Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Jan. 31, 2015 | Feb. 24, 2015 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | J M SMUCKER Co | |
Entity Central Index Key | 91419 | |
Document Type | 10-Q | |
Document Period End Date | 31-Jan-15 | |
Amendment Flag | FALSE | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q3 | |
Current Fiscal Year End Date | -26 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 101,762,584 |
Condensed_Statements_of_Consol
Condensed Statements of Consolidated Income (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Millions, except Per Share data, unless otherwise specified | Jan. 31, 2015 | Jan. 31, 2014 | Jan. 31, 2015 | Jan. 31, 2014 | ||||
Income Statement [Abstract] | ||||||||
Net sales | $1,440 | $1,465.50 | $4,245.60 | $4,376.30 | ||||
Cost of products sold | 917.1 | 920.3 | 2,707.50 | 2,785.60 | ||||
Gross Profit | 522.9 | 545.2 | 1,538.10 | 1,590.70 | ||||
Selling, distribution, and administrative expenses | 237.3 | 250.3 | 743.1 | 770.8 | ||||
Amortization | 25.2 | 24.9 | 75.3 | 74.1 | ||||
Other special project costs | 5.9 | [1] | 7.1 | [1] | 17.3 | [1] | 19.8 | [1] |
Other operating (income) expense - net | -0.6 | -0.6 | 0.9 | -1.6 | ||||
Operating Income | 255.1 | 263.5 | 701.5 | 727.6 | ||||
Interest expense - net | -16.8 | -18.4 | -50.4 | -62.7 | ||||
Other income - net | 0.1 | 1.4 | 1.7 | 1.1 | ||||
Income Before Income Taxes | 238.4 | 246.5 | 652.8 | 666 | ||||
Income taxes | 77.5 | 79.8 | 217.6 | 219.3 | ||||
Net Income | $160.90 | $166.70 | $435.20 | $446.70 | ||||
Earnings per common share: | ||||||||
Net Income | $1.58 | $1.59 | $4.28 | $4.24 | ||||
Net Income - Assuming Dilution | $1.58 | $1.59 | $4.28 | $4.24 | ||||
Dividends Declared per Common Share | $0.64 | $0.58 | $1.92 | $1.74 | ||||
[1] | Other special project costs includes restructuring and merger and integration costs. For more information on businesses acquired and our restructuring program, see Note 4: Acquisitions and Note 5: Restructuring. |
Condensed_Statements_of_Consol1
Condensed Statements of Consolidated Comprehensive Income (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Jan. 31, 2015 | Jan. 31, 2014 | Jan. 31, 2015 | Jan. 31, 2014 |
Condensed Statements of Comprehensive Income [Abstract] | ||||
Net income | $160.90 | $166.70 | $435.20 | $446.70 |
Other comprehensive loss: | ||||
Foreign currency translation adjustments | -35.2 | -20 | -49.6 | -30.6 |
Cash flow hedging derivative activity, net of tax | -5.9 | 6.5 | -17.6 | 8.1 |
Pension and other postretirement benefit plans activity, net of tax | 5.5 | 1.7 | 8.4 | 4.2 |
Available-for-sale securities activity, net of tax | 0.3 | 0.5 | 0.9 | 0.6 |
Total Other Comprehensive Loss | -35.3 | -11.3 | -57.9 | -17.7 |
Comprehensive Income | $125.60 | $155.40 | $377.30 | $429 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (Unaudited) (USD $) | Jan. 31, 2015 | Apr. 30, 2014 |
In Millions, unless otherwise specified | ||
Current Assets | ||
Cash and cash equivalents | $111.70 | $153.50 |
Trade receivables, less allowance for doubtful accounts | 373.9 | 309.4 |
Inventories: | ||
Finished products | 575.4 | 571.5 |
Raw materials | 368.8 | 359.5 |
Total Inventories | 944.2 | 931 |
Other current assets | 85.8 | 145.2 |
Total Current Assets | 1,515.60 | 1,539.10 |
Property, Plant, and Equipment | ||
Land and land improvements | 102.5 | 99.7 |
Buildings and fixtures | 563.6 | 516 |
Machinery and equipment | 1,475.30 | 1,384 |
Construction in progress | 167.8 | 163.9 |
Property, Plant, and Equipment, Gross | 2,309.20 | 2,163.60 |
Accumulated depreciation | -985.9 | -898 |
Total Property, Plant, and Equipment | 1,323.30 | 1,265.60 |
Other Noncurrent Assets | ||
Goodwill | 3,134.90 | 3,098.20 |
Other intangible assets - net | 2,973.90 | 3,024.30 |
Other noncurrent assets | 147.9 | 144.9 |
Total Other Noncurrent Assets | 6,256.70 | 6,267.40 |
Total Assets | 9,095.60 | 9,072.10 |
Current Liabilities | ||
Accounts payable | 232.3 | 289.2 |
Accrued trade marketing and merchandising | 17.4 | 58.5 |
Current portion of long-term debt | 24 | 100 |
Short-term borrowings | 264 | 248.4 |
Other current liabilities | 172.4 | 194.9 |
Total Current Liabilities | 710.1 | 891 |
Noncurrent Liabilities | ||
Long-term debt | 1,891.80 | 1,879.80 |
Deferred income taxes | 1,025.60 | 1,020.70 |
Other noncurrent liabilities | 243.9 | 251 |
Total Noncurrent Liabilities | 3,161.30 | 3,151.50 |
Total Liabilities | 3,871.40 | 4,042.50 |
Shareholders' Equity | ||
Common shares | 25.4 | 25.4 |
Additional capital | 3,982.40 | 3,965.80 |
Retained income | 1,326 | 1,091 |
Amount due from ESOP Trust | -0.1 | -1 |
Accumulated other comprehensive loss | -109.5 | -51.6 |
Total Shareholders' Equity | 5,224.20 | 5,029.60 |
Total Liabilities and Shareholders' Equity | $9,095.60 | $9,072.10 |
Condensed_Statements_of_Consol2
Condensed Statements of Consolidated Cash Flows (Unaudited) (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Jan. 31, 2015 | Jan. 31, 2014 |
Operating Activities | ||
Net income | $435.20 | $446.70 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation | 114.1 | 117.2 |
Amortization | 75.3 | 74.1 |
Share-based compensation expense | 15.9 | 18 |
Loss on sale of assets - net | 4.3 | 1.7 |
Defined benefit pension contributions | -4.3 | -6.3 |
Changes in assets and liabilities, net of effect from businesses acquired: | ||
Trade receivables | -65.3 | -50.4 |
Inventories | -16.5 | 80.3 |
Other current assets | 43 | 2.7 |
Accounts payable | -68.9 | -65.3 |
Accrued liabilities | -60.5 | -7.8 |
Proceeds from settlement of interest rate swap | 53.5 | 0 |
Income and other taxes | 8.2 | -18.1 |
Other - net | -22.4 | -3.7 |
Net Cash Provided by Operating Activities | 511.6 | 589.1 |
Investing Activities | ||
Businesses acquired, net of cash acquired | -80.5 | -101.8 |
Additions to property, plant, and equipment | -162.1 | -148.9 |
Proceeds from disposal of property, plant, and equipment | 1.6 | 1.8 |
Other - net | -12 | -8.3 |
Net Cash Used for Investing Activities | -253 | -257.2 |
Financing Activities | ||
Short-term borrowings - net | 15.6 | 0 |
Repayments of long-term debt | -100 | 0 |
Quarterly dividends paid | -189 | -177.4 |
Purchase of treasury shares | -15.3 | -227 |
Proceeds from stock option exercises | 0.8 | 0.4 |
Other - net | 9.5 | -1.2 |
Net Cash Used for Financing Activities | -278.4 | -405.2 |
Effect of exchange rate changes on cash | -22 | -14.5 |
Net decrease in cash and cash equivalents | -41.8 | -87.8 |
Cash and cash equivalents at beginning of period | 153.5 | 256.4 |
Cash and Cash Equivalents at End of Period | $111.70 | $168.60 |
Basis_of_Presentation
Basis of Presentation | 9 Months Ended |
Jan. 31, 2015 | |
Basis of Presentation [Abstract] | |
Basis of Presentation | Note 1: Basis of Presentation |
The unaudited condensed consolidated financial statements of The J. M. Smucker Company (“Company,” “we,” “us,” or “our”) have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and notes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments of a normal recurring nature considered necessary for a fair presentation have been included. | |
Operating results for the nine-month period ended January 31, 2015, are not necessarily indicative of the results that may be expected for the year ending April 30, 2015. For further information, reference is made to the consolidated financial statements and notes included in our Annual Report on Form 10-K for the year ended April 30, 2014. |
Recently_Issued_Accounting_Sta
Recently Issued Accounting Standards | 9 Months Ended |
Jan. 31, 2015 | |
Recently Issued Accounting Standards [Abstract] | |
Recently Issued Accounting Standards | Note 2: Recently Issued Accounting Standards |
In May 2014, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers (Topic 606). 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. |
Subsequent_Event
Subsequent Event | 9 Months Ended |
Jan. 31, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Event | Note 3: Subsequent Event |
On February 3, 2015, we entered into a definitive agreement to acquire Big Heart Pet Brands (“Big Heart Pet”) in a cash and stock transaction preliminarily valued at approximately $5.8 billion. Big Heart Pet is the largest stand-alone producer, distributor, and marketer of premium-quality, branded pet food and pet snacks in the United States. Under the terms of the agreement, we will issue approximately 17.9 million shares of our common stock to the shareholders of Blue Acquisition Group, Inc., Big Heart Pet’s holding company, and pay $1.3 billion in cash, subject to a working capital adjustment. We will also assume Big Heart Pet’s net debt of approximately $2.6 billion. Committed financing for the transaction is a $5.5 billion 364-day senior unsecured bridge loan, which we expect to refinance with a combination of a bank term loan and long-term bonds. | |
The transaction is expected to close by the end of March, subject to customary closing conditions. The estimated transaction value of $5.8 billion may change at the time we issue shares of our common stock based on the current price of the shares on the closing date. | |
Based on the assumed debt structure, we anticipate combined debt at closing of approximately $6.5 billion, which is expected to result in annual interest expense of approximately $200.0. Upon closing, we expect to refinance Big Heart Pet’s net debt of approximately $2.6 billion and are evaluating refinancing a portion of our existing debt. This would require total make-whole payments and other related financing costs that would reduce earnings in the fourth quarter by approximately $190.0 to $220.0. The actual amount of make-whole payments would depend on economic conditions at the time the refinancing occurs. | |
In addition, we expect to incur approximately $225.0 in other one-time costs related to the transaction, of which approximately $150.0 are expected to be cash charges. These one-time costs are anticipated to be incurred primarily over the next three years, with approximately one-half of the costs expected to be recognized in fiscal 2016. | |
On February 24, 2015, we entered into a series of forward starting interest rate swap agreements to hedge a portion of the interest rate risk related to our anticipated issuance of long-term bonds. The notional hedged amount was approximately $1.1 billion, with expected maturity tenors of 10, 20, and 30 years. The swap agreements are designated as cash flow hedges, where changes in fair value are recorded in other comprehensive income. | |
Upon close of the transaction, we will have a new reportable segment for the pet food and snacks business. See Note 7: Reportable Segments for additional information. |
Acquisitions
Acquisitions | 9 Months Ended |
Jan. 31, 2015 | |
Acquisitions [Abstract] | |
Acquisitions | Note 4: Acquisitions |
On September 2, 2014, we acquired Sahale Snacks, Inc. (“Sahale”), a privately-held manufacturer and marketer of premium, branded nut and fruit snacks for $80.5, net of a working capital adjustment. The purchase price was allocated to the underlying assets acquired and liabilities assumed based upon their estimated fair values at the date of acquisition. The purchase price allocation includes total intangible assets of $30.4. To the extent the purchase price exceeded the estimated fair value of the net identifiable tangible and intangible assets acquired, the excess was allocated to goodwill. Preliminary valuations resulted in Sahale goodwill of $47.9, of which $43.1 was assigned to the U. S. Retail Consumer Foods segment and $4.8 was assigned to the International, Foodservice, and Natural Foods segment. | |
The results of operations for the acquired business are included in the condensed consolidated financial statements from the date of the transaction and did not have a material impact on the quarter ended January 31, 2015, nor expected to materially affect results of operations for the year ending April 30, 2015. | |
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 in August 2013. Silocaf of New Orleans, Inc. (“Silocaf”), a strategic investment related to our green coffee supply chain, was acquired in September 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. |
Restructuring
Restructuring | 9 Months Ended | ||||||||||||||||||||||||
Jan. 31, 2015 | |||||||||||||||||||||||||
Restructuring [Abstract] | |||||||||||||||||||||||||
Restructuring | Note 5: 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 transitioned retail and foodservice fruit spreads volume is being produced at our new facility in Orrville, Ohio. All of the impacted facilities have been closed, resulting in the reduction of 850 full-time positions as anticipated. | |||||||||||||||||||||||||
We expect to incur total restructuring costs of approximately $265.0 for the entire restructuring plan, of which $257.5 has been incurred through January 31, 2015. The majority of the remaining costs are anticipated to be recognized this fiscal year and relate to the conversion of the Memphis, Tennessee, fruit spreads facility into a peanut butter plant, which will begin production late this fiscal year. | |||||||||||||||||||||||||
The following table summarizes the restructuring activity, including the liabilities recorded and the total amount expected to be incurred. | |||||||||||||||||||||||||
Long-Lived | Site Preparation | ||||||||||||||||||||||||
Asset | Employee | and Equipment | Production | ||||||||||||||||||||||
Charges | Separation | Relocation | Start-up | Other Costs | Total | ||||||||||||||||||||
Total expected restructuring charge | $ | 102.8 | $ | 63.8 | $ | 45.4 | $ | 42.8 | $ | 10.2 | $ | 265 | |||||||||||||
Balance at May 1, 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 | |||||||||||||
Charge to expense | 0.1 | 0.5 | 3.1 | 5.1 | 0.3 | 9.1 | |||||||||||||||||||
Cash payments | — | -1.5 | -3.1 | -5.1 | -0.3 | -10 | |||||||||||||||||||
Noncash utilization | -0.1 | — | — | — | — | -0.1 | |||||||||||||||||||
Balance at January 31, 2015 | $ | — | $ | 0.7 | $ | — | $ | — | $ | — | $ | 0.7 | |||||||||||||
Remaining expected restructuring charge | $ | 0.1 | $ | — | $ | 2.1 | $ | 3.9 | $ | 1.4 | $ | 7.5 | |||||||||||||
In the three and nine months ended January 31, 2015, total restructuring charges of $3.6 and $9.1, respectively, were reported in the Condensed Statements of Consolidated Income. Of the total restructuring charges, the majority were reported in other special project costs. In the three and nine months ended January 31, 2014, total restructuring charges of $5.1 and $17.1, respectively, were reported in the Condensed Statements of Consolidated Income. Of the total restructuring charges, $1.6 and $5.1 were reported in cost of products sold in the three and nine months ended January 31, 2014, respectively, while the remaining charges were reported in other special project costs. | |||||||||||||||||||||||||
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 Condensed Consolidated Balance Sheets. | |||||||||||||||||||||||||
Other costs include professional fees, costs related to closing the facilities, and miscellaneous expenditures associated with the restructuring initiative and are expensed as incurred. | |||||||||||||||||||||||||
Common_Shares
Common Shares | 9 Months Ended | ||||||||
Jan. 31, 2015 | |||||||||
Common Shares [Abstract] | |||||||||
Common Shares | Note 6: Common Shares | ||||||||
The following table sets forth common share information. | |||||||||
January 31, 2015 | April 30, 2014 | ||||||||
Common shares authorized | 300,000,000 | 300,000,000 | |||||||
Common shares outstanding | 101,763,058 | 101,697,400 | |||||||
Treasury shares | 26,842,107 | 26,907,765 | |||||||
During the second quarter of 2015, the Board of Directors increased our shares authorized for repurchase by 5.0 million common shares, resulting in approximately 10.0 million common shares available for repurchase. During 2014, we repurchased 4.9 million common shares for $495.0. | |||||||||
Reportable_Segments
Reportable Segments | 9 Months Ended | ||||||||||||||||
Jan. 31, 2015 | |||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||
Reportable Segments | Note 7: Reportable Segments | ||||||||||||||||
We operate in one industry: the manufacturing and marketing of food products. We have three reportable segments: U.S. Retail Coffee, U.S. Retail Consumer Foods, and International, Foodservice, and Natural Foods. The U.S. Retail Coffee segment primarily represents the domestic sales of Folgers®, Dunkin’ Donuts®, Millstone®, Café Bustelo®, and Café Pilon® branded coffee; the U.S. Retail Consumer Foods segment primarily includes domestic sales of Jif ®, Smucker’s®, Pillsbury®, Crisco®, Martha White®, Hungry Jack®, and Eagle Brand® branded products; and the International, Foodservice, and Natural Foods segment is comprised of products distributed domestically and in foreign countries through retail channels, foodservice distributors and operators (e.g., restaurants, lodging, schools and universities, health care operators), and natural foods stores and distributors. | |||||||||||||||||
Segment profit represents net sales, less direct and allocable operating expenses, and is consistent with the way in which we manage our segments. However, we do not represent that the segments, if operated independently, would report operating profit equal to the segment profit set forth below, as segment profit excludes certain operating expenses such as corporate administrative expenses and, effective May 1, 2014, unallocated gains and losses on commodity and foreign currency exchange derivative activities. Commodity and foreign currency exchange derivative gains and losses are reported in unallocated derivative gains and losses outside of segment operating results until the related inventory is sold. At that time, we reclassify the hedge gains and losses from unallocated derivative gains and losses to segment profit, allowing our segments to realize the economic effect of the hedge without experiencing any mark-to-market volatility. We would expect that any gain or loss in the estimated fair value of the derivatives would generally be offset by a change in the estimated fair value of the underlying exposures. Prior year results have been modified to exclude the unrealized gains and losses on commodity and foreign currency exchange derivatives to conform to the new definition. | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
January 31, | January 31, | ||||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||||
Net sales: | |||||||||||||||||
