Exhibit 99.2
The J. M. Smucker Company
Unaudited Non-GAAP Measures Supplemental Information
(Revised to Reflect the New Non-GAAP Measures Definition)
|
| | | | | | | |
| | Three Months Ended July 31, |
| | 2015 | | 2014 |
| | (Dollars in millions) |
| Operating income reconciliation: | | | |
| Operating income | $ | 267.1 |
| | $ | 191.6 |
|
| Amortization | 53.0 |
| | 24.9 |
|
| Unallocated derivative losses | 10.0 |
| | 21.4 |
|
Cost of products sold – special project costs (A) | 3.1 |
| | 0.4 |
|
Other special project costs (A) | 22.9 |
| | 8.6 |
|
| Adjusted operating income | $ | 356.1 |
| | $ | 246.9 |
|
| Net income reconciliation: | | | |
| Net income | $ | 136.4 |
| | $ | 116.0 |
|
| Income taxes | 86.4 |
| | 59.5 |
|
| Amortization | 53.0 |
| | 24.9 |
|
| Unallocated derivative losses | 10.0 |
| | 21.4 |
|
Cost of products sold – special project costs (A) | 3.1 |
| | 0.4 |
|
Other special project costs (A) | 22.9 |
| | 8.6 |
|
| Adjusted income before income taxes | $ | 311.8 |
| | $ | 230.8 |
|
Income taxes, as adjusted (B) | 120.9 |
| | 78.2 |
|
| Adjusted income | $ | 190.9 |
| | $ | 152.6 |
|
| Weighted-average shares – assuming dilution | 119,634,958 |
| | 101,776,940 |
|
| Adjusted earnings per share | $ | 1.60 |
| | $ | 1.50 |
|
(A) Special project costs includes merger and integration and restructuring costs.
(B) Income taxes, as adjusted is based upon our GAAP effective tax rate and reflects the impact of items excluded from GAAP net income to derive adjusted income.
The J. M. Smucker Company
Unaudited Non-GAAP Measures Supplemental Information
(Revised to Reflect the New Non-GAAP Measures Definition)
|
| | | | | | | | | | | | | | | |
| | Three Months Ended October 31, | | Six Months Ended
October 31, |
| | 2015 | | 2014 | | 2015 | | 2014 |
| | (Dollars in millions) |
| Operating income reconciliation: | | | | | | | |
| Operating income | $ | 313.8 |
| | $ | 254.8 |
| | $ | 580.9 |
| | $ | 446.4 |
|
| Amortization | 53.0 |
| | 25.2 |
| | 106.0 |
| | 50.1 |
|
| Unallocated derivative (gains) losses | (6.0 | ) | | (7.6 | ) | | 4.0 |
| | 13.8 |
|
Cost of products sold – special project costs (A) | 3.0 |
| | 0.3 |
| | 6.1 |
| | 0.7 |
|
Other special project costs (A) | 30.6 |
| | 2.8 |
| | 53.5 |
| | 11.4 |
|
| Adjusted operating income | $ | 394.4 |
| | $ | 275.5 |
| | $ | 750.5 |
| | $ | 522.4 |
|
| Net income reconciliation: | | | | | | | |
| Net income | $ | 176.0 |
| | $ | 158.3 |
| | $ | 312.4 |
| | $ | 274.3 |
|
| Income taxes | 93.6 |
| | 80.6 |
| | 180.0 |
| | 140.1 |
|
| Amortization | 53.0 |
| | 25.2 |
| | 106.0 |
| | 50.1 |
|
| Unallocated derivative (gains) losses | (6.0 | ) | | (7.6 | ) | | 4.0 |
| | 13.8 |
|
Cost of products sold – special project costs (A) | 3.0 |
| | 0.3 |
| | 6.1 |
| | 0.7 |
|
Other special project costs (A) | 30.6 |
| | 2.8 |
| | 53.5 |
| | 11.4 |
|
| Adjusted income before income taxes | $ | 350.2 |
| | $ | 259.6 |
| | $ | 662.0 |
| | $ | 490.4 |
|
Income taxes, as adjusted (B) | 121.1 |
| | 87.6 |
| | 242.0 |
| | 165.8 |
|
| Adjusted income | $ | 229.1 |
| | $ | 172.0 |
| | $ | 420.0 |
| | $ | 324.6 |
|
| Weighted-average shares – assuming dilution | 119,680,574 |
| | 101,824,624 |
| | 119,657,766 |
| | 101,800,782 |
|
| Adjusted earnings per share | $ | 1.91 |
| | $ | 1.69 |
| | $ | 3.51 |
| | $ | 3.19 |
|
(A) Special project costs includes merger and integration and restructuring costs.
