10-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-K

x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended April 30, 2015

or

¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                      to                     

Commission file number 001-5111

THE J. M. SMUCKER COMPANY

(Exact name of registrant as specified in its charter)

Ohio	34-0538550
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)
One Strawberry Lane
Orrville, Ohio	44667-0280
(Address of principal executive offices)	(Zip code)
Registrant’s telephone number, including area code (330) 682-3000
Securities registered pursuant to Section 12(b) of the Act:
Title of each class	Name of each exchange on which registered
Common shares, no par value	New York Stock Exchange
Rights to purchase preferred shares	New York Stock Exchange

Securities registered pursuant to Section 12(g) of the Act: None

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.    Yes  x    No  ¨

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.    Yes  ¨    No  x

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  x    No  ¨

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate website, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).    Yes  x    No  ¨

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K (§ 229.405 of this chapter) is not contained herein, and will not be contained, to the best of registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K.  ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definition of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer	x	Accelerated filer	¨
Non-accelerated filer	¨	Smaller reporting company	¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ¨    No  x

The aggregate market value of the common shares held by nonaffiliates of the registrant at October 31, 2014, was $9,803,675,128. As of June 15, 2015, 119,666,585 common shares of The J. M. Smucker Company were issued and outstanding.

DOCUMENTS INCORPORATED BY REFERENCE

Certain sections of the registrant’s definitive Proxy Statement to be filed in connection with its Annual Meeting of Shareholders to be held on August 12, 2015, are incorporated by reference into Part III of this Report, and certain sections of the registrant’s 2015 Annual Report to Shareholders are incorporated by reference into Parts I and II of this Report.

The Index of Exhibits for this Report begins on page 25.

PART I

Item 1. Business.

The Company. The J. M. Smucker Company (“Company,” “registrant,” “we,” “us,” or “our”) was established in 1897, was incorporated in Ohio in 1921, and is often referred to as Smucker’s (a registered trademark). We operate principally in one industry, the manufacturing and marketing of branded food products on a worldwide basis, although the majority of our sales are in the U.S. Our operations outside the U.S. are principally in Canada, although products are exported to other countries as well. Net sales outside the U.S., subject to foreign currency exchange, represented 8 percent of consolidated net sales for 2015. Our branded food products include a strong portfolio of trusted, iconic, market-leading brands that are sold to consumers through retail outlets in North America.

On March 23, 2015, we completed the acquisition of Big Heart Pet Brands (“Big Heart”), a leading producer, distributor, and marketer of premium-quality, branded pet food and pet snacks in the U.S. The cash and stock transaction was valued at $5.9 billion, which included the assumption of $2.6 billion in debt that we refinanced at closing. We issued 17.9 million shares of our common stock to the shareholders of Blue Acquisition Group, Inc., Big Heart’s parent company, and paid $1.2 billion in cash, subject to a working capital adjustment. After the closing of the transaction on March 23, 2015, we had approximately 120.0 million common shares outstanding. We funded the non-equity portion of the acquisition through the combination of a $1.8 billion bank term loan and $3.7 billion in long-term notes.

We have four reportable segments: U.S. Retail Coffee, U.S. Retail Consumer Foods, U.S. Retail Pet Foods, and International, Foodservice, and Natural Foods. The U.S. retail market segments in total comprised over 75 percent of 2015 consolidated net sales and represent a major portion of our strategic focus – the sale of branded food products with leadership positions to consumers through retail outlets in North America. The International, Foodservice, and Natural Foods segment represents sales outside of the U.S. retail market segments.

Principal Products. Our principal consumer food and beverage products are coffee, peanut butter, fruit spreads, shortening and oils, baking mixes and ready-to-spread frostings, canned milk, flour and baking ingredients, juices and beverages, frozen sandwiches, toppings, syrups, pickles, condiments, grain products, and nut mix products. Our pet products consist of dry and wet dog food, dry and wet cat food, dog snacks, and cat snacks.

Product sales information for the years 2015, 2014, and 2013 is incorporated herein by reference to information set forth in our 2015 Annual Report to Shareholders on page 60 under “Note 3: Reportable Segments.”

