Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Jan. 31, 2014 | Feb. 26, 2014 | |
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 | 31-Jan-14 | ' |
Amendment Flag | 'false | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Current Fiscal Year End Date | '--04-30 | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 103,688,935 |
Condensed_Statements_of_Consol
Condensed Statements of Consolidated Income (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Jan. 31, 2014 | Jan. 31, 2013 | Jan. 31, 2014 | Jan. 31, 2013 |
Income Statement [Abstract] | ' | ' | ' | ' |
Net sales | $1,465.50 | $1,559.60 | $4,376.30 | $4,558 |
Cost of products sold | 917.4 | 1,022.20 | 2,778.90 | 3,002.50 |
Cost of products sold - restructuring and merger and integration | 2.9 | 1.2 | 6.7 | 7.6 |
Gross Profit | 545.2 | 536.2 | 1,590.70 | 1,547.90 |
Selling, distribution, and administrative expenses | 250.3 | 251 | 770.8 | 740.4 |
Amortization | 24.9 | 24.2 | 74.1 | 72.6 |
Other restructuring and merger and integration costs | 7.1 | 6.8 | 19.8 | 35.5 |
Other special project costs | 0 | 0 | 0 | 6.7 |
Other operating income - net | -0.6 | -4.1 | -1.6 | -3.7 |
Operating Income | 263.5 | 258.3 | 727.6 | 696.4 |
Interest expense - net | -18.4 | -23.8 | -62.7 | -71.3 |
Other income (expense) - net | 1.4 | -0.5 | 1.1 | 0.4 |
Income Before Income Taxes | 246.5 | 234 | 666 | 625.5 |
Income taxes | 79.8 | 79.8 | 219.3 | 211.6 |
Net Income | $166.70 | $154.20 | $446.70 | $413.90 |
Earnings per common share: | ' | ' | ' | ' |
Net Income | $1.59 | $1.42 | $4.24 | $3.78 |
Net Income - Assuming Dilution | $1.59 | $1.42 | $4.24 | $3.78 |
Dividends Declared per Common Share | $0.58 | $0.52 | $1.74 | $1.56 |
Condensed_Statements_of_Consol1
Condensed Statements of Consolidated Comprehensive Income (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Jan. 31, 2014 | Jan. 31, 2013 | Jan. 31, 2014 | Jan. 31, 2013 |
Condensed Statements of Comprehensive Income [Abstract] | ' | ' | ' | ' |
Net income | $166.70 | $154.20 | $446.70 | $413.90 |
Other comprehensive (loss) income: | ' | ' | ' | ' |
Foreign currency translation adjustments | -20 | 1 | -30.6 | -2.5 |
Cash flow hedging derivative activity, net of tax | 6.5 | 2.6 | 8.1 | 5.1 |
Pension and other postretirement benefit plans activity, net of tax | 1.7 | 1.9 | 4.2 | 6.1 |
Available-for-sale securities activity, net of tax | 0.5 | -0.2 | 0.6 | 0.4 |
Total Other Comprehensive (Loss) Income | -11.3 | 5.3 | -17.7 | 9.1 |
Comprehensive Income | $155.40 | $159.50 | $429 | $423 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (Unaudited) (USD $) | Jan. 31, 2014 | Apr. 30, 2013 |
In Millions, unless otherwise specified | ||
Current Assets | ' | ' |
Cash and cash equivalents | $168.60 | $256.40 |
Trade receivables, less allowance for doubtful accounts | 365.2 | 313.7 |
Inventories: | ' | ' |
Finished products | 546.8 | 618.9 |
Raw materials | 318 | 326.6 |
Total Inventories | 864.8 | 945.5 |
Other current assets | 109.5 | 79.6 |
Total Current Assets | 1,508.10 | 1,595.20 |
Property, Plant, and Equipment | ' | ' |
Land and land improvements | 104 | 98.5 |
Buildings and fixtures | 512.7 | 494.4 |
Machinery and equipment | 1,351.50 | 1,267.50 |
Construction in progress | 106.3 | 124.9 |
Property, Plant, and Equipment, Gross | 2,074.50 | 1,985.30 |
Accumulated depreciation | -889.2 | -842.8 |
Total Property, Plant, and Equipment | 1,185.30 | 1,142.50 |
Other Noncurrent Assets | ' | ' |
Goodwill | 3,096.60 | 3,052.90 |
Other intangible assets - net | 3,048.50 | 3,089.40 |
Other noncurrent assets | 150.5 | 151.8 |
Total Other Noncurrent Assets | 6,295.60 | 6,294.10 |
Total Assets | 8,989 | 9,031.80 |
Current Liabilities | ' | ' |
Accounts payable | 220.2 | 285.8 |
Accrued trade marketing and merchandising | 55.3 | 57.4 |
Current portion of long-term debt | 150 | 50 |
Other current liabilities | 182.8 | 203.6 |
Total Current Liabilities | 608.3 | 596.8 |
Noncurrent Liabilities | ' | ' |
Long-term debt | 1,879.40 | 1,967.80 |
Deferred income taxes | 1,004.40 | 987.2 |
Other noncurrent liabilities | 292.1 | 331.2 |
Total Noncurrent Liabilities | 3,175.90 | 3,286.20 |
Total Liabilities | 3,784.20 | 3,883 |
Shareholders' Equity | ' | ' |
Common shares | 26.1 | 26.6 |
Additional capital | 4,073 | 4,125.10 |
Retained income | 1,201 | 1,075.50 |
Amount due from ESOP Trust | -1 | -1.8 |
Accumulated other comprehensive loss | -94.3 | -76.6 |
Total Shareholders' Equity | 5,204.80 | 5,148.80 |
Total Liabilities and Shareholders' Equity | $8,989 | $9,031.80 |
Condensed_Statements_of_Consol2
Condensed Statements of Consolidated Cash Flows (Unaudited) (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Jan. 31, 2014 | Jan. 31, 2013 |
Operating Activities | ' | ' |
Net income | $446.70 | $413.90 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation | 112.9 | 107.8 |
Depreciation - restructuring and merger and integration | 4.3 | 7.2 |
Amortization | 74.1 | 72.6 |
Share-based compensation expense | 18 | 15.8 |
Loss on sale of assets - net | 1.7 | 3.4 |
Changes in assets and liabilities, net of effect from businesses acquired: | ' | ' |
Trade receivables | -50.4 | -13 |
Inventories | 80.3 | 82.9 |
Accounts payable and accrued items | -73.1 | 2 |
Defined benefit pension contributions | -6.3 | -30.5 |
Accrued and prepaid taxes | -18.1 | -6.8 |
Other - net | -1 | 28.3 |
Net Cash Provided by Operating Activities | 589.1 | 683.6 |
Investing Activities | ' | ' |
Businesses acquired, net of cash acquired | -101.8 | 0 |
Additions to property, plant, and equipment | -148.9 | -146.5 |
Proceeds from disposal of property, plant, and equipment | 1.8 | 3.1 |
Other - net | -8.3 | 17.2 |
Net Cash Used for Investing Activities | -257.2 | -126.2 |
Financing Activities | ' | ' |
Quarterly dividends paid | -177.4 | -166.5 |
Purchase of treasury shares | -227 | -175.5 |
Proceeds from stock option exercises | 0.4 | 1.9 |
Other - net | -1.2 | -7.1 |
Net Cash Used for Financing Activities | -405.2 | -347.2 |
Effect of exchange rate changes on cash | -14.5 | -1.1 |
Net (decrease) increase in cash and cash equivalents | -87.8 | 209.1 |
Cash and cash equivalents at beginning of period | 256.4 | 229.7 |
Cash and Cash Equivalents at End of Period | $168.60 | $438.80 |
Basis_of_Presentation
Basis of Presentation | 9 Months Ended |
Jan. 31, 2014 | |
Basis of Presentation [Abstract] | ' |
Basis of Presentation | ' |
Note 1: Basis of Presentation | |
The unaudited condensed consolidated financial statements of The J. M. Smucker Company (“Company,” “we,” “us,” or “our”) 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. | |
Operating results for the nine-month period ended January 31, 2014, are not necessarily indicative of the results that may be expected for the year ending April 30, 2014. For further information, reference is made to the consolidated financial statements and notes included in our Annual Report on Form 10-K for the year ended April 30, 2013. |
Recently_Issued_Accounting_Sta
Recently Issued Accounting Standards | 9 Months Ended |
Jan. 31, 2014 | |
Recently Issued Accounting Standards [Abstract] | ' |
Recently Issued Accounting Standards | ' |
Note 2: Recently Issued Accounting Standards | |
In July 2012, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2012-02, Intangibles – Goodwill and Other (Topic 350): Testing Indefinite-Lived Intangible Assets for Impairment. ASU 2012-02 simplifies the guidance for testing impairment of indefinite-lived intangible assets by allowing the option to perform a qualitative test to assess the likelihood that the estimated fair value is less than the carrying amount. The adoption of ASU 2012-02 will not change the process for our February 1, 2014 annual impairment test and will not impact the financial statements or related disclosure. |
Acquisitions
Acquisitions | 9 Months Ended | ||||||||||||||||
Jan. 31, 2014 | |||||||||||||||||
Acquisitions [Abstract] | ' | ||||||||||||||||
Acquisitions | ' | ||||||||||||||||
Note 3: Acquisitions | |||||||||||||||||
During the second quarter, we completed two acquisitions for aggregate net cash consideration of $101.8, net of a working capital adjustment. Enray Inc. (“Enray”), a leading manufacturer and marketer of premium organic, gluten-free ancient grain products, was acquired on August 20, 2013. Silocaf of New Orleans, Inc. (“Silocaf”), a strategic investment related to our green coffee supply chain, was acquired on September 5, 2013. | |||||||||||||||||
The purchase price for each business acquired was allocated to the underlying assets acquired and liabilities assumed based upon their estimated fair values at the date of acquisition. The purchase price allocations include total intangible assets of $37.6 for both Enray and Silocaf. To the extent the purchase price exceeded the estimated fair value of the net identifiable tangible and intangible assets acquired, the excess was allocated to goodwill. Preliminary valuations resulted in Enray goodwill of $29.0, which was assigned to the International, Foodservice, and Natural Foods segment, and Silocaf goodwill of $22.7, which was assigned to the U.S. Retail Coffee segment, as detailed below. | |||||||||||||||||
U.S. Retail | U.S. Retail | International, | Total | ||||||||||||||
Coffee | Consumer | Foodservice, | |||||||||||||||
Foods | and Natural | ||||||||||||||||
Foods | |||||||||||||||||
Balance at May 1, 2012 | $ | 1,720.30 | $ | 1,035.20 | $ | 299.1 | $ | 3,054.60 | |||||||||
Other | — | -0.6 | -1.1 | -1.7 | |||||||||||||
Balance at April 30, 2013 | $ | 1,720.30 | $ | 1,034.60 | $ | 298 | $ | 3,052.90 | |||||||||
Acquisitions | 22.7 | — | 29 | 51.7 | |||||||||||||
Other | 0.1 | -2.8 | -5.3 | -8 | |||||||||||||
Balance at January 31, 2014 | $ | 1,743.10 | $ | 1,031.80 | $ | 321.7 | $ | 3,096.60 | |||||||||
The other amounts represent foreign currency exchange. | |||||||||||||||||
The results of operations for both of the acquired businesses are included in the condensed consolidated financial statements from the date of the transaction and did not have a material impact on the quarter ended January 31, 2014, nor expected to materially affect results of operations for the year ending April 30, 2014. |
Restructuring
Restructuring | 9 Months Ended | ||||||||||||||||||||||||
Jan. 31, 2014 | |||||||||||||||||||||||||
Restructuring [Abstract] | ' | ||||||||||||||||||||||||
Restructuring | ' | ||||||||||||||||||||||||
Note 4: Restructuring | |||||||||||||||||||||||||
During 2010, we announced plans to restructure our coffee and fruit spreads operations as part of our ongoing efforts to enhance the long-term strength and profitability of our leading brands. Subsequent to 2010, we expanded our restructuring plans to include the Canadian pickle and condiments operations and the capacity expansion of our peanut and other nut butter businesses. During the third quarter of 2014, we decided to maintain natural peanut butter production at the New Bethlehem, Pennsylvania facility and continue utilizing third-party manufacturers for the production of our specialty nut butters. With the exception of natural peanut butter, the Memphis, Tennessee facility conversion to a peanut butter plant remains as planned. We expect to incur restructuring costs of approximately $265.0 for all of our restructuring plans, of which $244.7 has been incurred through January 31, 2014. The majority of the remaining costs are anticipated to be recognized through 2015. | |||||||||||||||||||||||||
Upon completion, the overall restructuring plan will result in a reduction of approximately 850 full-time positions. As of January 31, 2014, approximately 90 percent of the 850 full-time positions have been reduced and the impacted facilities have been closed, with the exception of the Ste. Marie, Quebec facility, which is anticipated to close in the fourth quarter of 2014. | |||||||||||||||||||||||||
The following table summarizes the restructuring activity, including the liabilities recorded and the total amount expected to be incurred. | |||||||||||||||||||||||||
Long-Lived | Employee | Site Preparation | Production | Other Costs | Total | ||||||||||||||||||||
Asset | Separation | and Equipment | Start-up | ||||||||||||||||||||||
Charges | Relocation | ||||||||||||||||||||||||
Total expected restructuring charge | $ | 102.8 | $ | 64.2 | $ | 45.6 | $ | 42.2 | $ | 10.2 | $ | 265 | |||||||||||||
Balance at May 1, 2012 | $ | — | $ | 8.8 | $ | — | $ | — | $ | — | $ | 8.8 | |||||||||||||
Charge to expense | 8.2 | 3.4 | 13.4 | 10.8 | 3 | 38.8 | |||||||||||||||||||
Cash payments | — | -4.5 | -13.4 | -10.8 | -3 | -31.7 | |||||||||||||||||||
Noncash utilization | -8.2 | — | — | — | — | -8.2 | |||||||||||||||||||
Balance at April 30, 2013 | $ | — | $ | 7.7 | $ | — | $ | — | $ | — | $ | 7.7 | |||||||||||||
Charge to expense | 2.7 | 2.6 | 5.5 | 5.5 | 0.8 | 17.1 | |||||||||||||||||||
Cash payments | — | -6.1 | -5.5 | -5.5 | -0.8 | -17.9 | |||||||||||||||||||
Noncash utilization | -2.7 | -0.2 | — | — | — | -2.9 | |||||||||||||||||||
Balance at January 31, 2014 | $ | — | $ | 4 | $ | — | $ | — | $ | — | $ | 4 | |||||||||||||
Remaining expected restructuring charge | $ | 0.2 | $ | 0.7 | $ | 7.1 | $ | 10.1 | $ | 2.2 | $ | 20.3 | |||||||||||||
In the three and nine months ended January 31, 2014, total restructuring charges of $5.1 and $17.1, respectively, were reported in the Condensed Statements of Consolidated Income. Of the total restructuring charges, $1.6 and $5.1 were reported in cost of products sold in the three and nine months ended January 31, 2014, respectively, while the remaining charges were reported in other restructuring and merger and integration costs. In the three and nine months ended January 31, 2013, total restructuring charges of $5.4 and $30.1, respectively, were reported in the Condensed Statements of Consolidated Income. Of the total restructuring charges, $0.8 and $6.4 were reported in cost of products sold 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. The restructuring costs classified as cost of products sold include plant start-up costs at the new facilities and long-lived asset charges for accelerated depreciation related to property, plant, and equipment that had been used at the affected production facilities prior to closure. | |||||||||||||||||||||||||
Employee separation costs include severance, retention bonuses, and pension costs. Severance costs and retention bonuses are 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. | |||||||||||||||||||||||||
Other costs include professional fees, costs related to closing the facilities, and miscellaneous expenditures associated with the restructuring initiative and are expensed as incurred. | |||||||||||||||||||||||||
Common_Shares
Common Shares | 9 Months Ended | ||||||||
Jan. 31, 2014 | |||||||||
Common Shares [Abstract] | ' | ||||||||
Common Shares | ' | ||||||||
Note 5: Common Shares | |||||||||
The following table sets forth common share information. | |||||||||
January 31, 2014 | April 30, 2013 | ||||||||
Common shares authorized | 300,000,000 | 150,000,000 | |||||||
Common shares outstanding | 104,544,135 | 106,486,935 | |||||||
Treasury shares | 24,061,030 | 22,118,230 | |||||||
We repurchased 2.1 million common shares for $213.6 during the nine months ended January 31, 2014, and 4.0 million common shares for $359.4 through April 30, 2013. As of January 31, 2014, we had approximately 2.9 million common shares remaining available for repurchase under our Board of Directors’ most recent authorization. | |||||||||
During the second quarter of 2014, our shareholders approved an amendment to our Amended Articles of Incorporation to increase the number of common shares authorized for issuance by the Company from 150.0 million common shares to 300.0 million common shares. |
Reportable_Segments
Reportable Segments | 9 Months Ended | ||||||||||||||||
Jan. 31, 2014 | |||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||
Reportable Segments | ' | ||||||||||||||||
Note 6: Reportable Segments | |||||||||||||||||
We operate in one industry: the manufacturing and marketing of food products. We have 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 Jif ®, Smucker’s®, Pillsbury®, Crisco®, Martha White®, Hungry Jack®, and Eagle Brand® 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 natural foods stores and distributors. | |||||||||||||||||
Segment profit represents net sales, less direct and allocable operating expenses, and is consistent with the way in which we manage our segments. However, we do not represent that the segments, if operated independently, would report operating profit equal to the segment profit set forth below, as segment profit excludes certain operating expenses such as corporate administrative expenses. | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
January 31, | January 31, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Net sales: | |||||||||||||||||
U.S. Retail Coffee | $ | 578.9 | $ | 627.7 | $ | 1,688.20 | $ | 1,771.00 | |||||||||
U.S. Retail Consumer Foods | 557.8 | 581.3 | 1,706.80 | 1,729.00 | |||||||||||||
