Guarantor and Non-Guarantor Financial Information (Tables)

3 Months Ended

Jul. 31, 2014


	Three Months Ended July 31, 2014
	The J.M. Smucker Company (Parent)		Subsidiary Guarantors		Non-Guarantor Subsidiaries		Eliminations		Consolidated
Net sales	$	707.1	$	290.4	$	1,517.8	$	(1,191.5)	$	1,323.8
Cost of products sold		582.8		263.2		1,181.2		(1,182.1)		845.1
Gross Profit		124.3		27.2		336.6		(9.4)		478.7
Selling, distribution, and administrative expenses and other special project costs		52.8		12.2		197.0		—		262.0
Amortization		1.0		—		23.9		—		24.9
Other operating expense (income) – net		—		0.4		(0.2)		—		0.2
Operating Income		70.5		14.6		115.9		(9.4)		191.6
Interest (expense) income – net		(17.6)		0.3		(0.1)		—		(17.4)
Other income – net		1.3		—		—		—		1.3
Equity in net earnings of subsidiaries		77.5		38.8		14.6		(130.9)		—
Income Before Income Taxes		131.7		53.7		130.4		(140.3)		175.5
Income taxes		15.7		0.1		43.7		—		59.5
Net Income	$	116.0	$	53.6	$	86.7	$	(140.3)	$	116.0
Other comprehensive (loss) income, net of tax		(5.3)		(4.0)		(7.0)		11.0		(5.3)
Comprehensive Income	$	110.7	$	49.6	$	79.7	$	(129.3)	$	110.7

CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME


	Three Months Ended July 31, 2013
	The J.M. Smucker Company (Parent)		Subsidiary Guarantors		Non-Guarantor Subsidiaries		Eliminations		Consolidated
Net sales	$	736.0	$	303.4	$	1,593.4	$	(1,281.9)	$	1,350.9
Cost of products sold		600.4		277.4		1,257.9		(1,277.7)		858.0
Gross Profit		135.6		26.0		335.5		(4.2)		492.9
Selling, distribution, and administrative expenses, and other special project costs		48.6		10.9		196.5		—		256.0
Amortization		1.1		—		23.4		—		24.5
Other operating (income) expense – net		(1.5)		(0.2)		0.8		—		(0.9)
Operating Income		87.4		15.3		114.8		(4.2)		213.3
Interest (expense) income – net		(24.0)		0.3		(0.1)		—		(23.8)
Other income (expense) – net		—		0.1		(0.1)		—		—
Equity in net earnings of subsidiaries		82.6		32.9		15.4		(130.9)		—
Income Before Income Taxes		146.0		48.6		130.0		(135.1)		189.5
Income taxes		19.4		0.1		43.4		—		62.9
Net Income	$	126.6	$	48.5	$	86.6	$	(135.1)	$	126.6
Other comprehensive (loss) income, net of tax		(2.7)		1.9		(3.9)		2.0		(2.7)
Comprehensive Income	$	123.9	$	50.4	$	82.7	$	(133.1)	$	123.9


	July 31, 2014
	The J.M. Smucker Company (Parent)		Subsidiary Guarantors		Non-Guarantor Subsidiaries		Eliminations		Consolidated
ASSETS
Current Assets
Cash and cash equivalents	$	18.7	$	—	$	130.7	$	—	$	149.4
Inventories		—		188.3		905.5		(9.3)		1,084.5
Other current assets		428.9		6.0		71.4		(12.0)		494.3
Total Current Assets		447.6		194.3		1,107.6		(21.3)		1,728.2
Property, Plant, and Equipment – Net		238.4		552.5		483.8		—		1,274.7
Investments in Subsidiaries		8,448.6		4,098.0		252.5		(12,799.1)		—
Intercompany Receivable		—		303.7		1,103.0		(1,406.7)		—
Other Noncurrent Assets
Goodwill		1,082.0		—		2,016.6		—		3,098.6
Other intangible assets – net		504.4		—		2,495.3		—		2,999.7
Other noncurrent assets		75.3		10.7		63.0		—		149.0
Total Other Noncurrent Assets		1,661.7		10.7		4,574.9		—		6,247.3
Total Assets	$	10,796.3	$	5,159.2	$	7,521.8	$	(14,227.1)	$	9,250.2