In the U.S. retail market segments, our products are primarily sold through a combination of direct sales and brokers to food retailers, food wholesalers, drug stores, club stores, mass merchandisers, discount and dollar stores, military commissaries, and pet specialty stores. In the International, Foodservice, and Natural Foods segment, our products are 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.

Sources and Availability of Raw Materials. The raw materials used in each of our segments are primarily commodities and agricultural-based products. Green coffee, peanuts, edible oils, wheat, sweeteners, corn, milk, fruit, vegetables, cocoa, poultry meal, soybean meal, meat, meat by-products, and other ingredients are obtained from various suppliers. The availability, quality, and costs of many of these commodities have fluctuated, and may continue to fluctuate, over time. Basis, futures, and options contracts are used to manage price volatility for a significant portion of our commodity costs. Green coffee, along with certain other raw materials, is sourced solely from foreign countries and its supply and price is subject to high volatility due to factors such as weather, global supply and demand, pest damage, investor speculation, and political and economic conditions in the source countries. We source peanuts, edible oils, and wheat mainly from North America. The principal packaging materials we use are plastic,

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glass, metal cans, caps, carton board, and corrugate. For additional information on the commodities we purchase, see “Commodities Overview” on pages 31 and 32 in our 2015 Annual Report to Shareholders.

Raw materials are generally available from numerous sources, although we have elected to source certain plastic packaging materials from single sources of supply pursuant to long-term contracts. While availability may vary year-to-year, we believe that we will continue to be able to obtain adequate supplies and that alternatives to single-sourced materials are available. We have not historically encountered significant shortages of key raw materials. We consider our relationships with key raw material suppliers to be good.

Trademarks and Patents. Our products are produced under certain patents and marketed under numerous trademarks owned or licensed by us or one of our subsidiaries. Our major trademarks are listed below.

Primary Reportable Segment	Major Trademark
U.S. Retail Coffee	Folgers® and Dunkin’ Donuts®
U.S. Retail Consumer Foods	Smucker’s®, Jif®, Crisco®, Pillsbury®, and Uncrustables®
U.S. Retail Pet Foods	Meow Mix®, Milk-Bone®, Kibbles ‘n Bits®, Natural Balance®, 9Lives®, Pup-Peroni®, Gravy Train®, and Nature’s Recipe®
International, Foodservice, and Natural Foods	Smucker’s, Folgers, and Douwe Egberts®

Dunkin’ Donuts is a registered trademark of DD IP Holder LLC used under license (the “Dunkin’ License”) for packaged coffee products, including K-Cup^® pods, sold in retail channels such as grocery stores, mass merchandisers, club stores, and drug stores. The Dunkin’ License does not pertain to Dunkin’ Donuts coffee or other products for sale in Dunkin’ Donuts restaurants. The terms of the Dunkin’ License include the payment of royalties to an affiliate of DD IP Holder LLC and other financial commitments by the Company. The Dunkin’ License is in effect until January 1, 2039.

Pillsbury, the Barrelhead logo, and the Doughboy character are trademarks of The Pillsbury Company, LLC and are used under a 20-year, perpetually renewable, royalty-free license. Borden^® and the Elsie design are trademarks used on certain products under a perpetual, exclusive, and royalty-free license. Carnation^® is a trademark of Société des Produits Nestlé S.A. used by our Canadian subsidiary for certain canned milk products in certain territories under an exclusive and royalty-free license with an initial term of 10 years which expires in October 2017, renewable for two successive 5-year terms, and which becomes perpetual at the end of the renewal terms under certain circumstances. Douwe Egberts and Pickwick^® are registered trademarks of D.E Master Blenders 1753 N.V. and are used under a multi-year license which expires in January 2019. In accordance with a multi-year licensing and distribution agreement entered into with Cumberland Packing Corp. (“Cumberland”), we market and distribute Cumberland’s branded tabletop sweeteners sold under the Sweet‘N Low^®, NatraTaste^®, Sugar In The Raw^®, and other “In The Raw” brands to foodservice customers in the U.S. and to retail and foodservice customers in Canada. Keurig^® and K-Cup^® are trademarks of Keurig Green Mountain, Inc. (“Keurig”), used with permission. In addition, we and our subsidiaries license the use of several other trademarks, none of which are individually material to our business.

