Guarantor and Non-Guarantor Financial Information

12 Months Ended

Apr. 30, 2012

Guarantor and Non-Guarantor Financial Information [Abstract]

Guarantor and Non-Guarantor Financial Information

NOTE 16 GUARANTOR AND NON-GUARANTOR FINANCIAL INFORMATION

On October 13, 2011, the Company filed a registration statement on Form S-3 registering certain securities described therein, including debt securities which are guaranteed by certain of the Company’s subsidiaries. The Company issued $750.0 million of 3.50 percent Notes pursuant to the registration statement that are fully and unconditionally guaranteed, on a joint and several basis, by the following 100 percent wholly-owned subsidiaries of the Company: J. M. Smucker LLC and The Folgers Coffee Company (“subsidiary guarantors”). The following condensed consolidated financial information for the Company, the subsidiary guarantors, and the non-guarantor subsidiaries is provided. The principal elimination entries relate to investments in subsidiaries and intercompany balances and transactions, including transactions with the Company’s 100 percent wholly-owned subsidiary guarantors and non-guarantor subsidiaries. The Company has accounted for investments in subsidiaries using the equity method.

CONDENSED STATEMENTS OF CONSOLIDATED INCOME

	Year Ended April 30, 2012
	The J. M. Smucker Company (Parent)			Subsidiary Guarantors			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Net sales	$	4,302,743		$	1,547,757		$	3,822,370		$	(4,147,088	)	$	5,525,782
Cost of products sold		3,741,054			1,408,792			2,682,636			(4,151,923	)		3,680,559
Gross Profit		561,689			138,965			1,139,734			4,835			1,845,223
Selling, distribution, and administrative expenses, restructuring, and merger and integration costs		243,392			61,457			660,327			—			965,176
Amortization and impairment charges		11,196			—			81,454			—			92,650
Other operating (income) expense – net		(1,325	)		(1,251	)		11,690			—			9,114
Operating Income		308,426			78,759			386,263			4,835			778,283
Interest (expense) income – net		(80,675	)		2,969			(2,086	)		—			(79,792	)
Other income (expense) – net		1,404,340			443			(3,605	)		(1,398,511	)		2,667
Equity in net earnings of subsidiaries		(1,095,007	)		184,217			79,192			831,598			—
Income Before Income Taxes		537,084			266,388			459,764			(562,078	)		701,158
Income taxes		77,340			1,140			162,934			—			241,414
Net Income	$	459,744		$	265,248		$	296,830		$	(562,078	)	$	459,744

CONDENSED STATEMENTS OF CONSOLIDATED INCOME

	Year Ended April 30, 2011
	The J. M. Smucker Company (Parent)			Subsidiary Guarantors			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Net sales	$	3,880,940		$	2,805,614		$	3,759,833		$	(5,620,644	)	$	4,825,743
Cost of products sold		3,196,825			2,546,492			2,884,851			(5,600,942	)		3,027,226
Gross Profit		684,115			259,122			874,982			(19,702	)		1,798,517
Selling, distribution, and administrative expenses, restructuring, and merger and integration costs		216,731			79,263			626,182			—			922,176
Amortization and impairment charges		5,188			64,675			21,580			—			91,443
Other operating (income) expense – net		(665	)		(2,599	)		3,890			—			626
Operating Income		462,861			117,783			223,330			(19,702	)		784,272
Interest (expense) income – net		(67,687	)		3,400			(2,795	)		—			(67,082	)
Other (expense) income – net		(1,338	)		1,735			(423	)		—			(26	)
Equity in net earnings of subsidiaries		203,115			83,879			67,256			(354,250	)		—
Income Before Income Taxes		596,951			206,797			287,368			(373,952	)		717,164
Income taxes		117,469			21,838			98,375			—			237,682
Net Income	$	479,482		$	184,959		$	188,993		$	(373,952	)	$	479,482

CONDENSED STATEMENTS OF CONSOLIDATED INCOME

	Year Ended April 30, 2010
	The J. M. Smucker Company (Parent)			Subsidiary Guarantors		Non-Guarantor Subsidiaries			Eliminations			Consolidated
Net sales	$	3,675,770		$	2,899,461	$	3,723,605		$	(5,693,547	)	$	4,605,289
Cost of products sold		3,259,807			2,383,363		2,858,293			(5,682,864	)		2,818,599
Gross Profit		415,963			516,098		865,312			(10,683	)		1,786,690
Selling, distribution, and administrative expenses, restructuring, and merger and integration costs		193,036			107,407		613,311			—			913,754
Amortization and impairment charges		10,200			65,681		9,434			—			85,315
Other operating (income) expense – net		(22,546	)		7,083		12,175			—			(3,288	)
Operating Income		235,273			335,927		230,392			(10,683	)		790,909
Interest (expense) income – net		(53,264	)		12,429		(21,559	)		—			(62,394	)
Other income (expense) – net		151			17,609		(15,522	)		—			2,238
Equity in net earnings of subsidiaries		393,208			61,459		35,223			(489,890	)		—
Income Before Income Taxes		575,368			427,424		228,534			(500,573	)		730,753
Income taxes		81,230			77,280		78,105			—			236,615
Net Income	$	494,138		$	350,144	$	150,429		$	(500,573	)	$	494,138