(B) Income taxes, as adjusted is based upon our GAAP effective tax rate and reflects the impact of items excluded from GAAP net income to derive adjusted income.
The J. M. Smucker Company
Unaudited Non-GAAP Measures Supplemental Information
(Revised to Reflect the New Non-GAAP Measures Definition)
|
| | | | | | | | | | | | | | | |
| | Three Months Ended January 31, | | Nine Months Ended
January 31, |
| | 2016 | | 2015 | | 2016 | | 2015 |
| | (Dollars in millions) |
| Operating income reconciliation: | | | | | | | |
| Operating income | $ | 318.3 |
| | $ | 255.1 |
| | $ | 899.2 |
| | $ | 701.5 |
|
| Amortization | 52.2 |
| | 25.2 |
| | 158.2 |
| | 75.3 |
|
| Unallocated derivative (gains) losses | (6.7 | ) | | (13.4 | ) | | (2.7 | ) | | 0.4 |
|
Cost of products sold – special project costs (A) | 3.1 |
| | 0.4 |
| | 9.2 |
| | 1.1 |
|
Other special project costs (A) | 41.4 |
| | 5.9 |
| | 94.9 |
| | 17.3 |
|
| Adjusted operating income | $ | 408.3 |
| | $ | 273.2 |
| | $ | 1,158.8 |
| | $ | 795.6 |
|
| Net income reconciliation: | | | | | | | |
| Net income | $ | 185.3 |
| | $ | 160.9 |
| | $ | 497.7 |
| | $ | 435.2 |
|
| Income taxes | 90.0 |
| | 77.5 |
| | 270.0 |
| | 217.6 |
|
| Amortization | 52.2 |
| | 25.2 |
| | 158.2 |
| | 75.3 |
|
| Unallocated derivative (gains) losses | (6.7 | ) | | (13.4 | ) | | (2.7 | ) | | 0.4 |
|
Cost of products sold – special project costs (A) | 3.1 |
| | 0.4 |
| | 9.2 |
| | 1.1 |
|
Other special project costs (A) | 41.4 |
| | 5.9 |
| | 94.9 |
| | 17.3 |
|
| Adjusted income before income taxes | $ | 365.3 |
| | $ | 256.5 |
| | $ | 1,027.3 |
| | $ | 746.9 |
|
Income taxes, as adjusted (B) | 119.3 |
| | 83.2 |
| | 361.3 |
| | 249.0 |
|
| Adjusted income | $ | 246.0 |
| | $ | 173.3 |
| | $ | 666.0 |
| | $ | 497.9 |
|
| Weighted-average shares – assuming dilution | 119,734,947 |
| | 101,801,500 |
| | 119,683,493 |
| | 101,801,023 |
|
| Adjusted earnings per share | $ | 2.05 |
| | $ | 1.70 |
| | $ | 5.56 |
| | $ | 4.89 |
|
(A) Special project costs includes merger and integration and restructuring costs.
(B) Income taxes, as adjusted is based upon our GAAP effective tax rate and reflects the impact of items excluded from GAAP net income to derive adjusted income.