Slogans or designs considered to be important trademarks include, without limitation, “With A Name Like Smucker’s, It Has To Be Good^®,” “The Best Part of Wakin’ Up Is Folgers In Your Cup^®,” “Mountain Grown design,” “Choosy Moms Choose Jif^®,” “Purely The Finest^®,” “Crisco is Cooking™,” “Everybody’s Happy When It’s Hungry Jack^®,” “Goodness Gracious, It’s Good!^®,” “The Only One Cats Ask For By Name^®,” “Say It With Milk-Bone™,” the Smucker’s banner, the Crock Jar shape, the Gingham design, and the Strawberry, Milk-Bone, and 9Lives logos.

We own several hundred patents worldwide in addition to proprietary trade secrets, technology, know-how processes, and other intellectual property rights that are not registered.

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We consider all of our owned and licensed intellectual property, taken as a whole, to be essential to our business.

Seasonality. The U.S. Retail Coffee and U.S. Retail Consumer Foods segments are particularly seasonal around the Fall Bake and Holiday period, which generally results in higher sales and profits in our second and third quarters. Our success in promoting and merchandising our coffee and baking brands during the Fall Bake and Holiday period has a significant impact on our results for a fiscal year. The Back to School period and the Spring Holiday season are two other important promotional periods, although their impact is not as significant as the Fall Bake and Holiday period.

Working Capital. Working capital requirements are greatest during the first half of our fiscal year mainly due to the timing of the buildup of coffee, oil, baking, and milk inventories necessary to support the Fall Bake and Holiday period and the additional buildup of coffee inventory in advance of the Atlantic hurricane season.

Customers. Sales to Wal-Mart Stores, Inc. and subsidiaries amounted to 28 percent, 27 percent, and 26 percent of net sales in 2015, 2014, and 2013, respectively. These sales are primarily included in the U.S. retail market segments. No other customer exceeded 10 percent of net sales during 2015, 2014, or 2013. Within the Big Heart business, sales to Wal-Mart Stores, Inc. and subsidiaries represent a larger portion of net sales, as compared to our business prior to the acquisition. As a result, beginning in 2016, we anticipate that sales to Wal-Mart Stores, Inc. and subsidiaries will represent a larger portion of net sales than in 2015 due to a full year of Big Heart sales.

During 2015, our top 10 customers, collectively, accounted for approximately 60 percent of consolidated net sales. Supermarkets, warehouse clubs, and food distributors continue to consolidate, and we expect that a significant portion of our revenues will continue to be derived from a limited number of customers. Although the loss of any large customer for an extended length of time could negatively impact our sales and profits, we do not anticipate that this will occur to a significant extent due to strong consumer demand for our brands.

Orders. Generally, orders are filled within a few days of receipt, and the backlog of unfilled orders at any particular time has not been material on a historical basis.

Government Business. No material portion of our business is subject to renegotiation of profits or termination of contracts at the election of the government.

Competition. Within consumer foods and beverages, we are the branded market leader in the coffee, peanut butter, fruit spreads, shortening, sweetened condensed milk, ice cream toppings, and natural beverage categories in the U.S. Within pet food and pet snacks, we are the branded market leader in the dog snacks category in the U.S. In Canada, we are the branded market leader in the flour, pickles, canned milk, fruit spreads, shortening, and ice cream toppings categories. Our business is highly competitive as all of our brands compete for retail shelf space with other branded products as well as private label products.

In order to remain competitive, companies in the food industry need to consider emerging consumer preferences, technological advances, product and packaging innovations, and the continued growth of alternative store formats, including warehouse clubs, convenience stores, and e-commerce. The primary ways in which products and brands are distinguished are brand recognition, product quality, price, packaging, new product introductions, nutritional value, convenience, advertising, promotion, and the ability to identify and satisfy consumer preferences. Positive factors pertaining to our competitive position include well-recognized brands, high-quality products, consumer trust, experienced brand and category management, a single national grocery broker in the U.S., varied product offerings, product innovation, good customer service, and an integrated distribution network.

