	Three Months Ended January 31, 2013
	The J.M. Smucker		Subsidiary		Non-Guarantor
	Company (Parent)		Guarantors		Subsidiaries		Eliminations		Consolidated
Net sales	$	1,144,268	$	326,125	$	1,465,800	$	(1,376,635)	$	1,559,558
Cost of products sold		994,229		300,108		1,099,700		(1,370,708)		1,023,329
Gross Profit		150,039		26,017		366,100		(5,927)		536,229
Selling, distribution, and administrative expenses, restructuring, and merger and integration costs		41,708		10,396		205,782		—		257,886
Amortization		1,195		—		23,005		—		24,200
Other operating income—net		(2,464)		(793)		(907)		—		(4,164)
Operating Income		109,600		16,414		138,220		(5,927)		258,307
Interest (expense) income—net		(24,115)		299		56		—		(23,760)
Other (expense) income—net		(10,124)		324		9,247		—		(553)
Equity in net earnings of subsidiaries		103,357		41,944		16,735		(162,036)		—
Income Before Income Taxes		178,718		58,981		164,258		(167,963)		233,994
Income taxes		24,550		102		55,174		—		79,826
Net Income	$	154,168	$	58,879	$	109,084	$	(167,963)	$	154,168
Other comprehensive income, net of tax		5,354		3,735		3,793		(7,528)		5,354
Comprehensive Income	$	159,522	$	62,614	$	112,877	$	(175,491)	$	159,522

CONDENSED STATEMENTS OF CONSOLIDATED COMPREHENSIVE INCOME

	Three Months Ended January 31, 2012
	The J.M. Smucker		Subsidiary		Non-Guarantor
	Company (Parent)		Guarantors		Subsidiaries		Eliminations		Consolidated
Net sales	$	1,159,940	$	396,539	$	1,040,114	$	(1,128,952)	$	1,467,641
Cost of products sold		1,038,288		357,429		741,938		(1,135,699)		1,001,956
Gross Profit		121,652		39,110		298,176		6,747		465,685
Selling, distribution, and administrative expenses, restructuring, and merger and integration costs		60,727		19,867		163,844		—		244,438
Amortization		1,550		—		20,481		—		22,031
Loss on divestiture and other operating (income) expense—net		(627)		(717)		194		—		(1,150)
Operating Income		60,002		19,960		113,657		6,747		200,366
Interest (expense) income—net		(23,353)		721		(503)		—		(23,135)
Other (expense) income—net		(11)		96		(81)		—		4
Equity in net earnings of subsidiaries		95,637		55,084		20,048		(170,769)		—
Income Before Income Taxes		132,275		75,861		133,121		(164,022)		177,235
Income taxes		15,431		245		44,715		—		60,391
Net Income	$	116,844	$	75,616	$	88,406	$	(164,022)	$	116,844
Other comprehensive (loss) income, net of tax		(2,875)		755		52		(807)		(2,875)
Comprehensive Income	$	113,969	$	76,371	$	88,458	$	(164,829)	$	113,969
CONDENSED STATEMENTS OF CONSOLIDATED COMPREHENSIVE INCOME
	Nine Months Ended January 31, 2013
	The J.M. Smucker		Subsidiary		Non-Guarantor
	Company (Parent)		Guarantors		Subsidiaries		Eliminations		Consolidated
Net sales	$	3,331,257	$	1,002,619	$	4,312,763	$	(4,088,632)	$	4,558,007
Cost of products sold		2,931,429		921,062		3,238,047		(4,080,444)		3,010,094
Gross Profit		399,828		81,557		1,074,716		(8,188)		1,547,913
Selling, distribution, and administrative expenses, restructuring, merger and integration, and other special project costs		157,670		33,134		591,806		—		782,610
Amortization		7,064		—		65,530		—		72,594
Other operating (income) expense—net		(3,174)		(2,041)		1,550		—		(3,665)
Operating Income		238,268		50,464		415,830		(8,188)		696,374
Interest (expense) income—net		(72,046)		895		(101)		—		(71,252)
Other (expense) income—net		(624)		999		(20)		—		355
Equity in net earnings of subsidiaries		302,396		115,404		51,454		(469,254)		—
Income Before Income Taxes		467,994		167,762		467,163		(477,442)		625,477
Income taxes		54,116		304		157,179		—		211,599
Net Income	$	413,878	$	167,458	$	309,984	$	(477,442)	$	413,878
Other comprehensive income, net of tax		9,132		5,338		3,395		(8,733)		9,132
Comprehensive Income	$	423,010	$	172,796	$	313,379	$	(486,175)	$	423,010
CONDENSED STATEMENTS OF CONSOLIDATED COMPREHENSIVE INCOME
	Nine Months Ended January 31, 2012
	The J.M. Smucker		Subsidiary		Non-Guarantor
	Company (Parent)		Guarantors		Subsidiaries		Eliminations		Consolidated
Net sales	$	3,258,136	$	1,179,939	$	2,915,302	$	(3,182,948)	$	4,170,429
Cost of products sold		2,853,831		1,074,723		2,028,091		(3,181,654)		2,774,991
Gross Profit		404,305		105,216		887,211		(1,294)		1,395,438
Selling, distribution, and administrative expenses, restructuring, and merger and integration costs		183,782		46,291		499,328		—		729,401
Amortization		4,228		—		58,597		—		62,825
Loss on divestiture and other operating (income) expense—net		(711)		(469)		11,709		—		10,529
Operating Income		217,006		59,394		317,577		(1,294)		592,683
Interest (expense) income—net		(58,071)		2,671		(1,979)		—		(57,379)
Other income—net		678		330		950		—		1,958
Equity in net earnings of subsidiaries		250,596		164,707		59,715		(475,018)		—
Income Before Income Taxes		410,209		227,102		376,263		(476,312)		537,262
Income taxes		54,595		893		126,160		—		181,648
Net Income	$	355,614	$	226,209	$	250,103	$	(476,312)	$	355,614
Other comprehensive loss, net of tax		(36,355)		(8,962)		(28,055)		37,017		(36,355)
Comprehensive Income	$	319,259	$	217,247	$	222,048	$	(439,295)	$	319,259