U.S. Retail Coffee | $ | 571.8 | $ | 578.9 | $ | 1,607.50 | $ | 1,688.20 | |||||||||
U.S. Retail Consumer Foods | 549.5 | 557.8 | 1,677.30 | 1,706.80 | |||||||||||||
International, Foodservice, and Natural Foods | 318.7 | 328.8 | 960.8 | 981.3 | |||||||||||||
Total net sales | $ | 1,440.00 | $ | 1,465.50 | $ | 4,245.60 | $ | 4,376.30 | |||||||||
Segment profit: | |||||||||||||||||
U.S. Retail Coffee | $ | 150.5 | $ | 181.1 | $ | 439.3 | $ | 504.3 | |||||||||
U.S. Retail Consumer Foods | 114.4 | 105 | 345.6 | 301.2 | |||||||||||||
International, Foodservice, and Natural Foods | 48 | 42.6 | 128.6 | 133.1 | |||||||||||||
Total segment profit | $ | 312.9 | $ | 328.7 | $ | 913.5 | $ | 938.6 | |||||||||
Interest expense – net | -16.8 | -18.4 | -50.4 | -62.7 | |||||||||||||
Unallocated derivative gains (losses) (A) | 13.4 | 4 | -0.4 | 7.1 | |||||||||||||
Cost of products sold – special project costs | -0.4 | -2.9 | -1.1 | -6.7 | |||||||||||||
Other special project costs | -5.9 | -7.1 | -17.3 | -19.8 | |||||||||||||
Corporate administrative expenses | -64.9 | -59.2 | -193.2 | -191.6 | |||||||||||||
Other income – net | 0.1 | 1.4 | 1.7 | 1.1 | |||||||||||||
Income before income taxes | $ | 238.4 | $ | 246.5 | $ | 652.8 | $ | 666 | |||||||||
(A) | As of January 31, 2015, the cumulative amount of net derivative gains from economic hedges that has not yet been allocated to segment profit was $3.7, including net gains of $4.1 incurred prior to 2015. For additional information, see Note 12: Derivative Financial Instruments. | ||||||||||||||||
As disclosed in Note 3: Subsequent Event, we have entered into an agreement to acquire Big Heart Pet. The transaction is expected to close by the end of March, resulting in a new reportable segment for the pet food and snacks business for fiscal 2015. There will be no impact to our current reportable segments, as there will be no changes to the internal way we manage and report those segments for fiscal 2015. However, as a result of leadership changes announced subsequent to January 31, 2015, we are currently evaluating the way we manage and report our business and the impact to reportable segments for fiscal 2016. | |||||||||||||||||
Debt_and_Financing_Arrangement
Debt and Financing Arrangements | 9 Months Ended | ||||||||
Jan. 31, 2015 | |||||||||
Debt and Financing Arrangements [Abstract] | |||||||||
Debt and Financing Arrangements | Note 8: Debt and Financing Arrangements | ||||||||
Long-term debt consists of the following: | |||||||||
January 31, 2015 | April 30, 2014 | ||||||||
4.78% Senior Notes due June 1, 2014 | $ | — | $ | 100 | |||||
6.12% Senior Notes due November 1, 2015 | 24 | 24 | |||||||
6.63% Senior Notes due November 1, 2018 | 389.6 | 392 | |||||||
3.50% Senior Notes due October 15, 2021 | 802.2 | 763.8 | |||||||
5.55% Senior Notes due April 1, 2022 | 300 | 300 | |||||||
4.50% Senior Notes due June 1, 2025 | 400 | 400 | |||||||
Total long-term debt | $ | 1,915.80 | $ | 1,979.80 | |||||
Current portion of long-term debt | 24 | 100 | |||||||
Total long-term debt, less current portion | $ | 1,891.80 | $ | 1,879.80 | |||||
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 due on June 1, 2020. We repaid the 4.78 percent Senior Notes on June 1, 2014. We may prepay at any time all or part of the Senior Notes at 100 percent of the principal amount thereof, together with accrued and unpaid interest, and any applicable make-whole amount. Based on current make-whole provisions, prepayment of a portion, or all of our Senior Notes could significantly reduce earnings in the fourth quarter as discussed in Note 3: Subsequent Event. | |||||||||
We have available a $1.5 billion revolving credit facility with a group of 11 banks that matures in September 2018. Interest is payable either on a quarterly basis or at the end of the borrowing term. At January 31, 2015, we did not have a balance outstanding under the revolving credit facility. | |||||||||
During the second quarter of 2015, we entered into a commercial paper program under which we can issue short-term, unsecured commercial paper not to exceed $1.0 billion at any time. The commercial paper program is backed by our revolving credit facility and reduces what we can borrow under the revolving credit facility by the amount of commercial paper outstanding. Commercial paper will be used as a continuing source of short-term financing for general corporate purposes. As of January 31, 2015, we had $264.0 of short-term borrowings outstanding, all of which were issued under our commercial paper program at a weighted-average interest rate of 0.35 percent. | |||||||||
In the second quarter of 2014, we entered into an interest rate swap, with a notional amount of $750.0, on the 3.50 percent Senior Notes due October 15, 2021, converting the Senior Notes from a fixed- to a variable-rate basis. The interest rate swap was designated as a fair value hedge of the underlying debt obligation. On January 16, 2015, we terminated the interest rate swap agreement prior to maturity. As a result of the early termination, we received $58.1 in cash, which included $4.6 of accrued and prepaid interest and a $53.5 benefit that is deferred as a component of the carrying value of the long term debt and will be recognized ratably as a reduction to future interest expense over the remaining life of the related debt. At January 31, 2015 the remaining benefit of $53.1 was recorded as an increase in the long-term debt balance. The fair value adjustment of the interest rate swap at April 30, 2014 was $14.9 and was also recorded as an increase in the long-term debt balance. For additional information, see Note 12: Derivative Financial Instruments. | |||||||||
Interest paid totaled $18.0 and $22.6 for the three months ended January 31, 2015 and 2014, respectively, and $54.9 and $67.8 for the nine months ended January 31, 2015 and 2014, respectively. This differs from interest expense due to the timing of payments, amortization of offering discounts, effect of interest rate swaps, 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. Subsequent to January 31, 2015, we amended certain financial covenant restrictions related to the revolving credit facility upon closing of the pending acquisition discussed in Note 3: Subsequent Event. We are in compliance with all covenants. | |||||||||
Earnings_per_Share
Earnings per Share | 9 Months Ended | ||||||||||||||||
Jan. 31, 2015 | |||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||
Earnings per Share | Note 9: Earnings per Share | ||||||||||||||||
The following table sets forth the computation of net income per common share and net income per common share – assuming dilution under the two-class method. | |||||||||||||||||
Three Months Ended January 31, | Nine Months Ended January 31, | ||||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||||
Net income | $ | 160.9 | $ | 166.7 | $ | 435.2 | $ | 446.7 | |||||||||
Net income allocated to participating securities | 1 | 1.2 | 2.9 | 3.5 | |||||||||||||
Net income allocated to common stockholders | $ | 159.9 | $ | 165.5 | $ | 432.3 | $ | 443.2 | |||||||||
Weighted-average common shares outstanding | 101,190,896 | 103,980,819 | 101,114,223 | 104,456,496 | |||||||||||||
Dilutive effect of stock options | 675 | 13,623 | 4,132 | 15,210 | |||||||||||||
Weighted-average common shares outstanding – assuming dilution | 101,191,571 | 103,994,442 | 101,118,355 | 104,471,706 | |||||||||||||
Net income per common share | $ | 1.58 | $ | 1.59 | $ | 4.28 | $ | 4.24 | |||||||||
Net income per common share – assuming dilution | $ | 1.58 | $ | 1.59 | $ | 4.28 | $ | 4.24 | |||||||||
Pensions_and_Other_Postretirem
Pensions and Other Postretirement Benefits | 9 Months Ended | ||||||||||||||||
Jan. 31, 2015 | |||||||||||||||||
Pensions and Other Postretirement Benefits [Abstract] | |||||||||||||||||
Pensions and Other Postretirement Benefits | Note 10: Pensions and Other Postretirement Benefits | ||||||||||||||||
The components of our net periodic benefit cost for defined benefit pension and other postretirement benefit plans are shown below. | |||||||||||||||||
Three Months Ended January 31, | |||||||||||||||||
Defined Benefit Pension Plans | Other Postretirement Benefits | ||||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||||
Service cost | $ | 2 | $ | 2.2 | $ | 0.6 | $ | 0.6 | |||||||||
Interest cost | 5.6 | 5.4 | 0.6 | 0.6 | |||||||||||||
Expected return on plan assets | -6.2 | -6.3 | — | — | |||||||||||||
Recognized net actuarial loss | 2.5 | 3.3 | — | — | |||||||||||||
Prior service cost (credit) | 0.2 | 0.3 | -0.3 | -0.3 | |||||||||||||
Net periodic benefit cost | $ | 4.1 | $ | 4.9 | $ | 0.9 | $ | 0.9 | |||||||||
Nine Months Ended January 31, | |||||||||||||||||
Defined Benefit Pension Plans | Other Postretirement Benefits | ||||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||||
Service cost | $ | 5.9 | $ | 6.6 | $ | 1.7 | $ | 1.7 | |||||||||
Interest cost | 17 | 16.4 | 1.8 | 1.7 | |||||||||||||
Expected return on plan assets | -18.7 | -19.1 | — | — | |||||||||||||
Recognized net actuarial loss | 7.5 | 9.9 | — | — | |||||||||||||
Prior service cost (credit) | 0.7 | 0.9 | -0.9 | -0.8 | |||||||||||||
Net periodic benefit cost | $ | 12.4 | $ | 14.7 | $ | 2.6 | $ | 2.6 | |||||||||
Contingencies
Contingencies | 9 Months Ended |
Jan. 31, 2015 | |
Loss Contingency [Abstract] | |
Contingencies | Note 11: Contingencies |
We, like other food manufacturers, are from time to time subject to various administrative, regulatory, and other legal proceedings arising in the ordinary course of business. We are currently a defendant in a variety of such legal proceedings. We cannot predict with certainty the ultimate results of these proceedings or reasonably determine a range of potential loss. Our policy is to accrue costs for contingent liabilities when such liabilities are probable and amounts can be reasonably estimated. Based on the information known to date, we do not believe the final outcome of these proceedings will have a material adverse effect on our financial position, results of operations, or cash flows. | |
Derivative_Financial_Instrumen
Derivative Financial Instruments | 9 Months Ended | ||||||||||||||||||||||||||||
Jan. 31, 2015 | |||||||||||||||||||||||||||||
Derivative Financial Instruments [Abstract] | |||||||||||||||||||||||||||||
Derivative Financial Instruments | Note 12: 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. | |||||||||||||||||||||||||||||
Effective May 1, 2014, we elected to no longer qualify commodity derivatives for hedge accounting treatment and as a result the derivative gains and losses are immediately recognized in earnings. Prior to 2015, certain of our derivative instruments met the hedge criteria and were accounted for as cash flow hedges. The mark-to-market gains and losses on qualifying hedges were 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 affected earnings. The deferred net gains included in accumulated other comprehensive loss, net of tax, were $18.3 at April 30, 2014, and $0.4 at January 31, 2015. Although we no longer perform the assessments required to achieve hedge accounting for derivative positions, we believe all of our commodity derivatives are economic hedges of our risk exposure. | |||||||||||||||||||||||||||||
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 exposure. | |||||||||||||||||||||||||||||
Foreign Currency Exchange Rate Hedging: We utilize foreign currency forwards and options contracts to manage the effect of foreign currency exchange fluctuations on future cash payments primarily related to purchases of certain raw materials and finished goods in Canada. The contracts generally have maturities of less than one year. | |||||||||||||||||||||||||||||
Effective May 1, 2014, we elected to no longer qualify instruments used to manage foreign currency exchange exposures for hedge accounting treatment. Prior to 2015, instruments used to manage foreign currency exchange exposures did not qualify for hedge accounting treatment and the change in value of these instruments was immediately recognized in cost of products sold. | |||||||||||||||||||||||||||||
Interest Rate Hedging: We utilize derivative instruments to manage changes in the fair value and cash flows of our debt. Interest rate swaps mitigate the risk associated with the underlying hedged item. At the inception of the contract, the instrument is evaluated and documented for hedge accounting treatment. If the contract is designated as a cash flow hedge, the mark-to-market gains and losses on the swap are deferred and included as a component of accumulated other comprehensive loss to the extent effective, and reclassified to interest expense in the period during which the hedged transaction affects earnings. If the contract is designated as a fair value hedge, the interest rate swap would be recognized at fair value on the balance sheet and changes in the fair value would be recognized in interest expense. Generally, 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 received cash flows from the counterparty at a fixed rate and paid the counterparty variable rates based on LIBOR. On January 16, 2015, we terminated the interest rate swap on the 3.50 percent Senior Notes prior to maturity. As a result of the early termination, we received $58.1 in cash, which included $4.6 of accrued and prepaid interest. The remaining benefit was deferred and will be recognized over the remaining life of the underlying debt as a reduction of future interest expense and will be recognized as follows: $2.2 in 2015, $7.4 in 2016, $7.6 in 2017, $7.8 in 2018, $8.0 in 2019, $8.1 in 2020, $8.4 in 2021, and $4.0 in 2022. For additional information, see Note 8: Debt and Financing Arrangements. | |||||||||||||||||||||||||||||
The following table sets forth the gross fair value amounts of derivative instruments recognized in the Condensed Consolidated Balance Sheets. | |||||||||||||||||||||||||||||
January 31, 2015 | April 30, 2014 | ||||||||||||||||||||||||||||
Other | Other | Other | Other | Other | Other | Other | |||||||||||||||||||||||
Current | Current | Noncurrent | Noncurrent | Current | Current | Noncurrent | |||||||||||||||||||||||
Assets | Liabilities | Assets | Liabilities | Assets | Liabilities | Liabilities | |||||||||||||||||||||||
Derivatives designated as hedging instruments: | |||||||||||||||||||||||||||||
Interest rate contract | $ | — | $ | — | $ | — | $ | — | $ | 18 | $ | — | $ | 3.1 | |||||||||||||||
Commodity contracts | — | — | — | — | 23.4 | 10.9 | — | ||||||||||||||||||||||
Total derivatives designated as hedging instruments | $ | — | $ | — | $ | — | $ | — | $ | 41.4 | $ | 10.9 | $ | 3.1 | |||||||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||||||||||||||||
Commodity contracts | $ | 4.9 | $ | 14.1 | $ | 0.1 | $ | 0.1 | $ | 11.6 | $ | 5.8 | $ | — | |||||||||||||||
Foreign currency exchange contracts | 13.1 | — | — | — | 1.4 | 0.7 | — | ||||||||||||||||||||||
Total derivatives not designated as hedging instruments | $ | 18 | $ | 14.1 | $ | 0.1 | $ | 0.1 | $ | 13 | $ | 6.5 | $ | — | |||||||||||||||
Total derivative instruments | $ | 18 | $ | 14.1 | $ | 0.1 | $ | 0.1 | $ | 54.4 | $ | 17.4 | $ | 3.1 | |||||||||||||||
We have elected to not offset fair value amounts recognized for our exchange-traded commodity derivative instruments and our cash margin accounts executed with the same counterparty that are generally subject to enforceable netting agreements. We are required to maintain cash margin accounts in connection with funding the settlement of our open positions. At January 31, 2015 and April 30, 2014, we maintained cash margin account balances of $20.3 and $8.1, respectively, included in other current assets in the Condensed Consolidated Balance Sheets. The change in the cash margin account balances is included in other – net, investing in the Condensed Statements of Consolidated Cash Flows. In the event of default and immediate net settlement of all of our open positions with individual counterparties, all of our derivative liabilities would be fully offset by either our derivative asset positions or margin accounts based on the net asset or liability position with our individual counterparties. | |||||||||||||||||||||||||||||
The following table presents information on pre-tax commodity contract gains and losses recognized on derivatives designated as cash flow hedges prior to May 1, 2014, and pre-tax losses related to the termination of a prior interest rate swap. | |||||||||||||||||||||||||||||
Three Months Ended January 31, | Nine Months Ended January 31, | ||||||||||||||||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||||||||||||||||
Gains (losses) recognized in other comprehensive loss (effective portion) | $ | — | $ | 4.5 | $ | — | $ | -6.1 | |||||||||||||||||||||
Gains (losses) reclassified from accumulated other comprehensive loss to cost of products sold (effective portion) | 9.6 | -5.7 | 28.4 | (18.4 | |||||||||||||||||||||||||
Losses reclassified from accumulated other comprehensive loss to interest expense (effective portion) | -0.1 | -0.1 | -0.4 | -0.4 | |||||||||||||||||||||||||
Change in accumulated other comprehensive loss | $ | -9.5 | $ | 10.3 | $ | -28 | $ | 12.7 | |||||||||||||||||||||
Included as a component of accumulated other comprehensive loss were deferred pre-tax net gains of $0.7 and $29.1 at January 31, 2015 and April 30, 2014, respectively, related to commodity contracts. The related tax expense recognized in accumulated other comprehensive loss was $0.3 and $10.8 at January 31, 2015 and April 30, 2014, respectively. The entire amount included in accumulated other comprehensive loss is expected to be recognized in earnings this fiscal year as the related commodities are sold. | |||||||||||||||||||||||||||||
Also, included as a component of accumulated other comprehensive loss were deferred pre-tax losses of $4.4 and $4.8 at January 31, 2015 and April 30, 2014, 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 $1.6 and $1.7 at January 31, 2015 and April 30, 2014, respectively. Approximately $0.6 of the pre-tax loss will be recognized over the next 12 months. | |||||||||||||||||||||||||||||
The following table presents the net gains and losses recognized in cost of products sold on derivatives not designated as qualified hedging instruments. | |||||||||||||||||||||||||||||
Three Months Ended January 31, | Nine Months Ended January 31, | ||||||||||||||||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||||||||||||||||
(Losses) gains on commodity contracts | $ | -13.9 | $ | 0.9 | -34.3 | $ | -2.2 | ||||||||||||||||||||||