International, Foodservice, and Natural Foods | 328.8 | 350.6 | 981.3 | 1,058.00 | |||||||||||||
Total net sales | $ | 1,465.50 | $ | 1,559.60 | $ | 4,376.30 | $ | 4,558.00 | |||||||||
Segment profit: | |||||||||||||||||
U.S. Retail Coffee | $ | 182.3 | $ | 175.2 | $ | 508.9 | $ | 459.8 | |||||||||
U.S. Retail Consumer Foods | 105.6 | 106.2 | 301.2 | 325.1 | |||||||||||||
International, Foodservice, and Natural Foods | 44.8 | 49.8 | 135.6 | 148.7 | |||||||||||||
Total segment profit | $ | 332.7 | $ | 331.2 | $ | 945.7 | $ | 933.6 | |||||||||
Interest expense – net | -18.4 | -23.8 | -62.7 | -71.3 | |||||||||||||
Cost of products sold – restructuring and merger and integration | -2.9 | -1.2 | -6.7 | -7.6 | |||||||||||||
Other restructuring and merger and integration costs | -7.1 | -6.8 | -19.8 | -35.5 | |||||||||||||
Other special project costs | — | — | — | -6.7 | |||||||||||||
Corporate administrative expenses | -59.2 | -64.9 | -191.6 | -187.4 | |||||||||||||
Other income (expense) – net | 1.4 | -0.5 | 1.1 | 0.4 | |||||||||||||
Income before income taxes | $ | 246.5 | $ | 234 | $ | 666 | $ | 625.5 | |||||||||
Debt_and_Financing_Arrangement
Debt and Financing Arrangements | 9 Months Ended | ||||||||
Jan. 31, 2014 | |||||||||
Debt and Financing Arrangements [Abstract] | ' | ||||||||
Debt and Financing Arrangements | ' | ||||||||
Note 7: Debt and Financing Arrangements | |||||||||
Long-term debt consists of the following: | |||||||||
January 31, 2014 | April 30, 2013 | ||||||||
4.78% Senior Notes due June 1, 2014 | $ | 100 | $ | 100 | |||||
6.12% Senior Notes due November 1, 2015 | 24 | 24 | |||||||
6.63% Senior Notes due November 1, 2018 | 392.8 | 395 | |||||||
3.50% Senior Notes due October 15, 2021 | 762.6 | 748.8 | |||||||
5.55% Senior Notes due April 1, 2022 | 350 | 350 | |||||||
4.50% Senior Notes due June 1, 2025 | 400 | 400 | |||||||
Total long-term debt | $ | 2,029.40 | $ | 2,017.80 | |||||
Current portion of long-term debt | 150 | 50 | |||||||
Total long-term debt, less current portion | $ | 1,879.40 | $ | 1,967.80 | |||||
The 3.50 percent Senior Notes were issued in a public offering and the remaining Senior Notes were privately placed. The Senior Notes are unsecured and interest is paid semiannually. Scheduled payments are required on the 5.55 percent Senior Notes, of which $50.0 is due on April 1, 2014, and on the 4.50 percent Senior Notes, the first of which is $100.0 due on June 1, 2020. The $100.0 balance of the 4.78 percent Senior Notes is due on June 1, 2014. We 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. | |||||||||
Interest paid totaled $22.6 and $22.1 for the three months ended January 31, 2014 and 2013, respectively, and $67.8 and $71.0 for the nine months ended January 31, 2014 and 2013, respectively. This differs from interest expense due to the timing of payments, amortization of fair value adjustments, effect of interest rate swap, amortization of debt issue costs, and interest capitalized. | |||||||||
In the second quarter of 2014, we entered into an interest rate swap, with a notional amount of $750.0, on the 3.50 percent Senior Notes due October 15, 2021, converting the Senior Notes from a fixed to a variable rate basis. The interest rate swap was designated as a fair value hedge of the underlying debt obligation. At January 31, 2014, a net gain from changes in the fair value of the interest rate swap of $13.7 was recognized in interest expense with a corresponding offset due to changes in the fair value of the hedged underlying debt, resulting in no net impact to interest expense. For additional information, see Note 11: Derivative Financial Instruments. | |||||||||
On September 6, 2013, we entered into an amended and restated credit agreement with a group of eleven banks. The credit facility, which amended and restated our $1.0 billion credit agreement dated as of July 29, 2011, provides for a revolving credit line of $1.5 billion and extends the maturity to September 6, 2018. Borrowings under the revolving credit facility bear interest based on the prevailing U.S. Prime Rate, Canadian Base Rate, London Interbank Offered Rate (“LIBOR”), or Canadian Dealer Offered Rate, based on our election. Interest is payable either on a quarterly basis or at the end of the borrowing term. The $207.0 balance outstanding under the revolving credit facility at October 31, 2013, was paid during the third quarter and at January 31, 2014, we did not have a balance outstanding under the revolving credit facility. | |||||||||
Our debt instruments contain certain financial covenant restrictions including consolidated net worth, a leverage ratio, and an interest coverage ratio. We are in compliance with all covenants. | |||||||||
Earnings_per_Share
Earnings per Share | 9 Months Ended | ||||||||||||||||
Jan. 31, 2014 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Earnings per Share | ' | ||||||||||||||||
Note 8: 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, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Net income | $ | 166.7 | $ | 154.2 | $ | 446.7 | $ | 413.9 | |||||||||
Net income allocated to participating securities | 1.2 | 1.4 | 3.5 | 3.6 | |||||||||||||
Net income allocated to common stockholders | $ | 165.5 | $ | 152.8 | $ | 443.2 | $ | 410.3 | |||||||||
Weighted-average common shares outstanding | 103,980,819 | 107,528,722 | 104,456,496 | 108,405,604 | |||||||||||||
Dilutive effect of stock options | 13,623 | 19,655 | 15,210 | 25,263 | |||||||||||||
Weighted-average common shares outstanding – assuming dilution | 103,994,442 | 107,548,377 | 104,471,706 | 108,430,867 | |||||||||||||
Net income per common share | $ | 1.59 | $ | 1.42 | $ | 4.24 | $ | 3.78 | |||||||||
Net income per common share – assuming dilution | $ | 1.59 | $ | 1.42 | $ | 4.24 | $ | 3.78 | |||||||||
Pensions_and_Other_Postretirem
Pensions and Other Postretirement Benefits | 9 Months Ended | ||||||||||||||||
Jan. 31, 2014 | |||||||||||||||||
Pensions and Other Postretirement Benefits [Abstract] | ' | ||||||||||||||||
Pensions and Other Postretirement Benefits | ' | ||||||||||||||||
Note 9: Pensions and Other Postretirement Benefits | |||||||||||||||||
The components of our 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 | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Service cost | $ | 2.2 | $ | 2.2 | $ | 0.6 | $ | 0.6 | |||||||||
Interest cost | 5.4 | 6 | 0.6 | 0.8 | |||||||||||||
Expected return on plan assets | -6.3 | -6.4 | — | — | |||||||||||||
Recognized net actuarial loss | 3.3 | 3.3 | — | — | |||||||||||||
Other | 0.3 | 0.3 | -0.3 | -0.1 | |||||||||||||
Net periodic benefit cost | $ | 4.9 | $ | 5.4 | $ | 0.9 | $ | 1.3 | |||||||||
Nine Months Ended January 31, | |||||||||||||||||
Defined Benefit Pension Plans | Other Postretirement Benefits | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Service cost | $ | 6.6 | $ | 6.8 | $ | 1.7 | $ | 1.8 | |||||||||
Interest cost | 16.4 | 18 | 1.7 | 2.3 | |||||||||||||
Expected return on plan assets | -19.1 | -19 | — | — | |||||||||||||
Recognized net actuarial loss | 9.9 | 9.9 | — | — | |||||||||||||
Settlement loss | — | 6.7 | — | — | |||||||||||||
Other | 0.9 | 0.8 | -0.8 | -0.2 | |||||||||||||
Net periodic benefit cost | $ | 14.7 | $ | 23.2 | $ | 2.6 | $ | 3.9 | |||||||||
Contingencies
Contingencies | 9 Months Ended |
Jan. 31, 2014 | |
Loss Contingency [Abstract] | ' |
Contingencies | ' |
Note 10: Contingencies | |
We, like other food manufacturers, are from time to time subject to various administrative, regulatory, and other legal proceedings arising in the ordinary course of business. We are currently a defendant in a variety of such legal proceedings. We cannot predict with certainty the ultimate results of these proceedings or reasonably determine a range of potential loss. Our 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, we do not believe the final outcome of these proceedings will have a material adverse effect on our financial position, results of operations, or cash flows. |
Derivative_Financial_Instrumen
Derivative Financial Instruments | 9 Months Ended | ||||||||||||||||
Jan. 31, 2014 | |||||||||||||||||
Derivative Financial Instruments [Abstract] | ' | ||||||||||||||||
Derivative Financial Instruments | ' | ||||||||||||||||
Note 11: Derivative Financial Instruments | |||||||||||||||||
We are 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, we enter into various derivative transactions. We have policies in place that define acceptable instrument types we may enter into and establish controls to limit our market risk exposure. | |||||||||||||||||
Commodity Price Management: We enter 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, and flour. We also enter 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 meet the hedge accounting 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 realized and unrealized 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, we would expect that any gain or loss in the estimated fair value of the derivatives would generally be offset by an increase or decrease in the estimated fair value of the underlying exposures. | |||||||||||||||||
Foreign Currency Exchange Rate Hedging: We utilize 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 deferred gains or losses are reclassified to earnings in the period in which the hedged transaction affects earnings. The ineffective portion of these contracts is immediately recognized in earnings. | |||||||||||||||||
Interest Rate Hedging: We utilize derivative instruments to manage changes in the fair value and cash flows of our 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 interest rate swap would be recognized at fair value on the balance sheet and changes in the fair value would be recognized in interest expense. Generally, gains and losses recognized on the instrument have no net impact to earnings as the change in the fair value of the derivative is equal to the change in the fair value of the underlying debt. | |||||||||||||||||
During the second quarter of 2014, we entered into an interest rate swap on the 3.50 percent Senior Notes due October 15, 2021, which was designated as a fair value hedge and used to hedge against the changes in the fair value of the debt. We receive cash flows from the counterparty at a fixed rate and pay the counterparty variable rates based on the LIBOR. The difference between the fixed rate and variable rates resulted in a favorable impact to interest expense for the three and nine months ended January 31, 2014. The interest rate swap was recognized at fair value in the Condensed Consolidated Balance Sheet at January 31, 2014, and changes in the fair value were recognized in interest expense. The net gain of $13.7 recognized on the derivative instrument during the third quarter had no net impact to earnings, as the change in the fair value of the derivative was equal to the change in fair value of the underlying debt. There were no interest rate swaps outstanding at April 30, 2013. | |||||||||||||||||
The following table sets forth the gross fair value amounts of derivative instruments recognized in the Condensed Consolidated Balance Sheets. | |||||||||||||||||
January 31, 2014 | April 30, 2013 | ||||||||||||||||
Other | Other | Other | Other | ||||||||||||||
Current | Current | Current | Current | ||||||||||||||
Assets | Liabilities | Assets | Liabilities | ||||||||||||||
Derivatives designated as hedging instruments: | |||||||||||||||||
Interest rate contract | $ | 13.7 | $ | — | $ | — | $ | — | |||||||||
Commodity contracts | 4.6 | 0.9 | 2.1 | 2 | |||||||||||||
Total derivatives designated as hedging instruments | $ | 18.3 | $ | 0.9 | $ | 2.1 | $ | 2 | |||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||||
Commodity contracts | $ | 6.1 | $ | 3.7 | $ | 3.6 | $ | 2.3 | |||||||||
Foreign currency exchange contracts | 3.5 | 0.1 | 0.7 | 0.2 | |||||||||||||
Total derivatives not designated as hedging instruments | $ | 9.6 | $ | 3.8 | $ | 4.3 | $ | 2.5 | |||||||||
Total derivative instruments | $ | 27.9 | $ | 4.7 | $ | 6.4 | $ | 4.5 | |||||||||
During the first quarter of 2014, we adopted FASB ASU 2011-11, Disclosures about Offsetting Assets and Liabilities, as clarified by ASU 2013-01, Scope Clarification of Disclosures about Offsetting Assets and Liabilities. ASU 2011-11, as clarified by ASU 2013-01, requires additional disclosures around netting of derivatives. We have elected to not offset fair value amounts recognized for our exchange-traded commodity derivative instruments and our cash margin accounts executed with the same counterparty that are generally subject to enforceable netting agreements. We are required to maintain cash margin accounts in connection with funding the settlement of our open positions. At January 31, 2014 and April 30, 2013, we maintained cash margin account balances of $6.7 and $5.5, respectively, included in other current assets in the Condensed Consolidated Balance Sheets. In the event of default and immediate net settlement of all of our open positions with individual counterparties, all of our derivative liabilities would be fully offset by either our derivative asset positions or margin accounts based on the net asset or liability position with our individual counterparties. | |||||||||||||||||
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, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Gains (losses) recognized in other comprehensive (loss) income (effective portion) | $ | 4.5 | $ | -8 | $ | -6.1 | $ | -23.3 | |||||||||
Losses reclassified from accumulated other comprehensive loss to cost of products sold (effective portion) | -5.7 | -12 | -18.4 | -31 | |||||||||||||
Change in accumulated other comprehensive loss | $ | 10.2 | $ | 4 | $ | 12.3 | $ | 7.7 | |||||||||
Losses recognized in cost of products sold (ineffective portion) | $ | -0.1 | $ | -0.4 | $ | — | $ | -0.6 | |||||||||
Included as a component of accumulated other comprehensive loss was a minimal deferred pre-tax gain and related tax impact at January 31, 2014 and a deferred pretax loss of $12.2 at April 30, 2013, related to commodity contracts. The related tax benefit recognized in accumulated other comprehensive loss was $4.4 at April 30, 2013. The entire amount included in accumulated other comprehensive loss is expected to be recognized in earnings within one year as the related commodities are sold. | |||||||||||||||||
Included as a component of accumulated other comprehensive loss at January 31, 2014 and April 30, 2013, were deferred pre-tax losses of $5.0 and $5.4, respectively, related to the termination of a prior interest rate swap in October 2011 on the 3.50 percent Senior Notes due October 15, 2021. The related tax benefit recognized in accumulated other comprehensive loss was $1.8 and $1.9 at January 31, 2014 and April 30, 2013, respectively. Approximately $0.6 of the pre-tax loss will be recognized over the next 12 months. We reclassified $0.1 of the loss recognized on the interest rate swap designated as a cash flow hedge from other comprehensive (loss) income to interest expense during the three months ended January 31, 2014 and 2013, respectively, and $0.4 during the nine months ended January 31, 2014 and 2013, respectively. | |||||||||||||||||
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, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Unrealized gains (losses) on commodity contracts | $ | 1.8 | $ | -0.4 | $ | 4.8 | $ | 8 | |||||||||
Unrealized gains (losses) on foreign currency exchange contracts | 2.2 | -0.1 | 2.3 | 0.9 | |||||||||||||
Total unrealized gains (losses) recognized in cost of products sold | $ | 4 | $ | -0.5 | $ | 7.1 | $ | 8.9 | |||||||||
Realized (losses) gains on commodity contracts | $ | -0.9 | $ | 0.2 | $ | -7 | $ | -0.4 | |||||||||
Realized gains (losses) on foreign currency exchange contracts | 0.7 | 0.1 | 2.5 | -0.1 | |||||||||||||
Total realized (losses) gains recognized in cost of products sold | $ | -0.2 | $ | 0.3 | $ | -4.5 | $ | -0.5 | |||||||||
Total gains (losses) recognized in cost of products sold | $ | 3.8 | $ | -0.2 | $ | 2.6 | $ | 8.4 | |||||||||
The following table presents the gross contract notional value of outstanding derivative contracts. | |||||||||||||||||
January 31, 2014 | April 30, 2013 | ||||||||||||||||
Commodity contracts | $ | 369 | $ | 347.6 | |||||||||||||
Foreign currency exchange contracts | 95.1 | 56.8 | |||||||||||||||
Interest rate contract | 750 | — | |||||||||||||||
Other_Financial_Instruments_an
Other Financial Instruments and Fair Value Measurements | 9 Months Ended | ||||||||||||||||
Jan. 31, 2014 | |||||||||||||||||
Other Financial Instruments and Fair Value Measurements [Abstract] | ' | ||||||||||||||||
Other Financial Instruments and Fair Value Measurements | ' | ||||||||||||||||
Note 12: Other Financial Instruments and Fair Value Measurements | |||||||||||||||||