CONDENSED CONSOLIDATED BALANCE SHEETS

	January 31, 2013
	The J.M. Smucker		Subsidiary		Non-Guarantor
	Company (Parent)		Guarantors		Subsidiaries		Eliminations		Consolidated
ASSETS
CURRENT ASSETS
Cash and cash equivalents	$	294,693	$	—	$	144,121	$	—	$	438,814
Inventories		—		134,825		766,382		(23,051)		878,156
Other current assets		359,252		1,090		68,633		—		428,975
Total Current Assets		653,945		135,915		979,136		(23,051)		1,745,945
PROPERTY, PLANT, AND EQUIPMENT		229,287		425,303		467,025		—		1,121,615
INVESTMENTS IN SUBSIDIARIES AND INTERCOMPANY		5,370,945		4,245,444		969,653		(10,586,042)		—
OTHER NONCURRENT ASSETS
Goodwill		1,081,988		—		1,971,758		—		3,053,746
Other intangible assets—net		511,056		—		2,602,968		—		3,114,024
Other noncurrent assets		68,366		14,923		65,835		—		149,124
Total Other Noncurrent Assets		1,661,410		14,923		4,640,561		—		6,316,894
	$	7,915,587	$	4,821,585	$	7,056,375	$	(10,609,093)	$	9,184,454
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES	$	312,261	$	92,379	$	188,823	$	—	$	593,463
NONCURRENT LIABILITIES
Long-term debt		2,018,508		—		—		—		2,018,508
Deferred income taxes		108,103		—		891,221		—		999,324
Other noncurrent liabilities		216,479		19,928		76,516		—		312,923
Total Noncurrent Liabilities		2,343,090		19,928		967,737		—		3,330,755
SHAREHOLDERS’ EQUITY		5,260,236		4,709,278		5,899,815		(10,609,093)		5,260,236
	$	7,915,587	$	4,821,585	$	7,056,375	$	(10,609,093)	$	9,184,454
CONDENSED CONSOLIDATED BALANCE SHEETS
	April 30, 2012
	The J.M. Smucker		Subsidiary		Non-Guarantor
	Company (Parent)		Guarantors		Subsidiaries		Eliminations		Consolidated
ASSETS
CURRENT ASSETS
Cash and cash equivalents	$	108,281	$	—	$	121,427	$	—	$	229,708
Inventories		—		161,411		815,030		(14,865)		961,576
Other current assets		334,220		3,499		114,462		—		452,181
Total Current Assets		442,501		164,910		1,050,919		(14,865)		1,643,465
PROPERTY, PLANT, AND EQUIPMENT		220,354		389,163		486,572		—		1,096,089
INVESTMENTS IN SUBSIDIARIES AND INTERCOMPANY		5,684,496		4,241,145		702,550		(10,628,191)		—
OTHER NONCURRENT ASSETS
Goodwill		981,606		—		2,073,012		—		3,054,618
Other intangible assets—net		435,713		—		2,751,294		—		3,187,007
Other noncurrent assets		59,992		11,137		62,918		—		134,047
Total Other Noncurrent Assets		1,477,311		11,137		4,887,224		—		6,375,672
	$	7,824,662		4,806,355	$	7,127,265	$	(10,643,056)	$	9,115,226
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES	$	323,608	$	101,714	$	191,650	$	—	$	616,972
NONCURRENT LIABILITIES
Long-term debt		2,020,543		—		—		—		2,020,543
Deferred income taxes		104,822		311		887,559		—		992,692
Other noncurrent liabilities		212,303		20,031		89,299		—		321,633
Total Noncurrent Liabilities		2,337,668		20,342		976,858		—		3,334,868
SHAREHOLDERS’ EQUITY		5,163,386		4,684,299		5,958,757		(10,643,056)		5,163,386
	$	7,824,662	$	4,806,355	$	7,127,265	$	(10,643,056)	$	9,115,226