CONDENSED CONSOLIDATED BALANCE SHEETS

	April 30, 2012
	The J. M. Smucker Company (Parent)		Subsidiary Guarantors		Non-Guarantor Subsidiaries		Eliminations			Consolidated
ASSETS
Current Assets
Cash and cash equivalents	$	108,281	$	—	$	121,427	$	—		$	229,708
Inventories		—		161,411		815,030		(14,865	)		961,576
Other current assets		334,220		3,499		114,462		—			452,181
Total Current Assets		442,501		164,910		1,050,919		(14,865	)		1,643,465
Property, Plant, and Equipment		220,354		389,163		486,572		—			1,096,089
Investments in Subsidiaries and Intercompany		5,684,496		4,241,145		702,550		(10,628,191	)		—
Other Noncurrent Assets
Goodwill		981,606		—		2,073,012		—			3,054,618
Other intangible assets – net		435,713		—		2,751,294		—			3,187,007
Other noncurrent assets		59,992		11,137		62,918		—			134,047
Total Other Noncurrent Assets		1,477,311		11,137		4,887,224		—			6,375,672
	$	7,824,662	$	4,806,355	$	7,127,265	$	(10,643,056	)	$	9,115,226
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current Liabilities	$	323,608	$	101,714	$	191,650	$	—		$	616,972
Noncurrent Liabilities
Long-term debt		2,020,543		—		—		—			2,020,543
Deferred income taxes		104,822		311		887,559		—			992,692
Other noncurrent liabilities		212,303		20,031		89,299		—			321,633
Total Noncurrent Liabilities		2,337,668		20,342		976,858		—			3,334,868
Shareholders’ Equity		5,163,386		4,684,299		5,958,757		(10,643,056	)		5,163,386
	$	7,824,662	$	4,806,355	$	7,127,265	$	(10,643,056	)	$	9,115,226

CONDENSED CONSOLIDATED BALANCE SHEETS

	April 30, 2011
	The J. M. Smucker Company (Parent)		Subsidiary Guarantors		Non-Guarantor Subsidiaries		Eliminations			Consolidated
ASSETS
Current Assets
Cash and cash equivalents	$	206,845	$	—	$	113,000	$	—		$	319,845
Inventories		—		182,531		700,750		(19,702	)		863,579
Other current assets		364,377		8,190		81,008		—			453,575
Total Current Assets		571,222		190,721		894,758		(19,702	)		1,636,999
Property, Plant, and Equipment		193,321		305,519		369,042		—			867,882
Investments in Subsidiaries and Intercompany		4,872,622		802,936		1,209,603		(6,885,161	)		—
Other Noncurrent Assets
Goodwill		981,606		—		1,831,140		—			2,812,746
Other intangible assets – net		440,174		3,116		2,496,720		—			2,940,010
Other noncurrent assets		50,012		15,106		1,830		—			66,948
Total Other Noncurrent Assets		1,471,792		18,222		4,329,690		—			5,819,704
	$	7,108,957	$	1,317,398	$	6,803,093	$	(6,904,863	)	$	8,324,585
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current Liabilities	$	234,262	$	81,239	$	167,175	$	—		$	482,676
Noncurrent Liabilities
Long-term debt		1,304,039		—		—		—			1,304,039
Deferred income taxes		115,985		—		926,838		—			1,042,823
Other noncurrent liabilities		162,308		16,447		23,929		—			202,684
Total Noncurrent Liabilities		1,582,332		16,447		950,767		—			2,549,546
Shareholders’ Equity		5,292,363		1,219,712		5,685,151		(6,904,863	)		5,292,363
	$	7,108,957	$	1,317,398	$	6,803,093	$	(6,904,863	)	$	8,324,585