Financial instruments, other than derivatives, that potentially subject us to significant concentrations of credit risk consist principally of cash investments and trade receivables. The carrying value of these financial instruments approximates fair value. Our other financial instruments, with the exception of long-term debt, are recognized at estimated fair value in the Condensed Consolidated Balance Sheets. | |||||||||||||||||
The following table provides information on the carrying amounts and fair values of our financial instruments. | |||||||||||||||||
January 31, 2014 | April 30, 2013 | ||||||||||||||||
Carrying | Fair Value | Carrying | Fair Value | ||||||||||||||
Amount | Amount | ||||||||||||||||
Other investments | $ | 54.3 | $ | 54.3 | $ | 48.8 | $ | 48.8 | |||||||||
Derivative financial instruments – net | 23.2 | 23.2 | 1.9 | 1.9 | |||||||||||||
Long-term debt | -2,029.40 | -2,278.00 | -2,017.80 | -2,388.10 | |||||||||||||
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 our 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 our financial instruments. | |||||||||||||||||
Quoted Prices in | Significant | Significant | Fair Value at | ||||||||||||||
Active Markets for | Observable | Unobservable | January 31, | ||||||||||||||
Identical Assets | Inputs | Inputs | |||||||||||||||
(Level 1) | (Level 2) | (Level 3) | 2014 | ||||||||||||||
Other investments: (A) | |||||||||||||||||
Equity mutual funds | $ | 21.5 | $ | — | $ | — | $ | 21.5 | |||||||||
Municipal obligations | — | 31.4 | — | 31.4 | |||||||||||||
Other investments | 1.4 | — | — | 1.4 | |||||||||||||
Derivatives: (B) | |||||||||||||||||
Commodity contracts – net | 5.8 | 0.3 | — | 6.1 | |||||||||||||
Foreign currency exchange contracts – net | — | 3.4 | — | 3.4 | |||||||||||||
Interest rate contract – net | — | 13.7 | — | 13.7 | |||||||||||||
Long-term debt (C) | -765.4 | -1,512.60 | — | -2,278.00 | |||||||||||||
Total financial instruments measured at fair value | $ | -736.7 | $ | -1,463.80 | $ | — | $ | -2,200.50 | |||||||||
Quoted Prices in | Significant | Significant | Fair Value at | ||||||||||||||
Active Markets for | Observable | Unobservable | April 30, | ||||||||||||||
Identical Assets | Inputs | Inputs | 2013 | ||||||||||||||
(Level 1) | (Level 2) | (Level 3) | |||||||||||||||
Other investments: (A) | |||||||||||||||||
Equity mutual funds | $ | 21.6 | $ | — | $ | — | $ | 21.6 | |||||||||
Municipal obligations | — | 26.6 | — | 26.6 | |||||||||||||
Other investments | 0.6 | — | — | 0.6 | |||||||||||||
Derivatives: (B) | |||||||||||||||||
Commodity contracts – net | 0.7 | 0.7 | — | 1.4 | |||||||||||||
Foreign currency exchange contracts – net | — | 0.5 | — | 0.5 | |||||||||||||
Long-term debt (C) | -803.6 | -1,584.50 | — | -2,388.10 | |||||||||||||
Total financial instruments measured at fair value | $ | -780.7 | $ | -1,556.70 | $ | — | $ | -2,337.40 | |||||||||
(A) | Other investments consist of funds maintained for the payment of benefits associated with nonqualified retirement plans. The funds include Level 1 equity securities listed in active markets and Level 2 municipal obligations valued by a third party using valuation techniques that utilize inputs which are derived principally from or corroborated by observable market data. As of January 31, 2014, our municipal obligations are scheduled to mature as follows: $0.9 in 2014, $1.6 in 2015, $0.5 in 2016, $1.7 in 2017, and $26.7 in 2018 and beyond. | ||||||||||||||||
(B) | Level 1 commodity contract derivatives are valued using quoted market prices for identical instruments in active markets. Level 2 commodity contract and foreign exchange contract derivatives are valued using quoted prices for similar assets or liabilities in active markets. The Level 2 interest rate contract derivative is valued using the income approach, observable Level 2 market expectations at the measurement date, and standard valuation techniques to convert future amounts to a single discounted present value. Level 2 inputs for the interest rate contract are limited to quoted prices for similar assets or liabilities in active markets and inputs other than quoted prices that are observable for the asset or liability. For additional information, see Note 11: Derivative Financial Instruments. | ||||||||||||||||
(C) | Long-term debt is comprised of public Senior Notes classified as Level 1 and private Senior Notes classified as Level 2. The public Senior 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 fair market yield curve. | ||||||||||||||||
Income_Taxes
Income Taxes | 9 Months Ended |
Jan. 31, 2014 | |
Income Tax Disclosure [Abstract] | ' |
Income Taxes | ' |
Note 13: Income Taxes | |
During the three-month and nine-month period ended January 31, 2014, 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 12 months, it is reasonably possible that we could decrease our unrecognized tax benefits by an additional $1.5, primarily as a result of expiring statute of limitations periods. | |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income Loss | 9 Months Ended | ||||||||||||||||||||
Jan. 31, 2014 | |||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ' | ||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | ' | ||||||||||||||||||||
Note 14: Accumulated Other Comprehensive Loss | |||||||||||||||||||||
On May 1, 2013, we adopted FASB ASU 2013-02, Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income. In accordance with ASU 2013-02, the components of accumulated other comprehensive loss, including the reclassification adjustments for items that are reclassified from accumulated other comprehensive loss to net income, are shown below. | |||||||||||||||||||||
Foreign | Pension and | Unrealized | Unrealized | Accumulated | |||||||||||||||||
Currency | Other | Gain (Loss) | (Loss) Gain on | Other | |||||||||||||||||
Translation | Postretirement | on Available- | Cash Flow | Comprehensive | |||||||||||||||||
Adjustment | Liabilities (A) | for-Sale | Hedging | Loss | |||||||||||||||||
Securities | Derivatives (B) | ||||||||||||||||||||
Balance at May 1, 2013 | $ | 61.5 | $ | -131.4 | $ | 4.5 | $ | -11.2 | $ | -76.6 | |||||||||||
Reclassification adjustments | — | 8.9 | 18.8 | 27.7 | |||||||||||||||||
Current period (charge) credit | -30.6 | -2.2 | 0.9 | -6.1 | -38 | ||||||||||||||||
Income tax expense | — | -2.5 | -0.3 | -4.6 | -7.4 | ||||||||||||||||
Balance at January 31, 2014 | $ | 30.9 | $ | -127.2 | $ | 5.1 | $ | -3.1 | $ | -94.3 | |||||||||||
(A) | Amortization of net losses was reclassified from accumulated other comprehensive loss to selling, distribution, and administrative expenses. | ||||||||||||||||||||
(B) | Of the total losses reclassified from accumulated other comprehensive loss, $18.4 was reclassified to cost of products sold related to commodity derivatives and $0.4 was reclassified to interest expense related to the interest rate swap. | ||||||||||||||||||||
Guarantor_and_NonGuarantor_Fin
Guarantor and Non-Guarantor Financial Information | 9 Months Ended | |||||||||||||||||||||
Jan. 31, 2014 | ||||||||||||||||||||||
Guarantor and Non - Guarantor Financial Information [Abstract] | ' | |||||||||||||||||||||
Guarantor and Non-Guarantor Financial Information | ' | |||||||||||||||||||||
Note 15: Guarantor and Non-Guarantor Financial Information | ||||||||||||||||||||||
Our 3.50 percent Senior Notes due October 15, 2021, are fully and unconditionally guaranteed, on a joint and several basis, by J.M. Smucker LLC and The Folgers Coffee Company (the “subsidiary guarantors”), which are 100 percent wholly-owned subsidiaries of the Company. A subsidiary guarantor will be released from its obligations under the indenture governing the notes (a) if we exercise our legal or covenant defeasance option or if our 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 our obligations under any of our 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. | ||||||||||||||||||||||
Condensed consolidating financial statements for the Company, the subsidiary guarantors, and the other subsidiaries of the Company that are not guaranteeing the indebtedness under the 3.50 percent Senior Notes (the “non-guarantor subsidiaries”) are provided below. The principal elimination entries relate to investments in subsidiaries and intercompany balances and transactions, including transactions with our 100 percent wholly-owned subsidiary guarantors and non-guarantor subsidiaries. We have accounted for investments in subsidiaries using the equity method. | ||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME | Three Months Ended January 31, 2014 | |||||||||||||||||||||
The J.M. Smucker | Subsidiary | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||||
Company (Parent) | Guarantors | Subsidiaries | ||||||||||||||||||||
Net sales | $ | 791.4 | $ | 311.1 | $ | 1,720.90 | $ | -1,357.90 | $ | 1,465.50 | ||||||||||||
Cost of products sold | 632.7 | 282.6 | 1,372.00 | -1,367.00 | 920.3 | |||||||||||||||||
Gross Profit | 158.7 | 28.5 | 348.9 | 9.1 | 545.2 | |||||||||||||||||
Selling, distribution, and administrative expenses, restructuring, and merger and integration costs | 47.7 | 12.5 | 197.2 | — | 257.4 | |||||||||||||||||
Amortization | 1.1 | — | 23.8 | — | 24.9 | |||||||||||||||||
Other operating expense (income) – net | 0.1 | 0.3 | -1 | — | -0.6 | |||||||||||||||||
Operating Income | 109.8 | 15.7 | 128.9 | 9.1 | 263.5 | |||||||||||||||||
Interest (expense) income – net | -18.8 | 0.3 | 0.1 | — | -18.4 | |||||||||||||||||
Other income – net | 1.3 | 0.1 | — | — | 1.4 | |||||||||||||||||
Equity in net earnings of subsidiaries | 105.8 | 37.3 | 15.7 | -158.8 | — | |||||||||||||||||
Income Before Income Taxes | 198.1 | 53.4 | 144.7 | -149.7 | 246.5 | |||||||||||||||||
Income taxes | 31.4 | 0.1 | 48.3 | — | 79.8 | |||||||||||||||||
Net Income | $ | 166.7 | $ | 53.3 | $ | 96.4 | $ | -149.7 | $ | 166.7 | ||||||||||||
Other comprehensive (loss) income, net of tax | -11.3 | 2.5 | -13.5 | 11 | -11.3 | |||||||||||||||||
Comprehensive Income | $ | 155.4 | $ | 55.8 | $ | 82.9 | $ | -138.7 | $ | 155.4 | ||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME | Three Months Ended January 31, 2013 | |||||||||||||||||||||
The J.M. Smucker | Subsidiary | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||||
Company (Parent) | Guarantors | Subsidiaries | ||||||||||||||||||||
Net sales | $ | 808.2 | $ | 326.2 | $ | 1,465.80 | $ | -1,040.60 | $ | 1,559.60 | ||||||||||||
Cost of products sold | 658.2 | 300.2 | 1,099.70 | -1,034.70 | 1,023.40 | |||||||||||||||||
Gross Profit | 150 | 26 | 366.1 | -5.9 | 536.2 | |||||||||||||||||
Selling, distribution, and administrative expenses, restructuring, and merger and integration costs | 41.7 | 10.4 | 205.7 | — | 257.8 | |||||||||||||||||
Amortization | 1.2 | — | 23 | — | 24.2 | |||||||||||||||||
Other operating income – net | -2.6 | -0.7 | -0.8 | — | -4.1 | |||||||||||||||||
Operating Income | 109.7 | 16.3 | 138.2 | -5.9 | 258.3 | |||||||||||||||||
Interest (expense) income – net | -24.2 | 0.3 | 0.1 | — | -23.8 | |||||||||||||||||
Other (expense) income – net | -10.1 | 0.3 | 9.3 | — | -0.5 | |||||||||||||||||
Equity in net earnings of subsidiaries | 103.3 | 42 | 16.8 | -162.1 | — | |||||||||||||||||
Income Before Income Taxes | 178.7 | 58.9 | 164.4 | -168 | 234 | |||||||||||||||||
Income taxes | 24.5 | 0.1 | 55.2 | — | 79.8 | |||||||||||||||||
Net Income | $ | 154.2 | $ | 58.8 | $ | 109.2 | $ | -168 | $ | 154.2 | ||||||||||||
Other comprehensive income, net of tax | 5.3 | 3.7 | 3.8 | -7.5 | 5.3 | |||||||||||||||||
Comprehensive Income | $ | 159.5 | $ | 62.5 | $ | 113 | $ | -175.5 | $ | 159.5 | ||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME | Nine Months Ended January 31, 2014 | |||||||||||||||||||||
The J.M. Smucker | Subsidiary | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||||
Company (Parent) | Guarantors | Subsidiaries | ||||||||||||||||||||
Net sales | $ | 2,380.00 | $ | 992 | $ | 5,169.50 | $ | -4,165.20 | $ | 4,376.30 | ||||||||||||
Cost of products sold | 1,925.70 | 905.8 | 4,116.90 | -4,162.80 | 2,785.60 | |||||||||||||||||
Gross Profit | 454.3 | 86.2 | 1,052.60 | -2.4 | 1,590.70 | |||||||||||||||||
Selling, distribution, and administrative expenses, restructuring, and merger and integration costs | 151.7 | 35.8 | 603.1 | — | 790.6 | |||||||||||||||||
Amortization | 3.2 | — | 70.9 | — | 74.1 | |||||||||||||||||
Other operating (income) expense – net | -1.3 | 0.4 | -0.7 | — | -1.6 | |||||||||||||||||
Operating Income | 300.7 | 50 | 379.3 | -2.4 | 727.6 | |||||||||||||||||
Interest (expense) income – net | -63.2 | 0.9 | -0.4 | — | -62.7 | |||||||||||||||||
Other income (expense) – net | 1.3 | -0.1 | -0.1 | — | 1.1 | |||||||||||||||||
Equity in net earnings of subsidiaries | 283.9 | 109.5 | 49.8 | -443.2 | — | |||||||||||||||||
Income Before Income Taxes | 522.7 | 160.3 | 428.6 | -445.6 | 666 | |||||||||||||||||
Income taxes | 76 | 0.3 | 143 | — | 219.3 | |||||||||||||||||
Net Income | $ | 446.7 | $ | 160 | $ | 285.6 | $ | -445.6 | $ | 446.7 | ||||||||||||
Other comprehensive (loss) income, net of tax | -17.7 | 7.6 | -22 | 14.4 | -17.7 | |||||||||||||||||
Comprehensive Income | $ | 429 | $ | 167.6 | $ | 263.6 | $ | -431.2 | $ | 429 | ||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME | Nine Months Ended January 31, 2013 | |||||||||||||||||||||
The J.M. Smucker | Subsidiary | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||||
Company (Parent) | Guarantors | Subsidiaries | ||||||||||||||||||||
Net sales | $ | 2,345.20 | $ | 1,002.60 | $ | 4,312.80 | $ | -3,102.60 | $ | 4,558.00 | ||||||||||||
Cost of products sold | 1,945.40 | 921.1 | 3,238.00 | -3,094.40 | 3,010.10 | |||||||||||||||||
Gross Profit | 399.8 | 81.5 | 1,074.80 | -8.2 | 1,547.90 | |||||||||||||||||
Selling, distribution, and administrative expenses, restructuring, merger and integration, and other special project costs | 157.7 | 33.1 | 591.8 | — | 782.6 | |||||||||||||||||
Amortization | 7.1 | — | 65.5 | — | 72.6 | |||||||||||||||||
Other operating (income) expense – net | -3.3 | -2 | 1.6 | — | -3.7 | |||||||||||||||||
Operating Income | 238.3 | 50.4 | 415.9 | -8.2 | 696.4 | |||||||||||||||||
Interest (expense) income – net | -72.1 | 0.9 | -0.1 | — | -71.3 | |||||||||||||||||
Other (expense) income – net | -0.6 | 1 | — | — | 0.4 | |||||||||||||||||
Equity in net earnings of subsidiaries | 302.4 | 115.4 | 51.5 | -469.3 | — | |||||||||||||||||
Income Before Income Taxes | 468 | 167.7 | 467.3 | -477.5 | 625.5 | |||||||||||||||||
Income taxes | 54.1 | 0.3 | 157.2 | — | 211.6 | |||||||||||||||||
Net Income | $ | 413.9 | $ | 167.4 | $ | 310.1 | $ | -477.5 | $ | 413.9 | ||||||||||||
Other comprehensive income, net of tax | 9.1 | 5.3 | 3.4 | -8.7 | 9.1 | |||||||||||||||||
Comprehensive Income | $ | 423 | $ | 172.7 | $ | 313.5 | $ | -486.2 | $ | 423 | ||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEETS | January 31, 2014 | |||||||||||||||||||||
The J.M. Smucker | Subsidiary | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||||
Company (Parent) | Guarantors | Subsidiaries | ||||||||||||||||||||
ASSETS | ||||||||||||||||||||||
Current Assets | ||||||||||||||||||||||
Cash and cash equivalents | $ | 18.3 | $ | — | $ | 150.3 | $ | — | $ | 168.6 | ||||||||||||
Inventories | — | 193.9 | 673.3 | -2.4 | 864.8 | |||||||||||||||||
Other current assets | 365.3 | 5 | 104.4 | — | 474.7 | |||||||||||||||||
Total Current Assets | 383.6 | 198.9 | 928 | -2.4 | 1,508.10 | |||||||||||||||||
Property, Plant, and Equipment – Net | 230 | 486.4 | 468.9 | — | 1,185.30 | |||||||||||||||||
Investments in Subsidiaries | 8,275.10 | 4,017.00 | 197.4 | -12,489.50 | — | |||||||||||||||||
Intercompany | -2,771.30 | 301.5 | 1,124.90 | 1,344.90 | — | |||||||||||||||||
Other Noncurrent Assets | ||||||||||||||||||||||
Goodwill | 1,082.00 | — | 2,014.60 | — | 3,096.60 | |||||||||||||||||
Other intangible assets – net | 506.6 | — | 2,541.90 | — | 3,048.50 | |||||||||||||||||
Other noncurrent assets | 70.9 | 13.3 | 66.3 | — | 150.5 | |||||||||||||||||
Total Other Noncurrent Assets | 1,659.50 | 13.3 | 4,622.80 | — | 6,295.60 | |||||||||||||||||
Total Assets | $ | 7,776.90 | $ | 5,017.10 | $ | 7,342.00 | $ | -11,147.00 | $ | 8,989.00 | ||||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||||||||||||||
Current Liabilities | $ | 371.2 | $ | 80.8 | $ | 156.3 | $ | — | $ | 608.3 | ||||||||||||
Noncurrent Liabilities | ||||||||||||||||||||||
Long-term debt | 1,879.40 | — | — | — | 1,879.40 | |||||||||||||||||
Deferred income taxes | 91.4 | — | 913 | — | 1,004.40 | |||||||||||||||||
Other noncurrent liabilities | 230 | 18.1 | 44 | — | 292.1 | |||||||||||||||||
Total Noncurrent Liabilities | 2,200.80 | 18.1 | 957 | — | 3,175.90 | |||||||||||||||||
Total Liabilities | 2,572.00 | 98.9 | 1,113.30 | — | 3,784.20 | |||||||||||||||||
Total Shareholders’ Equity | 5,204.90 | 4,918.20 | 6,228.70 | -11,147.00 | 5,204.80 | |||||||||||||||||
Total Liabilities and Shareholders’ Equity | $ | 7,776.90 | $ | 5,017.10 | $ | 7,342.00 | $ | -11,147.00 | $ | 8,989.00 | ||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEETS | April 30, 2013 | |||||||||||||||||||||
The J.M. Smucker | Subsidiary | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||||
Company (Parent) | Guarantors | Subsidiaries | ||||||||||||||||||||