Gains on foreign currency exchange contracts | 11.7 | 2.9 | 14.1 | 4.8 | |||||||||||||||||||||||||
Total (losses) gains recognized in cost of products sold | $ | -2.2 | $ | 3.8 | $ | -20.2 | $ | 2.6 | |||||||||||||||||||||
Commodity and foreign currency exchange derivative gains and losses are reported in unallocated derivative gains and losses outside of segment operating results until the related inventory is sold. At that time, we reclassify the hedge gains and losses from unallocated derivative gains and losses to segment profit, allowing our segments to realize the economic effect of the hedge without experiencing any mark-to-market volatility. The following table presents the activity in unallocated derivative gains and losses. | |||||||||||||||||||||||||||||
Three Months Ended January 31, | Nine Months Ended January 31, | ||||||||||||||||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||||||||||||||||
Net (losses) gains on mark-to-market valuation of unallocated derivative positions | $ | -2.2 | $ | 3.8 | $ | -20.2 | $ | 2.6 | |||||||||||||||||||||
Net losses on derivative positions reclassified to segment operating profit | 15.6 | 0.2 | 19.8 | 4.5 | |||||||||||||||||||||||||
Net mark-to-market valuation of certain derivative positions recognized in unallocated derivative gains (losses) | $ | 13.4 | $ | 4 | $ | -0.4 | $ | 7.1 | |||||||||||||||||||||
The cumulative unallocated derivative gains of $3.7 at January 31, 2015, included net gains of $4.1 incurred prior to 2015. As of January 31, 2015, net realized gains of $8.5 were included in cumulative unallocated derivative gains. | |||||||||||||||||||||||||||||
The following table presents the gross contract notional value of outstanding derivative contracts. | |||||||||||||||||||||||||||||
January 31, 2015 | April 30, 2014 | ||||||||||||||||||||||||||||
Commodity contracts | $ | 423.8 | $ | 790.3 | |||||||||||||||||||||||||
Foreign currency exchange contracts | 118.5 | 158.1 | |||||||||||||||||||||||||||
Interest rate contract | — | 750 | |||||||||||||||||||||||||||
Other_Financial_Instruments_an
Other Financial Instruments and Fair Value Measurements | 9 Months Ended | ||||||||||||||||
Jan. 31, 2015 | |||||||||||||||||
Other Financial Instruments and Fair Value Measurements [Abstract] | |||||||||||||||||
Other Financial Instruments and Fair Value Measurements | Note 13: 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, short-term borrowings, and trade receivables. The carrying value of these financial instruments approximates fair value. Our other financial instruments, with the exception of long-term debt, are recognized at estimated fair value in the Condensed Consolidated Balance Sheets. | |||||||||||||||||
The following table provides information on the carrying amounts and fair values of our financial instruments. | |||||||||||||||||
January 31, 2015 | April 30, 2014 | ||||||||||||||||
Carrying | Fair Value | Carrying | Fair Value | ||||||||||||||
Amount | Amount | ||||||||||||||||
Other investments | $ | 55.8 | $ | 55.8 | $ | 55.4 | $ | 55.4 | |||||||||
Derivative financial instruments – net | 3.9 | 3.9 | 33.9 | 33.9 | |||||||||||||
Long-term debt | -1,915.80 | -2,135.70 | -1,979.80 | -2,239.10 | |||||||||||||
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 | |||||||||||||||
Active Markets for | Observable | Unobservable | Fair Value at | ||||||||||||||
Identical Assets | Inputs | Inputs | January 31, | ||||||||||||||
(Level 1) | (Level 2) | (Level 3) | 2015 | ||||||||||||||
Other investments: (A) | |||||||||||||||||
Equity mutual funds | $ | 13.2 | $ | — | $ | — | $ | 13.2 | |||||||||
Municipal obligations | — | 38.6 | — | 38.6 | |||||||||||||
Money market funds | 4 | — | — | 4 | |||||||||||||
Derivative financial instruments: (B) | |||||||||||||||||
Commodity contracts – net | -8.2 | -1 | — | -9.2 | |||||||||||||
Foreign currency exchange contracts – net | 0.3 | 12.8 | — | 13.1 | |||||||||||||
Long-term debt (C) | -792.1 | -1,343.60 | — | -2,135.70 | |||||||||||||
Total financial instruments measured at fair value | $ | -782.8 | $ | -1,293.20 | $ | — | $ | -2,076.00 | |||||||||
Quoted Prices in | Significant | Significant | |||||||||||||||
Active Markets for | Observable | Unobservable | Fair Value at | ||||||||||||||
Identical Assets | Inputs | Inputs | April 30, | ||||||||||||||
(Level 1) | (Level 2) | (Level 3) | 2014 | ||||||||||||||
Other investments: (A) | |||||||||||||||||
Equity mutual funds | $ | 12 | $ | — | $ | — | $ | 12 | |||||||||
Municipal obligations | — | 34.4 | — | 34.4 | |||||||||||||
Money market funds | 9 | — | — | 9 | |||||||||||||
Derivative financial instruments: (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 | |||||||||
(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 January 31, 2015, our municipal obligations are scheduled to mature as follows: $6.3 in 2015, $0.5 in 2016, $1.6 in 2017, $1.1 in 2018, and the remaining $29.1 in 2019 and beyond. | ||||||||||||||||
(B) | Level 1 commodity contract and foreign currency exchange derivatives are valued using quoted market prices for identical instruments in active markets. Level 2 commodity contract and foreign currency 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 12: 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 8: Debt and Financing Arrangements. | ||||||||||||||||
Income_Taxes
Income Taxes | 9 Months Ended |
Jan. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 14: Income Taxes |
During the three-month and nine-month period ended January 31, 2015, the effective income tax rate varied from the U.S. statutory income tax rate primarily due to the domestic manufacturing deduction, partially offset by state income taxes. | |
Within the next 12 months, it is reasonably possible that we could decrease our unrecognized tax benefits by an additional $0.4, primarily as a result of expiring statute of limitations periods. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income Loss | 9 Months Ended | ||||||||||||||||||||
Jan. 31, 2015 | |||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | Note 15: Accumulated Other Comprehensive Loss | ||||||||||||||||||||
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. | |||||||||||||||||||||
Unrealized | |||||||||||||||||||||
Foreign | Gain (Loss) | Pension and | Unrealized Gain | Accumulated | |||||||||||||||||
Currency | on Cash Flow | Other | on Available- | Other | |||||||||||||||||
Translation | Hedging | Postretirement | for-Sale | Comprehensive | |||||||||||||||||
Adjustment | Derivatives (A) | Liabilities (B) | Securities | Loss | |||||||||||||||||
Balance at May 1, 2014 | $ | 31.7 | $ | 15.3 | $ | -102 | $ | 3.4 | $ | -51.6 | |||||||||||
Reclassification adjustments | — | -28 | 10.6 | — | -17.4 | ||||||||||||||||
Current period (charge) credit | -49.6 | — | 1.7 | 1.4 | -46.5 | ||||||||||||||||
Income tax benefit (expense) | — | 10.4 | -3.9 | -0.5 | 6 | ||||||||||||||||
Balance at January 31, 2015 | $ | -17.9 | $ | -2.3 | $ | -93.6 | $ | 4.3 | $ | -109.5 | |||||||||||
Unrealized | |||||||||||||||||||||
Foreign | Loss on | Pension and | Unrealized | Accumulated | |||||||||||||||||
Currency | Cash Flow | Other | Gain on | Other | |||||||||||||||||
Translation | Hedging | Postretirement | Available- for- | Comprehensive | |||||||||||||||||
Adjustment | Derivatives (A) | Liabilities (B) | Sale Securities | Loss | |||||||||||||||||
Balance at May 1, 2013 | $ | 61.5 | $ | -11.2 | $ | -131.4 | $ | 4.5 | $ | -76.6 | |||||||||||
Reclassification adjustments | — | 18.8 | 8.9 | — | 27.7 | ||||||||||||||||
Current period (charge) credit | -30.6 | -6.1 | -2.2 | 0.9 | -38 | ||||||||||||||||
Income tax expense | — | -4.6 | -2.5 | -0.3 | -7.4 | ||||||||||||||||
Balance at January 31, 2014 | $ | 30.9 | $ | -3.1 | $ | -127.2 | $ | 5.1 | $ | -94.3 | |||||||||||
(A) | Of the total gains and losses reclassified from accumulated other comprehensive loss, $28.4 of income and $18.4 of expense was reclassified to cost of products sold related to commodity derivatives for the nine months ended January 31, 2015 and 2014, respectively. Of the total gains and losses reclassified from accumulated other comprehensive loss, $0.4 of expense was reclassified to interest expense related to the interest rate swap terminated in October 2011 for the nine months ended January 31, 2015 and 2014. | ||||||||||||||||||||
(B) | Amortization of net losses was reclassified from accumulated other comprehensive loss to selling, distribution, and administrative expenses. | ||||||||||||||||||||
Guarantor_and_NonGuarantor_Fin
Guarantor and Non-Guarantor Financial Information | 9 Months Ended | ||||||||||||||||||||
Jan. 31, 2015 | |||||||||||||||||||||
Guarantor and Non - Guarantor Financial Information [Abstract] | |||||||||||||||||||||
Guarantor and Non-Guarantor Financial Information | Note 16: Guarantor and Non-Guarantor Financial Information | ||||||||||||||||||||
Our 3.50 percent Senior Notes due October 15, 2021, are fully and unconditionally guaranteed, on a joint and several basis, by J.M. Smucker LLC and The Folgers Coffee Company (the “subsidiary guarantors”), which are 100 percent wholly-owned subsidiaries of the Company. A subsidiary guarantor will be released from its obligations under the indenture governing the notes (a) if we exercise our legal or covenant defeasance option or if our obligations under the indenture are discharged in accordance with the terms of the indenture or (b) upon delivery of an officer’s certificate to the trustee that the subsidiary guarantor does not guarantee our obligations under any of our other primary senior indebtedness and that any other guarantees of such primary senior indebtedness of the subsidiary guarantor have been released other than through discharges as a result of payment by such guarantor on such guarantees. | |||||||||||||||||||||
Condensed consolidating financial statements for the Company, the subsidiary guarantors, and the other subsidiaries of the Company that are not guaranteeing the indebtedness under the 3.50 percent Senior Notes (the “non-guarantor subsidiaries”) are provided below. The principal elimination entries relate to investments in subsidiaries and intercompany balances and transactions, including transactions with our 100 percent wholly-owned subsidiary guarantors and non-guarantor subsidiaries. We have accounted for investments in subsidiaries using the equity method. | |||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME | |||||||||||||||||||||
Three Months Ended January 31, 2015 | |||||||||||||||||||||
The J.M. Smucker | Subsidiary | Non-Guarantor | |||||||||||||||||||
Company (Parent) | Guarantors | Subsidiaries | Eliminations | Consolidated | |||||||||||||||||
Net sales | $ | 773.4 | $ | 281.9 | $ | 1,680.20 | $ | -1,295.50 | $ | 1,440.00 | |||||||||||
Cost of products sold | 604.8 | 256.2 | 1,355.70 | -1,299.60 | 917.1 | ||||||||||||||||
Gross Profit | 168.6 | 25.7 | 324.5 | 4.1 | 522.9 | ||||||||||||||||
Selling, distribution, and administrative expenses and other special project costs | 53.2 | 12.8 | 177.2 | — | 243.2 | ||||||||||||||||
Amortization | 1.1 | — | 24 | 0.1 | 25.2 | ||||||||||||||||
Other operating expense (income) – net | 0.5 | -1.2 | 0.1 | — | -0.6 | ||||||||||||||||
Operating Income | 113.8 | 14.1 | 123.2 | 4 | 255.1 | ||||||||||||||||
Interest (expense) income – net | -17 | 0.3 | -0.1 | — | -16.8 | ||||||||||||||||
Other income (expense) – net | 0.2 | 0.1 | -0.2 | — | 0.1 | ||||||||||||||||
Equity in net earnings of subsidiaries | 95.9 | 29.4 | 14.3 | -139.6 | — | ||||||||||||||||
Income Before Income Taxes | 192.9 | 43.9 | 137.2 | -135.6 | 238.4 | ||||||||||||||||
Income taxes | 32 | 0.1 | 45.4 | — | 77.5 | ||||||||||||||||
Net Income | $ | 160.9 | $ | 43.8 | $ | 91.8 | $ | -135.6 | $ | 160.9 | |||||||||||
Other comprehensive (loss) income, net of tax | -35.3 | -5 | -36.9 | 41.9 | -35.3 | ||||||||||||||||
Comprehensive Income | $ | 125.6 | $ | 38.8 | $ | 54.9 | $ | -93.7 | $ | 125.6 | |||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME | |||||||||||||||||||||
Three Months Ended January 31, 2014 | |||||||||||||||||||||
The J.M. Smucker | Subsidiary | Non-Guarantor | |||||||||||||||||||
Company (Parent) | Guarantors | Subsidiaries | Eliminations | Consolidated | |||||||||||||||||
Net sales | $ | 791.4 | $ | 311.1 | $ | 1,720.90 | $ | -1,357.90 | $ | 1,465.50 | |||||||||||
Cost of products sold | 632.7 | 282.6 | 1,372.00 | -1,367.00 | 920.3 | ||||||||||||||||
Gross Profit | 158.7 | 28.5 | 348.9 | 9.1 | 545.2 | ||||||||||||||||
Selling, distribution, and administrative expenses and other special project costs | 47.7 | 12.5 | 197.2 | — | 257.4 | ||||||||||||||||
Amortization | 1.1 | — | 23.8 | — | 24.9 | ||||||||||||||||
Other operating expense (income) – net | 0.1 | 0.3 | -1 | — | -0.6 | ||||||||||||||||
Operating Income | 109.8 | 15.7 | 128.9 | 9.1 | 263.5 | ||||||||||||||||
Interest (expense) income – net | -18.8 | 0.3 | 0.1 | — | -18.4 | ||||||||||||||||
Other income – net | 1.3 | 0.1 | — | — | 1.4 | ||||||||||||||||
Equity in net earnings of subsidiaries | 105.8 | 37.3 | 15.7 | -158.8 | — | ||||||||||||||||
Income Before Income Taxes | 198.1 | 53.4 | 144.7 | -149.7 | 246.5 | ||||||||||||||||
Income taxes | 31.4 | 0.1 | 48.3 | — | 79.8 | ||||||||||||||||
Net Income | $ | 166.7 | $ | 53.3 | $ | 96.4 | $ | -149.7 | $ | 166.7 | |||||||||||
Other comprehensive (loss) income, net of tax | -11.3 | 2.5 | -13.5 | 11 | -11.3 | ||||||||||||||||
Comprehensive Income | $ | 155.4 | $ | 55.8 | $ | 82.9 | $ | -138.7 | $ | 155.4 | |||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME | |||||||||||||||||||||
Nine Months Ended January 31, 2015 | |||||||||||||||||||||
The J.M. Smucker | Subsidiary | Non-Guarantor | |||||||||||||||||||
Company (Parent) | Guarantors | Subsidiaries | Eliminations | Consolidated | |||||||||||||||||
Net sales | $ | 2,285.10 | $ | 918.7 | $ | 4,983.60 | $ | -3,941.80 | $ | 4,245.60 | |||||||||||
Cost of products sold | 1,837.60 | 832.8 | 3,981.50 | -3,944.40 | 2,707.50 | ||||||||||||||||
Gross Profit | 447.5 | 85.9 | 1,002.10 | 2.6 | 1,538.10 | ||||||||||||||||
Selling, distribution, and administrative expenses and other special project costs | 156.5 | 39 | 564.9 | — | 760.4 | ||||||||||||||||
Amortization | 3.2 | — | 72 | 0.1 | 75.3 | ||||||||||||||||
Other operating expense – net | 0.2 | 0.7 | — | — | 0.9 | ||||||||||||||||
Operating Income | 287.6 | 46.2 | 365.2 | 2.5 | 701.5 | ||||||||||||||||
Interest (expense) income – net | -51 | 0.9 | -0.3 | — | -50.4 | ||||||||||||||||
Other income (expense) – net | 1.7 | 0.1 | -0.1 | — | 1.7 | ||||||||||||||||
Equity in net earnings of subsidiaries | 277.7 | 103.8 | 46.4 | -427.9 | — | ||||||||||||||||
Income Before Income Taxes | 516 | 151 | 411.2 | -425.4 | 652.8 | ||||||||||||||||
Income taxes | 80.8 | 0.3 | 136.5 | — | 217.6 | ||||||||||||||||
Net Income | $ | 435.2 | $ | 150.7 | $ | 274.7 | $ | -425.4 | $ | 435.2 | |||||||||||
Other comprehensive (loss) income, net of tax | -57.9 | -15.8 | -62.7 | 78.5 | -57.9 | ||||||||||||||||
Comprehensive Income | $ | 377.3 | $ | 134.9 | $ | 212 | $ | -346.9 | $ | 377.3 | |||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME | |||||||||||||||||||||
Nine Months Ended January 31, 2014 | |||||||||||||||||||||
The J.M. Smucker | Subsidiary | Non-Guarantor | |||||||||||||||||||
Company (Parent) | Guarantors | Subsidiaries | Eliminations | Consolidated | |||||||||||||||||
Net sales | $ | 2,380.00 | $ | 992 | $ | 5,169.50 | $ | -4,165.20 | $ | 4,376.30 | |||||||||||
Cost of products sold | 1,925.70 | 905.8 | 4,116.90 | -4,162.80 | 2,785.60 | ||||||||||||||||
Gross Profit | 454.3 | 86.2 | 1,052.60 | -2.4 | 1,590.70 | ||||||||||||||||
Selling, distribution, and administrative expenses and other special project costs | 151.7 | 35.8 | 603.1 | — | 790.6 | ||||||||||||||||
Amortization | 3.2 | — | 70.9 | — | 74.1 | ||||||||||||||||
Other operating (income) expense – net | -1.3 | 0.4 | -0.7 | — | -1.6 | ||||||||||||||||
Operating Income | 300.7 | 50 | 379.3 | -2.4 | 727.6 | ||||||||||||||||
Interest (expense) income – net | (63.2 | 0.9 | -0.4 | — | -62.7 | ||||||||||||||||
Other income (expense) – net | 1.3 | -0.1 | -0.1 | — | 1.1 | ||||||||||||||||
Equity in net earnings of subsidiaries | 283.9 | 109.5 | 49.8 | -443.2 | — | ||||||||||||||||
Income Before Income Taxes | 522.7 | 160.3 | 428.6 | -445.6 | 666 | ||||||||||||||||
Income taxes | 76 | 0.3 | 143 | — | 219.3 | ||||||||||||||||
Net Income | $ | 446.7 | $ | 160 | $ | 285.6 | $ | -445.6 | $ | 446.7 | |||||||||||
Other comprehensive (loss) income, net of tax | -17.7 | 7.6 | -22 | 14.4 | -17.7 | ||||||||||||||||
Comprehensive Income | $ | 429 | $ | 167.6 | $ | 263.6 | $ | -431.2 | $ | 429 | |||||||||||
CONDENSED CONSOLIDATING BALANCE SHEETS | |||||||||||||||||||||
January 31, 2015 | |||||||||||||||||||||
The J.M. Smucker | Subsidiary | Non-Guarantor | |||||||||||||||||||
Company (Parent) | Guarantors | Subsidiaries | Eliminations | Consolidated | |||||||||||||||||
ASSETS | |||||||||||||||||||||
Current Assets | |||||||||||||||||||||
Cash and cash equivalents | 12.3 | — | 99.4 | — | 111.7 | ||||||||||||||||
Inventories | — | 166.8 | 774.9 | 2.5 | 944.2 | ||||||||||||||||
Other current assets | 392 | 8.4 | 71.4 | -12.1 | 459.7 | ||||||||||||||||
Total Current Assets | 404.3 | 175.2 | 945.7 | -9.6 | 1,515.60 | ||||||||||||||||
Property, Plant, and Equipment – Net | 248.4 | 584 | 490.9 | — | 1,323.30 | ||||||||||||||||
Investments in Subsidiaries | 8,663.50 | 4,152.40 | 268.4 | -13,084.30 | — | ||||||||||||||||
Intercompany Receivable | — | 311.3 | 1,353.40 | -1,664.70 | — | ||||||||||||||||
Other Noncurrent Assets | |||||||||||||||||||||
Goodwill | 1,082.00 | — | 2,052.90 | — | 3,134.90 | ||||||||||||||||
Other intangible assets – net | 502.2 | — | 2,471.70 | — | 2,973.90 | ||||||||||||||||
Other noncurrent assets | 71.1 | 10.6 | 66.2 | — | 147.9 | ||||||||||||||||
Total Other Noncurrent Assets | 1,655.30 | 10.6 | 4,590.80 | — | 6,256.70 | ||||||||||||||||
Total Assets | 10,971.50 | 5,233.50 | 7,649.20 | -14,758.60 | 9,095.60 | ||||||||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||||||||||||
Current Liabilities | 490.6 | 78.2 | 153.5 | -12.2 | 710.1 | ||||||||||||||||
Noncurrent Liabilities | |||||||||||||||||||||
Long-term debt | 1,891.80 | — | — | — | 1,891.80 | ||||||||||||||||
Deferred income taxes | 110.4 | — | 915.2 | — | 1,025.60 | ||||||||||||||||
Intercompany payable | 3,033.20 | — | — | -3,033.20 | — | ||||||||||||||||
Other noncurrent liabilities | 221.3 | 12.7 | 9.9 | — | 243.9 | ||||||||||||||||