CONDENSED STATEMENTS OF CONSOLIDATED CASH FLOWS

	Nine Months Ended January 31, 2013
	The J.M. Smucker		Subsidiary			Non-Guarantor
	Company (Parent)		Guarantors			Subsidiaries		Eliminations		Consolidated
Net Cash Provided by Operating Activities	$	119,090	$	103,388		$	461,161	$	—	$	683,639
INVESTING ACTIVITIES
Additions to property, plant, and equipment		(24,941)		(70,704)			(50,894)		—		(146,539)
Proceeds from disposal of property, plant, and equipment		—		69			3,046		—		3,115
Other—net		(9,449)		3,911			22,735		—		17,197
Net Cash Used for Investing Activities		(34,390)		(66,724)			(25,113)		—		(126,227)
FINANCING ACTIVITIES
Quarterly dividends paid		(166,475)		—			—		—		(166,475)
Purchase of treasury shares		(175,490)		—			—		—		(175,490)
Proceeds from stock option exercises		1,881		—			—		—		1,881
Intercompany		438,913		(36,664)			(402,249)		—		—
Other—net		2,883		—			(10,000)		—		(7,117)
Net Cash Provided by (Used for) Financing Activities		101,712		(36,664)			(412,249)		—		(347,201)
Effect of exchange rate changes on cash		—		—			(1,105)		—		(1,105)
Net increase in cash and cash equivalents		186,412		—			22,694		—		209,106
Cash and cash equivalents at beginning of period		108,281		—			121,427		—		229,708
Cash and Cash Equivalents at End of Period	$	294,693	$	—		$	144,121	$	—	$	438,814
CONDENSED STATEMENTS OF CONSOLIDATED CASH FLOWS
	Nine Months Ended January 31, 2012
	The J.M. Smucker		Subsidiary			Non-Guarantor
	Company (Parent)		Guarantors			Subsidiaries		Eliminations		Consolidated
Net Cash Provided by Operating Activities	$	79,972	$	94,057		$	295,210	$	—	$	469,239
INVESTING ACTIVITIES
Businesses acquired, net of cash acquired		—		—			(742,355)		—		(742,355)
Additions to property, plant, and equipment		(41,483)		(101,333	)		(54,075)		—		(196,891)
Proceeds from divestiture		—		—			9,268		—		9,268
Sales and maturities of marketable securities		18,600		—			—		—		18,600
Proceeds from disposal of property, plant, and equipment		262		320			2,202		—		2,784
Other—net		—		—			(1,021)		—		(1,021)
Net Cash Used for Investing Activities		(22,621)		(101,013	)		(785,981)		—		(909,615)
FINANCING ACTIVITIES
Proceeds from long-term debt—net		748,560		—			—		—		748,560
Quarterly dividends paid		(159,389)		—			—		—		(159,389)
Purchase of treasury shares		(90,522)		—			—		—		(90,522)
Proceeds from stock option exercises		1,719		—			—		—		1,719
Intercompany		(497,712)		6,956			490,756		—		—
Other—net		(2,915)		—			—		—		(2,915)
Net Cash (Used for) Provided by Financing Activities		(259)		6,956			490,756		—		497,453
Effect of exchange rate changes		—		—			(6,494)		—		(6,494)
Net increase (decrease) in cash and cash equivalents		57,092		—			(6,509)		—		50,583
Cash and cash equivalents at beginning of period		206,845		—			113,000		—		319,845
Cash and Cash Equivalents at End of Period	$	263,937	$	—		$	106,491	$	—	$	370,428