ASSETS | ||||||||||||||||||||||
Current Assets | ||||||||||||||||||||||
Cash and cash equivalents | $ | 108 | $ | — | $ | 148.4 | $ | — | $ | 256.4 | ||||||||||||
Inventories | — | 225.9 | 733.2 | -13.6 | 945.5 | |||||||||||||||||
Other current assets | 320.4 | 3.3 | 69.6 | — | 393.3 | |||||||||||||||||
Total Current Assets | 428.4 | 229.2 | 951.2 | -13.6 | 1,595.20 | |||||||||||||||||
Property, Plant, and Equipment – Net | 230.9 | 445.1 | 466.5 | — | 1,142.50 | |||||||||||||||||
Investments in Subsidiaries | 7,950.90 | 3,856.60 | 146.6 | -11,954.10 | — | |||||||||||||||||
Intercompany | -2,504.50 | 324.8 | 941.3 | 1,238.40 | — | |||||||||||||||||
Other Noncurrent Assets | ||||||||||||||||||||||
Goodwill | 1,082.00 | — | 1,970.90 | — | 3,052.90 | |||||||||||||||||
Other intangible assets – net | 509.8 | — | 2,579.60 | — | 3,089.40 | |||||||||||||||||
Other noncurrent assets | 72 | 13.7 | 66.1 | — | 151.8 | |||||||||||||||||
Total Other Noncurrent Assets | 1,663.80 | 13.7 | 4,616.60 | — | 6,294.10 | |||||||||||||||||
Total Assets | $ | 7,769.50 | $ | 4,869.40 | $ | 7,122.20 | $ | -10,729.30 | $ | 9,031.80 | ||||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||||||||||||||
Current Liabilities | $ | 317.8 | $ | 104.9 | $ | 174.1 | $ | — | $ | 596.8 | ||||||||||||
Noncurrent Liabilities | ||||||||||||||||||||||
Long-term debt | 1,967.80 | — | — | — | 1,967.80 | |||||||||||||||||
Deferred income taxes | 97.5 | — | 889.7 | — | 987.2 | |||||||||||||||||
Other noncurrent liabilities | 237.6 | 18.1 | 75.5 | — | 331.2 | |||||||||||||||||
Total Noncurrent Liabilities | 2,302.90 | 18.1 | 965.2 | — | 3,286.20 | |||||||||||||||||
Total Liabilities | 2,620.70 | 123 | 1,139.30 | — | 3,883.00 | |||||||||||||||||
Total Shareholders’ Equity | 5,148.80 | 4,746.40 | 5,982.90 | -10,729.30 | 5,148.80 | |||||||||||||||||
Total Liabilities and Shareholders’ Equity | $ | 7,769.50 | $ | 4,869.40 | $ | 7,122.20 | $ | -10,729.30 | $ | 9,031.80 | ||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS | Nine Months Ended January 31, 2014 | |||||||||||||||||||||
The J.M. Smucker | Subsidiary | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||||
Company (Parent) | Guarantors | Subsidiaries | ||||||||||||||||||||
Net Cash Provided by Operating Activities | $ | 104.7 | $ | 107.6 | $ | 376.8 | $ | — | $ | 589.1 | ||||||||||||
Investing Activities | ||||||||||||||||||||||
Businesses acquired, net of cash acquired | — | — | -101.8 | — | -101.8 | |||||||||||||||||
Additions to property, plant, and equipment | -20 | -83.8 | -45.1 | — | -148.9 | |||||||||||||||||
Proceeds from disposal of property, plant, and equipment | — | 0.5 | 1.3 | — | 1.8 | |||||||||||||||||
Other – net | -3.4 | -1 | -3.9 | — | -8.3 | |||||||||||||||||
Net Cash Used for Investing Activities | -23.4 | -84.3 | -149.5 | — | -257.2 | |||||||||||||||||
Financing Activities | ||||||||||||||||||||||
Quarterly dividends paid | -177.4 | — | — | — | -177.4 | |||||||||||||||||
Purchase of treasury shares | -227 | — | — | — | -227 | |||||||||||||||||
Proceeds from stock option exercises | 0.4 | — | — | — | 0.4 | |||||||||||||||||
Investments in subsidiaries | -40.3 | -46.6 | 86.9 | — | — | |||||||||||||||||
Intercompany | 266.7 | 23.3 | -290 | — | — | |||||||||||||||||
Other – net | 6.6 | — | -7.8 | — | -1.2 | |||||||||||||||||
Net Cash Used for Financing Activities | -171 | -23.3 | -210.9 | — | -405.2 | |||||||||||||||||
Effect of exchange rate changes on cash | — | — | -14.5 | — | -14.5 | |||||||||||||||||
Net (decrease) increase in cash and cash equivalents | -89.7 | — | 1.9 | — | -87.8 | |||||||||||||||||
Cash and cash equivalents at beginning of period | 108 | — | 148.4 | — | 256.4 | |||||||||||||||||
Cash and Cash Equivalents at End of Period | $ | 18.3 | $ | — | $ | 150.3 | $ | — | $ | 168.6 | ||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS | Nine Months Ended January 31, 2013 | |||||||||||||||||||||
The J.M. Smucker | Subsidiary | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||||
Company (Parent) | Guarantors | Subsidiaries | ||||||||||||||||||||
Net Cash Provided by Operating Activities | $ | 119 | $ | 103.4 | $ | 461.2 | $ | — | $ | 683.6 | ||||||||||||
Investing Activities | ||||||||||||||||||||||
Additions to property, plant, and equipment | -24.9 | -70.7 | -50.9 | — | -146.5 | |||||||||||||||||
Proceeds from disposal of property, plant, and equipment | — | 0.1 | 3 | — | 3.1 | |||||||||||||||||
Other – net | -9.4 | 3.9 | 22.7 | — | 17.2 | |||||||||||||||||
Net Cash Used for Investing Activities | -34.3 | -66.7 | -25.2 | — | -126.2 | |||||||||||||||||
Financing Activities | ||||||||||||||||||||||
Quarterly dividends paid | -166.5 | — | — | — | -166.5 | |||||||||||||||||
Purchase of treasury shares | -175.5 | — | — | — | -175.5 | |||||||||||||||||
Proceeds from stock option exercises | 1.9 | — | — | — | 1.9 | |||||||||||||||||
Investments in subsidiaries | -22.2 | -156.9 | 179.1 | — | — | |||||||||||||||||
Intercompany | 461.1 | 120.2 | -581.3 | — | — | |||||||||||||||||
Other – net | 2.9 | — | -10 | — | -7.1 | |||||||||||||||||
Net Cash Provided By (Used for) Financing Activities | 101.7 | -36.7 | -412.2 | — | -347.2 | |||||||||||||||||
Effect of exchange rate changes | — | — | -1.1 | — | -1.1 | |||||||||||||||||
Net increase in cash and cash equivalents | 186.4 | — | 22.7 | — | 209.1 | |||||||||||||||||
Cash and cash equivalents at beginning of period | 108.3 | — | 121.4 | — | 229.7 | |||||||||||||||||
Cash and Cash Equivalents at End of Period | $ | 294.7 | $ | — | $ | 144.1 | $ | — | $ | 438.8 | ||||||||||||
Acquisitions_Tables
Acquisitions (Tables) | 9 Months Ended | ||||||||||||||||
Jan. 31, 2014 | |||||||||||||||||
Acquisitions [Abstract] | ' | ||||||||||||||||
Summary of changes in the Company's goodwill | ' | ||||||||||||||||
U.S. Retail | U.S. Retail | International, | Total | ||||||||||||||
Coffee | Consumer | Foodservice, | |||||||||||||||
Foods | and Natural | ||||||||||||||||
Foods | |||||||||||||||||
Balance at May 1, 2012 | $ | 1,720.30 | $ | 1,035.20 | $ | 299.1 | $ | 3,054.60 | |||||||||
Other | — | -0.6 | -1.1 | -1.7 | |||||||||||||
Balance at April 30, 2013 | $ | 1,720.30 | $ | 1,034.60 | $ | 298 | $ | 3,052.90 | |||||||||
Acquisitions | 22.7 | — | 29 | 51.7 | |||||||||||||
Other | 0.1 | -2.8 | -5.3 | -8 | |||||||||||||
Balance at January 31, 2014 | $ | 1,743.10 | $ | 1,031.80 | $ | 321.7 | $ | 3,096.60 | |||||||||
Restructuring_Tables
Restructuring (Tables) | 9 Months Ended | ||||||||||||||||||||||||
Jan. 31, 2014 | |||||||||||||||||||||||||
Restructuring [Abstract] | ' | ||||||||||||||||||||||||
Restructuring and related charges | ' | ||||||||||||||||||||||||
Long-Lived | Employee | Site Preparation | Production | Other Costs | Total | ||||||||||||||||||||
Asset | Separation | and Equipment | Start-up | ||||||||||||||||||||||
Charges | Relocation | ||||||||||||||||||||||||
Total expected restructuring charge | $ | 102.8 | $ | 64.2 | $ | 45.6 | $ | 42.2 | $ | 10.2 | $ | 265 | |||||||||||||
Balance at May 1, 2012 | $ | — | $ | 8.8 | $ | — | $ | — | $ | — | $ | 8.8 | |||||||||||||
Charge to expense | 8.2 | 3.4 | 13.4 | 10.8 | 3 | 38.8 | |||||||||||||||||||
Cash payments | — | -4.5 | -13.4 | -10.8 | -3 | -31.7 | |||||||||||||||||||
Noncash utilization | -8.2 | — | — | — | — | -8.2 | |||||||||||||||||||
Balance at April 30, 2013 | $ | — | $ | 7.7 | $ | — | $ | — | $ | — | $ | 7.7 | |||||||||||||
Charge to expense | 2.7 | 2.6 | 5.5 | 5.5 | 0.8 | 17.1 | |||||||||||||||||||
Cash payments | — | -6.1 | -5.5 | -5.5 | -0.8 | -17.9 | |||||||||||||||||||
Noncash utilization | -2.7 | -0.2 | — | — | — | -2.9 | |||||||||||||||||||
Balance at January 31, 2014 | $ | — | $ | 4 | $ | — | $ | — | $ | — | $ | 4 | |||||||||||||
Remaining expected restructuring charge | $ | 0.2 | $ | 0.7 | $ | 7.1 | $ | 10.1 | $ | 2.2 | $ | 20.3 | |||||||||||||
Common_Shares_Tables
Common Shares (Tables) | 9 Months Ended | ||||||||
Jan. 31, 2014 | |||||||||
Common Shares [Abstract] | ' | ||||||||
Common Shares Information | ' | ||||||||
January 31, 2014 | April 30, 2013 | ||||||||
Common shares authorized | 300,000,000 | 150,000,000 | |||||||
Common shares outstanding | 104,544,135 | 106,486,935 | |||||||
Treasury shares | 24,061,030 | 22,118,230 | |||||||
Reportable_Segments_Tables
Reportable Segments (Tables) | 9 Months Ended | ||||||||||||||||
Jan. 31, 2014 | |||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||
Income and assets by segment | ' | ||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
January 31, | January 31, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Net sales: | |||||||||||||||||
U.S. Retail Coffee | $ | 578.9 | $ | 627.7 | $ | 1,688.20 | $ | 1,771.00 | |||||||||
U.S. Retail Consumer Foods | 557.8 | 581.3 | 1,706.80 | 1,729.00 | |||||||||||||
International, Foodservice, and Natural Foods | 328.8 | 350.6 | 981.3 | 1,058.00 | |||||||||||||
Total net sales | $ | 1,465.50 | $ | 1,559.60 | $ | 4,376.30 | $ | 4,558.00 | |||||||||
Segment profit: | |||||||||||||||||
U.S. Retail Coffee | $ | 182.3 | $ | 175.2 | $ | 508.9 | $ | 459.8 | |||||||||
U.S. Retail Consumer Foods | 105.6 | 106.2 | 301.2 | 325.1 | |||||||||||||
International, Foodservice, and Natural Foods | 44.8 | 49.8 | 135.6 | 148.7 | |||||||||||||
Total segment profit | $ | 332.7 | $ | 331.2 | $ | 945.7 | $ | 933.6 | |||||||||
Interest expense – net | -18.4 | -23.8 | -62.7 | -71.3 | |||||||||||||
Cost of products sold – restructuring and merger and integration | -2.9 | -1.2 | -6.7 | -7.6 | |||||||||||||
Other restructuring and merger and integration costs | -7.1 | -6.8 | -19.8 | -35.5 | |||||||||||||
Other special project costs | — | — | — | -6.7 | |||||||||||||
Corporate administrative expenses | -59.2 | -64.9 | -191.6 | -187.4 | |||||||||||||
Other income (expense) – net | 1.4 | -0.5 | 1.1 | 0.4 | |||||||||||||
Income before income taxes | $ | 246.5 | $ | 234 | $ | 666 | $ | 625.5 | |||||||||
Debt_and_Financing_Arrangement1
Debt and Financing Arrangements (Tables) | 9 Months Ended | ||||||||
Jan. 31, 2014 | |||||||||
Debt and Financing Arrangements [Abstract] | ' | ||||||||
Long-term debt | ' | ||||||||
January 31, 2014 | April 30, 2013 | ||||||||
4.78% Senior Notes due June 1, 2014 | $ | 100 | $ | 100 | |||||
6.12% Senior Notes due November 1, 2015 | 24 | 24 | |||||||
6.63% Senior Notes due November 1, 2018 | 392.8 | 395 | |||||||
3.50% Senior Notes due October 15, 2021 | 762.6 | 748.8 | |||||||
5.55% Senior Notes due April 1, 2022 | 350 | 350 | |||||||
4.50% Senior Notes due June 1, 2025 | 400 | 400 | |||||||
Total long-term debt | $ | 2,029.40 | $ | 2,017.80 | |||||
Current portion of long-term debt | 150 | 50 | |||||||
Total long-term debt, less current portion | $ | 1,879.40 | $ | 1,967.80 | |||||
Earnings_per_Share_Tables
Earnings per Share (Tables) | 9 Months Ended | ||||||||||||||||
Jan. 31, 2014 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Computation of earnings per common share, basic and diluted | ' | ||||||||||||||||
Three Months Ended January 31, | Nine Months Ended January 31, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Net income | $ | 166.7 | $ | 154.2 | $ | 446.7 | $ | 413.9 | |||||||||
Net income allocated to participating securities | 1.2 | 1.4 | 3.5 | 3.6 | |||||||||||||
Net income allocated to common stockholders | $ | 165.5 | $ | 152.8 | $ | 443.2 | $ | 410.3 | |||||||||
Weighted-average common shares outstanding | 103,980,819 | 107,528,722 | 104,456,496 | 108,405,604 | |||||||||||||
Dilutive effect of stock options | 13,623 | 19,655 | 15,210 | 25,263 | |||||||||||||
Weighted-average common shares outstanding – assuming dilution | 103,994,442 | 107,548,377 | 104,471,706 | 108,430,867 | |||||||||||||
Net income per common share | $ | 1.59 | $ | 1.42 | $ | 4.24 | $ | 3.78 | |||||||||
Net income per common share – assuming dilution | $ | 1.59 | $ | 1.42 | $ | 4.24 | $ | 3.78 | |||||||||
Pensions_and_Other_Postretirem1
Pensions and Other Postretirement Benefits (Tables) | 9 Months Ended | ||||||||||||||||
Jan. 31, 2014 | |||||||||||||||||
Pensions and Other Postretirement Benefits [Abstract] | ' | ||||||||||||||||
Net periodic benefit cost | ' | ||||||||||||||||
Three Months Ended January 31, | |||||||||||||||||
Defined Benefit Pension Plans | Other Postretirement Benefits | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Service cost | $ | 2.2 | $ | 2.2 | $ | 0.6 | $ | 0.6 | |||||||||
Interest cost | 5.4 | 6 | 0.6 | 0.8 | |||||||||||||
Expected return on plan assets | -6.3 | -6.4 | — | — | |||||||||||||
Recognized net actuarial loss | 3.3 | 3.3 | — | — | |||||||||||||
Other | 0.3 | 0.3 | -0.3 | -0.1 | |||||||||||||
Net periodic benefit cost | $ | 4.9 | $ | 5.4 | $ | 0.9 | $ | 1.3 | |||||||||
Nine Months Ended January 31, | |||||||||||||||||
Defined Benefit Pension Plans | Other Postretirement Benefits | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Service cost | $ | 6.6 | $ | 6.8 | $ | 1.7 | $ | 1.8 | |||||||||
Interest cost | 16.4 | 18 | 1.7 | 2.3 | |||||||||||||
Expected return on plan assets | -19.1 | -19 | — | — | |||||||||||||
Recognized net actuarial loss | 9.9 | 9.9 | — | — | |||||||||||||
Settlement loss | — | 6.7 | — | — | |||||||||||||
Other | 0.9 | 0.8 | -0.8 | -0.2 | |||||||||||||
Net periodic benefit cost | $ | 14.7 | $ | 23.2 | $ | 2.6 | $ | 3.9 | |||||||||
Derivative_Financial_Instrumen1
Derivative Financial Instruments (Tables) | 9 Months Ended | ||||||||||||||||
Jan. 31, 2014 | |||||||||||||||||
Derivative Financial Instruments [Abstract] | ' | ||||||||||||||||
Fair value of derivative instruments | ' | ||||||||||||||||
January 31, 2014 | April 30, 2013 | ||||||||||||||||
Other | Other | Other | Other | ||||||||||||||
Current | Current | Current | Current | ||||||||||||||
Assets | Liabilities | Assets | Liabilities | ||||||||||||||
Derivatives designated as hedging instruments: | |||||||||||||||||
Interest rate contract | $ | 13.7 | $ | — | $ | — | $ | — | |||||||||
Commodity contracts | 4.6 | 0.9 | 2.1 | 2 | |||||||||||||
Total derivatives designated as hedging instruments | $ | 18.3 | $ | 0.9 | $ | 2.1 | $ | 2 | |||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||||
Commodity contracts | $ | 6.1 | $ | 3.7 | $ | 3.6 | $ | 2.3 | |||||||||
Foreign currency exchange contracts | 3.5 | 0.1 | 0.7 | 0.2 | |||||||||||||
Total derivatives not designated as hedging instruments | $ | 9.6 | $ | 3.8 | $ | 4.3 | $ | 2.5 | |||||||||
Total derivative instruments | $ | 27.9 | $ | 4.7 | $ | 6.4 | $ | 4.5 | |||||||||
Commodity contracts gains and losses recognized on derivatives designated as cash flow hedges | ' | ||||||||||||||||
Three Months Ended January 31, | Nine Months Ended January 31, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Gains (losses) recognized in other comprehensive (loss) income (effective portion) | $ | 4.5 | $ | -8 | $ | -6.1 | $ | -23.3 | |||||||||
Losses reclassified from accumulated other comprehensive loss to cost of products sold (effective portion) | -5.7 | -12 | -18.4 | -31 | |||||||||||||
Change in accumulated other comprehensive loss | $ | 10.2 | $ | 4 | $ | 12.3 | $ | 7.7 | |||||||||
Losses recognized in cost of products sold (ineffective portion) | $ | -0.1 | $ | -0.4 | $ | — | $ | -0.6 | |||||||||
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, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Unrealized gains (losses) on commodity contracts | $ | 1.8 | $ | -0.4 | $ | 4.8 | $ | 8 | |||||||||
Unrealized gains (losses) on foreign currency exchange contracts | 2.2 | -0.1 | 2.3 | 0.9 | |||||||||||||
Total unrealized gains (losses) recognized in cost of products sold | $ | 4 | $ | -0.5 | $ | 7.1 | $ | 8.9 | |||||||||
Realized (losses) gains on commodity contracts | $ | -0.9 | $ | 0.2 | $ | -7 | $ | -0.4 | |||||||||
Realized gains (losses) on foreign currency exchange contracts | 0.7 | 0.1 | 2.5 | -0.1 | |||||||||||||
Total realized (losses) gains recognized in cost of products sold | $ | -0.2 | $ | 0.3 | $ | -4.5 | $ | -0.5 | |||||||||
Total gains (losses) recognized in cost of products sold | $ | 3.8 | $ | -0.2 | $ | 2.6 | $ | 8.4 | |||||||||
Outstanding derivative contracts | ' | ||||||||||||||||
January 31, 2014 | April 30, 2013 | ||||||||||||||||
Commodity contracts | $ | 369 | $ | 347.6 | |||||||||||||
Foreign currency exchange contracts | 95.1 | 56.8 | |||||||||||||||
Interest rate contract | 750 | — | |||||||||||||||
Other_Financial_Instruments_an1
Other Financial Instruments and Fair Value Measurements (Tables) | 9 Months Ended | ||||||||||||||||
Jan. 31, 2014 | |||||||||||||||||
Other Financial Instruments and Fair Value Measurements [Abstract] | ' | ||||||||||||||||
Carrying amount and fair value of financial instruments | ' | ||||||||||||||||
January 31, 2014 | April 30, 2013 | ||||||||||||||||
Carrying | Fair Value | Carrying | Fair Value | ||||||||||||||
Amount | Amount | ||||||||||||||||
Other investments | $ | 54.3 | $ | 54.3 | $ | 48.8 | $ | 48.8 | |||||||||
Derivative financial instruments – net | 23.2 | 23.2 | 1.9 | 1.9 | |||||||||||||
Long-term debt | -2,029.40 | -2,278.00 | -2,017.80 | -2,388.10 | |||||||||||||
