Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Apr. 30, 2014 | Jun. 16, 2014 | Oct. 31, 2013 | |
Document and Entity Information [Abstract] | ' | ' | ' |
Entity Registrant Name | 'SMUCKER J M CO | ' | ' |
Entity Central Index Key | '0000091419 | ' | ' |
Document Type | '10-K | ' | ' |
Document Period End Date | 30-Apr-14 | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Fiscal Year Focus | '2014 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Current Fiscal Year End Date | '--04-30 | ' | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Entity Public Float | ' | ' | $10,850,608,010 |
Entity Common Stock, Shares Outstanding | ' | 101,844,465 | ' |
Statements_of_Consolidated_Inc
Statements of Consolidated Income (USD $) | 12 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Apr. 30, 2014 | Apr. 30, 2013 | Apr. 30, 2012 |
Income Statement [Abstract] | ' | ' | ' |
Net sales | $5,610.60 | $5,897.70 | $5,525.80 |
Cost of products sold | 3,570.20 | 3,858.60 | 3,637.40 |
Cost of products sold - restructuring and merger and integration | 9.4 | 11.5 | 43.2 |
Gross Profit | 2,031 | 2,027.60 | 1,845.20 |
Selling, distribution, and administrative expenses | 988.8 | 973.9 | 892.7 |
Amortization | 98.9 | 96.8 | 88.1 |
Impairment charges | 0 | 0 | 4.6 |
Other restructuring and merger and integration costs | 25.6 | 42.8 | 72.5 |
Other special project costs | 0 | 6.7 | 0 |
Loss on divestiture | 0 | 0 | 11.3 |
Other operating income - net | -1.3 | -3 | -2.3 |
Operating Income | 919 | 910.4 | 778.3 |
Interest expense - net | -79.4 | -93.4 | -79.8 |
Other income - net | 10.1 | 0.3 | 2.7 |
Income Before Income Taxes | 849.7 | 817.3 | 701.2 |
Income taxes | 284.5 | 273.1 | 241.5 |
Net Income | $565.20 | $544.20 | $459.70 |
Earnings per common share: | ' | ' | ' |
Net Income | $5.42 | $5 | $4.06 |
Net Income - Assuming Dilution | $5.42 | $5 | $4.06 |
Dividends Declared per Common Share | $2.32 | $2.08 | $1.92 |
Statements_of_Consolidated_Com
Statements of Consolidated Comprehensive Income (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Apr. 30, 2014 | Apr. 30, 2013 | Apr. 30, 2012 |
Statements of Consolidated Comprehensive Income [Abstract] | ' | ' | ' |
Net income | $565.20 | $544.20 | $459.70 |
Other comprehensive income (loss): | ' | ' | ' |
Foreign currency translation adjustments | -29.8 | -5.5 | -14.8 |
Cash flow hedging derivative activity, net of tax | 26.5 | 8 | -25.2 |
Pension and other postretirement benefit plans activity, net of tax | 29.4 | 2.9 | -48.3 |
Available-for-sale securities activity, net of tax | -1.1 | 2 | 0.7 |
Total Other Comprehensive Income (Loss) | 25 | 7.4 | -87.6 |
Comprehensive Income | $590.20 | $551.60 | $372.10 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Apr. 30, 2014 | Apr. 30, 2013 |
In Millions, unless otherwise specified | ||
Current Assets | ' | ' |
Cash and cash equivalents | $153.50 | $256.40 |
Trade receivables, less allowance for doubtful accounts | 309.4 | 313.7 |
Inventories: | ' | ' |
Finished products | 571.5 | 618.9 |
Raw materials | 359.5 | 326.6 |
Total Inventories | 931 | 945.5 |
Other current assets | 145.2 | 79.6 |
Total Current Assets | 1,539.10 | 1,595.20 |
Property, Plant, and Equipment | ' | ' |
Land and land improvements | 99.7 | 98.5 |
Buildings and fixtures | 516 | 494.4 |
Machinery and equipment | 1,384 | 1,267.50 |
Construction in progress | 163.9 | 124.9 |
Property, Plant, and Equipment, Gross | 2,163.60 | 1,985.30 |
Accumulated depreciation | -898 | -842.8 |
Total Property, Plant, and Equipment | 1,265.60 | 1,142.50 |
Other Noncurrent Assets | ' | ' |
Goodwill | 3,098.20 | 3,052.90 |
Other intangible assets - net | 3,024.30 | 3,089.40 |
Other noncurrent assets | 144.9 | 151.8 |
Total Other Noncurrent Assets | 6,267.40 | 6,294.10 |
Total Assets | 9,072.10 | 9,031.80 |
Current Liabilities | ' | ' |
Accounts payable | 289.2 | 285.8 |
Accrued compensation | 57.3 | 69.5 |
Accrued trade marketing and merchandising | 58.5 | 57.4 |
Dividends payable | 59 | 55.4 |
Current portion of long-term debt | 100 | 50 |
Revolving credit facility | 248.4 | 0 |
Other current liabilities | 78.6 | 78.7 |
Total Current Liabilities | 891 | 596.8 |
Noncurrent Liabilities | ' | ' |
Long-term debt | 1,879.80 | 1,967.80 |
Defined benefit pensions | 135.7 | 163 |
Other postretirement benefits | 58.5 | 67.1 |
Deferred income taxes | 1,020.70 | 987.2 |
Other noncurrent liabilities | 56.8 | 101.1 |
Total Noncurrent Liabilities | 3,151.50 | 3,286.20 |
Total Liabilities | 4,042.50 | 3,883 |
Shareholders' Equity | ' | ' |
Serial preferred shares - no par value: Authorized - 6,000,000 shares; outstanding - none | 0 | 0 |
Common shares - no par value: Authorized - 300,000,000 shares; outstanding - 101,697,400 at April 30, 2014, and 106,486,935 at April 30, 2013 (net of 26,907,765 and 22,118,230 treasury shares, respectively), at stated value | 25.4 | 26.6 |
Additional capital | 3,965.80 | 4,125.10 |
Retained income | 1,091 | 1,075.50 |
Amount due from ESOP Trust | -1 | -1.8 |
Accumulated other comprehensive loss | -51.6 | -76.6 |
Total Shareholders' Equity | 5,029.60 | 5,148.80 |
Total Liabilities and Shareholders' Equity | $9,072.10 | $9,031.80 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) | Apr. 30, 2014 | Apr. 30, 2013 |
Consolidated Balance Sheets [Abstract] | ' | ' |
Serial preferred shares, no par value, shares authorized | 6,000,000 | 6,000,000 |
Serial preferred shares, no par value, shares outstanding | 0 | 0 |
Common shares, no par value, shares authorized | 300,000,000 | 150,000,000 |
Common shares, no par value, shares outstanding | 101,697,400 | 106,486,935 |
Treasury shares, shares outstanding | 26,907,765 | 22,118,230 |
Statements_of_Consolidated_Cas
Statements of Consolidated Cash Flows (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Apr. 30, 2014 | Apr. 30, 2013 | Apr. 30, 2012 |
Operating Activities | ' | ' | ' |
Net income | $565.20 | $544.20 | $459.70 |
Adjustments to reconcile net income to net cash provided by operations: | ' | ' | ' |
Depreciation | 150.5 | 143.7 | 120.4 |
Depreciation - restructuring and merger and integration | 7 | 10.4 | 38.5 |
Amortization | 98.9 | 96.8 | 88.1 |
Impairment charges | 0 | 0 | 4.6 |
Share-based compensation expense | 22.9 | 21.3 | 21.7 |
Other restructuring activities | 0 | -0.7 | 8 |
Loss on sale of assets - net | 3 | 4.8 | 3.4 |
Loss on divestiture | 0 | 0 | 11.3 |
Gain on sale of marketable securities | -3.7 | 0 | 0 |
Deferred income tax benefit | -8 | -15.6 | -17.2 |
Changes in assets and liabilities, net of effect from businesses acquired: | ' | ' | ' |
Trade receivables | 6.1 | 33.2 | 9.3 |
Inventories | 15.4 | 15.2 | -48.2 |
Other current assets | -26.9 | 4.6 | 3 |
Accounts payable | 3.3 | 11.2 | 35.8 |
Accrued liabilities | 9.1 | -6.7 | 36.9 |
Proceeds from settlement of interest rate swaps - net | 0 | 0 | 17.7 |
Defined benefit pension contributions | -9.4 | -40 | -11.4 |
Income and other taxes | -9.5 | 3.5 | -3 |
Other - net | 32.1 | 29.9 | -47.7 |
Net Cash Provided by Operating Activities | 856 | 855.8 | 730.9 |
Investing Activities | ' | ' | ' |
Businesses acquired, net of cash acquired | -101.8 | 0 | -737.3 |
Additions to property, plant, and equipment | -279.5 | -206.5 | -274.2 |
Equity investment in affiliate | 0 | 0 | -35.9 |
Proceeds from divestiture | 0 | 0 | 9.3 |
Sales and maturities of marketable securities | 10 | 0 | 18.6 |
Proceeds from disposal of property, plant, and equipment | 10.7 | 3.3 | 4 |
Other - net | -9.7 | 17.6 | -20.4 |
Net Cash Used for Investing Activities | -370.3 | -185.6 | -1,035.90 |
Financing Activities | ' | ' | ' |
Revolving credit facility - net | 248.4 | 0 | 0 |
Repayments of long-term debt | -50 | -50 | 0 |
Proceeds from long-term debt - net | 0 | 0 | 748.6 |
Quarterly dividends paid | -238 | -222.8 | -213.7 |
Purchase of treasury shares | -508.5 | -364.2 | -315.8 |
Proceeds from stock option exercises | 0.5 | 2.2 | 2.8 |
Other - net | -27.9 | -6.2 | -2.3 |
Net Cash (Used for) Provided by Financing Activities | -575.5 | -641 | 219.6 |
Effect of exchange rate changes on cash | -13.1 | -2.5 | -4.7 |
Net (decrease) increase in cash and cash equivalents | -102.9 | 26.7 | -90.1 |
Cash and cash equivalents at beginning of year | 256.4 | 229.7 | 319.8 |
Cash and Cash Equivalents at End of Year | $153.50 | $256.40 | $229.70 |
Statements_of_Consolidated_Sha
Statements of Consolidated Shareholders' Equity (USD $) | Total | Common Shares Outstanding | Common Shares | Additional Capital | Retained Income | Amount Due from ESOP Trust | Accumulated Other Comprehensive (Loss) Income |
In Millions, except Share data, unless otherwise specified | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | |
Balance at Apr. 30, 2011 | $5,292.30 | ' | $28.50 | $4,396.60 | $866.90 | ($3.30) | $3.60 |
Balance, Shares at Apr. 30, 2011 | ' | 114,172,122 | ' | ' | ' | ' | ' |
Statements of Consolidated Shareholders' Equity [Abstract] | ' | ' | ' | ' | ' | ' | ' |
Comprehensive Income | 372.1 | ' | ' | ' | ' | ' | ' |
Statement [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Net income | 459.7 | ' | ' | ' | 459.7 | ' | ' |
Other comprehensive income | -87.6 | ' | ' | ' | ' | ' | -87.6 |
Purchase of treasury shares | -315.8 | ' | -1.1 | -165.6 | -149.1 | ' | ' |
Purchase of treasury shares, shares | ' | -4,236,430 | ' | ' | ' | ' | ' |
Stock plans | 30.4 | ' | 0.2 | 30.2 | ' | ' | ' |
Stock plans, Shares | ' | 349,023 | ' | ' | ' | ' | ' |
Cash dividends declared | -216.3 | ' | ' | ' | -216.3 | ' | ' |
Other | 0.7 | ' | ' | ' | ' | 0.7 | ' |
Balance at Apr. 30, 2012 | 5,163.40 | ' | 27.6 | 4,261.20 | 961.2 | -2.6 | -84 |
Balance, Shares at Apr. 30, 2012 | ' | 110,284,715 | ' | ' | ' | ' | ' |
Statements of Consolidated Shareholders' Equity [Abstract] | ' | ' | ' | ' | ' | ' | ' |
Comprehensive Income | 551.6 | ' | ' | ' | ' | ' | ' |
Statement [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Net income | 544.2 | ' | ' | ' | 544.2 | ' | ' |
Other comprehensive income | 7.4 | ' | ' | ' | ' | ' | 7.4 |
Purchase of treasury shares | -364.2 | ' | -1 | -158.5 | -204.7 | ' | ' |
Purchase of treasury shares, shares | ' | -4,062,682 | ' | ' | ' | ' | ' |
Stock plans | 22.4 | ' | ' | 22.4 | ' | ' | ' |
Stock plans, Shares | ' | 264,902 | ' | ' | ' | ' | ' |
Cash dividends declared | -225.2 | ' | ' | ' | -225.2 | ' | ' |
Other | 0.8 | ' | ' | ' | ' | 0.8 | ' |
Balance at Apr. 30, 2013 | 5,148.80 | ' | 26.6 | 4,125.10 | 1,075.50 | -1.8 | -76.6 |
Balance, Shares at Apr. 30, 2013 | 106,486,935 | 106,486,935 | ' | ' | ' | ' | ' |
Statements of Consolidated Shareholders' Equity [Abstract] | ' | ' | ' | ' | ' | ' | ' |
Comprehensive Income | 590.2 | ' | ' | ' | ' | ' | ' |
Statement [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Net income | 565.2 | ' | ' | ' | 565.2 | ' | ' |
Other comprehensive income | 25 | ' | ' | ' | ' | ' | 25 |
Purchase of treasury shares | -508.5 | ' | -1.3 | -199 | -308.2 | ' | ' |
Purchase of treasury shares, shares | ' | -5,072,158 | ' | ' | ' | ' | ' |
Stock plans | 39.8 | ' | 0.1 | 39.7 | ' | ' | ' |
Stock plans, Shares | ' | 282,623 | ' | ' | ' | ' | ' |
Cash dividends declared | -241.6 | ' | ' | ' | -241.6 | ' | ' |
Other | 0.9 | ' | ' | ' | 0.1 | 0.8 | ' |
Balance at Apr. 30, 2014 | $5,029.60 | ' | $25.40 | $3,965.80 | $1,091 | ($1) | ($51.60) |
Balance, Shares at Apr. 30, 2014 | 101,697,400 | 101,697,400 | ' | ' | ' | ' | ' |
Statements_of_Consolidated_Sha1
Statements of Consolidated Shareholders' Equity (Parenthetical) (Additional Capital, USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Apr. 30, 2014 | Apr. 30, 2013 | Apr. 30, 2012 |
Additional Capital | ' | ' | ' |
Tax benefit of stock plans | $7.30 | $2.90 | $4.80 |
Accounting_Policies
Accounting Policies | 12 Months Ended | ||||||||||||
Apr. 30, 2014 | |||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||
Accounting Policies | ' | ||||||||||||
NOTE 1 | ACCOUNTING POLICIES | ||||||||||||
Principles of Consolidation: The consolidated financial statements include the accounts of the Company, its wholly-owned subsidiaries, and its majority-owned investments, if any. Intercompany transactions and accounts are eliminated in consolidation. | |||||||||||||
Use of Estimates: The preparation of consolidated financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires that we make certain estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Significant estimates in these consolidated financial statements include: allowances for doubtful trade receivables, estimates of future cash flows associated with assets, asset impairments, useful lives and residual values for depreciation and amortization, net realizable value of inventories, accruals for trade marketing and merchandising programs, income taxes, and the determination of discount and other rate assumptions for defined benefit pension and other postretirement benefit expenses. Actual results could differ from these estimates. | |||||||||||||
Revenue Recognition: We recognize revenue, net of estimated returns and allowances, when all of the following criteria have been met: a valid customer order with a determinable price has been received; the product has been shipped and title has transferred to the customer; there is no further significant obligation to assist in the resale of the product; and collectability is reasonably assured. Trade marketing and merchandising programs are classified as a reduction of sales. A provision for estimated returns and allowances is recognized as a reduction of sales at the time revenue is recognized. | |||||||||||||
Major Customer: Sales to Wal-Mart Stores, Inc. and subsidiaries amounted to 27 percent of net sales in 2014 and 26 percent of net sales in both 2013 and 2012. These sales are primarily included in the two U.S. retail market segments. No other customer exceeded 10 percent of net sales for any year. Trade receivables at April 30, 2014 and 2013, included amounts due from Wal-Mart Stores, Inc. and subsidiaries of $76.6 and $92.0, respectively. | |||||||||||||
Shipping and Handling Costs: Shipping and handling costs are included in cost of products sold. | |||||||||||||
Trade Marketing and Merchandising Programs: In order to support our products, various promotional activities are conducted through retail trade, distributors, group purchasing organizations, foodservice operators, or directly with consumers, including in-store display and product placement programs, feature price discounts, coupons, and other similar activities. We regularly review and revise, when we deem necessary, estimates of costs for these promotional programs based on estimates of what will be redeemed by retail trade, distributors, or consumers. These estimates are made using various techniques, including historical data on performance of similar promotional programs. Differences between estimated expenditures and actual performance are recognized as a change in estimate in a subsequent period. As the total promotional expenditures, including amounts classified as a reduction of sales, represented 27 percent, 25 percent, and 23 percent of net sales in 2014, 2013, and 2012, respectively, a possibility exists of materially different reported results if factors such as the level and success of the promotional programs or other conditions differ from expectations. | |||||||||||||
Advertising Expense: Advertising costs are expensed as incurred. Advertising expense was $124.7, $131.6, and $119.6 in 2014, 2013, and 2012, respectively. | |||||||||||||
Research and Development Costs: Total research and development costs were $24.3, $24.7, and $21.9 in 2014, 2013, and 2012, respectively. | |||||||||||||
Share-Based Payments: Share-based compensation expense is recognized on a straight-line basis over the requisite service period, which includes a one-year performance period plus the defined forfeiture period, which is typically four years of service or the attainment of a defined age and years of service. | |||||||||||||
The following table summarizes amounts related to share-based payments. | |||||||||||||
Year Ended April 30, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Share-based compensation expense included in selling, distribution, and administrative expenses | $ | 22.1 | $ | 20.5 | $ | 19.3 | |||||||
Share-based compensation expense included in other restructuring and merger and integration costs | 0.8 | 0.8 | 2.5 | ||||||||||
Total share-based compensation expense | $ | 22.9 | $ | 21.3 | $ | 21.8 | |||||||
Related income tax benefit | $ | 7.7 | $ | 7.1 | $ | 7.5 | |||||||
As of April 30, 2014, total unrecognized share-based compensation cost related to nonvested share-based awards was $33.2. The weighted-average period over which this amount is expected to be recognized is 3.0 years. | |||||||||||||
Corporate income tax benefits realized upon exercise or vesting of an award in excess of that previously recognized in earnings, referred to as excess tax benefits, are presented in the Statements of Consolidated Cash Flows as a financing activity. Realized excess tax benefits are credited to additional capital in the Consolidated Balance Sheets. Realized shortfall tax benefits, amounts which are less than those previously recognized in earnings, are first offset against the cumulative balance of excess tax benefits, if any, and then charged directly to income tax expense. For 2014, 2013, and 2012, the excess tax benefits realized upon exercise or vesting of share-based compensation was $7.3, $2.9, and $4.8, respectively, and classified as other – net under financing activities in the Statements of Consolidated Cash Flows. | |||||||||||||
Defined Contribution Plans: We offer employee savings plans for domestic and Canadian employees. Our contributions under these plans are based on a specified percentage of employee contributions. Charges to operations for these plans in 2014, 2013, and 2012 were $20.1, $18.6, and $16.1, respectively. For information on our defined benefit plans, see Note 7: Pensions and Other Postretirement Benefits. | |||||||||||||
Income Taxes: We account for income taxes using the liability method. Accordingly, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in the applicable tax rate is recognized in income or expense in the period that the change is effective. A valuation allowance is established when it is more likely than not that all or a portion of a deferred tax asset will not be realized. A tax benefit is recognized when it is more likely than not to be sustained. | |||||||||||||
We account for the financial statement recognition and measurement criteria of a tax position taken or expected to be taken in a tax return under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 740, Income Taxes. FASB ASC 740 also provides guidance on derecognition, classification, interest and penalties, accounting in interim periods, and disclosure. | |||||||||||||
In accordance with the requirements of FASB ASC 740, uncertain tax positions have been classified in the Consolidated Balance Sheets as long term, except to the extent payment is expected within one year. We recognize net interest and penalties related to unrecognized tax benefits in income tax expense. | |||||||||||||
Cash and Cash Equivalents: We consider all short-term, highly-liquid investments with a maturity of three months or less when purchased to be cash equivalents. | |||||||||||||
Trade Receivables: In the normal course of business, we extend credit to customers. Trade receivables, less allowance for doubtful accounts, reflects the net realizable value of receivables and approximates fair value. We evaluate our trade receivables and establish an allowance for doubtful accounts based on a combination of factors. When aware that a specific customer has been impacted by circumstances such as bankruptcy filings or deterioration in the customer’s operating results or financial position, potentially making it unable to meet its financial obligations, we record a specific reserve for bad debt to reduce the related receivable to the amount we reasonably believe is collectible. We also record reserves for bad debt for all other customers based on a variety of factors, including the length of time the receivables are past due, historical collection experience, and an evaluation of current and projected economic conditions at the balance sheet date. Trade receivables are charged off against the allowance after we determine that the potential for recovery is remote. At April 30, 2014 and 2013, the allowance for doubtful accounts was $0.9 and $1.3, respectively. We believe there is no concentration of risk with any single customer whose failure or nonperformance would materially affect results other than as discussed in Major Customer. | |||||||||||||
Inventories: Inventories are stated at the lower of cost or market. Cost for all inventories is determined using the first-in, first-out method applied on a consistent basis. | |||||||||||||
The cost of finished products and work-in-process inventory includes materials, direct labor, and overhead. Work-in-process is included in finished products in the Consolidated Balance Sheets and was $62.1 and $64.0 at April 30, 2014 and 2013, respectively. | |||||||||||||
Derivative Financial Instruments: We utilize derivative instruments such as basis contracts, commodity futures and options contracts, foreign currency forwards and options, and interest rate swaps to manage exposures in commodity prices, foreign currency exchange rates, and interest rates. We have policies in place that define acceptable instrument types we may enter into and establish controls to limit our market risk exposure. We account for these derivative instruments in accordance with FASB ASC 815, Derivatives and Hedging, which requires all derivative instruments to be recognized in the financial statements and measured at fair value, regardless of the purpose or intent for holding them. For derivatives designated as cash flow hedges that are used to hedge forecasted transactions, changes in fair value are deferred and recognized in shareholders’ equity as a component of accumulated other comprehensive loss to the extent the hedges are effective and then recognized in the Statements of Consolidated Income in the period during which the hedged transactions affect earnings. Hedge effectiveness is measured at inception and on a monthly basis. Any ineffectiveness associated with the hedge or changes in fair value of derivatives that are nonqualifying are recognized immediately in the Statements of Consolidated Income. Derivatives designated as fair value hedges that are used to hedge against changes in the fair value of the underlying long-term debt are recognized at fair value on the Consolidated Balance Sheets. Changes in the fair value of the derivative are recognized in the Statements of Consolidated Income and are offset by the change in the fair value of the underlying long-term debt. For additional information, see Note 11: Derivative Financial Instruments. | |||||||||||||
Property, Plant, and Equipment: Property, plant, and equipment is recognized at cost and is depreciated on a straight-line basis over the estimated useful life of the asset (3 to 20 years for machinery and equipment, 3 to 7 years for capitalized software costs, and 5 to 40 years for buildings, fixtures, and improvements). | |||||||||||||
We lease certain land, buildings, and equipment for varying periods of time, with renewal options. Rent expense in 2014, 2013, and 2012 totaled $60.6, $59.2, and $56.5, respectively. As of April 30, 2014, our minimum operating lease obligations were as follows: $24.0 in 2015, $23.3 in 2016, $20.5 in 2017, $18.4 in 2018, and $12.7 in 2019. | |||||||||||||
In accordance with FASB ASC 360, Property, Plant, and Equipment, long-lived assets, except goodwill and indefinite-lived intangible assets, are reviewed for impairment when circumstances indicate the carrying value of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of the assets to future net undiscounted cash flows we estimate to be generated by such assets. If such assets are considered to be impaired, the impairment to be recognized is the amount by which the carrying amount of the assets exceeds their estimated fair value. Assets to be disposed of by sale are recognized as held for sale at the lower of carrying value or fair value less cost to sell. | |||||||||||||
Goodwill and Other Intangible Assets: Goodwill is the excess of the purchase price paid over the estimated fair value of the net assets of a business acquired. In accordance with FASB ASC 350, Intangibles – Goodwill and Other, goodwill and other indefinite-lived intangible assets are not amortized but are reviewed at least annually for impairment. We conduct our annual test for impairment of goodwill and other indefinite-lived intangible assets as of February 1 of each year. A discounted cash flow valuation technique is utilized to estimate the fair value of our reporting units and indefinite-lived intangible assets. We also use a market-based approach to estimate the fair value of our reporting units. For annual impairment testing purposes, we have six reporting units. The discount rates utilized in the cash flow analyses are developed using a weighted-average cost of capital methodology. In addition to the annual test, we test for impairment if events or circumstances occur that would more likely than not reduce the fair value of a reporting unit below its carrying amount. Finite-lived intangible assets are amortized on a straight-line basis over their estimated useful lives. For additional information, see Note 6: Goodwill and Other Intangible Assets. | |||||||||||||
Marketable Securities and Other Investments: Under our investment policy, we may invest in debt securities deemed to be investment grade at the time of purchase for general corporate purposes. We determine the appropriate categorization of debt securities at the time of purchase and reevaluate such designation at each balance sheet date. We typically categorize all debt securities as available for sale, as we have the intent to convert these investments into cash if and when needed. Classification of available-for-sale marketable securities as current or noncurrent is based on whether the conversion to cash is expected to be necessary for operations in the upcoming year, which is consistent with the security’s maturity date, if applicable. | |||||||||||||
Securities categorized as available for sale are stated at fair value, with unrealized gains and losses reported as a component of accumulated other comprehensive loss. All available-for-sale marketable securities had matured or were sold prior to April 30, 2012, other than the funds associated with nonqualified retirement plans discussed below. Proceeds of $18.6 were realized upon maturity or sale of available-for-sale marketable securities in 2012 and were reported in sales and maturities of marketable securities in the Statement of Consolidated Cash Flows. We use specific identification to determine the basis on which securities are sold. | |||||||||||||
We also maintain funds for the payment of benefits associated with nonqualified retirement plans. These funds include investments considered to be available-for-sale marketable securities. During 2014, proceeds of $10.0 were realized upon the sale of mutual funds associated with these investments and reported in sales and maturities of marketable securities in the Statement of Consolidated Cash Flows. A gain of $3.7 was also realized and reported in gain on sale of marketable securities in the Statement of Consolidated Cash Flows. At April 30, 2014 and 2013, the fair value of these investments was $55.4 and $48.8, respectively, and was included in other noncurrent assets in the Consolidated Balance Sheets. Included in accumulated other comprehensive loss at April 30, 2014 and 2013, were unrealized pre-tax gains of $5.3 and $7.1, respectively. | |||||||||||||
Equity Method Investment: We have a 25 percent equity interest in Guilin Seamild Biologic Technology Development Co., Ltd. (“Seamild”), a privately-owned manufacturer and marketer of oats products in China. The initial investment in Seamild of $35.9 was recorded at cost and is included in other noncurrent assets in the Consolidated Balance Sheets. The difference between the carrying amount of the investment and the underlying equity in net assets is primarily attributable to goodwill and other intangible assets. Under the equity method of accounting, the investment is adjusted for our proportionate share of earnings or losses, including consideration of basis differences resulting from the difference between the initial carrying amount of the investment and the underlying equity in net assets. The value of our investment did not change significantly and did not have a material impact on the International, Foodservice, and Natural Foods segment or the consolidated financial statements for the years ended April 30, 2014 and 2013. | |||||||||||||
Foreign Currency Translation: Assets and liabilities of foreign subsidiaries are translated using the exchange rates in effect at the balance sheet date, while income and expenses are translated using average rates. Translation adjustments are reported as a component of shareholders’ equity in accumulated other comprehensive loss. Included in accumulated other comprehensive loss at April 30, 2014 and 2013, were foreign currency gains of $31.7 and $61.5, respectively. | |||||||||||||
Recently Issued Accounting Standards: In May 2014, the FASB issued Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers (Topic 606), which was the result of a joint project by the FASB and International Accounting Standards Board to clarify the principles for recognizing revenue and to develop a common revenue standard for U.S. GAAP and International Financial Reporting Standards. The issuance of a comprehensive and converged standard on revenue recognition is expected to enable financial statement users to better understand and consistently analyze an entity’s revenue across industries, transactions, and geographies. The standard will require additional disclosures to help financial statement users better understand the nature, amount, timing, and potential uncertainty of the revenue that is recognized. ASU 2014-09 will be effective for us on May 1, 2017, and will require either retrospective application to each prior reporting period presented or retrospective application with the cumulative effect of initially applying the standard recognized at the date of adoption. We are currently evaluating the impact the application of ASU 2014-09 will have on our financial statements and disclosures. | |||||||||||||
Risks and Uncertainties: The raw materials we use are primarily commodities, agricultural-based products, and packaging materials. The principal packaging materials we use are glass, plastic, steel cans, caps, carton board, and corrugate. The fruit and vegetable raw materials used in the production of our food products are purchased from independent growers and suppliers. Green coffee, peanuts, edible oils, sweeteners, milk, flour, corn, and other ingredients are obtained from various suppliers. The availability, quality, and cost of many of these commodities have fluctuated, and may continue to fluctuate, over time. Green coffee is sourced solely from foreign countries and its supply and price are subject to high volatility due to factors such as weather, global supply and demand, pest damage, speculative influences, and political and economic conditions in the source countries. Raw materials are generally available from numerous sources, although we have elected to source certain plastic packaging materials from single sources of supply pursuant to long-term contracts. While availability may vary from year to year, we believe that we will continue to be able to obtain adequate supplies and that alternatives to single-sourced materials are available. We have not historically encountered significant shortages of key raw materials. We consider our relationships with key material suppliers to be good. | |||||||||||||
Of our total employees, 26 percent are covered by union contracts at eight locations. The contracts vary in term depending on the location, with one contract expiring in 2015, representing 1 percent of our total employees. | |||||||||||||
We insure our business and assets in each country against insurable risks, to the extent that we deem appropriate, based upon an analysis of the relative risks and costs. | |||||||||||||
Reclassifications: Certain prior year amounts have been reclassified to conform to current year classifications. |
Acquisitions
Acquisitions | 12 Months Ended | ||||
Apr. 30, 2014 | |||||
Acquisitions [Abstract] | ' | ||||
Acquisitions | ' | ||||
NOTE 2 | ACQUISITIONS | ||||
During 2014, we completed two acquisitions for aggregate net cash consideration of $101.8, net of working capital adjustments. 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. Valuations resulted in Enray goodwill of $29.3, which was assigned to the International, Foodservice, and Natural Foods segment, and Silocaf goodwill of $22.8, which was assigned to the U.S. Retail Coffee segment. Silocaf goodwill is preliminary pending the finalization of our tax basis. | |||||
The results of operations for both of the acquired businesses are included in the consolidated financial statements from the dates of the transactions and did not have a material impact on the year ended April 30, 2014. | |||||
On January 3, 2012, we completed the acquisition of a majority of the North American foodservice coffee and hot beverage business of the former Sara Lee Corporation, including a liquid coffee manufacturing facility in Suffolk, Virginia, for $420.6 in an all-cash transaction. Utilizing proceeds from the 3.50 percent Senior Notes issued in October 2011, we paid Sara Lee Corporation, renamed The Hillshire Brands Company, $375.6, net of a working capital adjustment, and planned to pay an additional $50.0 in declining installments through June 2021, to a subsidiary of D.E Master Blenders 1753 N.V., an independent public company separated from The Hillshire Brands Company. The $50.0 obligation, included in other current liabilities and other noncurrent liabilities in the Consolidated Balance Sheet, was recognized at a present value of $45.0 and was paid in full as of April 30, 2014. During 2014 and 2013, payments of $35.0 and $10.0, respectively, were made and included in other – net financing on the Statements of Consolidated Cash Flows. | |||||
We incurred one-time costs of $0.9 in 2014, bringing total costs to $26.4 through April 30, 2014, directly related to the integration of the acquired business, and the charges were reported in other restructuring and merger and integration costs in the Statements of Consolidated Income. Total one-time costs related to the acquisition consist primarily of transition services provided by Sara Lee Corporation and employee separation and relocation costs, nearly all of which are cash related. | |||||
The purchase price was allocated to the underlying assets acquired and liabilities assumed based upon their estimated fair values at the date of acquisition. We determined the estimated fair values based on independent appraisals, discounted cash flow analyses, and our own estimates. The purchase price exceeded the estimated fair value of the net identifiable tangible and intangible assets acquired, and, as such, the excess was allocated to goodwill. The amount allocated to goodwill was primarily attributable to anticipated synergies and market expansion. | |||||
The following table summarizes the estimated fair values of the assets acquired and liabilities assumed as part of the acquisition of the North American foodservice coffee and hot beverage business, at the acquisition date. | |||||
Assets acquired: | |||||
Cash and cash equivalents | $ | 1.2 | |||
Other current assets | 42.6 | ||||
Property, plant, and equipment | 92.8 | ||||
Goodwill | 149.9 | ||||
Intangible assets | 138.9 | ||||
Other noncurrent assets | 0.9 | ||||
Total assets acquired | $ | 426.3 | |||
Liabilities assumed: | |||||
Current liabilities | $ | 3.6 | |||
Noncurrent liabilities | 2.1 | ||||
Total liabilities assumed | $ | 5.7 | |||
Net assets acquired | $ | 420.6 | |||
Of the total goodwill assigned to the International, Foodservice, and Natural Foods segment, $146.6 was deductible for income tax purposes. | |||||
The purchase price allocated to the identifiable intangible assets acquired is as follows: | |||||
Intangible assets with finite lives: | |||||
Customer relationships (10-year useful life) | $ | 92 | |||
Technology (10-year useful life) | 23.8 | ||||
Trademarks (6-year weighted-average useful life) | 23.1 | ||||
Total intangible assets | $ | 138.9 | |||
On May 16, 2011, we completed the acquisition of the coffee brands and business operations of Rowland Coffee Roasters, Inc. (“Rowland Coffee”), a privately-held company headquartered in Miami, Florida, for $362.8. The acquisition included a manufacturing, distribution, and office facility in Miami. We utilized cash on hand and borrowed $180.0 under our revolving credit facility to fund the transaction. In addition, we incurred one-time costs of $10.9 in 2014, bringing total costs to $24.3 through April 30, 2014, directly related to the integration of Rowland Coffee, which includes cumulative costs of $10.3 in noncash expense items that were reported in cost of products sold – restructuring and merger and integration. The remaining charges were reported in other restructuring and merger and integration costs in the Statements of Consolidated Income. Total one-time costs related to the acquisition include noncash charges, primarily accelerated depreciation, associated with consolidating coffee production in Miami into our existing facilities in New Orleans, Louisiana. | |||||