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Common Shares (Tables)

9 Months Ended

Jan. 31, 2013

Common Shares [Abstract]

Common Share Information

	January 31, 2013		April 30, 2012
Common shares authorized		150,000,000		150,000,000
Common shares outstanding		108,482,773		110,284,715
Treasury shares		20,122,392		18,320,450

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Derivative Financial Instruments (Details) (USD $) In Thousands, unless otherwise specified	Jan. 31, 2013	Apr. 30, 2012
Other Current Assets [Member]
Fair value of derivative instruments [Line Items]
Derivatives Instruments, Assets	$ 11,460	$ 10,171
Other Current Assets [Member] | Not designated as hedging instruments [Member]
Fair value of derivative instruments [Line Items]
Derivatives Instruments, Assets	10,276	3,602
Other Current Assets [Member] | Commodity contracts [Member] | Designated as hedging instruments [Member]
Fair value of derivative instruments [Line Items]
Derivatives Instruments, Assets	1,184	6,569
Other Current Assets [Member] | Commodity contracts [Member] | Not designated as hedging instruments [Member]
Fair value of derivative instruments [Line Items]
Derivatives Instruments, Assets	9,157	3,166
Other Current Assets [Member] | Foreign currency exchange contracts [Member] | Not designated as hedging instruments [Member]
Fair value of derivative instruments [Line Items]
Derivatives Instruments, Assets	1,119	436
Other Current Liabilities [Member]
Fair value of derivative instruments [Line Items]
Derivatives Instruments, Liabilities	4,394	24,123
Other Current Liabilities [Member] | Not designated as hedging instruments [Member]
Fair value of derivative instruments [Line Items]
Derivatives Instruments, Liabilities	3,471	4,613
Other Current Liabilities [Member] | Commodity contracts [Member] | Designated as hedging instruments [Member]
Fair value of derivative instruments [Line Items]
Derivatives Instruments, Liabilities	923	19,510
Other Current Liabilities [Member] | Commodity contracts [Member] | Not designated as hedging instruments [Member]
Fair value of derivative instruments [Line Items]
Derivatives Instruments, Liabilities	3,364	3,631
Other Current Liabilities [Member] | Foreign currency exchange contracts [Member] | Not designated as hedging instruments [Member]
Fair value of derivative instruments [Line Items]
Derivatives Instruments, Liabilities	$ 107	$ 982

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Share-Based Payments (Details Textual) (USD $)	9 Months Ended
	Jan. 31, 2013 Y
Share-Based Payments (Textual) [Abstract]
Compensation cost related to nonvested share-based awards not yet recognized	$ 35,800,000
Weighted-average period of recognition	3.0