Financial assets (liabilities) measured at fair value on a recurring basis | ' | ||||||||||||||||
Quoted Prices in | Significant | Significant | Fair Value at | ||||||||||||||
Active Markets for | Observable | Unobservable | January 31, | ||||||||||||||
Identical Assets | Inputs | Inputs | |||||||||||||||
(Level 1) | (Level 2) | (Level 3) | 2014 | ||||||||||||||
Other investments: (A) | |||||||||||||||||
Equity mutual funds | $ | 21.5 | $ | — | $ | — | $ | 21.5 | |||||||||
Municipal obligations | — | 31.4 | — | 31.4 | |||||||||||||
Other investments | 1.4 | — | — | 1.4 | |||||||||||||
Derivatives: (B) | |||||||||||||||||
Commodity contracts – net | 5.8 | 0.3 | — | 6.1 | |||||||||||||
Foreign currency exchange contracts – net | — | 3.4 | — | 3.4 | |||||||||||||
Interest rate contract – net | — | 13.7 | — | 13.7 | |||||||||||||
Long-term debt (C) | -765.4 | -1,512.60 | — | -2,278.00 | |||||||||||||
Total financial instruments measured at fair value | $ | -736.7 | $ | -1,463.80 | $ | — | $ | -2,200.50 | |||||||||
Quoted Prices in | Significant | Significant | Fair Value at | ||||||||||||||
Active Markets for | Observable | Unobservable | April 30, | ||||||||||||||
Identical Assets | Inputs | Inputs | 2013 | ||||||||||||||
(Level 1) | (Level 2) | (Level 3) | |||||||||||||||
Other investments: (A) | |||||||||||||||||
Equity mutual funds | $ | 21.6 | $ | — | $ | — | $ | 21.6 | |||||||||
Municipal obligations | — | 26.6 | — | 26.6 | |||||||||||||
Other investments | 0.6 | — | — | 0.6 | |||||||||||||
Derivatives: (B) | |||||||||||||||||
Commodity contracts – net | 0.7 | 0.7 | — | 1.4 | |||||||||||||
Foreign currency exchange contracts – net | — | 0.5 | — | 0.5 | |||||||||||||
Long-term debt (C) | -803.6 | -1,584.50 | — | -2,388.10 | |||||||||||||
Total financial instruments measured at fair value | $ | -780.7 | $ | -1,556.70 | $ | — | $ | -2,337.40 | |||||||||
(A) | Other investments consist of funds maintained for the payment of benefits associated with nonqualified retirement plans. The funds include Level 1 equity securities listed in active markets and Level 2 municipal obligations valued by a third party using valuation techniques that utilize inputs which are derived principally from or corroborated by observable market data. As of January 31, 2014, our municipal obligations are scheduled to mature as follows: $0.9 in 2014, $1.6 in 2015, $0.5 in 2016, $1.7 in 2017, and $26.7 in 2018 and beyond. | ||||||||||||||||
(B) | Level 1 commodity contract derivatives are valued using quoted market prices for identical instruments in active markets. Level 2 commodity contract and foreign exchange contract derivatives are valued using quoted prices for similar assets or liabilities in active markets. The Level 2 interest rate contract derivative is valued using the income approach, observable Level 2 market expectations at the measurement date, and standard valuation techniques to convert future amounts to a single discounted present value. Level 2 inputs for the interest rate contract are limited to quoted prices for similar assets or liabilities in active markets and inputs other than quoted prices that are observable for the asset or liability. For additional information, see Note 11: Derivative Financial Instruments. | ||||||||||||||||
(C) | Long-term debt is comprised of public Senior Notes classified as Level 1 and private Senior Notes classified as Level 2. The public Senior 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 fair market yield curve. | ||||||||||||||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income Loss (Tables) | 9 Months Ended | ||||||||||||||||||||
Jan. 31, 2014 | |||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ' | ||||||||||||||||||||
Components of accumulated other comprehensive income (loss) | ' | ||||||||||||||||||||
Foreign | Pension and | Unrealized | Unrealized | Accumulated | |||||||||||||||||
Currency | Other | Gain (Loss) | (Loss) Gain on | Other | |||||||||||||||||
Translation | Postretirement | on Available- | Cash Flow | Comprehensive | |||||||||||||||||
Adjustment | Liabilities (A) | for-Sale | Hedging | Loss | |||||||||||||||||
Securities | Derivatives (B) | ||||||||||||||||||||
Balance at May 1, 2013 | $ | 61.5 | $ | -131.4 | $ | 4.5 | $ | -11.2 | $ | -76.6 | |||||||||||
Reclassification adjustments | — | 8.9 | 18.8 | 27.7 | |||||||||||||||||
Current period (charge) credit | -30.6 | -2.2 | 0.9 | -6.1 | -38 | ||||||||||||||||
Income tax expense | — | -2.5 | -0.3 | -4.6 | -7.4 | ||||||||||||||||
Balance at January 31, 2014 | $ | 30.9 | $ | -127.2 | $ | 5.1 | $ | -3.1 | $ | -94.3 | |||||||||||
(A) | Amortization of net losses was reclassified from accumulated other comprehensive loss to selling, distribution, and administrative expenses. | ||||||||||||||||||||
(B) | Of the total losses reclassified from accumulated other comprehensive loss, $18.4 was reclassified to cost of products sold related to commodity derivatives and $0.4 was reclassified to interest expense related to the interest rate swap. | ||||||||||||||||||||
Guarantor_and_NonGuarantor_Fin1
Guarantor and Non-Guarantor Financial Information (Tables) | 9 Months Ended | |||||||||||||||||||||
Jan. 31, 2014 | ||||||||||||||||||||||
Guarantor and Non - Guarantor Financial Information [Abstract] | ' | |||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME | ' | |||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME | Three Months Ended January 31, 2014 | |||||||||||||||||||||
The J.M. Smucker | Subsidiary | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||||
Company (Parent) | Guarantors | Subsidiaries | ||||||||||||||||||||
Net sales | $ | 791.4 | $ | 311.1 | $ | 1,720.90 | $ | -1,357.90 | $ | 1,465.50 | ||||||||||||
Cost of products sold | 632.7 | 282.6 | 1,372.00 | -1,367.00 | 920.3 | |||||||||||||||||
Gross Profit | 158.7 | 28.5 | 348.9 | 9.1 | 545.2 | |||||||||||||||||
Selling, distribution, and administrative expenses, restructuring, and merger and integration costs | 47.7 | 12.5 | 197.2 | — | 257.4 | |||||||||||||||||
Amortization | 1.1 | — | 23.8 | — | 24.9 | |||||||||||||||||
Other operating expense (income) – net | 0.1 | 0.3 | -1 | — | -0.6 | |||||||||||||||||
Operating Income | 109.8 | 15.7 | 128.9 | 9.1 | 263.5 | |||||||||||||||||
Interest (expense) income – net | -18.8 | 0.3 | 0.1 | — | -18.4 | |||||||||||||||||
Other income – net | 1.3 | 0.1 | — | — | 1.4 | |||||||||||||||||
Equity in net earnings of subsidiaries | 105.8 | 37.3 | 15.7 | -158.8 | — | |||||||||||||||||
Income Before Income Taxes | 198.1 | 53.4 | 144.7 | -149.7 | 246.5 | |||||||||||||||||
Income taxes | 31.4 | 0.1 | 48.3 | — | 79.8 | |||||||||||||||||
Net Income | $ | 166.7 | $ | 53.3 | $ | 96.4 | $ | -149.7 | $ | 166.7 | ||||||||||||
Other comprehensive (loss) income, net of tax | -11.3 | 2.5 | -13.5 | 11 | -11.3 | |||||||||||||||||
Comprehensive Income | $ | 155.4 | $ | 55.8 | $ | 82.9 | $ | -138.7 | $ | 155.4 | ||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME | Three Months Ended January 31, 2013 | |||||||||||||||||||||
The J.M. Smucker | Subsidiary | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||||
Company (Parent) | Guarantors | Subsidiaries | ||||||||||||||||||||
Net sales | $ | 808.2 | $ | 326.2 | $ | 1,465.80 | $ | -1,040.60 | $ | 1,559.60 | ||||||||||||
Cost of products sold | 658.2 | 300.2 | 1,099.70 | -1,034.70 | 1,023.40 | |||||||||||||||||
Gross Profit | 150 | 26 | 366.1 | -5.9 | 536.2 | |||||||||||||||||
Selling, distribution, and administrative expenses, restructuring, and merger and integration costs | 41.7 | 10.4 | 205.7 | — | 257.8 | |||||||||||||||||
Amortization | 1.2 | — | 23 | — | 24.2 | |||||||||||||||||
Other operating income – net | -2.6 | -0.7 | -0.8 | — | -4.1 | |||||||||||||||||
Operating Income | 109.7 | 16.3 | 138.2 | -5.9 | 258.3 | |||||||||||||||||
Interest (expense) income – net | -24.2 | 0.3 | 0.1 | — | -23.8 | |||||||||||||||||
Other (expense) income – net | -10.1 | 0.3 | 9.3 | — | -0.5 | |||||||||||||||||
Equity in net earnings of subsidiaries | 103.3 | 42 | 16.8 | -162.1 | — | |||||||||||||||||
Income Before Income Taxes | 178.7 | 58.9 | 164.4 | -168 | 234 | |||||||||||||||||
Income taxes | 24.5 | 0.1 | 55.2 | — | 79.8 | |||||||||||||||||
Net Income | $ | 154.2 | $ | 58.8 | $ | 109.2 | $ | -168 | $ | 154.2 | ||||||||||||
Other comprehensive income, net of tax | 5.3 | 3.7 | 3.8 | -7.5 | 5.3 | |||||||||||||||||
Comprehensive Income | $ | 159.5 | $ | 62.5 | $ | 113 | $ | -175.5 | $ | 159.5 | ||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME | Nine Months Ended January 31, 2014 | |||||||||||||||||||||
The J.M. Smucker | Subsidiary | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||||
Company (Parent) | Guarantors | Subsidiaries | ||||||||||||||||||||
Net sales | $ | 2,380.00 | $ | 992 | $ | 5,169.50 | $ | -4,165.20 | $ | 4,376.30 | ||||||||||||
Cost of products sold | 1,925.70 | 905.8 | 4,116.90 | -4,162.80 | 2,785.60 | |||||||||||||||||
Gross Profit | 454.3 | 86.2 | 1,052.60 | -2.4 | 1,590.70 | |||||||||||||||||
Selling, distribution, and administrative expenses, restructuring, and merger and integration costs | 151.7 | 35.8 | 603.1 | — | 790.6 | |||||||||||||||||
Amortization | 3.2 | — | 70.9 | — | 74.1 | |||||||||||||||||
Other operating (income) expense – net | -1.3 | 0.4 | -0.7 | — | -1.6 | |||||||||||||||||
Operating Income | 300.7 | 50 | 379.3 | -2.4 | 727.6 | |||||||||||||||||
Interest (expense) income – net | -63.2 | 0.9 | -0.4 | — | -62.7 | |||||||||||||||||
Other income (expense) – net | 1.3 | -0.1 | -0.1 | — | 1.1 | |||||||||||||||||
Equity in net earnings of subsidiaries | 283.9 | 109.5 | 49.8 | -443.2 | — | |||||||||||||||||
Income Before Income Taxes | 522.7 | 160.3 | 428.6 | -445.6 | 666 | |||||||||||||||||
Income taxes | 76 | 0.3 | 143 | — | 219.3 | |||||||||||||||||
Net Income | $ | 446.7 | $ | 160 | $ | 285.6 | $ | -445.6 | $ | 446.7 | ||||||||||||
Other comprehensive (loss) income, net of tax | -17.7 | 7.6 | -22 | 14.4 | -17.7 | |||||||||||||||||
Comprehensive Income | $ | 429 | $ | 167.6 | $ | 263.6 | $ | -431.2 | $ | 429 | ||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME | Nine Months Ended January 31, 2013 | |||||||||||||||||||||
The J.M. Smucker | Subsidiary | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||||
Company (Parent) | Guarantors | Subsidiaries | ||||||||||||||||||||
Net sales | $ | 2,345.20 | $ | 1,002.60 | $ | 4,312.80 | $ | -3,102.60 | $ | 4,558.00 | ||||||||||||
Cost of products sold | 1,945.40 | 921.1 | 3,238.00 | -3,094.40 | 3,010.10 | |||||||||||||||||
Gross Profit | 399.8 | 81.5 | 1,074.80 | -8.2 | 1,547.90 | |||||||||||||||||
Selling, distribution, and administrative expenses, restructuring, merger and integration, and other special project costs | 157.7 | 33.1 | 591.8 | — | 782.6 | |||||||||||||||||
Amortization | 7.1 | — | 65.5 | — | 72.6 | |||||||||||||||||
Other operating (income) expense – net | -3.3 | -2 | 1.6 | — | -3.7 | |||||||||||||||||
Operating Income | 238.3 | 50.4 | 415.9 | -8.2 | 696.4 | |||||||||||||||||
Interest (expense) income – net | -72.1 | 0.9 | -0.1 | — | -71.3 | |||||||||||||||||
Other (expense) income – net | -0.6 | 1 | — | — | 0.4 | |||||||||||||||||
Equity in net earnings of subsidiaries | 302.4 | 115.4 | 51.5 | -469.3 | — | |||||||||||||||||
Income Before Income Taxes | 468 | 167.7 | 467.3 | -477.5 | 625.5 | |||||||||||||||||
Income taxes | 54.1 | 0.3 | 157.2 | — | 211.6 | |||||||||||||||||
Net Income | $ | 413.9 | $ | 167.4 | $ | 310.1 | $ | -477.5 | $ | 413.9 | ||||||||||||
Other comprehensive income, net of tax | 9.1 | 5.3 | 3.4 | -8.7 | 9.1 | |||||||||||||||||
Comprehensive Income | $ | 423 | $ | 172.7 | $ | 313.5 | $ | -486.2 | $ | 423 | ||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEETS | ' | |||||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEETS | January 31, 2014 | |||||||||||||||||||||
The J.M. Smucker | Subsidiary | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||||
Company (Parent) | Guarantors | Subsidiaries | ||||||||||||||||||||
ASSETS | ||||||||||||||||||||||
Current Assets | ||||||||||||||||||||||
Cash and cash equivalents | $ | 18.3 | $ | — | $ | 150.3 | $ | — | $ | 168.6 | ||||||||||||
Inventories | — | 193.9 | 673.3 | -2.4 | 864.8 | |||||||||||||||||
Other current assets | 365.3 | 5 | 104.4 | — | 474.7 | |||||||||||||||||
Total Current Assets | 383.6 | 198.9 | 928 | -2.4 | 1,508.10 | |||||||||||||||||
Property, Plant, and Equipment – Net | 230 | 486.4 | 468.9 | — | 1,185.30 | |||||||||||||||||
Investments in Subsidiaries | 8,275.10 | 4,017.00 | 197.4 | -12,489.50 | — | |||||||||||||||||
Intercompany | -2,771.30 | 301.5 | 1,124.90 | 1,344.90 | — | |||||||||||||||||
Other Noncurrent Assets | ||||||||||||||||||||||
Goodwill | 1,082.00 | — | 2,014.60 | — | 3,096.60 | |||||||||||||||||
Other intangible assets – net | 506.6 | — | 2,541.90 | — | 3,048.50 | |||||||||||||||||
Other noncurrent assets | 70.9 | 13.3 | 66.3 | — | 150.5 | |||||||||||||||||
Total Other Noncurrent Assets | 1,659.50 | 13.3 | 4,622.80 | — | 6,295.60 | |||||||||||||||||
Total Assets | $ | 7,776.90 | $ | 5,017.10 | $ | 7,342.00 | $ | -11,147.00 | $ | 8,989.00 | ||||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||||||||||||||
Current Liabilities | $ | 371.2 | $ | 80.8 | $ | 156.3 | $ | — | $ | 608.3 | ||||||||||||
Noncurrent Liabilities | ||||||||||||||||||||||
Long-term debt | 1,879.40 | — | — | — | 1,879.40 | |||||||||||||||||
Deferred income taxes | 91.4 | — | 913 | — | 1,004.40 | |||||||||||||||||
Other noncurrent liabilities | 230 | 18.1 | 44 | — | 292.1 | |||||||||||||||||
Total Noncurrent Liabilities | 2,200.80 | 18.1 | 957 | — | 3,175.90 | |||||||||||||||||
Total Liabilities | 2,572.00 | 98.9 | 1,113.30 | — | 3,784.20 | |||||||||||||||||
Total Shareholders’ Equity | 5,204.90 | 4,918.20 | 6,228.70 | -11,147.00 | 5,204.80 | |||||||||||||||||
Total Liabilities and Shareholders’ Equity | $ | 7,776.90 | $ | 5,017.10 | $ | 7,342.00 | $ | -11,147.00 | $ | 8,989.00 | ||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEETS | April 30, 2013 | |||||||||||||||||||||
The J.M. Smucker | Subsidiary | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||||
Company (Parent) | Guarantors | Subsidiaries | ||||||||||||||||||||
ASSETS | ||||||||||||||||||||||
Current Assets | ||||||||||||||||||||||
Cash and cash equivalents | $ | 108 | $ | — | $ | 148.4 | $ | — | $ | 256.4 | ||||||||||||
Inventories | — | 225.9 | 733.2 | -13.6 | 945.5 | |||||||||||||||||
Other current assets | 320.4 | 3.3 | 69.6 | — | 393.3 | |||||||||||||||||
Total Current Assets | 428.4 | 229.2 | 951.2 | -13.6 | 1,595.20 | |||||||||||||||||
Property, Plant, and Equipment – Net | 230.9 | 445.1 | 466.5 | — | 1,142.50 | |||||||||||||||||
Investments in Subsidiaries | 7,950.90 | 3,856.60 | 146.6 | -11,954.10 | — | |||||||||||||||||
Intercompany | -2,504.50 | 324.8 | 941.3 | 1,238.40 | — | |||||||||||||||||
Other Noncurrent Assets | ||||||||||||||||||||||
Goodwill | 1,082.00 | — | 1,970.90 | — | 3,052.90 | |||||||||||||||||
Other intangible assets – net | 509.8 | — | 2,579.60 | — | 3,089.40 | |||||||||||||||||
Other noncurrent assets | 72 | 13.7 | 66.1 | — | 151.8 | |||||||||||||||||
Total Other Noncurrent Assets | 1,663.80 | 13.7 | 4,616.60 | — | 6,294.10 | |||||||||||||||||
Total Assets | $ | 7,769.50 | $ | 4,869.40 | $ | 7,122.20 | $ | -10,729.30 | $ | 9,031.80 | ||||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||||||||||||||
Current Liabilities | $ | 317.8 | $ | 104.9 | $ | 174.1 | $ | — | $ | 596.8 | ||||||||||||
Noncurrent Liabilities | ||||||||||||||||||||||
Long-term debt | 1,967.80 | — | — | — | 1,967.80 | |||||||||||||||||
Deferred income taxes | 97.5 | — | 889.7 | — | 987.2 | |||||||||||||||||
Other noncurrent liabilities | 237.6 | 18.1 | 75.5 | — | 331.2 | |||||||||||||||||
Total Noncurrent Liabilities | 2,302.90 | 18.1 | 965.2 | — | 3,286.20 | |||||||||||||||||
Total Liabilities | 2,620.70 | 123 | 1,139.30 | — | 3,883.00 | |||||||||||||||||
Total Shareholders’ Equity | 5,148.80 | 4,746.40 | 5,982.90 | -10,729.30 | 5,148.80 | |||||||||||||||||
Total Liabilities and Shareholders’ Equity | $ | 7,769.50 | $ | 4,869.40 | $ | 7,122.20 | $ | -10,729.30 | $ | 9,031.80 | ||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS | ' | |||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS | Nine Months Ended January 31, 2014 | |||||||||||||||||||||
The J.M. Smucker | Subsidiary | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||||
Company (Parent) | Guarantors | Subsidiaries | ||||||||||||||||||||
Net Cash Provided by Operating Activities | $ | 104.7 | $ | 107.6 | $ | 376.8 | $ | — | $ | 589.1 | ||||||||||||
Investing Activities | ||||||||||||||||||||||
Businesses acquired, net of cash acquired | — | — | -101.8 | — | -101.8 | |||||||||||||||||
Additions to property, plant, and equipment | -20 | -83.8 | -45.1 | — | -148.9 | |||||||||||||||||
Proceeds from disposal of property, plant, and equipment | — | 0.5 | 1.3 | — | 1.8 | |||||||||||||||||
Other – net | -3.4 | -1 | -3.9 | — | -8.3 | |||||||||||||||||
Net Cash Used for Investing Activities | -23.4 | -84.3 | -149.5 | — | -257.2 | |||||||||||||||||