The purchase price was allocated to the underlying assets acquired and liabilities assumed based upon their estimated fair values at the date of acquisition. We determined the estimated fair values based on independent appraisals, discounted cash flow analyses, and our own estimates. The purchase price exceeded the estimated fair value of the net identifiable tangible and intangible assets acquired, and, as such, the excess was allocated to goodwill. The amount allocated to goodwill was primarily attributable to anticipated synergies and market expansion. | |||||
The following table summarizes the estimated fair values of the assets acquired and liabilities assumed as part of the Rowland Coffee acquisition, at the acquisition date. | |||||
Assets acquired: | |||||
Current assets | $ | 34 | |||
Property, plant, and equipment | 29.2 | ||||
Goodwill | 91.7 | ||||
Intangible assets | 213.5 | ||||
Total assets acquired | $ | 368.4 | |||
Liabilities assumed: | |||||
Current liabilities | $ | 5.6 | |||
Total liabilities assumed | $ | 5.6 | |||
Net assets acquired | $ | 362.8 | |||
Goodwill of $84.8 and $6.9 was assigned to the U.S. Retail Coffee and the International, Foodservice, and Natural Foods segments, respectively. Total goodwill deductible for income tax purposes was $94.8. | |||||
The purchase price allocated to the identifiable intangible assets acquired is as follows: | |||||
Intangible assets with finite lives: | |||||
Customer relationships (19-year weighted-average useful life) | $ | 147.8 | |||
Trademark (10-year useful life) | 1.6 | ||||
Intangible assets with indefinite lives: | |||||
Trademarks | 64.1 | ||||
Total intangible assets | $ | 213.5 | |||
Restructuring
Restructuring | 12 Months Ended | ||||||||||||||||||||||||
Apr. 30, 2014 | |||||||||||||||||||||||||
Restructuring [Abstract] | ' | ||||||||||||||||||||||||
Restructuring | ' | ||||||||||||||||||||||||
NOTE 3 | 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. Since then, we expanded our restructuring plan to include the Canadian pickle and condiments operations and the capacity expansion of our peanut butter business. Pickle and condiments production was transitioned to third-party manufacturers during 2012. The consolidation of coffee production in New Orleans, Louisiana, related to these restructuring initiatives is complete, and the majority of our retail and foodservice fruit spreads volume is being produced at our new facility in Orrville, Ohio. All of the impacted facilities have been closed, and nearly all of the anticipated 850 full-time positions have been reduced. | |||||||||||||||||||||||||
We expect to incur total restructuring costs of approximately $265.0 for the entire restructuring plan, of which $248.4 has been incurred through April 30, 2014. The majority of the remaining costs are anticipated to be recognized through 2015. | |||||||||||||||||||||||||
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 Charges | Separation | and Equipment | Start-up | ||||||||||||||||||||||
Relocation | |||||||||||||||||||||||||
Total expected restructuring charge | $ | 102.8 | $ | 63.8 | $ | 45.4 | $ | 42.8 | $ | 10.2 | $ | 265 | |||||||||||||
Balance at May 1, 2011 | $ | — | $ | 10.2 | $ | — | $ | — | $ | — | $ | 10.2 | |||||||||||||
Charge to expense | 34.2 | 20.4 | 13 | 10.6 | 2.9 | 81.1 | |||||||||||||||||||
Cash payments | — | -13.8 | -13 | -10.6 | -2.9 | -40.3 | |||||||||||||||||||
Noncash utilization | -34.2 | -8 | — | — | — | -42.2 | |||||||||||||||||||
Balance at April 30, 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 | 7.2 | 7.2 | 1.1 | 20.8 | |||||||||||||||||||
Cash payments | — | -8.4 | -7.2 | -7.2 | -1.1 | -23.9 | |||||||||||||||||||
Noncash utilization | -2.7 | -0.2 | — | — | — | -2.9 | |||||||||||||||||||
Balance at April 30, 2014 | $ | — | $ | 1.7 | $ | — | $ | — | $ | — | $ | 1.7 | |||||||||||||
Remaining expected restructuring charge | $ | 0.2 | $ | 0.3 | $ | 5.2 | $ | 9 | $ | 1.9 | $ | 16.6 | |||||||||||||
During the years ended April 30, 2014, 2013, and 2012, total restructuring charges of $20.8, $38.8, and $81.1, respectively, were reported in the Statements of Consolidated Income. Of the total restructuring charges, $5.1, $10.0, and $38.6 were reported in cost of products sold – restructuring and merger and integration in the years ended April 30, 2014, 2013, and 2012, respectively. The remaining charges were reported in other restructuring and merger and integration costs. The restructuring costs classified as cost of products sold – restructuring and merger and integration primarily include 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 current liabilities in the 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. |
Reportable_Segments
Reportable Segments | 12 Months Ended | ||||||||||||
Apr. 30, 2014 | |||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||
Reportable Segments | ' | ||||||||||||
NOTE 4 | 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 health and natural foods stores and distributors. | |||||||||||||
Segment profit represents revenue, less direct and allocable operating expenses, and is presented consistent with the way in which we manage segments. However, we do not represent that the segments, if operated independently, would report the segment profit set forth below, as segment profit excludes certain operating expenses such as corporate administrative expenses. Segment assets represent direct and allocable assets, including certain corporate-held assets such as property, plant, and equipment, which are also set forth in the following table. | |||||||||||||
Year Ended April 30, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Net sales: | |||||||||||||
U.S. Retail Coffee | $ | 2,161.70 | $ | 2,306.50 | $ | 2,297.70 | |||||||
U.S. Retail Consumer Foods | 2,172.60 | 2,214.80 | 2,094.50 | ||||||||||
International, Foodservice, and Natural Foods | 1,276.30 | 1,376.40 | 1,133.60 | ||||||||||
Total net sales | $ | 5,610.60 | $ | 5,897.70 | $ | 5,525.80 | |||||||
Segment profit: | |||||||||||||
U.S. Retail Coffee | $ | 641.9 | $ | 607.5 | $ | 543 | |||||||
U.S. Retail Consumer Foods | 396.9 | 415.3 | 393.3 | ||||||||||
International, Foodservice, and Natural Foods | 167.1 | 198.2 | 168.6 | ||||||||||
Total segment profit | $ | 1,205.90 | $ | 1,221.00 | $ | 1,104.90 | |||||||
Interest expense – net | -79.4 | -93.4 | -79.8 | ||||||||||
Cost of products sold – restructuring and merger and integration | -9.4 | -11.5 | -43.2 | ||||||||||
Other restructuring and merger and integration costs | -25.6 | -42.8 | -72.5 | ||||||||||
Other special project costs | — | -6.7 | — | ||||||||||
Corporate administrative expenses | -251.9 | -249.6 | -210.9 | ||||||||||
Other income – net | 10.1 | 0.3 | 2.7 | ||||||||||
Income before income taxes | $ | 849.7 | $ | 817.3 | $ | 701.2 | |||||||
Assets: | |||||||||||||
U.S. Retail Coffee | $ | 4,885.60 | $ | 4,882.40 | $ | 5,033.60 | |||||||
U.S. Retail Consumer Foods | 2,684.10 | 2,618.20 | 2,612.70 | ||||||||||
International, Foodservice, and Natural Foods | 1,248.90 | 1,201.30 | 1,179.60 | ||||||||||
Unallocated (A) | 253.5 | 329.9 | 289.3 | ||||||||||
Total assets | $ | 9,072.10 | $ | 9,031.80 | $ | 9,115.20 | |||||||
Depreciation, amortization, and impairment charges: | |||||||||||||
U.S. Retail Coffee | $ | 99.9 | $ | 100.7 | $ | 102.3 | |||||||
U.S. Retail Consumer Foods | 52.9 | 47.1 | 46.7 | ||||||||||
International, Foodservice, and Natural Foods | 67.4 | 63.7 | 37.7 | ||||||||||
Unallocated (B) | 36.2 | 39.4 | 64.9 | ||||||||||
Total depreciation, amortization, and impairment charges | $ | 256.4 | $ | 250.9 | $ | 251.6 | |||||||
Additions to property, plant, and equipment: | |||||||||||||
U.S. Retail Coffee | $ | 50.7 | $ | 46.5 | $ | 86.9 | |||||||
U.S. Retail Consumer Foods | 138.8 | 85.1 | 159.5 | ||||||||||
International, Foodservice, and Natural Foods | 90 | 74.9 | 27.8 | ||||||||||
Total additions to property, plant, and equipment | $ | 279.5 | $ | 206.5 | $ | 274.2 | |||||||
(A) | Primarily represents unallocated cash and cash equivalents and corporate-held investments. | ||||||||||||
(B) | Primarily represents unallocated depreciation expense included in cost of products sold – restructuring and merger and integration and corporate administrative expense, mainly software amortization. | ||||||||||||
Beginning in 2015, our calculation of segment profit will be modified to exclude unallocated gains and losses on commodity and foreign exchange derivatives, which will be reported outside of segment operating results until the related inventory is sold. The mark-to-market gains and losses on derivatives not designated as hedging instruments are currently recorded directly in segment profit as a component of cost of products sold, regardless of when the related commodity affects earnings. We believe this change more accurately aligns the derivative gains and losses with the underlying exposures being hedged and allows the segments to realize the economic effect of the derivative without the mark-to-market volatility. | |||||||||||||
The following table presents certain geographical information. | |||||||||||||
Year Ended April 30, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Net sales: | |||||||||||||
Domestic | $ | 5,092.00 | $ | 5,355.90 | $ | 5,014.70 | |||||||
International: | |||||||||||||
Canada | $ | 437.2 | $ | 459.5 | $ | 447 | |||||||
All other international | 81.4 | 82.3 | 64.1 | ||||||||||
Total international | $ | 518.6 | $ | 541.8 | $ | 511.1 | |||||||
Total net sales | $ | 5,610.60 | $ | 5,897.70 | $ | 5,525.80 | |||||||
Assets: | |||||||||||||
Domestic | $ | 8,650.50 | $ | 8,585.40 | $ | 8,683.50 | |||||||
International: | |||||||||||||
Canada | $ | 257.7 | $ | 396.3 | $ | 386 | |||||||
All other international | 163.9 | 50.1 | 45.7 | ||||||||||
Total international | $ | 421.6 | $ | 446.4 | $ | 431.7 | |||||||
Total assets | $ | 9,072.10 | $ | 9,031.80 | $ | 9,115.20 | |||||||
Long-lived assets (excluding goodwill and other intangible assets): | |||||||||||||
Domestic | $ | 1,355.10 | $ | 1,234.70 | $ | 1,164.80 | |||||||
International: | |||||||||||||
Canada | $ | 16.5 | $ | 20.6 | $ | 28.1 | |||||||
All other international | 38.9 | 39 | 37.2 | ||||||||||
Total international | $ | 55.4 | $ | 59.6 | $ | 65.3 | |||||||
Total long-lived assets (excluding goodwill and other intangible assets) | $ | 1,410.50 | $ | 1,294.30 | $ | 1,230.10 | |||||||
The following table presents product category sales as a percentage of consolidated net sales. | |||||||||||||
Year Ended April 30, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Coffee | 46 | % | 48 | % | 48 | % | |||||||
Peanut butter | 13 | 13 | 12 | ||||||||||
Fruit spreads | 6 | 6 | 7 | ||||||||||
Shortening and oils | 6 | 6 | 7 | ||||||||||
Baking mixes and frostings | 6 | 6 | 6 | ||||||||||
Canned milk | 5 | 4 | 5 | ||||||||||
Flour and baking ingredients | 4 | 4 | 5 | ||||||||||
Juices and beverages | 3 | 3 | 2 | ||||||||||
Frozen handheld | 3 | 3 | 2 | ||||||||||
Portion control | 2 | 2 | 2 | ||||||||||
Toppings and syrups | 2 | 2 | 2 | ||||||||||
Other | 4 | 3 | 2 | ||||||||||
Total product sales | 100 | % | 100 | % | 100 | % | |||||||
Earnings_per_Share
Earnings per Share | 12 Months Ended | ||||||||||||
Apr. 30, 2014 | |||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||
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. | |||||||||||||
Year Ended April 30, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Net income | $ | 565.2 | $ | 544.2 | $ | 459.7 | |||||||
Net income allocated to participating securities | 4.5 | 4.7 | 4.2 | ||||||||||
Net income allocated to common stockholders | $ | 560.7 | $ | 539.5 | $ | 455.5 | |||||||
Weighted-average common shares outstanding | 103,504,121 | 107,881,519 | 112,212,677 | ||||||||||
Dilutive effect of stock options | 14,346 | 23,256 | 49,616 | ||||||||||
Weighted-average common shares outstanding – assuming dilution | 103,518,467 | 107,904,775 | 112,262,293 | ||||||||||
Net income per common share | $ | 5.42 | $ | 5 | $ | 4.06 | |||||||
Net income per common share – assuming dilution | $ | 5.42 | $ | 5 | $ | 4.06 | |||||||
Goodwill_and_Other_Intangible_
Goodwill and Other Intangible Assets | 12 Months Ended | ||||||||||||||||||||||||
Apr. 30, 2014 | |||||||||||||||||||||||||
Goodwill and Other Intangible Assets [Abstract] | ' | ||||||||||||||||||||||||
Goodwill and Other Intangible Assets | ' | ||||||||||||||||||||||||
NOTE 6 | GOODWILL AND OTHER INTANGIBLE ASSETS | ||||||||||||||||||||||||
During 2014, we adopted FASB 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. We did not elect to perform a qualitative test, therefore, the adoption of ASU 2012-02 did not change the process for our February 1, 2014, annual impairment test and did not impact the financial statements or related disclosure. | |||||||||||||||||||||||||
A summary of changes in goodwill during the years ended April 30, 2014 and 2013, by reportable segment is as follows: | |||||||||||||||||||||||||
U.S. Retail | U.S. Retail | International, | Total | ||||||||||||||||||||||
Coffee | Consumer | Foodservice, and | |||||||||||||||||||||||
Foods | 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 | 22.8 | — | 29.3 | 52.1 | |||||||||||||||||||||
Other | — | -2.4 | -4.4 | -6.8 | |||||||||||||||||||||
Balance at April 30, 2014 | $ | 1,743.10 | $ | 1,032.20 | $ | 322.9 | $ | 3,098.20 | |||||||||||||||||
The other amounts represent foreign currency exchange for the years ended April 30, 2014 and 2013. | |||||||||||||||||||||||||
Other intangible assets and related accumulated amortization and impairment charges are as follows: | |||||||||||||||||||||||||
April 30, 2014 | April 30, 2013 | ||||||||||||||||||||||||
Acquisition | Accumulated | Net | Acquisition | Accumulated | Net | ||||||||||||||||||||
Cost | Amortization/ | Cost | Amortization/ | ||||||||||||||||||||||
Impairment | Impairment | ||||||||||||||||||||||||
Charges | Charges | ||||||||||||||||||||||||
Finite-lived intangible assets subject to amortization: | |||||||||||||||||||||||||
Customer and contractual relationships | $ | 1,436.20 | $ | 392.6 | $ | 1,043.60 | $ | 1,415.10 | $ | 314.8 | $ | 1,100.30 | |||||||||||||
Patents and technology | 164.5 | 61.9 | 102.6 | 158.8 | 49.3 | 109.5 | |||||||||||||||||||
Trademarks | 70 | 36.5 | 33.5 | 62.5 | 26.9 | 35.6 | |||||||||||||||||||
Total intangible assets subject to amortization | $ | 1,670.70 | $ | 491 | $ | 1,179.70 | $ | 1,636.40 | $ | 391 | $ | 1,245.40 | |||||||||||||
Indefinite-lived intangible assets not subject to amortization: | |||||||||||||||||||||||||
Trademarks | $ | 1,858.90 | $ | 14.3 | $ | 1,844.60 | $ | 1,855.60 | $ | 11.6 | $ | 1,844.00 | |||||||||||||
Total other intangible assets | $ | 3,529.60 | $ | 505.3 | $ | 3,024.30 | $ | 3,492.00 | $ | 402.6 | $ | 3,089.40 | |||||||||||||
Amortization expense for finite-lived intangible assets was $98.7, $96.6, and $87.7 in 2014, 2013, and 2012, respectively. The weighted-average useful lives of the customer and contractual relationships, patents and technology, and trademarks are 19 years, 14 years, and 10 years, respectively. The weighted-average useful life of the total finite-lived intangible assets is 18 years. Based on the amount of intangible assets subject to amortization at April 30, 2014, the estimated amortization expense is $99.5 for 2015, $99.6 for 2016, $98.9 for 2017, $96.5 for 2018, and $94.9 for 2019. | |||||||||||||||||||||||||
We review goodwill and other indefinite-lived intangible assets at least annually for impairment. The annual impairment review was performed as of February 1, 2014. Goodwill impairment is tested at the reporting unit level. We have six reporting units. No goodwill or other indefinite-lived intangible asset impairment was recognized as a result of the annual evaluation performed as of February 1, 2014. The estimated fair value of each reporting unit and other indefinite-lived intangible asset was substantially in excess of its carrying value as of the annual test date, with the exception of the Crisco trademark. The estimated fair value of the Crisco trademark decreased approximately $7.0, or 4 percent, from 2013 to 2014. We anticipate modest long-term growth for the Crisco business due to the competitive landscape of the category and assumed a long-term growth rate of 2.5 percent for the 2014 impairment test. A sensitivity analysis was performed on the Crisco trademark assuming a hypothetical 50-basis-point increase in the discount rate and a 50-basis-point decrease in the expected long-term growth rate and yielded an estimated fair value slightly below carrying value. The Crisco trademark represents less than 10 percent of total other indefinite-lived intangible assets. | |||||||||||||||||||||||||
Nonrecurring fair value adjustments of $4.6 were recognized related to the impairment of certain intangible assets in 2012. The impairment recognized was related to a finite-lived trademark upon evaluation of the historical performance and future growth of this regional canned milk brand. | |||||||||||||||||||||||||
Pensions_and_Other_Postretirem
Pensions and Other Postretirement Benefits | 12 Months Ended | ||||||||||||||||||||||||
Apr. 30, 2014 | |||||||||||||||||||||||||
Pensions and Other Postretirement Benefits [Abstract] | ' | ||||||||||||||||||||||||
Pensions and Other Postretirement Benefits | ' | ||||||||||||||||||||||||
NOTE 7 | PENSIONS AND OTHER POSTRETIREMENT BENEFITS | ||||||||||||||||||||||||
We have defined benefit pension plans covering certain U.S. and Canadian employees. Benefits are based on the employee’s years of service and compensation. Our plans are funded in conformity with the funding requirements of applicable government regulations. | |||||||||||||||||||||||||
In addition to providing pension benefits, we sponsor several unfunded postretirement plans that provide health care and life insurance benefits to certain retired U.S. and Canadian employees. These plans are contributory, with retiree contributions adjusted periodically, and contain other cost-sharing features, such as deductibles and coinsurance. Covered employees generally are eligible for these benefits when they reach age 55 and have attained 10 years of credited service. | |||||||||||||||||||||||||
Upon completion of the restructuring plan discussed in Note 3: Restructuring, approximately 850 full-time positions will be reduced. As of April 30, 2014, all of the impacted facilities have been closed and nearly all of the anticipated 850 full-time positions have been reduced. We have included the impact of the reductions in measuring the U.S. and Canadian benefit obligation of the pension plans and other postretirement plans at April 30, 2014, 2013, and 2012. Included in the following tables are charges recognized for termination benefits, curtailment, and settlement as a result of the restructuring plan. | |||||||||||||||||||||||||
During 2013, a portion of our terminated pension participants received lump-sum cash settlements in order to reduce our future pension obligation and administrative costs. The charges related to the lump-sum cash settlements are included below in settlement loss and were reported in other special project costs in the Statement of Consolidated Income for the year ended April 30, 2013. The lump-sum offerings in 2013 conclude the pension settlement special project cost activities. | |||||||||||||||||||||||||
The following table summarizes the components of net periodic benefit cost and the change in accumulated other comprehensive loss related to the defined benefit pension and other postretirement plans. | |||||||||||||||||||||||||
Defined Benefit Pension Plans | Other Postretirement Benefits | ||||||||||||||||||||||||
Year Ended April 30, | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | |||||||||||||||||||
Service cost | $ | 8.7 | $ | 8.8 | $ | 8.1 | $ | 2.3 | $ | 2.5 | $ | 2.3 | |||||||||||||
Interest cost | 21.8 | 23.9 | 26.2 | 2.3 | 3 | 3.1 | |||||||||||||||||||
Expected return on plan assets | -25.4 | -25.3 | -27 | — | — | — | |||||||||||||||||||
Amortization of prior service cost (credit) | 1.2 | 1 | 1.1 | -1.1 | -0.4 | -0.4 | |||||||||||||||||||
Amortization of net actuarial loss | 13.2 | 13.1 | 9.4 | — | — | — | |||||||||||||||||||
Curtailment loss (gain) | — | — | 1.1 | — | — | -0.1 | |||||||||||||||||||
Settlement loss | — | 6.7 | 1.1 | — | — | — | |||||||||||||||||||
Termination benefit cost | — | — | 1.8 | — | — | 2 | |||||||||||||||||||
Net periodic benefit cost | $ | 19.5 | $ | 28.2 | $ | 21.8 | $ | 3.5 | $ | 5.1 | $ | 6.9 | |||||||||||||
Other changes in plan assets and benefit liabilities recognized in accumulated other comprehensive loss before income taxes: | |||||||||||||||||||||||||
Prior service (cost) credit arising during the year | $ | — | $ | -4 | $ | — | $ | 1.7 | $ | 9.6 | $ | — | |||||||||||||
Net actuarial gain (loss) arising during the year | 19.3 | -20.5 | -82.1 | 7.5 | -4.5 | -4.2 | |||||||||||||||||||
Amortization of prior service cost (credit) | 1.2 | 1 | 1.1 | -1.1 | -0.4 | -0.4 | |||||||||||||||||||
Amortization of net actuarial loss | 13.2 | 13.1 | 9.4 | — | — | — | |||||||||||||||||||
Curtailment loss (gain) | — | 2 | 1.1 | — | — | -0.1 | |||||||||||||||||||
Settlement loss | — | 6.7 | 1.1 | — | — | — | |||||||||||||||||||
Foreign currency translation | 2.9 | 0.9 | 1.1 | — | — | -0.1 | |||||||||||||||||||
Net change for year | $ | 36.6 | $ | -0.8 | $ | -68.3 | $ | 8.1 | $ | 4.7 | $ | -4.8 | |||||||||||||
Weighted-average assumptions used in determining net periodic benefit costs: | |||||||||||||||||||||||||
U.S. plans: | |||||||||||||||||||||||||
Discount rate | 3.99 | % | 4.7 | % | 5.5 | % | 3.8 | % | 4.7 | % | 5.5 | % | |||||||||||||
Expected return on plan assets | 6.75 | 7 | 7 | — | — | — | |||||||||||||||||||
Rate of compensation increase | 4.13 | 4.12 | 4.14 | — | — | — | |||||||||||||||||||
Canadian plans: | |||||||||||||||||||||||||
Discount rate | 3.65 | % | 4.2 | % | 5 | % | 3.7 | % | 4.2 | % | 5 | % | |||||||||||||
Expected return on plan assets | 5.78 | 6.17 | 6.66 | — | — | — | |||||||||||||||||||
Rate of compensation increase | 3 | 4 | 4 | — | — | — | |||||||||||||||||||
We use a measurement date of April 30 to determine defined benefit pension and other postretirement benefit plans’ assets and benefit obligations. The following table sets forth the combined status of the plans as recognized in the Consolidated Balance Sheets. | |||||||||||||||||||||||||
Defined Benefit Pension Plans | Other Postretirement Benefits | ||||||||||||||||||||||||
April 30, | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
Change in benefit obligation: | |||||||||||||||||||||||||
Benefit obligation at beginning of year | $ | 575.7 | $ | 561.7 | $ | 67.1 | $ | 68.8 | |||||||||||||||||
Service cost | 8.7 | 8.8 | 2.3 | 2.5 | |||||||||||||||||||||
Interest cost | 21.8 | 23.9 | 2.3 | 3 | |||||||||||||||||||||
Amendments | — | 4.2 | -1.7 | -9.6 | |||||||||||||||||||||
Actuarial (gain) loss | -19.7 | 39.6 | -7.5 | 4.5 | |||||||||||||||||||||
Participant contributions | 0.1 | 0.5 | 1.2 | 1.5 | |||||||||||||||||||||
Benefits paid | -34.2 | -43.6 | -3.5 | -3.7 | |||||||||||||||||||||
Foreign currency translation adjustments | -10.1 | -2.6 | -1.1 | -0.2 | |||||||||||||||||||||
Curtailment | — | -2 | — | — | |||||||||||||||||||||
Settlement | — | -14.8 | — | — | |||||||||||||||||||||
Other adjustments | — | — | -0.6 | 0.3 | |||||||||||||||||||||
Benefit obligation at end of year | $ | 542.3 | $ | 575.7 | $ | 58.5 | $ | 67.1 | |||||||||||||||||
Change in plan assets: | |||||||||||||||||||||||||
Fair value of plan assets at beginning of year | $ | 410.7 | $ | 386.5 | $ | — | $ | — | |||||||||||||||||
Actual return on plan assets | 25 | 44.2 | — | — | |||||||||||||||||||||
Company contributions | 9.4 | 40 | 2.3 | 2.2 | |||||||||||||||||||||
Participant contributions | 0.1 | 0.5 | 1.2 | 1.5 | |||||||||||||||||||||
Benefits paid | -34.2 | -43.6 | -3.5 | -3.7 | |||||||||||||||||||||
Foreign currency translation adjustments | -8.9 | -2.1 | — | — | |||||||||||||||||||||
Settlement | — | -14.8 | — | — | |||||||||||||||||||||
Fair value of plan assets at end of year | $ | 402.1 | $ | 410.7 | $ | — | $ | — | |||||||||||||||||
Funded status of the plans | $ | -140.2 | $ | -165 | $ | -58.5 | $ | -67.1 | |||||||||||||||||
Defined benefit pensions | $ | -135.7 | $ | -163 | $ | — | $ | — | |||||||||||||||||
Accrued compensation | -4.5 | -2 | — | — | |||||||||||||||||||||
Postretirement benefits other than pensions | — | — | -58.5 | -67.1 | |||||||||||||||||||||
Net benefit liability | $ | -140.2 | $ | -165 | $ | -58.5 | $ | -67.1 | |||||||||||||||||
The following table summarizes amounts recognized in accumulated other comprehensive loss in the Consolidated Balance Sheets, before income taxes. | |||||||||||||||||||||||||
Defined Benefit Pension Plans | Other Postretirement Benefits | ||||||||||||||||||||||||
April 30, | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
Net actuarial (loss) gain | $ | -166.7 | $ | -202.1 | $ | 5.3 | $ | -2.2 | |||||||||||||||||
Prior service (cost) credit | -4.9 | -6.1 | 11.5 | 10.9 | |||||||||||||||||||||
Total recognized in accumulated other comprehensive loss | $ | -171.6 | $ | -208.2 | $ | 16.8 | $ | 8.7 | |||||||||||||||||
During 2015, we expect to recognize amortization of net actuarial losses and prior service credit of $10.0 and $0.2, respectively, in net periodic benefit cost. | |||||||||||||||||||||||||
The following table sets forth the weighted-average assumptions used in determining the benefit obligations. | |||||||||||||||||||||||||
Defined Benefit Pension Plans | Other Postretirement Benefits | ||||||||||||||||||||||||
April 30, | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
U.S. plans: | |||||||||||||||||||||||||
Discount rate | 4.45 | % | 3.99 | % | 4.3 | % | 3.8 | % | |||||||||||||||||
Rate of compensation increase | 4.13 | 4.12 | — | — | |||||||||||||||||||||
Canadian plans: | |||||||||||||||||||||||||
Discount rate | 4.11 | % | 3.65 | % | 4.1 | % | 3.7 | % | |||||||||||||||||
Rate of compensation increase | 3 | 3 | — | — | |||||||||||||||||||||
For 2015, the assumed health care trend rates are 7.0 percent and 5.5 percent for the U.S. and Canadian plans, respectively. The rate for participants under age 65 is assumed to decrease to 5.0 percent in 2019 and 4.5 percent in 2017 for the U.S. and Canadian plans, respectively. The health care cost trend rate assumption has a significant effect on the amount of the other postretirement benefits obligation and periodic other postretirement benefits cost reported. | |||||||||||||||||||||||||
A one percentage point annual change in the assumed health care cost trend rate would have the following effect as of April 30, 2014: | |||||||||||||||||||||||||
One Percentage Point | |||||||||||||||||||||||||
Increase | Decrease | ||||||||||||||||||||||||
Effect on total service and interest cost components | $ | 0.1 | $ | 0.1 | |||||||||||||||||||||
Effect on benefit obligation | 1.1 | 1.2 | |||||||||||||||||||||||
The following table sets forth selective information pertaining to our Canadian pension and other postretirement benefit plans. | |||||||||||||||||||||||||
Defined Benefit Pension Plans | Other Postretirement Benefits | ||||||||||||||||||||||||
Year Ended April 30, | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
Benefit obligation at end of year | $ | 113.3 | $ | 125.7 | $ | 11.4 | $ | 13.5 | |||||||||||||||||
Fair value of plan assets at end of year | 105.6 | 107.1 | — | — | |||||||||||||||||||||
Funded status of the plans | $ | -7.7 | $ | -18.6 | $ | -11.4 | $ | -13.5 | |||||||||||||||||
Components of net periodic benefit cost: | |||||||||||||||||||||||||
Service cost | $ | 0.5 | $ | 1.3 | $ | — | $ | — | |||||||||||||||||
Interest cost | 4.2 | 5 | 0.5 | 0.6 | |||||||||||||||||||||
Expected return on plan assets | -5.8 | -6.2 | — | — | |||||||||||||||||||||
Amortization of net actuarial loss | 1.3 | 1.7 | — | — | |||||||||||||||||||||
Net periodic benefit cost | $ | 0.2 | $ | 1.8 | $ | 0.5 | $ | 0.6 | |||||||||||||||||
Changes in plan assets: | |||||||||||||||||||||||||
Company contributions | $ | 5.4 | $ | 5 | $ | 0.8 | $ | 0.9 | |||||||||||||||||
Participant contributions | 0.1 | 0.4 | — | — | |||||||||||||||||||||
Benefits paid | -8.6 | -9.4 | -0.8 | -0.9 | |||||||||||||||||||||
Actual return on plan assets | 10.6 | 8.7 | — | — | |||||||||||||||||||||
Foreign currency translation | -8.9 | -2.1 | — | — | |||||||||||||||||||||
The following table sets forth additional information related to our defined benefit pension plans. | |||||||||||||||||||||||||
April 30, | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Accumulated benefit obligation for all pension plans | $ | 507.3 | $ | 539 | |||||||||||||||||||||
Plans with an accumulated benefit obligation in excess of plan assets: | |||||||||||||||||||||||||
Accumulated benefit obligation | $ | 507.3 | $ | 539 | |||||||||||||||||||||
Fair value of plan assets | 402.1 | 410.7 | |||||||||||||||||||||||
Plans with a projected benefit obligation in excess of plan assets: | |||||||||||||||||||||||||
Projected benefit obligation | $ | 542.3 | $ | 575.7 | |||||||||||||||||||||
Fair value of plan assets | 402.1 | 410.7 | |||||||||||||||||||||||
We employ a total return on investment approach for the defined benefit pension plans’ assets. A mix of equity, fixed-income, and alternative investments is used to maximize the long-term rate of return on assets for the level of risk. In determining the expected long-term rate of return on the defined benefit pension plans’ assets, we consider the historical rates of return, the nature of investments, the asset allocation, and expectations of future investment strategies. The actual rate of return was 6.9 percent and 12.6 percent for the years ended April 30, 2014 and 2013, respectively. | |||||||||||||||||||||||||
The following tables summarize the fair value of the major asset classes for the U.S. and Canadian defined benefit pension plans and the levels within the fair value hierarchy in which the fair value measurements fall. | |||||||||||||||||||||||||
Quoted Prices in | Significant | Significant | Fair Value at | ||||||||||||||||||||||
Active Markets for | Observable | Unobservable | April 30, 2014 | ||||||||||||||||||||||
Identical Assets | Inputs | Inputs | |||||||||||||||||||||||
(Level 1) | (Level 2) | (Level 3) | |||||||||||||||||||||||
Cash and cash equivalents (A) | $ | 2 | $ | — | $ | — | $ | 2 | |||||||||||||||||
Equity securities: | |||||||||||||||||||||||||
U.S. (B) | 91 | 16.4 | — | 107.4 | |||||||||||||||||||||
International (C) | 72.3 | 12.4 | — | 84.7 | |||||||||||||||||||||
Fixed-income securities: | |||||||||||||||||||||||||
Bonds (D) | 148.2 | — | — | 148.2 | |||||||||||||||||||||
Fixed income (E) | 44.8 | — | — | 44.8 | |||||||||||||||||||||
Other types of investments: | |||||||||||||||||||||||||
Private equity fund (F) | — | — | 15 | 15 | |||||||||||||||||||||
Total financial assets measured at fair value | $ | 358.3 | $ | 28.8 | $ | 15 | $ | 402.1 | |||||||||||||||||
Quoted Prices in | Significant | Significant | Fair Value at | ||||||||||||||||||||||
Active Markets for | Observable | Unobservable | April 30, 2013 | ||||||||||||||||||||||
Identical Assets | Inputs | Inputs | |||||||||||||||||||||||
(Level 1) | (Level 2) | (Level 3) | |||||||||||||||||||||||
Cash and cash equivalents (A) | $ | 4.4 | $ | — | $ | — | $ | 4.4 | |||||||||||||||||
Equity securities: | |||||||||||||||||||||||||
U.S. (B) | 97.2 | 16.8 | — | 114 | |||||||||||||||||||||
International (C) | 72.1 | 12.9 | — | 85 | |||||||||||||||||||||
Fixed-income securities: | |||||||||||||||||||||||||
Bonds (D) | 147.7 | — | — | 147.7 | |||||||||||||||||||||
Fixed income (E) | 44.6 | — | — | 44.6 | |||||||||||||||||||||
Other types of investments: | |||||||||||||||||||||||||
Private equity fund (F) | — | — | 15 | 15 | |||||||||||||||||||||
Total financial assets measured at fair value | $ | 366 | $ | 29.7 | $ | 15 | $ | 410.7 | |||||||||||||||||
(A) | This category includes money market holdings with maturities of three months or less and are classified as Level 1. Based on the short-term nature of these assets, carrying value approximates fair value. | ||||||||||||||||||||||||
(B) | This category is invested primarily in a diversified portfolio of common stocks and index funds that invest in U.S. stocks with market capitalization ranges similar to those found in the various Russell Indexes and are traded on active exchanges. The Level 1 assets are valued using quoted market prices for identical securities in active markets. The Level 2 assets are funds that consist of equity securities traded on active exchanges. | ||||||||||||||||||||||||
(C) | This category is invested primarily in common stocks and other equity securities traded on active exchanges whose issuers are located outside the U.S. The fund invests primarily in developed countries, but may also invest in emerging markets. The Level 1 assets are valued using quoted market prices for identical securities in active markets. The Level 2 assets are funds that consist of equity securities traded on active exchanges. | ||||||||||||||||||||||||
(D) | This category is comprised of bond funds which seek to duplicate the return characteristics of high-quality corporate bonds with a duration range of 10 to 13 years. The Level 1 assets are valued using quoted market prices for identical securities in active markets. | ||||||||||||||||||||||||
(E) | This category is comprised of fixed-income funds that invest primarily in government-related bonds of non-U.S. issuers and include investments in the Canadian market as well as emerging markets. The Level 1 assets are valued using quoted market prices for identical securities in active markets. | ||||||||||||||||||||||||
(F) | This category is comprised of one fund that consists primarily of limited partnership interests in corporate finance and venture capital funds. The private equity fund cannot be redeemed and return of principal is based on the liquidation of the underlying assets. The private equity fund is classified as a Level 3 asset and is valued based on the fund’s net asset value (“NAV”). NAV is calculated based on the estimated fair value of the underlying investment funds within the portfolio and is corroborated by our review. | ||||||||||||||||||||||||
The following table presents a rollforward of activity for Level 3 assets during 2013. The balance at April 30, 2014, was $15.0, virtually unchanged from 2013, due to minimal actual return on plan assets during the year. | |||||||||||||||||||||||||
Hedge | Private | Total | |||||||||||||||||||||||
Funds | Equity Funds | ||||||||||||||||||||||||
Balance at May 1, 2012 | $ | 22.3 | $ | 16.3 | $ | 38.6 | |||||||||||||||||||
Purchases and sales – net | -22.8 | 1.1 | -21.7 | ||||||||||||||||||||||
Actual return on plan assets sold during the period | 0.5 | — | 0.5 | ||||||||||||||||||||||
Actual return on plan assets still held at reporting date | — | -2.4 | -2.4 | ||||||||||||||||||||||
Balance at April 30, 2013 | $ | — | $ | 15 | $ | 15 | |||||||||||||||||||
The current investment policy is to invest 47 percent of assets in both equity securities and fixed-income securities and 6 percent in other investments. Included in equity securities were 317,552 of our common shares at April 30, 2014. The market value of these shares was $30.7 at April 30, 2014. We paid dividends of $0.7 on these shares during 2014. | |||||||||||||||||||||||||
We expect to contribute approximately $4.5 to the defined benefit pension plans in 2015. We expect the following payments to be made from the defined benefit pension and other postretirement benefit plans: $44.9 in 2015, $36.7 in 2016, $37.3 in 2017, $41.9 in 2018, $38.4 in 2019, and $216.1 in 2020 through 2024. | |||||||||||||||||||||||||
ShareBased_Payments
Share-Based Payments | 12 Months Ended | ||||||||||||||||
Apr. 30, 2014 | |||||||||||||||||
Share-Based Payments [Abstract] | ' | ||||||||||||||||
Share-Based Payments | ' | ||||||||||||||||
NOTE 8 | SHARE-BASED PAYMENTS | ||||||||||||||||
We provide for equity-based incentives to be awarded to key employees and non-employee directors. Currently, these incentives consist of restricted shares, restricted stock units (which may also be referred to as deferred stock units), performance units, and stock options. These awards are administered primarily through the 2010 Equity and Incentive Compensation Plan approved by our shareholders in August 2010. Awards under this plan may be in the form of stock options, stock appreciation rights, restricted shares, restricted stock units, performance shares, performance units, incentive awards, and other share-based awards. Awards under this plan may be granted to our non-employee directors, consultants, officers, and other employees. Deferred stock units granted to non-employee directors vest immediately, and along with dividends credited on those deferred stock units, are paid out in the form of common shares upon termination of service as a non-employee director. At April 30, 2014, there were 6,896,730 shares available for future issuance under this plan. | |||||||||||||||||
Under the 2010 Equity and Incentive Compensation Plan, we have the option to settle share-based awards by issuing common shares from treasury, issuing new Company common shares, or issuing a combination of common shares from treasury and new Company common shares. | |||||||||||||||||
Stock Options: At April 30, 2014, 33,667 options were outstanding and exercisable. The weighted-average remaining contractual term for stock options outstanding and exercisable was less than one year and the aggregate intrinsic value of these stock options was $1.8. The total intrinsic value of options exercised during 2014, 2013, and 2012 was $0.8, $3.4, and $2.6, respectively. | |||||||||||||||||