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Condensed Statements of Consolidated Cash Flows (Unaudited) (USD $) In Thousands, unless otherwise specified	9 Months Ended
	Jan. 31, 2013	Jan. 31, 2012
OPERATING ACTIVITIES
Net income	$ 413,878	$ 355,614
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	107,800	83,756
Depreciation - restructuring and merger and integration	7,242	31,749
Amortization	72,594	62,825
Share-based compensation expense	15,821	16,524
Other restructuring activities	(693)	6,942
Loss on sale of assets - net	3,363	3,108
Loss on divestiture	0	11,287
Changes in assets and liabilities, net of effect from businesses acquired:
Trade receivables	(12,988)	(8,434)
Inventories	82,906	(78,362)
Accounts payable and accrued items	2,017	(653)
Proceeds from settlement of interest rate swaps - net	0	17,718
Defined benefit pension contributions	(30,535)	(6,997)
Accrued and prepaid taxes	(6,783)	(30,116)
Other - net	29,017	4,278
Net Cash Provided by Operating Activities	683,639	469,239
INVESTING ACTIVITIES
Businesses acquired, net of cash acquired	0	(742,355)
Additions to property, plant, and equipment	(146,539)	(196,891)
Proceeds from divestiture	0	9,268
Sales and maturities of marketable securities	0	18,600
Proceeds from disposal of property, plant, and equipment	3,115	2,784
Other - net	17,197	(1,021)
Net Cash Used for Investing Activities	(126,227)	(909,615)
FINANCING ACTIVITIES
Proceeds from long-term debt - net	0	748,560
Quarterly dividends paid	(166,475)	(159,389)
Purchase of treasury shares	(175,490)	(90,522)
Proceeds from stock option exercises	1,881	1,719
Other - net	(7,117)	(2,915)
Net Cash (Used for) Provided by Financing Activities	(347,201)	497,453
Effect of exchange rate changes on cash	(1,105)	(6,494)
Net increase in cash and cash equivalents	209,106	50,583
Cash and cash equivalents at beginning of period	229,708	319,845
Cash and Cash Equivalents at End of Period	$ 438,814	$ 370,428

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Restructuring

9 Months Ended

Jan. 31, 2013

Restructuring [Abstract]

Restructuring

Note 5: 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 includes capital investments for a new state-of-the-art food manufacturing facility in Orrville, Ohio; consolidation of coffee production in New Orleans, Louisiana; and the transition of the Company’s pickle and condiments production to third-party manufacturers.

Upon completion, the restructuring plan will result in a reduction of approximately 850 full-time positions. As of January 31, 2013, approximately 80 percent of the 850 full-time positions have been reduced and the Sherman, Texas; Dunnville, Ontario; Delhi Township, Ontario; and Kansas City, Missouri facilities have been closed. The Ste. Marie, Quebec facility is anticipated to close in the next fiscal year.

The Company expects to incur restructuring costs of approximately $245.0 million, of which $218.9 million has been incurred through January 31, 2013.

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

	Long-Lived Asset Charges			Employee Separation			Site Preparation and Equipment Relocation			Production Start-up			Other Costs			Total
Total expected restructuring charge	$	105,000		$	66,000		$	35,000		$	29,000		$	10,000		$	245,000
Balance at May 1, 2011	$	—		$	10,198		$	—		$	—		$	—		$	10,198
Charge to expense		34,195			20,364			12,963			10,689			2,930			81,141
Cash payments		—			(13,754	)		(12,963	)		(10,689	)		(2,930	)		(40,336	)
Noncash utilization		(34,195	)		(8,030	)		—			—			—			(42,225	)
Balance at April 30, 2012	$	—		$	8,778		$	—		$	—		$	—		$	8,778
Charge to expense—net		5,370			3,742			10,609			8,292			2,121			30,134
Cash payments		—			(4,111	)		(10,609	)		(8,292	)		(2,121	)		(25,133	)
Noncash utilization		(5,370	)		(6	)		—			—			—			(5,376	)
Balance at January 31, 2013	$	—		$	8,403		$	—		$	—		$	—		$	8,403
Remaining expected restructuring charge	$	7,996		$	4,745		$	4,829		$	4,809		$	3,678		$	26,057

During the three and nine months ended January 31, 2013, total restructuring charges of $5.4 million and $30.1 million, respectively, were reported in the Condensed Statements of Consolidated Income. Of the total restructuring charges, $0.8 million and $6.4 million were reported in cost of products soldin the three and nine months ended January 31, 2013, respectively, while the remaining charges were reported in other restructuring and merger and integration costs. During the three and nine months ended January 31, 2012, total restructuring charges of $25.6 million and $67.3 million, respectively, were reported in the Condensed Statements of Consolidated Income. Of the total restructuring charges, $12.0 million and $33.5 million were reported in cost of products sold in the three and nine months ended January 31, 2012, respectively, while the remaining charges were reported in other restructuring and merger and integration 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 had been used at the affected production facilities until they were closed or sold.