The packaged foods industry has been challenged recently by a general decline in sales volume in the center of the store. Certain evolving consumer trends have contributed to the decline, such as a

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heightened focus on health and wellness, an increased desire for fresh foods, and the growing impact of social media and e-commerce on consumer behavior. To address these dynamics, we continue to focus on innovation with an increased emphasis on products that satisfy evolving consumer trends.

In addition, private label has grown in recent years due to general economic uncertainty, improvements in private label quality, and the increased emphasis of store brands by retailers in an effort to cultivate customer loyalty. In the pet food and pet snacks categories, private label penetration has declined below levels seen in consumer food and beverage categories. We believe that both private label and leading brands play an important role in the food categories in which we compete, appealing to different consumer segments. We closely monitor the price gap or price premium between our brands and private label brands, with the view that value is about more than price and the expectation that #1 brands will continue to be an integral part of consumers’ shopping baskets.

In the U.S. Retail Coffee segment, the Folgers brand competes in the highly competitive U.S. packaged roast and ground coffee market with other retail coffee brands such as Maxwell House, Yuban, and Chock full o’Nuts. We participate in the premium coffee market through sales of Dunkin’ Donuts retail packaged coffee products, as well as with the Folgers Gourmet Selections^® and Millstone^® brands. Competitors include other brands such as Starbucks, Gevalia, Eight O’Clock, Seattle’s Best, Peet’s Coffee & Tea, and McCafe. Through a manufacturing and distribution agreement with Keurig, we compete in the single serve coffee market with the Folgers, Folgers Gourmet Selections, Millstone, and Café Bustelo^® premium coffees K-Cup^® pods. Additionally, under a new, multi-year agreement, at the beginning of fiscal 2016 we began selling Dunkin’ Donuts K-Cup^® pods to grocery chains, mass merchandisers, club stores, drug stores, dollar stores, home improvement stores, and online retailers. K-Cup competing brands include Green Mountain, Starbucks, Eight O’Clock, Maxwell House, and Gevalia, as well as many private label brands. We participate in the espresso coffee category with the Café Bustelo and Café Pilon^® brands.

In the U.S. Retail Consumer Foods segment, the Jif brand has been the leader in the peanut butter category for over 20 years, competing primarily with Skippy, Peter Pan, and many private label brands. Our natural peanut butter business, sold under the Jif, Smucker’s, Adam’s^®, and Laura Scudder’s^® brands, maintains a strong leadership position in the natural peanut butter category. Our fruit spreads brands, primarily Smucker’s, hold the leading position in the fruit spreads category and compete with Welch’s branded line of fruit spreads and many private label brands. The competing brands exist on both a national and a regional level. Besides the brands with which we compete in the peanut butter and fruit spreads categories, our overall spreads business has been impacted by the recent growth of the hazelnut spreads category, primarily the Nutella brand. Crisco has historically been a leader in the shortening and cooking oils categories. Crisco holds the leading branded position in the shortening category and competes with other branded competitors, including Wesson, for the leading branded position in the oils category. The oils category in which Crisco competes is highly competitive with private label competitors, collectively, maintaining the largest share of the category. The Pillsbury brand competes in the dessert baking mixes (“DBM”) category that includes mixes for cakes, cookies, brownies, muffins, and quick breads, as well as ready-to-spread frostings. Within the DBM category, we compete primarily with the market leader, Betty Crocker, as well as Duncan Hines and many private label and regional brands. In the ingredients category, Pillsbury flour competes with the branded market leader, Gold Medal, as well as many private label brands which, collectively, maintain the largest share of the category. Smucker’s Uncrustables is the market leader in the frozen peanut butter sandwiches segment. The Hungry Jack^® brand competes in the pancake mix and table syrup categories. We compete with several major national as well as private label brands in this category. We compete in the canned milk category with both branded and nonbranded products. We are the branded market leader in the sweetened condensed milk category with the Eagle Brand^® and Magnolia^® brands and have significant sales with production of private label brands. In the evaporated milk category, we have a significant presence with our production of private label brands.