Other Equity Awards: The following table is a summary of our restricted shares, deferred stock units, and performance units. | |||||||||||||||||
Restricted Shares | Weighted-Average | Performance | Weighted-Average | ||||||||||||||
and Deferred | Grant Date | Units | Conversion Date | ||||||||||||||
Stock Units | Fair Value | Fair Value | |||||||||||||||
Outstanding at May 1, 2013 | 985,214 | $ | 59.64 | 106,666 | $ | 100.54 | |||||||||||
Granted | 167,134 | 101.08 | 101,020 | 104.91 | |||||||||||||
Converted | 106,666 | 100.54 | -106,666 | 100.54 | |||||||||||||
Vested | -402,081 | 51.77 | — | — | |||||||||||||
Forfeited | -17,745 | 74.86 | — | — | |||||||||||||
Outstanding at April 30, 2014 | 839,188 | $ | 76.54 | 101,020 | $ | 104.91 | |||||||||||
The total fair value of equity awards other than stock options vested in 2014, 2013, and 2012 was $20.8, $11.8, and $22.7, respectively. The weighted-average grant date fair value of restricted shares and deferred stock units is the average of the high and the low share price on the date of grant. The weighted-average conversion date fair value of performance units is the average of the high and the low share price on the date of conversion to restricted shares. The following table summarizes the weighted-average fair values of the equity awards granted in 2014, 2013, and 2012. | |||||||||||||||||
Year Ended April 30, | Restricted Shares | Weighted-Average | Performance | Weighted-Average | |||||||||||||
and Deferred | Grant Date | Units | Conversion Date | ||||||||||||||
Stock Units | Fair Value | Fair Value | |||||||||||||||
2014 | 167,134 | $ | 101.08 | 101,020 | $ | 104.91 | |||||||||||
2013 | 109,770 | 76.37 | 106,666 | 100.54 | |||||||||||||
2012 | 152,180 | 78.32 | 99,455 | 76.37 | |||||||||||||
The performance units column represents the number of restricted shares received by certain executive officers, subsequent to year end, upon conversion of the performance units earned during the year. Restricted shares and deferred stock units generally vest four years from the date of grant or upon the attainment of a defined age and years of service, subject to certain retention requirements. | |||||||||||||||||
Debt_and_Financing_Arrangement
Debt and Financing Arrangements | 12 Months Ended | ||||||||
Apr. 30, 2014 | |||||||||
Debt and Financing Arrangements [Abstract] | ' | ||||||||
Debt and Financing Arrangements | ' | ||||||||
NOTE 9 | DEBT AND FINANCING ARRANGEMENTS | ||||||||
Long-term debt consists of the following: | |||||||||
Year Ended April 30, | |||||||||
2014 | 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 | 395 | |||||||
3.50% Senior Notes due October 15, 2021 | 763.8 | 748.8 | |||||||
5.55% Senior Notes due April 1, 2022 | 300 | 350 | |||||||
4.50% Senior Notes due June 1, 2025 | 400 | 400 | |||||||
Total long-term debt | $ | 1,979.80 | $ | 2,017.80 | |||||
Current portion of long-term debt | 100 | 50 | |||||||
Total long-term debt, less current portion | $ | 1,879.80 | $ | 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 $75.0 is due on April 1, 2016, and on the 4.50 percent Senior Notes, the first of which is $100.0 on June 1, 2020. During 2014, $50.0 was paid on the 5.55 percent Senior Notes. Scheduled principal payments on our long-term debt are: $100.0 in 2015; $99.0 in 2016; $37.5 in 2017; $37.5 in 2018; and $413.5 in 2019. 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. | |||||||||
During 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, effectively converting the Senior Notes from a fixed- to variable-rate basis. The interest rate swap was designated as a fair value hedge of the underlying debt obligation. At April 30, 2014, a net gain from changes in the fair value of the interest rate swap of $14.9 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. | |||||||||
During 2014, we entered into an amended and restated credit agreement with a group of 11 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. At April 30, 2014, we had a balance outstanding under the revolving credit facility of $248.4 at a weighted-average interest rate of 1.22 percent. We had standby letters of credit of $5.7 outstanding at April 30, 2014. | |||||||||
Interest paid totaled $83.3, $97.7, and $86.6 in 2014, 2013, and 2012, respectively. This differs from interest expense due to the timing of payments, amortization of fair value adjustments, effect of the interest rate swap, amortization of debt issue costs, and interest capitalized. | |||||||||
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. | |||||||||
Subsequent to April 30, 2014, we made additional borrowings under our revolving credit facility, bringing the total outstanding balance to $490.0 at June 20, 2014, at a weighted-average interest rate of 1.05 percent. The additional funds were used for the repayment of the 4.78 percent Senior Notes due June 1, 2014, and for general corporate purposes. | |||||||||
Contingencies
Contingencies | 12 Months Ended | |
Apr. 30, 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 | 12 Months Ended | ||||||||||||||||||||
Apr. 30, 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 our derivative instruments meet the hedge criteria and are accounted for as cash flow hedges. The mark-to-market gains or losses on qualifying hedges are deferred and included as a component of accumulated other comprehensive loss to the extent effective, and reclassified to cost of products sold in the period during which the hedged transaction affects earnings. Cash flows related to qualifying hedges are classified consistently with the cash flows from the hedged item in the Statements of Consolidated Cash Flows. In order to qualify as a hedge of commodity price risk, it must be demonstrated that the changes in the fair value of the commodity’s futures contracts are highly effective in hedging price risks associated with the commodity purchased. Hedge effectiveness is measured and assessed at inception and on a monthly basis. The mark-to-market gains or losses on nonqualifying and ineffective portions of commodity hedges are recognized in cost of products sold immediately. | |||||||||||||||||||||
The commodities hedged have a high inverse correlation to price changes of the derivative commodity instrument. Thus, 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. | |||||||||||||||||||||
Beginning in 2015, we will no longer elect to qualify commodity derivatives for hedge accounting treatment. As a result, the mark-to-market gains and losses on all commodity derivatives will be immediately recognized in cost of products sold. | |||||||||||||||||||||
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 in Canada, primarily related to purchases of certain raw materials and finished goods. The contracts generally have maturities of less than one year. Instruments currently used to manage foreign currency exchange exposures do not meet the requirements for hedge accounting treatment and the change in estimated fair value of these instruments is immediately recognized in cost of products sold. | |||||||||||||||||||||
Beginning in 2015, we will no longer elect to qualify instruments used to manage foreign currency exchange exposures for hedge accounting treatment. Therefore, the mark-to-market gains and losses on all foreign currency forwards and options contracts will be immediately recognized in cost of products sold. | |||||||||||||||||||||
Interest Rate Hedging: We utilize derivative instruments to manage changes in the fair value 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 swap would be recognized at fair value on the balance sheet and changes in the fair value would be recognized in interest expense. Generally, changes in the fair value of the derivative are equal to changes in the fair value of the underlying debt and have no impact on earnings. | |||||||||||||||||||||
During 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 LIBOR. The difference between the fixed-rate and variable-rate cash flows resulted in a reduction in interest expense for the year ended April 30, 2014. The interest rate swap was recognized at fair value in the Consolidated Balance Sheet at April 30, 2014, and changes in the fair value were recognized in interest expense. At April 30, 2014, the net gain position on the derivative instrument of $14.9 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 of derivative instruments recognized in the Consolidated Balance Sheets. | |||||||||||||||||||||
April 30, 2014 | April 30, 2013 | ||||||||||||||||||||
Other | Other | Other | Other | Other | |||||||||||||||||
Current | Current | Noncurrent | Current | Current | |||||||||||||||||
Assets | Liabilities | Liabilities | Assets | Liabilities | |||||||||||||||||
Derivatives designated as hedging instruments: | |||||||||||||||||||||
Commodity contracts | $ | 23.4 | $ | 10.9 | $ | — | $ | 2.1 | $ | 2 | |||||||||||
Interest rate contract | 18 | — | 3.1 | — | — | ||||||||||||||||
Total derivatives designated as hedging instruments | $ | 41.4 | $ | 10.9 | $ | 3.1 | $ | 2.1 | $ | 2 | |||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||||||||
Commodity contracts | $ | 11.6 | $ | 5.8 | $ | — | $ | 3.6 | $ | 2.3 | |||||||||||
Foreign currency exchange contracts | 1.4 | 0.7 | — | 0.7 | 0.2 | ||||||||||||||||
Total derivatives not designated as hedging instruments | $ | 13 | $ | 6.5 | $ | — | $ | 4.3 | $ | 2.5 | |||||||||||
Total derivative instruments | $ | 54.4 | $ | 17.4 | $ | 3.1 | $ | 6.4 | $ | 4.5 | |||||||||||
As of May 1, 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. Our interest rate contracts and foreign currency exchange contracts are not subject to enforceable netting agreements. 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 April 30, 2014 and 2013, we maintained cash margin account balances of $8.1 and $5.5, respectively, included in other current assets in the 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 net gains and losses recognized on derivatives designated as cash flow hedges. | |||||||||||||||||||||
Year Ended April 30, | |||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||
Gains (losses) recognized in other comprehensive income (loss) (effective portion) | $ | 21 | $ | -27.5 | |||||||||||||||||
Losses reclassified from accumulated other comprehensive loss to cost of products sold (effective portion) | -20.3 | -39.6 | |||||||||||||||||||
Change in accumulated other comprehensive loss | $ | 41.3 | $ | 12.1 | |||||||||||||||||
Gains (losses) recognized in cost of products sold (ineffective portion) | $ | 1.4 | $ | -0.9 | |||||||||||||||||
Included as a component of accumulated other comprehensive loss at April 30, 2014 and 2013, was a deferred pre-tax net gain of $29.1 and a deferred pre-tax net loss of $12.2, respectively, related to commodity contracts. The related tax impact recognized in accumulated other comprehensive loss was expense of $10.8 and a benefit of $4.4 at April 30, 2014 and 2013, respectively. The entire amount of the deferred net gain included in accumulated other comprehensive loss at April 30, 2014, is expected to be recognized in earnings within one year as the related commodity is sold. | |||||||||||||||||||||
Included as a component of accumulated other comprehensive loss at April 30, 2014 and 2013, were deferred pre-tax losses of $4.8 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 $1.7 and $1.9 at April 30, 2014 and 2013, respectively. Approximately $0.6 of the pre-tax loss will be recognized over the next 12 months. We reclassified $0.6 and $0.5 of the loss recognized on the interest rate swap designated as a cash flow hedge from other comprehensive income (loss) to interest expense during 2014 and 2013, respectively. | |||||||||||||||||||||
The following table presents the net realized and unrealized gains and losses recognized in cost of products sold on derivatives not designated as qualified hedging instruments. | |||||||||||||||||||||
Year Ended April 30, | |||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||
Unrealized gains on commodity contracts | $ | 6.2 | $ | 6.1 | |||||||||||||||||
Unrealized (losses) gains on foreign currency exchange contracts | -0.9 | 0.5 | |||||||||||||||||||
Total unrealized gains recognized in cost of products sold | $ | 5.3 | $ | 6.6 | |||||||||||||||||
Realized losses on commodity contracts | $ | -1 | $ | -1.5 | |||||||||||||||||
Realized gains on foreign currency exchange contracts | 4.2 | 0.8 | |||||||||||||||||||
Total realized gains (losses) recognized in cost of products sold | $ | 3.2 | $ | -0.7 | |||||||||||||||||
Total gains recognized in cost of products sold | $ | 8.5 | $ | 5.9 | |||||||||||||||||
The following table presents the gross contract notional value of outstanding derivative contracts. | |||||||||||||||||||||
Year Ended April 30, | |||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||
Commodity contracts | $ | 790.3 | $ | 347.6 | |||||||||||||||||
Foreign currency exchange contracts | 158.1 | 56.8 | |||||||||||||||||||
Interest rate contract | 750 | — | |||||||||||||||||||
Other_Financial_Instruments_an
Other Financial Instruments and Fair Value Measurements | 12 Months Ended | ||||||||||||||||
Apr. 30, 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. With respect to trade receivables, we believe there is no concentration of risk with any single customer whose failure or nonperformance would materially affect our results other than as discussed in Major Customer of Note 1: Accounting Policies. We do not require collateral from our customers. Our other financial instruments, with the exception of long-term debt, are recognized at estimated fair value in the Consolidated Balance Sheets. | |||||||||||||||||
The following table provides information on the carrying amount and fair value of our financial instruments. | |||||||||||||||||
April 30, 2014 | April 30, 2013 | ||||||||||||||||
Carrying | Fair Value | Carrying | Fair Value | ||||||||||||||
Amount | Amount | ||||||||||||||||
Other investments | $ | 55.4 | $ | 55.4 | $ | 48.8 | $ | 48.8 | |||||||||
Derivative financial instruments – net | 33.9 | 33.9 | 1.9 | 1.9 | |||||||||||||
Long-term debt | -1,979.80 | -2,239.10 | -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 | Observable | Unobservable | April 30, 2014 | ||||||||||||||
for Identical | Inputs | Inputs | |||||||||||||||
Assets (Level 1) | (Level 2) | (Level 3) | |||||||||||||||
Other investments: (A) | |||||||||||||||||
Equity mutual funds | $ | 12 | $ | — | $ | — | $ | 12 | |||||||||
Municipal obligations | — | 34.4 | — | 34.4 | |||||||||||||
Money market funds | 9 | — | — | 9 | |||||||||||||
Derivatives: (B) | |||||||||||||||||
Commodity contracts – net | 13.5 | 4.8 | — | 18.3 | |||||||||||||
Foreign currency exchange contracts – net | — | 0.7 | — | 0.7 | |||||||||||||
Interest rate contract – net | — | 14.9 | — | 14.9 | |||||||||||||
Long-term debt (C) | -772 | -1,467.10 | — | -2,239.10 | |||||||||||||
Total financial instruments measured at fair value | $ | -737.5 | $ | -1,412.30 | $ | — | $ | -2,149.80 | |||||||||
Quoted Prices in | Significant | Significant | Fair Value at | ||||||||||||||
Active Markets | Observable | Unobservable | April 30, 2013 | ||||||||||||||
for Identical | Inputs | Inputs | |||||||||||||||
Assets (Level 1) | (Level 2) | (Level 3) | |||||||||||||||
Other investments: (A) | |||||||||||||||||
Equity mutual funds | $ | 21.6 | $ | — | $ | — | $ | 21.6 | |||||||||
Municipal obligations | — | 26.6 | — | 26.6 | |||||||||||||
Money market funds | 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 equity securities listed in active markets, municipal obligations valued by a third party using valuation techniques that utilize inputs which are derived principally from or corroborated by observable market data, and money market funds with maturities of three months or less. Based on the short-term nature of these money market funds, carrying value approximates fair value. As of April 30, 2014, our municipal obligations are scheduled to mature as follows: $3.3 in 2015, $0.5 in 2016, $1.7 in 2017, $1.1 in 2018, and the remaining $27.8 in 2019 and beyond. For additional information, see Marketable Securities and Other Investments in Note 1: Accounting Policies. | ||||||||||||||||
(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 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. For additional information, see Note 9: Debt and Financing Arrangements. | ||||||||||||||||
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||
Apr. 30, 2014 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Income Taxes | ' | ||||||||||||
NOTE 13 | INCOME TAXES | ||||||||||||
Income (loss) before income taxes is as follows: | |||||||||||||
Year Ended April 30, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Domestic | $ | 827.4 | $ | 791.9 | $ | 706.4 | |||||||
Foreign | 22.3 | 25.4 | -5.2 | ||||||||||
Income before income taxes | $ | 849.7 | $ | 817.3 | $ | 701.2 | |||||||
The components of the provision for income taxes are as follows: | |||||||||||||
Year Ended April 30, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Current: | |||||||||||||
Federal | $ | 265.4 | $ | 262.1 | $ | 228.2 | |||||||
Foreign | 4.2 | 6.1 | 6.8 | ||||||||||
State and local | 22.9 | 20.5 | 23.7 | ||||||||||
Deferred: | |||||||||||||
Federal | -13.9 | -15.6 | -10.2 | ||||||||||
Foreign | 2.4 | 0.9 | -6.9 | ||||||||||
State and local | 3.5 | -0.9 | -0.1 | ||||||||||
Total income tax expense | $ | 284.5 | $ | 273.1 | $ | 241.5 | |||||||
A reconciliation of the statutory federal income tax rate and the effective income tax rate is as follows: | |||||||||||||
Year Ended April 30, | |||||||||||||
Percent of Pretax Income | 2014 | 2013 | 2012 | ||||||||||
Statutory federal income tax rate | 35 | % | 35 | % | 35 | % | |||||||
State and local income taxes, net of federal income tax benefit | 1.9 | 1.8 | 2.3 | ||||||||||
Domestic manufacturing deduction | -3 | -3.1 | -3.1 | ||||||||||
Other items – net | -0.4 | -0.3 | 0.2 | ||||||||||
Effective income tax rate | 33.5 | % | 33.4 | % | 34.4 | % | |||||||
Income taxes paid | $ | 294.4 | $ | 279.2 | $ | 257.8 | |||||||
We are a voluntary participant in the Compliance Assurance Process (“CAP”) program offered by the Internal Revenue Service (“IRS”) and are currently under a CAP examination for the tax year ended April 30, 2014. Through the contemporaneous exchange of information with the IRS, this program is designed to identify and resolve tax positions with the IRS prior to the filing of a tax return, which allows us to remain current with our IRS examinations. The IRS has completed the CAP examinations for tax years ended April 30, 2011, 2012, and 2013. Tax years prior to 2011 are no longer subject to U.S. federal tax examination. With limited exceptions, we are no longer subject to examination for state and local jurisdictions for tax years prior to 2010 and for tax years prior to 2008 for foreign jurisdictions. | |||||||||||||
Deferred income taxes reflect the tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax reporting. Significant components of our deferred tax assets and liabilities are as follows: | |||||||||||||
April 30, | |||||||||||||
2014 | 2013 | ||||||||||||
Deferred tax liabilities: | |||||||||||||
Intangible assets | $ | 1,028.70 | $ | 1,019.60 | |||||||||
Property, plant, and equipment | 94.5 | 94.4 | |||||||||||
Other | 19.4 | 9.4 | |||||||||||
Total deferred tax liabilities | $ | 1,142.60 | $ | 1,123.40 | |||||||||
Deferred tax assets: | |||||||||||||
Post-employment and other employee benefits | $ | 103.3 | $ | 116.3 | |||||||||
Intangible assets | 7.6 | 5.4 | |||||||||||
Other | 29.8 | 39.2 | |||||||||||
Total deferred tax assets | $ | 140.7 | $ | 160.9 | |||||||||
Net deferred tax liability | $ | 1,001.90 | $ | 962.5 | |||||||||
Deferred tax assets at April 30, 2014, include $0.7 of state tax credit carryforwards that begin to expire in 2018. | |||||||||||||
Deferred income taxes have not been provided on approximately $244.8 of undistributed earnings of foreign subsidiaries since these amounts are considered to be permanently reinvested. Any additional taxes payable on the earnings of foreign subsidiaries, if remitted, would be partially offset by domestic tax deductions or tax credits for foreign taxes paid. It is not practical to estimate the amount of additional taxes that might be payable on such undistributed earnings. | |||||||||||||
Our unrecognized tax benefits as of April 30, 2014, 2013, and 2012, were $29.1, $29.7, and $24.0, respectively. Of the unrecognized tax benefits, $19.5, $20.6, and $16.4 would affect the effective tax rate, if recognized, as of April 30, 2014, 2013, and 2012, respectively. Our accrual for tax-related net interest and penalties totaled $2.0 as of April 30, 2014 and 2013, and $1.7 as of April 30, 2012. Interest charged to earnings totaled $0.1, $0.3, and $0.1 during 2014, 2013, and 2012, respectively. | |||||||||||||
Within the next 12 months, it is reasonably possible that we could decrease our unrecognized tax benefits by an estimated $0.5, primarily as a result of the expiration of statute of limitation periods. | |||||||||||||
A reconciliation of our unrecognized tax benefits is as follows: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Balance at May 1, | $ | 29.7 | $ | 24 | $ | 20.3 | |||||||
Increases: | |||||||||||||
Current year tax positions | 5.1 | 4.8 | 3.6 | ||||||||||
Prior year tax positions | 0.1 | 2.5 | 2.1 | ||||||||||
Foreign currency translation | — | — | 0.2 | ||||||||||
Decreases: | |||||||||||||
Prior year tax positions | 1.6 | 0.2 | — | ||||||||||
Settlement with tax authorities | 1.5 | 1 | 0.3 | ||||||||||
Expiration of statute of limitations periods | 2.7 | 0.4 | 1.9 | ||||||||||
Balance at April 30, | $ | 29.1 | $ | 29.7 | $ | 24 | |||||||
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income (Loss) | 12 Months Ended | ||||||||||||||||||||
Apr. 30, 2014 | |||||||||||||||||||||
Accumulated Other Comprehensive (Loss) Income [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 | Unrealized | Unrealized Gain | Accumulated | |||||||||||||||||
Currency | and Other | Gain on | (Loss) on Cash | Other | |||||||||||||||||
Translation | Postretirement | Available-for- | Flow Hedging | Comprehensive | |||||||||||||||||
Adjustment | Liabilities (A) | Sale Securities (B) | Derivatives (C) | Loss | |||||||||||||||||
Balance at May 1, 2011 | $ | 81.8 | $ | -86 | $ | 1.8 | $ | 6 | $ | 3.6 | |||||||||||
Reclassification adjustments | — | 11.2 | — | -1.6 | 9.6 | ||||||||||||||||
Current period (charge) credit | -14.8 | -84.3 | 1.1 | -38 | -136 | ||||||||||||||||
Income tax benefit (expense) | — | 24.8 | -0.4 | 14.4 | 38.8 | ||||||||||||||||
Balance at April 30, 2012 | $ | 67 | $ | -134.3 | $ | 2.5 | $ | -19.2 | $ | -84 | |||||||||||
Reclassification adjustments | — | 20.4 | — | 40.1 | 60.5 | ||||||||||||||||
Current period (charge) credit | -5.5 | -16.5 | 3.1 | -27.5 | -46.4 | ||||||||||||||||
Income tax expense | — | -1 | -1.1 | -4.6 | -6.7 | ||||||||||||||||
Balance at April 30, 2013 | $ | 61.5 | $ | -131.4 | $ | 4.5 | $ | -11.2 | $ | -76.6 | |||||||||||
Reclassification adjustments | — | 13.3 | -3.7 | 20.9 | 30.5 | ||||||||||||||||
Current period (charge) credit | -29.8 | 31.4 | 1.9 | 21 | 24.5 | ||||||||||||||||
Income tax (expense) benefit | — | -15.3 | 0.7 | -15.4 | -30 | ||||||||||||||||
Balance at April 30, 2014 | $ | 31.7 | $ | -102 | $ | 3.4 | $ | 15.3 | $ | -51.6 | |||||||||||
(A) | Amortization of net losses was reclassified from accumulated other comprehensive loss to selling, distribution, and administrative expenses. | ||||||||||||||||||||
(B) | The gain on the sale of marketable securities was reclassified from accumulated other comprehensive loss to net other income at April 30, 2014. | ||||||||||||||||||||
(C) | Of the total reclassification adjustments from accumulated other comprehensive loss, $20.3 and $39.6 of expense and $1.9 of income was reclassified to cost of products sold related to commodity derivatives and $0.6, $0.5, and $0.3 was reclassified to interest expense related to the interest rate swap at April 30, 2014, 2013, and 2012, respectively. | ||||||||||||||||||||
Guarantor_and_NonGuarantor_Fin
Guarantor and Non-Guarantor Financial Information | 12 Months Ended | ||||||||||||||||||||
Apr. 30, 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 | |||||||||||||||||||||
Year Ended April 30, 2014 | |||||||||||||||||||||
The J. M. Smucker | Subsidiary | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||
Company (Parent) | Guarantors | Subsidiaries | |||||||||||||||||||
Net sales | $ | 3,162.80 | $ | 1,278.80 | $ | 6,601.30 | $ | -5,432.30 | $ | 5,610.60 | |||||||||||
Cost of products sold | 2,573.60 | 1,166.00 | 5,268.50 | -5,428.50 | 3,579.60 | ||||||||||||||||
Gross Profit | 589.2 | 112.8 | 1,332.80 | -3.8 | 2,031.00 | ||||||||||||||||
Selling, distribution, and administrative expenses, restructuring, and merger and integration costs | 197.1 | 47.5 | 769.8 | — | 1,014.40 | ||||||||||||||||
Amortization | 4.2 | — | 94.7 | — | 98.9 | ||||||||||||||||
Other operating (income) expense – net | -1.3 | 0.9 | -0.9 | — | -1.3 | ||||||||||||||||
Operating Income | 389.2 | 64.4 | 469.2 | -3.8 | 919 | ||||||||||||||||
Interest (expense) income – net | -80.8 | 1.2 | -1.5 | 1.7 | -79.4 | ||||||||||||||||
Other income (expense) – net | 10.8 | — | 1 | -1.7 | 10.1 | ||||||||||||||||
Equity in net earnings of subsidiaries | 345.1 | 141.4 | 64.4 | -550.9 | — | ||||||||||||||||
Income Before Income Taxes | 664.3 | 207 | 533.1 | -554.7 | 849.7 | ||||||||||||||||
Income taxes | 99.1 | 0.4 | 185 | — | 284.5 | ||||||||||||||||
Net Income | $ | 565.2 | $ | 206.6 | $ | 348.1 | $ | -554.7 | $ | 565.2 | |||||||||||
Other comprehensive income, net of tax | 25 | 27.4 | 6 | -33.4 | 25 | ||||||||||||||||
Comprehensive Income | $ | 590.2 | $ | 234 | $ | 354.1 | $ | -588.1 | $ | 590.2 | |||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME | |||||||||||||||||||||
Year Ended April 30, 2013 | |||||||||||||||||||||
The J. M. Smucker | Subsidiary | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||
Company (Parent) | Guarantors | Subsidiaries | |||||||||||||||||||
Net sales | $ | 4,447.60 | $ | 1,296.40 | $ | 5,430.30 | $ | -5,276.60 | $ | 5,897.70 | |||||||||||
Cost of products sold | 3,957.30 | 1,190.60 | 4,015.00 | -5,292.80 | 3,870.10 | ||||||||||||||||
Gross Profit | 490.3 | 105.8 | 1,415.30 | 16.2 | 2,027.60 | ||||||||||||||||
Selling, distribution, and administrative expenses, restructuring, merger and integration costs, and other special project costs | 199 | 42.9 | 781.5 | — | 1,023.40 | ||||||||||||||||
Amortization | 4.8 | — | 92 | — | 96.8 | ||||||||||||||||
Other operating (income) expense – net | -2.7 | -2.2 | 1.9 | — | -3 | ||||||||||||||||
Operating Income | 289.2 | 65.1 | 539.9 | 16.2 | 910.4 | ||||||||||||||||
Interest (expense) income – net | -94.4 | 1.2 | -0.2 | — | -93.4 | ||||||||||||||||
Other income (expense) – net | 0.7 | 1.1 | -1.5 | — | 0.3 | ||||||||||||||||
Equity in net earnings of subsidiaries | 408.6 | 156.7 | 66.4 | -631.7 | — | ||||||||||||||||
Income Before Income Taxes | 604.1 | 224.1 | 604.6 | -615.5 | 817.3 | ||||||||||||||||
Income taxes | 59.9 | 0.4 | 212.8 | — | 273.1 | ||||||||||||||||
Net Income | $ | 544.2 | $ | 223.7 | $ | 391.8 | $ | -615.5 | $ | 544.2 | |||||||||||
Other comprehensive income, net of tax | 7.4 | 9 | 4.1 | -13.1 | 7.4 | ||||||||||||||||
Comprehensive Income | $ | 551.6 | $ | 232.7 | $ | 395.9 | $ | -628.6 | $ | 551.6 | |||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME | |||||||||||||||||||||
Year Ended April 30, 2012 | |||||||||||||||||||||
The J. M. Smucker | Subsidiary | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||
Company (Parent) | Guarantors | Subsidiaries | |||||||||||||||||||
Net sales | $ | 4,302.70 | $ | 1,547.80 | $ | 3,822.40 | $ | -4,147.10 | $ | 5,525.80 | |||||||||||
Cost of products sold | 3,741.00 | 1,408.80 | 2,682.70 | -4,151.90 | 3,680.60 | ||||||||||||||||
Gross Profit | 561.7 | 139 | 1,139.70 | 4.8 | 1,845.20 | ||||||||||||||||
Selling, distribution, and administrative expenses, restructuring, and merger and integration costs | 243.4 | 61.5 | 660.3 | — | 965.2 | ||||||||||||||||
Amortization and impairment charges | 11.2 | — | 81.5 | — | 92.7 | ||||||||||||||||
Other operating (income) expense – net | -1.3 | -1.3 | 11.6 | — | 9 | ||||||||||||||||
Operating Income | 308.4 | 78.8 | 386.3 | 4.8 | 778.3 | ||||||||||||||||
Interest (expense) income – net | -80.7 | 3 | -2.1 | — | -79.8 | ||||||||||||||||
Other income (expense) – net | 1,404.40 | 0.4 | -3.6 | -1,398.50 | 2.7 | ||||||||||||||||
Equity in net earnings of subsidiaries | -1,095.00 | 184.2 | 79.2 | 831.6 | — | ||||||||||||||||
Income Before Income Taxes | 537.1 | 266.4 | 459.8 | -562.1 | 701.2 | ||||||||||||||||
Income taxes | 77.3 | 1.2 | 163 | — | 241.5 | ||||||||||||||||
Net Income | $ | 459.8 | $ | 265.2 | $ | 296.8 | $ | -562.1 | $ | 459.7 | |||||||||||
Other comprehensive loss, net of tax | -87.7 | -23.1 | -49.8 | 73 | -87.6 | ||||||||||||||||
Comprehensive Income | $ | 372.1 | $ | 242.1 | $ | 247 | $ | -489.1 | $ | 372.1 | |||||||||||
CONDENSED CONSOLIDATING BALANCE SHEETS | |||||||||||||||||||||
April 30, 2014 | |||||||||||||||||||||
The J. M. Smucker | Subsidiary | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||
Company (Parent) | Guarantors | Subsidiaries | |||||||||||||||||||
ASSETS | |||||||||||||||||||||
Current Assets | |||||||||||||||||||||
Cash and cash equivalents | $ | 6.8 | $ | — | $ | 146.7 | $ | — | $ | 153.5 | |||||||||||
Inventories | — | 173.3 | 761.4 | -3.7 | 931 | ||||||||||||||||
Other current assets | 360.2 | 9.9 | 94.6 | -10.1 | 454.6 | ||||||||||||||||
Total Current Assets | 367 | 183.2 | 1,002.70 | -13.8 | 1,539.10 | ||||||||||||||||
Property, Plant, and Equipment – Net | 233.6 | 551.1 | 480.9 | — | 1,265.60 | ||||||||||||||||
Investments in Subsidiaries | 8,367.60 | 4,063.30 | 237.9 | -12,668.80 | — | ||||||||||||||||
Intercompany Receivable | — | 315.5 | 1,132.20 | -1,447.70 | — | ||||||||||||||||
Other Noncurrent Assets | |||||||||||||||||||||
Goodwill | 1,082.00 | — | 2,016.20 | — | 3,098.20 | ||||||||||||||||
Other intangible assets – net | 505.5 | — | 2,518.80 | — | 3,024.30 | ||||||||||||||||
Other noncurrent assets | 70.4 | 11.1 | 63.4 | — | 144.9 | ||||||||||||||||
Total Other Noncurrent Assets | 1,657.90 | 11.1 | 4,598.40 | — | 6,267.40 | ||||||||||||||||
Total Assets | $ | 10,626.10 | $ | 5,124.20 | $ | 7,452.10 | $ | -14,130.30 | $ | 9,072.10 | |||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||||||||||||
Current Liabilities | $ | 595.9 | $ | 103.8 | $ | 201.4 | $ | -10.1 | $ | 891 | |||||||||||
Noncurrent Liabilities | |||||||||||||||||||||
Long-term debt | 1,879.80 | — | — | — | 1,879.80 | ||||||||||||||||
Deferred income taxes | 107.6 | — | 913.1 | — | 1,020.70 | ||||||||||||||||
Intercompany payable | 2,792.90 | — | — | -2,792.90 | — | ||||||||||||||||
Other noncurrent liabilities | 220.3 | 12.8 | 17.9 | — | 251 | ||||||||||||||||
Total Noncurrent Liabilities | 5,000.60 | 12.8 | 931 | -2,792.90 | 3,151.50 | ||||||||||||||||
Total Liabilities | 5,596.50 | 116.6 | 1,132.40 | -2,803.00 | 4,042.50 | ||||||||||||||||
Total Shareholders’ Equity | 5,029.60 | 5,007.60 | 6,319.70 | -11,327.30 | 5,029.60 | ||||||||||||||||
Total Liabilities and Shareholders’ Equity | $ | 10,626.10 | $ | 5,124.20 | $ | 7,452.10 | $ | -14,130.30 | $ | 9,072.10 | |||||||||||
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 | 335.1 | 3.3 | 69.6 | -14.7 | 393.3 | ||||||||||||||||
Total Current Assets | 443.1 | 229.2 | 951.2 | -28.3 | 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 Receivable | — | 324.8 | 956 | -1,280.80 | — | ||||||||||||||||
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 | $ | 10,288.70 | $ | 4,869.40 | $ | 7,136.90 | $ | -13,263.20 | $ | 9,031.80 | |||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||||||||||||
Current Liabilities | $ | 317.8 | $ | 104.9 | $ | 188.8 | $ | -14.7 | $ | 596.8 | |||||||||||
Noncurrent Liabilities | |||||||||||||||||||||
Long-term debt | 1,967.80 | — | — | — | 1,967.80 | ||||||||||||||||
Deferred income taxes | 97.5 | — | 889.7 | — | 987.2 | ||||||||||||||||
Intercompany payable | 2,519.20 | — | — | -2,519.20 | — | ||||||||||||||||
Other noncurrent liabilities | 237.6 | 18.1 | 75.5 | — | 331.2 | ||||||||||||||||
Total Noncurrent Liabilities | 4,822.10 | 18.1 | 965.2 | -2,519.20 | 3,286.20 | ||||||||||||||||
Total Liabilities | 5,139.90 | 123 | 1,154.00 | -2,533.90 | 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 | $ | 10,288.70 | $ | 4,869.40 | $ | 7,136.90 | $ | -13,263.20 | $ | 9,031.80 | |||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS | |||||||||||||||||||||
Year Ended April 30, 2014 | |||||||||||||||||||||
The J. M. Smucker | Subsidiary | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||
Company (Parent) | Guarantors | Subsidiaries | |||||||||||||||||||
Net Cash Provided by Operating Activities | $ | 297.8 | $ | 168.5 | $ | 389.7 | $ | — | $ | 856 | |||||||||||
Investing Activities | |||||||||||||||||||||
Businesses acquired, net of cash acquired | — | — | -101.8 | — | -101.8 | ||||||||||||||||
Additions to property, plant, and equipment | -31.1 | -163.2 | -85.2 | — | -279.5 | ||||||||||||||||
Sales and maturities of marketable securities | 10 | — | — | — | 10 | ||||||||||||||||
Proceeds from disposal of property, plant, and equipment | — | 0.6 | 10.1 | — | 10.7 | ||||||||||||||||
Equity investments in subsidiaries | -108.9 | -17.1 | — | 126 | — | ||||||||||||||||
Repayments from (disbursements of) intercompany loans | — | 9.3 | -283 | 273.7 | — | ||||||||||||||||
Other – net | -3.2 | 0.2 | -6.7 | — | -9.7 | ||||||||||||||||
Net Cash (Used for) Provided by Investing Activities | -133.2 | -170.2 | -466.6 | 399.7 | -370.3 | ||||||||||||||||
Financing Activities | |||||||||||||||||||||
Revolving credit facility – net | 248.4 | — | — | — | 248.4 | ||||||||||||||||
Repayments of long-term debt | -50 | — | — | — | -50 | ||||||||||||||||
Quarterly dividends paid | -238 | — | — | — | -238 | ||||||||||||||||
Purchase of treasury shares | -508.5 | — | — | — | -508.5 | ||||||||||||||||
Proceeds from stock option exercises | 0.5 | — | — | — | 0.5 | ||||||||||||||||
Investments in subsidiaries | — | — | 126 | -126 | — | ||||||||||||||||
Intercompany payable | 273.7 | — | — | -273.7 | — | ||||||||||||||||
Other – net | 8.1 | 1.7 | -37.7 | — | -27.9 | ||||||||||||||||
Net Cash (Used for) Provided by Financing Activities | -265.8 | 1.7 | 88.3 | -399.7 | -575.5 | ||||||||||||||||
Effect of exchange rate changes on cash | — | — | -13.1 | — | -13.1 | ||||||||||||||||
Net decrease in cash and cash equivalents | -101.2 | — | -1.7 | — | -102.9 | ||||||||||||||||
Cash and cash equivalents at beginning of year | 108 | — | 148.4 | — | 256.4 | ||||||||||||||||
Cash and Cash Equivalents at End of Year | $ | 6.8 | $ | — | $ | 146.7 | $ | — | $ | 153.5 | |||||||||||
( ) Denotes use of cash | |||||||||||||||||||||
CONSOLIDATING STATEMENTS OF CASH FLOWS | |||||||||||||||||||||
Year Ended April 30, 2013 | |||||||||||||||||||||
The J. M. Smucker | Subsidiary | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||
Company (Parent) | Guarantors | Subsidiaries | |||||||||||||||||||
Net Cash Provided by Operating Activities | $ | 201.7 | $ | 46.4 | $ | 607.7 | $ | — | $ | 855.8 | |||||||||||
Investing Activities | |||||||||||||||||||||
Additions to property, plant, and equipment | -33.6 | -103.1 | -69.8 | — | -206.5 | ||||||||||||||||
Proceeds from disposal of property, plant, and equipment | — | 0.1 | 3.2 | — | 3.3 | ||||||||||||||||
Equity investments in subsidiaries | -3.7 | -174.2 | — | 177.9 | — | ||||||||||||||||
Repayments from (disbursements of) intercompany loans | — | 227.4 | -693.6 | 466.2 | — | ||||||||||||||||
Other – net | -9.5 | 3.4 | 23.7 | — | 17.6 | ||||||||||||||||
Net Cash (Used for) Provided by Investing Activities | -46.8 | -46.4 | -736.5 | 644.1 | -185.6 | ||||||||||||||||
Financing Activities | |||||||||||||||||||||
Repayments of long-term debt | -50 | — | — | — | -50 | ||||||||||||||||
Quarterly dividends paid | -222.8 | — | — | — | -222.8 | ||||||||||||||||
Purchase of treasury shares | -364.2 | — | — | — | -364.2 | ||||||||||||||||
Proceeds from stock option exercises | 2.2 | — | — | — | 2.2 | ||||||||||||||||
Investments in subsidiaries | 9.9 | — | 168 | -177.9 | — | ||||||||||||||||
Intercompany payable | 466.2 | — | — | -466.2 | — | ||||||||||||||||
Other – net | 3.5 | — | -9.7 | — | -6.2 | ||||||||||||||||
Net Cash (Used for) Provided by Financing Activities | -155.2 | — | 158.3 | -644.1 | -641 | ||||||||||||||||
Effect of exchange rate changes on cash | — | — | -2.5 | — | -2.5 | ||||||||||||||||
Net (decrease) increase in cash and cash equivalents | -0.3 | — | 27 | — | 26.7 | ||||||||||||||||
Cash and cash equivalents at beginning of year | 108.3 | — | 121.4 | — | 229.7 | ||||||||||||||||
Cash and Cash Equivalents at End of Year | $ | 108 | $ | — | $ | 148.4 | $ | — | $ | 256.4 | |||||||||||
( ) Denotes use of cash | |||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS | |||||||||||||||||||||
Year Ended April 30, 2012 | |||||||||||||||||||||
The J. M. Smucker | Subsidiary | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||
Company (Parent) | Guarantors | Subsidiaries | |||||||||||||||||||
Net Cash Provided by (Used for) Operating Activities | $ | 1,669.70 | $ | 181 | $ | -1,119.80 | $ | — | $ | 730.9 | |||||||||||
Investing Activities | |||||||||||||||||||||
Businesses acquired, net of cash acquired | — | — | -737.3 | — | -737.3 | ||||||||||||||||
Additions to property, plant, and equipment | -53 | -133.6 | -87.6 | — | -274.2 | ||||||||||||||||
Equity investment in affiliate | — | — | -35.9 | — | -35.9 | ||||||||||||||||
Proceeds from divestiture | — | — | 9.3 | — | 9.3 | ||||||||||||||||
Sales and maturities of marketable securities | 18.6 | — | — | — | 18.6 | ||||||||||||||||
