The J. M. Smucker Company 8K Regulation FD Disclosure | SJM 25 Jul 14

Exhibit 99.2

The J. M. Smucker Company

Unaudited Non-GAAP Measures Supplemental Information

(Revised to Reflect the New Non-GAAP Measures Definition)


	Three months ended July 31,
	2013			2012
	(Dollars in millions)
Reconciliation to gross profit:
Gross profit	$	492.9		$	469.8
Cost of products sold – special project costs		1.5			4.0
Unallocated derivative gains		(4.6	)		(19.7	)

Gross profit excluding certain items affecting comparability	$	489.8		$	454.1

Reconciliation to operating income:
Operating income	$	213.3		$	190.5
Cost of products sold – special project costs		1.5			4.0
Other special project costs		5.8			23.9
Unallocated derivative gains		(4.6	)		(19.7	)

Operating income excluding certain items affecting comparability	$	216.0		$	198.7

Reconciliation to net income:
Net income	$	126.6		$	110.9
Income taxes		62.9			56.4
Cost of products sold – special project costs		1.5			4.0
Other special project costs		5.8			23.9
Unallocated derivative gains		(4.6	)		(19.7	)

Income before income taxes, excluding certain items affecting comparability	$	192.2		$	175.5
Income taxes, as adjusted		63.8			59.2

Income excluding certain items affecting comparability	$	128.4		$	116.3
Weighted-average shares – assuming dilution		105,974,628			110,397,807
Income per common share excluding certain items affecting comparability – assuming dilution	$	1.21		$	1.05

Certain items affecting comparability include special project costs and unallocated gains or losses on commodity and foreign currency exchange derivatives. Consistent with prior years, special project costs relate to specific restructuring, merger and integration, and pension settlement projects that are each nonrecurring in nature and can significantly affect the year-over-year assessment of operating results. Unallocated derivative gains or losses reflect the changes in fair value of the Company’s commodity and foreign currency exchange contracts and may affect comparability on a year-over-year basis.

The J. M. Smucker Company

Unaudited Non-GAAP Measures Supplemental Information

(Revised to Reflect the New Non-GAAP Measures Definition)


	Three months ended October 31,				Six months ended October 31,
	2013		2012		2013			2012
	(Dollars in millions)
Reconciliation to gross profit:
Gross profit	$	552.6	$	541.9	$	1,045.5		$	1,011.7
Cost of products sold – special project costs		2.3		2.4		3.8			6.4
Unallocated derivative losses (gains)		1.5		10.3		(3.1	)		(9.4	)

Gross profit excluding certain items affecting comparability	$	556.4	$	554.6	$	1,046.2		$	1,008.7

Reconciliation to operating income:
Operating income	$	250.8	$	247.6	$	464.1		$	438.1
Cost of products sold – special project costs		2.3		2.4		3.8			6.4
Other special project costs		6.9		11.5		12.7			35.4
Unallocated derivative losses (gains)		1.5		10.3		(3.1	)		(9.4	)

Operating income excluding certain items affecting comparability	$	261.5	$	271.8	$	477.5		$	470.5

Reconciliation to net income:
Net income	$	153.4	$	148.8	$	280.0		$	259.7
Income taxes		76.6		75.4		139.5			131.8
Cost of products sold – special project costs		2.3		2.4		3.8			6.4
Other special project costs		6.9		11.5		12.7			35.4
Unallocated derivative losses (gains)		1.5		10.3		(3.1	)		(9.4	)

Income before income taxes, excluding certain items affecting comparability	$	240.7	$	248.4	$	432.9		$	423.9
Income taxes, as adjusted		80.2		83.5		144.0			142.7

Income excluding certain items affecting comparability	$	160.5	$	164.9	$	288.9		$	281.2
Weighted-average shares – assuming dilution		105,145,966		109,251,455		105,560,298			109,824,632
Income per common share excluding certain items affecting comparability – assuming dilution	$	1.53	$	1.51	$	2.74		$	2.56

The J. M. Smucker Company

Unaudited Non-GAAP Measures Supplemental Information

(Revised to Reflect the New Non-GAAP Measures Definition)


	Three months ended January 31,					Nine months ended January 31,
	2014			2013		2014			2013
	(Dollars in millions)
Reconciliation to gross profit:
Gross profit	$	545.2		$	536.2	$	1,590.7		$	1,547.9
Cost of products sold – special project costs		2.9			1.2		6.7			7.6
Unallocated derivative (gains) losses		(4.0	)		0.5		(7.1	)		(8.9	)

Gross profit excluding certain items affecting comparability	$	544.1		$	537.9	$	1,590.3		$	1,546.6

Reconciliation to operating income:
Operating income	$	263.5		$	258.3	$	727.6		$	696.4
Cost of products sold – special project costs		2.9			1.2		6.7			7.6
Other special project costs		7.1			6.8		19.8			42.2
Unallocated derivative (gains) losses		(4.0	)		0.5		(7.1	)		(8.9	)