CONDENSED STATEMENTS OF CONSOLIDATED CASH FLOWS

	Year Ended April 30, 2012
	The J. M. Smucker Company (Parent)			Subsidiary Guarantors			Non-Guarantor Subsidiaries			Eliminations		Consolidated
Net Cash Provided by (Used for) Operating Activities	$	1,622,917		$	165,048		$	(1,057,036	)	$	—	$	730,929
Investing Activities
Businesses acquired, net of cash acquired		—			—			(737,255	)		—		(737,255	)
Additions to property, plant, and equipment		(52,994	)		(133,605	)		(87,645	)		—		(274,244	)
Equity investment in affiliate		—			—			(35,874	)		—		(35,874	)
Proceeds from divestitures		—			—			9,268			—		9,268
Sales and maturities of marketable securities		18,600			—			—			—		18,600
Proceeds from disposal of property, plant, and equipment		168			396			3,475			—		4,039
Other – net		—			(3,495	)		(16,903	)		—		(20,398	)
Net Cash Used for Investing Activities		(34,226	)		(136,704	)		(864,934	)		—		(1,035,864	)
Financing Activities
Proceeds from long-term debt		748,560			—			—			—		748,560
Quarterly dividends paid		(213,667	)		—			—			—		(213,667	)
Purchase of treasury shares		(315,780	)		—			—			—		(315,780	)
Proceeds from stock option exercises		2,826			—			—			—		2,826
Intercompany		(1,906,881	)		(28,344	)		1,935,225			—		—
Other – net		(2,313	)		—			—			—		(2,313	)
Net Cash (Used for) Provided by Financing Activities		(1,687,255	)		(28,344	)		1,935,225			—		219,626
Effect of exchange rate changes on cash		—			—			(4,828	)		—		(4,828	)
Net (decrease) increase in cash and cash equivalents		(98,564	)		—			8,427			—		(90,137	)
Cash and cash equivalents at beginning of year		206,845			—			113,000			—		319,845
Cash and Cash Equivalents at End of Year	$	108,281		$	—		$	121,427		$	—	$	229,708

(  ) Denotes use of cash

CONDENSED STATEMENTS OF CONSOLIDATED CASH FLOWS

	Year Ended April 30, 2011
	The J. M. Smucker Company (Parent)			Subsidiary Guarantors			Non-Guarantor Subsidiaries			Eliminations		Consolidated
Net Cash Provided by Operating Activities	$	212,428		$	92,965		$	86,169		$	—	$	391,562
Investing Activities
Additions to property, plant, and equipment		(59,072	)		(53,416	)		(67,592	)		—		(180,080	)
Purchases of marketable securities		(75,637	)		—			—			—		(75,637	)
Sales and maturities of marketable securities		57,100			—			—			—		57,100
Proceeds from disposal of property, plant, and equipment		1,081			305			4,444			—		5,830
Other – net		(43	)		37			(120	)		—		(126	)
Net Cash Used for Investing Activities		(76,571	)		(53,074	)		(63,268	)		—		(192,913	)
Financing Activities
Repayments of long-term debt		(10,000	)		—			—			—		(10,000	)
Proceeds from long-term debt		400,000			—			—			—		400,000
Quarterly dividends paid		(194,024	)		—			—			—		(194,024	)
Purchase of treasury shares		(389,135	)		—			—			—		(389,135	)
Proceeds from stock option exercises		14,525			—			—			—		14,525
Intercompany		24,152			(39,891	)		15,739			—		—
Other – net		7,740			—			475			—		8,215
Net Cash (Used for) Provided by Financing Activities		(146,742	)		(39,891	)		16,214			—		(170,419	)
Effect of exchange rate changes on cash		—			—			8,045			—		8,045
Net (decrease) increase in cash and cash equivalents		(10,885	)		—			47,160			—		36,275
Cash and cash equivalents at beginning of year		217,730			—			65,840			—		283,570
Cash and Cash Equivalents at End of Year	$	206,845		$	—		$	113,000		$	—	$	319,845

(  ) Denotes use of cash

CONDENSED STATEMENTS OF CONSOLIDATED CASH FLOWS

	Year Ended April 30, 2010
	The J. M. Smucker Company (Parent)			Subsidiary Guarantors			Non-Guarantor Subsidiaries			Eliminations		Consolidated
Net Cash Provided by (Used for) Operating Activities	$	499,197		$	218,064		$	(3,783	)	$	—	$	713,478
Investing Activities
Additions to property, plant, and equipment		(41,148	)		(62,324	)		(33,511	)		—		(136,983	)
Proceeds from divestitures		19,554			—			—			—		19,554
Sales and maturities of marketable securities		13,519			—			—			—		13,519
Proceeds from disposal of property, plant, and equipment		—			185			20			—		205
Other – net		(706	)		—			(32	)		—		(738	)
Net Cash Used for Investing Activities		(8,781	)		(62,139	)		(33,523	)		—		(104,443	)
Financing Activities
Repayment of bank note payable		—			(350,000	)		—			—		(350,000	)
Repayments of long-term debt		(275,000	)		—			—			—		(275,000	)
Quarterly dividends paid		(166,224	)		—			—			—		(166,224	)
Purchase of treasury shares		(5,569	)		—			—			—		(5,569	)
Proceeds from stock option exercises		6,413			—			—			—		6,413
Intercompany		(258,696	)		194,075			64,621			—		—
Other – net		2,393			—			(561	)		—		1,832
Net Cash (Used for) Provided by Financing Activities		(696,683	)		(155,925	)		64,060			—		(788,548	)
Effect of exchange rate changes on cash		—			—			6,390			—		6,390
Net (decrease) increase in cash and cash equivalents		(206,267	)		—			33,144			—		(173,123	)
Cash and cash equivalents at beginning of year		423,997			—			32,696			—		456,693
Cash and Cash Equivalents at End of Year	$	217,730		$	—		$	65,840		$	—	$	283,570

(  ) Denotes use of cash