Total Noncurrent Liabilities | 5,256.70 | 12.7 | 925.1 | -3,033.20 | 3,161.30 | ||||||||||||||||
Total Liabilities | 5,747.30 | 90.9 | 1,078.60 | -3,045.40 | 3,871.40 | ||||||||||||||||
Total Shareholders’ Equity | 5,224.20 | 5,142.60 | 6,570.60 | -11,713.20 | 5,224.20 | ||||||||||||||||
Total Liabilities and Shareholders’ Equity | 10,971.50 | 5,233.50 | 7,649.20 | -14,758.60 | 9,095.60 | ||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEETS | |||||||||||||||||||||
April 30, 2014 | |||||||||||||||||||||
The J.M. Smucker | Subsidiary | Non-Guarantor | |||||||||||||||||||
Company (Parent) | Guarantors | Subsidiaries | Eliminations | Consolidated | |||||||||||||||||
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 STATEMENTS OF CASH FLOWS | |||||||||||||||||||||
Nine Months Ended January 31, 2015 | |||||||||||||||||||||
The J.M. Smucker | Subsidiary | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||
Company (Parent) | Guarantors | Subsidiaries | |||||||||||||||||||
Net Cash Provided by Operating Activities | $ | 162.7 | $ | 70.4 | $ | 278.5 | $ | — | $ | 511.6 | |||||||||||
Investing Activities | |||||||||||||||||||||
Businesses acquired, net of cash acquired | — | — | -80.5 | — | -80.5 | ||||||||||||||||
Additions to property, plant, and equipment | -36 | -68.9 | -57.2 | — | -162.1 | ||||||||||||||||
Equity investments in subsidiaries | -83.1 | — | — | 83.1 | — | ||||||||||||||||
Proceeds from disposal of property, plant, and equipment | — | 1.1 | 0.5 | — | 1.6 | ||||||||||||||||
Repayments from (Disbursements of) intercompany loans | — | 4.2 | -244.5 | 240.3 | — | ||||||||||||||||
Other – net | — | -6.8 | -5.2 | — | -12 | ||||||||||||||||
Net Cash (Used for) Provided by Investing Activities | -119.1 | -70.4 | -386.9 | 323.4 | -253 | ||||||||||||||||
Financing Activities | |||||||||||||||||||||
Revolving credit facility – net | 15.6 | — | — | — | 15.6 | ||||||||||||||||
Repayments of long-term debt | -100 | — | — | — | -100 | ||||||||||||||||
Quarterly dividends paid | -189 | — | — | — | -189 | ||||||||||||||||
Purchase of treasury shares | -15.3 | — | — | — | -15.3 | ||||||||||||||||
Proceeds from stock option exercises | 0.8 | — | — | — | 0.8 | ||||||||||||||||
Investments in subsidiaries | — | — | 83.1 | -83.1 | — | ||||||||||||||||
Intercompany payable | 240.3 | — | — | -240.3 | — | ||||||||||||||||
Other – net | 9.5 | — | — | — | 9.5 | ||||||||||||||||
Net Cash (Used for) Provided by Financing Activities | -38.1 | — | 83.1 | (323.4 | -278.4 | ||||||||||||||||
Effect of exchange rate changes on cash | — | — | -22 | — | -22 | ||||||||||||||||
Net increase (decrease) in cash and cash equivalents | 5.5 | — | -47.3 | — | -41.8 | ||||||||||||||||
Cash and cash equivalents at beginning of period | 6.8 | — | 146.7 | — | 153.5 | ||||||||||||||||
Cash and Cash Equivalents at End of Period | $ | 12.3 | $ | — | $ | 99.4 | — | $ | 111.7 | ||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS | |||||||||||||||||||||
Nine Months Ended January 31, 2014 | |||||||||||||||||||||
The J.M. Smucker | Subsidiary | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||
Company (Parent) | Guarantors | Subsidiaries | |||||||||||||||||||
Net Cash Provided by Operating Activities | $ | 171.2 | $ | 61 | $ | 356.9 | $ | — | $ | 589.1 | |||||||||||
Investing Activities | |||||||||||||||||||||
Businesses acquired, net of cash acquired | — | — | -101.8 | — | -101.8 | ||||||||||||||||
Additions to property, plant, and equipment | -20 | -83.8 | -45.1 | — | -148.9 | ||||||||||||||||
Equity investments in subsidiaries | -101.8 | — | — | 101.8 | — | ||||||||||||||||
Proceeds from disposal of property, plant, and equipment | — | 0.5 | 1.3 | — | 1.8 | ||||||||||||||||
Repayments from (disbursements of) intercompany loans | — | 23.3 | -285 | 261.7 | — | ||||||||||||||||
Other – net | -3.4 | -1 | -3.9 | — | -8.3 | ||||||||||||||||
Net Cash (Used for) Provided by Investing Activities | -125.2 | -61 | -434.5 | 363.5 | -257.2 | ||||||||||||||||
Financing Activities | |||||||||||||||||||||
Quarterly dividends paid | -177.4 | — | — | — | -177.4 | ||||||||||||||||
Purchase of treasury shares | -227 | — | — | — | -227 | ||||||||||||||||
Proceeds from stock option exercises | 0.4 | — | — | — | 0.4 | ||||||||||||||||
Investments in subsidiaries | — | — | 101.8 | -101.8 | — | ||||||||||||||||
Intercompany payable | 261.7 | — | — | -261.7 | — | ||||||||||||||||
Other – net | 6.6 | — | -7.8 | — | -1.2 | ||||||||||||||||
Net Cash (Used for) Provided by Financing Activities | -135.7 | — | 94 | -363.5 | -405.2 | ||||||||||||||||
Effect of exchange rate changes | — | — | -14.5 | — | -14.5 | ||||||||||||||||
Net (decrease) increase in cash and cash equivalents | -89.7 | — | 1.9 | — | -87.8 | ||||||||||||||||
Cash and cash equivalents at beginning of period | 108 | — | 148.4 | — | 256.4 | ||||||||||||||||
Cash and Cash Equivalents at End of Period | $ | 18.3 | $ | — | $ | 150.3 | $ | — | $ | 168.6 | |||||||||||
Restructuring_Tables
Restructuring (Tables) | 9 Months Ended | ||||||||||||||||||||||||
Jan. 31, 2015 | |||||||||||||||||||||||||
Restructuring [Abstract] | |||||||||||||||||||||||||
Restructuring and related charges | |||||||||||||||||||||||||
Long-Lived | Site Preparation | ||||||||||||||||||||||||
Asset | Employee | and Equipment | Production | ||||||||||||||||||||||
Charges | Separation | Relocation | Start-up | Other Costs | Total | ||||||||||||||||||||
Total expected restructuring charge | $ | 102.8 | $ | 63.8 | $ | 45.4 | $ | 42.8 | $ | 10.2 | $ | 265 | |||||||||||||
Balance at May 1, 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 | |||||||||||||
Charge to expense | 0.1 | 0.5 | 3.1 | 5.1 | 0.3 | 9.1 | |||||||||||||||||||
Cash payments | — | -1.5 | -3.1 | -5.1 | -0.3 | -10 | |||||||||||||||||||
Noncash utilization | -0.1 | — | — | — | — | -0.1 | |||||||||||||||||||
Balance at January 31, 2015 | $ | — | $ | 0.7 | $ | — | $ | — | $ | — | $ | 0.7 | |||||||||||||
Remaining expected restructuring charge | $ | 0.1 | $ | — | $ | 2.1 | $ | 3.9 | $ | 1.4 | $ | 7.5 | |||||||||||||
Common_Shares_Tables
Common Shares (Tables) | 9 Months Ended | ||||||||
Jan. 31, 2015 | |||||||||
Common Shares [Abstract] | |||||||||
Common Shares Information | |||||||||
January 31, 2015 | April 30, 2014 | ||||||||
Common shares authorized | 300,000,000 | 300,000,000 | |||||||
Common shares outstanding | 101,763,058 | 101,697,400 | |||||||
Treasury shares | 26,842,107 | 26,907,765 | |||||||
Reportable_Segments_Tables
Reportable Segments (Tables) | 9 Months Ended | ||||||||||||||||
Jan. 31, 2015 | |||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||
Income and assets by segment | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
January 31, | January 31, | ||||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||||
Net sales: | |||||||||||||||||
U.S. Retail Coffee | $ | 571.8 | $ | 578.9 | $ | 1,607.50 | $ | 1,688.20 | |||||||||
U.S. Retail Consumer Foods | 549.5 | 557.8 | 1,677.30 | 1,706.80 | |||||||||||||
International, Foodservice, and Natural Foods | 318.7 | 328.8 | 960.8 | 981.3 | |||||||||||||
Total net sales | $ | 1,440.00 | $ | 1,465.50 | $ | 4,245.60 | $ | 4,376.30 | |||||||||
Segment profit: | |||||||||||||||||
U.S. Retail Coffee | $ | 150.5 | $ | 181.1 | $ | 439.3 | $ | 504.3 | |||||||||
U.S. Retail Consumer Foods | 114.4 | 105 | 345.6 | 301.2 | |||||||||||||
International, Foodservice, and Natural Foods | 48 | 42.6 | 128.6 | 133.1 | |||||||||||||
Total segment profit | $ | 312.9 | $ | 328.7 | $ | 913.5 | $ | 938.6 | |||||||||
Interest expense – net | -16.8 | -18.4 | -50.4 | -62.7 | |||||||||||||
Unallocated derivative gains (losses) (A) | 13.4 | 4 | -0.4 | 7.1 | |||||||||||||
Cost of products sold – special project costs | -0.4 | -2.9 | -1.1 | -6.7 | |||||||||||||
Other special project costs | -5.9 | -7.1 | -17.3 | -19.8 | |||||||||||||
Corporate administrative expenses | -64.9 | -59.2 | -193.2 | -191.6 | |||||||||||||
Other income – net | 0.1 | 1.4 | 1.7 | 1.1 | |||||||||||||
Income before income taxes | $ | 238.4 | $ | 246.5 | $ | 652.8 | $ | 666 | |||||||||
(A) | As of January 31, 2015, the cumulative amount of net derivative gains from economic hedges that has not yet been allocated to segment profit was $3.7, including net gains of $4.1 incurred prior to 2015. For additional information, see Note 12: Derivative Financial Instruments. | ||||||||||||||||
Debt_and_Financing_Arrangement1
Debt and Financing Arrangements (Tables) | 9 Months Ended | ||||||||
Jan. 31, 2015 | |||||||||
Debt and Financing Arrangements [Abstract] | |||||||||
Long-term debt | |||||||||
January 31, 2015 | April 30, 2014 | ||||||||
4.78% Senior Notes due June 1, 2014 | $ | — | $ | 100 | |||||
6.12% Senior Notes due November 1, 2015 | 24 | 24 | |||||||
6.63% Senior Notes due November 1, 2018 | 389.6 | 392 | |||||||
3.50% Senior Notes due October 15, 2021 | 802.2 | 763.8 | |||||||
5.55% Senior Notes due April 1, 2022 | 300 | 300 | |||||||
4.50% Senior Notes due June 1, 2025 | 400 | 400 | |||||||
Total long-term debt | $ | 1,915.80 | $ | 1,979.80 | |||||
Current portion of long-term debt | 24 | 100 | |||||||
Total long-term debt, less current portion | $ | 1,891.80 | $ | 1,879.80 | |||||
Earnings_per_Share_Tables
Earnings per Share (Tables) | 9 Months Ended | ||||||||||||||||
Jan. 31, 2015 | |||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||
Computation of earnings per common share, basic and diluted | |||||||||||||||||
Three Months Ended January 31, | Nine Months Ended January 31, | ||||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||||
Net income | $ | 160.9 | $ | 166.7 | $ | 435.2 | $ | 446.7 | |||||||||
Net income allocated to participating securities | 1 | 1.2 | 2.9 | 3.5 | |||||||||||||
Net income allocated to common stockholders | $ | 159.9 | $ | 165.5 | $ | 432.3 | $ | 443.2 | |||||||||
Weighted-average common shares outstanding | 101,190,896 | 103,980,819 | 101,114,223 | 104,456,496 | |||||||||||||
Dilutive effect of stock options | 675 | 13,623 | 4,132 | 15,210 | |||||||||||||
Weighted-average common shares outstanding – assuming dilution | 101,191,571 | 103,994,442 | 101,118,355 | 104,471,706 | |||||||||||||
Net income per common share | $ | 1.58 | $ | 1.59 | $ | 4.28 | $ | 4.24 | |||||||||
Net income per common share – assuming dilution | $ | 1.58 | $ | 1.59 | $ | 4.28 | $ | 4.24 | |||||||||
Pensions_and_Other_Postretirem1
Pensions and Other Postretirement Benefits (Tables) | 9 Months Ended | ||||||||||||||||
Jan. 31, 2015 | |||||||||||||||||
Pensions and Other Postretirement Benefits [Abstract] | |||||||||||||||||
Net periodic benefit cost | |||||||||||||||||
Three Months Ended January 31, | |||||||||||||||||
Defined Benefit Pension Plans | Other Postretirement Benefits | ||||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||||
Service cost | $ | 2 | $ | 2.2 | $ | 0.6 | $ | 0.6 | |||||||||
Interest cost | 5.6 | 5.4 | 0.6 | 0.6 | |||||||||||||
Expected return on plan assets | -6.2 | -6.3 | — | — | |||||||||||||
Recognized net actuarial loss | 2.5 | 3.3 | — | — | |||||||||||||
Prior service cost (credit) | 0.2 | 0.3 | -0.3 | -0.3 | |||||||||||||
Net periodic benefit cost | $ | 4.1 | $ | 4.9 | $ | 0.9 | $ | 0.9 | |||||||||
Nine Months Ended January 31, | |||||||||||||||||
Defined Benefit Pension Plans | Other Postretirement Benefits | ||||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||||
Service cost | $ | 5.9 | $ | 6.6 | $ | 1.7 | $ | 1.7 | |||||||||
Interest cost | 17 | 16.4 | 1.8 | 1.7 | |||||||||||||
Expected return on plan assets | -18.7 | -19.1 | — | — | |||||||||||||
Recognized net actuarial loss | 7.5 | 9.9 | — | — | |||||||||||||
Prior service cost (credit) | 0.7 | 0.9 | -0.9 | -0.8 | |||||||||||||
Net periodic benefit cost | $ | 12.4 | $ | 14.7 | $ | 2.6 | $ | 2.6 | |||||||||
Derivative_Financial_Instrumen1
Derivative Financial Instruments (Tables) | 9 Months Ended | ||||||||||||||||||||||||||||
Jan. 31, 2015 | |||||||||||||||||||||||||||||
Derivative Financial Instruments [Abstract] | |||||||||||||||||||||||||||||
Fair value of derivative instruments | |||||||||||||||||||||||||||||
January 31, 2015 | April 30, 2014 | ||||||||||||||||||||||||||||
Other | Other | Other | Other | Other | Other | Other | |||||||||||||||||||||||
Current | Current | Noncurrent | Noncurrent | Current | Current | Noncurrent | |||||||||||||||||||||||
Assets | Liabilities | Assets | Liabilities | Assets | Liabilities | Liabilities | |||||||||||||||||||||||
Derivatives designated as hedging instruments: | |||||||||||||||||||||||||||||
Interest rate contract | $ | — | $ | — | $ | — | $ | — | $ | 18 | $ | — | $ | 3.1 | |||||||||||||||
Commodity contracts | — | — | — | — | 23.4 | 10.9 | — | ||||||||||||||||||||||
Total derivatives designated as hedging instruments | $ | — | $ | — | $ | — | $ | — | $ | 41.4 | $ | 10.9 | $ | 3.1 | |||||||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||||||||||||||||
Commodity contracts | $ | 4.9 | $ | 14.1 | $ | 0.1 | $ | 0.1 | $ | 11.6 | $ | 5.8 | $ | — | |||||||||||||||
Foreign currency exchange contracts | 13.1 | — | — | — | 1.4 | 0.7 | — | ||||||||||||||||||||||
Total derivatives not designated as hedging instruments | $ | 18 | $ | 14.1 | $ | 0.1 | $ | 0.1 | $ | 13 | $ | 6.5 | $ | — | |||||||||||||||
Total derivative instruments | $ | 18 | $ | 14.1 | $ | 0.1 | $ | 0.1 | $ | 54.4 | $ | 17.4 | $ | 3.1 | |||||||||||||||
Schedule of derivative instruments, gains and losses recognized | |||||||||||||||||||||||||||||
Three Months Ended January 31, | Nine Months Ended January 31, | ||||||||||||||||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||||||||||||||||
Gains (losses) recognized in other comprehensive loss (effective portion) | $ | — | $ | 4.5 | $ | — | $ | -6.1 | |||||||||||||||||||||
Gains (losses) reclassified from accumulated other comprehensive loss to cost of products sold (effective portion) | 9.6 | -5.7 | 28.4 | (18.4 | |||||||||||||||||||||||||
Losses reclassified from accumulated other comprehensive loss to interest expense (effective portion) | -0.1 | -0.1 | -0.4 | -0.4 | |||||||||||||||||||||||||
Change in accumulated other comprehensive loss | $ | -9.5 | $ | 10.3 | $ | -28 | $ | 12.7 | |||||||||||||||||||||
Net gains and losses recognized in cost of products sold on derivatives not designated as hedging instruments | |||||||||||||||||||||||||||||
Three Months Ended January 31, | Nine Months Ended January 31, | ||||||||||||||||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||||||||||||||||
(Losses) gains on commodity contracts | $ | -13.9 | $ | 0.9 | -34.3 | $ | -2.2 | ||||||||||||||||||||||
Gains on foreign currency exchange contracts | 11.7 | 2.9 | 14.1 | 4.8 | |||||||||||||||||||||||||
Total (losses) gains recognized in cost of products sold | $ | -2.2 | $ | 3.8 | $ | -20.2 | $ | 2.6 | |||||||||||||||||||||
Schedule of unallocated derivative (losses) gains | |||||||||||||||||||||||||||||
Three Months Ended January 31, | Nine Months Ended January 31, | ||||||||||||||||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||||||||||||||||
Net (losses) gains on mark-to-market valuation of unallocated derivative positions | $ | -2.2 | $ | 3.8 | $ | -20.2 | $ | 2.6 | |||||||||||||||||||||
Net losses on derivative positions reclassified to segment operating profit | 15.6 | 0.2 | 19.8 | 4.5 | |||||||||||||||||||||||||
Net mark-to-market valuation of certain derivative positions recognized in unallocated derivative gains (losses) | $ | 13.4 | $ | 4 | $ | -0.4 | $ | 7.1 | |||||||||||||||||||||
Outstanding derivative contracts | |||||||||||||||||||||||||||||
January 31, 2015 | April 30, 2014 | ||||||||||||||||||||||||||||
Commodity contracts | $ | 423.8 | $ | 790.3 | |||||||||||||||||||||||||
Foreign currency exchange contracts | 118.5 | 158.1 | |||||||||||||||||||||||||||
Interest rate contract | — | 750 | |||||||||||||||||||||||||||
Other_Financial_Instruments_an1
Other Financial Instruments and Fair Value Measurements (Tables) | 9 Months Ended | ||||||||||||||||
Jan. 31, 2015 | |||||||||||||||||
Other Financial Instruments and Fair Value Measurements [Abstract] | |||||||||||||||||
Carrying amount and fair value of financial instruments | |||||||||||||||||
January 31, 2015 | April 30, 2014 | ||||||||||||||||
Carrying | Fair Value | Carrying | Fair Value | ||||||||||||||
Amount | Amount | ||||||||||||||||
Other investments | $ | 55.8 | $ | 55.8 | $ | 55.4 | $ | 55.4 | |||||||||
Derivative financial instruments – net | 3.9 | 3.9 | 33.9 | 33.9 | |||||||||||||
Long-term debt | -1,915.80 | -2,135.70 | -1,979.80 | -2,239.10 | |||||||||||||
Financial assets (liabilities) measured at fair value on a recurring basis | |||||||||||||||||
Quoted Prices in | Significant | Significant | |||||||||||||||
Active Markets for | Observable | Unobservable | Fair Value at | ||||||||||||||
Identical Assets | Inputs | Inputs | January 31, | ||||||||||||||
(Level 1) | (Level 2) | (Level 3) | 2015 | ||||||||||||||
Other investments: (A) | |||||||||||||||||
Equity mutual funds | $ | 13.2 | $ | — | $ | — | $ | 13.2 | |||||||||
Municipal obligations | — | 38.6 | — | 38.6 | |||||||||||||
Money market funds | 4 | — | — | 4 | |||||||||||||
Derivative financial instruments: (B) | |||||||||||||||||
Commodity contracts – net | -8.2 | -1 | — | -9.2 | |||||||||||||
Foreign currency exchange contracts – net | 0.3 | 12.8 | — | 13.1 | |||||||||||||
Long-term debt (C) | -792.1 | -1,343.60 | — | -2,135.70 | |||||||||||||
Total financial instruments measured at fair value | $ | -782.8 | $ | -1,293.20 | $ | — | $ | -2,076.00 | |||||||||
Quoted Prices in | Significant | Significant | |||||||||||||||
Active Markets for | Observable | Unobservable | Fair Value at | ||||||||||||||
Identical Assets | Inputs | Inputs | April 30, | ||||||||||||||
(Level 1) | (Level 2) | (Level 3) | 2014 | ||||||||||||||
Other investments: (A) | |||||||||||||||||
Equity mutual funds | $ | 12 | $ | — | $ | — | $ | 12 | |||||||||
Municipal obligations | — | 34.4 | — | 34.4 | |||||||||||||
Money market funds | 9 | — | — | 9 | |||||||||||||
Derivative financial instruments: (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 | |||||||||
(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 January 31, 2015, our municipal obligations are scheduled to mature as follows: $6.3 in 2015, $0.5 in 2016, $1.6 in 2017, $1.1 in 2018, and the remaining $29.1 in 2019 and beyond. | ||||||||||||||||