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 Condensed Consolidated Balance Sheets. For additional information on the impact of the restructuring plan on defined benefit pension and other postretirement benefit plans, see Note 11: 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.

Subsequent to January 31, 2013, the Company announced its plan to expand capacity in order to support the Company’s growth expectations for its peanut and other nut butter businesses. Production expansion will include converting the Memphis, Tennessee fruit spreads facility into a peanut butter plant. The Memphis facility was originally scheduled to close as part of the previously announced fruit spreads restructuring plan.

Upon conversion of the Memphis facility, the Company intends to relocate its natural peanut butter production, currently produced at its New Bethlehem, Pennsylvania facility, to the Memphis facility. The New Bethlehem facility will then be converted to produce specialty nut butters, which are currently produced by third-party manufacturers. The Company expects to incur additional restructuring costs of approximately $10.0 million, increasing the total estimated restructuring costs to approximately $255.0 million. These additional costs are anticipated to be recognized through fiscal 2015 and primarily consist of site preparation and equipment relocation and production start-up costs. These changes to the restructuring program will not result in an additional reduction in the total number of full-time employees.

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Guarantor and Non-Guarantor Financial Information (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended		9 Months Ended
	Jan. 31, 2013	Jan. 31, 2012	Jan. 31, 2013	Jan. 31, 2012
Income Statement [Abstract]
Net sales	$ 1,559,558	$ 1,467,641	$ 4,558,007	$ 4,170,429
Cost of products sold	1,023,329	1,001,956	3,010,094	2,774,991
Gross Profit	536,229	465,685	1,547,913	1,395,438
Selling, distribution, and administrative expenses, restructuring, merger and integration, and other special project costs	257,886	244,438	782,610	729,401
Amortization	24,200	22,031	72,594	62,825
Loss on divestiture and other operating (income) expense - net	(4,164)	(1,150)	(3,665)	10,529
Operating Income	258,307	200,366	696,374	592,683
Interest (expense) income - net	(23,760)	(23,135)	(71,252)	(57,379)
Other income (expense) - net	(553)	4	355	1,958
Equity in net earnings of subsidiaries	0	0	0	0
Income Before Income Taxes	233,994	177,235	625,477	537,262
Income taxes	79,826	60,391	211,599	181,648
Net Income	154,168	116,844	413,878	355,614
Other comprehensive income (loss), net of tax	5,354	(2,875)	9,132	(36,355)
Comprehensive Income	159,522	113,969	423,010	319,259
The J.M. Smucker Company (Parent) [Member]
Income Statement [Abstract]
Net sales	1,144,268	1,159,940	3,331,257	3,258,136
Cost of products sold	994,229	1,038,288	2,931,429	2,853,831
Gross Profit	150,039	121,652	399,828	404,305
Selling, distribution, and administrative expenses, restructuring, merger and integration, and other special project costs	41,708	60,727	157,670	183,782
Amortization	1,195	1,550	7,064	4,228
Loss on divestiture and other operating (income) expense - net	(2,464)	(627)	(3,174)	(711)
Operating Income	109,600	60,002	238,268	217,006
Interest (expense) income - net	(24,115)	(23,353)	(72,046)	(58,071)
Other income (expense) - net	(10,124)	(11)	(624)	678
Equity in net earnings of subsidiaries	103,357	95,637	302,396	250,596
Income Before Income Taxes	178,718	132,275	467,994	410,209
Income taxes	24,550	15,431	54,116	54,595
Net Income	154,168	116,844	413,878	355,614
Other comprehensive income (loss), net of tax	5,354	(2,875)	9,132	(36,355)
Comprehensive Income	159,522	113,969	423,010	319,259
Subsidiary Guarantors [Member]
Income Statement [Abstract]
Net sales	326,125	396,539	1,002,619	1,179,939
Cost of products sold	300,108	357,429	921,062	1,074,723
Gross Profit	26,017	39,110	81,557	105,216
Selling, distribution, and administrative expenses, restructuring, merger and integration, and other special project costs	10,396	19,867	33,134	46,291