Financing Activities | ||||||||||||||||||||||
Quarterly dividends paid | -177.4 | — | — | — | -177.4 | |||||||||||||||||
Purchase of treasury shares | -227 | — | — | — | -227 | |||||||||||||||||
Proceeds from stock option exercises | 0.4 | — | — | — | 0.4 | |||||||||||||||||
Investments in subsidiaries | -40.3 | -46.6 | 86.9 | — | — | |||||||||||||||||
Intercompany | 266.7 | 23.3 | -290 | — | — | |||||||||||||||||
Other – net | 6.6 | — | -7.8 | — | -1.2 | |||||||||||||||||
Net Cash Used for Financing Activities | -171 | -23.3 | -210.9 | — | -405.2 | |||||||||||||||||
Effect of exchange rate changes on cash | — | — | -14.5 | — | -14.5 | |||||||||||||||||
Net (decrease) increase in cash and cash equivalents | -89.7 | — | 1.9 | — | -87.8 | |||||||||||||||||
Cash and cash equivalents at beginning of period | 108 | — | 148.4 | — | 256.4 | |||||||||||||||||
Cash and Cash Equivalents at End of Period | $ | 18.3 | $ | — | $ | 150.3 | $ | — | $ | 168.6 | ||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS | Nine Months Ended January 31, 2013 | |||||||||||||||||||||
The J.M. Smucker | Subsidiary | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||||
Company (Parent) | Guarantors | Subsidiaries | ||||||||||||||||||||
Net Cash Provided by Operating Activities | $ | 119 | $ | 103.4 | $ | 461.2 | $ | — | $ | 683.6 | ||||||||||||
Investing Activities | ||||||||||||||||||||||
Additions to property, plant, and equipment | -24.9 | -70.7 | -50.9 | — | -146.5 | |||||||||||||||||
Proceeds from disposal of property, plant, and equipment | — | 0.1 | 3 | — | 3.1 | |||||||||||||||||
Other – net | -9.4 | 3.9 | 22.7 | — | 17.2 | |||||||||||||||||
Net Cash Used for Investing Activities | -34.3 | -66.7 | -25.2 | — | -126.2 | |||||||||||||||||
Financing Activities | ||||||||||||||||||||||
Quarterly dividends paid | -166.5 | — | — | — | -166.5 | |||||||||||||||||
Purchase of treasury shares | -175.5 | — | — | — | -175.5 | |||||||||||||||||
Proceeds from stock option exercises | 1.9 | — | — | — | 1.9 | |||||||||||||||||
Investments in subsidiaries | -22.2 | -156.9 | 179.1 | — | — | |||||||||||||||||
Intercompany | 461.1 | 120.2 | -581.3 | — | — | |||||||||||||||||
Other – net | 2.9 | — | -10 | — | -7.1 | |||||||||||||||||
Net Cash Provided By (Used for) Financing Activities | 101.7 | -36.7 | -412.2 | — | -347.2 | |||||||||||||||||
Effect of exchange rate changes | — | — | -1.1 | — | -1.1 | |||||||||||||||||
Net increase in cash and cash equivalents | 186.4 | — | 22.7 | — | 209.1 | |||||||||||||||||
Cash and cash equivalents at beginning of period | 108.3 | — | 121.4 | — | 229.7 | |||||||||||||||||
Cash and Cash Equivalents at End of Period | $ | 294.7 | $ | — | $ | 144.1 | $ | — | $ | 438.8 | ||||||||||||
Acquisitions_Details
Acquisitions (Details) (USD $) | 9 Months Ended | 12 Months Ended |
In Millions, unless otherwise specified | Jan. 31, 2014 | Apr. 30, 2013 |
Summary of changes in the Company's goodwill | ' | ' |
Goodwill, Beginning Balance | $3,052.90 | $3,054.60 |
Acquisitions | 51.7 | ' |
Other | -8 | -1.7 |
Goodwill, Ending Balance | 3,096.60 | 3,052.90 |
U.S. Retail Coffee [Member] | ' | ' |
Summary of changes in the Company's goodwill | ' | ' |
Goodwill, Beginning Balance | 1,720.30 | 1,720.30 |
Acquisitions | 22.7 | ' |
Other | 0.1 | 0 |
Goodwill, Ending Balance | 1,743.10 | 1,720.30 |
U.S. Retail Consumer Foods [Member] | ' | ' |
Summary of changes in the Company's goodwill | ' | ' |
Goodwill, Beginning Balance | 1,034.60 | 1,035.20 |
Acquisitions | 0 | ' |
Other | -2.8 | -0.6 |
Goodwill, Ending Balance | 1,031.80 | 1,034.60 |
International, Foodservice, and Natural Foods [Member] | ' | ' |
Summary of changes in the Company's goodwill | ' | ' |
Goodwill, Beginning Balance | 298 | 299.1 |
Acquisitions | 29 | ' |
Other | -5.3 | -1.1 |
Goodwill, Ending Balance | $321.70 | $298 |
Acquisitions_Details_Textual
Acquisitions (Details Textual) (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Jan. 31, 2014 | Jan. 31, 2013 |
Business Combination Textual (Abstract) | ' | ' |
Goodwill from acquisition | $51.70 | ' |
Business Combination Additional Textual [Abstract] | ' | ' |
Total intangible assets, excluding goodwill, from acquisitions | 37.6 | ' |
Cash payments for acquisitions | 101.8 | 0 |
U.S. Retail Coffee [Member] | ' | ' |
Business Combination Textual (Abstract) | ' | ' |
Goodwill from acquisition | 22.7 | ' |
International, Foodservice, and Natural Foods [Member] | ' | ' |
Business Combination Textual (Abstract) | ' | ' |
Goodwill from acquisition | $29 | ' |
Restructuring_Details
Restructuring (Details) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
In Millions, unless otherwise specified | Jan. 31, 2014 | Jan. 31, 2013 | Jan. 31, 2014 | Jan. 31, 2013 | Apr. 30, 2013 |
Restructuring and related charges | ' | ' | ' | ' | ' |
Total expected restructuring charge | ' | ' | $265 | ' | ' |
Beginning Balance | ' | ' | 7.7 | 8.8 | 8.8 |
Charge to expense | 5.1 | 5.4 | 17.1 | 30.1 | 38.8 |
Cash payments | ' | ' | -17.9 | ' | -31.7 |
Noncash utilization | ' | ' | -2.9 | ' | -8.2 |
Ending Balance | 4 | ' | 4 | ' | 7.7 |
Remaining expected restructuring charge | ' | ' | 20.3 | ' | ' |
Long-Lived Asset Charges [Member] | ' | ' | ' | ' | ' |
Restructuring and related charges | ' | ' | ' | ' | ' |
Total expected restructuring charge | ' | ' | 102.8 | ' | ' |
Beginning Balance | ' | ' | 0 | 0 | 0 |
Charge to expense | ' | ' | 2.7 | ' | 8.2 |
Cash payments | ' | ' | 0 | ' | 0 |
Noncash utilization | ' | ' | -2.7 | ' | -8.2 |
Ending Balance | 0 | ' | 0 | ' | 0 |
Remaining expected restructuring charge | ' | ' | 0.2 | ' | ' |
Employee Separation [Member] | ' | ' | ' | ' | ' |
Restructuring and related charges | ' | ' | ' | ' | ' |
Total expected restructuring charge | ' | ' | 64.2 | ' | ' |
Beginning Balance | ' | ' | 7.7 | 8.8 | 8.8 |
Charge to expense | ' | ' | 2.6 | ' | 3.4 |
Cash payments | ' | ' | -6.1 | ' | -4.5 |
Noncash utilization | ' | ' | -0.2 | ' | 0 |
Ending Balance | 4 | ' | 4 | ' | 7.7 |
Remaining expected restructuring charge | ' | ' | 0.7 | ' | ' |
Site Preparation and Equipment Relocation [Member] | ' | ' | ' | ' | ' |
Restructuring and related charges | ' | ' | ' | ' | ' |
Total expected restructuring charge | ' | ' | 45.6 | ' | ' |
Beginning Balance | ' | ' | 0 | 0 | 0 |
Charge to expense | ' | ' | 5.5 | ' | 13.4 |
Cash payments | ' | ' | -5.5 | ' | -13.4 |
Noncash utilization | ' | ' | 0 | ' | 0 |
Ending Balance | 0 | ' | 0 | ' | 0 |
Remaining expected restructuring charge | ' | ' | 7.1 | ' | ' |
Production Start-up [Member] | ' | ' | ' | ' | ' |
Restructuring and related charges | ' | ' | ' | ' | ' |
Total expected restructuring charge | ' | ' | 42.2 | ' | ' |
Beginning Balance | ' | ' | 0 | 0 | 0 |
Charge to expense | ' | ' | 5.5 | ' | 10.8 |
Cash payments | ' | ' | -5.5 | ' | -10.8 |
Noncash utilization | ' | ' | 0 | ' | 0 |
Ending Balance | 0 | ' | 0 | ' | 0 |
Remaining expected restructuring charge | ' | ' | 10.1 | ' | ' |
Other Costs [Member] | ' | ' | ' | ' | ' |
Restructuring and related charges | ' | ' | ' | ' | ' |
Total expected restructuring charge | ' | ' | 10.2 | ' | ' |
Beginning Balance | ' | ' | 0 | 0 | 0 |
Charge to expense | ' | ' | 0.8 | ' | 3 |
Cash payments | ' | ' | -0.8 | ' | -3 |
Noncash utilization | ' | ' | 0 | ' | 0 |
Ending Balance | 0 | ' | 0 | ' | 0 |
Remaining expected restructuring charge | ' | ' | $2.20 | ' | ' |
Restructuring_Details_Textual
Restructuring (Details Textual) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
In Millions, unless otherwise specified | Jan. 31, 2014 | Jan. 31, 2013 | Jan. 31, 2014 | Jan. 31, 2013 | Apr. 30, 2013 |
Position | |||||
Restructuring (Textual) [Abstract] | ' | ' | ' | ' | ' |
Percent of estimated position reductions incurred-to-date due to restructuring plan | 90.00% | ' | 90.00% | ' | ' |
Total expected restructuring charge | ' | ' | $265 | ' | ' |
Restructuring costs incurred announcement-to-date | ' | ' | 244.7 | ' | ' |
Reduction in positions due to restructuring | ' | ' | 850 | ' | ' |
Total restructuring charges | 5.1 | 5.4 | 17.1 | 30.1 | 38.8 |
Cost of products sold restructuring | $1.60 | $0.80 | $5.10 | $6.40 | ' |
Common_Shares_Details
Common Shares (Details) (USD $) | 9 Months Ended | 12 Months Ended |
In Millions, except Share data, unless otherwise specified | Jan. 31, 2014 | Apr. 30, 2013 |
Common Shares Information | ' | ' |
Common shares authorized | 300,000,000 | 150,000,000 |
Common shares outstanding | 104,544,135 | 106,486,935 |
Treasury shares | 24,061,030 | 22,118,230 |
Common Shares (Additional Textual) [Abstract] | ' | ' |
Shares repurchased during period | 2,100,000 | 4,000,000 |
Purchase amount for shares repurchased | $213.60 | $359.40 |
Shares remaining for repurchase | 2,900,000 | ' |
Common shares authorized | 300,000,000 | 150,000,000 |
Reportable_Segments_Details
Reportable Segments (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Jan. 31, 2014 | Jan. 31, 2013 | Jan. 31, 2014 | Jan. 31, 2013 |
Net sales: | ' | ' | ' | ' |
Net sales | $1,465.50 | $1,559.60 | $4,376.30 | $4,558 |
Segment profit: | ' | ' | ' | ' |
Segment profit | 332.7 | 331.2 | 945.7 | 933.6 |
Interest expense - net | -18.4 | -23.8 | -62.7 | -71.3 |
Cost of products sold - restructuring and merger and integration | -2.9 | -1.2 | -6.7 | -7.6 |
Other restructuring and merger and integration costs | -7.1 | -6.8 | -19.8 | -35.5 |
Other special project costs | 0 | 0 | 0 | -6.7 |
Corporate administrative expenses | -59.2 | -64.9 | -191.6 | -187.4 |
Other income (expense) - net | 1.4 | -0.5 | 1.1 | 0.4 |
Income before income taxes | 246.5 | 234 | 666 | 625.5 |
U.S. Retail Coffee [Member] | ' | ' | ' | ' |
Net sales: | ' | ' | ' | ' |
Net sales | 578.9 | 627.7 | 1,688.20 | 1,771 |
Segment profit: | ' | ' | ' | ' |
Segment profit | 182.3 | 175.2 | 508.9 | 459.8 |
U.S. Retail Consumer Foods [Member] | ' | ' | ' | ' |
Net sales: | ' | ' | ' | ' |
Net sales | 557.8 | 581.3 | 1,706.80 | 1,729 |
Segment profit: | ' | ' | ' | ' |
Segment profit | 105.6 | 106.2 | 301.2 | 325.1 |
International, Foodservice, and Natural Foods [Member] | ' | ' | ' | ' |
Net sales: | ' | ' | ' | ' |
Net sales | 328.8 | 350.6 | 981.3 | 1,058 |
Segment profit: | ' | ' | ' | ' |
Segment profit | $44.80 | $49.80 | $135.60 | $148.70 |
Reportable_Segments_Details_Te
Reportable Segments (Details Textual) | 9 Months Ended |
Jan. 31, 2014 | |
Industry | |
Segment | |
Reportable Segments (Textual) [Abstract] | ' |
Number of Reportable Segments | 3 |
Number of industries in which Company operates | 1 |
Debt_and_Financing_Arrangement2
Debt and Financing Arrangements (Details) (USD $) | Jan. 31, 2014 | Apr. 30, 2013 |
In Millions, unless otherwise specified | ||
Debt and Financing Arrangements [Abstract] | ' | ' |
Total long-term debt | $2,029.40 | $2,017.80 |
Current portion of long-term debt | 150 | 50 |
Total long-term debt, less current portion | 1,879.40 | 1,967.80 |
4.78% Senior Notes due June 1, 2014 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Company issued Senior Notes | 100 | 100 |
6.12% Senior Notes due November 1, 2015 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Company issued Senior Notes | 24 | 24 |
6.63% Senior Notes due November 1, 2018 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Company issued Senior Notes | 392.8 | 395 |
3.50% Senior Notes due October 15, 2021 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Company issued Senior Notes | 762.6 | 748.8 |
5.55% Senior Notes due April 1, 2022 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Company issued Senior Notes | 350 | 350 |
4.50% Senior Notes due June 1, 2025 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Company issued Senior Notes | $400 | $400 |
Debt_and_Financing_Arrangement3
Debt and Financing Arrangements (Details Textual) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||||||||||
Jan. 31, 2014 | Jan. 31, 2013 | Jan. 31, 2014 | Jan. 31, 2013 | Oct. 31, 2013 | Sep. 05, 2013 | Jan. 31, 2014 | Jan. 31, 2014 | Apr. 30, 2013 | Jan. 31, 2014 | Apr. 30, 2013 | Jan. 31, 2014 | Apr. 30, 2013 | Jan. 31, 2014 | Apr. 30, 2013 | Apr. 30, 2014 | Jan. 31, 2014 | Apr. 30, 2013 | Jun. 01, 2020 | Jan. 31, 2014 | Apr. 30, 2013 | |
Bank | Bank | Interest rate contracts - net [Member] | 4.78% Senior Notes due June 1, 2014 [Member] | 4.78% Senior Notes due June 1, 2014 [Member] | 6.12% Senior Notes due November 1, 2015 [Member] | 6.12% Senior Notes due November 1, 2015 [Member] | 6.63% Senior Notes due November 1, 2018 [Member] | 6.63% Senior Notes due November 1, 2018 [Member] | 3.50% Senior Notes due October 15, 2021 [Member] | 3.50% Senior Notes due October 15, 2021 [Member] | 5.55% Senior Notes due April 1, 2022 [Member] | 5.55% Senior Notes due April 1, 2022 [Member] | 5.55% Senior Notes due April 1, 2022 [Member] | 4.50% Senior Notes due June 1, 2025 [Member] | 4.50% Senior Notes due June 1, 2025 [Member] | 4.50% Senior Notes due June 1, 2025 [Member] | |||||
Debt and Financing Arrangements (Textual) [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of notes | ' | ' | ' | ' | ' | ' | ' | 4.78% | 4.78% | 6.12% | 6.12% | 6.63% | 6.63% | 3.50% | 3.50% | ' | 5.55% | 5.55% | ' | 4.50% | 4.50% |
Payment of Senior Notes due in fiscal 2014 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $50,000,000 | ' | ' | ' | ' | ' |
First period payment of Senior Notes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100,000,000 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gain recognized on derivative instrument | ' | ' | ' | ' | ' | ' | 13,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt and Financing Arrangements (Additional Textual) [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of banks | 11 | ' | 11 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revolving credit facility maximum borrowing capacity | 1,500,000,000 | ' | 1,500,000,000 | ' | ' | 1,000,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revolving credit facility, expiration date | 6-Sep-18 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of the principal amount thereof which company can prepay | 100.00% | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest paid | 22,600,000 | 22,100,000 | 67,800,000 | 71,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Notional amount | 750,000,000 | ' | 750,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding balance under revolving credit facility | $0 | ' | $0 | ' | $207,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Earnings_per_Share_Details
Earnings per Share (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Jan. 31, 2014 | Jan. 31, 2013 | Jan. 31, 2014 | Jan. 31, 2013 |
Net income (loss) allocated to common stockholders | ' | ' | ' | ' |
Net income | $166.70 | $154.20 | $446.70 | $413.90 |
Net income allocated to participating securities | 1.2 | 1.4 | 3.5 | 3.6 |
Net income allocated to common stockholders | $165.50 | $152.80 | $443.20 | $410.30 |
Weighted-average common shares, basic and diluted | ' | ' | ' | ' |
Weighted-average common shares outstanding | 103,980,819 | 107,528,722 | 104,456,496 | 108,405,604 |
Dilutive effect of stock options | 13,623 | 19,655 | 15,210 | 25,263 |
Weighted-average common shares outstanding - assuming dilution | 103,994,442 | 107,548,377 | 104,471,706 | 108,430,867 |
Computation of net income per common share: | ' | ' | ' | ' |
Net income per common share | $1.59 | $1.42 | $4.24 | $3.78 |
Net income per common share - assuming dilution | $1.59 | $1.42 | $4.24 | $3.78 |
Pensions_and_Other_Postretirem2
Pensions and Other Postretirement Benefits (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Jan. 31, 2014 | Jan. 31, 2013 | Jan. 31, 2014 | Jan. 31, 2013 |
Defined Benefit Pension Plans [Member] | ' | ' | ' | ' |
Components of net periodic benefit cost | ' | ' | ' | ' |
Service cost | $2.20 | $2.20 | $6.60 | $6.80 |
Interest cost | 5.4 | 6 | 16.4 | 18 |
Expected return on plan assets | -6.3 | -6.4 | -19.1 | -19 |
Recognized net actuarial loss | 3.3 | 3.3 | 9.9 | 9.9 |
Settlement loss | ' | ' | 0 | 6.7 |
Other | 0.3 | 0.3 | 0.9 | 0.8 |
Net periodic benefit cost | 4.9 | 5.4 | 14.7 | 23.2 |
Other Postretirement Benefits [Member] | ' | ' | ' | ' |
Components of net periodic benefit cost | ' | ' | ' | ' |
Service cost | 0.6 | 0.6 | 1.7 | 1.8 |
Interest cost | 0.6 | 0.8 | 1.7 | 2.3 |
Expected return on plan assets | 0 | 0 | 0 | 0 |
Recognized net actuarial loss | 0 | 0 | 0 | 0 |
Settlement loss | ' | ' | 0 | 0 |
Other | -0.3 | -0.1 | -0.8 | -0.2 |
Net periodic benefit cost | $0.90 | $1.30 | $2.60 | $3.90 |
Derivative_Financial_Instrumen2
Derivative Financial Instruments (Details) (USD $) | Jan. 31, 2014 | Apr. 30, 2013 |
In Millions, unless otherwise specified | ||
Other Current Assets [Member] | ' | ' |
Fair value of derivative instruments [Line Items] | ' | ' |
Derivatives Instruments, Assets | $27.90 | $6.40 |
Other Current Assets [Member] | Designated as hedging instruments [Member] | ' | ' |
Fair value of derivative instruments [Line Items] | ' | ' |
Derivatives Instruments, Assets | 18.3 | 2.1 |
Other Current Assets [Member] | Not designated as hedging instruments [Member] | ' | ' |