(B) | Level 1 commodity contract and foreign currency exchange derivatives are valued using quoted market prices for identical instruments in active markets. Level 2 commodity contract and foreign currency 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 12: 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 8: Debt and Financing Arrangements. | ||||||||||||||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income Loss (Tables) | 9 Months Ended | ||||||||||||||||||||
Jan. 31, 2015 | |||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||||||||||||||||||
Components of accumulated other comprehensive income (loss) | Unrealized | ||||||||||||||||||||
Foreign | Gain (Loss) | Pension and | Unrealized Gain | Accumulated | |||||||||||||||||
Currency | on Cash Flow | Other | on Available- | Other | |||||||||||||||||
Translation | Hedging | Postretirement | for-Sale | Comprehensive | |||||||||||||||||
Adjustment | Derivatives (A) | Liabilities (B) | Securities | Loss | |||||||||||||||||
Balance at May 1, 2014 | $ | 31.7 | $ | 15.3 | $ | -102 | $ | 3.4 | $ | -51.6 | |||||||||||
Reclassification adjustments | — | -28 | 10.6 | — | -17.4 | ||||||||||||||||
Current period (charge) credit | -49.6 | — | 1.7 | 1.4 | -46.5 | ||||||||||||||||
Income tax benefit (expense) | — | 10.4 | -3.9 | -0.5 | 6 | ||||||||||||||||
Balance at January 31, 2015 | $ | -17.9 | $ | -2.3 | $ | -93.6 | $ | 4.3 | $ | -109.5 | |||||||||||
Unrealized | |||||||||||||||||||||
Foreign | Loss on | Pension and | Unrealized | Accumulated | |||||||||||||||||
Currency | Cash Flow | Other | Gain on | Other | |||||||||||||||||
Translation | Hedging | Postretirement | Available- for- | Comprehensive | |||||||||||||||||
Adjustment | Derivatives (A) | Liabilities (B) | Sale Securities | Loss | |||||||||||||||||
Balance at May 1, 2013 | $ | 61.5 | $ | -11.2 | $ | -131.4 | $ | 4.5 | $ | -76.6 | |||||||||||
Reclassification adjustments | — | 18.8 | 8.9 | — | 27.7 | ||||||||||||||||
Current period (charge) credit | -30.6 | -6.1 | -2.2 | 0.9 | -38 | ||||||||||||||||
Income tax expense | — | -4.6 | -2.5 | -0.3 | -7.4 | ||||||||||||||||
Balance at January 31, 2014 | $ | 30.9 | $ | -3.1 | $ | -127.2 | $ | 5.1 | $ | -94.3 | |||||||||||
(A) | Of the total gains and losses reclassified from accumulated other comprehensive loss, $28.4 of income and $18.4 of expense was reclassified to cost of products sold related to commodity derivatives for the nine months ended January 31, 2015 and 2014, respectively. Of the total gains and losses reclassified from accumulated other comprehensive loss, $0.4 of expense was reclassified to interest expense related to the interest rate swap terminated in October 2011 for the nine months ended January 31, 2015 and 2014. | ||||||||||||||||||||
(B) | Amortization of net losses was reclassified from accumulated other comprehensive loss to selling, distribution, and administrative expenses. | ||||||||||||||||||||
Guarantor_and_NonGuarantor_Fin1
Guarantor and Non-Guarantor Financial Information (Tables) | 9 Months Ended | ||||||||||||||||||||
Jan. 31, 2015 | |||||||||||||||||||||
Guarantor and Non - Guarantor Financial Information [Abstract] | |||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME | CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME | ||||||||||||||||||||
Three Months Ended January 31, 2015 | |||||||||||||||||||||
The J.M. Smucker | Subsidiary | Non-Guarantor | |||||||||||||||||||
Company (Parent) | Guarantors | Subsidiaries | Eliminations | Consolidated | |||||||||||||||||
Net sales | $ | 773.4 | $ | 281.9 | $ | 1,680.20 | $ | -1,295.50 | $ | 1,440.00 | |||||||||||
Cost of products sold | 604.8 | 256.2 | 1,355.70 | -1,299.60 | 917.1 | ||||||||||||||||
Gross Profit | 168.6 | 25.7 | 324.5 | 4.1 | 522.9 | ||||||||||||||||
Selling, distribution, and administrative expenses and other special project costs | 53.2 | 12.8 | 177.2 | — | 243.2 | ||||||||||||||||
Amortization | 1.1 | — | 24 | 0.1 | 25.2 | ||||||||||||||||
Other operating expense (income) – net | 0.5 | -1.2 | 0.1 | — | -0.6 | ||||||||||||||||
Operating Income | 113.8 | 14.1 | 123.2 | 4 | 255.1 | ||||||||||||||||
Interest (expense) income – net | -17 | 0.3 | -0.1 | — | -16.8 | ||||||||||||||||
Other income (expense) – net | 0.2 | 0.1 | -0.2 | — | 0.1 | ||||||||||||||||
Equity in net earnings of subsidiaries | 95.9 | 29.4 | 14.3 | -139.6 | — | ||||||||||||||||
Income Before Income Taxes | 192.9 | 43.9 | 137.2 | -135.6 | 238.4 | ||||||||||||||||
Income taxes | 32 | 0.1 | 45.4 | — | 77.5 | ||||||||||||||||
Net Income | $ | 160.9 | $ | 43.8 | $ | 91.8 | $ | -135.6 | $ | 160.9 | |||||||||||
Other comprehensive (loss) income, net of tax | -35.3 | -5 | -36.9 | 41.9 | -35.3 | ||||||||||||||||
Comprehensive Income | $ | 125.6 | $ | 38.8 | $ | 54.9 | $ | -93.7 | $ | 125.6 | |||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME | |||||||||||||||||||||
Three Months Ended January 31, 2014 | |||||||||||||||||||||
The J.M. Smucker | Subsidiary | Non-Guarantor | |||||||||||||||||||
Company (Parent) | Guarantors | Subsidiaries | Eliminations | Consolidated | |||||||||||||||||
Net sales | $ | 791.4 | $ | 311.1 | $ | 1,720.90 | $ | -1,357.90 | $ | 1,465.50 | |||||||||||
Cost of products sold | 632.7 | 282.6 | 1,372.00 | -1,367.00 | 920.3 | ||||||||||||||||
Gross Profit | 158.7 | 28.5 | 348.9 | 9.1 | 545.2 | ||||||||||||||||
Selling, distribution, and administrative expenses and other special project costs | 47.7 | 12.5 | 197.2 | — | 257.4 | ||||||||||||||||
Amortization | 1.1 | — | 23.8 | — | 24.9 | ||||||||||||||||
Other operating expense (income) – net | 0.1 | 0.3 | -1 | — | -0.6 | ||||||||||||||||
Operating Income | 109.8 | 15.7 | 128.9 | 9.1 | 263.5 | ||||||||||||||||
Interest (expense) income – net | -18.8 | 0.3 | 0.1 | — | -18.4 | ||||||||||||||||
Other income – net | 1.3 | 0.1 | — | — | 1.4 | ||||||||||||||||
Equity in net earnings of subsidiaries | 105.8 | 37.3 | 15.7 | -158.8 | — | ||||||||||||||||
Income Before Income Taxes | 198.1 | 53.4 | 144.7 | -149.7 | 246.5 | ||||||||||||||||
Income taxes | 31.4 | 0.1 | 48.3 | — | 79.8 | ||||||||||||||||
Net Income | $ | 166.7 | $ | 53.3 | $ | 96.4 | $ | -149.7 | $ | 166.7 | |||||||||||
Other comprehensive (loss) income, net of tax | -11.3 | 2.5 | -13.5 | 11 | -11.3 | ||||||||||||||||
Comprehensive Income | $ | 155.4 | $ | 55.8 | $ | 82.9 | $ | -138.7 | $ | 155.4 | |||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME | |||||||||||||||||||||
Nine Months Ended January 31, 2015 | |||||||||||||||||||||
The J.M. Smucker | Subsidiary | Non-Guarantor | |||||||||||||||||||
Company (Parent) | Guarantors | Subsidiaries | Eliminations | Consolidated | |||||||||||||||||
Net sales | $ | 2,285.10 | $ | 918.7 | $ | 4,983.60 | $ | -3,941.80 | $ | 4,245.60 | |||||||||||
Cost of products sold | 1,837.60 | 832.8 | 3,981.50 | -3,944.40 | 2,707.50 | ||||||||||||||||
Gross Profit | 447.5 | 85.9 | 1,002.10 | 2.6 | 1,538.10 | ||||||||||||||||
Selling, distribution, and administrative expenses and other special project costs | 156.5 | 39 | 564.9 | — | 760.4 | ||||||||||||||||
Amortization | 3.2 | — | 72 | 0.1 | 75.3 | ||||||||||||||||
Other operating expense – net | 0.2 | 0.7 | — | — | 0.9 | ||||||||||||||||
Operating Income | 287.6 | 46.2 | 365.2 | 2.5 | 701.5 | ||||||||||||||||
Interest (expense) income – net | -51 | 0.9 | -0.3 | — | -50.4 | ||||||||||||||||
Other income (expense) – net | 1.7 | 0.1 | -0.1 | — | 1.7 | ||||||||||||||||
Equity in net earnings of subsidiaries | 277.7 | 103.8 | 46.4 | -427.9 | — | ||||||||||||||||
Income Before Income Taxes | 516 | 151 | 411.2 | -425.4 | 652.8 | ||||||||||||||||
Income taxes | 80.8 | 0.3 | 136.5 | — | 217.6 | ||||||||||||||||
Net Income | $ | 435.2 | $ | 150.7 | $ | 274.7 | $ | -425.4 | $ | 435.2 | |||||||||||
Other comprehensive (loss) income, net of tax | -57.9 | -15.8 | -62.7 | 78.5 | -57.9 | ||||||||||||||||
Comprehensive Income | $ | 377.3 | $ | 134.9 | $ | 212 | $ | -346.9 | $ | 377.3 | |||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME | |||||||||||||||||||||
Nine Months Ended January 31, 2014 | |||||||||||||||||||||
The J.M. Smucker | Subsidiary | Non-Guarantor | |||||||||||||||||||
Company (Parent) | Guarantors | Subsidiaries | Eliminations | Consolidated | |||||||||||||||||
Net sales | $ | 2,380.00 | $ | 992 | $ | 5,169.50 | $ | -4,165.20 | $ | 4,376.30 | |||||||||||
Cost of products sold | 1,925.70 | 905.8 | 4,116.90 | -4,162.80 | 2,785.60 | ||||||||||||||||
Gross Profit | 454.3 | 86.2 | 1,052.60 | -2.4 | 1,590.70 | ||||||||||||||||
Selling, distribution, and administrative expenses and other special project costs | 151.7 | 35.8 | 603.1 | — | 790.6 | ||||||||||||||||
Amortization | 3.2 | — | 70.9 | — | 74.1 | ||||||||||||||||
Other operating (income) expense – net | -1.3 | 0.4 | -0.7 | — | -1.6 | ||||||||||||||||
Operating Income | 300.7 | 50 | 379.3 | -2.4 | 727.6 | ||||||||||||||||
Interest (expense) income – net | (63.2 | 0.9 | -0.4 | — | -62.7 | ||||||||||||||||
Other income (expense) – net | 1.3 | -0.1 | -0.1 | — | 1.1 | ||||||||||||||||
Equity in net earnings of subsidiaries | 283.9 | 109.5 | 49.8 | -443.2 | — | ||||||||||||||||
Income Before Income Taxes | 522.7 | 160.3 | 428.6 | -445.6 | 666 | ||||||||||||||||
Income taxes | 76 | 0.3 | 143 | — | 219.3 | ||||||||||||||||
Net Income | $ | 446.7 | $ | 160 | $ | 285.6 | $ | -445.6 | $ | 446.7 | |||||||||||
Other comprehensive (loss) income, net of tax | -17.7 | 7.6 | -22 | 14.4 | -17.7 | ||||||||||||||||
Comprehensive Income | $ | 429 | $ | 167.6 | $ | 263.6 | $ | -431.2 | $ | 429 | |||||||||||
CONDENSED CONSOLIDATING BALANCE SHEETS | CONDENSED CONSOLIDATING BALANCE SHEETS | ||||||||||||||||||||
January 31, 2015 | |||||||||||||||||||||
The J.M. Smucker | Subsidiary | Non-Guarantor | |||||||||||||||||||
Company (Parent) | Guarantors | Subsidiaries | Eliminations | Consolidated | |||||||||||||||||
ASSETS | |||||||||||||||||||||
Current Assets | |||||||||||||||||||||
Cash and cash equivalents | 12.3 | — | 99.4 | — | 111.7 | ||||||||||||||||
Inventories | — | 166.8 | 774.9 | 2.5 | 944.2 | ||||||||||||||||
Other current assets | 392 | 8.4 | 71.4 | -12.1 | 459.7 | ||||||||||||||||
Total Current Assets | 404.3 | 175.2 | 945.7 | -9.6 | 1,515.60 | ||||||||||||||||
Property, Plant, and Equipment – Net | 248.4 | 584 | 490.9 | — | 1,323.30 | ||||||||||||||||
Investments in Subsidiaries | 8,663.50 | 4,152.40 | 268.4 | -13,084.30 | — | ||||||||||||||||
Intercompany Receivable | — | 311.3 | 1,353.40 | -1,664.70 | — | ||||||||||||||||
Other Noncurrent Assets | |||||||||||||||||||||
Goodwill | 1,082.00 | — | 2,052.90 | — | 3,134.90 | ||||||||||||||||
Other intangible assets – net | 502.2 | — | 2,471.70 | — | 2,973.90 | ||||||||||||||||
Other noncurrent assets | 71.1 | 10.6 | 66.2 | — | 147.9 | ||||||||||||||||
Total Other Noncurrent Assets | 1,655.30 | 10.6 | 4,590.80 | — | 6,256.70 | ||||||||||||||||
Total Assets | 10,971.50 | 5,233.50 | 7,649.20 | -14,758.60 | 9,095.60 | ||||||||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||||||||||||
Current Liabilities | 490.6 | 78.2 | 153.5 | -12.2 | 710.1 | ||||||||||||||||
Noncurrent Liabilities | |||||||||||||||||||||
Long-term debt | 1,891.80 | — | — | — | 1,891.80 | ||||||||||||||||
Deferred income taxes | 110.4 | — | 915.2 | — | 1,025.60 | ||||||||||||||||
Intercompany payable | 3,033.20 | — | — | -3,033.20 | — | ||||||||||||||||
Other noncurrent liabilities | 221.3 | 12.7 | 9.9 | — | 243.9 | ||||||||||||||||
Total Noncurrent Liabilities | 5,256.70 | 12.7 | 925.1 | -3,033.20 | 3,161.30 | ||||||||||||||||
Total Liabilities | 5,747.30 | 90.9 | 1,078.60 | -3,045.40 | 3,871.40 | ||||||||||||||||
Total Shareholders’ Equity | 5,224.20 | 5,142.60 | 6,570.60 | -11,713.20 | 5,224.20 | ||||||||||||||||
Total Liabilities and Shareholders’ Equity | 10,971.50 | 5,233.50 | 7,649.20 | -14,758.60 | 9,095.60 | ||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEETS | |||||||||||||||||||||
April 30, 2014 | |||||||||||||||||||||
The J.M. Smucker | Subsidiary | Non-Guarantor | |||||||||||||||||||
Company (Parent) | Guarantors | Subsidiaries | Eliminations | Consolidated | |||||||||||||||||
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 STATEMENTS OF CASH FLOWS | CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS | ||||||||||||||||||||
Nine Months Ended January 31, 2015 | |||||||||||||||||||||
The J.M. Smucker | Subsidiary | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||
Company (Parent) | Guarantors | Subsidiaries | |||||||||||||||||||
Net Cash Provided by Operating Activities | $ | 162.7 | $ | 70.4 | $ | 278.5 | $ | — | $ | 511.6 | |||||||||||
Investing Activities | |||||||||||||||||||||
Businesses acquired, net of cash acquired | — | — | -80.5 | — | -80.5 | ||||||||||||||||
Additions to property, plant, and equipment | -36 | -68.9 | -57.2 | — | -162.1 | ||||||||||||||||
Equity investments in subsidiaries | -83.1 | — | — | 83.1 | — | ||||||||||||||||
Proceeds from disposal of property, plant, and equipment | — | 1.1 | 0.5 | — | 1.6 | ||||||||||||||||
Repayments from (Disbursements of) intercompany loans | — | 4.2 | -244.5 | 240.3 | — | ||||||||||||||||
Other – net | — | -6.8 | -5.2 | — | -12 | ||||||||||||||||
Net Cash (Used for) Provided by Investing Activities | -119.1 | -70.4 | -386.9 | 323.4 | -253 | ||||||||||||||||
Financing Activities | |||||||||||||||||||||
Revolving credit facility – net | 15.6 | — | — | — | 15.6 | ||||||||||||||||
Repayments of long-term debt | -100 | — | — | — | -100 | ||||||||||||||||
Quarterly dividends paid | -189 | — | — | — | -189 | ||||||||||||||||
Purchase of treasury shares | -15.3 | — | — | — | -15.3 | ||||||||||||||||
Proceeds from stock option exercises | 0.8 | — | — | — | 0.8 | ||||||||||||||||
Investments in subsidiaries | — | — | 83.1 | -83.1 | — | ||||||||||||||||
Intercompany payable | 240.3 | — | — | -240.3 | — | ||||||||||||||||
Other – net | 9.5 | — | — | — | 9.5 | ||||||||||||||||
Net Cash (Used for) Provided by Financing Activities | -38.1 | — | 83.1 | (323.4 | -278.4 | ||||||||||||||||
Effect of exchange rate changes on cash | — | — | -22 | — | -22 | ||||||||||||||||
Net increase (decrease) in cash and cash equivalents | 5.5 | — | -47.3 | — | -41.8 | ||||||||||||||||
Cash and cash equivalents at beginning of period | 6.8 | — | 146.7 | — | 153.5 | ||||||||||||||||
Cash and Cash Equivalents at End of Period | $ | 12.3 | $ | — | $ | 99.4 | — | $ | 111.7 | ||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS | |||||||||||||||||||||
Nine Months Ended January 31, 2014 | |||||||||||||||||||||
The J.M. Smucker | Subsidiary | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||
Company (Parent) | Guarantors | Subsidiaries | |||||||||||||||||||
Net Cash Provided by Operating Activities | $ | 171.2 | $ | 61 | $ | 356.9 | $ | — | $ | 589.1 | |||||||||||
Investing Activities | |||||||||||||||||||||
Businesses acquired, net of cash acquired | — | — | -101.8 | — | -101.8 | ||||||||||||||||
Additions to property, plant, and equipment | -20 | -83.8 | -45.1 | — | -148.9 | ||||||||||||||||
Equity investments in subsidiaries | -101.8 | — | — | 101.8 | — | ||||||||||||||||
Proceeds from disposal of property, plant, and equipment | — | 0.5 | 1.3 | — | 1.8 | ||||||||||||||||
Repayments from (disbursements of) intercompany loans | — | 23.3 | -285 | 261.7 | — | ||||||||||||||||
Other – net | -3.4 | -1 | -3.9 | — | -8.3 | ||||||||||||||||
Net Cash (Used for) Provided by Investing Activities | -125.2 | -61 | -434.5 | 363.5 | -257.2 | ||||||||||||||||
Financing Activities | |||||||||||||||||||||
Quarterly dividends paid | -177.4 | — | — | — | -177.4 | ||||||||||||||||
Purchase of treasury shares | -227 | — | — | — | -227 | ||||||||||||||||
Proceeds from stock option exercises | 0.4 | — | — | — | 0.4 | ||||||||||||||||
Investments in subsidiaries | — | — | 101.8 | -101.8 | — | ||||||||||||||||
Intercompany payable | 261.7 | — | — | -261.7 | — | ||||||||||||||||
Other – net | 6.6 | — | -7.8 | — | -1.2 | ||||||||||||||||
Net Cash (Used for) Provided by Financing Activities | -135.7 | — | 94 | -363.5 | -405.2 | ||||||||||||||||
Effect of exchange rate changes | — | — | -14.5 | — | -14.5 | ||||||||||||||||
Net (decrease) increase in cash and cash equivalents | -89.7 | — | 1.9 | — | -87.8 | ||||||||||||||||
Cash and cash equivalents at beginning of period | 108 | — | 148.4 | — | 256.4 | ||||||||||||||||
Cash and Cash Equivalents at End of Period | $ | 18.3 | $ | — | $ | 150.3 | $ | — | $ | 168.6 | |||||||||||
Subsequent_Event_Details_Textu
Subsequent Event (Details Textual) (USD $) | 1 Months Ended | 3 Months Ended | |
Share data in Millions, unless otherwise specified | Feb. 28, 2015 | Jan. 31, 2015 | Apr. 30, 2014 |
Subsequent Event [Line Items] | |||
Date of subsequent event | 3-Feb-15 | ||
Combined debt upon closing of acquisition | 1,915,800,000 | $1,979,800,000 | |
Interest rate contract [Member] | |||
Subsequent Event [Line Items] | |||
Gross contract notional amount | 0 | 750,000,000 | |
Subsequent Event [Member] | Interest rate contract [Member] | |||
Subsequent Event [Line Items] | |||
Gross contract notional amount | 1,100,000,000 | ||
Subsequent Event [Member] | Pending Acquisition [Member] | |||
Subsequent Event [Line Items] | |||
Business acquisition consideration given | 5,800,000,000 | ||
Shares to be issued to shareholders of acquiree | 17.9 | ||
Cash paid related to acquisition | 1,300,000,000 | ||
Long-term debt to be assumed as a result of acquisition | 2,600,000,000 | ||
Business acquisition transaction costs | 225,000,000 | ||
Payments for acquisition related costs | 150,000,000 | ||
Combined debt upon closing of acquisition | 6,500,000,000 | ||
Annual interest on debt upon closing of acquisition | 200,000,000 | ||
Term to recognize one time costs related to acquisition | P3Y | ||
One time costs to be recognized in fiscal 2016 | These one-time costs are anticipated to be incurred primarily over the next three years, with approximately one-half of the costs expected to be recognized in fiscal 2016. | ||
Subsequent Event [Member] | Minimum [Member] | Pending Acquisition [Member] | |||
Subsequent Event [Line Items] | |||
Potential earnings reduction related to debt refinancing in the fourth quarter of fiscal year 2015 | 190,000,000 | ||
Subsequent Event [Member] | Maximum [Member] | Pending Acquisition [Member] | |||
Subsequent Event [Line Items] | |||
Potential earnings reduction related to debt refinancing in the fourth quarter of fiscal year 2015 | 220,000,000 | ||
Subsequent Event [Member] | Bridge Loan [Member] | |||
Subsequent Event [Line Items] | |||
Bridge loan | $5,500,000,000 | ||
Bridge loan term | 364 days |
Acquisitions_Details_Textual
Acquisitions (Details Textual) (USD $) | 9 Months Ended | 12 Months Ended | |
In Millions, unless otherwise specified | Jan. 31, 2015 | Jan. 31, 2014 | Apr. 30, 2014 |
Acquisition | |||