Proceeds from disposal of property, plant, and equipment | 0.2 | 0.4 | 3.4 | — | 4 | ||||||||||||||||
Equity investments in subsidiaries | -2,985.20 | — | -690.7 | 3,675.90 | — | ||||||||||||||||
(Disbursements of) repayments from intercompany loans | — | -3,720.20 | 2,688.60 | 1,031.60 | — | ||||||||||||||||
Other – net | — | -3.5 | -16.9 | — | -20.4 | ||||||||||||||||
Net Cash (Used for) Provided by Investing Activities | -3,019.40 | -3,856.90 | 1,132.90 | 4,707.50 | -1,035.90 | ||||||||||||||||
Financing Activities | |||||||||||||||||||||
Proceeds from long-term debt | 748.6 | — | — | — | 748.6 | ||||||||||||||||
Quarterly dividends paid | -213.7 | — | — | — | -213.7 | ||||||||||||||||
Purchase of treasury shares | -315.8 | — | — | — | -315.8 | ||||||||||||||||
Proceeds from stock option exercises | 2.8 | — | — | — | 2.8 | ||||||||||||||||
Investments in subsidiaries | — | 3,675.90 | — | -3,675.90 | — | ||||||||||||||||
Intercompany payable | 1,031.60 | — | — | -1,031.60 | — | ||||||||||||||||
Other – net | -2.3 | — | — | — | -2.3 | ||||||||||||||||
Net Cash Provided by (Used for) Financing Activities | 1,251.20 | 3,675.90 | — | -4,707.50 | 219.6 | ||||||||||||||||
Effect of exchange rate changes on cash | — | — | -4.7 | — | -4.7 | ||||||||||||||||
Net (decrease) increase in cash and cash equivalents | -98.5 | — | 8.4 | — | -90.1 | ||||||||||||||||
Cash and cash equivalents at beginning of year | 206.8 | — | 113 | — | 319.8 | ||||||||||||||||
Cash and Cash Equivalents at End of Year | $ | 108.3 | $ | — | $ | 121.4 | $ | — | $ | 229.7 | |||||||||||
( ) Denotes use of cash |
Common_Shares
Common Shares | 12 Months Ended | ||
Apr. 30, 2014 | |||
Common Shares [Abstract] | ' | ||
Common Shares | ' | ||
NOTE 16 | COMMON SHARES | ||
Voting: The Amended Articles of Incorporation (the “Articles”) provide that each holder of a common share outstanding is entitled to one vote on each matter submitted to a vote of the shareholders, except for the following specific matters: | |||
• | any matter that relates to or would result in the dissolution or liquidation of the Company; | ||
• | the adoption of any amendment to the Articles or Amended Regulations, or the adoption of amended Articles, other than the adoption of any amendment or amended Articles that increases the number of votes to which holders of our common shares are entitled or expands the matters to which time-phased voting applies; | ||
• | any proposal or other action to be taken by our shareholders relating to the Rights Agreement, dated as of May 20, 2009, between the Company and Computershare Trust Company, N.A. or any successor plan; | ||
• | any matter relating to any stock option plan, stock purchase plan, executive compensation plan, executive benefit plan, or other similar plan, arrangement, or agreement; | ||
• | the adoption of any agreement or plan of or for the merger, consolidation, or majority share acquisition of us or any of our subsidiaries with or into any other person, whether domestic or foreign, corporate or noncorporate, or the authorization of the lease, sale, exchange, transfer, or other disposition of all, or substantially all, of our assets; | ||
• | any matter submitted to our shareholders pursuant to Article Fifth (which relates to procedures applicable to certain business combinations) or Article Seventh (which relates to procedures applicable to certain proposed acquisitions of specified percentages of our outstanding common shares) of the Articles, as they may be further amended, or any issuance of our common shares for which shareholder approval is required by applicable stock exchange rules; and | ||
• | any matter relating to the issuance of our common shares or the repurchase of our common shares that the Board of Directors (the “Board”) determines is required or appropriate to be submitted to our shareholders under the Ohio Revised Code or applicable stock exchange rules. | ||
On the matters listed above, common shares are entitled to 10 votes per share if they meet the requirements set forth in the Articles. Common shares which would be entitled to 10 votes per share must meet one of the following criteria: | |||
• | common shares for which there has not been a change in beneficial ownership in the past four years; or | ||
• | common shares received through our various equity plans which have not been sold or otherwise transferred. | ||
In the event of a change in beneficial ownership, the new owner of that common share will be entitled to only one vote with respect to that share on all matters until four years pass without a further change in beneficial ownership of the share. | |||
Shareholders’ Rights Plan: Pursuant to a Shareholders’ Rights Plan adopted by the Board on May 20, 2009, one share purchase right is associated with each of our outstanding common shares. | |||
Under the plan, the rights will initially trade together with our common shares and will not be exercisable. In the absence of further action by the directors, the rights generally will become exercisable and allow the holder to acquire our common shares at a discounted price if a person or group acquires 10 percent or more of our outstanding common shares. Rights held by persons who exceed the applicable threshold will be void. Shares held by members of the Smucker family are not subject to the threshold. If exercisable, each right entitles the shareholder to buy one common share at a discounted price. Under certain circumstances, the rights will entitle the holder to buy shares in an acquiring entity at a discounted price. | |||
The plan also includes an exchange option. In general, if the rights become exercisable, the directors may, at their option, effect an exchange of part or all of the rights, other than rights that have become void, for common shares. Under this option, we would issue one common share for each right, in each case subject to adjustment in certain circumstances. | |||
Our directors may, at their option, redeem all rights for $0.001 per right, generally at any time prior to the rights becoming exercisable. The rights will expire June 3, 2019, unless earlier redeemed, exchanged, or amended by the directors. | |||
Repurchase Programs: We repurchased 4.9 million common shares for $495.0 in 2014, 4.0 million common shares for $359.4 in 2013, and 4.1 million common shares for $305.3 in 2012. | |||
At April 30, 2014, approximately 5.0 million common shares were available for repurchase as a result of the Board’s most recent authorization in April 2014. |
Accounting_Policies_Policies
Accounting Policies (Policies) | 12 Months Ended | ||||||||||||
Apr. 30, 2014 | |||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||
Principles of Consolidation | ' | ||||||||||||
Principles of Consolidation: The consolidated financial statements include the accounts of the Company, its wholly-owned subsidiaries, and its majority-owned investments, if any. Intercompany transactions and accounts are eliminated in consolidation. | |||||||||||||
Use of Estimates | ' | ||||||||||||
Use of Estimates: The preparation of consolidated financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires that we make certain estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Significant estimates in these consolidated financial statements include: allowances for doubtful trade receivables, estimates of future cash flows associated with assets, asset impairments, useful lives and residual values for depreciation and amortization, net realizable value of inventories, accruals for trade marketing and merchandising programs, income taxes, and the determination of discount and other rate assumptions for defined benefit pension and other postretirement benefit expenses. Actual results could differ from these estimates. | |||||||||||||
Revenue Recognition | ' | ||||||||||||
Revenue Recognition: We recognize revenue, net of estimated returns and allowances, when all of the following criteria have been met: a valid customer order with a determinable price has been received; the product has been shipped and title has transferred to the customer; there is no further significant obligation to assist in the resale of the product; and collectability is reasonably assured. Trade marketing and merchandising programs are classified as a reduction of sales. A provision for estimated returns and allowances is recognized as a reduction of sales at the time revenue is recognized. | |||||||||||||
Major Customer | ' | ||||||||||||
Major Customer: Sales to Wal-Mart Stores, Inc. and subsidiaries amounted to 27 percent of net sales in 2014 and 26 percent of net sales in both 2013 and 2012. These sales are primarily included in the two U.S. retail market segments. No other customer exceeded 10 percent of net sales for any year. Trade receivables at April 30, 2014 and 2013, included amounts due from Wal-Mart Stores, Inc. and subsidiaries of $76.6 and $92.0, respectively. | |||||||||||||
Shipping and Handling Costs | ' | ||||||||||||
Shipping and Handling Costs: Shipping and handling costs are included in cost of products sold. | |||||||||||||
Trade Marketing and Merchandising Programs | ' | ||||||||||||
Trade Marketing and Merchandising Programs: In order to support our products, various promotional activities are conducted through retail trade, distributors, group purchasing organizations, foodservice operators, or directly with consumers, including in-store display and product placement programs, feature price discounts, coupons, and other similar activities. We regularly review and revise, when we deem necessary, estimates of costs for these promotional programs based on estimates of what will be redeemed by retail trade, distributors, or consumers. These estimates are made using various techniques, including historical data on performance of similar promotional programs. Differences between estimated expenditures and actual performance are recognized as a change in estimate in a subsequent period. As the total promotional expenditures, including amounts classified as a reduction of sales, represented 27 percent, 25 percent, and 23 percent of net sales in 2014, 2013, and 2012, respectively, a possibility exists of materially different reported results if factors such as the level and success of the promotional programs or other conditions differ from expectations. | |||||||||||||
Advertising Expense | ' | ||||||||||||
Advertising Expense: Advertising costs are expensed as incurred. Advertising expense was $124.7, $131.6, and $119.6 in 2014, 2013, and 2012, respectively. | |||||||||||||
Research and Development Costs | ' | ||||||||||||
Research and Development Costs: Total research and development costs were $24.3, $24.7, and $21.9 in 2014, 2013, and 2012, respectively. | |||||||||||||
Share-Based Payments | ' | ||||||||||||
Share-Based Payments: Share-based compensation expense is recognized on a straight-line basis over the requisite service period, which includes a one-year performance period plus the defined forfeiture period, which is typically four years of service or the attainment of a defined age and years of service. | |||||||||||||
The following table summarizes amounts related to share-based payments. | |||||||||||||
Year Ended April 30, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Share-based compensation expense included in selling, distribution, and administrative expenses | $ | 22.1 | $ | 20.5 | $ | 19.3 | |||||||
Share-based compensation expense included in other restructuring and merger and integration costs | 0.8 | 0.8 | 2.5 | ||||||||||
Total share-based compensation expense | $ | 22.9 | $ | 21.3 | $ | 21.8 | |||||||
Related income tax benefit | $ | 7.7 | $ | 7.1 | $ | 7.5 | |||||||
As of April 30, 2014, total unrecognized share-based compensation cost related to nonvested share-based awards was $33.2. The weighted-average period over which this amount is expected to be recognized is 3.0 years. | |||||||||||||
Corporate income tax benefits realized upon exercise or vesting of an award in excess of that previously recognized in earnings, referred to as excess tax benefits, are presented in the Statements of Consolidated Cash Flows as a financing activity. Realized excess tax benefits are credited to additional capital in the Consolidated Balance Sheets. Realized shortfall tax benefits, amounts which are less than those previously recognized in earnings, are first offset against the cumulative balance of excess tax benefits, if any, and then charged directly to income tax expense. For 2014, 2013, and 2012, the excess tax benefits realized upon exercise or vesting of share-based compensation was $7.3, $2.9, and $4.8, respectively, and classified as other – net under financing activities in the Statements of Consolidated Cash Flows. | |||||||||||||
Defined Contribution Plans | ' | ||||||||||||
Defined Contribution Plans: We offer employee savings plans for domestic and Canadian employees. Our contributions under these plans are based on a specified percentage of employee contributions. Charges to operations for these plans in 2014, 2013, and 2012 were $20.1, $18.6, and $16.1, respectively. For information on our defined benefit plans, see Note 7: Pensions and Other Postretirement Benefits. | |||||||||||||
Income Taxes | ' | ||||||||||||
Income Taxes: We account for income taxes using the liability method. Accordingly, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in the applicable tax rate is recognized in income or expense in the period that the change is effective. A valuation allowance is established when it is more likely than not that all or a portion of a deferred tax asset will not be realized. A tax benefit is recognized when it is more likely than not to be sustained. | |||||||||||||
We account for the financial statement recognition and measurement criteria of a tax position taken or expected to be taken in a tax return under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 740, Income Taxes. FASB ASC 740 also provides guidance on derecognition, classification, interest and penalties, accounting in interim periods, and disclosure. | |||||||||||||
In accordance with the requirements of FASB ASC 740, uncertain tax positions have been classified in the Consolidated Balance Sheets as long term, except to the extent payment is expected within one year. We recognize net interest and penalties related to unrecognized tax benefits in income tax expense. | |||||||||||||
Cash and Cash Equivalents | ' | ||||||||||||
Cash and Cash Equivalents: We consider all short-term, highly-liquid investments with a maturity of three months or less when purchased to be cash equivalents. | |||||||||||||
Trade Receivables | ' | ||||||||||||
Trade Receivables: In the normal course of business, we extend credit to customers. Trade receivables, less allowance for doubtful accounts, reflects the net realizable value of receivables and approximates fair value. We evaluate our trade receivables and establish an allowance for doubtful accounts based on a combination of factors. When aware that a specific customer has been impacted by circumstances such as bankruptcy filings or deterioration in the customer’s operating results or financial position, potentially making it unable to meet its financial obligations, we record a specific reserve for bad debt to reduce the related receivable to the amount we reasonably believe is collectible. We also record reserves for bad debt for all other customers based on a variety of factors, including the length of time the receivables are past due, historical collection experience, and an evaluation of current and projected economic conditions at the balance sheet date. Trade receivables are charged off against the allowance after we determine that the potential for recovery is remote. At April 30, 2014 and 2013, the allowance for doubtful accounts was $0.9 and $1.3, respectively. We believe there is no concentration of risk with any single customer whose failure or nonperformance would materially affect results other than as discussed in Major Customer. | |||||||||||||
Inventories | ' | ||||||||||||
Inventories: Inventories are stated at the lower of cost or market. Cost for all inventories is determined using the first-in, first-out method applied on a consistent basis. | |||||||||||||
The cost of finished products and work-in-process inventory includes materials, direct labor, and overhead. Work-in-process is included in finished products in the Consolidated Balance Sheets and was $62.1 and $64.0 at April 30, 2014 and 2013, respectively. | |||||||||||||
Derivative Financial Instruments | ' | ||||||||||||
Derivative Financial Instruments: We utilize derivative instruments such as basis contracts, commodity futures and options contracts, foreign currency forwards and options, and interest rate swaps to manage exposures in commodity prices, foreign currency exchange rates, and interest rates. We have policies in place that define acceptable instrument types we may enter into and establish controls to limit our market risk exposure. We account for these derivative instruments in accordance with FASB ASC 815, Derivatives and Hedging, which requires all derivative instruments to be recognized in the financial statements and measured at fair value, regardless of the purpose or intent for holding them. For derivatives designated as cash flow hedges that are used to hedge forecasted transactions, changes in fair value are deferred and recognized in shareholders’ equity as a component of accumulated other comprehensive loss to the extent the hedges are effective and then recognized in the Statements of Consolidated Income in the period during which the hedged transactions affect earnings. Hedge effectiveness is measured at inception and on a monthly basis. Any ineffectiveness associated with the hedge or changes in fair value of derivatives that are nonqualifying are recognized immediately in the Statements of Consolidated Income. Derivatives designated as fair value hedges that are used to hedge against changes in the fair value of the underlying long-term debt are recognized at fair value on the Consolidated Balance Sheets. Changes in the fair value of the derivative are recognized in the Statements of Consolidated Income and are offset by the change in the fair value of the underlying long-term debt. For additional information, see Note 11: Derivative Financial Instruments. | |||||||||||||
Property, Plant, and Equipment | ' | ||||||||||||
Property, Plant, and Equipment: Property, plant, and equipment is recognized at cost and is depreciated on a straight-line basis over the estimated useful life of the asset (3 to 20 years for machinery and equipment, 3 to 7 years for capitalized software costs, and 5 to 40 years for buildings, fixtures, and improvements). | |||||||||||||
We lease certain land, buildings, and equipment for varying periods of time, with renewal options. Rent expense in 2014, 2013, and 2012 totaled $60.6, $59.2, and $56.5, respectively. As of April 30, 2014, our minimum operating lease obligations were as follows: $24.0 in 2015, $23.3 in 2016, $20.5 in 2017, $18.4 in 2018, and $12.7 in 2019. | |||||||||||||
In accordance with FASB ASC 360, Property, Plant, and Equipment, long-lived assets, except goodwill and indefinite-lived intangible assets, are reviewed for impairment when circumstances indicate the carrying value of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of the assets to future net undiscounted cash flows we estimate to be generated by such assets. If such assets are considered to be impaired, the impairment to be recognized is the amount by which the carrying amount of the assets exceeds their estimated fair value. Assets to be disposed of by sale are recognized as held for sale at the lower of carrying value or fair value less cost to sell. | |||||||||||||
Goodwill and Other Intangible Assets | ' | ||||||||||||
Goodwill and Other Intangible Assets: Goodwill is the excess of the purchase price paid over the estimated fair value of the net assets of a business acquired. In accordance with FASB ASC 350, Intangibles – Goodwill and Other, goodwill and other indefinite-lived intangible assets are not amortized but are reviewed at least annually for impairment. We conduct our annual test for impairment of goodwill and other indefinite-lived intangible assets as of February 1 of each year. A discounted cash flow valuation technique is utilized to estimate the fair value of our reporting units and indefinite-lived intangible assets. We also use a market-based approach to estimate the fair value of our reporting units. For annual impairment testing purposes, we have six reporting units. The discount rates utilized in the cash flow analyses are developed using a weighted-average cost of capital methodology. In addition to the annual test, we test for impairment if events or circumstances occur that would more likely than not reduce the fair value of a reporting unit below its carrying amount. Finite-lived intangible assets are amortized on a straight-line basis over their estimated useful lives. For additional information, see Note 6: Goodwill and Other Intangible Assets. | |||||||||||||
Marketable Securities and Other Investments | ' | ||||||||||||
Marketable Securities and Other Investments: Under our investment policy, we may invest in debt securities deemed to be investment grade at the time of purchase for general corporate purposes. We determine the appropriate categorization of debt securities at the time of purchase and reevaluate such designation at each balance sheet date. We typically categorize all debt securities as available for sale, as we have the intent to convert these investments into cash if and when needed. Classification of available-for-sale marketable securities as current or noncurrent is based on whether the conversion to cash is expected to be necessary for operations in the upcoming year, which is consistent with the security’s maturity date, if applicable. | |||||||||||||
Securities categorized as available for sale are stated at fair value, with unrealized gains and losses reported as a component of accumulated other comprehensive loss. All available-for-sale marketable securities had matured or were sold prior to April 30, 2012, other than the funds associated with nonqualified retirement plans discussed below. Proceeds of $18.6 were realized upon maturity or sale of available-for-sale marketable securities in 2012 and were reported in sales and maturities of marketable securities in the Statement of Consolidated Cash Flows. We use specific identification to determine the basis on which securities are sold. | |||||||||||||
We also maintain funds for the payment of benefits associated with nonqualified retirement plans. These funds include investments considered to be available-for-sale marketable securities. During 2014, proceeds of $10.0 were realized upon the sale of mutual funds associated with these investments and reported in sales and maturities of marketable securities in the Statement of Consolidated Cash Flows. A gain of $3.7 was also realized and reported in gain on sale of marketable securities in the Statement of Consolidated Cash Flows. At April 30, 2014 and 2013, the fair value of these investments was $55.4 and $48.8, respectively, and was included in other noncurrent assets in the Consolidated Balance Sheets. Included in accumulated other comprehensive loss at April 30, 2014 and 2013, were unrealized pre-tax gains of $5.3 and $7.1, respectively. | |||||||||||||
Equity Method Investments | ' | ||||||||||||
Equity Method Investment: We have a 25 percent equity interest in Guilin Seamild Biologic Technology Development Co., Ltd. (“Seamild”), a privately-owned manufacturer and marketer of oats products in China. The initial investment in Seamild of $35.9 was recorded at cost and is included in other noncurrent assets in the Consolidated Balance Sheets. The difference between the carrying amount of the investment and the underlying equity in net assets is primarily attributable to goodwill and other intangible assets. Under the equity method of accounting, the investment is adjusted for our proportionate share of earnings or losses, including consideration of basis differences resulting from the difference between the initial carrying amount of the investment and the underlying equity in net assets. The value of our investment did not change significantly and did not have a material impact on the International, Foodservice, and Natural Foods segment or the consolidated financial statements for the years ended April 30, 2014 and 2013. | |||||||||||||
Foreign Currency Translation | ' | ||||||||||||
Foreign Currency Translation: Assets and liabilities of foreign subsidiaries are translated using the exchange rates in effect at the balance sheet date, while income and expenses are translated using average rates. Translation adjustments are reported as a component of shareholders’ equity in accumulated other comprehensive loss. Included in accumulated other comprehensive loss at April 30, 2014 and 2013, were foreign currency gains of $31.7 and $61.5, respectively. | |||||||||||||
Recently Issued Accounting Standards | ' | ||||||||||||
Recently Issued Accounting Standards: In May 2014, the FASB issued Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers (Topic 606), which was the result of a joint project by the FASB and International Accounting Standards Board to clarify the principles for recognizing revenue and to develop a common revenue standard for U.S. GAAP and International Financial Reporting Standards. The issuance of a comprehensive and converged standard on revenue recognition is expected to enable financial statement users to better understand and consistently analyze an entity’s revenue across industries, transactions, and geographies. The standard will require additional disclosures to help financial statement users better understand the nature, amount, timing, and potential uncertainty of the revenue that is recognized. ASU 2014-09 will be effective for us on May 1, 2017, and will require either retrospective application to each prior reporting period presented or retrospective application with the cumulative effect of initially applying the standard recognized at the date of adoption. We are currently evaluating the impact the application of ASU 2014-09 will have on our financial statements and disclosures. | |||||||||||||
Risks and Uncertainties | ' | ||||||||||||
Risks and Uncertainties: The raw materials we use are primarily commodities, agricultural-based products, and packaging materials. The principal packaging materials we use are glass, plastic, steel cans, caps, carton board, and corrugate. The fruit and vegetable raw materials used in the production of our food products are purchased from independent growers and suppliers. Green coffee, peanuts, edible oils, sweeteners, milk, flour, corn, and other ingredients are obtained from various suppliers. The availability, quality, and cost of many of these commodities have fluctuated, and may continue to fluctuate, over time. Green coffee is sourced solely from foreign countries and its supply and price are subject to high volatility due to factors such as weather, global supply and demand, pest damage, speculative influences, and political and economic conditions in the source countries. Raw materials are generally available from numerous sources, although we have elected to source certain plastic packaging materials from single sources of supply pursuant to long-term contracts. While availability may vary from year to year, we believe that we will continue to be able to obtain adequate supplies and that alternatives to single-sourced materials are available. We have not historically encountered significant shortages of key raw materials. We consider our relationships with key material suppliers to be good. | |||||||||||||
Of our total employees, 26 percent are covered by union contracts at eight locations. The contracts vary in term depending on the location, with one contract expiring in 2015, representing 1 percent of our total employees. | |||||||||||||
We insure our business and assets in each country against insurable risks, to the extent that we deem appropriate, based upon an analysis of the relative risks and costs. | |||||||||||||
Reclassifications | ' | ||||||||||||
Reclassifications: Certain prior year amounts have been reclassified to conform to current year classifications. |
Accounting_Policies_Tables
Accounting Policies (Tables) | 12 Months Ended | ||||||||||||
Apr. 30, 2014 | |||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||
Share based payments | ' | ||||||||||||
Year Ended April 30, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Share-based compensation expense included in selling, distribution, and administrative expenses | $ | 22.1 | $ | 20.5 | $ | 19.3 | |||||||
Share-based compensation expense included in other restructuring and merger and integration costs | 0.8 | 0.8 | 2.5 | ||||||||||
Total share-based compensation expense | $ | 22.9 | $ | 21.3 | $ | 21.8 | |||||||
Related income tax benefit | $ | 7.7 | $ | 7.1 | $ | 7.5 | |||||||
Acquisitions_Tables
Acquisitions (Tables) | 12 Months Ended | ||||
Apr. 30, 2014 | |||||
Acquisitions [Abstract] | ' | ||||
Estimated fair values of the assets acquired and liabilities assumed | ' | ||||
Assets acquired: | |||||
Cash and cash equivalents | $ | 1.2 | |||
Other current assets | 42.6 | ||||
Property, plant, and equipment | 92.8 | ||||
Goodwill | 149.9 | ||||
Intangible assets | 138.9 | ||||
Other noncurrent assets | 0.9 | ||||
Total assets acquired | $ | 426.3 | |||
Liabilities assumed: | |||||
Current liabilities | $ | 3.6 | |||
Noncurrent liabilities | 2.1 | ||||
Total liabilities assumed | $ | 5.7 | |||
Net assets acquired | $ | 420.6 | |||
Assets acquired: | |||||
Current assets | $ | 34 | |||
Property, plant, and equipment | 29.2 | ||||
Goodwill | 91.7 | ||||
Intangible assets | 213.5 | ||||
Total assets acquired | $ | 368.4 | |||
Liabilities assumed: | |||||
Current liabilities | $ | 5.6 | |||
Total liabilities assumed | $ | 5.6 | |||
Net assets acquired | $ | 362.8 | |||
The purchase price allocated to the identifiable intangible assets | ' | ||||
Intangible assets with finite lives: | |||||
Customer relationships (10-year useful life) | $ | 92 | |||
Technology (10-year useful life) | 23.8 | ||||
Trademarks (6-year weighted-average useful life) | 23.1 | ||||
Total intangible assets | $ | 138.9 | |||
Intangible assets with finite lives: | |||||
Customer relationships (19-year weighted-average useful life) | $ | 147.8 | |||
Trademark (10-year useful life) | 1.6 | ||||
Intangible assets with indefinite lives: | |||||
Trademarks | 64.1 | ||||
Total intangible assets | $ | 213.5 | |||
Restructuring_Tables
Restructuring (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Apr. 30, 2014 | |||||||||||||||||||||||||
Restructuring [Abstract] | ' | ||||||||||||||||||||||||
Restructuring and related charges | ' | ||||||||||||||||||||||||
Long-Lived | Employee | Site Preparation | Production | Other Costs | Total | ||||||||||||||||||||
Asset Charges | Separation | and Equipment | Start-up | ||||||||||||||||||||||
Relocation | |||||||||||||||||||||||||
Total expected restructuring charge | $ | 102.8 | $ | 63.8 | $ | 45.4 | $ | 42.8 | $ | 10.2 | $ | 265 | |||||||||||||
Balance at May 1, 2011 | $ | — | $ | 10.2 | $ | — | $ | — | $ | — | $ | 10.2 | |||||||||||||
Charge to expense | 34.2 | 20.4 | 13 | 10.6 | 2.9 | 81.1 | |||||||||||||||||||
Cash payments | — | -13.8 | -13 | -10.6 | -2.9 | -40.3 | |||||||||||||||||||
Noncash utilization | -34.2 | -8 | — | — | — | -42.2 | |||||||||||||||||||
Balance at April 30, 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 | 7.2 | 7.2 | 1.1 | 20.8 | |||||||||||||||||||
Cash payments | — | -8.4 | -7.2 | -7.2 | -1.1 | -23.9 | |||||||||||||||||||
Noncash utilization | -2.7 | -0.2 | — | — | — | -2.9 | |||||||||||||||||||
Balance at April 30, 2014 | $ | — | $ | 1.7 | $ | — | $ | — | $ | — | $ | 1.7 | |||||||||||||
Remaining expected restructuring charge | $ | 0.2 | $ | 0.3 | $ | 5.2 | $ | 9 | $ | 1.9 | $ | 16.6 | |||||||||||||
Reportable_Segments_Tables
Reportable Segments (Tables) | 12 Months Ended | ||||||||||||
Apr. 30, 2014 | |||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||
Income and assets by segment | ' | ||||||||||||
Year Ended April 30, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Net sales: | |||||||||||||
U.S. Retail Coffee | $ | 2,161.70 | $ | 2,306.50 | $ | 2,297.70 | |||||||
U.S. Retail Consumer Foods | 2,172.60 | 2,214.80 | 2,094.50 | ||||||||||
International, Foodservice, and Natural Foods | 1,276.30 | 1,376.40 | 1,133.60 | ||||||||||
Total net sales | $ | 5,610.60 | $ | 5,897.70 | $ | 5,525.80 | |||||||
Segment profit: | |||||||||||||
U.S. Retail Coffee | $ | 641.9 | $ | 607.5 | $ | 543 | |||||||
U.S. Retail Consumer Foods | 396.9 | 415.3 | 393.3 | ||||||||||
International, Foodservice, and Natural Foods | 167.1 | 198.2 | 168.6 | ||||||||||
Total segment profit | $ | 1,205.90 | $ | 1,221.00 | $ | 1,104.90 | |||||||
Interest expense – net | -79.4 | -93.4 | -79.8 | ||||||||||
Cost of products sold – restructuring and merger and integration | -9.4 | -11.5 | -43.2 | ||||||||||
Other restructuring and merger and integration costs | -25.6 | -42.8 | -72.5 | ||||||||||
Other special project costs | — | -6.7 | — | ||||||||||
Corporate administrative expenses | -251.9 | -249.6 | -210.9 | ||||||||||
Other income – net | 10.1 | 0.3 | 2.7 | ||||||||||
Income before income taxes | $ | 849.7 | $ | 817.3 | $ | 701.2 | |||||||
Assets: | |||||||||||||
U.S. Retail Coffee | $ | 4,885.60 | $ | 4,882.40 | $ | 5,033.60 | |||||||
U.S. Retail Consumer Foods | 2,684.10 | 2,618.20 | 2,612.70 | ||||||||||
International, Foodservice, and Natural Foods | 1,248.90 | 1,201.30 | 1,179.60 | ||||||||||
Unallocated (A) | 253.5 | 329.9 | 289.3 | ||||||||||
Total assets | $ | 9,072.10 | $ | 9,031.80 | $ | 9,115.20 | |||||||
(A) | Primarily represents unallocated cash and cash equivalents and corporate-held investments. | ||||||||||||
Segmental information related to depreciation, amortization, and impairment charges, and property, plant, and equipment additions | ' | ||||||||||||
Depreciation, amortization, and impairment charges: | |||||||||||||
U.S. Retail Coffee | $ | 99.9 | $ | 100.7 | $ | 102.3 | |||||||
U.S. Retail Consumer Foods | 52.9 | 47.1 | 46.7 | ||||||||||
International, Foodservice, and Natural Foods | 67.4 | 63.7 | 37.7 | ||||||||||
Unallocated (B) | 36.2 | 39.4 | 64.9 | ||||||||||
Total depreciation, amortization, and impairment charges | $ | 256.4 | $ | 250.9 | $ | 251.6 | |||||||
Additions to property, plant, and equipment: | |||||||||||||
U.S. Retail Coffee | $ | 50.7 | $ | 46.5 | $ | 86.9 | |||||||
U.S. Retail Consumer Foods | 138.8 | 85.1 | 159.5 | ||||||||||
International, Foodservice, and Natural Foods | 90 | 74.9 | 27.8 | ||||||||||
Total additions to property, plant, and equipment | $ | 279.5 | $ | 206.5 | $ | 274.2 | |||||||
(A) | Primarily represents unallocated cash and cash equivalents and corporate-held investments. | ||||||||||||
(B) | Primarily represents unallocated depreciation expense included in cost of products sold – restructuring and merger and integration and corporate administrative expense, mainly software amortization. | ||||||||||||
Segmental information related to net sales and assets by geographic location | ' | ||||||||||||
Year Ended April 30, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Net sales: | |||||||||||||
Domestic | $ | 5,092.00 | $ | 5,355.90 | $ | 5,014.70 | |||||||
International: | |||||||||||||
Canada | $ | 437.2 | $ | 459.5 | $ | 447 | |||||||
All other international | 81.4 | 82.3 | 64.1 | ||||||||||
Total international | $ | 518.6 | $ | 541.8 | $ | 511.1 | |||||||
Total net sales | $ | 5,610.60 | $ | 5,897.70 | $ | 5,525.80 | |||||||
Assets: | |||||||||||||
Domestic | $ | 8,650.50 | $ | 8,585.40 | $ | 8,683.50 | |||||||
International: | |||||||||||||
Canada | $ | 257.7 | $ | 396.3 | $ | 386 | |||||||
All other international | 163.9 | 50.1 | 45.7 | ||||||||||
Total international | $ | 421.6 | $ | 446.4 | $ | 431.7 | |||||||
Total assets | $ | 9,072.10 | $ | 9,031.80 | $ | 9,115.20 | |||||||
Long-lived assets (excluding goodwill and other intangible assets): | |||||||||||||
Domestic | $ | 1,355.10 | $ | 1,234.70 | $ | 1,164.80 | |||||||
International: | |||||||||||||
Canada | $ | 16.5 | $ | 20.6 | $ | 28.1 | |||||||
All other international | 38.9 | 39 | 37.2 | ||||||||||
Total international | $ | 55.4 | $ | 59.6 | $ | 65.3 | |||||||
Total long-lived assets (excluding goodwill and other intangible assets) | $ | 1,410.50 | $ | 1,294.30 | $ | 1,230.10 | |||||||
Product sales information | ' | ||||||||||||
Year Ended April 30, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Coffee | 46 | % | 48 | % | 48 | % | |||||||
Peanut butter | 13 | 13 | 12 | ||||||||||
Fruit spreads | 6 | 6 | 7 | ||||||||||
Shortening and oils | 6 | 6 | 7 | ||||||||||
Baking mixes and frostings | 6 | 6 | 6 | ||||||||||
Canned milk | 5 | 4 | 5 | ||||||||||
Flour and baking ingredients | 4 | 4 | 5 | ||||||||||
Juices and beverages | 3 | 3 | 2 | ||||||||||
Frozen handheld | 3 | 3 | 2 | ||||||||||
Portion control | 2 | 2 | 2 | ||||||||||
Toppings and syrups | 2 | 2 | 2 | ||||||||||
Other | 4 | 3 | 2 | ||||||||||
Total product sales | 100 | % | 100 | % | 100 | % | |||||||
Earnings_per_Share_Tables
Earnings per Share (Tables) | 12 Months Ended | ||||||||||||
Apr. 30, 2014 | |||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||
Computation of earnings per common share, basic and diluted | ' | ||||||||||||
Year Ended April 30, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Net income | $ | 565.2 | $ | 544.2 | $ | 459.7 | |||||||
Net income allocated to participating securities | 4.5 | 4.7 | 4.2 | ||||||||||
Net income allocated to common stockholders | $ | 560.7 | $ | 539.5 | $ | 455.5 | |||||||