LIABILITIES AND SHAREHOLDERS’ EQUITY
Current Liabilities	$	747.4	$	89.3	$	194.6	$	(12.0)	$	1,019.3
Noncurrent Liabilities
Long-term debt		1,881.1		—		—		—		1,881.1
Deferred income taxes		109.2		—		910.7		—		1,019.9
Intercompany payable		2,757.4		—		—		(2,757.4)		—
Other noncurrent liabilities		216.8		12.7		16.0		—		245.5
Total Noncurrent Liabilities		4,964.5		12.7		926.7		(2,757.4)		3,146.5
Total Liabilities		5,711.9		102.0		1,121.3		(2,769.4)		4,165.8
Total Shareholders’ Equity		5,084.4		5,057.2		6,400.5		(11,457.7)		5,084.4
Total Liabilities and Shareholders’ Equity	$	10,796.3	$	5,159.2	$	7,521.8	$	(14,227.1)	$	9,250.2


	Three Months Ended July 31, 2014
	The J.M. Smucker Company (Parent)		Subsidiary Guarantors		Non-Guarantor Subsidiaries		Eliminations		Consolidated
Net Cash Provided by (Used for) Operating Activities	$	—	$	7.9	$	(16.0)	$	—	$	(8.1)
Investing Activities
Additions to property, plant, and equipment		(12.3)		(16.1)		(20.6)		—		(49.0)
Proceeds from disposal of property, plant, and equipment		—		1.1		0.1		—		1.2
Repayments from (disbursements of) intercompany loans		—		11.8		23.8		(35.6)		—
Other – net		(0.1)		(4.7)		0.5		—		(4.3)
Net Cash (Used for) Provided by Investing Activities		(12.4)		(7.9)		3.8		(35.6)		(52.1)
Financing Activities
Revolving credit facility – net		221.6		—		—		—		221.6
Repayments of long-term debt		(100.0)		—		—		—		(100.0)
Quarterly dividends paid		(58.9)		—		—		—		(58.9)
Purchase of treasury shares		(10.6)		—		—		—		(10.6)
Proceeds from stock option exercises		0.4		—		—		—		0.4
Intercompany payable		(35.6)		—		—		35.6		—
Other – net		7.4		—		—		—		7.4
Net Cash Provided by Financing Activities		24.3		—		—		35.6		59.9
Effect of exchange rate changes on cash		—		—		(3.8)		—		(3.8)
Net increase (decrease) in cash and cash equivalents		11.9		—		(16.0)		—		(4.1)
Cash and cash equivalents at beginning of period		6.8		—		146.7		—		153.5
Cash and Cash Equivalents at End of Period	$	18.7	$	—	$	130.7		—	$	149.4

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS


	Three Months Ended July 31, 2013
	The J.M. Smucker Company (Parent)		Subsidiary Guarantors		Non-Guarantor Subsidiaries		Eliminations		Consolidated
Net Cash Provided by (Used for) Operating Activities	$	40.6	$	(7.9)	$	49.4	$	—	$	82.1
Investing Activities
Additions to property, plant, and equipment		(4.0)		(19.5)		(12.8)		—		(36.3)
Proceeds from disposal of property, plant, and equipment		—		0.3		0.8		—		1.1
Repayments from (disbursements of) intercompany loans		—		27.4		(34.7)		7.3		—
Other – net		(3.1)		(0.3)		(3.7)		—		(7.1)
Net Cash (Used for) Provided by Investing Activities		(7.1)		7.9		(50.4)		7.3		(42.3)
Financing Activities
Revolving credit facility—net		85.0		—		—		—		85.0
Quarterly dividends paid		(55.4)		—		—		—		(55.4)
Purchase of treasury shares		(165.4)		—		—		—		(165.4)
Proceeds from stock option exercises		0.1		—		—		—		0.1
Intercompany payable		7.3		—		—		(7.3)		—
Other – net		7.9		—		(7.8)		—		0.1
Net Cash Used for Financing Activities		(120.5)		—		(7.8)		(7.3)		(135.6)
Effect of exchange rate changes		—		—		(3.1)		—		(3.1)
Net decrease in cash and cash equivalents		(87.0)		—		(11.9)		—		(98.9)
Cash and cash equivalents at beginning of period		108.0		—		148.4		—		256.4
Cash and Cash Equivalents at End of Period	$	21.0	$	—	$	136.5	$	—	$	157.5