Business Combination Textual (Abstract) | |||
Goodwill from acquisition | $47.90 | ||
Business Combination Additional Textual [Abstract] | |||
Number of acquisitions | 2 | ||
Total intangible assets, excluding goodwill, from acquisitions | 30.4 | 37.6 | |
Cash payments for acquisitions | 80.5 | 101.8 | 101.8 |
U.S. Retail Coffee [Member] | |||
Business Combination Textual (Abstract) | |||
Goodwill from acquisition | 22.8 | ||
International, Foodservice, and Natural Foods [Member] | |||
Business Combination Textual (Abstract) | |||
Goodwill from acquisition | 4.8 | 29.3 | |
U.S. Retail Consumer Foods [Member] | |||
Business Combination Textual (Abstract) | |||
Goodwill from acquisition | $43.10 |
Restructuring_Details
Restructuring (Details) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
In Millions, unless otherwise specified | Jan. 31, 2015 | Jan. 31, 2014 | Jan. 31, 2015 | Jan. 31, 2014 | Apr. 30, 2014 |
Restructuring and related charges | |||||
Total expected restructuring charge | $265 | $265 | |||
Beginning Balance | 1.7 | 7.7 | 7.7 | ||
Charge to expense | 3.6 | 5.1 | 9.1 | 17.1 | 20.8 |
Cash payments | -10 | -23.9 | |||
Noncash utilization | -0.1 | -2.9 | |||
Ending Balance | 0.7 | 0.7 | 1.7 | ||
Remaining expected restructuring charge | 7.5 | 7.5 | |||
Long-Lived Asset Charges [Member] | |||||
Restructuring and related charges | |||||
Total expected restructuring charge | 102.8 | 102.8 | |||
Beginning Balance | 0 | 0 | 0 | ||
Charge to expense | 0.1 | 2.7 | |||
Cash payments | 0 | 0 | |||
Noncash utilization | -0.1 | -2.7 | |||
Ending Balance | 0 | 0 | 0 | ||
Remaining expected restructuring charge | 0.1 | 0.1 | |||
Employee Separation [Member] | |||||
Restructuring and related charges | |||||
Total expected restructuring charge | 63.8 | 63.8 | |||
Beginning Balance | 1.7 | 7.7 | 7.7 | ||
Charge to expense | 0.5 | 2.6 | |||
Cash payments | -1.5 | -8.4 | |||
Noncash utilization | 0 | -0.2 | |||
Ending Balance | 0.7 | 0.7 | 1.7 | ||
Remaining expected restructuring charge | 0 | 0 | |||
Site Preparation and Equipment Relocation [Member] | |||||
Restructuring and related charges | |||||
Total expected restructuring charge | 45.4 | 45.4 | |||
Beginning Balance | 0 | 0 | 0 | ||
Charge to expense | 3.1 | 7.2 | |||
Cash payments | -3.1 | -7.2 | |||
Noncash utilization | 0 | 0 | |||
Ending Balance | 0 | 0 | 0 | ||
Remaining expected restructuring charge | 2.1 | 2.1 | |||
Production Start-up [Member] | |||||
Restructuring and related charges | |||||
Total expected restructuring charge | 42.8 | 42.8 | |||
Beginning Balance | 0 | 0 | 0 | ||
Charge to expense | 5.1 | 7.2 | |||
Cash payments | -5.1 | -7.2 | |||
Noncash utilization | 0 | 0 | |||
Ending Balance | 0 | 0 | 0 | ||
Remaining expected restructuring charge | 3.9 | 3.9 | |||
Other Costs [Member] | |||||
Restructuring and related charges | |||||
Total expected restructuring charge | 10.2 | 10.2 | |||
Beginning Balance | 0 | 0 | 0 | ||
Charge to expense | 0.3 | 1.1 | |||
Cash payments | -0.3 | -1.1 | |||
Noncash utilization | 0 | 0 | |||
Ending Balance | 0 | 0 | 0 | ||
Remaining expected restructuring charge | $1.40 | $1.40 |
Restructuring_Details_Textual
Restructuring (Details Textual) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
In Millions, unless otherwise specified | Jan. 31, 2015 | Jan. 31, 2014 | Jan. 31, 2015 | Jan. 31, 2014 | Apr. 30, 2014 |
Position | |||||
Restructuring (Textual) [Abstract] | |||||
Total expected restructuring charge | $265 | $265 | |||
Restructuring costs incurred announcement-to-date | 257.5 | 257.5 | |||
Reduction in positions due to restructuring | 850 | ||||
Total restructuring charges | 3.6 | 5.1 | 9.1 | 17.1 | 20.8 |
Cost of products sold - restructuring | $1.60 | $5.10 |
Common_Shares_Details
Common Shares (Details) (USD $) | 12 Months Ended | |
In Millions, except Share data, unless otherwise specified | Apr. 30, 2014 | Jan. 31, 2015 |
Common Shares Information | ||
Common shares authorized | 300,000,000 | 300,000,000 |
Common shares outstanding | 101,697,400 | 101,763,058 |
Treasury shares | 26,907,765 | 26,842,107 |
Common Shares (Additional Textual) [Abstract] | ||
Shares repurchased during period | 4,900,000 | |
Purchase amount for shares repurchased | $495 | |
Shares remaining for repurchase | 10,000,000 | |
Increase in shares authorized to be repurchased | 5,000,000 |
Reportable_Segments_Details
Reportable Segments (Details) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||
In Millions, unless otherwise specified | Jan. 31, 2015 | Jan. 31, 2014 | Jan. 31, 2015 | Jan. 31, 2014 | Apr. 30, 2014 | ||||
Net sales: | |||||||||
Net sales | $1,440 | $1,465.50 | $4,245.60 | $4,376.30 | |||||
Segment profit: | |||||||||
Segment profit | 312.9 | 328.7 | 913.5 | 938.6 | |||||
Interest expense - net | -16.8 | -18.4 | -50.4 | -62.7 | |||||
Unallocated derivative gains (losses) | 13.4 | [1] | 4 | [1] | -0.4 | [1] | 7.1 | [1] | 4.1 |
Cost of products sold - special project costs | -0.4 | -2.9 | -1.1 | -6.7 | |||||
Other special project costs | -5.9 | [2] | -7.1 | [2] | -17.3 | [2] | -19.8 | [2] | |
Corporate administrative expenses | -64.9 | -59.2 | -193.2 | -191.6 | |||||
Other income - net | 0.1 | 1.4 | 1.7 | 1.1 | |||||
Income before income taxes | 238.4 | 246.5 | 652.8 | 666 | |||||
U.S. Retail Coffee [Member] | |||||||||
Net sales: | |||||||||
Net sales | 571.8 | 578.9 | 1,607.50 | 1,688.20 | |||||
Segment profit: | |||||||||
Segment profit | 150.5 | 181.1 | 439.3 | 504.3 | |||||
U.S. Retail Consumer Foods [Member] | |||||||||
Net sales: | |||||||||
Net sales | 549.5 | 557.8 | 1,677.30 | 1,706.80 | |||||
Segment profit: | |||||||||
Segment profit | 114.4 | 105 | 345.6 | 301.2 | |||||
International, Foodservice, and Natural Foods [Member] | |||||||||
Net sales: | |||||||||
Net sales | 318.7 | 328.8 | 960.8 | 981.3 | |||||
Segment profit: | |||||||||
Segment profit | $48 | $42.60 | $128.60 | $133.10 | |||||
[1] | As of January 31, 2015, the cumulative amount of net derivative gains from economic hedges that has not yet been allocated to segment profit was $3.7, including net gains of $4.1 incurred prior to 2015. For additional information, see Note 12: Derivative Financial Instruments. | ||||||||
[2] | Other special project costs includes restructuring and merger and integration costs. For more information on businesses acquired and our restructuring program, see Note 4: Acquisitions and Note 5: Restructuring. |
Reportable_Segments_Details_Te
Reportable Segments (Details Textual) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||
In Millions, unless otherwise specified | Jan. 31, 2015 | Jan. 31, 2014 | Jan. 31, 2015 | Jan. 31, 2014 | Apr. 30, 2014 | ||||
Segment | |||||||||
Industry | |||||||||
Reportable Segments (Textual) [Abstract] | |||||||||
Number of Reportable Segments | 3 | ||||||||
Number of industries in which Company operates | 1 | ||||||||
Net mark-to-market valuation of certain derivative positions recognized in unallocated derivative gains (losses) | $13.40 | [1] | $4 | [1] | ($0.40) | [1] | $7.10 | [1] | $4.10 |
Cumulative net mark-to-market valuation of certain derivative positions recognized in unallocated derivative gains (losses) | $3.70 | ||||||||
[1] | As of January 31, 2015, the cumulative amount of net derivative gains from economic hedges that has not yet been allocated to segment profit was $3.7, including net gains of $4.1 incurred prior to 2015. For additional information, see Note 12: Derivative Financial Instruments. |
Debt_and_Financing_Arrangement2
Debt and Financing Arrangements (Details) (USD $) | Jan. 31, 2015 | Apr. 30, 2014 |
In Millions, unless otherwise specified | ||
Debt and Financing Arrangements [Abstract] | ||
Total long-term debt | $1,915.80 | $1,979.80 |
Current portion of long-term debt | 24 | 100 |
Total long-term debt, less current portion | 1,891.80 | 1,879.80 |
4.78% Senior Notes due June 1, 2014 [Member] | ||
Debt Instrument [Line Items] | ||
Company issued Senior Notes | 0 | 100 |
Percentage of notes | 4.78% | 4.78% |
6.12% Senior Notes due November 1, 2015 [Member] | ||
Debt Instrument [Line Items] | ||
Company issued Senior Notes | 24 | 24 |
Percentage of notes | 6.12% | 6.12% |
6.63% Senior Notes due November 1, 2018 [Member] | ||
Debt Instrument [Line Items] | ||
Company issued Senior Notes | 389.6 | 392 |
Percentage of notes | 6.63% | 6.63% |
3.50% Senior Notes due October 15, 2021 [Member] | ||
Debt Instrument [Line Items] | ||
Company issued Senior Notes | 802.2 | 763.8 |
Percentage of notes | 3.50% | 3.50% |
5.55% Senior Notes due April 1, 2022 [Member] | ||
Debt Instrument [Line Items] | ||
Company issued Senior Notes | 300 | 300 |
Percentage of notes | 5.55% | 5.55% |
4.50% Senior Notes due June 1, 2025 [Member] | ||
Debt Instrument [Line Items] | ||
Company issued Senior Notes | $400 | $400 |
Percentage of notes | 4.50% | 4.50% |
Debt_and_Financing_Arrangement3
Debt and Financing Arrangements (Details Textual) (USD $) | 3 Months Ended | 9 Months Ended | |||
Jan. 31, 2015 | Jan. 31, 2014 | Jan. 31, 2015 | Jan. 31, 2014 | Apr. 30, 2014 | |
Bank | Bank | ||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Interest receivable | $4,600,000 | $4,600,000 | |||
Debt and Financing Arrangements (Additional Textual) [Abstract] | |||||
Number of banks involved in credit agreement | 11 | 11 | |||
Revolving credit facility maximum borrowing capacity | 1,500,000,000 | 1,500,000,000 | |||
Percentage of the principal amount thereof which company can prepay | 100.00% | 100.00% | |||
Interest paid | 18,000,000 | 22,600,000 | 54,900,000 | 67,800,000 | |
Outstanding balance under revolving credit facility | 0 | 0 | |||
Commercial paper, amount outstanding | 264,000,000 | 264,000,000 | |||
Commercial paper, borrowing capacity | 1,000,000,000 | 1,000,000,000 | |||
Deferred gain on discontinuation of interest rate fair value hedge | 53,500,000 | 53,500,000 | |||
Fair value adjustment of the interest rate swap | 14,900,000 | ||||
Commercial Paper [Member] | |||||
Short-term Debt [Line Items] | |||||
Commercial paper weighted-average interest rate | 0.35% | 0.35% | |||
Commodity contracts [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Gross contract notional amount | 423,800,000 | 423,800,000 | 790,300,000 | ||
Interest rate contract [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Gross contract notional amount | 0 | 0 | 750,000,000 | ||
Interest receivable | 4,600,000 | 4,600,000 | |||
Gain on early termination agreement | 58,100,000 | ||||
Foreign currency exchange contracts [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Gross contract notional amount | 118,500,000 | 118,500,000 | 158,100,000 | ||
5.55% Senior Notes due April 1, 2022 [Member] | |||||
Debt and Financing Arrangements (Textual) [Abstract] | |||||
Payment of Senior Notes due in fiscal year 2016 | 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 year 2021 | 100,000,000 | 100,000,000 | |||
Long Term Debt [Member] | |||||
Debt and Financing Arrangements (Textual) [Abstract] | |||||
Increase to long term-debt related to termination of interest rate swap | $53,100,000 |
Earnings_per_Share_Details
Earnings per Share (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Jan. 31, 2015 | Jan. 31, 2014 | Jan. 31, 2015 | Jan. 31, 2014 |
Net income (loss) allocated to common stockholders | ||||
Net income | $160.90 | $166.70 | $435.20 | $446.70 |
Net income allocated to participating securities | 1 | 1.2 | 2.9 | 3.5 |
Net income allocated to common stockholders | $159.90 | $165.50 | $432.30 | $443.20 |
Weighted-average common shares, basic and diluted | ||||
Weighted-average common shares outstanding | 101,190,896 | 103,980,819 | 101,114,223 | 104,456,496 |
Dilutive effect of stock options | 675 | 13,623 | 4,132 | 15,210 |
Weighted-average common shares outstanding - assuming dilution | 101,191,571 | 103,994,442 | 101,118,355 | 104,471,706 |
Computation of net income per common share: | ||||
Net income per common share | $1.58 | $1.59 | $4.28 | $4.24 |
Net income per common share - assuming dilution | $1.58 | $1.59 | $4.28 | $4.24 |
Pensions_and_Other_Postretirem2
Pensions and Other Postretirement Benefits (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Jan. 31, 2015 | Jan. 31, 2014 | Jan. 31, 2015 | Jan. 31, 2014 |
Defined Benefit Pension Plans [Member] | ||||
Components of net periodic benefit cost | ||||
Service cost | $2 | $2.20 | $5.90 | $6.60 |
Interest cost | 5.6 | 5.4 | 17 | 16.4 |
Expected return on plan assets | -6.2 | -6.3 | -18.7 | -19.1 |
Recognized net actuarial loss | 2.5 | 3.3 | 7.5 | 9.9 |
Prior service cost (credit) | 0.2 | 0.3 | 0.7 | 0.9 |
Net periodic benefit cost | 4.1 | 4.9 | 12.4 | 14.7 |
Other Postretirement Benefits [Member] | ||||
Components of net periodic benefit cost | ||||
Service cost | 0.6 | 0.6 | 1.7 | 1.7 |
Interest cost | 0.6 | 0.6 | 1.8 | 1.7 |
Expected return on plan assets | 0 | 0 | 0 | 0 |
Recognized net actuarial loss | 0 | 0 | 0 | 0 |
Prior service cost (credit) | -0.3 | -0.3 | -0.9 | -0.8 |
Net periodic benefit cost | $0.90 | $0.90 | $2.60 | $2.60 |
Derivative_Financial_Instrumen2
Derivative Financial Instruments (Details) (USD $) | Jan. 31, 2015 | Apr. 30, 2014 |
In Millions, unless otherwise specified | ||
Other Current Assets [Member] | ||
Fair value of derivative instruments [Line Items] | ||
Derivatives Instruments, Assets | $18 | $54.40 |
Other Current Assets [Member] | Designated as hedging instruments [Member] | ||
Fair value of derivative instruments [Line Items] | ||
Derivatives Instruments, Assets | 0 | 41.4 |
Other Current Assets [Member] | Not designated as hedging instruments [Member] | ||
Fair value of derivative instruments [Line Items] | ||
Derivatives Instruments, Assets | 18 | 13 |
Other Current Assets [Member] | Commodity contracts [Member] | Designated as hedging instruments [Member] | ||
Fair value of derivative instruments [Line Items] | ||
Derivatives Instruments, Assets | 0 | 23.4 |
Other Current Assets [Member] | Commodity contracts [Member] | Not designated as hedging instruments [Member] | ||
Fair value of derivative instruments [Line Items] | ||
Derivatives Instruments, Assets | 4.9 | 11.6 |
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 | 13.1 | 1.4 |
Other Current Assets [Member] | Interest rate contract [Member] | Designated as hedging instruments [Member] | ||
Fair value of derivative instruments [Line Items] | ||
Derivatives Instruments, Assets | 0 | 18 |
Other Current Liabilities [Member] | ||
Fair value of derivative instruments [Line Items] | ||
Derivatives Instruments, Liabilities | 14.1 | 17.4 |
Other Current Liabilities [Member] | Designated as hedging instruments [Member] | ||
Fair value of derivative instruments [Line Items] | ||
Derivatives Instruments, Liabilities | 0 | 10.9 |
Other Current Liabilities [Member] | Not designated as hedging instruments [Member] | ||
Fair value of derivative instruments [Line Items] | ||
Derivatives Instruments, Liabilities | 14.1 | 6.5 |
Other Current Liabilities [Member] | Commodity contracts [Member] | Designated as hedging instruments [Member] | ||
Fair value of derivative instruments [Line Items] | ||
Derivatives Instruments, Liabilities | 0 | 10.9 |
Other Current Liabilities [Member] | Commodity contracts [Member] | Not designated as hedging instruments [Member] | ||
Fair value of derivative instruments [Line Items] | ||
Derivatives Instruments, Liabilities | 14.1 | 5.8 |
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 | 0.7 |
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 Assets [Member] | ||
Fair value of derivative instruments [Line Items] | ||
Derivatives Instruments, Assets | 0.1 | |
Other Noncurrent Assets [Member] | Designated as hedging instruments [Member] | ||
Fair value of derivative instruments [Line Items] | ||
Derivatives Instruments, Assets | 0 | |
Other Noncurrent Assets [Member] | Not designated as hedging instruments [Member] | ||
Fair value of derivative instruments [Line Items] | ||
Derivatives Instruments, Assets | 0.1 | |
Other Noncurrent Assets [Member] | Commodity contracts [Member] | Designated as hedging instruments [Member] | ||
Fair value of derivative instruments [Line Items] | ||
Derivatives Instruments, Assets | 0 | |
Other Noncurrent Assets [Member] | Commodity contracts [Member] | Not designated as hedging instruments [Member] | ||
Fair value of derivative instruments [Line Items] | ||
Derivatives Instruments, Assets | 0.1 | |
Other Noncurrent Assets [Member] | Foreign currency exchange contracts [Member] | Not designated as hedging instruments [Member] | ||
Fair value of derivative instruments [Line Items] | ||
Derivatives Instruments, Assets | 0 | |
Other Noncurrent Assets [Member] | Interest rate contract [Member] | Designated as hedging instruments [Member] | ||
Fair value of derivative instruments [Line Items] | ||
Derivatives Instruments, Assets | 0 | |
Other Noncurrent Liabilities [Member] | ||
Fair value of derivative instruments [Line Items] | ||
Derivatives Instruments, Liabilities | 0.1 | 3.1 |
Other Noncurrent Liabilities [Member] | Designated as hedging instruments [Member] | ||
Fair value of derivative instruments [Line Items] | ||
Derivatives Instruments, Liabilities | 0 | 3.1 |
Other Noncurrent Liabilities [Member] | Not designated as hedging instruments [Member] | ||
Fair value of derivative instruments [Line Items] | ||
Derivatives Instruments, Liabilities | 0.1 | 0 |
Other Noncurrent Liabilities [Member] | Commodity contracts [Member] | Designated as hedging instruments [Member] | ||
Fair value of derivative instruments [Line Items] | ||
Derivatives Instruments, Liabilities | 0 | 0 |
Other Noncurrent Liabilities [Member] | Commodity contracts [Member] | Not designated as hedging instruments [Member] | ||
Fair value of derivative instruments [Line Items] | ||
Derivatives Instruments, Liabilities | 0.1 | 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 | 0 |
Other Noncurrent Liabilities [Member] | Interest rate contract [Member] | Designated as hedging instruments [Member] | ||
Fair value of derivative instruments [Line Items] | ||
Derivatives Instruments, Liabilities | $0 | $3.10 |
Derivative_Financial_Instrumen3
Derivative Financial Instruments (Details 1) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Jan. 31, 2015 | Jan. 31, 2014 | Jan. 31, 2015 | Jan. 31, 2014 |
Cash flow hedging derivative instruments gain loss | ||||
Change in accumulated other comprehensive loss | ($9.50) | $10.30 | ($28) | $12.70 |
Cash Flow Hedging [Member] | ||||
Cash flow hedging derivative instruments gain loss | ||||
Gains (losses) recognized in other comprehensive loss (effective portion) | 0 | 4.5 | 0 | -6.1 |