Weighted-average common shares outstanding | 103,504,121 | 107,881,519 | 112,212,677 | ||||||||||
Dilutive effect of stock options | 14,346 | 23,256 | 49,616 | ||||||||||
Weighted-average common shares outstanding – assuming dilution | 103,518,467 | 107,904,775 | 112,262,293 | ||||||||||
Net income per common share | $ | 5.42 | $ | 5 | $ | 4.06 | |||||||
Net income per common share – assuming dilution | $ | 5.42 | $ | 5 | $ | 4.06 | |||||||
Goodwill_and_Other_Intangible_1
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Apr. 30, 2014 | |||||||||||||||||||||||||
Goodwill and Other Intangible Assets [Abstract] | ' | ||||||||||||||||||||||||
Summary of changes in the company's goodwill | ' | ||||||||||||||||||||||||
U.S. Retail | U.S. Retail | International, | Total | ||||||||||||||||||||||
Coffee | Consumer | Foodservice, and | |||||||||||||||||||||||
Foods | 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 | 22.8 | — | 29.3 | 52.1 | |||||||||||||||||||||
Other | — | -2.4 | -4.4 | -6.8 | |||||||||||||||||||||
Balance at April 30, 2014 | $ | 1,743.10 | $ | 1,032.20 | $ | 322.9 | $ | 3,098.20 | |||||||||||||||||
Other intangible assets and related accumulated amortization and impairment charges | ' | ||||||||||||||||||||||||
April 30, 2014 | April 30, 2013 | ||||||||||||||||||||||||
Acquisition | Accumulated | Net | Acquisition | Accumulated | Net | ||||||||||||||||||||
Cost | Amortization/ | Cost | Amortization/ | ||||||||||||||||||||||
Impairment | Impairment | ||||||||||||||||||||||||
Charges | Charges | ||||||||||||||||||||||||
Finite-lived intangible assets subject to amortization: | |||||||||||||||||||||||||
Customer and contractual relationships | $ | 1,436.20 | $ | 392.6 | $ | 1,043.60 | $ | 1,415.10 | $ | 314.8 | $ | 1,100.30 | |||||||||||||
Patents and technology | 164.5 | 61.9 | 102.6 | 158.8 | 49.3 | 109.5 | |||||||||||||||||||
Trademarks | 70 | 36.5 | 33.5 | 62.5 | 26.9 | 35.6 | |||||||||||||||||||
Total intangible assets subject to amortization | $ | 1,670.70 | $ | 491 | $ | 1,179.70 | $ | 1,636.40 | $ | 391 | $ | 1,245.40 | |||||||||||||
Indefinite-lived intangible assets not subject to amortization: | |||||||||||||||||||||||||
Trademarks | $ | 1,858.90 | $ | 14.3 | $ | 1,844.60 | $ | 1,855.60 | $ | 11.6 | $ | 1,844.00 | |||||||||||||
Total other intangible assets | $ | 3,529.60 | $ | 505.3 | $ | 3,024.30 | $ | 3,492.00 | $ | 402.6 | $ | 3,089.40 | |||||||||||||
Pensions_and_Other_Postretirem1
Pensions and Other Postretirement Benefits (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Apr. 30, 2014 | |||||||||||||||||||||||||
Pensions and Other Postretirement Benefits [Abstract] | ' | ||||||||||||||||||||||||
Net periodic benefit cost | ' | ||||||||||||||||||||||||
Defined Benefit Pension Plans | Other Postretirement Benefits | ||||||||||||||||||||||||
Year Ended April 30, | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | |||||||||||||||||||
Service cost | $ | 8.7 | $ | 8.8 | $ | 8.1 | $ | 2.3 | $ | 2.5 | $ | 2.3 | |||||||||||||
Interest cost | 21.8 | 23.9 | 26.2 | 2.3 | 3 | 3.1 | |||||||||||||||||||
Expected return on plan assets | -25.4 | -25.3 | -27 | — | — | — | |||||||||||||||||||
Amortization of prior service cost (credit) | 1.2 | 1 | 1.1 | -1.1 | -0.4 | -0.4 | |||||||||||||||||||
Amortization of net actuarial loss | 13.2 | 13.1 | 9.4 | — | — | — | |||||||||||||||||||
Curtailment loss (gain) | — | — | 1.1 | — | — | -0.1 | |||||||||||||||||||
Settlement loss | — | 6.7 | 1.1 | — | — | — | |||||||||||||||||||
Termination benefit cost | — | — | 1.8 | — | — | 2 | |||||||||||||||||||
Net periodic benefit cost | $ | 19.5 | $ | 28.2 | $ | 21.8 | $ | 3.5 | $ | 5.1 | $ | 6.9 | |||||||||||||
Net change for the year in accumulated OCI before taxes | ' | ||||||||||||||||||||||||
Other changes in plan assets and benefit liabilities recognized in accumulated other comprehensive loss before income taxes: | |||||||||||||||||||||||||
Prior service (cost) credit arising during the year | $ | — | $ | -4 | $ | — | $ | 1.7 | $ | 9.6 | $ | — | |||||||||||||
Net actuarial gain (loss) arising during the year | 19.3 | -20.5 | -82.1 | 7.5 | -4.5 | -4.2 | |||||||||||||||||||
Amortization of prior service cost (credit) | 1.2 | 1 | 1.1 | -1.1 | -0.4 | -0.4 | |||||||||||||||||||
Amortization of net actuarial loss | 13.2 | 13.1 | 9.4 | — | — | — | |||||||||||||||||||
Curtailment loss (gain) | — | 2 | 1.1 | — | — | -0.1 | |||||||||||||||||||
Settlement loss | — | 6.7 | 1.1 | — | — | — | |||||||||||||||||||
Foreign currency translation | 2.9 | 0.9 | 1.1 | — | — | -0.1 | |||||||||||||||||||
Net change for year | $ | 36.6 | $ | -0.8 | $ | -68.3 | $ | 8.1 | $ | 4.7 | $ | -4.8 | |||||||||||||
Weighted-average assumptions used in determining net periodic benefit costs | ' | ||||||||||||||||||||||||
Weighted-average assumptions used in determining net periodic benefit costs: | |||||||||||||||||||||||||
U.S. plans: | |||||||||||||||||||||||||
Discount rate | 3.99 | % | 4.7 | % | 5.5 | % | 3.8 | % | 4.7 | % | 5.5 | % | |||||||||||||
Expected return on plan assets | 6.75 | 7 | 7 | — | — | — | |||||||||||||||||||
Rate of compensation increase | 4.13 | 4.12 | 4.14 | — | — | — | |||||||||||||||||||
Canadian plans: | |||||||||||||||||||||||||
Discount rate | 3.65 | % | 4.2 | % | 5 | % | 3.7 | % | 4.2 | % | 5 | % | |||||||||||||
Expected return on plan assets | 5.78 | 6.17 | 6.66 | — | — | — | |||||||||||||||||||
Rate of compensation increase | 3 | 4 | 4 | — | — | — | |||||||||||||||||||
Combined status of the plans | ' | ||||||||||||||||||||||||
Defined Benefit Pension Plans | Other Postretirement Benefits | ||||||||||||||||||||||||
April 30, | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
Change in benefit obligation: | |||||||||||||||||||||||||
Benefit obligation at beginning of year | $ | 575.7 | $ | 561.7 | $ | 67.1 | $ | 68.8 | |||||||||||||||||
Service cost | 8.7 | 8.8 | 2.3 | 2.5 | |||||||||||||||||||||
Interest cost | 21.8 | 23.9 | 2.3 | 3 | |||||||||||||||||||||
Amendments | — | 4.2 | -1.7 | -9.6 | |||||||||||||||||||||
Actuarial (gain) loss | -19.7 | 39.6 | -7.5 | 4.5 | |||||||||||||||||||||
Participant contributions | 0.1 | 0.5 | 1.2 | 1.5 | |||||||||||||||||||||
Benefits paid | -34.2 | -43.6 | -3.5 | -3.7 | |||||||||||||||||||||
Foreign currency translation adjustments | -10.1 | -2.6 | -1.1 | -0.2 | |||||||||||||||||||||
Curtailment | — | -2 | — | — | |||||||||||||||||||||
Settlement | — | -14.8 | — | — | |||||||||||||||||||||
Other adjustments | — | — | -0.6 | 0.3 | |||||||||||||||||||||
Benefit obligation at end of year | $ | 542.3 | $ | 575.7 | $ | 58.5 | $ | 67.1 | |||||||||||||||||
Change in plan assets: | |||||||||||||||||||||||||
Fair value of plan assets at beginning of year | $ | 410.7 | $ | 386.5 | $ | — | $ | — | |||||||||||||||||
Actual return on plan assets | 25 | 44.2 | — | — | |||||||||||||||||||||
Company contributions | 9.4 | 40 | 2.3 | 2.2 | |||||||||||||||||||||
Participant contributions | 0.1 | 0.5 | 1.2 | 1.5 | |||||||||||||||||||||
Benefits paid | -34.2 | -43.6 | -3.5 | -3.7 | |||||||||||||||||||||
Foreign currency translation adjustments | -8.9 | -2.1 | — | — | |||||||||||||||||||||
Settlement | — | -14.8 | — | — | |||||||||||||||||||||
Fair value of plan assets at end of year | $ | 402.1 | $ | 410.7 | $ | — | $ | — | |||||||||||||||||
Funded status of the plans | $ | -140.2 | $ | -165 | $ | -58.5 | $ | -67.1 | |||||||||||||||||
Defined benefit pensions | $ | -135.7 | $ | -163 | $ | — | $ | — | |||||||||||||||||
Accrued compensation | -4.5 | -2 | — | — | |||||||||||||||||||||
Postretirement benefits other than pensions | — | — | -58.5 | -67.1 | |||||||||||||||||||||
Net benefit liability | $ | -140.2 | $ | -165 | $ | -58.5 | $ | -67.1 | |||||||||||||||||
Amounts recognized in accumulated other comprehensive income (loss) before taxes | ' | ||||||||||||||||||||||||
Defined Benefit Pension Plans | Other Postretirement Benefits | ||||||||||||||||||||||||
April 30, | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
Net actuarial (loss) gain | $ | -166.7 | $ | -202.1 | $ | 5.3 | $ | -2.2 | |||||||||||||||||
Prior service (cost) credit | -4.9 | -6.1 | 11.5 | 10.9 | |||||||||||||||||||||
Total recognized in accumulated other comprehensive loss | $ | -171.6 | $ | -208.2 | $ | 16.8 | $ | 8.7 | |||||||||||||||||
Assumptions used in determining the benefit obligations | ' | ||||||||||||||||||||||||
Defined Benefit Pension Plans | Other Postretirement Benefits | ||||||||||||||||||||||||
April 30, | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
U.S. plans: | |||||||||||||||||||||||||
Discount rate | 4.45 | % | 3.99 | % | 4.3 | % | 3.8 | % | |||||||||||||||||
Rate of compensation increase | 4.13 | 4.12 | — | — | |||||||||||||||||||||
Canadian plans: | |||||||||||||||||||||||||
Discount rate | 4.11 | % | 3.65 | % | 4.1 | % | 3.7 | % | |||||||||||||||||
Rate of compensation increase | 3 | 3 | — | — | |||||||||||||||||||||
One-percentage point annual change in the assumed health care cost | ' | ||||||||||||||||||||||||
One Percentage Point | |||||||||||||||||||||||||
Increase | Decrease | ||||||||||||||||||||||||
Effect on total service and interest cost components | $ | 0.1 | $ | 0.1 | |||||||||||||||||||||
Effect on benefit obligation | 1.1 | 1.2 | |||||||||||||||||||||||
Company's Canadian pension and other postretirement benefit plans | ' | ||||||||||||||||||||||||
Defined Benefit Pension Plans | Other Postretirement Benefits | ||||||||||||||||||||||||
Year Ended April 30, | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
Benefit obligation at end of year | $ | 113.3 | $ | 125.7 | $ | 11.4 | $ | 13.5 | |||||||||||||||||
Fair value of plan assets at end of year | 105.6 | 107.1 | — | — | |||||||||||||||||||||
Funded status of the plans | $ | -7.7 | $ | -18.6 | $ | -11.4 | $ | -13.5 | |||||||||||||||||
Components of net periodic benefit cost: | |||||||||||||||||||||||||
Service cost | $ | 0.5 | $ | 1.3 | $ | — | $ | — | |||||||||||||||||
Interest cost | 4.2 | 5 | 0.5 | 0.6 | |||||||||||||||||||||
Expected return on plan assets | -5.8 | -6.2 | — | — | |||||||||||||||||||||
Amortization of net actuarial loss | 1.3 | 1.7 | — | — | |||||||||||||||||||||
Net periodic benefit cost | $ | 0.2 | $ | 1.8 | $ | 0.5 | $ | 0.6 | |||||||||||||||||
Changes in plan assets: | |||||||||||||||||||||||||
Company contributions | $ | 5.4 | $ | 5 | $ | 0.8 | $ | 0.9 | |||||||||||||||||
Participant contributions | 0.1 | 0.4 | — | — | |||||||||||||||||||||
Benefits paid | -8.6 | -9.4 | -0.8 | -0.9 | |||||||||||||||||||||
Actual return on plan assets | 10.6 | 8.7 | — | — | |||||||||||||||||||||
Foreign currency translation | -8.9 | -2.1 | — | — | |||||||||||||||||||||
Benefit obligations in excess of fair value of plan assets | ' | ||||||||||||||||||||||||
April 30, | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Accumulated benefit obligation for all pension plans | $ | 507.3 | $ | 539 | |||||||||||||||||||||
Plans with an accumulated benefit obligation in excess of plan assets: | |||||||||||||||||||||||||
Accumulated benefit obligation | $ | 507.3 | $ | 539 | |||||||||||||||||||||
Fair value of plan assets | 402.1 | 410.7 | |||||||||||||||||||||||
Plans with a projected benefit obligation in excess of plan assets: | |||||||||||||||||||||||||
Projected benefit obligation | $ | 542.3 | $ | 575.7 | |||||||||||||||||||||
Fair value of plan assets | 402.1 | 410.7 | |||||||||||||||||||||||
Major asset classes for the U.S. and Canadian defined benefit pension plans and fair value hierarchy levels | ' | ||||||||||||||||||||||||
Quoted Prices in | Significant | Significant | Fair Value at | ||||||||||||||||||||||
Active Markets for | Observable | Unobservable | April 30, 2014 | ||||||||||||||||||||||
Identical Assets | Inputs | Inputs | |||||||||||||||||||||||
(Level 1) | (Level 2) | (Level 3) | |||||||||||||||||||||||
Cash and cash equivalents (A) | $ | 2 | $ | — | $ | — | $ | 2 | |||||||||||||||||
Equity securities: | |||||||||||||||||||||||||
U.S. (B) | 91 | 16.4 | — | 107.4 | |||||||||||||||||||||
International (C) | 72.3 | 12.4 | — | 84.7 | |||||||||||||||||||||
Fixed-income securities: | |||||||||||||||||||||||||
Bonds (D) | 148.2 | — | — | 148.2 | |||||||||||||||||||||
Fixed income (E) | 44.8 | — | — | 44.8 | |||||||||||||||||||||
Other types of investments: | |||||||||||||||||||||||||
Private equity fund (F) | — | — | 15 | 15 | |||||||||||||||||||||
Total financial assets measured at fair value | $ | 358.3 | $ | 28.8 | $ | 15 | $ | 402.1 | |||||||||||||||||
Quoted Prices in | Significant | Significant | Fair Value at | ||||||||||||||||||||||
Active Markets for | Observable | Unobservable | April 30, 2013 | ||||||||||||||||||||||
Identical Assets | Inputs | Inputs | |||||||||||||||||||||||
(Level 1) | (Level 2) | (Level 3) | |||||||||||||||||||||||
Cash and cash equivalents (A) | $ | 4.4 | $ | — | $ | — | $ | 4.4 | |||||||||||||||||
Equity securities: | |||||||||||||||||||||||||
U.S. (B) | 97.2 | 16.8 | — | 114 | |||||||||||||||||||||
International (C) | 72.1 | 12.9 | — | 85 | |||||||||||||||||||||
Fixed-income securities: | |||||||||||||||||||||||||
Bonds (D) | 147.7 | — | — | 147.7 | |||||||||||||||||||||
Fixed income (E) | 44.6 | — | — | 44.6 | |||||||||||||||||||||
Other types of investments: | |||||||||||||||||||||||||
Private equity fund (F) | — | — | 15 | 15 | |||||||||||||||||||||
Total financial assets measured at fair value | $ | 366 | $ | 29.7 | $ | 15 | $ | 410.7 | |||||||||||||||||
(A) | This category includes money market holdings with maturities of three months or less and are classified as Level 1. Based on the short-term nature of these assets, carrying value approximates fair value. | ||||||||||||||||||||||||
(B) | This category is invested primarily in a diversified portfolio of common stocks and index funds that invest in U.S. stocks with market capitalization ranges similar to those found in the various Russell Indexes and are traded on active exchanges. The Level 1 assets are valued using quoted market prices for identical securities in active markets. The Level 2 assets are funds that consist of equity securities traded on active exchanges. | ||||||||||||||||||||||||
(C) | This category is invested primarily in common stocks and other equity securities traded on active exchanges whose issuers are located outside the U.S. The fund invests primarily in developed countries, but may also invest in emerging markets. The Level 1 assets are valued using quoted market prices for identical securities in active markets. The Level 2 assets are funds that consist of equity securities traded on active exchanges. | ||||||||||||||||||||||||
(D) | This category is comprised of bond funds which seek to duplicate the return characteristics of high-quality corporate bonds with a duration range of 10 to 13 years. The Level 1 assets are valued using quoted market prices for identical securities in active markets. | ||||||||||||||||||||||||
(E) | This category is comprised of fixed-income funds that invest primarily in government-related bonds of non-U.S. issuers and include investments in the Canadian market as well as emerging markets. The Level 1 assets are valued using quoted market prices for identical securities in active markets. | ||||||||||||||||||||||||
(F) | This category is comprised of one fund that consists primarily of limited partnership interests in corporate finance and venture capital funds. The private equity fund cannot be redeemed and return of principal is based on the liquidation of the underlying assets. The private equity fund is classified as a Level 3 asset and is valued based on the fund’s net asset value (“NAV”). NAV is calculated based on the estimated fair value of the underlying investment funds within the portfolio and is corroborated by our review. | ||||||||||||||||||||||||
Roll Forward of activity for Level 3 assets | ' | ||||||||||||||||||||||||
Hedge | Private | Total | |||||||||||||||||||||||
Funds | Equity Funds | ||||||||||||||||||||||||
Balance at May 1, 2012 | $ | 22.3 | $ | 16.3 | $ | 38.6 | |||||||||||||||||||
Purchases and sales – net | -22.8 | 1.1 | -21.7 | ||||||||||||||||||||||
Actual return on plan assets sold during the period | 0.5 | — | 0.5 | ||||||||||||||||||||||
Actual return on plan assets still held at reporting date | — | -2.4 | -2.4 | ||||||||||||||||||||||
Balance at April 30, 2013 | $ | — | $ | 15 | $ | 15 | |||||||||||||||||||
ShareBased_Payments_Tables
Share-Based Payments (Tables) | 12 Months Ended | ||||||||||||||||
Apr. 30, 2014 | |||||||||||||||||
Share-Based Payments [Abstract] | ' | ||||||||||||||||
Summary of restricted shares, deferred shares, deferred stock units, and performance units | ' | ||||||||||||||||
Restricted Shares | Weighted-Average | Performance | Weighted-Average | ||||||||||||||
and Deferred | Grant Date | Units | Conversion Date | ||||||||||||||
Stock Units | Fair Value | Fair Value | |||||||||||||||
Outstanding at May 1, 2013 | 985,214 | $ | 59.64 | 106,666 | $ | 100.54 | |||||||||||
Granted | 167,134 | 101.08 | 101,020 | 104.91 | |||||||||||||
Converted | 106,666 | 100.54 | -106,666 | 100.54 | |||||||||||||
Vested | -402,081 | 51.77 | — | — | |||||||||||||
Forfeited | -17,745 | 74.86 | — | — | |||||||||||||
Outstanding at April 30, 2014 | 839,188 | $ | 76.54 | 101,020 | $ | 104.91 | |||||||||||
Weighted-average grant date fair values of the equity awards | ' | ||||||||||||||||
Year Ended April 30, | Restricted Shares | Weighted-Average | Performance | Weighted-Average | |||||||||||||
and Deferred | Grant Date | Units | Conversion Date | ||||||||||||||
Stock Units | Fair Value | Fair Value | |||||||||||||||
2014 | 167,134 | $ | 101.08 | 101,020 | $ | 104.91 | |||||||||||
2013 | 109,770 | 76.37 | 106,666 | 100.54 | |||||||||||||
2012 | 152,180 | 78.32 | 99,455 | 76.37 | |||||||||||||
Debt_and_Financing_Arrangement1
Debt and Financing Arrangements (Tables) | 12 Months Ended | ||||||||
Apr. 30, 2014 | |||||||||
Debt and Financing Arrangements [Abstract] | ' | ||||||||
Long-term debt | ' | ||||||||
Year Ended April 30, | |||||||||
2014 | 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 | 395 | |||||||
3.50% Senior Notes due October 15, 2021 | 763.8 | 748.8 | |||||||
5.55% Senior Notes due April 1, 2022 | 300 | 350 | |||||||
4.50% Senior Notes due June 1, 2025 | 400 | 400 | |||||||
Total long-term debt | $ | 1,979.80 | $ | 2,017.80 | |||||
Current portion of long-term debt | 100 | 50 | |||||||
Total long-term debt, less current portion | $ | 1,879.80 | $ | 1,967.80 | |||||
Derivative_Financial_Instrumen1
Derivative Financial Instruments (Tables) | 12 Months Ended | ||||||||||||||||||||
Apr. 30, 2014 | |||||||||||||||||||||
Derivative Financial Instruments [Abstract] | ' | ||||||||||||||||||||
Fair value of derivative instruments | ' | ||||||||||||||||||||
April 30, 2014 | April 30, 2013 | ||||||||||||||||||||
Other | Other | Other | Other | Other | |||||||||||||||||
Current | Current | Noncurrent | Current | Current | |||||||||||||||||
Assets | Liabilities | Liabilities | Assets | Liabilities | |||||||||||||||||
Derivatives designated as hedging instruments: | |||||||||||||||||||||
Commodity contracts | $ | 23.4 | $ | 10.9 | $ | — | $ | 2.1 | $ | 2 | |||||||||||
Interest rate contract | 18 | — | 3.1 | — | — | ||||||||||||||||
Total derivatives designated as hedging instruments | $ | 41.4 | $ | 10.9 | $ | 3.1 | $ | 2.1 | $ | 2 | |||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||||||||
Commodity contracts | $ | 11.6 | $ | 5.8 | $ | — | $ | 3.6 | $ | 2.3 | |||||||||||
Foreign currency exchange contracts | 1.4 | 0.7 | — | 0.7 | 0.2 | ||||||||||||||||
Total derivatives not designated as hedging instruments | $ | 13 | $ | 6.5 | $ | — | $ | 4.3 | $ | 2.5 | |||||||||||
Total derivative instruments | $ | 54.4 | $ | 17.4 | $ | 3.1 | $ | 6.4 | $ | 4.5 | |||||||||||
Commodity contracts gains and losses recognized on derivatives designated as cash flow hedges | ' | ||||||||||||||||||||
Year Ended April 30, | |||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||
Gains (losses) recognized in other comprehensive income (loss) (effective portion) | $ | 21 | $ | -27.5 | |||||||||||||||||
Losses reclassified from accumulated other comprehensive loss to cost of products sold (effective portion) | -20.3 | -39.6 | |||||||||||||||||||
Change in accumulated other comprehensive loss | $ | 41.3 | $ | 12.1 | |||||||||||||||||
Gains (losses) recognized in cost of products sold (ineffective portion) | $ | 1.4 | $ | -0.9 | |||||||||||||||||
Net realized and unrealized gains and losses recognized in cost of products of sold on derivatives not designated as qualified hedging instruments | ' | ||||||||||||||||||||
Year Ended April 30, | |||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||
Unrealized gains on commodity contracts | $ | 6.2 | $ | 6.1 | |||||||||||||||||
Unrealized (losses) gains on foreign currency exchange contracts | -0.9 | 0.5 | |||||||||||||||||||
Total unrealized gains recognized in cost of products sold | $ | 5.3 | $ | 6.6 | |||||||||||||||||
Realized losses on commodity contracts | $ | -1 | $ | -1.5 | |||||||||||||||||
Realized gains on foreign currency exchange contracts | 4.2 | 0.8 | |||||||||||||||||||
Total realized gains (losses) recognized in cost of products sold | $ | 3.2 | $ | -0.7 | |||||||||||||||||
Total gains recognized in cost of products sold | $ | 8.5 | $ | 5.9 | |||||||||||||||||
Outstanding derivative contracts | ' | ||||||||||||||||||||
Year Ended April 30, | |||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||
Commodity contracts | $ | 790.3 | $ | 347.6 | |||||||||||||||||
Foreign currency exchange contracts | 158.1 | 56.8 | |||||||||||||||||||
Interest rate contract | 750 | — | |||||||||||||||||||
Other_Financial_Instruments_an1
Other Financial Instruments and Fair Value Measurements (Tables) | 12 Months Ended | ||||||||||||||||
Apr. 30, 2014 | |||||||||||||||||
Other Financial Instruments and Fair Value Measurements [Abstract] | ' | ||||||||||||||||
Carrying amount and fair value of financial instruments | ' | ||||||||||||||||
April 30, 2014 | April 30, 2013 | ||||||||||||||||
Carrying | Fair Value | Carrying | Fair Value | ||||||||||||||
Amount | Amount | ||||||||||||||||
Other investments | $ | 55.4 | $ | 55.4 | $ | 48.8 | $ | 48.8 | |||||||||
Derivative financial instruments – net | 33.9 | 33.9 | 1.9 | 1.9 | |||||||||||||
Long-term debt | -1,979.80 | -2,239.10 | -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 | Observable | Unobservable | April 30, 2014 | ||||||||||||||
for Identical | Inputs | Inputs | |||||||||||||||
Assets (Level 1) | (Level 2) | (Level 3) | |||||||||||||||
Other investments: (A) | |||||||||||||||||
Equity mutual funds | $ | 12 | $ | — | $ | — | $ | 12 | |||||||||
Municipal obligations | — | 34.4 | — | 34.4 | |||||||||||||
Money market funds | 9 | — | — | 9 | |||||||||||||
Derivatives: (B) | |||||||||||||||||
Commodity contracts – net | 13.5 | 4.8 | — | 18.3 | |||||||||||||
Foreign currency exchange contracts – net | — | 0.7 | — | 0.7 | |||||||||||||
Interest rate contract – net | — | 14.9 | — | 14.9 | |||||||||||||
Long-term debt (C) | -772 | -1,467.10 | — | -2,239.10 | |||||||||||||
Total financial instruments measured at fair value | $ | -737.5 | $ | -1,412.30 | $ | — | $ | -2,149.80 | |||||||||
Quoted Prices in | Significant | Significant | Fair Value at | ||||||||||||||
Active Markets | Observable | Unobservable | April 30, 2013 | ||||||||||||||
for Identical | Inputs | Inputs | |||||||||||||||
Assets (Level 1) | (Level 2) | (Level 3) | |||||||||||||||
Other investments: (A) | |||||||||||||||||
Equity mutual funds | $ | 21.6 | $ | — | $ | — | $ | 21.6 | |||||||||
Municipal obligations | — | 26.6 | — | 26.6 | |||||||||||||
Money market funds | 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 equity securities listed in active markets, municipal obligations valued by a third party using valuation techniques that utilize inputs which are derived principally from or corroborated by observable market data, and money market funds with maturities of three months or less. Based on the short-term nature of these money market funds, carrying value approximates fair value. As of April 30, 2014, our municipal obligations are scheduled to mature as follows: $3.3 in 2015, $0.5 in 2016, $1.7 in 2017, $1.1 in 2018, and the remaining $27.8 in 2019 and beyond. For additional information, see Marketable Securities and Other Investments in Note 1: Accounting Policies. | ||||||||||||||||
(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 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. For additional information, see Note 9: Debt and Financing Arrangements. | ||||||||||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Apr. 30, 2014 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Income (loss) before income taxes | ' | ||||||||||||
Year Ended April 30, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Domestic | $ | 827.4 | $ | 791.9 | $ | 706.4 | |||||||
Foreign | 22.3 | 25.4 | -5.2 | ||||||||||
Income before income taxes | $ | 849.7 | $ | 817.3 | $ | 701.2 | |||||||
Components of the provision for income taxes | ' | ||||||||||||
Year Ended April 30, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Current: | |||||||||||||
Federal | $ | 265.4 | $ | 262.1 | $ | 228.2 | |||||||
Foreign | 4.2 | 6.1 | 6.8 | ||||||||||
State and local | 22.9 | 20.5 | 23.7 | ||||||||||
Deferred: | |||||||||||||
Federal | -13.9 | -15.6 | -10.2 | ||||||||||
Foreign | 2.4 | 0.9 | -6.9 | ||||||||||
State and local | 3.5 | -0.9 | -0.1 | ||||||||||
Total income tax expense | $ | 284.5 | $ | 273.1 | $ | 241.5 | |||||||
Reconciliation of the statutory federal income tax rate and the effective income tax rate | ' | ||||||||||||
Year Ended April 30, | |||||||||||||
Percent of Pretax Income | 2014 | 2013 | 2012 | ||||||||||
Statutory federal income tax rate | 35 | % | 35 | % | 35 | % | |||||||
State and local income taxes, net of federal income tax benefit | 1.9 | 1.8 | 2.3 | ||||||||||
Domestic manufacturing deduction | -3 | -3.1 | -3.1 | ||||||||||
Other items – net | -0.4 | -0.3 | 0.2 | ||||||||||
Effective income tax rate | 33.5 | % | 33.4 | % | 34.4 | % | |||||||
Income taxes paid | $ | 294.4 | $ | 279.2 | $ | 257.8 | |||||||
Deferred tax assets and liabilities | ' | ||||||||||||
April 30, | |||||||||||||
2014 | 2013 | ||||||||||||
Deferred tax liabilities: | |||||||||||||
Intangible assets | $ | 1,028.70 | $ | 1,019.60 | |||||||||
Property, plant, and equipment | 94.5 | 94.4 | |||||||||||
Other | 19.4 | 9.4 | |||||||||||
Total deferred tax liabilities | $ | 1,142.60 | $ | 1,123.40 | |||||||||
Deferred tax assets: | |||||||||||||
Post-employment and other employee benefits | $ | 103.3 | $ | 116.3 | |||||||||
Intangible assets | 7.6 | 5.4 | |||||||||||
Other | 29.8 | 39.2 | |||||||||||
Total deferred tax assets | $ | 140.7 | $ | 160.9 | |||||||||
Net deferred tax liability | $ | 1,001.90 | $ | 962.5 | |||||||||
Reconciliation of unrecognized tax benefits | ' | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
Balance at May 1, | $ | 29.7 | $ | 24 | $ | 20.3 | |||||||
Increases: | |||||||||||||
Current year tax positions | 5.1 | 4.8 | 3.6 | ||||||||||
Prior year tax positions | 0.1 | 2.5 | 2.1 | ||||||||||
Foreign currency translation | — | — | 0.2 | ||||||||||
Decreases: | |||||||||||||
Prior year tax positions | 1.6 | 0.2 | — | ||||||||||
Settlement with tax authorities | 1.5 | 1 | 0.3 | ||||||||||
Expiration of statute of limitations periods | 2.7 | 0.4 | 1.9 | ||||||||||
Balance at April 30, | $ | 29.1 | $ | 29.7 | $ | 24 | |||||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Loss) (Tables) | 12 Months Ended | ||||||||||||||||||||
Apr. 30, 2014 | |||||||||||||||||||||
Accumulated Other Comprehensive (Loss) Income [Abstract] | ' | ||||||||||||||||||||
Components of accumulated other comprehensive (loss) income | ' | ||||||||||||||||||||
Foreign | Pension | Unrealized | Unrealized Gain | Accumulated | |||||||||||||||||
Currency | and Other | Gain on | (Loss) on Cash | Other | |||||||||||||||||
Translation | Postretirement | Available-for- | Flow Hedging | Comprehensive | |||||||||||||||||
Adjustment | Liabilities (A) | Sale Securities (B) | Derivatives (C) | Loss | |||||||||||||||||
Balance at May 1, 2011 | $ | 81.8 | $ | -86 | $ | 1.8 | $ | 6 | $ | 3.6 | |||||||||||
Reclassification adjustments | — | 11.2 | — | -1.6 | 9.6 | ||||||||||||||||
Current period (charge) credit | -14.8 | -84.3 | 1.1 | -38 | -136 | ||||||||||||||||
Income tax benefit (expense) | — | 24.8 | -0.4 | 14.4 | 38.8 | ||||||||||||||||
Balance at April 30, 2012 | $ | 67 | $ | -134.3 | $ | 2.5 | $ | -19.2 | $ | -84 | |||||||||||
Reclassification adjustments | — | 20.4 | — | 40.1 | 60.5 | ||||||||||||||||
Current period (charge) credit | -5.5 | -16.5 | 3.1 | -27.5 | -46.4 | ||||||||||||||||
Income tax expense | — | -1 | -1.1 | -4.6 | -6.7 | ||||||||||||||||
Balance at April 30, 2013 | $ | 61.5 | $ | -131.4 | $ | 4.5 | $ | -11.2 | $ | -76.6 | |||||||||||
Reclassification adjustments | — | 13.3 | -3.7 | 20.9 | 30.5 | ||||||||||||||||
Current period (charge) credit | -29.8 | 31.4 | 1.9 | 21 | 24.5 | ||||||||||||||||
Income tax (expense) benefit | — | -15.3 | 0.7 | -15.4 | -30 | ||||||||||||||||
Balance at April 30, 2014 | $ | 31.7 | $ | -102 | $ | 3.4 | $ | 15.3 | $ | -51.6 | |||||||||||
(A) | Amortization of net losses was reclassified from accumulated other comprehensive loss to selling, distribution, and administrative expenses. | ||||||||||||||||||||
(B) | The gain on the sale of marketable securities was reclassified from accumulated other comprehensive loss to net other income at April 30, 2014. | ||||||||||||||||||||
(C) | Of the total reclassification adjustments from accumulated other comprehensive loss, $20.3 and $39.6 of expense and $1.9 of income was reclassified to cost of products sold related to commodity derivatives and $0.6, $0.5, and $0.3 was reclassified to interest expense related to the interest rate swap at April 30, 2014, 2013, and 2012, respectively. | ||||||||||||||||||||
Guarantor_and_NonGuarantor_Fin1
Guarantor and Non-Guarantor Financial Information (Tables) | 12 Months Ended | ||||||||||||||||||||
Apr. 30, 2014 | |||||||||||||||||||||
Guarantor and Non Guarantor Financial Information [Abstract] | ' | ||||||||||||||||||||
CONDENSED STATEMENTS OF CONSOLIDATED INCOME AND COMPREHENSIVE INCOME | ' | ||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME | |||||||||||||||||||||
Year Ended April 30, 2014 | |||||||||||||||||||||
The J. M. Smucker | Subsidiary | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||
Company (Parent) | Guarantors | Subsidiaries | |||||||||||||||||||
Net sales | $ | 3,162.80 | $ | 1,278.80 | $ | 6,601.30 | $ | -5,432.30 | $ | 5,610.60 | |||||||||||
Cost of products sold | 2,573.60 | 1,166.00 | 5,268.50 | -5,428.50 | 3,579.60 | ||||||||||||||||
Gross Profit | 589.2 | 112.8 | 1,332.80 | -3.8 | 2,031.00 | ||||||||||||||||
Selling, distribution, and administrative expenses, restructuring, and merger and integration costs | 197.1 | 47.5 | 769.8 | — | 1,014.40 | ||||||||||||||||
Amortization | 4.2 | — | 94.7 | — | 98.9 | ||||||||||||||||
Other operating (income) expense – net | -1.3 | 0.9 | -0.9 | — | -1.3 | ||||||||||||||||
Operating Income | 389.2 | 64.4 | 469.2 | -3.8 | 919 | ||||||||||||||||
Interest (expense) income – net | -80.8 | 1.2 | -1.5 | 1.7 | -79.4 | ||||||||||||||||
Other income (expense) – net | 10.8 | — | 1 | -1.7 | 10.1 | ||||||||||||||||
Equity in net earnings of subsidiaries | 345.1 | 141.4 | 64.4 | -550.9 | — | ||||||||||||||||
Income Before Income Taxes | 664.3 | 207 | 533.1 | -554.7 | 849.7 | ||||||||||||||||
Income taxes | 99.1 | 0.4 | 185 | — | 284.5 | ||||||||||||||||
Net Income | $ | 565.2 | $ | 206.6 | $ | 348.1 | $ | -554.7 | $ | 565.2 | |||||||||||
Other comprehensive income, net of tax | 25 | 27.4 | 6 | -33.4 | 25 | ||||||||||||||||
Comprehensive Income | $ | 590.2 | $ | 234 | $ | 354.1 | $ | -588.1 | $ | 590.2 | |||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME | |||||||||||||||||||||
Year Ended April 30, 2013 | |||||||||||||||||||||
The J. M. Smucker | Subsidiary | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||
Company (Parent) | Guarantors | Subsidiaries | |||||||||||||||||||
Net sales | $ | 4,447.60 | $ | 1,296.40 | $ | 5,430.30 | $ | -5,276.60 | $ | 5,897.70 | |||||||||||
Cost of products sold | 3,957.30 | 1,190.60 | 4,015.00 | -5,292.80 | 3,870.10 | ||||||||||||||||
Gross Profit | 490.3 | 105.8 | 1,415.30 | 16.2 | 2,027.60 | ||||||||||||||||
Selling, distribution, and administrative expenses, restructuring, merger and integration costs, and other special project costs | 199 | 42.9 | 781.5 | — | 1,023.40 | ||||||||||||||||
Amortization | 4.8 | — | 92 | — | 96.8 | ||||||||||||||||
Other operating (income) expense – net | -2.7 | -2.2 | 1.9 | — | -3 | ||||||||||||||||
Operating Income | 289.2 | 65.1 | 539.9 | 16.2 | 910.4 | ||||||||||||||||
Interest (expense) income – net | -94.4 | 1.2 | -0.2 | — | -93.4 | ||||||||||||||||
Other income (expense) – net | 0.7 | 1.1 | -1.5 | — | 0.3 | ||||||||||||||||
Equity in net earnings of subsidiaries | 408.6 | 156.7 | 66.4 | -631.7 | — | ||||||||||||||||
Income Before Income Taxes | 604.1 | 224.1 | 604.6 | -615.5 | 817.3 | ||||||||||||||||
Income taxes | 59.9 | 0.4 | 212.8 | — | 273.1 | ||||||||||||||||
Net Income | $ | 544.2 | $ | 223.7 | $ | 391.8 | $ | -615.5 | $ | 544.2 | |||||||||||
Other comprehensive income, net of tax | 7.4 | 9 | 4.1 | -13.1 | 7.4 | ||||||||||||||||
Comprehensive Income | $ | 551.6 | $ | 232.7 | $ | 395.9 | $ | -628.6 | $ | 551.6 | |||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME | |||||||||||||||||||||
Year Ended April 30, 2012 | |||||||||||||||||||||
The J. M. Smucker | Subsidiary | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||
Company (Parent) | Guarantors | Subsidiaries | |||||||||||||||||||
Net sales | $ | 4,302.70 | $ | 1,547.80 | $ | 3,822.40 | $ | -4,147.10 | $ | 5,525.80 | |||||||||||
Cost of products sold | 3,741.00 | 1,408.80 | 2,682.70 | -4,151.90 | 3,680.60 | ||||||||||||||||
Gross Profit | 561.7 | 139 | 1,139.70 | 4.8 | 1,845.20 | ||||||||||||||||
Selling, distribution, and administrative expenses, restructuring, and merger and integration costs | 243.4 | 61.5 | 660.3 | — | 965.2 | ||||||||||||||||
Amortization and impairment charges | 11.2 | — | 81.5 | — | 92.7 | ||||||||||||||||
Other operating (income) expense – net | -1.3 | -1.3 | 11.6 | — | 9 | ||||||||||||||||
Operating Income | 308.4 | 78.8 | 386.3 | 4.8 | 778.3 | ||||||||||||||||
Interest (expense) income – net | -80.7 | 3 | -2.1 | — | -79.8 | ||||||||||||||||
Other income (expense) – net | 1,404.40 | 0.4 | -3.6 | -1,398.50 | 2.7 | ||||||||||||||||
Equity in net earnings of subsidiaries | -1,095.00 | 184.2 | 79.2 | 831.6 | — | ||||||||||||||||
Income Before Income Taxes | 537.1 | 266.4 | 459.8 | -562.1 | 701.2 | ||||||||||||||||
Income taxes | 77.3 | 1.2 | 163 | — | 241.5 | ||||||||||||||||
Net Income | $ | 459.8 | $ | 265.2 | $ | 296.8 | $ | -562.1 | $ | 459.7 | |||||||||||
Other comprehensive loss, net of tax | -87.7 | -23.1 | -49.8 | 73 | -87.6 | ||||||||||||||||
Comprehensive Income | $ | 372.1 | $ | 242.1 | $ | 247 | $ | -489.1 | $ | 372.1 | |||||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | ' | ||||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEETS | |||||||||||||||||||||
April 30, 2014 | |||||||||||||||||||||
The J. M. Smucker | Subsidiary | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||
Company (Parent) | Guarantors | Subsidiaries | |||||||||||||||||||
ASSETS | |||||||||||||||||||||
Current Assets | |||||||||||||||||||||
Cash and cash equivalents | $ | 6.8 | $ | — | $ | 146.7 | $ | — | $ | 153.5 | |||||||||||
Inventories | — | 173.3 | 761.4 | -3.7 | 931 | ||||||||||||||||
Other current assets | 360.2 | 9.9 | 94.6 | -10.1 | 454.6 | ||||||||||||||||
Total Current Assets | 367 | 183.2 | 1,002.70 | -13.8 | 1,539.10 | ||||||||||||||||
Property, Plant, and Equipment – Net | 233.6 | 551.1 | 480.9 | — | 1,265.60 | ||||||||||||||||
Investments in Subsidiaries | 8,367.60 | 4,063.30 | 237.9 | -12,668.80 | — | ||||||||||||||||
Intercompany Receivable | — | 315.5 | 1,132.20 | -1,447.70 | — | ||||||||||||||||
Other Noncurrent Assets | |||||||||||||||||||||
Goodwill | 1,082.00 | — | 2,016.20 | — | 3,098.20 | ||||||||||||||||
Other intangible assets – net | 505.5 | — | 2,518.80 | — | 3,024.30 | ||||||||||||||||
Other noncurrent assets | 70.4 | 11.1 | 63.4 | — | 144.9 | ||||||||||||||||
Total Other Noncurrent Assets | 1,657.90 | 11.1 | 4,598.40 | — | 6,267.40 | ||||||||||||||||
Total Assets | $ | 10,626.10 | $ | 5,124.20 | $ | 7,452.10 | $ | -14,130.30 | $ | 9,072.10 | |||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||||||||||||
Current Liabilities | $ | 595.9 | $ | 103.8 | $ | 201.4 | $ | -10.1 | $ | 891 | |||||||||||
Noncurrent Liabilities | |||||||||||||||||||||
Long-term debt | 1,879.80 | — | — | — | 1,879.80 | ||||||||||||||||
Deferred income taxes | 107.6 | — | 913.1 | — | 1,020.70 | ||||||||||||||||
Intercompany payable | 2,792.90 | — | — | -2,792.90 | — | ||||||||||||||||
Other noncurrent liabilities | 220.3 | 12.8 | 17.9 | — | 251 | ||||||||||||||||
Total Noncurrent Liabilities | 5,000.60 | 12.8 | 931 | -2,792.90 | 3,151.50 | ||||||||||||||||
Total Liabilities | 5,596.50 | 116.6 | 1,132.40 | -2,803.00 | 4,042.50 | ||||||||||||||||
Total Shareholders’ Equity | 5,029.60 | 5,007.60 | 6,319.70 | -11,327.30 | 5,029.60 | ||||||||||||||||
Total Liabilities and Shareholders’ Equity | $ | 10,626.10 | $ | 5,124.20 | $ | 7,452.10 | $ | -14,130.30 | $ | 9,072.10 | |||||||||||
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 | 335.1 | 3.3 | 69.6 | -14.7 | 393.3 | ||||||||||||||||
Total Current Assets | 443.1 | 229.2 | 951.2 | -28.3 | 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 Receivable | — | 324.8 | 956 | -1,280.80 | — | ||||||||||||||||