Amortization	0	0	0	0
Loss on divestiture and other operating (income) expense - net	(793)	(717)	(2,041)	(469)
Operating Income	16,414	19,960	50,464	59,394
Interest (expense) income - net	299	721	895	2,671
Other income (expense) - net	324	96	999	330
Equity in net earnings of subsidiaries	41,944	55,084	115,404	164,707
Income Before Income Taxes	58,981	75,861	167,762	227,102
Income taxes	102	245	304	893
Net Income	58,879	75,616	167,458	226,209
Other comprehensive income (loss), net of tax	3,735	755	5,338	(8,962)
Comprehensive Income	62,614	76,371	172,796	217,247
Non-Guarantor Subsidiaries [Member]
Income Statement [Abstract]
Net sales	1,465,800	1,040,114	4,312,763	2,915,302
Cost of products sold	1,099,700	741,938	3,238,047	2,028,091
Gross Profit	366,100	298,176	1,074,716	887,211
Selling, distribution, and administrative expenses, restructuring, merger and integration, and other special project costs	205,782	163,844	591,806	499,328
Amortization	23,005	20,481	65,530	58,597
Loss on divestiture and other operating (income) expense - net	(907)	194	1,550	11,709
Operating Income	138,220	113,657	415,830	317,577
Interest (expense) income - net	56	(503)	(101)	(1,979)
Other income (expense) - net	9,247	(81)	(20)	950
Equity in net earnings of subsidiaries	16,735	20,048	51,454	59,715
Income Before Income Taxes	164,258	133,121	467,163	376,263
Income taxes	55,174	44,715	157,179	126,160
Net Income	109,084	88,406	309,984	250,103
Other comprehensive income (loss), net of tax	3,793	52	3,395	(28,055)
Comprehensive Income	112,877	88,458	313,379	222,048
Eliminations [Member]
Income Statement [Abstract]
Net sales	(1,376,635)	(1,128,952)	(4,088,632)	(3,182,948)
Cost of products sold	(1,370,708)	(1,135,699)	(4,080,444)	(3,181,654)
Gross Profit	(5,927)	6,747	(8,188)	(1,294)
Selling, distribution, and administrative expenses, restructuring, merger and integration, and other special project costs	0	0	0	0
Amortization	0	0	0	0
Loss on divestiture and other operating (income) expense - net	0	0	0	0
Operating Income	(5,927)	6,747	(8,188)	(1,294)
Interest (expense) income - net	0	0	0	0
Other income (expense) - net	0	0	0	0
Equity in net earnings of subsidiaries	(162,036)	(170,769)	(469,254)	(475,018)
Income Before Income Taxes	(167,963)	(164,022)	(477,442)	(476,312)
Income taxes	0	0	0	0
Net Income	(167,963)	(164,022)	(477,442)	(476,312)
Other comprehensive income (loss), net of tax	(7,528)	(807)	(8,733)	37,017
Comprehensive Income	$ (175,491)	$ (164,829)	$ (486,175)	$ (439,295)

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Reportable Segments (Tables)

9 Months Ended

Jan. 31, 2013

Segment Reporting [Abstract]

Segmental and geographical information

	Three Months Ended January 31,						Nine Months EndedJanuary 31,
	2013			2012			2013			2012
Net sales:
U.S. Retail Coffee	$	627,717		$	637,886		$	1,770,980		$	1,755,518
U.S. Retail Consumer Foods		581,278			556,549			1,729,030			1,631,241
International, Foodservice, and Natural Foods		350,563			273,206			1,057,997			783,670
Total net sales	$	1,559,558		$	1,467,641		$	4,558,007		$	4,170,429
Segment profit:
U.S. Retail Coffee	$	175,178		$	138,346		$	459,777		$	418,015
U.S. Retail Consumer Foods		106,161			106,645			325,122			301,619
International, Foodservice, and Natural Foods		49,870			39,029			148,736			116,565
Total segment profit	$	331,209		$	284,020		$	933,635		$	836,199
Interest income		466			464			1,122			1,090
Interest expense		(24,226	)		(23,599	)		(72,374	)		(58,469	)
Share-based compensation expense		(5,131	)		(3,576	)		(15,256	)		(14,320	)
Cost of products sold—restructuring and merger and integration		(1,166	)		(13,131	)		(7,588	)		(36,276	)
Other restructuring and merger and integration costs		(6,870	)		(19,422	)		(35,522	)		(51,231	)
Other special project costs		—			—			(6,669	)		—
Corporate administrative expenses		(59,735	)		(47,525	)		(172,226	)		(141,689	)
Other (expense) income—net		(553	)		4			355			1,958
Income before income taxes	$	233,994		$	177,235		$	625,477		$	537,262