Fair value of derivative instruments [Line Items] | ' | ' |
Derivatives Instruments, Assets | 9.6 | 4.3 |
Other Current Assets [Member] | Commodity contracts [Member] | Designated as hedging instruments [Member] | ' | ' |
Fair value of derivative instruments [Line Items] | ' | ' |
Derivatives Instruments, Assets | 4.6 | 2.1 |
Other Current Assets [Member] | Commodity contracts [Member] | Not designated as hedging instruments [Member] | ' | ' |
Fair value of derivative instruments [Line Items] | ' | ' |
Derivatives Instruments, Assets | 6.1 | 3.6 |
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 | 3.5 | 0.7 |
Other Current Assets [Member] | Interest Rate Contract [Member] | Designated as hedging instruments [Member] | ' | ' |
Fair value of derivative instruments [Line Items] | ' | ' |
Derivatives Instruments, Assets | 13.7 | 0 |
Other Current Liabilities [Member] | ' | ' |
Fair value of derivative instruments [Line Items] | ' | ' |
Derivatives Instruments, Liabilities | 4.7 | 4.5 |
Other Current Liabilities [Member] | Designated as hedging instruments [Member] | ' | ' |
Fair value of derivative instruments [Line Items] | ' | ' |
Derivatives Instruments, Liabilities | 0.9 | 2 |
Other Current Liabilities [Member] | Not designated as hedging instruments [Member] | ' | ' |
Fair value of derivative instruments [Line Items] | ' | ' |
Derivatives Instruments, Liabilities | 3.8 | 2.5 |
Other Current Liabilities [Member] | Commodity contracts [Member] | Designated as hedging instruments [Member] | ' | ' |
Fair value of derivative instruments [Line Items] | ' | ' |
Derivatives Instruments, Liabilities | 0.9 | 2 |
Other Current Liabilities [Member] | Commodity contracts [Member] | Not designated as hedging instruments [Member] | ' | ' |
Fair value of derivative instruments [Line Items] | ' | ' |
Derivatives Instruments, Liabilities | 3.7 | 2.3 |
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 | 0.1 | 0.2 |
Other Current Liabilities [Member] | Interest Rate Contract [Member] | Designated as hedging instruments [Member] | ' | ' |
Fair value of derivative instruments [Line Items] | ' | ' |
Derivatives Instruments, Liabilities | $0 | $0 |
Derivative_Financial_Instrumen3
Derivative Financial Instruments (Details 1) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Jan. 31, 2014 | Jan. 31, 2013 | Jan. 31, 2014 | Jan. 31, 2013 |
Cash flow hedging derivative instruments gain loss | ' | ' | ' | ' |
Change in accumulated other comprehensive loss | $10.20 | $4 | $12.30 | $7.70 |
Commodity Contracts [Member] | ' | ' | ' | ' |
Cash flow hedging derivative instruments gain loss | ' | ' | ' | ' |
Gains (losses) recognized in other comprehensive (loss) income (effective portion) | 4.5 | -8 | -6.1 | -23.3 |
Losses reclassified from accumulated other comprehensive loss to earnings (effective portion) | -5.7 | -12 | -18.4 | -31 |
Losses recognized in cost of products sold (ineffective portion) | -0.1 | -0.4 | 0 | -0.6 |
Interest rate contract [Member] | ' | ' | ' | ' |
Cash flow hedging derivative instruments gain loss | ' | ' | ' | ' |
Losses reclassified from accumulated other comprehensive loss to earnings (effective portion) | ($0.10) | ($0.10) | ($0.40) | ($0.40) |
Derivative_Financial_Instrumen4
Derivative Financial Instruments (Details 2) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Jan. 31, 2014 | Jan. 31, 2013 | Jan. 31, 2014 | Jan. 31, 2013 |
Gains and losses recognized in cost of products sold on derivatives not designated as qualified hedging instruments | ' | ' | ' | ' |
Unrealized gains (losses) recognized in cost of products sold | $4 | ($0.50) | $7.10 | $8.90 |
Realized (losses) gains recognized in cost of products sold | -0.2 | 0.3 | -4.5 | -0.5 |
Total gains (losses) recognized in cost of products sold | 3.8 | -0.2 | 2.6 | 8.4 |
Commodity Contracts [Member] | ' | ' | ' | ' |
Gains and losses recognized in cost of products sold on derivatives not designated as qualified hedging instruments | ' | ' | ' | ' |
Unrealized gains (losses) recognized in cost of products sold | 1.8 | -0.4 | 4.8 | 8 |
Realized (losses) gains recognized in cost of products sold | -0.9 | 0.2 | -7 | -0.4 |
Foreign currency exchange contracts [Member] | ' | ' | ' | ' |
Gains and losses recognized in cost of products sold on derivatives not designated as qualified hedging instruments | ' | ' | ' | ' |
Unrealized gains (losses) recognized in cost of products sold | 2.2 | -0.1 | 2.3 | 0.9 |
Realized (losses) gains recognized in cost of products sold | $0.70 | $0.10 | $2.50 | ($0.10) |
Derivative_Financial_Instrumen5
Derivative Financial Instruments (Details 3) (USD $) | Jan. 31, 2014 | Apr. 30, 2013 |
Outstanding derivative contracts | ' | ' |
Gross contract notional amount | $750,000,000 | ' |
Commodity contracts [Member] | ' | ' |
Outstanding derivative contracts | ' | ' |
Gross contract notional amount | 369,000,000 | 347,600,000 |
Foreign currency exchange contracts [Member] | ' | ' |
Outstanding derivative contracts | ' | ' |
Gross contract notional amount | 95,100,000 | 56,800,000 |
Interest rate contract [Member] | ' | ' |
Outstanding derivative contracts | ' | ' |
Gross contract notional amount | $750,000,000 | $0 |
Derivative_Financial_Instrumen6
Derivative Financial Instruments (Details Textual) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Millions, unless otherwise specified | Jan. 31, 2014 | Jan. 31, 2013 | Jan. 31, 2014 | Jan. 31, 2013 | Apr. 30, 2013 |
Derivative Financial Instruments (Additional Textual) [Abstract] | ' | ' | ' | ' | ' |
Cash margin accounts related to derivative instruments recognized | $6.70 | ' | $6.70 | ' | $5.50 |
Interest rate contract [Member] | ' | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' |
Gain recognized on derivative instrument | 13.7 | ' | 13.7 | ' | ' |
3.50% Senior Notes due October 15, 2021 [Member] | ' | ' | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' | ' | ' |
Interest rate on notes | 3.50% | ' | 3.50% | ' | 3.50% |
Commodity contracts [Member] | ' | ' | ' | ' | ' |
Derivative Financial Instruments (Textual) [Abstract] | ' | ' | ' | ' | ' |
Derivative instrument maturity | ' | ' | '1 year | ' | ' |
Deferred pre-tax loss included in accumulated other comprehensive loss | ' | ' | ' | ' | -12.2 |
Tax impact related to deferred losses and gains on cash flow hedges included in accumulated other comprehensive loss | ' | ' | ' | ' | 4.4 |
Maximum expected recognized period of deferred loss in earnings | ' | ' | '1 year | ' | ' |
Losses reclassified from other comprehensive income to interest expense | 5.7 | 12 | 18.4 | 31 | ' |
Interest rate contract [Member] | ' | ' | ' | ' | ' |
Derivative Financial Instruments (Textual) [Abstract] | ' | ' | ' | ' | ' |
Deferred pre-tax loss included in accumulated other comprehensive loss | -5 | ' | -5 | ' | -5.4 |
Tax impact related to deferred losses and gains on cash flow hedges included in accumulated other comprehensive loss | 1.8 | ' | 1.8 | ' | 1.9 |
Expected period for recognition of the hedge loss reclassified to interest expense | ' | ' | '12 months | ' | ' |
Losses reclassified from other comprehensive income to interest expense | $0.10 | $0.10 | $0.40 | $0.40 | ' |
Foreign currency exchange contracts [Member] | ' | ' | ' | ' | ' |
Derivative Financial Instruments (Textual) [Abstract] | ' | ' | ' | ' | ' |
Derivative instrument maturity | ' | ' | '1 year | ' | ' |
Other_Financial_Instruments_an2
Other Financial Instruments and Fair Value Measurements (Details) (USD $) | Jan. 31, 2014 | Apr. 30, 2013 |
In Millions, unless otherwise specified | ||
Carrying amount and fair value of financial instruments | ' | ' |
Long-term debt | ($2,029.40) | ($2,017.80) |
Long-term debt | -2,278 | -2,388.10 |
Carrying Amount [Member] | ' | ' |
Carrying amount and fair value of financial instruments | ' | ' |
Other investments | 54.3 | 48.8 |
Derivative financial instruments - net | 23.2 | 1.9 |
Long-term debt | -2,029.40 | -2,017.80 |
Fair Value [Member] | ' | ' |
Carrying amount and fair value of financial instruments | ' | ' |
Other investments | 54.3 | 48.8 |
Derivative financial instruments - net | $23.20 | $1.90 |
Other_Financial_Instruments_an3
Other Financial Instruments and Fair Value Measurements (Details 1) (USD $) | Jan. 31, 2014 | Apr. 30, 2013 | ||
In Millions, unless otherwise specified | ||||
Financial assets (liabilities) measured at fair value on a recurring basis | ' | ' | ||
Long-term debt | ($2,278) | ($2,388.10) | ||
Interest rate contracts - net [Member] | ' | ' | ||
Financial assets (liabilities) measured at fair value on a recurring basis | ' | ' | ||
Derivatives | 13.7 | ' | ||
Fair value measurements recurring [Member] | ' | ' | ||
Financial assets (liabilities) measured at fair value on a recurring basis | ' | ' | ||
Long-term debt | -2,278 | [1] | -2,388.10 | [1] |
Total financial instruments measured at fair value | -2,200.50 | -2,337.40 | ||
Fair value measurements recurring [Member] | Equity mutual funds [Member] | ' | ' | ||
Financial assets (liabilities) measured at fair value on a recurring basis | ' | ' | ||
Other investments | 21.5 | [2] | 21.6 | [2] |
Fair value measurements recurring [Member] | Municipal obligations [Member] | ' | ' | ||
Financial assets (liabilities) measured at fair value on a recurring basis | ' | ' | ||
Other investments | 31.4 | [2] | 26.6 | [2] |
Fair value measurements recurring [Member] | Other investments [Member] | ' | ' | ||
Financial assets (liabilities) measured at fair value on a recurring basis | ' | ' | ||
Other investments | 1.4 | [2] | 0.6 | [2] |
Fair value measurements recurring [Member] | Commodity contracts - net [Member] | ' | ' | ||
Financial assets (liabilities) measured at fair value on a recurring basis | ' | ' | ||
Derivatives | 6.1 | [3] | 1.4 | [3] |
Fair value measurements recurring [Member] | Foreign currency exchange contracts - net [Member] | ' | ' | ||
Financial assets (liabilities) measured at fair value on a recurring basis | ' | ' | ||
Derivatives | 3.4 | [3] | 0.5 | [3] |
Fair value measurements recurring [Member] | Interest rate contracts - net [Member] | ' | ' | ||
Financial assets (liabilities) measured at fair value on a recurring basis | ' | ' | ||
Derivatives | 13.7 | [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 | -765.4 | [1] | -803.6 | [1] |
Total financial instruments measured at fair value | -736.7 | -780.7 | ||
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 | 21.5 | [2] | 21.6 | [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 | 1.4 | [2] | 0.6 | [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 | 5.8 | [3] | 0.7 | [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 | 0 | [3] | 0 | [3] |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Fair value measurements recurring [Member] | Interest rate contracts - net [Member] | ' | ' | ||
Financial assets (liabilities) measured at fair value on a recurring basis | ' | ' | ||
Derivatives | 0 | [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 | -1,512.60 | [1] | -1,584.50 | [1] |
Total financial instruments measured at fair value | -1,463.80 | -1,556.70 | ||
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 | 31.4 | [2] | 26.6 | [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 | 0.3 | [3] | 0.7 | [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 | 3.4 | [3] | 0.5 | [3] |
Significant Observable Inputs (Level 2) [Member] | Fair value measurements recurring [Member] | Interest rate contracts - net [Member] | ' | ' | ||
Financial assets (liabilities) measured at fair value on a recurring basis | ' | ' | ||
Derivatives | 13.7 | [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] |
Significant Unobservable Inputs (Level 3) [Member] | Fair value measurements recurring [Member] | Interest rate contracts - net [Member] | ' | ' | ||
Financial assets (liabilities) measured at fair value on a recurring basis | ' | ' | ||
Derivatives | $0 | [3] | ' | |
[1] | Long-term debt is comprised of public Senior Notes classified as Level 1 and private Senior Notes classified as Level 2. The public Senior 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 fair market yield curve. | |||
[2] | Other investments consist of funds maintained for the payment of benefits associated with nonqualified retirement plans. The funds include Level 1 equity securities listed in active markets and Level 2 municipal obligations valued by a third party using valuation techniques that utilize inputs which are derived principally from or corroborated by observable market data. As of January 31, 2014, our municipal obligations are scheduled to mature as follows: $0.9 in 2014, $1.6 in 2015, $0.5 in 2016, $1.7 in 2017, and $26.7 in 2018 and beyond. | |||
[3] | Level 1 commodity contract derivatives are valued using quoted market prices for identical instruments in active markets. Level 2 commodity contract and foreign exchange contract derivatives are valued using quoted prices for similar assets or liabilities in active markets. The Level 2 interest rate contract derivative is valued using the income approach, observable Level 2 market expectations at the measurement date, and standard valuation techniques to convert future amounts to a single discounted present value. Level 2 inputs for the interest rate contract are limited to quoted prices for similar assets or liabilities in active markets and inputs other than quoted prices that are observable for the asset or liability. For additional information, see Note 11: Derivative Financial Instruments. |
Other_Financial_Instruments_an4
Other Financial Instruments and Fair Value Measurements (Details Textual) (USD $) | Jan. 31, 2014 |
In Millions, unless otherwise specified | |
Other Financial Instruments and Fair Value Measurements (Textual) [Abstract] | ' |
Company's Municipal bond mature in 2014 | $0.90 |
Company's Municipal bond mature in 2015 | 1.6 |
Company's Municipal bond mature in 2016 | 0.5 |
Company's Municipal bond mature in 2017 | 1.7 |
Company's Municipal bond mature in 2018 and beyond | $26.70 |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Jan. 31, 2014 |
Income Taxes (Textual) [Abstract] | ' |
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 | $1.50 |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income Loss (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Millions, unless otherwise specified | Jan. 31, 2014 | Jan. 31, 2013 | Jan. 31, 2014 | Jan. 31, 2013 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ' | ' | ' | ' | |
Foreign Currency Translation Adjustment, Beginning Balance | ' | ' | $61.50 | ' | |
Reclassification adjustments, Foreign Currency Translation Adjustment | ' | ' | 0 | ' | |
Current period (charge) credit, Foreign Currency Translation Adjustment | ' | ' | -30.6 | ' | |
Income tax expense, Foreign Currency Translation Adjustment | ' | ' | 0 | ' | |
Foreign Currency Translation Adjustment, Ending Balance | 30.9 | ' | 30.9 | ' | |
Pension and Other Postretirement Liabilities, Beginning Balance | ' | ' | -131.4 | ' | |
Reclassification adjustments, Pension and Other Postretirement Liabilities | ' | ' | 8.9 | [1] | ' |
Current period (charge) credit, Pension and Other Postretirement Liabilities | ' | ' | -2.2 | ' | |
Income tax expense, Pension and Other Postretirement Liabilities | ' | ' | -2.5 | ' | |
Pension and Other Postretirement Liabilities, Ending Balance | -127.2 | ' | -127.2 | ' | |
Unrealized Gain (Loss) on Available-for-Sale Securities, Beginning Balance | ' | ' | 4.5 | ' | |
Reclassification adjustments, Unrealized Gain (Loss) on Available-for-Sale Securities | ' | ' | 0 | ' | |
Current period (charge) credit, Unrealized Gain (Loss) on Available-for-Sale Securities | ' | ' | 0.9 | ' | |
Income tax expense, Unrealized Gain (Loss) on Available-for-Sale Securities | ' | ' | -0.3 | ' | |
Unrealized Gain (Loss) on Available-for-Sale Securities, Ending Balance | 5.1 | ' | 5.1 | ' | |
Unrealized (Loss) Gain on Cash Flow Hedging Derivatives, Beginning Balance | ' | ' | -11.2 | ' | |
Reclassification adjustments, Unrealized (Loss) Gain on Cash Flow Hedging Derivatives | ' | ' | 18.8 | [2] | ' |
Current period (charge) credit, Unrealized (Loss) Gain on Cash Flow Hedging Derivative | ' | ' | -6.1 | ' | |
Income tax expense, Unrealized (Loss) Gain on Cash Flow Hedging Derivatives | ' | ' | -4.6 | ' | |
Unrealized (Loss) Gain on Cash Flow Hedging Derivatives, Ending Balance | -3.1 | ' | -3.1 | ' | |
Accumulated Other Comprehensive (Loss) Income, Beginning Balance | ' | ' | -76.6 | ' | |
Reclassification adjustments, Accumulated Other Comprehensive (Loss) Income | ' | ' | 27.7 | ' | |
Current period (charge) credit, Accumulated Other Comprehensive (Loss) Income | ' | ' | -38 | ' | |
Income tax expense, Accumulated Other Comprehensive (Loss) Income | ' | ' | -7.4 | ' | |
Accumulated Other Comprehensive (Loss) Income, Ending Balance | -94.3 | ' | -94.3 | ' | |
Commodity contracts [Member] | ' | ' | ' | ' | |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | |
Losses reclassified from other comprehensive income to interest expense | 5.7 | 12 | 18.4 | 31 | |