Cost of Products Sold [Member] | Commodity contracts [Member] | Cash Flow Hedging [Member] | ||||
Cash flow hedging derivative instruments gain loss | ||||
Gains (losses) reclassified from accumulated other comprehensive loss to earnings (effective portion) | 9.6 | -5.7 | 28.4 | -18.4 |
Interest Expense [Member] | Interest rate contract [Member] | Fair Value Hedging [Member] | ||||
Cash flow hedging derivative instruments gain loss | ||||
Gains (losses) reclassified from accumulated other comprehensive loss to earnings (effective portion) | ($0.10) | ($0.10) | ($0.40) | ($0.40) |
Derivative_Financial_Instrumen4
Derivative Financial Instruments (Details 2) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Jan. 31, 2015 | Jan. 31, 2014 | Jan. 31, 2015 | Jan. 31, 2014 |
Gains and losses recognized in cost of products sold on derivatives not designated as qualified hedging instruments | ||||
Total gains (losses) recognized in cost of products sold | ($2.20) | $3.80 | ($20.20) | $2.60 |
Commodity contracts [Member] | ||||
Gains and losses recognized in cost of products sold on derivatives not designated as qualified hedging instruments | ||||
Total gains (losses) recognized in cost of products sold | -13.9 | 0.9 | -34.3 | -2.2 |
Foreign currency exchange contracts [Member] | ||||
Gains and losses recognized in cost of products sold on derivatives not designated as qualified hedging instruments | ||||
Total gains (losses) recognized in cost of products sold | $11.70 | $2.90 | $14.10 | $4.80 |
Derivative_Financial_Instrumen5
Derivative Financial Instruments (Details 3) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||
In Millions, unless otherwise specified | Jan. 31, 2015 | Jan. 31, 2014 | Jan. 31, 2015 | Jan. 31, 2014 | Apr. 30, 2014 | ||||
Unallocated Derivative Gains (Losses) | |||||||||
Net gains (losses) on mark-to-market valuation of unallocated derivative positions | ($2.20) | $3.80 | ($20.20) | $2.60 | |||||
Net losses on derivative positions reclassified to segment operating profit | 15.6 | 0.2 | 19.8 | 4.5 | |||||
Net mark-to-market valuation of certain derivative positions recognized in unallocated derivative gains (losses) | $13.40 | [1] | $4 | [1] | ($0.40) | [1] | $7.10 | [1] | $4.10 |
[1] | As of January 31, 2015, the cumulative amount of net derivative gains from economic hedges that has not yet been allocated to segment profit was $3.7, including net gains of $4.1 incurred prior to 2015. For additional information, see Note 12: Derivative Financial Instruments. |
Derivative_Financial_Instrumen6
Derivative Financial Instruments (Details 4) (USD $) | Jan. 31, 2015 | Apr. 30, 2014 |
In Millions, unless otherwise specified | ||
Commodity contracts [Member] | ||
Outstanding derivative contracts | ||
Gross contract notional amount | $423.80 | $790.30 |
Foreign currency exchange contracts [Member] | ||
Outstanding derivative contracts | ||
Gross contract notional amount | 118.5 | 158.1 |
Interest rate contract [Member] | ||
Outstanding derivative contracts | ||
Gross contract notional amount | $0 | $750 |
Derivative_Financial_Instrumen7
Derivative Financial Instruments (Details Textual) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||
In Millions, unless otherwise specified | Jan. 31, 2015 | Jan. 31, 2014 | Jan. 31, 2015 | Jan. 31, 2014 | Apr. 30, 2014 | ||||
Derivative Financial Instruments (Textual) [Abstract] | |||||||||
Interest receivable | $4.60 | $4.60 | |||||||
Derivative Financial Instruments (Additional Textual) [Abstract] | |||||||||
Cash margin accounts related to derivative instruments recognized | 20.3 | 20.3 | 8.1 | ||||||
Cumulative realized net mark-to-market valuation of certain derivative positions recognized in unallocated derivative gains (losses) | 8.5 | ||||||||
Net mark-to-market valuation of certain derivative positions recognized in unallocated derivative gains (losses) | 13.4 | [1] | 4 | [1] | -0.4 | [1] | 7.1 | [1] | 4.1 |
Cumulative net mark-to-market valuation of certain derivative positions recognized in unallocated derivative gains (losses) | 3.7 | ||||||||
Net gains (losses) on mark-to-market valuation of unallocated derivative positions | -2.2 | 3.8 | -20.2 | 2.6 | |||||
3.50% Senior Notes due October 15, 2021 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Interest rate on notes | 3.50% | 3.50% | 3.50% | ||||||
Foreign currency exchange contracts [Member] | |||||||||
Derivative Financial Instruments (Textual) [Abstract] | |||||||||
Derivative instrument maturity | 1 year | ||||||||
Derivative Financial Instruments (Additional Textual) [Abstract] | |||||||||
Net gains (losses) on mark-to-market valuation of unallocated derivative positions | 11.7 | 2.9 | 14.1 | 4.8 | |||||
Interest rate contract [Member] | |||||||||
Derivative Financial Instruments (Textual) [Abstract] | |||||||||
Deferred pre-tax gain (loss) included in accumulated other comprehensive loss | -4.4 | -4.4 | -4.8 | ||||||
Tax impact related to deferred losses and gains on cash flow hedges included in accumulated other comprehensive loss | 1.6 | 1.6 | 1.7 | ||||||
Effective portion of the hedge loss reclassified to interest expense over the next twelve months | 0.6 | ||||||||
Expected period for recognition of the hedge loss reclassified to interest expense | 12 months | ||||||||
Gain on early termination agreement | 58.1 | ||||||||
Interest receivable | 4.6 | 4.6 | |||||||
Commodity contracts [Member] | |||||||||
Derivative Financial Instruments (Textual) [Abstract] | |||||||||
Deferred net gains (losses) recognized in accumulated other comprehensive loss | 0.4 | 0.4 | 18.3 | ||||||
Derivative instrument maturity | 1 year | ||||||||
Deferred pre-tax gain (loss) included in accumulated other comprehensive loss | 0.7 | 0.7 | 29.1 | ||||||
Tax impact related to deferred losses and gains on cash flow hedges included in accumulated other comprehensive loss | -0.3 | -0.3 | -10.8 | ||||||
Maximum expected recognized period of deferred loss in earnings | 1 year | ||||||||
Derivative Financial Instruments (Additional Textual) [Abstract] | |||||||||
Net gains (losses) on mark-to-market valuation of unallocated derivative positions | -13.9 | 0.9 | -34.3 | -2.2 | |||||
2015 [Member] | |||||||||
Derivative Financial Instruments (Textual) [Abstract] | |||||||||
Amortization of deferred gain on early termination agreement | 2.2 | ||||||||
2016 [Member] | |||||||||
Derivative Financial Instruments (Textual) [Abstract] | |||||||||
Amortization of deferred gain on early termination agreement | 7.4 | ||||||||
2017 [Member] | |||||||||
Derivative Financial Instruments (Textual) [Abstract] | |||||||||
Amortization of deferred gain on early termination agreement | 7.6 | ||||||||
2018 [Member] | |||||||||
Derivative Financial Instruments (Textual) [Abstract] | |||||||||
Amortization of deferred gain on early termination agreement | 7.8 | ||||||||
2019 [Member] | |||||||||
Derivative Financial Instruments (Textual) [Abstract] | |||||||||
Amortization of deferred gain on early termination agreement | 8 | ||||||||
2020 [Member] | |||||||||
Derivative Financial Instruments (Textual) [Abstract] | |||||||||
Amortization of deferred gain on early termination agreement | 8.1 | ||||||||
2021 [Member] | |||||||||
Derivative Financial Instruments (Textual) [Abstract] | |||||||||
Amortization of deferred gain on early termination agreement | 8.4 | ||||||||
2022 [Member] | |||||||||
Derivative Financial Instruments (Textual) [Abstract] | |||||||||
Amortization of deferred gain on early termination agreement | $4 | ||||||||
[1] | As of January 31, 2015, the cumulative amount of net derivative gains from economic hedges that has not yet been allocated to segment profit was $3.7, including net gains of $4.1 incurred prior to 2015. For additional information, see Note 12: Derivative Financial Instruments. |
Other_Financial_Instruments_an2
Other Financial Instruments and Fair Value Measurements (Details) (USD $) | Jan. 31, 2015 | Apr. 30, 2014 |
In Millions, unless otherwise specified | ||
Carrying amount and fair value of financial instruments | ||
Long-term debt | ($1,915.80) | ($1,979.80) |
Carrying Amount [Member] | ||
Carrying amount and fair value of financial instruments | ||
Other investments | 55.8 | 55.4 |
Derivative financial instruments - net | 3.9 | 33.9 |
Long-term debt | -1,915.80 | -1,979.80 |
Fair Value [Member] | ||
Carrying amount and fair value of financial instruments | ||
Other investments | 55.8 | 55.4 |
Derivative financial instruments - net | 3.9 | 33.9 |
Long-term debt | ($2,135.70) | ($2,239.10) |
Other_Financial_Instruments_an3
Other Financial Instruments and Fair Value Measurements (Details 1) (Fair value measurements recurring [Member], USD $) | Jan. 31, 2015 | Apr. 30, 2014 | ||
In Millions, unless otherwise specified | ||||
Financial assets (liabilities) measured at fair value on a recurring basis | ||||
Long-term debt | ($2,135.70) | [1] | ($2,239.10) | [1] |
Total financial instruments measured at fair value | -2,076 | -2,149.80 | ||
Equity mutual funds [Member] | ||||
Financial assets (liabilities) measured at fair value on a recurring basis | ||||
Other investments | 13.2 | [2] | 12 | [2] |
Municipal obligations [Member] | ||||
Financial assets (liabilities) measured at fair value on a recurring basis | ||||
Other investments | 38.6 | 34.4 | ||
Money market funds [Member] | ||||
Financial assets (liabilities) measured at fair value on a recurring basis | ||||
Other investments | 4 | 9 | ||
Commodity contracts - net [Member] | ||||
Financial assets (liabilities) measured at fair value on a recurring basis | ||||
Derivative financial instruments | -9.2 | [3] | 18.3 | [3] |
Foreign currency exchange contracts - net [Member] | ||||
Financial assets (liabilities) measured at fair value on a recurring basis | ||||
Derivative financial instruments | 13.1 | [3] | 0.7 | [3] |
Interest rate contract - net [Member] | ||||
Financial assets (liabilities) measured at fair value on a recurring basis | ||||
Derivative financial instruments | 14.9 | [3] | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||||
Financial assets (liabilities) measured at fair value on a recurring basis | ||||
Long-term debt | -792.1 | [1] | -772 | [1] |
Total financial instruments measured at fair value | -782.8 | -737.5 | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Equity mutual funds [Member] | ||||
Financial assets (liabilities) measured at fair value on a recurring basis | ||||
Other investments | 13.2 | [2] | 12 | [2] |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Municipal obligations [Member] | ||||
Financial assets (liabilities) measured at fair value on a recurring basis | ||||
Other investments | 0 | 0 | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Money market funds [Member] | ||||
Financial assets (liabilities) measured at fair value on a recurring basis | ||||
Other investments | 4 | 9 | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Commodity contracts - net [Member] | ||||
Financial assets (liabilities) measured at fair value on a recurring basis | ||||
Derivative financial instruments | -8.2 | [3] | 13.5 | [3] |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Foreign currency exchange contracts - net [Member] | ||||
Financial assets (liabilities) measured at fair value on a recurring basis | ||||
Derivative financial instruments | 0.3 | [3] | 0 | [3] |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Interest rate contract - net [Member] | ||||
Financial assets (liabilities) measured at fair value on a recurring basis | ||||
Derivative financial instruments | 0 | [3] | ||
Significant Observable Inputs (Level 2) [Member] | ||||
Financial assets (liabilities) measured at fair value on a recurring basis | ||||
Long-term debt | -1,343.60 | [1] | -1,467.10 | [1] |
Total financial instruments measured at fair value | -1,293.20 | -1,412.30 | ||
Significant Observable Inputs (Level 2) [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] | Municipal obligations [Member] | ||||
Financial assets (liabilities) measured at fair value on a recurring basis | ||||
Other investments | 38.6 | 34.4 | ||
Significant Observable Inputs (Level 2) [Member] | Money market funds [Member] | ||||
Financial assets (liabilities) measured at fair value on a recurring basis | ||||
Other investments | 0 | 0 | ||
Significant Observable Inputs (Level 2) [Member] | Commodity contracts - net [Member] | ||||
Financial assets (liabilities) measured at fair value on a recurring basis | ||||
Derivative financial instruments | -1 | [3] | 4.8 | [3] |
Significant Observable Inputs (Level 2) [Member] | Foreign currency exchange contracts - net [Member] | ||||
Financial assets (liabilities) measured at fair value on a recurring basis | ||||
Derivative financial instruments | 12.8 | [3] | 0.7 | [3] |
Significant Observable Inputs (Level 2) [Member] | Interest rate contract - net [Member] | ||||
Financial assets (liabilities) measured at fair value on a recurring basis | ||||
Derivative financial instruments | 14.9 | [3] | ||
Significant Unobservable Inputs (Level 3) [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] | 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] | Municipal obligations [Member] | ||||
Financial assets (liabilities) measured at fair value on a recurring basis | ||||
Other investments | 0 | 0 | ||
Significant Unobservable Inputs (Level 3) [Member] | Money market funds [Member] | ||||
Financial assets (liabilities) measured at fair value on a recurring basis | ||||
Other investments | 0 | 0 | ||
Significant Unobservable Inputs (Level 3) [Member] | Commodity contracts - net [Member] | ||||
Financial assets (liabilities) measured at fair value on a recurring basis | ||||
Derivative financial instruments | 0 | [3] | 0 | [3] |
Significant Unobservable Inputs (Level 3) [Member] | Foreign currency exchange contracts - net [Member] | ||||
Financial assets (liabilities) measured at fair value on a recurring basis | ||||
Derivative financial instruments | 0 | [3] | 0 | [3] |
Significant Unobservable Inputs (Level 3) [Member] | Interest rate contract - net [Member] | ||||
Financial assets (liabilities) measured at fair value on a recurring basis | ||||
Derivative financial instruments | $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 8: 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 January 31, 2015, our municipal obligations are scheduled to mature as follows: $6.3 in 2015, $0.5 in 2016, $1.6 in 2017, $1.1 in 2018, and the remaining $29.1 in 2019 and beyond. | |||
[3] | Level 1 commodity contract and foreign currency exchange derivatives are valued using quoted market prices for identical instruments in active markets. Level 2 commodity contract and foreign currency 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 12: Derivative Financial Instruments. |
Other_Financial_Instruments_an4
Other Financial Instruments and Fair Value Measurements (Details Textual) (USD $) | 9 Months Ended |
In Millions, unless otherwise specified | Jan. 31, 2015 |
Other Financial Instruments and Fair Value Measurements (Textual) [Abstract] | |
Company's Municipal bond mature in 2015 | $6.30 |
Company's Municipal bond mature in 2016 | 0.5 |
Company's Municipal bond mature in 2017 | 1.6 |
Company's Municipal bond mature in 2018 | 1.1 |
Company's Municipal bond mature in 2019 and beyond | $29.10 |
Money market funds maturity period | Three months or less |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 9 Months Ended |
In Millions, unless otherwise specified | Jan. 31, 2015 |
Income Taxes (Textual) [Abstract] | |
Time period over which it is reasonably possible that the Company could increase or decrease its unrecognized tax benefits | 12 months |
Amount unrecognized tax benefit could decrease in next 12 months | $0.40 |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income Loss (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||
In Millions, unless otherwise specified | Jan. 31, 2015 | Jan. 31, 2014 | Jan. 31, 2015 | Jan. 31, 2014 | ||
Accumulated Other Comprehensive Loss [Line Items] | ||||||
Accumulated Other Comprehensive Loss, Beginning Balance | ($51.60) | ($76.60) | ||||
Reclassification adjustments | -17.4 | 27.7 | ||||
Current period (charge) credit | -46.5 | -38 | ||||
Income tax benefit (expense) | 6 | -7.4 | ||||
Accumulated Other Comprehensive Loss, Ending Balance | -109.5 | -94.3 | -109.5 | -94.3 | ||
Cost of Products Sold [Member] | Commodity contracts [Member] | Cash Flow Hedging [Member] | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Gains (losses) reclassified from accumulated other comprehensive loss to earnings (effective portion) | 9.6 | -5.7 | 28.4 | -18.4 | ||
Interest Expense [Member] | Interest rate contract [Member] | Fair Value Hedging [Member] | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Gains (losses) reclassified from accumulated other comprehensive loss to earnings (effective portion) | -0.1 | -0.1 | -0.4 | -0.4 | ||
Foreign Currency Translation Adjustment [Member] | ||||||
Accumulated Other Comprehensive Loss [Line Items] | ||||||
Accumulated Other Comprehensive Loss, Beginning Balance | 31.7 | 61.5 | ||||
Reclassification adjustments | 0 | 0 | ||||
Current period (charge) credit | -49.6 | -30.6 | ||||
Income tax benefit (expense) | 0 | 0 | ||||
Accumulated Other Comprehensive Loss, Ending Balance | -17.9 | 30.9 | -17.9 | 30.9 | ||
Unrealized Gain (Loss) on Cash Flow Hedging Derivatives [Member] | ||||||
Accumulated Other Comprehensive Loss [Line Items] | ||||||
Accumulated Other Comprehensive Loss, Beginning Balance | 15.3 | -11.2 | ||||
Reclassification adjustments | -28 | [1] | 18.8 | [1] | ||
Current period (charge) credit | 0 | -6.1 | ||||
Income tax benefit (expense) | 10.4 | -4.6 | ||||
Accumulated Other Comprehensive Loss, Ending Balance | -2.3 | -3.1 | -2.3 | -3.1 | ||
Pension and Other Postretirement Liabilities [Member] | ||||||
Accumulated Other Comprehensive Loss [Line Items] | ||||||
Accumulated Other Comprehensive Loss, Beginning Balance | -102 | -131.4 | ||||
Reclassification adjustments | 10.6 | [2] | 8.9 | [2] | ||
Current period (charge) credit | 1.7 | -2.2 | ||||
Income tax benefit (expense) | -3.9 | -2.5 | ||||
Accumulated Other Comprehensive Loss, Ending Balance | -93.6 | -127.2 | -93.6 | -127.2 | ||
Unrealized Gain on Available-for-Sale Securities [Member] | ||||||
Accumulated Other Comprehensive Loss [Line Items] | ||||||
Accumulated Other Comprehensive Loss, Beginning Balance | 3.4 | 4.5 | ||||
Reclassification adjustments | 0 | 0 | ||||
Current period (charge) credit | 1.4 | 0.9 | ||||