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Restructuring (Details) (USD $)	3 Months Ended		9 Months Ended		12 Months Ended
	Jan. 31, 2013	Jan. 31, 2012	Jan. 31, 2013	Jan. 31, 2012	Apr. 30, 2012
Restructuring and related charges
Total expected restructuring charge	$ 245,000,000		$ 245,000,000
Beginning Balance			8,778,000	10,198,000	10,198,000
Charge to expense - net	5,400,000	25,600,000	30,134,000	67,300,000	81,141,000
Cash payments			(25,133,000)		(40,336,000)
Noncash utilization			(5,376,000)		(42,225,000)
Ending Balance	8,403,000		8,403,000		8,778,000
Remaining expected restructuring charge	26,057,000		26,057,000
Long-Lived Asset Charges [Member]
Restructuring and related charges
Total expected restructuring charge	105,000,000		105,000,000
Beginning Balance			0	0	0
Charge to expense - net			5,370,000		34,195,000
Cash payments			0		0
Noncash utilization			(5,370,000)		(34,195,000)
Ending Balance	0		0		0
Remaining expected restructuring charge	7,996,000		7,996,000
Employee Separation [Member]
Restructuring and related charges
Total expected restructuring charge	66,000,000		66,000,000
Beginning Balance			8,778,000	10,198,000	10,198,000
Charge to expense - net			3,742,000		20,364,000
Cash payments			(4,111,000)		(13,754,000)
Noncash utilization			(6,000)		(8,030,000)
Ending Balance	8,403,000		8,403,000		8,778,000
Remaining expected restructuring charge	4,745,000		4,745,000
Site Preparation and Equipment Relocation [Member]
Restructuring and related charges
Total expected restructuring charge	35,000,000		35,000,000
Beginning Balance			0	0	0
Charge to expense - net			10,609,000		12,963,000
Cash payments			(10,609,000)		(12,963,000)
Noncash utilization			0		0
Ending Balance	0		0		0
Remaining expected restructuring charge	4,829,000		4,829,000
Production Start-up [Member]
Restructuring and related charges
Total expected restructuring charge	29,000,000		29,000,000
Beginning Balance			0	0	0
Charge to expense - net			8,292,000		10,689,000
Cash payments			(8,292,000)		(10,689,000)
Noncash utilization			0		0
Ending Balance	0		0		0
Remaining expected restructuring charge	4,809,000		4,809,000
Other Costs [Member]
Restructuring and related charges
Total expected restructuring charge	10,000,000		10,000,000
Beginning Balance			0	0	0
Charge to expense - net			2,121,000		2,930,000
Cash payments			(2,121,000)		(2,930,000)
Noncash utilization			0		0
Ending Balance	0		0		0
Remaining expected restructuring charge	$ 3,678,000		$ 3,678,000

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Income Taxes

9 Months Ended

Jan. 31, 2013

Income Tax Disclosure [Abstract]

Income Taxes

Note 15: Income Taxes

During the three months ended January 31, 2013 and 2012, the Company’s effective tax rate was 34.1 percent. During the nine months ended January 31, 2013 and 2012, the Company’s effective tax rate was 33.8 percent. The effective income tax rate varied from the U.S. statutory income tax rate primarily due to the domestic manufacturing deduction partially offset by state income taxes.

Within the next twelve months, it is reasonably possible that the Company could decrease its unrecognized tax benefits by an additional $3.1 million, primarily as a result of expiring statute of limitations periods.