Interest rate contract [Member] | ' | ' | ' | ' | |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | |
Losses reclassified from other comprehensive income to interest expense | $0.10 | $0.10 | $0.40 | $0.40 | |
[1] | Amortization of net losses was reclassified from accumulated other comprehensive loss to selling, distribution, and administrative expenses. | ||||
[2] | Of the total losses reclassified from accumulated other comprehensive loss, $18.4 was reclassified to cost of products sold related to commodity derivatives and $0.4 was reclassified to interest expense related to the interest rate swap. |
Guarantor_and_NonGuarantor_Fin2
Guarantor and Non-Guarantor Financial Information (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Jan. 31, 2014 | Jan. 31, 2013 | Jan. 31, 2014 | Jan. 31, 2013 |
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME | ' | ' | ' | ' |
Net sales | $1,465.50 | $1,559.60 | $4,376.30 | $4,558 |
Cost of products sold | 920.3 | 1,023.40 | 2,785.60 | 3,010.10 |
Gross Profit | 545.2 | 536.2 | 1,590.70 | 1,547.90 |
Selling, distribution, and administrative expenses, restructuring, merger and integration, and other special project costs | 257.4 | 257.8 | 790.6 | 782.6 |
Amortization | 24.9 | 24.2 | 74.1 | 72.6 |
Other operating income - net | -0.6 | -4.1 | -1.6 | -3.7 |
Operating Income | 263.5 | 258.3 | 727.6 | 696.4 |
Interest (expense) income - net | -18.4 | -23.8 | -62.7 | -71.3 |
Other income (expense) - net | 1.4 | -0.5 | 1.1 | 0.4 |
Equity in net earnings of subsidiaries | 0 | 0 | 0 | 0 |
Income Before Income Taxes | 246.5 | 234 | 666 | 625.5 |
Income taxes | 79.8 | 79.8 | 219.3 | 211.6 |
Net Income | 166.7 | 154.2 | 446.7 | 413.9 |
Other comprehensive (loss) income, net of tax | -11.3 | 5.3 | -17.7 | 9.1 |
Comprehensive Income | 155.4 | 159.5 | 429 | 423 |
Eliminations [Member] | ' | ' | ' | ' |
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME | ' | ' | ' | ' |
Net sales | -1,357.90 | -1,040.60 | -4,165.20 | -3,102.60 |
Cost of products sold | -1,367 | -1,034.70 | -4,162.80 | -3,094.40 |
Gross Profit | 9.1 | -5.9 | -2.4 | -8.2 |
Selling, distribution, and administrative expenses, restructuring, merger and integration, and other special project costs | 0 | 0 | 0 | 0 |
Amortization | 0 | 0 | 0 | 0 |
Other operating income - net | 0 | 0 | 0 | 0 |
Operating Income | 9.1 | -5.9 | -2.4 | -8.2 |
Interest (expense) income - net | 0 | 0 | 0 | 0 |
Other income (expense) - net | 0 | 0 | 0 | 0 |
Equity in net earnings of subsidiaries | -158.8 | -162.1 | -443.2 | -469.3 |
Income Before Income Taxes | -149.7 | -168 | -445.6 | -477.5 |
Income taxes | 0 | 0 | 0 | 0 |
Net Income | -149.7 | -168 | -445.6 | -477.5 |
Other comprehensive (loss) income, net of tax | 11 | -7.5 | 14.4 | -8.7 |
Comprehensive Income | -138.7 | -175.5 | -431.2 | -486.2 |
The J.M. Smucker Company (Parent) [Member] | ' | ' | ' | ' |
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME | ' | ' | ' | ' |
Net sales | 791.4 | 808.2 | 2,380 | 2,345.20 |
Cost of products sold | 632.7 | 658.2 | 1,925.70 | 1,945.40 |
Gross Profit | 158.7 | 150 | 454.3 | 399.8 |
Selling, distribution, and administrative expenses, restructuring, merger and integration, and other special project costs | 47.7 | 41.7 | 151.7 | 157.7 |
Amortization | 1.1 | 1.2 | 3.2 | 7.1 |
Other operating income - net | 0.1 | -2.6 | -1.3 | -3.3 |
Operating Income | 109.8 | 109.7 | 300.7 | 238.3 |
Interest (expense) income - net | -18.8 | -24.2 | -63.2 | -72.1 |
Other income (expense) - net | 1.3 | -10.1 | 1.3 | -0.6 |
Equity in net earnings of subsidiaries | 105.8 | 103.3 | 283.9 | 302.4 |
Income Before Income Taxes | 198.1 | 178.7 | 522.7 | 468 |
Income taxes | 31.4 | 24.5 | 76 | 54.1 |
Net Income | 166.7 | 154.2 | 446.7 | 413.9 |
Other comprehensive (loss) income, net of tax | -11.3 | 5.3 | -17.7 | 9.1 |
Comprehensive Income | 155.4 | 159.5 | 429 | 423 |
Subsidiary Guarantors [Member] | ' | ' | ' | ' |
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME | ' | ' | ' | ' |
Net sales | 311.1 | 326.2 | 992 | 1,002.60 |
Cost of products sold | 282.6 | 300.2 | 905.8 | 921.1 |
Gross Profit | 28.5 | 26 | 86.2 | 81.5 |
Selling, distribution, and administrative expenses, restructuring, merger and integration, and other special project costs | 12.5 | 10.4 | 35.8 | 33.1 |
Amortization | 0 | 0 | 0 | 0 |
Other operating income - net | 0.3 | -0.7 | 0.4 | -2 |
Operating Income | 15.7 | 16.3 | 50 | 50.4 |
Interest (expense) income - net | 0.3 | 0.3 | 0.9 | 0.9 |
Other income (expense) - net | 0.1 | 0.3 | -0.1 | 1 |
Equity in net earnings of subsidiaries | 37.3 | 42 | 109.5 | 115.4 |
Income Before Income Taxes | 53.4 | 58.9 | 160.3 | 167.7 |
Income taxes | 0.1 | 0.1 | 0.3 | 0.3 |
Net Income | 53.3 | 58.8 | 160 | 167.4 |
Other comprehensive (loss) income, net of tax | 2.5 | 3.7 | 7.6 | 5.3 |
Comprehensive Income | 55.8 | 62.5 | 167.6 | 172.7 |
Non-Guarantor Subsidiaries [Member] | ' | ' | ' | ' |
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME | ' | ' | ' | ' |
Net sales | 1,720.90 | 1,465.80 | 5,169.50 | 4,312.80 |
Cost of products sold | 1,372 | 1,099.70 | 4,116.90 | 3,238 |
Gross Profit | 348.9 | 366.1 | 1,052.60 | 1,074.80 |
Selling, distribution, and administrative expenses, restructuring, merger and integration, and other special project costs | 197.2 | 205.7 | 603.1 | 591.8 |
Amortization | 23.8 | 23 | 70.9 | 65.5 |
Other operating income - net | -1 | -0.8 | -0.7 | 1.6 |
Operating Income | 128.9 | 138.2 | 379.3 | 415.9 |
Interest (expense) income - net | 0.1 | 0.1 | -0.4 | -0.1 |
Other income (expense) - net | 0 | 9.3 | -0.1 | 0 |
Equity in net earnings of subsidiaries | 15.7 | 16.8 | 49.8 | 51.5 |
Income Before Income Taxes | 144.7 | 164.4 | 428.6 | 467.3 |
Income taxes | 48.3 | 55.2 | 143 | 157.2 |
Net Income | 96.4 | 109.2 | 285.6 | 310.1 |
Other comprehensive (loss) income, net of tax | -13.5 | 3.8 | -22 | 3.4 |
Comprehensive Income | $82.90 | $113 | $263.60 | $313.50 |
Guarantor_and_NonGuarantor_Fin3
Guarantor and Non-Guarantor Financial Information (Details 1) (USD $) | Jan. 31, 2014 | Apr. 30, 2013 | Jan. 31, 2013 | Apr. 30, 2012 |
In Millions, unless otherwise specified | ||||
Current Assets | ' | ' | ' | ' |
Cash and cash equivalents | $168.60 | $256.40 | $438.80 | $229.70 |
Inventories | 864.8 | 945.5 | ' | ' |
Other current assets | 474.7 | 393.3 | ' | ' |
Total Current Assets | 1,508.10 | 1,595.20 | ' | ' |
Property, Plant, and Equipment - Net | 1,185.30 | 1,142.50 | ' | ' |
Investments in Subsidiaries | 0 | 0 | ' | ' |
Intercompany | 0 | 0 | ' | ' |
Other Noncurrent Assets | ' | ' | ' | ' |
Goodwill | 3,096.60 | 3,052.90 | ' | 3,054.60 |
Other intangible assets - net | 3,048.50 | 3,089.40 | ' | ' |
Other noncurrent assets | 150.5 | 151.8 | ' | ' |
Total Other Noncurrent Assets | 6,295.60 | 6,294.10 | ' | ' |
Total Assets | 8,989 | 9,031.80 | ' | ' |
LIABILITIES AND SHAREHOLDERS' EQUITY | ' | ' | ' | ' |
Current Liabilities | 608.3 | 596.8 | ' | ' |
Noncurrent Liabilities | ' | ' | ' | ' |
Long-term debt | 1,879.40 | 1,967.80 | ' | ' |
Deferred income taxes | 1,004.40 | 987.2 | ' | ' |
Other noncurrent liabilities | 292.1 | 331.2 | ' | ' |
Total Noncurrent Liabilities | 3,175.90 | 3,286.20 | ' | ' |
Total Liabilities | 3,784.20 | 3,883 | ' | ' |
Total Shareholders' Equity | 5,204.80 | 5,148.80 | ' | ' |
Total Liabilities and Shareholders' Equity | 8,989 | 9,031.80 | ' | ' |
Eliminations [Member] | ' | ' | ' | ' |
Current Assets | ' | ' | ' | ' |
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Inventories | -2.4 | -13.6 | ' | ' |
Other current assets | 0 | 0 | ' | ' |
Total Current Assets | -2.4 | -13.6 | ' | ' |
Property, Plant, and Equipment - Net | 0 | 0 | ' | ' |
Investments in Subsidiaries | -12,489.50 | -11,954.10 | ' | ' |
Intercompany | 1,344.90 | 1,238.40 | ' | ' |
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 | -11,147 | -10,729.30 | ' | ' |
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 | ' | ' |
Total Liabilities | 0 | 0 | ' | ' |
Total Shareholders' Equity | -11,147 | -10,729.30 | ' | ' |
Total Liabilities and Shareholders' Equity | -11,147 | -10,729.30 | ' | ' |
The J.M. Smucker Company (Parent) [Member] | ' | ' | ' | ' |
Current Assets | ' | ' | ' | ' |
Cash and cash equivalents | 18.3 | 108 | 294.7 | 108.3 |
Inventories | 0 | 0 | ' | ' |
Other current assets | 365.3 | 320.4 | ' | ' |
Total Current Assets | 383.6 | 428.4 | ' | ' |
Property, Plant, and Equipment - Net | 230 | 230.9 | ' | ' |
Investments in Subsidiaries | 8,275.10 | 7,950.90 | ' | ' |
Intercompany | -2,771.30 | -2,504.50 | ' | ' |
Other Noncurrent Assets | ' | ' | ' | ' |
Goodwill | 1,082 | 1,082 | ' | ' |
Other intangible assets - net | 506.6 | 509.8 | ' | ' |
Other noncurrent assets | 70.9 | 72 | ' | ' |
Total Other Noncurrent Assets | 1,659.50 | 1,663.80 | ' | ' |
Total Assets | 7,776.90 | 7,769.50 | ' | ' |
LIABILITIES AND SHAREHOLDERS' EQUITY | ' | ' | ' | ' |
Current Liabilities | 371.2 | 317.8 | ' | ' |
Noncurrent Liabilities | ' | ' | ' | ' |
Long-term debt | 1,879.40 | 1,967.80 | ' | ' |
Deferred income taxes | 91.4 | 97.5 | ' | ' |
Other noncurrent liabilities | 230 | 237.6 | ' | ' |
Total Noncurrent Liabilities | 2,200.80 | 2,302.90 | ' | ' |
Total Liabilities | 2,572 | 2,620.70 | ' | ' |
Total Shareholders' Equity | 5,204.90 | 5,148.80 | ' | ' |
Total Liabilities and Shareholders' Equity | 7,776.90 | 7,769.50 | ' | ' |
Subsidiary Guarantors [Member] | ' | ' | ' | ' |
Current Assets | ' | ' | ' | ' |
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Inventories | 193.9 | 225.9 | ' | ' |
Other current assets | 5 | 3.3 | ' | ' |
Total Current Assets | 198.9 | 229.2 | ' | ' |
Property, Plant, and Equipment - Net | 486.4 | 445.1 | ' | ' |
Investments in Subsidiaries | 4,017 | 3,856.60 | ' | ' |
Intercompany | 301.5 | 324.8 | ' | ' |
Other Noncurrent Assets | ' | ' | ' | ' |
Goodwill | 0 | 0 | ' | ' |
Other intangible assets - net | 0 | 0 | ' | ' |
Other noncurrent assets | 13.3 | 13.7 | ' | ' |
Total Other Noncurrent Assets | 13.3 | 13.7 | ' | ' |
Total Assets | 5,017.10 | 4,869.40 | ' | ' |
LIABILITIES AND SHAREHOLDERS' EQUITY | ' | ' | ' | ' |
Current Liabilities | 80.8 | 104.9 | ' | ' |
Noncurrent Liabilities | ' | ' | ' | ' |
Long-term debt | 0 | 0 | ' | ' |
Deferred income taxes | 0 | 0 | ' | ' |
Other noncurrent liabilities | 18.1 | 18.1 | ' | ' |
Total Noncurrent Liabilities | 18.1 | 18.1 | ' | ' |
Total Liabilities | 98.9 | 123 | ' | ' |
Total Shareholders' Equity | 4,918.20 | 4,746.40 | ' | ' |
Total Liabilities and Shareholders' Equity | 5,017.10 | 4,869.40 | ' | ' |
Non-Guarantor Subsidiaries [Member] | ' | ' | ' | ' |
Current Assets | ' | ' | ' | ' |
Cash and cash equivalents | 150.3 | 148.4 | 144.1 | 121.4 |
Inventories | 673.3 | 733.2 | ' | ' |
Other current assets | 104.4 | 69.6 | ' | ' |
Total Current Assets | 928 | 951.2 | ' | ' |
Property, Plant, and Equipment - Net | 468.9 | 466.5 | ' | ' |
Investments in Subsidiaries | 197.4 | 146.6 | ' | ' |
Intercompany | 1,124.90 | 941.3 | ' | ' |
Other Noncurrent Assets | ' | ' | ' | ' |
Goodwill | 2,014.60 | 1,970.90 | ' | ' |
Other intangible assets - net | 2,541.90 | 2,579.60 | ' | ' |
Other noncurrent assets | 66.3 | 66.1 | ' | ' |
Total Other Noncurrent Assets | 4,622.80 | 4,616.60 | ' | ' |
Total Assets | 7,342 | 7,122.20 | ' | ' |
LIABILITIES AND SHAREHOLDERS' EQUITY | ' | ' | ' | ' |
Current Liabilities | 156.3 | 174.1 | ' | ' |
Noncurrent Liabilities | ' | ' | ' | ' |
Long-term debt | 0 | 0 | ' | ' |
Deferred income taxes | 913 | 889.7 | ' | ' |
Other noncurrent liabilities | 44 | 75.5 | ' | ' |
Total Noncurrent Liabilities | 957 | 965.2 | ' | ' |
Total Liabilities | 1,113.30 | 1,139.30 | ' | ' |
Total Shareholders' Equity | 6,228.70 | 5,982.90 | ' | ' |
Total Liabilities and Shareholders' Equity | $7,342 | $7,122.20 | ' | ' |
Guarantor_and_NonGuarantor_Fin4
Guarantor and Non-Guarantor Financial Information (Details 2) (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Jan. 31, 2014 | Jan. 31, 2013 |
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS | ' | ' |
Net Cash Provided by Operating Activities | $589.10 | $683.60 |
Investing Activities | ' | ' |
Businesses acquired, net of cash acquired | -101.8 | 0 |
Additions to property, plant, and equipment | -148.9 | -146.5 |
Proceeds from disposal of property, plant, and equipment | 1.8 | 3.1 |
Other - net | -8.3 | 17.2 |
Net Cash Used for Investing Activities | -257.2 | -126.2 |
Financing Activities | ' | ' |
Quarterly dividends paid | -177.4 | -166.5 |
Purchase of treasury shares | -227 | -175.5 |
Proceeds from stock option exercises | 0.4 | 1.9 |
Investments in subsidiaries | 0 | 0 |
Intercompany | 0 | 0 |
Other - net | -1.2 | -7.1 |
Net Cash Used for Financing Activities | -405.2 | -347.2 |
Effect of exchange rate changes on cash | -14.5 | -1.1 |
Net (decrease) increase in cash and cash equivalents | -87.8 | 209.1 |
Cash and cash equivalents at beginning of period | 256.4 | 229.7 |
Cash and Cash Equivalents at End of Period | 168.6 | 438.8 |
Eliminations [Member] | ' | ' |
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS | ' | ' |
Net Cash 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 disposal of property, plant, and equipment | 0 | 0 |
Other - net | 0 | 0 |
Net Cash Used for Investing Activities | 0 | 0 |
Financing Activities | ' | ' |
Quarterly dividends paid | 0 | 0 |
Purchase of treasury shares | 0 | 0 |
Proceeds from stock option exercises | 0 | 0 |
Investments in subsidiaries | 0 | 0 |
Intercompany | 0 | 0 |
Other - net | 0 | 0 |
Net Cash Used for Financing Activities | 0 | 0 |
Effect of exchange rate changes on cash | 0 | 0 |
Net (decrease) increase 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 |
The J.M. Smucker Company (Parent) [Member] | ' | ' |
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS | ' | ' |
Net Cash Provided by Operating Activities | 104.7 | 119 |
Investing Activities | ' | ' |
Businesses acquired, net of cash acquired | 0 | ' |
Additions to property, plant, and equipment | -20 | -24.9 |
Proceeds from disposal of property, plant, and equipment | 0 | 0 |
Other - net | -3.4 | -9.4 |
Net Cash Used for Investing Activities | -23.4 | -34.3 |
Financing Activities | ' | ' |
Quarterly dividends paid | -177.4 | -166.5 |
Purchase of treasury shares | -227 | -175.5 |
Proceeds from stock option exercises | 0.4 | 1.9 |
Investments in subsidiaries | -40.3 | -22.2 |
Intercompany | 266.7 | 461.1 |
Other - net | 6.6 | 2.9 |
Net Cash Used for Financing Activities | -171 | 101.7 |
Effect of exchange rate changes on cash | 0 | 0 |
Net (decrease) increase in cash and cash equivalents | -89.7 | 186.4 |
Cash and cash equivalents at beginning of period | 108 | 108.3 |
Cash and Cash Equivalents at End of Period | 18.3 | 294.7 |
Subsidiary Guarantors [Member] | ' | ' |
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS | ' | ' |
Net Cash Provided by Operating Activities | 107.6 | 103.4 |
Investing Activities | ' | ' |
Businesses acquired, net of cash acquired | 0 | ' |
Additions to property, plant, and equipment | -83.8 | -70.7 |
Proceeds from disposal of property, plant, and equipment | 0.5 | 0.1 |
Other - net | -1 | 3.9 |
Net Cash Used for Investing Activities | -84.3 | -66.7 |
Financing Activities | ' | ' |
Quarterly dividends paid | 0 | 0 |
Purchase of treasury shares | 0 | 0 |
Proceeds from stock option exercises | 0 | 0 |
Investments in subsidiaries | -46.6 | -156.9 |
Intercompany | 23.3 | 120.2 |
Other - net | 0 | 0 |
Net Cash Used for Financing Activities | -23.3 | -36.7 |
Effect of exchange rate changes on cash | 0 | 0 |
Net (decrease) increase 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 CONSOLIDATING STATEMENTS OF CASH FLOWS | ' | ' |
Net Cash Provided by Operating Activities | 376.8 | 461.2 |
Investing Activities | ' | ' |
Businesses acquired, net of cash acquired | -101.8 | ' |
Additions to property, plant, and equipment | -45.1 | -50.9 |
Proceeds from disposal of property, plant, and equipment | 1.3 | 3 |
Other - net | -3.9 | 22.7 |
Net Cash Used for Investing Activities | -149.5 | -25.2 |
Financing Activities | ' | ' |
Quarterly dividends paid | 0 | 0 |
Purchase of treasury shares | 0 | 0 |
Proceeds from stock option exercises | 0 | 0 |
Investments in subsidiaries | 86.9 | 179.1 |
Intercompany | -290 | -581.3 |
Other - net | -7.8 | -10 |
Net Cash Used for Financing Activities | -210.9 | -412.2 |
Effect of exchange rate changes on cash | -14.5 | -1.1 |
Net (decrease) increase in cash and cash equivalents | 1.9 | 22.7 |
Cash and cash equivalents at beginning of period | 148.4 | 121.4 |
Cash and Cash Equivalents at End of Period | $150.30 | $144.10 |
Guarantor_and_NonGuarantor_Fin5
Guarantor and Non-Guarantor Financial Information (Details Textual) (3.50% Senior Notes due October 15, 2021 [Member]) | Jan. 31, 2014 | Apr. 30, 2013 | Oct. 18, 2011 |
3.50% Senior Notes due October 15, 2021 [Member] | ' | ' | ' |
Guarantor and Non Guarantor Financial Information (Textual) [Abstract] | ' | ' | ' |
Interest rate on notes | 3.50% | 3.50% | ' |
Percentage ownership of wholly-owned subsidiaries | ' | ' | 100.00% |