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 | $ | 10,288.70 | $ | 4,869.40 | $ | 7,136.90 | $ | -13,263.20 | $ | 9,031.80 | |||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||||||||||||
Current Liabilities | $ | 317.8 | $ | 104.9 | $ | 188.8 | $ | -14.7 | $ | 596.8 | |||||||||||
Noncurrent Liabilities | |||||||||||||||||||||
Long-term debt | 1,967.80 | — | — | — | 1,967.80 | ||||||||||||||||
Deferred income taxes | 97.5 | — | 889.7 | — | 987.2 | ||||||||||||||||
Intercompany payable | 2,519.20 | — | — | -2,519.20 | — | ||||||||||||||||
Other noncurrent liabilities | 237.6 | 18.1 | 75.5 | — | 331.2 | ||||||||||||||||
Total Noncurrent Liabilities | 4,822.10 | 18.1 | 965.2 | -2,519.20 | 3,286.20 | ||||||||||||||||
Total Liabilities | 5,139.90 | 123 | 1,154.00 | -2,533.90 | 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 | $ | 10,288.70 | $ | 4,869.40 | $ | 7,136.90 | $ | -13,263.20 | $ | 9,031.80 | |||||||||||
CONDENSED STATEMENTS OF CONSOLIDATED CASH FLOWS | ' | ||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS | |||||||||||||||||||||
Year Ended April 30, 2014 | |||||||||||||||||||||
The J. M. Smucker | Subsidiary | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||
Company (Parent) | Guarantors | Subsidiaries | |||||||||||||||||||
Net Cash Provided by Operating Activities | $ | 297.8 | $ | 168.5 | $ | 389.7 | $ | — | $ | 856 | |||||||||||
Investing Activities | |||||||||||||||||||||
Businesses acquired, net of cash acquired | — | — | -101.8 | — | -101.8 | ||||||||||||||||
Additions to property, plant, and equipment | -31.1 | -163.2 | -85.2 | — | -279.5 | ||||||||||||||||
Sales and maturities of marketable securities | 10 | — | — | — | 10 | ||||||||||||||||
Proceeds from disposal of property, plant, and equipment | — | 0.6 | 10.1 | — | 10.7 | ||||||||||||||||
Equity investments in subsidiaries | -108.9 | -17.1 | — | 126 | — | ||||||||||||||||
Repayments from (disbursements of) intercompany loans | — | 9.3 | -283 | 273.7 | — | ||||||||||||||||
Other – net | -3.2 | 0.2 | -6.7 | — | -9.7 | ||||||||||||||||
Net Cash (Used for) Provided by Investing Activities | -133.2 | -170.2 | -466.6 | 399.7 | -370.3 | ||||||||||||||||
Financing Activities | |||||||||||||||||||||
Revolving credit facility – net | 248.4 | — | — | — | 248.4 | ||||||||||||||||
Repayments of long-term debt | -50 | — | — | — | -50 | ||||||||||||||||
Quarterly dividends paid | -238 | — | — | — | -238 | ||||||||||||||||
Purchase of treasury shares | -508.5 | — | — | — | -508.5 | ||||||||||||||||
Proceeds from stock option exercises | 0.5 | — | — | — | 0.5 | ||||||||||||||||
Investments in subsidiaries | — | — | 126 | -126 | — | ||||||||||||||||
Intercompany payable | 273.7 | — | — | -273.7 | — | ||||||||||||||||
Other – net | 8.1 | 1.7 | -37.7 | — | -27.9 | ||||||||||||||||
Net Cash (Used for) Provided by Financing Activities | -265.8 | 1.7 | 88.3 | -399.7 | -575.5 | ||||||||||||||||
Effect of exchange rate changes on cash | — | — | -13.1 | — | -13.1 | ||||||||||||||||
Net decrease in cash and cash equivalents | -101.2 | — | -1.7 | — | -102.9 | ||||||||||||||||
Cash and cash equivalents at beginning of year | 108 | — | 148.4 | — | 256.4 | ||||||||||||||||
Cash and Cash Equivalents at End of Year | $ | 6.8 | $ | — | $ | 146.7 | $ | — | $ | 153.5 | |||||||||||
( ) Denotes use of cash | |||||||||||||||||||||
CONSOLIDATING STATEMENTS OF CASH FLOWS | |||||||||||||||||||||
Year Ended April 30, 2013 | |||||||||||||||||||||
The J. M. Smucker | Subsidiary | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||
Company (Parent) | Guarantors | Subsidiaries | |||||||||||||||||||
Net Cash Provided by Operating Activities | $ | 201.7 | $ | 46.4 | $ | 607.7 | $ | — | $ | 855.8 | |||||||||||
Investing Activities | |||||||||||||||||||||
Additions to property, plant, and equipment | -33.6 | -103.1 | -69.8 | — | -206.5 | ||||||||||||||||
Proceeds from disposal of property, plant, and equipment | — | 0.1 | 3.2 | — | 3.3 | ||||||||||||||||
Equity investments in subsidiaries | -3.7 | -174.2 | — | 177.9 | — | ||||||||||||||||
Repayments from (disbursements of) intercompany loans | — | 227.4 | -693.6 | 466.2 | — | ||||||||||||||||
Other – net | -9.5 | 3.4 | 23.7 | — | 17.6 | ||||||||||||||||
Net Cash (Used for) Provided by Investing Activities | -46.8 | -46.4 | -736.5 | 644.1 | -185.6 | ||||||||||||||||
Financing Activities | |||||||||||||||||||||
Repayments of long-term debt | -50 | — | — | — | -50 | ||||||||||||||||
Quarterly dividends paid | -222.8 | — | — | — | -222.8 | ||||||||||||||||
Purchase of treasury shares | -364.2 | — | — | — | -364.2 | ||||||||||||||||
Proceeds from stock option exercises | 2.2 | — | — | — | 2.2 | ||||||||||||||||
Investments in subsidiaries | 9.9 | — | 168 | -177.9 | — | ||||||||||||||||
Intercompany payable | 466.2 | — | — | -466.2 | — | ||||||||||||||||
Other – net | 3.5 | — | -9.7 | — | -6.2 | ||||||||||||||||
Net Cash (Used for) Provided by Financing Activities | -155.2 | — | 158.3 | -644.1 | -641 | ||||||||||||||||
Effect of exchange rate changes on cash | — | — | -2.5 | — | -2.5 | ||||||||||||||||
Net (decrease) increase in cash and cash equivalents | -0.3 | — | 27 | — | 26.7 | ||||||||||||||||
Cash and cash equivalents at beginning of year | 108.3 | — | 121.4 | — | 229.7 | ||||||||||||||||
Cash and Cash Equivalents at End of Year | $ | 108 | $ | — | $ | 148.4 | $ | — | $ | 256.4 | |||||||||||
( ) Denotes use of cash | |||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS | |||||||||||||||||||||
Year Ended April 30, 2012 | |||||||||||||||||||||
The J. M. Smucker | Subsidiary | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||
Company (Parent) | Guarantors | Subsidiaries | |||||||||||||||||||
Net Cash Provided by (Used for) Operating Activities | $ | 1,669.70 | $ | 181 | $ | -1,119.80 | $ | — | $ | 730.9 | |||||||||||
Investing Activities | |||||||||||||||||||||
Businesses acquired, net of cash acquired | — | — | -737.3 | — | -737.3 | ||||||||||||||||
Additions to property, plant, and equipment | -53 | -133.6 | -87.6 | — | -274.2 | ||||||||||||||||
Equity investment in affiliate | — | — | -35.9 | — | -35.9 | ||||||||||||||||
Proceeds from divestiture | — | — | 9.3 | — | 9.3 | ||||||||||||||||
Sales and maturities of marketable securities | 18.6 | — | — | — | 18.6 | ||||||||||||||||
Proceeds from disposal of property, plant, and equipment | 0.2 | 0.4 | 3.4 | — | 4 | ||||||||||||||||
Equity investments in subsidiaries | -2,985.20 | — | -690.7 | 3,675.90 | — | ||||||||||||||||
(Disbursements of) repayments from intercompany loans | — | -3,720.20 | 2,688.60 | 1,031.60 | — | ||||||||||||||||
Other – net | — | -3.5 | -16.9 | — | -20.4 | ||||||||||||||||
Net Cash (Used for) Provided by Investing Activities | -3,019.40 | -3,856.90 | 1,132.90 | 4,707.50 | -1,035.90 | ||||||||||||||||
Financing Activities | |||||||||||||||||||||
Proceeds from long-term debt | 748.6 | — | — | — | 748.6 | ||||||||||||||||
Quarterly dividends paid | -213.7 | — | — | — | -213.7 | ||||||||||||||||
Purchase of treasury shares | -315.8 | — | — | — | -315.8 | ||||||||||||||||
Proceeds from stock option exercises | 2.8 | — | — | — | 2.8 | ||||||||||||||||
Investments in subsidiaries | — | 3,675.90 | — | -3,675.90 | — | ||||||||||||||||
Intercompany payable | 1,031.60 | — | — | -1,031.60 | — | ||||||||||||||||
Other – net | -2.3 | — | — | — | -2.3 | ||||||||||||||||
Net Cash Provided by (Used for) Financing Activities | 1,251.20 | 3,675.90 | — | -4,707.50 | 219.6 | ||||||||||||||||
Effect of exchange rate changes on cash | — | — | -4.7 | — | -4.7 | ||||||||||||||||
Net (decrease) increase in cash and cash equivalents | -98.5 | — | 8.4 | — | -90.1 | ||||||||||||||||
Cash and cash equivalents at beginning of year | 206.8 | — | 113 | — | 319.8 | ||||||||||||||||
Cash and Cash Equivalents at End of Year | $ | 108.3 | $ | — | $ | 121.4 | $ | — | $ | 229.7 | |||||||||||
( ) Denotes use of cash |
Accounting_Policies_Details
Accounting Policies (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Apr. 30, 2014 | Apr. 30, 2013 | Apr. 30, 2012 |
Share based payments | ' | ' | ' |
Share-based compensation expense included in selling, distribution, and administrative expenses | $22.10 | $20.50 | $19.30 |
Share-based compensation expense included in other restructuring and merger and integration costs | 0.8 | 0.8 | 2.5 |
Total share-based compensation expense | 22.9 | 21.3 | 21.8 |
Related income tax benefit | $7.70 | $7.10 | $7.50 |
Accounting_Policies_Details_Te
Accounting Policies (Details Textual) (USD $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Apr. 30, 2014 | Apr. 30, 2013 | Apr. 30, 2012 | Apr. 30, 2011 |
Segment | ||||
ReportingUnits | ||||
Facility | ||||
Contract | ||||
Concentration Risk [Line Items] | ' | ' | ' | ' |
Trade receivables, less allowance for doubtful accounts | $309.40 | $313.70 | ' | ' |
Accounting Policies (Additional Textual) [Abstract] | ' | ' | ' | ' |
Number of U.S. retail market segments that contain major customer sales | 2 | ' | ' | ' |
Company's total promotional expenditures, including amounts classified as a reduction of net sales, represented approximately in percentage of net sales | 27.00% | 25.00% | 23.00% | ' |
Advertising expense | 124.7 | 131.6 | 119.6 | ' |
Research and development costs | 24.3 | 24.7 | 21.9 | ' |
Requisite performance period for share-based payments | '1 year | ' | ' | ' |
Requisite service period for share-based payments | '4 years | ' | ' | ' |
Compensation cost related to nonvested share-based awards not yet recognized | 33.2 | ' | ' | ' |
Weighted-average period of recognition | '3 years | ' | ' | ' |
Excess tax benefits realized upon exercise or vesting of share-based compensation | 7.3 | 2.9 | 4.8 | ' |
Charges for defined contribution plans | 20.1 | 18.6 | 16.1 | ' |
Allowance for doubtful accounts | 0.9 | 1.3 | ' | ' |
Work-in-process inventory | 62.1 | 64 | ' | ' |
Minimum operating lease obligations in 2015 | 24 | ' | ' | ' |
Minimum operating lease obligations in 2016 | 23.3 | ' | ' | ' |
Minimum operating lease obligations in 2017 | 20.5 | ' | ' | ' |
Minimum operating lease obligations in 2018 | 18.4 | ' | ' | ' |
Minimum operating lease obligations in 2019 | 12.7 | ' | ' | ' |
Rent expense | 60.6 | 59.2 | 56.5 | ' |
Number of reporting units | 6 | ' | ' | ' |
Proceeds from available-for-sale marketable securities realized upon maturity or sale | 10 | 0 | 18.6 | ' |
Gain on sale of marketable securities | 3.7 | 0 | 0 | ' |
Fair value of funds for the payment of benefits associated with nonqualified retirement plans included in other noncurrent assets | 55.4 | 48.8 | ' | ' |
Unrealized pre-tax gains included in accumulated other comprehensive loss on available-for-sale securities | 5.3 | 7.1 | ' | ' |
Gains included in accumulated other comprehensive loss on foreign currency translation adjustments | 31.7 | 61.5 | 67 | 81.8 |
Number of union contracts expiring in 2015 | 1 | ' | ' | ' |
Facilities covered by union contracts | 8 | ' | ' | ' |
Percentage of equity interest acquired | 25.00% | ' | ' | ' |
Equity method investment in Seamild included in other noncurrent assets | 35.9 | ' | ' | ' |
Cash and cash equivalents maturity period | 'Three months or less | ' | ' | ' |
Major Customer [Member] | Sales [Member] | ' | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' | ' |
Percentage of concentration risk | 10.00% | ' | ' | ' |
Unionized Employees [Member] | Number of Employees, Total [Member] | ' | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' | ' |
Percentage of concentration risk | 26.00% | ' | ' | ' |
Wal-Mart Major Customer [Member] | ' | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' | ' |
Trade receivables, less allowance for doubtful accounts | $76.60 | $92 | ' | ' |
Wal-Mart Major Customer [Member] | Sales [Member] | ' | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' | ' |
Percentage of concentration risk | 27.00% | 26.00% | 26.00% | ' |
Unionized Employees Subject to Union Contracts Expiring within One Year | Number of Employees, Total [Member] | ' | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' | ' |
Percentage of concentration risk | 1.00% | ' | ' | ' |
Machinery and equipment [Member] | Maximum [Member] | ' | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' |
Estimated useful life of assets | '20 years | ' | ' | ' |
Machinery and equipment [Member] | Minimum [Member] | ' | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' |
Estimated useful life of assets | '3 years | ' | ' | ' |
Capitalized software costs [Member] | Maximum [Member] | ' | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' |
Estimated useful life of assets | '7 years | ' | ' | ' |
Capitalized software costs [Member] | Minimum [Member] | ' | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' |
Estimated useful life of assets | '3 years | ' | ' | ' |
Buildings, fixtures, and improvements [Member] | Maximum [Member] | ' | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' |
Estimated useful life of assets | '40 years | ' | ' | ' |
Buildings, fixtures, and improvements [Member] | Minimum [Member] | ' | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' |
Estimated useful life of assets | '5 years | ' | ' | ' |
Acquisitions_Details
Acquisitions (Details) (USD $) | Apr. 30, 2014 | Apr. 30, 2013 | Apr. 30, 2012 | Jan. 03, 2012 | 16-May-11 |
In Millions, unless otherwise specified | Sara Lee Corporation [Member] | Rowland Coffee Roasters, Inc. [Member] | |||
Assets acquired: | ' | ' | ' | ' | ' |
Current assets | ' | ' | ' | ' | $34 |
Cash and cash equivalents | ' | ' | ' | 1.2 | ' |
Other current assets | ' | ' | ' | 42.6 | ' |
Property, plant, and equipment | ' | ' | ' | 92.8 | 29.2 |
Goodwill | 3,098.20 | 3,052.90 | 3,054.60 | 149.9 | 91.7 |
Intangible assets | 37.6 | ' | ' | 138.9 | 213.5 |
Other noncurrent assets | ' | ' | ' | 0.9 | ' |
Total assets acquired | ' | ' | ' | 426.3 | 368.4 |
Liabilities assumed: | ' | ' | ' | ' | ' |
Current liabilities | ' | ' | ' | 3.6 | 5.6 |
Noncurrent liabilities | ' | ' | ' | 2.1 | ' |
Total liabilities assumed | ' | ' | ' | 5.7 | 5.6 |
Net assets acquired | ' | ' | ' | $420.60 | $362.80 |
Acquisitions_Details_1
Acquisitions (Details 1) (USD $) | Apr. 30, 2014 | Apr. 30, 2014 | Apr. 30, 2013 | Jan. 03, 2012 | Jan. 03, 2012 | Jan. 03, 2012 | Jan. 03, 2012 | 16-May-11 | 16-May-11 | 16-May-11 | 16-May-11 |
In Millions, unless otherwise specified | Trademarks [Member] | Trademarks [Member] | Sara Lee Corporation [Member] | Sara Lee Corporation [Member] | Sara Lee Corporation [Member] | Sara Lee Corporation [Member] | Rowland Coffee Roasters, Inc. [Member] | Rowland Coffee Roasters, Inc. [Member] | Rowland Coffee Roasters, Inc. [Member] | Rowland Coffee Roasters, Inc. [Member] | |
Customer relationships [Member] | Technology [Member] | Trademarks [Member] | Trademarks [Member] | Customer relationships [Member] | Trademarks [Member] | ||||||
The purchase price allocated to the identifiable intangible assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Intangible assets with finite lives | ' | ' | ' | ' | $92 | $23.80 | $23.10 | ' | ' | $147.80 | $1.60 |
Intangible assets with indefinite lives | ' | 1,858.90 | 1,855.60 | ' | ' | ' | ' | ' | 64.1 | ' | ' |
Total intangible assets | $37.60 | ' | ' | $138.90 | ' | ' | ' | $213.50 | ' | ' | ' |
Acquisitions_Details_Textual
Acquisitions (Details Textual) (USD $) | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | |||||||||||||||||
In Millions, unless otherwise specified | Apr. 30, 2014 | Apr. 30, 2013 | Apr. 30, 2012 | Jun. 20, 2014 | Apr. 30, 2014 | Apr. 30, 2013 | Apr. 30, 2012 | Apr. 30, 2014 | Apr. 30, 2013 | Apr. 30, 2012 | Apr. 30, 2014 | Apr. 30, 2012 | 16-May-11 | Apr. 30, 2014 | Apr. 30, 2014 | 16-May-11 | 16-May-11 | Apr. 30, 2014 | Apr. 30, 2013 | Apr. 30, 2012 | Jan. 03, 2012 | Apr. 30, 2014 | Apr. 30, 2014 | Apr. 30, 2014 |
Acquisition | U.S. Retail Coffee [Member] | U.S. Retail Coffee [Member] | U.S. Retail Coffee [Member] | International, Foodservice, and Natural Foods [Member] | International, Foodservice, and Natural Foods [Member] | International, Foodservice, and Natural Foods [Member] | Rowland Coffee Roasters, Inc. [Member] | Rowland Coffee Roasters, Inc. [Member] | Rowland Coffee Roasters, Inc. [Member] | Rowland Coffee Roasters, Inc. [Member] | Rowland Coffee Roasters, Inc. [Member] | Rowland Coffee Roasters, Inc. [Member] | Rowland Coffee Roasters, Inc. [Member] | Sara Lee Corporation [Member] | Sara Lee Corporation [Member] | Sara Lee Corporation [Member] | Sara Lee Corporation [Member] | Sara Lee Corporation [Member] | Sara Lee Corporation [Member] | Sara Lee Corporation [Member] | ||||
Customer relationships [Member] | Trademarks [Member] | U.S. Retail Coffee [Member] | International, Foodservice, and Natural Foods [Member] | Customer relationships [Member] | Technology [Member] | Trademarks [Member] | ||||||||||||||||||
Acquisitions (Textual) [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cost of acquired entity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $362.80 | ' | ' | ' | ' | ' | ' | ' | $420.60 | ' | ' | ' | ' |
Payments for acquisition | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 375.6 | ' | ' | ' |
One-time costs directly related to merger and integration, incurred-to-date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 24.3 | ' | ' | ' | ' | ' | ' | 26.4 | ' | ' | ' | ' | ' | ' |
One-time costs directly related to merger and integration | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10.9 | ' | ' | ' | ' | ' | ' | 0.9 | ' | ' | ' | ' | ' | ' |
Borrowings under revolving credit facility | 248.4 | 0 | ' | 490 | ' | ' | ' | ' | ' | ' | ' | ' | 180 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Noncash acquisition expenses incurred-to-date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10.3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill assigned to the U.S. Retail Coffee and International, Foodservice and Natural Foods segments | 3,098.20 | 3,052.90 | 3,054.60 | ' | 1,743.10 | 1,720.30 | 1,720.30 | 322.9 | 298 | 299.1 | ' | ' | 91.7 | ' | ' | 84.8 | 6.9 | ' | ' | ' | 149.9 | ' | ' | ' |
Goodwill deductible for tax purpose | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 94.8 | ' | ' | ' | ' | ' | ' | ' | 146.6 | ' | ' | ' |
Weighted-average useful life of the finite-lived intangible assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '19 years | '10 years | ' | ' | ' | ' | ' | ' | '10 years | '10 years | '6 years |
Additional purchase price included in other current liabilities and other noncurrent liabilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50 | ' | ' | ' | ' | ' | ' |
Present value of additional purchase price included in other current liabilities and other noncurrent liabilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 45 | ' | ' | ' | ' | ' | ' |
Business acquisition purchase price payment included in other - net financing activities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 35 | 10 | ' | ' | ' | ' | ' |
Goodwill, acquired during period | 52.1 | ' | ' | ' | 22.8 | ' | ' | 29.3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage on notes utilized to pay for acquisition | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.50% | ' | ' | ' |
Acquisitions (Additional Textual) [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total intangible assets, excluding goodwill, from acquisitions | 37.6 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 213.5 | ' | ' | ' | ' | ' | ' | ' | 138.9 | ' | ' | ' |
Cash payments for acquisitions | $101.80 | $0 | $737.30 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of acquisitions | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring_Details
Restructuring (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Apr. 30, 2014 | Apr. 30, 2013 | Apr. 30, 2012 |
Restructuring and Related Charges: | ' | ' | ' |
Total expected restructuring charge | $265 | ' | ' |
Beginning Balance | 7.7 | 8.8 | 10.2 |
Charge to expense | 20.8 | 38.8 | 81.1 |
Cash payments | -23.9 | -31.7 | -40.3 |
Noncash utilization | -2.9 | -8.2 | -42.2 |
Ending Balance | 1.7 | 7.7 | 8.8 |
Remaining expected restructuring charge | 16.6 | ' | ' |
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 | 34.2 |
Cash payments | 0 | 0 | 0 |
Noncash utilization | -2.7 | -8.2 | -34.2 |
Ending Balance | 0 | 0 | 0 |
Remaining expected restructuring charge | 0.2 | ' | ' |
Employee Separation [Member] | ' | ' | ' |
Restructuring and Related Charges: | ' | ' | ' |
Total expected restructuring charge | 63.8 | ' | ' |
Beginning Balance | 7.7 | 8.8 | 10.2 |
Charge to expense | 2.6 | 3.4 | 20.4 |
Cash payments | -8.4 | -4.5 | -13.8 |
Noncash utilization | -0.2 | 0 | -8 |
Ending Balance | 1.7 | 7.7 | 8.8 |
Remaining expected restructuring charge | 0.3 | ' | ' |
Site Preparation and Equipment Relocation [Member] | ' | ' | ' |
Restructuring and Related Charges: | ' | ' | ' |
Total expected restructuring charge | 45.4 | ' | ' |
Beginning Balance | 0 | 0 | 0 |
Charge to expense | 7.2 | 13.4 | 13 |
Cash payments | -7.2 | -13.4 | -13 |
Noncash utilization | 0 | 0 | 0 |
Ending Balance | 0 | 0 | 0 |
Remaining expected restructuring charge | 5.2 | ' | ' |
Production Start-up [Member] | ' | ' | ' |
Restructuring and Related Charges: | ' | ' | ' |
Total expected restructuring charge | 42.8 | ' | ' |
Beginning Balance | 0 | 0 | 0 |
Charge to expense | 7.2 | 10.8 | 10.6 |
Cash payments | -7.2 | -10.8 | -10.6 |
Noncash utilization | 0 | 0 | 0 |
Ending Balance | 0 | 0 | 0 |
Remaining expected restructuring charge | 9 | ' | ' |
Other Costs [Member] | ' | ' | ' |
Restructuring and Related Charges: | ' | ' | ' |
Total expected restructuring charge | 10.2 | ' | ' |
Beginning Balance | 0 | 0 | 0 |
Charge to expense | 1.1 | 3 | 2.9 |
Cash payments | -1.1 | -3 | -2.9 |
Noncash utilization | 0 | 0 | 0 |
Ending Balance | 0 | 0 | 0 |
Remaining expected restructuring charge | $1.90 | ' | ' |
Restructuring_Details_Textual
Restructuring (Details Textual) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Apr. 30, 2014 | Apr. 30, 2013 | Apr. 30, 2012 |
Position | |||
Restructuring (Textual) [Abstract] | ' | ' | ' |
Total expected restructuring charge | $265 | ' | ' |
Restructuring costs incurred announcement-to-date | 248.4 | ' | ' |
Reduction in positions due to restructuring | 850 | ' | ' |
Total restructuring charges | 20.8 | 38.8 | 81.1 |
Cost of products sold - restructuring and merger and integration | $5.10 | $10 | $38.60 |
Reportable_Segments_Details
Reportable Segments (Details) (USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Apr. 30, 2014 | Apr. 30, 2013 | Apr. 30, 2012 | |||
Net sales: | ' | ' | ' | |||
Net sales | $5,610.60 | $5,897.70 | $5,525.80 | |||
Segment profit: | ' | ' | ' | |||
Segment profit | 1,205.90 | 1,221 | 1,104.90 | |||
Assets: | ' | ' | ' | |||
Assets | 9,072.10 | 9,031.80 | 9,115.20 | |||
Depreciation, amortization, and impairment charges: | ' | ' | ' | |||
Depreciation, amortization, and impairment charges | 256.4 | 250.9 | 251.6 | |||
Additions to property, plant and equipment: | ' | ' | ' | |||
Additions to property, plant and equipment | 279.5 | 206.5 | 274.2 | |||
Interest expense - net | -79.4 | -93.4 | -79.8 | |||
Cost of products sold - restructuring and merger and integration | -9.4 | -11.5 | -43.2 | |||
Other restructuring and merger and integration costs | -25.6 | -42.8 | -72.5 | |||
Other special project costs | 0 | -6.7 | 0 | |||
Corporate administrative expenses | -251.9 | -249.6 | -210.9 | |||
Other income - net | 10.1 | 0.3 | 2.7 | |||
Income Before Income Taxes | 849.7 | 817.3 | 701.2 | |||
U.S. Retail Coffee [Member] | ' | ' | ' | |||
Net sales: | ' | ' | ' | |||
Net sales | 2,161.70 | 2,306.50 | 2,297.70 | |||
Segment profit: | ' | ' | ' | |||
Segment profit | 641.9 | 607.5 | 543 | |||
Assets: | ' | ' | ' | |||
Assets | 4,885.60 | 4,882.40 | 5,033.60 | |||
Depreciation, amortization, and impairment charges: | ' | ' | ' | |||
Depreciation, amortization, and impairment charges | 99.9 | 100.7 | 102.3 | |||
Additions to property, plant and equipment: | ' | ' | ' | |||
Additions to property, plant and equipment | 50.7 | 46.5 | 86.9 | |||
U.S. Retail Consumer Foods [Member] | ' | ' | ' | |||
Net sales: | ' | ' | ' | |||
Net sales | 2,172.60 | 2,214.80 | 2,094.50 | |||
Segment profit: | ' | ' | ' | |||
Segment profit | 396.9 | 415.3 | 393.3 | |||
Assets: | ' | ' | ' | |||
Assets | 2,684.10 | 2,618.20 | 2,612.70 | |||
Depreciation, amortization, and impairment charges: | ' | ' | ' | |||
Depreciation, amortization, and impairment charges | 52.9 | 47.1 | 46.7 | |||
Additions to property, plant and equipment: | ' | ' | ' | |||
Additions to property, plant and equipment | 138.8 | 85.1 | 159.5 | |||
International, Foodservice, and Natural Foods [Member] | ' | ' | ' | |||
Net sales: | ' | ' | ' | |||
Net sales | 1,276.30 | 1,376.40 | 1,133.60 | |||
Segment profit: | ' | ' | ' | |||
Segment profit | 167.1 | 198.2 | 168.6 | |||
Assets: | ' | ' | ' | |||
Assets | 1,248.90 | 1,201.30 | 1,179.60 | |||
Depreciation, amortization, and impairment charges: | ' | ' | ' | |||
Depreciation, amortization, and impairment charges | 67.4 | 63.7 | 37.7 | |||
Additions to property, plant and equipment: | ' | ' | ' | |||
Additions to property, plant and equipment | 90 | 74.9 | 27.8 | |||
Unallocated [Member] | ' | ' | ' | |||
Assets: | ' | ' | ' | |||
Assets | 253.5 | [1] | 329.9 | [1] | 289.3 | [1] |
Depreciation, amortization, and impairment charges: | ' | ' | ' | |||
Depreciation, amortization, and impairment charges | $36.20 | [2] | $39.40 | [2] | $64.90 | [2] |
[1] | Primarily represents unallocated cash and cash equivalents and corporate-held investments. | |||||
[2] | Primarily represents unallocated depreciation expense included in cost of products sold - restructuring and merger and integration and corporate administrative expense, mainly software amortization. |
Reportable_Segments_Details_1
Reportable Segments (Details 1) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Apr. 30, 2014 | Apr. 30, 2013 | Apr. 30, 2012 |
Assets: | ' | ' | ' |
Assets | $9,072.10 | $9,031.80 | $9,115.20 |
Segment Reporting Information [Line Items] | ' | ' | ' |
Total net sales | 5,610.60 | 5,897.70 | 5,525.80 |
Total long-lived assets (excluding goodwill and other intangible assets) | 1,410.50 | 1,294.30 | 1,230.10 |
Domestic [Member] | ' | ' | ' |
Net sales: | ' | ' | ' |
Net sales | 5,092 | 5,355.90 | 5,014.70 |
Assets: | ' | ' | ' |
Assets | 8,650.50 | 8,585.40 | 8,683.50 |
Long-lived assets (excluding goodwill and other intangible assets): | ' | ' | ' |
Long-lived assets | 1,355.10 | 1,234.70 | 1,164.80 |
CANADA [Member] | ' | ' | ' |
Net sales: | ' | ' | ' |
Net sales | 437.2 | 459.5 | 447 |
Assets: | ' | ' | ' |
Assets | 257.7 | 396.3 | 386 |
Long-lived assets (excluding goodwill and other intangible assets): | ' | ' | ' |
Long-lived assets | 16.5 | 20.6 | 28.1 |
All other international [Member] | ' | ' | ' |
Net sales: | ' | ' | ' |
Net sales | 81.4 | 82.3 | 64.1 |
Assets: | ' | ' | ' |
Assets | 163.9 | 50.1 | 45.7 |
Long-lived assets (excluding goodwill and other intangible assets): | ' | ' | ' |
Long-lived assets | 38.9 | 39 | 37.2 |
Total international [Member] | ' | ' | ' |
Net sales: | ' | ' | ' |
Net sales | 518.6 | 541.8 | 511.1 |
Assets: | ' | ' | ' |
Assets | 421.6 | 446.4 | 431.7 |
Long-lived assets (excluding goodwill and other intangible assets): | ' | ' | ' |
Long-lived assets | $55.40 | $59.60 | $65.30 |
Reportable_Segments_Details_2
Reportable Segments (Details 2) | 12 Months Ended | ||
Apr. 30, 2014 | Apr. 30, 2013 | Apr. 30, 2012 | |
Product Sales Information | ' | ' | ' |
Total product sales | 100.00% | 100.00% | 100.00% |
Coffee [Member] | ' | ' | ' |
Product Sales Information | ' | ' | ' |
Total product sales | 46.00% | 48.00% | 48.00% |
Peanut butter [Member] | ' | ' | ' |
Product Sales Information | ' | ' | ' |
Total product sales | 13.00% | 13.00% | 12.00% |
Fruit spreads [Member] | ' | ' | ' |
Product Sales Information | ' | ' | ' |
Total product sales | 6.00% | 6.00% | 7.00% |
Shortening and oils [Member] | ' | ' | ' |
Product Sales Information | ' | ' | ' |
Total product sales | 6.00% | 6.00% | 7.00% |
Baking mixes and frostings [Member] | ' | ' | ' |
Product Sales Information | ' | ' | ' |
Total product sales | 6.00% | 6.00% | 6.00% |
Canned milk [Member] | ' | ' | ' |
Product Sales Information | ' | ' | ' |
Total product sales | 5.00% | 4.00% | 5.00% |
Flour and baking ingredients [Member] | ' | ' | ' |
Product Sales Information | ' | ' | ' |
Total product sales | 4.00% | 4.00% | 5.00% |
Juices and beverages [Member] | ' | ' | ' |
Product Sales Information | ' | ' | ' |
Total product sales | 3.00% | 3.00% | 2.00% |
Frozen handheld [Member] | ' | ' | ' |
Product Sales Information | ' | ' | ' |
Total product sales | 3.00% | 3.00% | 2.00% |
Portion control [Member] | ' | ' | ' |
Product Sales Information | ' | ' | ' |
Total product sales | 2.00% | 2.00% | 2.00% |
Toppings and syrups [Member] | ' | ' | ' |
Product Sales Information | ' | ' | ' |
Total product sales | 2.00% | 2.00% | 2.00% |
Other [Member] | ' | ' | ' |
Product Sales Information | ' | ' | ' |
Total product sales | 4.00% | 3.00% | 2.00% |
Reportable_Segments_Details_Te
Reportable Segments (Details Textual) | 12 Months Ended |
Apr. 30, 2014 | |
Industry | |
Segment | |
Reportable Segments (Textual) [Abstract] | ' |
Number of Reportable Segments | 3 |
Number of industries in which Company operates | 1 |
Earnings_per_Share_Details
Earnings per Share (Details) (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Apr. 30, 2014 | Apr. 30, 2013 | Apr. 30, 2012 |
Net income (loss) allocated to common stockholders | ' | ' | ' |
Net income | $565.20 | $544.20 | $459.70 |
Net income allocated to participating securities | 4.5 | 4.7 | 4.2 |
Net income allocated to common stockholders | $560.70 | $539.50 | $455.50 |
Weighted-average common shares, basic and diluted | ' | ' | ' |
Weighted-average common shares outstanding | 103,504,121 | 107,881,519 | 112,212,677 |
Dilutive effect of stock options | 14,346 | 23,256 | 49,616 |
Weighted-average common shares outstanding - assuming dilution | 103,518,467 | 107,904,775 | 112,262,293 |
Computation of net income per common share | ' | ' | ' |
Net income per common share | $5.42 | $5 | $4.06 |
Net income per common share - assuming dilution | $5.42 | $5 | $4.06 |
Goodwill_and_Other_Intangible_2
Goodwill and Other Intangible Assets (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Apr. 30, 2014 | Apr. 30, 2013 |
Summary of changes in the company's goodwill | ' | ' |
Goodwill, Beginning Balance | $3,052.90 | $3,054.60 |
Acquisitions | 52.1 | ' |
Other | -6.8 | -1.7 |
Goodwill, Ending Balance | 3,098.20 | 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 | 22.8 | ' |
Other | 0 | 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 | -2.4 | -0.6 |
Goodwill, Ending Balance | 1,032.20 | 1,034.60 |
International, Foodservice, and Natural Foods [Member] | ' | ' |
Summary of changes in the company's goodwill | ' | ' |
Goodwill, Beginning Balance | 298 | 299.1 |
Acquisitions | 29.3 | ' |
Other | -4.4 | -1.1 |
Goodwill, Ending Balance | $322.90 | $298 |
Goodwill_and_Other_Intangible_3
Goodwill and Other Intangible Assets (Details 1) (USD $) | Apr. 30, 2014 | Apr. 30, 2013 |
In Millions, unless otherwise specified | ||
Finite-lived intangible assets subject to amortization: | ' | ' |
Finite-lived intangible assets subject to amortization Acquisition Cost | $1,670.70 | $1,636.40 |
Finite-lived intangible assets subject to amortization Accumulated Amortization / Impairment Charges | 491 | 391 |
Finite-lived intangible assets subject to amortization, Net | 1,179.70 | 1,245.40 |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | ' | ' |
Total other intangible assets, Acquisition Cost | 3,529.60 | 3,492 |
Intangible Assets Accumulated Amortization and Impairment | 505.3 | 402.6 |
Intangible Assets, Net (Excluding Goodwill) | 3,024.30 | 3,089.40 |
Trademarks [Member] | ' | ' |
Indefinite-lived intangible assets not subject to amortization: | ' | ' |
Indefinite-lived intangible assets not subject to amortization, Acquisition Cost | 1,858.90 | 1,855.60 |
Indefinite-lived intangible assets not subject to amortization, Accumulated Impairment Charges | 14.3 | 11.6 |
Indefinite-lived intangible assets not subject to amortization, Net | 1,844.60 | 1,844 |
Customer and contractual relationships [Member] | ' | ' |
Finite-lived intangible assets subject to amortization: | ' | ' |
Finite-lived intangible assets subject to amortization Acquisition Cost | 1,436.20 | 1,415.10 |
Finite-lived intangible assets subject to amortization Accumulated Amortization / Impairment Charges | 392.6 | 314.8 |
Finite-lived intangible assets subject to amortization, Net | 1,043.60 | 1,100.30 |
Patents and technology [Member] | ' | ' |
Finite-lived intangible assets subject to amortization: | ' | ' |
Finite-lived intangible assets subject to amortization Acquisition Cost | 164.5 | 158.8 |
Finite-lived intangible assets subject to amortization Accumulated Amortization / Impairment Charges | 61.9 | 49.3 |
Finite-lived intangible assets subject to amortization, Net | 102.6 | 109.5 |
Trademarks [Member] | ' | ' |
Finite-lived intangible assets subject to amortization: | ' | ' |
Finite-lived intangible assets subject to amortization Acquisition Cost | 70 | 62.5 |
Finite-lived intangible assets subject to amortization Accumulated Amortization / Impairment Charges | 36.5 | 26.9 |
Finite-lived intangible assets subject to amortization, Net | $33.50 | $35.60 |
Goodwill_and_Other_Intangible_4
Goodwill and Other Intangible Assets (Details Textual) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Apr. 30, 2014 | Apr. 30, 2013 | Apr. 30, 2012 |
ReportingUnits | |||
Goodwill and Other intangible assets (Textual) [Abstract] | ' | ' | ' |
Weighted-average useful life of the finite-lived intangible assets | '18 years | ' | ' |
Goodwill And Other Intangible Assets (Additional Textual) [Abstract] | ' | ' | ' |
Amortization expense for finite-lived intangible assets | $98.70 | $96.60 | $87.70 |
Estimated amortization expense for 2015 | 99.5 | ' | ' |
Estimated amortization expense for 2016 | 99.6 | ' | ' |
Estimated amortization expense for 2017 | 98.9 | ' | ' |
Estimated amortization expense for 2018 | 96.5 | ' | ' |
Estimated amortization expense for 2019 | 94.9 | ' | ' |
Impairment charges | 0 | 0 | 4.6 |
Number of Reporting Units | 6 | ' | ' |
Customer and Contractual Relationships [Member] | ' | ' | ' |
Goodwill and Other intangible assets (Textual) [Abstract] | ' | ' | ' |
Weighted-average useful life of the finite-lived intangible assets | '19 years | ' | ' |
Trademarks [Member] | ' | ' | ' |
Goodwill and Other intangible assets (Textual) [Abstract] | ' | ' | ' |
Weighted-average useful life of the finite-lived intangible assets | '10 years | ' | ' |
Patents And Technology [Member] | ' | ' | ' |
Goodwill and Other intangible assets (Textual) [Abstract] | ' | ' | ' |
Weighted-average useful life of the finite-lived intangible assets | '14 years | ' | ' |
Crisco Trademark [Member] | ' | ' | ' |
Indefinite-lived Intangible Assets by Major Class [Line Items] | ' | ' | ' |
Percentage of total other indefinite-lived intangible assets | 10.00% | ' | ' |
Crisco trademark fair value sensitivity analysis | 'Hypothetical 50-basis-point increase in the discount rate and a 50-basis-point decrease in the expected long-term growth rate yielded an estimated fair value slightly below carrying value | ' | ' |
Crisco trademark decrease in fair value from 2013 to 2014 | ($7) | ' | ' |
Crisco trademark percent decrease in fair value from 2013 to 2014 | -4.00% | ' | ' |
Long-term growth rate used for 2014 impairment test | 2.50% | ' | ' |
Pensions_and_Other_Postretirem2
Pensions and Other Postretirement Benefits (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Apr. 30, 2014 | Apr. 30, 2013 | Apr. 30, 2012 |
Defined Benefit Pension Plans [Member] | ' | ' | ' |
Components of net periodic benefit cost: | ' | ' | ' |
Service cost | $8.70 | $8.80 | $8.10 |
Interest cost | 21.8 | 23.9 | 26.2 |
Expected return on plan assets | -25.4 | -25.3 | -27 |
Amortization of prior service cost (credit) | 1.2 | 1 | 1.1 |
Amortization of net actuarial loss | 13.2 | 13.1 | 9.4 |
Curtailment loss (gain) | 0 | 0 | 1.1 |
Settlement loss | 0 | 6.7 | 1.1 |
Termination benefit cost | 0 | 0 | 1.8 |
Net periodic benefit cost | 19.5 | 28.2 | 21.8 |
Other Postretirement Benefits [Member] | ' | ' | ' |
Components of net periodic benefit cost: | ' | ' | ' |
Service cost | 2.3 | 2.5 | 2.3 |
Interest cost | 2.3 | 3 | 3.1 |
Expected return on plan assets | 0 | 0 | 0 |
Amortization of prior service cost (credit) | -1.1 | -0.4 | -0.4 |
Amortization of net actuarial loss | 0 | 0 | 0 |
Curtailment loss (gain) | 0 | 0 | -0.1 |
Settlement loss | 0 | 0 | 0 |
Termination benefit cost | 0 | 0 | 2 |
Net periodic benefit cost | $3.50 | $5.10 | $6.90 |
Pensions_and_Other_Postretirem3
Pensions and Other Postretirement Benefits (Details 1) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Apr. 30, 2014 | Apr. 30, 2013 | Apr. 30, 2012 |
Defined Benefit Pension Plans [Member] | ' | ' | ' |
Other changes in plan assets and benefit liabilities recognized in accumulated other comprehensive loss before income taxes: | ' | ' | ' |
Prior service (cost) credit arising during the year | $0 | ($4) | $0 |
Net actuarial gain (loss) arising during the year | 19.3 | -20.5 | -82.1 |
Amortization of prior service cost (credit) | 1.2 | 1 | 1.1 |
Amortization of net actuarial loss | 13.2 | 13.1 | 9.4 |
Curtailment loss (gain) | 0 | 2 | 1.1 |
Settlement loss | 0 | 6.7 | 1.1 |
Foreign currency translation | 2.9 | 0.9 | 1.1 |
Net change for year | 36.6 | -0.8 | -68.3 |
Other Postretirement Benefits [Member] | ' | ' | ' |
Other changes in plan assets and benefit liabilities recognized in accumulated other comprehensive loss before income taxes: | ' | ' | ' |
Prior service (cost) credit arising during the year | 1.7 | 9.6 | 0 |
Net actuarial gain (loss) arising during the year | 7.5 | -4.5 | -4.2 |