The J. M. Smucker Company
Unaudited Non-GAAP Measures Supplemental Information
(Revised to Reflect the New Non-GAAP Measures Definition)
|
| | | | | | | | | | | | | | | |
| | Three Months Ended April 30, | | Year Ended
April 30, |
| | 2016 | | 2015 | | 2016 | | 2015 |
| | (Dollars in millions) |
| Operating income reconciliation: | | | | | | | |
| Operating income | $ | 246.1 |
| | $ | 70.5 |
| | $ | 1,145.3 |
| | $ | 772.0 |
|
| Amortization | 50.2 |
| | 35.6 |
| | 208.4 |
| | 110.9 |
|
| Unallocated derivative (gains) losses | (9.3 | ) | | 24.1 |
| | (12.0 | ) | | 24.5 |
|
Cost of products sold – special project costs (A) | 3.0 |
| | 5.1 |
| | 12.2 |
| | 6.2 |
|
Other special project costs (A) | 41.0 |
| | 39.3 |
| | 135.9 |
| | 56.6 |
|
| Adjusted operating income | $ | 331.0 |
| | $ | 174.6 |
| | $ | 1,489.8 |
| | $ | 970.2 |
|
| Net income (loss) reconciliation: | | | | | | | |
| Net income (loss) | $ | 191.0 |
| | $ | (90.3 | ) | | $ | 688.7 |
| | $ | 344.9 |
|
| Income tax expense (benefit) | 19.2 |
| | (39.5 | ) | | 289.2 |
| | 178.1 |
|
| Amortization | 50.2 |
| | 35.6 |
| | 208.4 |
| | 110.9 |
|
| Unallocated derivative (gains) losses | (9.3 | ) | | 24.1 |
| | (12.0 | ) | | 24.5 |
|
Cost of products sold – special project costs (A) | 3.0 |
| | 5.1 |
| | 12.2 |
| | 6.2 |
|
Other special project costs (A) | 41.0 |
| | 39.3 |
| | 135.9 |
| | 56.6 |
|
| Adjusted income (loss) before income taxes | $ | 295.1 |
| | $ | (25.7 | ) | | $ | 1,322.4 |
| | $ | 721.2 |
|
Income tax expense (benefit), as adjusted (B) | 29.8 |
| | (3.4 | ) | | 391.1 |
| | 245.6 |
|
| Adjusted income (loss) | $ | 265.3 |
| | $ | (22.3 | ) | | $ | 931.3 |
| | $ | 475.6 |
|
| Weighted-average shares – assuming dilution | 118,845,157 |
| | 109,577,740 |
| | 119,477,312 |
| | 103,697,261 |
|
| Adjusted earnings per share | $ | 2.23 |
| | $ | (0.20 | ) | | $ | 7.79 |
| | $ | 4.59 |
|
(A) Special project costs includes merger and integration and restructuring costs.
(B) Income tax expense (benefit), as adjusted is based upon our GAAP effective tax rate and reflects the impact of items excluded from GAAP net income (loss) to derive adjusted income (loss).
The J. M. Smucker Company
Unaudited Non-GAAP Measures Supplemental Information
(Revised to Reflect the New Non-GAAP Measures Definition)
|
| | | | | | | | | | | |
| | Year Ended April 30, |
| | 2014 | | 2013 | | 2012 |
| | (Dollars in millions) |
| Operating income reconciliation: | | | | | |
| Operating income | $ | 919.0 |
| | $ | 910.4 |
| | $ | 778.3 |
|
| Amortization | 98.9 |
| | 96.8 |
| | 92.7 |
|
| Unallocated derivative (gains) losses | (5.3 | ) | | (6.6 | ) | | 8.5 |
|
Cost of products sold – special project costs (A) | 9.4 |
| | 11.5 |
| | 43.2 |
|
Other special project costs (A) | 25.6 |
| | 49.5 |
| | 72.5 |
|
| Adjusted operating income | $ | 1,047.6 |
| | $ | 1,061.6 |
| | $ | 995.2 |
|
| Net income reconciliation: | | | | | |
| Net income | $ | 565.2 |
| | $ | 544.2 |
| | $ | 459.7 |
|
| Income taxes | 284.5 |
| | 273.1 |
| | 241.5 |
|
| Amortization | 98.9 |
| | 96.8 |
| | 92.7 |
|
| Unallocated derivative (gains) losses | (5.3 | ) | | (6.6 | ) | | 8.5 |
|
Cost of products sold – special project costs (A) | 9.4 |
| | 11.5 |
| | 43.2 |
|
Other special project costs (A) | 25.6 |
| | 49.5 |
| | 72.5 |
|
| Adjusted income before income taxes | $ | 978.3 |
| | $ | 968.5 |
| | $ | 918.1 |
|
Income taxes, as adjusted (B) | 327.5 |
| | 323.6 |
| | 316.1 |
|
| Adjusted income | $ | 650.8 |
| | $ | 644.9 |
| | $ | 602.0 |
|
| Weighted-average shares – assuming dilution | 104,346,587 |
| | 108,851,153 |
| | 113,313,567 |
|
| Adjusted earnings per share | $ | 6.24 |
| | $ | 5.92 |
| | $ | 5.31 |
|
(A) Special project costs includes merger and integration and restructuring costs.
(B) Income taxes, as adjusted is based upon our GAAP effective tax rate and reflects the impact of items excluded from GAAP net income to derive adjusted income.