Income tax benefit (expense) | -0.5 | -0.3 | ||||
Accumulated Other Comprehensive Loss, Ending Balance | $4.30 | $5.10 | $4.30 | $5.10 | ||
[1] | Of the total gains and losses reclassified from accumulated other comprehensive loss, $28.4 of income and $18.4 of expense was reclassified to cost of products sold related to commodity derivatives for the nine months ended January 31, 2015 and 2014, respectively. Of the total gains and losses reclassified from accumulated other comprehensive loss, $0.4 of expense was reclassified to interest expense related to the interest rate swap terminated in October 2011 for the nine months ended January 31, 2015 and 2014. | |||||
[2] | Amortization of net losses was reclassified from accumulated other comprehensive loss to selling, distribution, and administrative expenses. |
Guarantor_and_NonGuarantor_Fin2
Guarantor and Non-Guarantor Financial Information (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Jan. 31, 2015 | Jan. 31, 2014 | Jan. 31, 2015 | Jan. 31, 2014 |
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME | ||||
Net sales | $1,440 | $1,465.50 | $4,245.60 | $4,376.30 |
Cost of products sold | 917.1 | 920.3 | 2,707.50 | 2,785.60 |
Gross Profit | 522.9 | 545.2 | 1,538.10 | 1,590.70 |
Selling, distribution, and administrative expenses and other special project costs | 243.2 | 257.4 | 760.4 | 790.6 |
Amortization | 25.2 | 24.9 | 75.3 | 74.1 |
Other operating (income) expense - net | -0.6 | -0.6 | 0.9 | -1.6 |
Operating Income | 255.1 | 263.5 | 701.5 | 727.6 |
Interest (expense) income - net | -16.8 | -18.4 | -50.4 | -62.7 |
Other income (expense) - net | 0.1 | 1.4 | 1.7 | 1.1 |
Equity in net earnings of subsidiaries | 0 | 0 | 0 | 0 |
Income Before Income Taxes | 238.4 | 246.5 | 652.8 | 666 |
Income taxes | 77.5 | 79.8 | 217.6 | 219.3 |
Net Income | 160.9 | 166.7 | 435.2 | 446.7 |
Other comprehensive (loss) income, net of tax | -35.3 | -11.3 | -57.9 | -17.7 |
Comprehensive Income | 125.6 | 155.4 | 377.3 | 429 |
Eliminations [Member] | ||||
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME | ||||
Net sales | -1,295.50 | -1,357.90 | -3,941.80 | -4,165.20 |
Cost of products sold | -1,299.60 | -1,367 | -3,944.40 | -4,162.80 |
Gross Profit | 4.1 | 9.1 | 2.6 | -2.4 |
Selling, distribution, and administrative expenses and other special project costs | 0 | 0 | 0 | 0 |
Amortization | 0.1 | 0 | 0.1 | 0 |
Other operating (income) expense - net | 0 | 0 | 0 | 0 |
Operating Income | 4 | 9.1 | 2.5 | -2.4 |
Interest (expense) income - net | 0 | 0 | 0 | 0 |
Other income (expense) - net | 0 | 0 | 0 | 0 |
Equity in net earnings of subsidiaries | -139.6 | -158.8 | -427.9 | -443.2 |
Income Before Income Taxes | -135.6 | -149.7 | -425.4 | -445.6 |
Income taxes | 0 | 0 | 0 | 0 |
Net Income | -135.6 | -149.7 | -425.4 | -445.6 |
Other comprehensive (loss) income, net of tax | 41.9 | 11 | 78.5 | 14.4 |
Comprehensive Income | -93.7 | -138.7 | -346.9 | -431.2 |
The J.M. Smucker Company (Parent) [Member] | ||||
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME | ||||
Net sales | 773.4 | 791.4 | 2,285.10 | 2,380 |
Cost of products sold | 604.8 | 632.7 | 1,837.60 | 1,925.70 |
Gross Profit | 168.6 | 158.7 | 447.5 | 454.3 |
Selling, distribution, and administrative expenses and other special project costs | 53.2 | 47.7 | 156.5 | 151.7 |
Amortization | 1.1 | 1.1 | 3.2 | 3.2 |
Other operating (income) expense - net | 0.5 | 0.1 | 0.2 | -1.3 |
Operating Income | 113.8 | 109.8 | 287.6 | 300.7 |
Interest (expense) income - net | -17 | -18.8 | -51 | -63.2 |
Other income (expense) - net | 0.2 | 1.3 | 1.7 | 1.3 |
Equity in net earnings of subsidiaries | 95.9 | 105.8 | 277.7 | 283.9 |
Income Before Income Taxes | 192.9 | 198.1 | 516 | 522.7 |
Income taxes | 32 | 31.4 | 80.8 | 76 |
Net Income | 160.9 | 166.7 | 435.2 | 446.7 |
Other comprehensive (loss) income, net of tax | -35.3 | -11.3 | -57.9 | -17.7 |
Comprehensive Income | 125.6 | 155.4 | 377.3 | 429 |
Subsidiary Guarantors [Member] | ||||
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME | ||||
Net sales | 281.9 | 311.1 | 918.7 | 992 |
Cost of products sold | 256.2 | 282.6 | 832.8 | 905.8 |
Gross Profit | 25.7 | 28.5 | 85.9 | 86.2 |
Selling, distribution, and administrative expenses and other special project costs | 12.8 | 12.5 | 39 | 35.8 |
Amortization | 0 | 0 | 0 | 0 |
Other operating (income) expense - net | -1.2 | 0.3 | 0.7 | 0.4 |
Operating Income | 14.1 | 15.7 | 46.2 | 50 |
Interest (expense) income - net | 0.3 | 0.3 | 0.9 | 0.9 |
Other income (expense) - net | 0.1 | 0.1 | 0.1 | -0.1 |
Equity in net earnings of subsidiaries | 29.4 | 37.3 | 103.8 | 109.5 |
Income Before Income Taxes | 43.9 | 53.4 | 151 | 160.3 |
Income taxes | 0.1 | 0.1 | 0.3 | 0.3 |
Net Income | 43.8 | 53.3 | 150.7 | 160 |
Other comprehensive (loss) income, net of tax | -5 | 2.5 | -15.8 | 7.6 |
Comprehensive Income | 38.8 | 55.8 | 134.9 | 167.6 |
Non-Guarantor Subsidiaries [Member] | ||||
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME | ||||
Net sales | 1,680.20 | 1,720.90 | 4,983.60 | 5,169.50 |
Cost of products sold | 1,355.70 | 1,372 | 3,981.50 | 4,116.90 |
Gross Profit | 324.5 | 348.9 | 1,002.10 | 1,052.60 |
Selling, distribution, and administrative expenses and other special project costs | 177.2 | 197.2 | 564.9 | 603.1 |
Amortization | 24 | 23.8 | 72 | 70.9 |
Other operating (income) expense - net | 0.1 | -1 | 0 | -0.7 |
Operating Income | 123.2 | 128.9 | 365.2 | 379.3 |
Interest (expense) income - net | -0.1 | 0.1 | -0.3 | -0.4 |
Other income (expense) - net | -0.2 | 0 | -0.1 | -0.1 |
Equity in net earnings of subsidiaries | 14.3 | 15.7 | 46.4 | 49.8 |
Income Before Income Taxes | 137.2 | 144.7 | 411.2 | 428.6 |
Income taxes | 45.4 | 48.3 | 136.5 | 143 |
Net Income | 91.8 | 96.4 | 274.7 | 285.6 |
Other comprehensive (loss) income, net of tax | -36.9 | -13.5 | -62.7 | -22 |
Comprehensive Income | $54.90 | $82.90 | $212 | $263.60 |
Guarantor_and_NonGuarantor_Fin3
Guarantor and Non-Guarantor Financial Information (Details 1) (USD $) | Jan. 31, 2015 | Apr. 30, 2014 | Jan. 31, 2014 | Apr. 30, 2013 |
In Millions, unless otherwise specified | ||||
Current Assets | ||||
Cash and cash equivalents | $111.70 | $153.50 | $168.60 | $256.40 |
Inventories | 944.2 | 931 | ||
Other current assets | 459.7 | 454.6 | ||
Total Current Assets | 1,515.60 | 1,539.10 | ||
Property, Plant, and Equipment - Net | 1,323.30 | 1,265.60 | ||
Investments in Subsidiaries | 0 | 0 | ||
Intercompany Receivable | 0 | 0 | ||
Other Noncurrent Assets | ||||
Goodwill | 3,134.90 | 3,098.20 | ||
Other intangible assets - net | 2,973.90 | 3,024.30 | ||
Other noncurrent assets | 147.9 | 144.9 | ||
Total Other Noncurrent Assets | 6,256.70 | 6,267.40 | ||
Total Assets | 9,095.60 | 9,072.10 | ||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||
Current Liabilities | 710.1 | 891 | ||
Noncurrent Liabilities | ||||
Long-term debt | 1,891.80 | 1,879.80 | ||
Deferred income taxes | 1,025.60 | 1,020.70 | ||
Intercompany payable | 0 | 0 | ||
Other noncurrent liabilities | 243.9 | 251 | ||
Total Noncurrent Liabilities | 3,161.30 | 3,151.50 | ||
Total Liabilities | 3,871.40 | 4,042.50 | ||
Total Shareholders' Equity | 5,224.20 | 5,029.60 | ||
Total Liabilities and Shareholders' Equity | 9,095.60 | 9,072.10 | ||
Eliminations [Member] | ||||
Current Assets | ||||
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Inventories | 2.5 | -3.7 | ||
Other current assets | -12.1 | -10.1 | ||
Total Current Assets | -9.6 | -13.8 | ||
Property, Plant, and Equipment - Net | 0 | 0 | ||
Investments in Subsidiaries | -13,084.30 | -12,668.80 | ||
Intercompany Receivable | -1,664.70 | -1,447.70 | ||
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 | -14,758.60 | -14,130.30 | ||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||
Current Liabilities | -12.2 | -10.1 | ||
Noncurrent Liabilities | ||||
Long-term debt | 0 | 0 | ||
Deferred income taxes | 0 | 0 | ||
Intercompany payable | -3,033.20 | -2,792.90 | ||
Other noncurrent liabilities | 0 | 0 | ||
Total Noncurrent Liabilities | -3,033.20 | -2,792.90 | ||
Total Liabilities | -3,045.40 | -2,803 | ||
Total Shareholders' Equity | -11,713.20 | -11,327.30 | ||
Total Liabilities and Shareholders' Equity | -14,758.60 | -14,130.30 | ||
The J.M. Smucker Company (Parent) [Member] | ||||
Current Assets | ||||
Cash and cash equivalents | 12.3 | 6.8 | 18.3 | 108 |
Inventories | 0 | 0 | ||
Other current assets | 392 | 360.2 | ||
Total Current Assets | 404.3 | 367 | ||
Property, Plant, and Equipment - Net | 248.4 | 233.6 | ||
Investments in Subsidiaries | 8,663.50 | 8,367.60 | ||
Intercompany Receivable | 0 | 0 | ||
Other Noncurrent Assets | ||||
Goodwill | 1,082 | 1,082 | ||
Other intangible assets - net | 502.2 | 505.5 | ||
Other noncurrent assets | 71.1 | 70.4 | ||
Total Other Noncurrent Assets | 1,655.30 | 1,657.90 | ||
Total Assets | 10,971.50 | 10,626.10 | ||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||
Current Liabilities | 490.6 | 595.9 | ||
Noncurrent Liabilities | ||||
Long-term debt | 1,891.80 | 1,879.80 | ||
Deferred income taxes | 110.4 | 107.6 | ||
Intercompany payable | 3,033.20 | 2,792.90 | ||
Other noncurrent liabilities | 221.3 | 220.3 | ||
Total Noncurrent Liabilities | 5,256.70 | 5,000.60 | ||
Total Liabilities | 5,747.30 | 5,596.50 | ||
Total Shareholders' Equity | 5,224.20 | 5,029.60 | ||
Total Liabilities and Shareholders' Equity | 10,971.50 | 10,626.10 | ||
Subsidiary Guarantors [Member] | ||||
Current Assets | ||||
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Inventories | 166.8 | 173.3 | ||
Other current assets | 8.4 | 9.9 | ||
Total Current Assets | 175.2 | 183.2 | ||
Property, Plant, and Equipment - Net | 584 | 551.1 | ||
Investments in Subsidiaries | 4,152.40 | 4,063.30 | ||
Intercompany Receivable | 311.3 | 315.5 | ||
Other Noncurrent Assets | ||||
Goodwill | 0 | 0 | ||
Other intangible assets - net | 0 | 0 | ||
Other noncurrent assets | 10.6 | 11.1 | ||
Total Other Noncurrent Assets | 10.6 | 11.1 | ||
Total Assets | 5,233.50 | 5,124.20 | ||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||
Current Liabilities | 78.2 | 103.8 | ||
Noncurrent Liabilities | ||||
Long-term debt | 0 | 0 | ||
Deferred income taxes | 0 | 0 | ||
Intercompany payable | 0 | 0 | ||
Other noncurrent liabilities | 12.7 | 12.8 | ||
Total Noncurrent Liabilities | 12.7 | 12.8 | ||
Total Liabilities | 90.9 | 116.6 | ||
Total Shareholders' Equity | 5,142.60 | 5,007.60 | ||
Total Liabilities and Shareholders' Equity | 5,233.50 | 5,124.20 | ||
Non-Guarantor Subsidiaries [Member] | ||||
Current Assets | ||||
Cash and cash equivalents | 99.4 | 146.7 | 150.3 | 148.4 |
Inventories | 774.9 | 761.4 | ||
Other current assets | 71.4 | 94.6 | ||
Total Current Assets | 945.7 | 1,002.70 | ||
Property, Plant, and Equipment - Net | 490.9 | 480.9 | ||
Investments in Subsidiaries | 268.4 | 237.9 | ||
Intercompany Receivable | 1,353.40 | 1,132.20 | ||
Other Noncurrent Assets | ||||
Goodwill | 2,052.90 | 2,016.20 | ||
Other intangible assets - net | 2,471.70 | 2,518.80 | ||
Other noncurrent assets | 66.2 | 63.4 | ||
Total Other Noncurrent Assets | 4,590.80 | 4,598.40 | ||
Total Assets | 7,649.20 | 7,452.10 | ||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||
Current Liabilities | 153.5 | 201.4 | ||
Noncurrent Liabilities | ||||
Long-term debt | 0 | 0 | ||
Deferred income taxes | 915.2 | 913.1 | ||
Intercompany payable | 0 | 0 | ||
Other noncurrent liabilities | 9.9 | 17.9 | ||
Total Noncurrent Liabilities | 925.1 | 931 | ||
Total Liabilities | 1,078.60 | 1,132.40 | ||
Total Shareholders' Equity | 6,570.60 | 6,319.70 | ||
Total Liabilities and Shareholders' Equity | $7,649.20 | $7,452.10 |
Guarantor_and_NonGuarantor_Fin4
Guarantor and Non-Guarantor Financial Information (Details 2) (USD $) | 9 Months Ended | 12 Months Ended | |
In Millions, unless otherwise specified | Jan. 31, 2015 | Jan. 31, 2014 | Apr. 30, 2014 |
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS | |||
Net Cash Provided by Operating Activities | $511.60 | $589.10 | |
Investing Activities | |||
Businesses acquired, net of cash acquired | -80.5 | -101.8 | -101.8 |
Additions to property, plant, and equipment | -162.1 | -148.9 | |
Equity investments in subsidiaries | 0 | 0 | |
Proceeds from disposal of property, plant, and equipment | 1.6 | 1.8 | |
Repayments from (disbursements of) intercompany loans | 0 | 0 | |
Other - net | -12 | -8.3 | |
Net Cash (Used for) Provided by Investing Activities | -253 | -257.2 | |
Financing Activities | |||
Revolving credit facility - net | 15.6 | ||
Repayments of long-term debt | -100 | 0 | |
Quarterly dividends paid | -189 | -177.4 | |
Purchase of treasury shares | -15.3 | -227 | |
Proceeds from stock option exercises | 0.8 | 0.4 | |
Investments in subsidiaries | 0 | 0 | |
Intercompany payable | 0 | 0 | |
Other - net | 9.5 | -1.2 | |
Net Cash (Used for) Provided by Financing Activities | -278.4 | -405.2 | |
Effect of exchange rate changes on cash | -22 | -14.5 | |
Net (decrease) increase in cash and cash equivalents | -41.8 | -87.8 | |
Cash and cash equivalents at beginning of period | 153.5 | 256.4 | 256.4 |
Cash and Cash Equivalents at End of Period | 111.7 | 168.6 | 153.5 |
Eliminations [Member] | |||
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS | |||
Net Cash Provided by Operating Activities | 0 | 0 | |
Investing Activities | |||
Businesses acquired, net of cash acquired | 0 | 0 | |
Additions to property, plant, and equipment | 0 | 0 | |
Equity investments in subsidiaries | 83.1 | 101.8 | |
Proceeds from disposal of property, plant, and equipment | 0 | 0 | |
Repayments from (disbursements of) intercompany loans | 240.3 | 261.7 | |
Other - net | 0 | 0 | |
Net Cash (Used for) Provided by Investing Activities | 323.4 | 363.5 | |
Financing Activities | |||
Revolving credit facility - net | 0 | ||
Repayments of long-term debt | 0 | ||
Quarterly dividends paid | 0 | 0 | |
Purchase of treasury shares | 0 | 0 | |
Proceeds from stock option exercises | 0 | 0 | |
Investments in subsidiaries | -83.1 | -101.8 | |
Intercompany payable | -240.3 | -261.7 | |
Other - net | 0 | 0 | |
Net Cash (Used for) Provided by Financing Activities | -323.4 | -363.5 | |
Effect of exchange rate changes on cash | 0 | 0 | |
Net (decrease) increase in cash and cash equivalents | 0 | 0 | |
Cash and cash equivalents at beginning of period | 0 | 0 | 0 |
Cash and Cash Equivalents at End of Period | 0 | 0 | |
The J.M. Smucker Company (Parent) [Member] | |||
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS | |||
Net Cash Provided by Operating Activities | 162.7 | 171.2 | |
Investing Activities | |||
Businesses acquired, net of cash acquired | 0 | 0 | |
Additions to property, plant, and equipment | -36 | -20 | |
Equity investments in subsidiaries | -83.1 | -101.8 | |
Proceeds from disposal of property, plant, and equipment | 0 | 0 | |
Repayments from (disbursements of) intercompany loans | 0 | 0 | |
Other - net | 0 | -3.4 | |
Net Cash (Used for) Provided by Investing Activities | -119.1 | -125.2 | |
Financing Activities | |||
Revolving credit facility - net | 15.6 | ||
Repayments of long-term debt | -100 | ||
Quarterly dividends paid | -189 | -177.4 | |
Purchase of treasury shares | -15.3 | -227 | |
Proceeds from stock option exercises | 0.8 | 0.4 | |
Investments in subsidiaries | 0 | 0 | |
Intercompany payable | 240.3 | 261.7 | |
Other - net | 9.5 | 6.6 | |
Net Cash (Used for) Provided by Financing Activities | -38.1 | -135.7 | |
Effect of exchange rate changes on cash | 0 | 0 | |
Net (decrease) increase in cash and cash equivalents | 5.5 | -89.7 | |
Cash and cash equivalents at beginning of period | 6.8 | 108 | 108 |
Cash and Cash Equivalents at End of Period | 12.3 | 18.3 | |
Subsidiary Guarantors [Member] | |||
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS | |||
Net Cash Provided by Operating Activities | 70.4 | 61 | |
Investing Activities | |||
Businesses acquired, net of cash acquired | 0 | 0 | |
Additions to property, plant, and equipment | -68.9 | -83.8 | |
Equity investments in subsidiaries | 0 | 0 | |
Proceeds from disposal of property, plant, and equipment | 1.1 | 0.5 | |
Repayments from (disbursements of) intercompany loans | 4.2 | 23.3 | |
Other - net | -6.8 | -1 | |
Net Cash (Used for) Provided by Investing Activities | -70.4 | -61 | |
Financing Activities | |||
Revolving credit facility - net | 0 | ||
Repayments of long-term debt | 0 | ||
Quarterly dividends paid | 0 | 0 | |
Purchase of treasury shares | 0 | 0 | |
Proceeds from stock option exercises | 0 | 0 | |
Investments in subsidiaries | 0 | 0 | |
Intercompany payable | 0 | 0 | |
Other - net | 0 | 0 | |
Net Cash (Used for) Provided by Financing Activities | 0 | 0 | |
Effect of exchange rate changes on cash | 0 | 0 | |
Net (decrease) increase in cash and cash equivalents | 0 | 0 | |
Cash and cash equivalents at beginning of period | 0 | 0 | 0 |
Cash and Cash Equivalents at End of Period | 0 | 0 | |
Non-Guarantor Subsidiaries [Member] | |||
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS | |||
Net Cash Provided by Operating Activities | 278.5 | 356.9 | |
Investing Activities | |||
Businesses acquired, net of cash acquired | -80.5 | -101.8 | |
Additions to property, plant, and equipment | -57.2 | -45.1 | |
Equity investments in subsidiaries | 0 | 0 | |
Proceeds from disposal of property, plant, and equipment | 0.5 | 1.3 | |
Repayments from (disbursements of) intercompany loans | -244.5 | -285 | |
Other - net | -5.2 | -3.9 | |
Net Cash (Used for) Provided by Investing Activities | -386.9 | -434.5 | |
Financing Activities | |||
Revolving credit facility - net | 0 | ||
Repayments of long-term debt | 0 | ||
Quarterly dividends paid | 0 | 0 | |
Purchase of treasury shares | 0 | 0 | |
Proceeds from stock option exercises | 0 | 0 | |
Investments in subsidiaries | 83.1 | 101.8 | |
Intercompany payable | 0 | 0 | |
Other - net | 0 | -7.8 | |
Net Cash (Used for) Provided by Financing Activities | 83.1 | 94 | |
Effect of exchange rate changes on cash | -22 | -14.5 | |
Net (decrease) increase in cash and cash equivalents | -47.3 | 1.9 | |
Cash and cash equivalents at beginning of period | 146.7 | 148.4 | 148.4 |
Cash and Cash Equivalents at End of Period | $99.40 | $150.30 |
Guarantor_and_NonGuarantor_Fin5
Guarantor and Non-Guarantor Financial Information (Details Textual) (3.50% Senior Notes due October 15, 2021 [Member]) | Jan. 31, 2015 | Apr. 30, 2014 |
3.50% Senior Notes due October 15, 2021 [Member] | ||
Guarantor and Non Guarantor Financial Information (Textual) [Abstract] | ||
Interest rate on notes | 3.50% | 3.50% |
Percentage ownership of wholly-owned subsidiaries | 100.00% |