Amortization of prior service cost (credit) | -1.1 | -0.4 | -0.4 |
Amortization of net actuarial loss | 0 | 0 | 0 |
Curtailment loss (gain) | 0 | 0 | -0.1 |
Settlement loss | 0 | 0 | 0 |
Foreign currency translation | 0 | 0 | -0.1 |
Net change for year | $8.10 | $4.70 | ($4.80) |
Pensions_and_Other_Postretirem4
Pensions and Other Postretirement Benefits (Details 2) | 12 Months Ended | ||
Apr. 30, 2014 | Apr. 30, 2013 | Apr. 30, 2012 | |
U. S. Defined Benefit Plans [Member] | ' | ' | ' |
Weighted-average assumptions used in determining net periodic benefit costs: | ' | ' | ' |
Discount rate | 3.99% | 4.70% | 5.50% |
Expected return on plan assets | 6.75% | 7.00% | 7.00% |
Rate of compensation increase | 4.13% | 4.12% | 4.14% |
U. S. Other Postretirement Benefit Plans [Member] | ' | ' | ' |
Weighted-average assumptions used in determining net periodic benefit costs: | ' | ' | ' |
Discount rate | 3.80% | 4.70% | 5.50% |
Expected return on plan assets | 0.00% | 0.00% | 0.00% |
Rate of compensation increase | 0.00% | 0.00% | 0.00% |
Canadian Defined Benefit Plans [Member] | ' | ' | ' |
Weighted-average assumptions used in determining net periodic benefit costs: | ' | ' | ' |
Discount rate | 3.65% | 4.20% | 5.00% |
Expected return on plan assets | 5.78% | 6.17% | 6.66% |
Rate of compensation increase | 3.00% | 4.00% | 4.00% |
Canadian Other Postretirement Benefit Plans [Member] | ' | ' | ' |
Weighted-average assumptions used in determining net periodic benefit costs: | ' | ' | ' |
Discount rate | 3.70% | 4.20% | 5.00% |
Expected return on plan assets | 0.00% | 0.00% | 0.00% |
Rate of compensation increase | 0.00% | 0.00% | 0.00% |
Pensions_and_Other_Postretirem5
Pensions and Other Postretirement Benefits (Details 3) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Apr. 30, 2014 | Apr. 30, 2013 | Apr. 30, 2012 |
Changes in plan assets: | ' | ' | ' |
Company contributions | $9.40 | $40 | $11.40 |
Defined benefit pensions | -135.7 | -163 | ' |
Postretirement benefits other than pensions | -58.5 | -67.1 | ' |
Defined Benefit Pension Plans [Member] | ' | ' | ' |
Change in benefit obligation: | ' | ' | ' |
Benefit obligation at beginning of year | 575.7 | 561.7 | ' |
Service cost | 8.7 | 8.8 | 8.1 |
Interest cost | 21.8 | 23.9 | 26.2 |
Amendments | 0 | 4.2 | ' |
Actuarial (gain) loss | -19.7 | 39.6 | ' |
Participant contributions | 0.1 | 0.5 | ' |
Benefits paid | -34.2 | -43.6 | ' |
Foreign currency translation adjustments | -10.1 | -2.6 | ' |
Curtailment | 0 | -2 | ' |
Settlement | 0 | -14.8 | ' |
Other adjustments | 0 | 0 | ' |
Benefit obligation at end of year | 542.3 | 575.7 | 561.7 |
Changes in plan assets: | ' | ' | ' |
Fair value of plan assets at beginning of year | 410.7 | 386.5 | ' |
Actual return on plan assets | 25 | 44.2 | ' |
Company contributions | 9.4 | 40 | ' |
Participant contributions | 0.1 | 0.5 | ' |
Benefits paid | -34.2 | -43.6 | ' |
Foreign currency translation adjustments | -8.9 | -2.1 | ' |
Settlement | 0 | -14.8 | ' |
Fair value of plan assets at end of year | 402.1 | 410.7 | 386.5 |
Funded status of the plans | -140.2 | -165 | ' |
Defined benefit pensions | -135.7 | -163 | ' |
Accrued compensation | -4.5 | -2 | ' |
Postretirement benefits other than pensions | 0 | 0 | ' |
Net benefit liability | -140.2 | -165 | ' |
Other Postretirement Benefits [Member] | ' | ' | ' |
Change in benefit obligation: | ' | ' | ' |
Benefit obligation at beginning of year | 67.1 | 68.8 | ' |
Service cost | 2.3 | 2.5 | 2.3 |
Interest cost | 2.3 | 3 | 3.1 |
Amendments | -1.7 | -9.6 | ' |
Actuarial (gain) loss | -7.5 | 4.5 | ' |
Participant contributions | 1.2 | 1.5 | ' |
Benefits paid | -3.5 | -3.7 | ' |
Foreign currency translation adjustments | -1.1 | -0.2 | ' |
Curtailment | 0 | 0 | ' |
Settlement | 0 | 0 | ' |
Other adjustments | -0.6 | 0.3 | ' |
Benefit obligation at end of year | 58.5 | 67.1 | 68.8 |
Changes in plan assets: | ' | ' | ' |
Fair value of plan assets at beginning of year | 0 | 0 | ' |
Actual return on plan assets | 0 | 0 | ' |
Company contributions | 2.3 | 2.2 | ' |
Participant contributions | 1.2 | 1.5 | ' |
Benefits paid | -3.5 | -3.7 | ' |
Foreign currency translation adjustments | 0 | 0 | ' |
Settlement | 0 | 0 | ' |
Fair value of plan assets at end of year | 0 | 0 | 0 |
Funded status of the plans | -58.5 | -67.1 | ' |
Defined benefit pensions | 0 | 0 | ' |
Accrued compensation | 0 | 0 | ' |
Postretirement benefits other than pensions | -58.5 | -67.1 | ' |
Net benefit liability | ($58.50) | ($67.10) | ' |
Pensions_and_Other_Postretirem6
Pensions and Other Postretirement Benefits (Details 4) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Apr. 30, 2014 | Apr. 30, 2013 |
U. S. Defined Benefit Plans [Member] | ' | ' |
Weighted-average assumptions used in determining benefit obligation | ' | ' |
Discount rate | 4.45% | 3.99% |
Rate of compensation increase | 4.13% | 4.12% |
U. S. Other Postretirement Benefit Plans [Member] | ' | ' |
Weighted-average assumptions used in determining benefit obligation | ' | ' |
Discount rate | 4.30% | 3.80% |
Rate of compensation increase | 0.00% | 0.00% |
Canadian Defined Benefit Plans [Member] | ' | ' |
Weighted-average assumptions used in determining benefit obligation | ' | ' |
Discount rate | 4.11% | 3.65% |
Rate of compensation increase | 3.00% | 3.00% |
Canadian Other Postretirement Benefit Plans [Member] | ' | ' |
Weighted-average assumptions used in determining benefit obligation | ' | ' |
Discount rate | 4.10% | 3.70% |
Rate of compensation increase | 0.00% | 0.00% |
Other Postretirement Benefits [Member] | ' | ' |
Accumulated other comprehensive income (loss) | ' | ' |
Net actuarial (loss) gain | $5.30 | ($2.20) |
Prior service (cost) credit | 11.5 | 10.9 |
Total recognized in accumulated other comprehensive loss | 16.8 | 8.7 |
One-percentage point annual change in the assumed health care cost trend rate | ' | ' |
Effect on total service and interest cost components, increase | 0.1 | ' |
Effect on total service and interest cost components, decrease | 0.1 | ' |
Effect on benefit obligation, increase | 1.1 | ' |
Effect on benefit obligation, decrease | 1.2 | ' |
Defined Benefit Pension Plans [Member] | ' | ' |
Accumulated other comprehensive income (loss) | ' | ' |
Net actuarial (loss) gain | -166.7 | -202.1 |
Prior service (cost) credit | -4.9 | -6.1 |
Total recognized in accumulated other comprehensive loss | ($171.60) | ($208.20) |
Pensions_and_Other_Postretirem7
Pensions and Other Postretirement Benefits (Details 5) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Apr. 30, 2014 | Apr. 30, 2013 | Apr. 30, 2012 |
Changes in plan assets: | ' | ' | ' |
Company contributions | $9.40 | $40 | $11.40 |
Canadian Defined Benefit Plans [Member] | ' | ' | ' |
Company's Canadian pension and other postretirement benefit plans | ' | ' | ' |
Benefit obligation at end of year | 113.3 | 125.7 | ' |
Fair value of plan assets at end of year | 105.6 | 107.1 | ' |
Funded status of the plans | -7.7 | -18.6 | ' |
Components of net periodic benefit cost: | ' | ' | ' |
Service cost | 0.5 | 1.3 | ' |
Interest cost | 4.2 | 5 | ' |
Expected return on plan assets | -5.8 | -6.2 | ' |
Amortization of net actuarial loss | 1.3 | 1.7 | ' |
Net periodic benefit cost | 0.2 | 1.8 | ' |
Changes in plan assets: | ' | ' | ' |
Company contributions | 5.4 | 5 | ' |
Participant contributions | 0.1 | 0.4 | ' |
Benefits paid | -8.6 | -9.4 | ' |
Actual return on plan assets | 10.6 | 8.7 | ' |
Foreign currency translation | -8.9 | -2.1 | ' |
Canadian Other Postretirement Benefit Plans [Member] | ' | ' | ' |
Company's Canadian pension and other postretirement benefit plans | ' | ' | ' |
Benefit obligation at end of year | 11.4 | 13.5 | ' |
Fair value of plan assets at end of year | 0 | 0 | ' |
Funded status of the plans | -11.4 | -13.5 | ' |
Components of net periodic benefit cost: | ' | ' | ' |
Service cost | 0 | 0 | ' |
Interest cost | 0.5 | 0.6 | ' |
Expected return on plan assets | 0 | 0 | ' |
Amortization of net actuarial loss | 0 | 0 | ' |
Net periodic benefit cost | 0.5 | 0.6 | ' |
Changes in plan assets: | ' | ' | ' |
Company contributions | 0.8 | 0.9 | ' |
Participant contributions | 0 | 0 | ' |
Benefits paid | -0.8 | -0.9 | ' |
Actual return on plan assets | 0 | 0 | ' |
Foreign currency translation | $0 | $0 | ' |
Pensions_and_Other_Postretirem8
Pensions and Other Postretirement Benefits (Details 6) (Defined Benefit Pension Plans [Member], USD $) | Apr. 30, 2014 | Apr. 30, 2013 |
In Millions, unless otherwise specified | ||
Defined Benefit Pension Plans [Member] | ' | ' |
Additional information related to the Company's defined benefit pension plans | ' | ' |
Accumulated benefit obligation for all pension plans | $507.30 | $539 |
Plans with an accumulated benefit obligation in excess of plan assets: | ' | ' |
Accumulated benefit obligation | 507.3 | 539 |
Fair value of plan assets | 402.1 | 410.7 |
Plans with a projected benefit obligation in excess of plan assets: | ' | ' |
Projected benefit obligation | 542.3 | 575.7 |
Fair value of plan assets | $402.10 | $410.70 |
Pensions_and_Other_Postretirem9
Pensions and Other Postretirement Benefits (Details 7) (USD $) | Apr. 30, 2014 | Apr. 30, 2013 | Apr. 30, 2012 | ||
In Millions, unless otherwise specified | |||||
Significant Unobservable Inputs (Level 3) [Member] | ' | ' | ' | ||
Major asset classes for the U.S. and Canadian defined benefit pension plans and levels fair value measurements | ' | ' | ' | ||
Total financial assets measured at fair value | $15 | $15 | $38.60 | ||
Hedge funds [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' | ' | ||
Major asset classes for the U.S. and Canadian defined benefit pension plans and levels fair value measurements | ' | ' | ' | ||
Total financial assets measured at fair value | ' | 0 | 22.3 | ||
Private equity fund [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' | ' | ||
Major asset classes for the U.S. and Canadian defined benefit pension plans and levels fair value measurements | ' | ' | ' | ||
Total financial assets measured at fair value | ' | 15 | 16.3 | ||
Defined Benefit Pension Plans [Member] | ' | ' | ' | ||
Major asset classes for the U.S. and Canadian defined benefit pension plans and levels fair value measurements | ' | ' | ' | ||
Total financial assets measured at fair value | 402.1 | 410.7 | 386.5 | ||
Defined Benefit Pension Plans [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ' | ' | ' | ||
Major asset classes for the U.S. and Canadian defined benefit pension plans and levels fair value measurements | ' | ' | ' | ||
Total financial assets measured at fair value | 358.3 | 366 | ' | ||
Defined Benefit Pension Plans [Member] | Significant Observable Inputs (Level 2) [Member] | ' | ' | ' | ||
Major asset classes for the U.S. and Canadian defined benefit pension plans and levels fair value measurements | ' | ' | ' | ||
Total financial assets measured at fair value | 28.8 | 29.7 | ' | ||
Defined Benefit Pension Plans [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' | ' | ||
Major asset classes for the U.S. and Canadian defined benefit pension plans and levels fair value measurements | ' | ' | ' | ||
Total financial assets measured at fair value | 15 | 15 | ' | ||
Defined Benefit Pension Plans [Member] | Cash and cash equivalents [Member] | ' | ' | ' | ||
Major asset classes for the U.S. and Canadian defined benefit pension plans and levels fair value measurements | ' | ' | ' | ||
Total financial assets measured at fair value | 2 | [1] | 4.4 | [1] | ' |
Defined Benefit Pension Plans [Member] | Cash and cash equivalents [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ' | ' | ' | ||
Major asset classes for the U.S. and Canadian defined benefit pension plans and levels fair value measurements | ' | ' | ' | ||
Total financial assets measured at fair value | 2 | [1] | 4.4 | [1] | ' |
Defined Benefit Pension Plans [Member] | Cash and cash equivalents [Member] | Significant Observable Inputs (Level 2) [Member] | ' | ' | ' | ||
Major asset classes for the U.S. and Canadian defined benefit pension plans and levels fair value measurements | ' | ' | ' | ||
Total financial assets measured at fair value | 0 | [1] | 0 | [1] | ' |
Defined Benefit Pension Plans [Member] | Cash and cash equivalents [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' | ' | ||
Major asset classes for the U.S. and Canadian defined benefit pension plans and levels fair value measurements | ' | ' | ' | ||
Total financial assets measured at fair value | 0 | [1] | 0 | [1] | ' |
Defined Benefit Pension Plans [Member] | U.S. Equity Securities [Member] | ' | ' | ' | ||
Major asset classes for the U.S. and Canadian defined benefit pension plans and levels fair value measurements | ' | ' | ' | ||
Total financial assets measured at fair value | 107.4 | [2] | 114 | [2] | ' |
Defined Benefit Pension Plans [Member] | U.S. Equity Securities [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ' | ' | ' | ||
Major asset classes for the U.S. and Canadian defined benefit pension plans and levels fair value measurements | ' | ' | ' | ||
Total financial assets measured at fair value | 91 | [2] | 97.2 | [2] | ' |
Defined Benefit Pension Plans [Member] | U.S. Equity Securities [Member] | Significant Observable Inputs (Level 2) [Member] | ' | ' | ' | ||
Major asset classes for the U.S. and Canadian defined benefit pension plans and levels fair value measurements | ' | ' | ' | ||
Total financial assets measured at fair value | 16.4 | [2] | 16.8 | [2] | ' |
Defined Benefit Pension Plans [Member] | U.S. Equity Securities [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' | ' | ||
Major asset classes for the U.S. and Canadian defined benefit pension plans and levels fair value measurements | ' | ' | ' | ||
Total financial assets measured at fair value | 0 | [2] | 0 | [2] | ' |
Defined Benefit Pension Plans [Member] | International Equity Securities [Member] | ' | ' | ' | ||
Major asset classes for the U.S. and Canadian defined benefit pension plans and levels fair value measurements | ' | ' | ' | ||
Total financial assets measured at fair value | 84.7 | [3] | 85 | [3] | ' |
Defined Benefit Pension Plans [Member] | International Equity Securities [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ' | ' | ' | ||
Major asset classes for the U.S. and Canadian defined benefit pension plans and levels fair value measurements | ' | ' | ' | ||
Total financial assets measured at fair value | 72.3 | [3] | 72.1 | [3] | ' |
Defined Benefit Pension Plans [Member] | International Equity Securities [Member] | Significant Observable Inputs (Level 2) [Member] | ' | ' | ' | ||
Major asset classes for the U.S. and Canadian defined benefit pension plans and levels fair value measurements | ' | ' | ' | ||
Total financial assets measured at fair value | 12.4 | [3] | 12.9 | [3] | ' |
Defined Benefit Pension Plans [Member] | International Equity Securities [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' | ' | ||
Major asset classes for the U.S. and Canadian defined benefit pension plans and levels fair value measurements | ' | ' | ' | ||
Total financial assets measured at fair value | 0 | [3] | 0 | [3] | ' |
Defined Benefit Pension Plans [Member] | Bonds [Member] | ' | ' | ' | ||
Major asset classes for the U.S. and Canadian defined benefit pension plans and levels fair value measurements | ' | ' | ' | ||
Total financial assets measured at fair value | 148.2 | [4] | 147.7 | [4] | ' |
Defined Benefit Pension Plans [Member] | Bonds [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ' | ' | ' | ||
Major asset classes for the U.S. and Canadian defined benefit pension plans and levels fair value measurements | ' | ' | ' | ||
Total financial assets measured at fair value | 148.2 | [4] | 147.7 | [4] | ' |
Defined Benefit Pension Plans [Member] | Bonds [Member] | Significant Observable Inputs (Level 2) [Member] | ' | ' | ' | ||
Major asset classes for the U.S. and Canadian defined benefit pension plans and levels fair value measurements | ' | ' | ' | ||
Total financial assets measured at fair value | 0 | [4] | 0 | [4] | ' |
Defined Benefit Pension Plans [Member] | Bonds [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' | ' | ||
Major asset classes for the U.S. and Canadian defined benefit pension plans and levels fair value measurements | ' | ' | ' | ||
Total financial assets measured at fair value | 0 | [4] | 0 | [4] | ' |
Defined Benefit Pension Plans [Member] | Fixed income [Member] | ' | ' | ' | ||
Major asset classes for the U.S. and Canadian defined benefit pension plans and levels fair value measurements | ' | ' | ' | ||
Total financial assets measured at fair value | 44.8 | [5] | 44.6 | [5] | ' |
Defined Benefit Pension Plans [Member] | Fixed income [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ' | ' | ' | ||
Major asset classes for the U.S. and Canadian defined benefit pension plans and levels fair value measurements | ' | ' | ' | ||
Total financial assets measured at fair value | 44.8 | [5] | 44.6 | [5] | ' |
Defined Benefit Pension Plans [Member] | Fixed income [Member] | Significant Observable Inputs (Level 2) [Member] | ' | ' | ' | ||
Major asset classes for the U.S. and Canadian defined benefit pension plans and levels fair value measurements | ' | ' | ' | ||
Total financial assets measured at fair value | 0 | [5] | 0 | [5] | ' |
Defined Benefit Pension Plans [Member] | Fixed income [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' | ' | ||
Major asset classes for the U.S. and Canadian defined benefit pension plans and levels fair value measurements | ' | ' | ' | ||
Total financial assets measured at fair value | 0 | [5] | 0 | [5] | ' |
Defined Benefit Pension Plans [Member] | Private equity fund [Member] | ' | ' | ' | ||
Major asset classes for the U.S. and Canadian defined benefit pension plans and levels fair value measurements | ' | ' | ' | ||
Total financial assets measured at fair value | 15 | [6] | 15 | [6] | ' |
Defined Benefit Pension Plans [Member] | Private equity fund [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ' | ' | ' | ||
Major asset classes for the U.S. and Canadian defined benefit pension plans and levels fair value measurements | ' | ' | ' | ||
Total financial assets measured at fair value | 0 | [6] | 0 | [6] | ' |
Defined Benefit Pension Plans [Member] | Private equity fund [Member] | Significant Observable Inputs (Level 2) [Member] | ' | ' | ' | ||
Major asset classes for the U.S. and Canadian defined benefit pension plans and levels fair value measurements | ' | ' | ' | ||
Total financial assets measured at fair value | 0 | [6] | 0 | [6] | ' |
Defined Benefit Pension Plans [Member] | Private equity fund [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' | ' | ||
Major asset classes for the U.S. and Canadian defined benefit pension plans and levels fair value measurements | ' | ' | ' | ||
Total financial assets measured at fair value | $15 | [6] | $15 | [6] | ' |
[1] | This category includes money market holdings with maturities of three months or less and are classified as Level 1. Based on the short-term nature of these assets, carrying value approximates fair value. | ||||
[2] | This category is invested primarily in a diversified portfolio of common stocks and index funds that invest in U.S. stocks with market capitalization ranges similar to those found in the various Russell Indexes and are traded on active exchanges. The Level 1 assets are valued using quoted market prices for identical securities in active markets. The Level 2 assets are funds that consist of equity securities traded on active exchanges. | ||||
[3] | This category is invested primarily in common stocks and other equity securities traded on active exchanges whose issuers are located outside the U.S. The fund invests primarily in developed countries, but may also invest in emerging markets. The Level 1 assets are valued using quoted market prices for identical securities in active markets. The Level 2 assets are funds that consist of equity securities traded on active exchanges. | ||||
[4] | This category is comprised of bond funds which seek to duplicate the return characteristics of high-quality corporate bonds with a duration range of 10 to 13 years. The Level 1 assets are valued using quoted market prices for identical securities in active markets. | ||||
[5] | This category is comprised of fixed-income funds that invest primarily in government-related bonds of non-U.S. issuers and include investments in the Canadian market as well as emerging markets. The Level 1 assets are valued using quoted market prices for identical securities in active markets. | ||||
[6] | This category is comprised of one fund that consists primarily of limited partnership interests in corporate finance and venture capital funds. The private equity fund cannot be redeemed and return of principal is based on the liquidation of the underlying assets. The private equity fund is classified as a Level 3 asset and is valued based on the fund's net asset value ("NAV"). NAV is calculated based on the estimated fair value of the underlying investment funds within the portfolio and is corroborated by our review. |
Recovered_Sheet1
Pensions and Other Postretirement Benefits (Details 8) (Significant Unobservable Inputs (Level 3) [Member], USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Apr. 30, 2013 | Apr. 30, 2014 |
Changes in plan assets: | ' | ' |
Fair value of plan assets at beginning of year | $38.60 | $15 |
Purchases and sales - net | -21.7 | ' |
Actual return on plan assets sold during the period | 0.5 | ' |
Actual return on plan assets still held at reporting date | -2.4 | ' |
Fair value of plan assets at end of year | 15 | 15 |
Hedge Funds [Member] | ' | ' |
Changes in plan assets: | ' | ' |
Fair value of plan assets at beginning of year | 22.3 | ' |
Purchases and sales - net | -22.8 | ' |
Actual return on plan assets sold during the period | 0.5 | ' |
Actual return on plan assets still held at reporting date | 0 | ' |
Fair value of plan assets at end of year | 0 | ' |
Private Equity Fund [Member] | ' | ' |
Changes in plan assets: | ' | ' |
Fair value of plan assets at beginning of year | 16.3 | ' |
Purchases and sales - net | 1.1 | ' |
Actual return on plan assets sold during the period | 0 | ' |
Actual return on plan assets still held at reporting date | -2.4 | ' |
Fair value of plan assets at end of year | $15 | ' |
Recovered_Sheet2
Pensions and Other Postretirement Benefits (Details Textual) (USD $) | 12 Months Ended | |
In Millions, except Share data, unless otherwise specified | Apr. 30, 2014 | Apr. 30, 2013 |
Pensions and Other Postretirement Benefits (Additional Textual) [Abstract] | ' | ' |
Reduction in positions due to restructuring | 850 | ' |
Eligibility condition for covered employees to avail the benefits of unfunded, defined postretirement plans that provide health care and life insurance benefits | 'when they reach age 55 and have attained 10 years of credited service | ' |
Expected amount to be recognized during 2015 of amortization of net actuarial losses in net periodic benefit cost | $10 | ' |
Expected amount to be recognized during 2015 in prior service cost as net periodic benefit cost | 0.2 | ' |
Money market holdings maturity period | 'Three months or less | ' |
Corporate bonds range | '10 to 13 years | ' |
Company's common shares included in equity securities | 317,552 | ' |
Market value of company's common shares included in equity securities | 30.7 | ' |
Dividends paid on company's common shares included in equity securities | 0.7 | ' |
Expected benefit payments for the defined benefit pension and other postretirement in 2015 | 44.9 | ' |
Expected benefit payments for the defined benefit pension and other postretirement in 2016 | 36.7 | ' |
Expected benefit payments for the defined benefit pension and other postretirement in 2017 | 37.3 | ' |
Expected benefit payments for the defined benefit pension and other postretirement in 2018 | 41.9 | ' |
Expected benefit payments for the defined benefit pension and other postretirement in 2019 | 38.4 | ' |
Expected benefit payments for the defined benefit pension and other postretirement in 2020 through 2024 | 216.1 | ' |
Annual change in the assumed health care cost | 'One-percentage point | ' |
Equity Securities [Member] | ' | ' |
Schedule of defined benefit plans disclosures (Textual) [Abstract] | ' | ' |
Approximate percentage of assets to be invested in company's current investment policy | 47.00% | ' |
Fixed - Income Securities [Member] | ' | ' |
Schedule of defined benefit plans disclosures (Textual) [Abstract] | ' | ' |
Approximate percentage of assets to be invested in company's current investment policy | 47.00% | ' |
Cash and Other Investments [Member] | ' | ' |
Schedule of defined benefit plans disclosures (Textual) [Abstract] | ' | ' |
Approximate percentage of assets to be invested in company's current investment policy | 6.00% | ' |
Defined Benefit Pension Plans [Member] | ' | ' |
Schedule of defined benefit plans disclosures (Textual) [Abstract] | ' | ' |
Expected amount to be contributed by the Company to the defined benefit pension plans in 2015 | $4.50 | ' |
Defined benefit plan, actual rate of return on plan assets | 6.90% | 12.60% |
U. S. Other Postretirement Benefit Plans [Member] | ' | ' |
Schedule of defined benefit plans disclosures (Textual) [Abstract] | ' | ' |
Assumed health care trend rate for next fiscal year | 7.00% | ' |
U. S. Other Postretirement Benefit Plans [Member] | U.S. plans in 2019 [Member] | ' | ' |
Schedule of defined benefit plans disclosures (Textual) [Abstract] | ' | ' |
Assumed health care trend rate for partcipants under age 65 | 5.00% | ' |
Canadian Other Postretirement Benefit Plans [Member] | ' | ' |
Schedule of defined benefit plans disclosures (Textual) [Abstract] | ' | ' |
Assumed health care trend rate for next fiscal year | 5.50% | ' |
Canadian Other Postretirement Benefit Plans [Member] | Canadian plans in 2017 [Member] | ' | ' |
Schedule of defined benefit plans disclosures (Textual) [Abstract] | ' | ' |
Assumed health care trend rate for partcipants under age 65 | 4.50% | ' |
ShareBased_Payments_Details
Share-Based Payments (Details) (USD $) | 12 Months Ended | ||
Apr. 30, 2014 | Apr. 30, 2013 | Apr. 30, 2012 | |
Performance Units [Member] | ' | ' | ' |
Summary of the Company's Restricted shares Deferred stock units and performance units | ' | ' | ' |
Beginning Balance, Restricted Shares and Deferred Stock Units and Performance Units | 106,666 | ' | ' |
Beginning Balance, Weighted Average Conversion Date Fair Value, in USD per share | $100.54 | ' | ' |
Granted Restricted Shares and Deferred Stock Units and Performance Units | 101,020 | 106,666 | 99,455 |
Converted Restricted Shares and Deferred Stock Units and Performance Units | -106,666 | ' | ' |
Vested Restricted Shares and Deferred Stock Units and Performance Units | 0 | ' | ' |
Forfeited Restricted Shares and Deferred Stock Units and Performance Units | 0 | ' | ' |
Granted Weighted Average Conversion Date Fair Value, in USD per share | $104.91 | $100.54 | $76.37 |
Converted Weighted Average Conversion Date Fair Value, in USD per share | $100.54 | ' | ' |
Vested Weighted Average Conversion Date Fair Value, in USD per share | $0 | ' | ' |
Forfeited Weighted Average Conversion Date Fair Value, in USD per Share | $0 | ' | ' |
Ending Balance, Restricted Shares and Deferred Stock Units and Performance Units | 101,020 | 106,666 | ' |
Ending Balance, Weighted Average Conversion Date Fair Value, in USD per share | $104.91 | $100.54 | ' |
Restricted Shares and Deferred Stock Units [Member] | ' | ' | ' |
Summary of the Company's Restricted shares Deferred stock units and performance units | ' | ' | ' |
Beginning Balance, Restricted Shares and Deferred Stock Units and Performance Units | 985,214 | ' | ' |
Beginning Balance, Weighted Average Grant Date Fair Value, in USD per share | $59.64 | ' | ' |
Granted Restricted Shares and Deferred Stock Units and Performance Units | 167,134 | 109,770 | 152,180 |
Converted Restricted Shares and Deferred Stock Units and Performance Units | 106,666 | ' | ' |
Vested Restricted Shares and Deferred Stock Units and Performance Units | -402,081 | ' | ' |
Forfeited Restricted Shares and Deferred Stock Units and Performance Units | -17,745 | ' | ' |
Granted Weighted Average Grant Date Fair Value, in USD per share | $101.08 | $76.37 | $78.32 |
Converted Weighted Average Grant Date Fair Value, in USD per share | $100.54 | ' | ' |
Vested Weighted Average Grant Date Fair Value, in USD per share | $51.77 | ' | ' |
Forfeited Weighted Average Grant Date Fair Value, in USD per share | $74.86 | ' | ' |
Ending Balance, Restricted Shares and Deferred Stock Units and Performance Units | 839,188 | 985,214 | ' |
Ending Balance, Weighted Average Grant Date Fair Value, in USD per share | $76.54 | $59.64 | ' |
ShareBased_Payments_Details_1
Share-Based Payments (Details 1) (USD $) | 12 Months Ended | ||
Apr. 30, 2014 | Apr. 30, 2013 | Apr. 30, 2012 | |
Performance Units [Member] | ' | ' | ' |
Weighted-average grant date fair values of the equity awards | ' | ' | ' |
Granted Restricted Shares and Deferred Stock Units and Performance Units | 101,020 | 106,666 | 99,455 |
Granted Weighted Average Conversion Date Fair Value, in USD per share | $104.91 | $100.54 | $76.37 |
Restricted Shares And Deferred Stock Units [Member] | ' | ' | ' |
Weighted-average grant date fair values of the equity awards | ' | ' | ' |
Granted Restricted Shares and Deferred Stock Units and Performance Units | 167,134 | 109,770 | 152,180 |
Granted Weighted Average Grant Date Fair Value, in USD per share | $101.08 | $76.37 | $78.32 |
ShareBased_Payments_Details_Te
Share-Based Payments (Details Textual) (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Apr. 30, 2014 | Apr. 30, 2013 | Apr. 30, 2012 |
Share-Based Payments (Textual) [Abstract] | ' | ' | ' |
Shares available for future issuance | 6,896,730 | ' | ' |
Aggregate intrinsic value of outstanding and exercisable stock options | $1.80 | ' | ' |
Intrinsic value of options exercised | 0.8 | 3.4 | 2.6 |
Restricted stock, vesting period (in Years) | '4 years | ' | ' |
Fair value of equity awards other than stock options vesting | $20.80 | $11.80 | $22.70 |
Outstanding and exercisable options | 33,667 | ' | ' |
Remaining contractual term for stock options outstanding and exercisable | 'Less than one year | ' | ' |
Debt_and_Financing_Arrangement2
Debt and Financing Arrangements (Details) (USD $) | Apr. 30, 2014 | Apr. 30, 2013 |
In Millions, unless otherwise specified | ||
Debt and Financing Arrangements [Abstract] | ' | ' |
Total long-term debt | $1,979.80 | $2,017.80 |
Current portion of long-term debt | 100 | 50 |
Total long-term debt, less current portion | 1,879.80 | 1,967.80 |
4.78% Senior Notes due June 1, 2014 [Member] | ' | ' |
Long-term debt | ' | ' |
Company issued Senior Notes | 100 | 100 |
Percentage on Notes | 4.78% | ' |
6.12% Senior Notes due November 1, 2015 [Member] | ' | ' |
Long-term debt | ' | ' |
Company issued Senior Notes | 24 | 24 |
Percentage on Notes | 6.12% | ' |
6.63% Senior Notes due November 1, 2018 [Member] | ' | ' |
Long-term debt | ' | ' |
Company issued Senior Notes | 392 | 395 |
Percentage on Notes | 6.63% | ' |
3.50% Notes due October 15, 2021 [Member] | ' | ' |
Long-term debt | ' | ' |
Notes Payable, Noncurrent | 763.8 | 748.8 |
Percentage on Notes | 3.50% | ' |
5.55% Senior Notes due April 1, 2022 [Member] | ' | ' |
Long-term debt | ' | ' |
Company issued Senior Notes | 300 | 350 |
Percentage on Notes | 5.55% | ' |
4.50% Senior Notes due June 1, 2025 [Member] | ' | ' |
Long-term debt | ' | ' |
Company issued Senior Notes | $400 | $400 |
Percentage on Notes | 4.50% | ' |
Debt_and_Financing_Arrangement3
Debt and Financing Arrangements (Details Textual) (USD $) | 12 Months Ended | |||
Apr. 30, 2014 | Apr. 30, 2013 | Apr. 30, 2012 | Jun. 20, 2014 | |
Bank | ||||
Debt and Financing Arrangements (Textual) [Abstract] | ' | ' | ' | ' |
Repayment of long-term debt | $50,000,000 | $50,000,000 | $0 | ' |
Debt and Financing Arrangements (Additional Textual) [Abstract] | ' | ' | ' | ' |
Number of banks | 11 | ' | ' | ' |
Revolving credit facility maximum borrowing capacity | 1,500,000,000 | 1,000,000,000 | ' | ' |
Percentage of the principal amount thereof which company can prepay | 100.00% | ' | ' | ' |
Interest paid | 83,300,000 | 97,700,000 | 86,600,000 | ' |
Outstanding standby letters of credit | 5,700,000 | ' | ' | ' |
Revolving credit facility, expiration date | 6-Sep-18 | ' | ' | ' |
Revolving credit facility weighted-average interest rate | 1.22% | ' | ' | 1.05% |
Revolving credit facility | 248,400,000 | 0 | ' | 490,000,000 |
Interest rate contract [Member] | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' |
Gain recognized on derivative instrument | 14,900,000 | ' | ' | ' |
2015 [Member] | ' | ' | ' | ' |
Debt and Financing Arrangements (Textual) [Abstract] | ' | ' | ' | ' |
Scheduled long-term debt payments | 100,000,000 | ' | ' | ' |
2016 [Member] | ' | ' | ' | ' |
Debt and Financing Arrangements (Textual) [Abstract] | ' | ' | ' | ' |
Scheduled long-term debt payments | 99,000,000 | ' | ' | ' |
2017 [Member] | ' | ' | ' | ' |
Debt and Financing Arrangements (Textual) [Abstract] | ' | ' | ' | ' |
Scheduled long-term debt payments | 37,500,000 | ' | ' | ' |
2018 [Member] | ' | ' | ' | ' |
Debt and Financing Arrangements (Textual) [Abstract] | ' | ' | ' | ' |
Scheduled long-term debt payments | 37,500,000 | ' | ' | ' |
2019 [Member] | ' | ' | ' | ' |
Debt and Financing Arrangements (Textual) [Abstract] | ' | ' | ' | ' |
Scheduled long-term debt payments | 413,500,000 | ' | ' | ' |
5.55% Senior Notes due April 1, 2022 [Member] | ' | ' | ' | ' |
Debt and Financing Arrangements (Textual) [Abstract] | ' | ' | ' | ' |
Repayment of long-term debt | 50,000,000 | ' | ' | ' |
Scheduled long-term debt payments | 75,000,000 | ' | ' | ' |
4.50% Senior Notes due June 1, 2025 [Member] | ' | ' | ' | ' |
Debt and Financing Arrangements (Textual) [Abstract] | ' | ' | ' | ' |
First period payment on Senior Notes due in fiscal 2021 | 100,000,000 | ' | ' | ' |
Interest rate contract [Member] | ' | ' | ' | ' |
Outstanding derivative contracts | ' | ' | ' | ' |
Gross contract notional amount | $750,000,000 | $0 | ' | ' |
Derivative_Financial_Instrumen2
Derivative Financial Instruments (Details) (USD $) | Apr. 30, 2014 | Apr. 30, 2013 |
In Millions, unless otherwise specified | ||
Other Current Assets [Member] | ' | ' |
Fair value of derivative instruments [Line Items] | ' | ' |
Derivatives Instruments, Assets | $54.40 | $6.40 |
Other Current Assets [Member] | Designated as hedging instruments [Member] | ' | ' |
Fair value of derivative instruments [Line Items] | ' | ' |
Derivatives Instruments, Assets | 41.4 | 2.1 |
Other Current Assets [Member] | Not designated as hedging instruments [Member] | ' | ' |
Fair value of derivative instruments [Line Items] | ' | ' |
Derivatives Instruments, Assets | 13 | 4.3 |
Other Current Assets [Member] | Commodity contracts [Member] | Designated as hedging instruments [Member] | ' | ' |
Fair value of derivative instruments [Line Items] | ' | ' |
Derivatives Instruments, Assets | 23.4 | 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 | 11.6 | 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 | 1.4 | 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 | 18 | 0 |
Other Current Liabilities [Member] | ' | ' |
Fair value of derivative instruments [Line Items] | ' | ' |
Derivatives Instruments, Liabilities | 17.4 | 4.5 |
Other Current Liabilities [Member] | Designated as hedging instruments [Member] | ' | ' |
Fair value of derivative instruments [Line Items] | ' | ' |
Derivatives Instruments, Liabilities | 10.9 | 2 |
Other Current Liabilities [Member] | Not designated as hedging instruments [Member] | ' | ' |
Fair value of derivative instruments [Line Items] | ' | ' |
Derivatives Instruments, Liabilities | 6.5 | 2.5 |
Other Current Liabilities [Member] | Commodity contracts [Member] | Designated as hedging instruments [Member] | ' | ' |
Fair value of derivative instruments [Line Items] | ' | ' |
Derivatives Instruments, Liabilities | 10.9 | 2 |
Other Current Liabilities [Member] | Commodity contracts [Member] | Not designated as hedging instruments [Member] | ' | ' |
Fair value of derivative instruments [Line Items] | ' | ' |
Derivatives Instruments, Liabilities | 5.8 | 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 | 0.7 | 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 |
Other Noncurrent Liabilities [Member] | ' | ' |
Fair value of derivative instruments [Line Items] | ' | ' |
Derivatives Instruments, Liabilities | 3.1 | ' |
Other Noncurrent Liabilities [Member] | Designated as hedging instruments [Member] | ' | ' |
Fair value of derivative instruments [Line Items] | ' | ' |
Derivatives Instruments, Liabilities | 3.1 | ' |
Other Noncurrent Liabilities [Member] | Not designated as hedging instruments [Member] | ' | ' |
Fair value of derivative instruments [Line Items] | ' | ' |
Derivatives Instruments, Liabilities | 0 | ' |
Other Noncurrent Liabilities [Member] | Commodity contracts [Member] | Designated as hedging instruments [Member] | ' | ' |
Fair value of derivative instruments [Line Items] | ' | ' |
Derivatives Instruments, Liabilities | 0 | ' |
Other Noncurrent Liabilities [Member] | Commodity contracts [Member] | Not designated as hedging instruments [Member] | ' | ' |
Fair value of derivative instruments [Line Items] | ' | ' |
Derivatives Instruments, Liabilities | 0 | ' |
Other Noncurrent Liabilities [Member] | Foreign currency exchange contracts [Member] | Not designated as hedging instruments [Member] | ' | ' |
Fair value of derivative instruments [Line Items] | ' | ' |
Derivatives Instruments, Liabilities | 0 | ' |
Other Noncurrent Liabilities [Member] | Interest rate contract [Member] | Designated as hedging instruments [Member] | ' | ' |
Fair value of derivative instruments [Line Items] | ' | ' |