Operating income excluding certain items affecting comparability	$	269.5		$	266.8	$	747.0		$	737.3

Reconciliation to net income:
Net income	$	166.7		$	154.2	$	446.7		$	413.9
Income taxes		79.8			79.8		219.3			211.6
Cost of products sold – special project costs		2.9			1.2		6.7			7.6
Other special project costs		7.1			6.8		19.8			42.2
Unallocated derivative (gains) losses		(4.0	)		0.5		(7.1	)		(8.9	)

Income before income taxes, excluding certain items affecting comparability	$	252.5		$	242.5	$	685.4		$	666.4
Income taxes, as adjusted		81.7			82.9		225.7			225.6

Income excluding certain items affecting comparability	$	170.8		$	159.6	$	459.7		$	440.8
Weighted-average shares – assuming dilution		104,805,369			108,491,922		105,308,655			109,380,394
Income per common share excluding certain items affecting comparability – assuming dilution	$	1.63		$	1.47	$	4.37		$	4.03

The J. M. Smucker Company

Unaudited Non-GAAP Measures Supplemental Information

(Revised to Reflect the New Non-GAAP Measures Definition)


	Three months ended April 30,				Year ended April 30,
	2014		2013		2014			2013
	(Dollars in millions)
Reconciliation to gross profit:
Gross profit	$	440.3	$	479.7	$	2,031.0		$	2,027.6
Cost of products sold – special project costs		2.7		3.9		9.4			11.5
Unallocated derivative losses (gains)		1.8		2.3		(5.3	)		(6.6	)

Gross profit excluding certain items affecting comparability	$	444.8	$	485.9	$	2,035.1		$	2,032.5

Reconciliation to operating income:
Operating income	$	191.4	$	214.0	$	919.0		$	910.4
Cost of products sold – special project costs		2.7		3.9		9.4			11.5
Other special project costs		5.8		7.3		25.6			49.5
Unallocated derivative losses (gains)		1.8		2.3		(5.3	)		(6.6	)

Operating income excluding certain items affecting comparability	$	201.7	$	227.5	$	948.7		$	964.8

Reconciliation to net income:
Net income	$	118.5	$	130.3	$	565.2		$	544.2
Income taxes		65.2		61.5		284.5			273.1
Cost of products sold – special project costs		2.7		3.9		9.4			11.5
Other special project costs		5.8		7.3		25.6			49.5
Unallocated derivative losses (gains)		1.8		2.3		(5.3	)		(6.6	)

Income before income taxes, excluding certain items affecting comparability	$	194.0	$	205.3	$	879.4		$	871.7
Income taxes, as adjusted		68.8		65.7		294.5			291.3

Income excluding certain items affecting comparability	$	125.2	$	139.6	$	584.9		$	580.4
Weighted-average shares – assuming dilution		102,561,353		107,209,912		104,346,587			108,851,153
Income per common share excluding certain items affecting comparability – assuming dilution	$	1.22	$	1.30	$	5.61		$	5.33

The J. M. Smucker Company

Unaudited Non-GAAP Measures Supplemental Information

(Revised to Reflect the New Non-GAAP Measures Definition)


	Year ended April 30,
	2012		2011			2010
Reconciliation to gross profit:
Gross profit	$	1,845.2	$	1,798.5		$	1,786.7
Cost of products sold – special project costs		43.2		54.1			3.9
Unallocated derivative losses (gains)		8.5		(1.2	)		2.3

Gross profit excluding certain items affecting comparability	$	1,896.9	$	1,851.4		$	1,792.9

Reconciliation to operating income:
Operating income	$	778.3	$	784.3		$	790.9
Cost of products sold – special project costs		43.2		54.1			3.9
Other special project costs		72.5		59.1			35.5
Unallocated derivative losses (gains)		8.5		(1.2	)		2.3

Operating income excluding certain items affecting comparability	$	902.5	$	896.3		$	832.6

Reconciliation to net income:
Net income	$	459.7	$	479.5		$	494.1
Income taxes		241.5		237.7			236.6
Cost of products sold – special project costs		43.2		54.1			3.9
Other special project costs		72.5		59.1			35.5
Unallocated derivative losses (gains)		8.5		(1.2	)		2.3

Income before income taxes, excluding certain items affecting comparability	$	825.4	$	829.2		$	772.4
Income taxes, as adjusted		284.2		274.9			250.1

Income excluding certain items affecting comparability	$	541.2	$	554.3		$	522.3
Weighted-average shares – assuming dilution		113,313,567		118,276,086			119,081,445
Income per common share excluding certain items affecting comparability – assuming dilution	$	4.78	$	4.69		$	4.39

The J. M. Smucker Company (SJM) 8-KRegulation FD Disclosure