Derivatives Instruments, Liabilities | $3.10 | ' |
Derivative_Financial_Instrumen3
Derivative Financial Instruments (Details 1) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Apr. 30, 2014 | Apr. 30, 2013 | Apr. 30, 2012 |
Cash flow hedging derivative instruments gain (loss) | ' | ' | ' |
Change in accumulated other comprehensive loss | $41.30 | $12.10 | ' |
Cash Flow Hedging [Member] | Commodity Contracts [Member] | ' | ' | ' |
Cash flow hedging derivative instruments gain (loss) | ' | ' | ' |
Gains (losses) recognized in other comprehensive income (loss) (effective portion) | 21 | -27.5 | ' |
Losses reclassified from accumulated other comprehensive loss to earnings (effective portion) | -20.3 | -39.6 | -1.9 |
Gains (losses) recognized in earnings (ineffective portion) | $1.40 | ($0.90) | ' |
Derivative_Financial_Instrumen4
Derivative Financial Instruments (Details 2) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Apr. 30, 2014 | Apr. 30, 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 | $5.30 | $6.60 |
Realized (losses) gains recognized in cost of products sold | 3.2 | -0.7 |
Total gains recognized in cost of products sold | 8.5 | 5.9 |
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 | 6.2 | 6.1 |
Realized (losses) gains recognized in cost of products sold | -1 | -1.5 |
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 | -0.9 | 0.5 |
Realized (losses) gains recognized in cost of products sold | $4.20 | $0.80 |
Derivative_Financial_Instrumen5
Derivative Financial Instruments (Details 3) (USD $) | Apr. 30, 2014 | Apr. 30, 2013 |
In Millions, unless otherwise specified | ||
Commodity contracts [Member] | ' | ' |
Outstanding derivative contracts | ' | ' |
Gross contract notional amount | $790.30 | $347.60 |
Foreign currency exchange contracts [Member] | ' | ' |
Outstanding derivative contracts | ' | ' |
Gross contract notional amount | 158.1 | 56.8 |
Interest rate contract [Member] | ' | ' |
Outstanding derivative contracts | ' | ' |
Gross contract notional amount | $750 | $0 |
Derivative_Financial_Instrumen6
Derivative Financial Instruments (Details Textual) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Apr. 30, 2014 | Apr. 30, 2013 | Apr. 30, 2012 |
Derivative Financial Instruments (Additional Textual) [Abstract] | ' | ' | ' |
Cash margin accounts related to derivative instruments recognized | $8.10 | $5.50 | ' |
3.50% Notes due October 15, 2021 [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Percentage on Notes | 3.50% | ' | ' |
Interest rate contract [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Gain recognized on derivative instrument | 14.9 | ' | ' |
Commodity contracts [Member] | ' | ' | ' |
Derivative Financial Instruments (Textual) [Abstract] | ' | ' | ' |
Derivative instrument maturity | '1 year | ' | ' |
Expected period for recognition of deferred tax losses in earnings | '1 year | ' | ' |
Commodity contracts [Member] | Cash Flow Hedging [Member] | ' | ' | ' |
Derivative Financial Instruments (Textual) [Abstract] | ' | ' | ' |
Deferred pre-tax net gain (loss) included in accumulated other comprehensive loss | 29.1 | -12.2 | ' |
Tax impact related to deferred losses and gains on cash flow hedges included in accumulated other comprehensive loss | -10.8 | 4.4 | ' |
Losses reclassified from accumulated other comprehensive loss to earnings (effective portion) | -20.3 | -39.6 | -1.9 |
Interest rate contract [Member] | Cash Flow Hedging [Member] | ' | ' | ' |
Derivative Financial Instruments (Textual) [Abstract] | ' | ' | ' |
Deferred pre-tax net gain (loss) included in accumulated other comprehensive loss | -4.8 | -5.4 | ' |
Tax impact related to deferred losses and gains on cash flow hedges included in accumulated other comprehensive loss | 1.7 | 1.9 | ' |
Effective portion of the hedge loss reclassified to interest expense over the next twelve months | -0.6 | ' | ' |
Expected period for recognition of the hedge gain (loss) reclassified to interest expense | '12 months | ' | ' |
Losses reclassified from accumulated other comprehensive loss to earnings (effective portion) | ($0.60) | ($0.50) | ($0.30) |
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 $) | Apr. 30, 2014 | Apr. 30, 2013 |
In Millions, unless otherwise specified | ||
Carrying amount and fair value of financial instruments | ' | ' |
Other investments | $55.40 | $48.80 |
Long-term debt | -1,979.80 | -2,017.80 |
Long-term debt | -2,239.10 | -2,388.10 |
Carrying Amount [Member] | ' | ' |
Carrying amount and fair value of financial instruments | ' | ' |
Other investments | 55.4 | 48.8 |
Derivatives financial instruments - net | 33.9 | 1.9 |
Long-term debt | -1,979.80 | -2,017.80 |
Fair Value [Member] | ' | ' |
Carrying amount and fair value of financial instruments | ' | ' |
Other investments | 55.4 | 48.8 |
Derivatives financial instruments - net | $33.90 | $1.90 |
Other_Financial_Instruments_an3
Other Financial Instruments and Fair Value Measurements (Details 1) (USD $) | Apr. 30, 2014 | Apr. 30, 2013 | ||
In Millions, unless otherwise specified | ||||
Financial assets (liabilities) measured at fair value on a recurring basis | ' | ' | ||
Long-term debt | ($2,239.10) | ($2,388.10) | ||
Interest rate contract - net [Member] | ' | ' | ||
Financial assets (liabilities) measured at fair value on a recurring basis | ' | ' | ||
Derivatives | 14.9 | ' | ||
Fair value measurements recurring [Member] | ' | ' | ||
Financial assets (liabilities) measured at fair value on a recurring basis | ' | ' | ||
Long-term debt | -2,239.10 | [1] | -2,388.10 | [1] |
Total financial instruments measured at fair value | -2,149.80 | -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 | 12 | [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 | 34.4 | [2] | 26.6 | [2] |
Fair value measurements recurring [Member] | Money market funds [Member] | ' | ' | ||
Financial assets (liabilities) measured at fair value on a recurring basis | ' | ' | ||
Other investments | 9 | [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 | 18.3 | [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 | 0.7 | [3] | 0.5 | [3] |
Fair value measurements recurring [Member] | Interest rate contract - net [Member] | ' | ' | ||
Financial assets (liabilities) measured at fair value on a recurring basis | ' | ' | ||
Derivatives | 14.9 | [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 | -772 | [1] | -803.6 | [1] |
Total financial instruments measured at fair value | -737.5 | -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 | 12 | [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] | Money market funds [Member] | ' | ' | ||
Financial assets (liabilities) measured at fair value on a recurring basis | ' | ' | ||
Other investments | 9 | [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 | 13.5 | [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 contract - 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 | -1,467.10 | [1] | -1,584.50 | [1] |
Total financial instruments measured at fair value | -1,412.30 | -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 | 34.4 | [2] | 26.6 | [2] |
Significant Observable Inputs (Level 2) [Member] | Fair value measurements recurring [Member] | Money market 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] | Commodity contracts - net [Member] | ' | ' | ||
Financial assets (liabilities) measured at fair value on a recurring basis | ' | ' | ||
Derivatives | 4.8 | [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 | 0.7 | [3] | 0.5 | [3] |
Significant Observable Inputs (Level 2) [Member] | Fair value measurements recurring [Member] | Interest rate contract - net [Member] | ' | ' | ||
Financial assets (liabilities) measured at fair value on a recurring basis | ' | ' | ||
Derivatives | 14.9 | [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] | Money market 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] | 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 contract - 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. For additional information, see Note 9: Debt and Financing Arrangements. | |||
[2] | Other investments consist of funds maintained for the payment of benefits associated with nonqualified retirement plans. The funds include equity securities listed in active markets, municipal obligations valued by a third party using valuation techniques that utilize inputs which are derived principally from or corroborated by observable market data, and money market funds with maturities of three months or less. Based on the short-term nature of these money market funds, carrying value approximates fair value. As of April 30, 2014, our municipal obligations are scheduled to mature as follows: $3.3 in 2015, $0.5 in 2016, $1.7 in 2017, $1.1 in 2018, and the remaining $27.8 in 2019 and beyond. For additional information, see Marketable Securities and Other Investments in Note 1: Accounting Policies. | |||
[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 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 $) | 12 Months Ended |
In Millions, unless otherwise specified | Apr. 30, 2014 |
Other Financial Instruments and Fair Value Measurements (Textual) [Abstract] | ' |
Company's Municipal bond mature in 2015 | $3.30 |
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 | 1.1 |
Company's Municipal bond mature in 2019 and beyond | $27.80 |
Money market funds maturity period | 'Three months of less |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Apr. 30, 2014 | Apr. 30, 2013 | Apr. 30, 2012 |
Income (loss) before income taxes | ' | ' | ' |
Domestic | $827.40 | $791.90 | $706.40 |
Foreign | 22.3 | 25.4 | -5.2 |
Income Before Income Taxes | $849.70 | $817.30 | $701.20 |
Income_Taxes_Details_1
Income Taxes (Details 1) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Apr. 30, 2014 | Apr. 30, 2013 | Apr. 30, 2012 |
Current: | ' | ' | ' |
Federal | $265.40 | $262.10 | $228.20 |
Foreign | 4.2 | 6.1 | 6.8 |
State and local | 22.9 | 20.5 | 23.7 |
Deferred: | ' | ' | ' |
Federal | -13.9 | -15.6 | -10.2 |
Foreign | 2.4 | 0.9 | -6.9 |
State and local | 3.5 | -0.9 | -0.1 |
Total income tax expense | $284.50 | $273.10 | $241.50 |
Income_Taxes_Details_2
Income Taxes (Details 2) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Apr. 30, 2014 | Apr. 30, 2013 | Apr. 30, 2012 |
Percent of Pretax Income | ' | ' | ' |
Statutory federal income tax rate | 35.00% | 35.00% | 35.00% |
State and local income taxes, net of federal income tax benefit | 1.90% | 1.80% | 2.30% |
Domestic manufacturing deduction | -3.00% | -3.10% | -3.10% |
Other items - net | -0.40% | -0.30% | 0.20% |
Effective income tax rate | 33.50% | 33.40% | 34.40% |
Income taxes paid | $294.40 | $279.20 | $257.80 |
Income_Taxes_Details_3
Income Taxes (Details 3) (USD $) | Apr. 30, 2014 | Apr. 30, 2013 |
In Millions, unless otherwise specified | ||
Deferred tax liabilities: | ' | ' |
Intangible assets | $1,028.70 | $1,019.60 |
Property, plant, and equipment | 94.5 | 94.4 |
Other | 19.4 | 9.4 |
Total deferred tax liabilities | 1,142.60 | 1,123.40 |
Deferred tax assets: | ' | ' |
Post-employment and other employee benefits | 103.3 | 116.3 |
Intangible assets | 7.6 | 5.4 |
Other | 29.8 | 39.2 |
Total deferred tax assets | 140.7 | 160.9 |
Net deferred tax liability | $1,001.90 | $962.50 |
Income_Taxes_Details_4
Income Taxes (Details 4) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Apr. 30, 2014 | Apr. 30, 2013 | Apr. 30, 2012 |
Reconciliation of unrecognized tax benefits | ' | ' | ' |
Balance at May 1, | $29.70 | $24 | $20.30 |
Increases: | ' | ' | ' |
Current year tax positions | 5.1 | 4.8 | 3.6 |
Prior year tax positions | 0.1 | 2.5 | 2.1 |
Foreign currency translation | 0 | 0 | 0.2 |
Decreases: | ' | ' | ' |
Prior year tax positions | 1.6 | 0.2 | 0 |
Settlement with tax authorities | 1.5 | 1 | 0.3 |
Expiration of statute of limitations periods | 2.7 | 0.4 | 1.9 |
Balance at April 30, | $29.10 | $29.70 | $24 |
Income_Taxes_Details_Textual
Income Taxes (Details Textual) (USD $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Apr. 30, 2014 | Apr. 30, 2013 | Apr. 30, 2012 | Apr. 30, 2011 |
Income Taxes (Additional Textual) [Abstract] | ' | ' | ' | ' |
Undistributed earnings of foreign subsidiaries on which deferred income taxes not provided | $244.80 | ' | ' | ' |
Time period over which it is reasonably possible that the Company could decrease its unrecognized tax benefits | '12 months | ' | ' | ' |
Amount unrecognized tax benefit could decrease in next 12 months | 0.5 | ' | ' | ' |
Company's unrecognized tax benefits | 29.1 | 29.7 | 24 | 20.3 |
Unrecognized tax benefits that would affect the effective tax rate | 19.5 | 20.6 | 16.4 | ' |
Tax-related net interest and penalties | 2 | 2 | 1.7 | ' |
Tax-related net interest and penalties credited to earnings | 0.1 | 0.3 | 0.1 | ' |
State tax credit carryforwards [Member] | ' | ' | ' | ' |
Operating Loss Carryforwards [Line Items] | ' | ' | ' | ' |
Deferred tax assets related to tax carryforwards | $0.70 | ' | ' | ' |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income (Loss) (Details) (USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Apr. 30, 2014 | Apr. 30, 2013 | Apr. 30, 2012 | |||
Accumulated Other Comprehensive (Loss) Income [Abstract] | ' | ' | ' | |||
Foreign Currency Translation Adjustment, Beginning Balance | $61.50 | $67 | $81.80 | |||
Reclassification adjustments, Foreign Currency Translation Adjustment | 0 | 0 | 0 | |||
Current period (charge) credit, Foreign Currency Translation Adjustment | -29.8 | -5.5 | -14.8 | |||
Income tax (expense) benefit, Foreign Currency Translation Adjustment | 0 | 0 | 0 | |||
Foreign Currency Translation Adjustment, Ending Balance | 31.7 | 61.5 | 67 | |||
Pension and Other Postretirement Liabilities, Beginning Balance | -131.4 | -134.3 | -86 | |||
Reclassification adjustments, Pension and Other Postretirement Liabilities | 13.3 | [1] | 20.4 | [1] | 11.2 | [1] |
Current period (charge) credit, Pension and Other Postretirement Liabilities | 31.4 | -16.5 | -84.3 | |||
Income tax expense, Pension and Other Postretirement Liabilities | -15.3 | -1 | 24.8 | |||
Pension and Other Postretirement Liabilities, Ending Balance | -102 | -131.4 | -134.3 | |||
Unrealized Gain (Loss) on Available-for-Sale Securities, Beginning Balance | 4.5 | 2.5 | 1.8 | |||
Reclassification adjustments, Unrealized Gain (Loss) on Available-for-Sale Securities | -3.7 | [2] | 0 | 0 | ||
Current period (charge) credit, Unrealized Gain (Loss) on Available-for-Sale Securities | 1.9 | 3.1 | 1.1 | |||
Income tax expense, Unrealized Gain (Loss) on Available-for-Sale Securities | 0.7 | -1.1 | -0.4 | |||
Unrealized Gain (Loss) on Available-for-Sale Securities, Ending Balance | 3.4 | 4.5 | 2.5 | |||
Unrealized (Loss) Gain on Cash Flow Hedging Derivatives, Beginning Balance | -11.2 | -19.2 | 6 | |||
Reclassification adjustments, Unrealized (Loss) Gain on Cash Flow Hedging Derivatives | 20.9 | [3] | 40.1 | [3] | -1.6 | [3] |
Current period (charge) credit, Unrealized (Loss) Gain on Cash Flow Hedging Derivatives | 21 | -27.5 | -38 | |||
Income tax expense, Unrealized (Loss) Gain on Cash Flow Hedging Derivatives | -15.4 | -4.6 | 14.4 | |||
Unrealized (Loss) Gain on Cash Flow Hedging Derivatives, Ending Balance | 15.3 | -11.2 | -19.2 | |||
Accumulated Other Comprehensive (Loss) Income, Beginning Balance | -76.6 | -84 | 3.6 | |||
Reclassification adjustments, Accumulated Other Comprehensive (Loss) Income | 30.5 | 60.5 | 9.6 | |||
Current period (charge) credit, Accumulated Other Comprehensive (Loss) Income | 24.5 | -46.4 | -136 | |||
Income tax benefit, Accumulated Other Comprehensive (Loss) Income | -30 | -6.7 | 38.8 | |||
Accumulated Other Comprehensive (Loss) Income, Ending Balance | -51.6 | -76.6 | -84 | |||
Commodity contracts [Member] | Cash Flow Hedging [Member] | ' | ' | ' | |||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | |||
Gains reclassified from accumulated other comprehensive (loss) income to cost of products sold (effective portion) | -20.3 | -39.6 | -1.9 | |||
Interest rate contract [Member] | Cash Flow Hedging [Member] | ' | ' | ' | |||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | |||
Gains reclassified from accumulated other comprehensive (loss) income to cost of products sold (effective portion) | ($0.60) | ($0.50) | ($0.30) | |||
[1] | Amortization of net losses was reclassified from accumulated other comprehensive loss to selling, distribution, and administrative expenses. | |||||
[2] | The gain on the sale of marketable securities was reclassified from accumulated other comprehensive loss to net other income at April 30, 2014. | |||||
[3] | Of the total reclassification adjustments from accumulated other comprehensive loss, $20.3 and $39.6 of expense and $1.9 of income was reclassified to cost of products sold related to commodity derivatives and $0.6, $0.5, and $0.3 was reclassified to interest expense related to the interest rate swap at April 30, 2014, 2013, and 2012, respectively. |
Guarantor_and_NonGuarantor_Fin2
Guarantor and Non-Guarantor Financial Information (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Apr. 30, 2014 | Apr. 30, 2013 | Apr. 30, 2012 |
Condensed Statements of Consolidated Income and Comprehensive Income | ' | ' | ' |
Net sales | $5,610.60 | $5,897.70 | $5,525.80 |
Cost of products sold | 3,579.60 | 3,870.10 | 3,680.60 |
Gross Profit | 2,031 | 2,027.60 | 1,845.20 |
Selling, distribution, and administrative expenses, restructuring, merger and integration, and other special project costs | 1,014.40 | 1,023.40 | 965.2 |
Amortization and impairment charges | 98.9 | 96.8 | 92.7 |
Other operating (income) expense - net | -1.3 | -3 | 9 |
Operating Income | 919 | 910.4 | 778.3 |
Interest (expense) income - net | -79.4 | -93.4 | -79.8 |
Other income (expense) - net | 10.1 | 0.3 | 2.7 |
Equity in net earnings of subsidiaries | 0 | 0 | 0 |
Income Before Income Taxes | 849.7 | 817.3 | 701.2 |
Income taxes | 284.5 | 273.1 | 241.5 |
Net Income | 565.2 | 544.2 | 459.7 |
Other comprehensive income, net of tax | 25 | 7.4 | -87.6 |
Comprehensive Income | 590.2 | 551.6 | 372.1 |
Eliminations [Member] | ' | ' | ' |
Condensed Statements of Consolidated Income and Comprehensive Income | ' | ' | ' |
Net sales | -5,432.30 | -5,276.60 | -4,147.10 |
Cost of products sold | -5,428.50 | -5,292.80 | -4,151.90 |
Gross Profit | -3.8 | 16.2 | 4.8 |
Selling, distribution, and administrative expenses, restructuring, merger and integration, and other special project costs | 0 | 0 | 0 |
Amortization and impairment charges | 0 | 0 | 0 |
Other operating (income) expense - net | 0 | 0 | 0 |
Operating Income | -3.8 | 16.2 | 4.8 |
Interest (expense) income - net | 1.7 | 0 | 0 |
Other income (expense) - net | -1.7 | 0 | -1,398.50 |
Equity in net earnings of subsidiaries | -550.9 | -631.7 | 831.6 |
Income Before Income Taxes | -554.7 | -615.5 | -562.1 |
Income taxes | 0 | 0 | 0 |
Net Income | -554.7 | -615.5 | -562.1 |
Other comprehensive income, net of tax | -33.4 | -13.1 | 73 |
Comprehensive Income | -588.1 | -628.6 | -489.1 |
The J.M. Smucker Company (Parent) [Member] | ' | ' | ' |
Condensed Statements of Consolidated Income and Comprehensive Income | ' | ' | ' |
Net sales | 3,162.80 | 4,447.60 | 4,302.70 |
Cost of products sold | 2,573.60 | 3,957.30 | 3,741 |
Gross Profit | 589.2 | 490.3 | 561.7 |
Selling, distribution, and administrative expenses, restructuring, merger and integration, and other special project costs | 197.1 | 199 | 243.4 |
Amortization and impairment charges | 4.2 | 4.8 | 11.2 |
Other operating (income) expense - net | -1.3 | -2.7 | -1.3 |
Operating Income | 389.2 | 289.2 | 308.4 |
Interest (expense) income - net | -80.8 | -94.4 | -80.7 |
Other income (expense) - net | 10.8 | 0.7 | 1,404.40 |
Equity in net earnings of subsidiaries | 345.1 | 408.6 | -1,095 |
Income Before Income Taxes | 664.3 | 604.1 | 537.1 |
Income taxes | 99.1 | 59.9 | 77.3 |
Net Income | 565.2 | 544.2 | 459.8 |
Other comprehensive income, net of tax | 25 | 7.4 | -87.7 |
Comprehensive Income | 590.2 | 551.6 | 372.1 |
Subsidiary Guarantors [Member] | ' | ' | ' |
Condensed Statements of Consolidated Income and Comprehensive Income | ' | ' | ' |
Net sales | 1,278.80 | 1,296.40 | 1,547.80 |
Cost of products sold | 1,166 | 1,190.60 | 1,408.80 |
Gross Profit | 112.8 | 105.8 | 139 |
Selling, distribution, and administrative expenses, restructuring, merger and integration, and other special project costs | 47.5 | 42.9 | 61.5 |
Amortization and impairment charges | 0 | 0 | 0 |
Other operating (income) expense - net | 0.9 | -2.2 | -1.3 |
Operating Income | 64.4 | 65.1 | 78.8 |
Interest (expense) income - net | 1.2 | 1.2 | 3 |
Other income (expense) - net | 0 | 1.1 | 0.4 |
Equity in net earnings of subsidiaries | 141.4 | 156.7 | 184.2 |
Income Before Income Taxes | 207 | 224.1 | 266.4 |
Income taxes | 0.4 | 0.4 | 1.2 |
Net Income | 206.6 | 223.7 | 265.2 |
Other comprehensive income, net of tax | 27.4 | 9 | -23.1 |
Comprehensive Income | 234 | 232.7 | 242.1 |
Non-Guarantor Subsidiaries [Member] | ' | ' | ' |
Condensed Statements of Consolidated Income and Comprehensive Income | ' | ' | ' |
Net sales | 6,601.30 | 5,430.30 | 3,822.40 |
Cost of products sold | 5,268.50 | 4,015 | 2,682.70 |
Gross Profit | 1,332.80 | 1,415.30 | 1,139.70 |
Selling, distribution, and administrative expenses, restructuring, merger and integration, and other special project costs | 769.8 | 781.5 | 660.3 |
Amortization and impairment charges | 94.7 | 92 | 81.5 |
Other operating (income) expense - net | -0.9 | 1.9 | 11.6 |
Operating Income | 469.2 | 539.9 | 386.3 |
Interest (expense) income - net | -1.5 | -0.2 | -2.1 |
Other income (expense) - net | 1 | -1.5 | -3.6 |
Equity in net earnings of subsidiaries | 64.4 | 66.4 | 79.2 |
Income Before Income Taxes | 533.1 | 604.6 | 459.8 |
Income taxes | 185 | 212.8 | 163 |
Net Income | 348.1 | 391.8 | 296.8 |
Other comprehensive income, net of tax | 6 | 4.1 | -49.8 |
Comprehensive Income | $354.10 | $395.90 | $247 |
Guarantor_and_NonGuarantor_Fin3
Guarantor and Non-Guarantor Financial Information (Details 1) (USD $) | Apr. 30, 2014 | Apr. 30, 2013 | Apr. 30, 2012 | Apr. 30, 2011 |
In Millions, unless otherwise specified | ||||
Current Assets | ' | ' | ' | ' |
Cash and cash equivalents | $153.50 | $256.40 | $229.70 | $319.80 |
Inventories | 931 | 945.5 | ' | ' |
Other current assets | 454.6 | 393.3 | ' | ' |
Total Current Assets | 1,539.10 | 1,595.20 | ' | ' |
Property, Plant, and Equipment - Net | 1,265.60 | 1,142.50 | ' | ' |
Investments in Subsidiaries | 0 | 0 | ' | ' |
Intercompany Receivable | 0 | 0 | ' | ' |
Other Noncurrent Assets | ' | ' | ' | ' |
Goodwill | 3,098.20 | 3,052.90 | 3,054.60 | ' |
Other intangible assets - net | 3,024.30 | 3,089.40 | ' | ' |
Other noncurrent assets | 144.9 | 151.8 | ' | ' |
Total Other Noncurrent Assets | 6,267.40 | 6,294.10 | ' | ' |
Total Assets | 9,072.10 | 9,031.80 | 9,115.20 | ' |
LIABILITIES AND SHAREHOLDERS' EQUITY | ' | ' | ' | ' |
Current Liabilities | 891 | 596.8 | ' | ' |
Noncurrent Liabilities | ' | ' | ' | ' |
Long-term debt | 1,879.80 | 1,967.80 | ' | ' |
Deferred income taxes | 1,020.70 | 987.2 | ' | ' |
Intercompany payable | 0 | 0 | ' | ' |
Other noncurrent liabilities | 251 | 331.2 | ' | ' |
Total Noncurrent Liabilities | 3,151.50 | 3,286.20 | ' | ' |
Total Liabilities | 4,042.50 | 3,883 | ' | ' |
Total Shareholders' Equity | 5,029.60 | 5,148.80 | 5,163.40 | 5,292.30 |
Total Liabilities and Shareholders' Equity | 9,072.10 | 9,031.80 | ' | ' |
Eliminations [Member] | ' | ' | ' | ' |
Current Assets | ' | ' | ' | ' |
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Inventories | -3.7 | -13.6 | ' | ' |
Other current assets | -10.1 | -14.7 | ' | ' |
Total Current Assets | -13.8 | -28.3 | ' | ' |
Property, Plant, and Equipment - Net | 0 | 0 | ' | ' |
Investments in Subsidiaries | -12,668.80 | -11,954.10 | ' | ' |
Intercompany Receivable | -1,447.70 | -1,280.80 | ' | ' |
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 | -14,130.30 | -13,263.20 | ' | ' |
LIABILITIES AND SHAREHOLDERS' EQUITY | ' | ' | ' | ' |
Current Liabilities | -10.1 | -14.7 | ' | ' |
Noncurrent Liabilities | ' | ' | ' | ' |
Long-term debt | 0 | 0 | ' | ' |
Deferred income taxes | 0 | 0 | ' | ' |
Intercompany payable | -2,792.90 | -2,519.20 | ' | ' |
Other noncurrent liabilities | 0 | 0 | ' | ' |
Total Noncurrent Liabilities | -2,792.90 | -2,519.20 | ' | ' |
Total Liabilities | -2,803 | -2,533.90 | ' | ' |
Total Shareholders' Equity | -11,327.30 | -10,729.30 | ' | ' |
Total Liabilities and Shareholders' Equity | -14,130.30 | -13,263.20 | ' | ' |
The J.M. Smucker Company (Parent) [Member] | ' | ' | ' | ' |
Current Assets | ' | ' | ' | ' |
Cash and cash equivalents | 6.8 | 108 | 108.3 | 206.8 |
Inventories | 0 | 0 | ' | ' |
Other current assets | 360.2 | 335.1 | ' | ' |
Total Current Assets | 367 | 443.1 | ' | ' |
Property, Plant, and Equipment - Net | 233.6 | 230.9 | ' | ' |
Investments in Subsidiaries | 8,367.60 | 7,950.90 | ' | ' |
Intercompany Receivable | 0 | 0 | ' | ' |
Other Noncurrent Assets | ' | ' | ' | ' |
Goodwill | 1,082 | 1,082 | ' | ' |
Other intangible assets - net | 505.5 | 509.8 | ' | ' |
Other noncurrent assets | 70.4 | 72 | ' | ' |
Total Other Noncurrent Assets | 1,657.90 | 1,663.80 | ' | ' |
Total Assets | 10,626.10 | 10,288.70 | ' | ' |
LIABILITIES AND SHAREHOLDERS' EQUITY | ' | ' | ' | ' |
Current Liabilities | 595.9 | 317.8 | ' | ' |
Noncurrent Liabilities | ' | ' | ' | ' |
Long-term debt | 1,879.80 | 1,967.80 | ' | ' |
Deferred income taxes | 107.6 | 97.5 | ' | ' |
Intercompany payable | 2,792.90 | 2,519.20 | ' | ' |
Other noncurrent liabilities | 220.3 | 237.6 | ' | ' |
Total Noncurrent Liabilities | 5,000.60 | 4,822.10 | ' | ' |
Total Liabilities | 5,596.50 | 5,139.90 | ' | ' |
Total Shareholders' Equity | 5,029.60 | 5,148.80 | ' | ' |
Total Liabilities and Shareholders' Equity | 10,626.10 | 10,288.70 | ' | ' |
Subsidiary Guarantors [Member] | ' | ' | ' | ' |
Current Assets | ' | ' | ' | ' |
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Inventories | 173.3 | 225.9 | ' | ' |
Other current assets | 9.9 | 3.3 | ' | ' |
Total Current Assets | 183.2 | 229.2 | ' | ' |
Property, Plant, and Equipment - Net | 551.1 | 445.1 | ' | ' |
Investments in Subsidiaries | 4,063.30 | 3,856.60 | ' | ' |
Intercompany Receivable | 315.5 | 324.8 | ' | ' |
Other Noncurrent Assets | ' | ' | ' | ' |
Goodwill | 0 | 0 | ' | ' |
Other intangible assets - net | 0 | 0 | ' | ' |
Other noncurrent assets | 11.1 | 13.7 | ' | ' |
Total Other Noncurrent Assets | 11.1 | 13.7 | ' | ' |
Total Assets | 5,124.20 | 4,869.40 | ' | ' |
LIABILITIES AND SHAREHOLDERS' EQUITY | ' | ' | ' | ' |
Current Liabilities | 103.8 | 104.9 | ' | ' |
Noncurrent Liabilities | ' | ' | ' | ' |
Long-term debt | 0 | 0 | ' | ' |
Deferred income taxes | 0 | 0 | ' | ' |
Intercompany payable | 0 | 0 | ' | ' |
Other noncurrent liabilities | 12.8 | 18.1 | ' | ' |
Total Noncurrent Liabilities | 12.8 | 18.1 | ' | ' |
Total Liabilities | 116.6 | 123 | ' | ' |
Total Shareholders' Equity | 5,007.60 | 4,746.40 | ' | ' |
Total Liabilities and Shareholders' Equity | 5,124.20 | 4,869.40 | ' | ' |
Non-Guarantor Subsidiaries [Member] | ' | ' | ' | ' |
Current Assets | ' | ' | ' | ' |
Cash and cash equivalents | 146.7 | 148.4 | 121.4 | 113 |
Inventories | 761.4 | 733.2 | ' | ' |
Other current assets | 94.6 | 69.6 | ' | ' |
Total Current Assets | 1,002.70 | 951.2 | ' | ' |
Property, Plant, and Equipment - Net | 480.9 | 466.5 | ' | ' |
Investments in Subsidiaries | 237.9 | 146.6 | ' | ' |
Intercompany Receivable | 1,132.20 | 956 | ' | ' |
Other Noncurrent Assets | ' | ' | ' | ' |
Goodwill | 2,016.20 | 1,970.90 | ' | ' |
Other intangible assets - net | 2,518.80 | 2,579.60 | ' | ' |
Other noncurrent assets | 63.4 | 66.1 | ' | ' |
Total Other Noncurrent Assets | 4,598.40 | 4,616.60 | ' | ' |
Total Assets | 7,452.10 | 7,136.90 | ' | ' |
LIABILITIES AND SHAREHOLDERS' EQUITY | ' | ' | ' | ' |
Current Liabilities | 201.4 | 188.8 | ' | ' |
Noncurrent Liabilities | ' | ' | ' | ' |
Long-term debt | 0 | 0 | ' | ' |
Deferred income taxes | 913.1 | 889.7 | ' | ' |
Intercompany payable | 0 | 0 | ' | ' |
Other noncurrent liabilities | 17.9 | 75.5 | ' | ' |
Total Noncurrent Liabilities | 931 | 965.2 | ' | ' |
Total Liabilities | 1,132.40 | 1,154 | ' | ' |
Total Shareholders' Equity | 6,319.70 | 5,982.90 | ' | ' |
Total Liabilities and Shareholders' Equity | $7,452.10 | $7,136.90 | ' | ' |
Guarantor_and_NonGuarantor_Fin4
Guarantor and Non-Guarantor Financial Information (Details 2) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Apr. 30, 2014 | Apr. 30, 2013 | Apr. 30, 2012 |
Condensed Statements of Consolidated Cash Flows | ' | ' | ' |
Net Cash Provided by (Used for) Operating Activities | $856 | $855.80 | $730.90 |
INVESTING ACTIVITIES | ' | ' | ' |
Businesses acquired, net of cash acquired | -101.8 | 0 | -737.3 |
Additions to property, plant, and equipment | -279.5 | -206.5 | -274.2 |
Equity investments in subsidiaries | 0 | 0 | 0 |
Equity investment in affiliate | 0 | 0 | -35.9 |
Proceeds from divestiture | 0 | 0 | 9.3 |
Sales and maturities of marketable securities | 10 | 0 | 18.6 |
Proceeds from disposal of property, plant, and equipment | 10.7 | 3.3 | 4 |
Repayments from (disbursements of) intercompany loans | 0 | 0 | 0 |
Other - net | -9.7 | 17.6 | -20.4 |
Net Cash Used for Investing Activities | -370.3 | -185.6 | -1,035.90 |
FINANCING ACTIVITIES | ' | ' | ' |
Revolving credit facility - net | 248.4 | 0 | 0 |
Repayments of long-term debt | -50 | -50 | 0 |
Proceeds from long-term debt | 0 | 0 | 748.6 |
Quarterly dividends paid | -238 | -222.8 | -213.7 |
Purchase of treasury shares | -508.5 | -364.2 | -315.8 |
Proceeds from stock option exercises | 0.5 | 2.2 | 2.8 |
Investments in subsidiaries | 0 | 0 | 0 |
Intercompany payable | 0 | 0 | 0 |
Other - net | -27.9 | -6.2 | -2.3 |
Net Cash (Used for) Provided by Financing Activities | -575.5 | -641 | 219.6 |
Effect of exchange rate changes on cash | -13.1 | -2.5 | -4.7 |
Net (decrease) increase in cash and cash equivalents | -102.9 | 26.7 | -90.1 |
Cash and cash equivalents at beginning of year | 256.4 | 229.7 | 319.8 |
Cash and Cash Equivalents at End of Year | 153.5 | 256.4 | 229.7 |
Eliminations [Member] | ' | ' | ' |
Condensed Statements of Consolidated Cash Flows | ' | ' | ' |
Net Cash Provided by (Used for) Operating Activities | 0 | 0 | 0 |
INVESTING ACTIVITIES | ' | ' | ' |
Businesses acquired, net of cash acquired | 0 | ' | 0 |
Additions to property, plant, and equipment | 0 | 0 | 0 |
Equity investments in subsidiaries | 126 | 177.9 | 3,675.90 |
Equity investment in affiliate | ' | ' | 0 |
Proceeds from divestiture | ' | ' | 0 |
Sales and maturities of marketable securities | 0 | ' | 0 |
Proceeds from disposal of property, plant, and equipment | 0 | 0 | 0 |
Repayments from (disbursements of) intercompany loans | 273.7 | 466.2 | 1,031.60 |
Other - net | 0 | 0 | 0 |
Net Cash Used for Investing Activities | 399.7 | 644.1 | 4,707.50 |
FINANCING ACTIVITIES | ' | ' | ' |
Revolving credit facility - net | 0 | ' | ' |
Repayments of long-term debt | 0 | 0 | ' |
Proceeds from long-term debt | ' | ' | 0 |
Quarterly dividends paid | 0 | 0 | 0 |
Purchase of treasury shares | 0 | 0 | 0 |
Proceeds from stock option exercises | 0 | 0 | 0 |
Investments in subsidiaries | -126 | -177.9 | -3,675.90 |
Intercompany payable | -273.7 | -466.2 | -1,031.60 |
Other - net | 0 | 0 | 0 |
Net Cash (Used for) Provided by Financing Activities | -399.7 | -644.1 | -4,707.50 |
Effect of exchange rate changes on cash | 0 | 0 | 0 |
Net (decrease) increase in cash and cash equivalents | 0 | 0 | 0 |
Cash and cash equivalents at beginning of year | 0 | 0 | 0 |
Cash and Cash Equivalents at End of Year | 0 | 0 | 0 |
The J.M. Smucker Company (Parent) [Member] | ' | ' | ' |
Condensed Statements of Consolidated Cash Flows | ' | ' | ' |
Net Cash Provided by (Used for) Operating Activities | 297.8 | 201.7 | 1,669.70 |
INVESTING ACTIVITIES | ' | ' | ' |
Businesses acquired, net of cash acquired | 0 | ' | 0 |
Additions to property, plant, and equipment | -31.1 | -33.6 | -53 |
Equity investments in subsidiaries | -108.9 | -3.7 | -2,985.20 |
Equity investment in affiliate | ' | ' | 0 |
Proceeds from divestiture | ' | ' | 0 |
Sales and maturities of marketable securities | 10 | ' | 18.6 |
Proceeds from disposal of property, plant, and equipment | 0 | 0 | 0.2 |
Repayments from (disbursements of) intercompany loans | 0 | 0 | 0 |
Other - net | -3.2 | -9.5 | 0 |
Net Cash Used for Investing Activities | -133.2 | -46.8 | -3,019.40 |
FINANCING ACTIVITIES | ' | ' | ' |
Revolving credit facility - net | 248.4 | ' | ' |
Repayments of long-term debt | -50 | -50 | ' |
Proceeds from long-term debt | ' | ' | 748.6 |
Quarterly dividends paid | -238 | -222.8 | -213.7 |
Purchase of treasury shares | -508.5 | -364.2 | -315.8 |
Proceeds from stock option exercises | 0.5 | 2.2 | 2.8 |
Investments in subsidiaries | 0 | 9.9 | 0 |
Intercompany payable | 273.7 | 466.2 | 1,031.60 |
Other - net | 8.1 | 3.5 | -2.3 |
Net Cash (Used for) Provided by Financing Activities | -265.8 | -155.2 | 1,251.20 |
Effect of exchange rate changes on cash | 0 | 0 | 0 |
Net (decrease) increase in cash and cash equivalents | -101.2 | -0.3 | -98.5 |
Cash and cash equivalents at beginning of year | 108 | 108.3 | 206.8 |
Cash and Cash Equivalents at End of Year | 6.8 | 108 | 108.3 |
Subsidiary Guarantors [Member] | ' | ' | ' |
Condensed Statements of Consolidated Cash Flows | ' | ' | ' |
Net Cash Provided by (Used for) Operating Activities | 168.5 | 46.4 | 181 |
INVESTING ACTIVITIES | ' | ' | ' |
Businesses acquired, net of cash acquired | 0 | ' | 0 |
Additions to property, plant, and equipment | -163.2 | -103.1 | -133.6 |
Equity investments in subsidiaries | -17.1 | -174.2 | 0 |
Equity investment in affiliate | ' | ' | 0 |
Proceeds from divestiture | ' | ' | 0 |
Sales and maturities of marketable securities | 0 | ' | 0 |
Proceeds from disposal of property, plant, and equipment | 0.6 | 0.1 | 0.4 |
Repayments from (disbursements of) intercompany loans | 9.3 | 227.4 | -3,720.20 |
Other - net | 0.2 | 3.4 | -3.5 |
Net Cash Used for Investing Activities | -170.2 | -46.4 | -3,856.90 |
FINANCING ACTIVITIES | ' | ' | ' |
Revolving credit facility - net | 0 | ' | ' |
Repayments of long-term debt | 0 | 0 | ' |
Proceeds from long-term debt | ' | ' | 0 |
Quarterly dividends paid | 0 | 0 | 0 |
Purchase of treasury shares | 0 | 0 | 0 |
Proceeds from stock option exercises | 0 | 0 | 0 |
Investments in subsidiaries | 0 | 0 | 3,675.90 |
Intercompany payable | 0 | 0 | 0 |
Other - net | 1.7 | 0 | 0 |
Net Cash (Used for) Provided by Financing Activities | 1.7 | 0 | 3,675.90 |
Effect of exchange rate changes on cash | 0 | 0 | 0 |
Net (decrease) increase in cash and cash equivalents | 0 | 0 | 0 |
Cash and cash equivalents at beginning of year | 0 | 0 | 0 |
Cash and Cash Equivalents at End of Year | 0 | 0 | 0 |
Non-Guarantor Subsidiaries [Member] | ' | ' | ' |
Condensed Statements of Consolidated Cash Flows | ' | ' | ' |
Net Cash Provided by (Used for) Operating Activities | 389.7 | 607.7 | -1,119.80 |
INVESTING ACTIVITIES | ' | ' | ' |
Businesses acquired, net of cash acquired | -101.8 | ' | -737.3 |
Additions to property, plant, and equipment | -85.2 | -69.8 | -87.6 |
Equity investments in subsidiaries | 0 | 0 | -690.7 |
Equity investment in affiliate | ' | ' | -35.9 |
Proceeds from divestiture | ' | ' | 9.3 |
Sales and maturities of marketable securities | 0 | ' | 0 |
Proceeds from disposal of property, plant, and equipment | 10.1 | 3.2 | 3.4 |
Repayments from (disbursements of) intercompany loans | -283 | -693.6 | 2,688.60 |
Other - net | -6.7 | 23.7 | -16.9 |
Net Cash Used for Investing Activities | -466.6 | -736.5 | 1,132.90 |
FINANCING ACTIVITIES | ' | ' | ' |
Revolving credit facility - net | 0 | ' | ' |
Repayments of long-term debt | 0 | 0 | ' |
Proceeds from long-term debt | ' | ' | 0 |
Quarterly dividends paid | 0 | 0 | 0 |
Purchase of treasury shares | 0 | 0 | 0 |
Proceeds from stock option exercises | 0 | 0 | 0 |
Investments in subsidiaries | 126 | 168 | 0 |
Intercompany payable | 0 | 0 | 0 |
Other - net | -37.7 | -9.7 | 0 |
Net Cash (Used for) Provided by Financing Activities | 88.3 | 158.3 | 0 |
Effect of exchange rate changes on cash | -13.1 | -2.5 | -4.7 |
Net (decrease) increase in cash and cash equivalents | -1.7 | 27 | 8.4 |
Cash and cash equivalents at beginning of year | 148.4 | 121.4 | 113 |
Cash and Cash Equivalents at End of Year | $146.70 | $148.40 | $121.40 |
Guarantor_and_NonGuarantor_Fin5
Guarantor and Non-Guarantor Financial Information (Details Textual) (3.50% Notes due October 15, 2021 [Member]) | Apr. 30, 2014 |
3.50% Notes due October 15, 2021 [Member] | ' |
Guarantor and Non Guarantor Financial Information (Textual) [Abstract] | ' |
Percentage on Notes | 3.50% |
Percentage ownership of wholly-owned subsidiaries | 100.00% |
Common_Shares_Details
Common Shares (Details) (USD $) | 12 Months Ended | ||
Apr. 30, 2014 | Apr. 30, 2013 | Apr. 30, 2012 | |
Rights | |||
Votes | |||
Y | |||
Common shares (Additional Textual) [Abstract] | ' | ' | ' |
Number of votes each holder of a common share outstanding is entitled | 1 | ' | ' |
Number of votes per share | 10 | ' | ' |
Number of years there has not been a change in beneficial ownership | 4 | ' | ' |
Number of votes per share after change in beneficial ownership | 1 | ' | ' |
Number of years required to pass after change in beneficial ownership | 4 | ' | ' |
Number of share purchase rights | 1 | ' | ' |
Minimum percentage of outstanding common shares held by persons or group | 10.00% | ' | ' |
Number of shares shareholder can purchase at discounted price | 1 | ' | ' |
Number of common shares issued for each right as part of exchange option | 1 | ' | ' |
Value to redeem per right | $0.00 | ' | ' |
Shares repurchased during period | 4,900,000 | 4,000,000 | 4,100,000 |
Purchase amount for shares repurchased | $495,000,000 | $359,400,000 | $305,300,000 |
Shares remaining for repurchase | 5,000,000 | ' | ' |