In the U.S. Retail Pet Foods segment, our pet products portfolio includes well-recognized national brands such as Meow Mix, Milk-Bone, Kibbles ’n Bits, Natural Balance, 9Lives, and Pup-Peroni, as well as other brand names and private label products. We hold the #1 market share in the dog snacks

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category (excluding rawhide), the #2 market share in both the dry and wet cat food categories, and the #3 market share in the dry dog food category. We compete with other branded pet food and pet snacks products. In the dry and wet dog food categories, our main competitors are Dog Chow, Beneful, Beyond, Pedigree, Nutro, Iams, Hill’s, and Blue. We compete in the dry and wet cat food categories with Friskies, Fancy Feast, Cat Chow, Sheba, Whiskas, Iams, Hill’s, and Blue. Our main competitors in the dog and cat snacks categories are Beggin’ Strips, Waggin’ Train, Dentastix, and Greenies. In addition, we face competition from smaller branded and private label pet food and pet snacks products.

In the International, Foodservice, and Natural Foods segment, our products are distributed domestically and in foreign countries and compete with various brands within retail, foodservice, and natural foods markets. In our foodservice hot beverage business, Folgers and Douwe Egberts compete in the liquid and roast and ground coffee categories. In the liquid category, Nescafe is a key competitor, along with a variety of branded and private label competitors. In the roast and ground category, private label has a significant presence, and several national and regional brands are also competitors. In our foodservice portion control business, Smucker’s competes in the fruit spreads category with Heinz and many private label brands. In Canada, Robin Hood^® and Five Roses^® are the market leaders in the flour category, competing primarily with private label brands. In the Canadian retail coffee market, Folgers competes with the market leader, Maxwell House, as well as several other branded competitors and some private label brands. In our natural foods business, R. W. Knudsen Family^® is the branded market leader in the natural shelf stable juice category, competing primarily with Lakewood and many private label brands. Santa Cruz Organic^® competes in several natural food and beverage categories with national and regional brands, as well as private label. Within the grains products category, truRoots^® is a leading organic quinoa brand, competing primarily with Ancient Harvest. We also compete in the 75 countries to which we export our products. The majority of our export sales are to the Latin America markets.

Research and Development. We predominantly utilize in-house resources to both develop new products and improve existing products in each of our business areas. Amounts expensed for research and development were $32.5 million, $24.3 million, and $24.7 million in 2015, 2014, and 2013, respectively.

Environmental Matters. We consider environmental sustainability to be our responsibility as a good corporate citizen and a key strategic focus area. We have implemented and manage a variety of programs, including the utilization of renewable energy technology, improved wastewater management, increased usage of sustainable raw materials including green coffee, and reuse of resources rather than consuming new ones, in support of our commitment to environmental sustainability. We continue to evaluate and modify our processes on an ongoing basis to further reduce our impact on the environment and reduce waste.

Compliance with the provisions of enacted or pending federal, state, and local environmental regulations regarding either the discharge of materials into the environment or the protection of the environment is not expected to have a material effect upon our capital expenditures, earnings, or competitive position in 2016.

Employees. At April 30, 2015, we had 7,370 full-time employees worldwide, of which 28 percent, located at 10 manufacturing facilities, are covered by union contracts. These contracts vary in term depending on the location, with three contracts expiring in 2016, representing 11 percent of our total employees. We believe our relations with our employees are good.

Financial Information about Industry Segments and Geographical Areas. The financial information required to be included in this item concerning reportable industry segments and international operations for the years 2015, 2014, and 2013 is incorporated herein by reference to information set forth in our 2015 Annual Report to Shareholders, on pages 58 through 61, under “Note 3: Reportable Segments.” Our international operations are primarily in Canada with risks similar to those associated with the U.S. retail markets. Approximately 40 percent of our 2015 Canada sales represented the sale of Canadian produced products to Canadian customers. The majority of the remaining Canada sales represented the

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sale of products produced in the U.S. to Canadian customers, primarily Folgers coffee, Bick’s^® pickles, Crisco shortening and oils, and Smucker’s fruit spreads.

Forward-Looking Statements. This Report includes forward-looking statements that are based on current expectations and are subject to a number of risks and uncertainties that could cause actual results to differ materially from expected or projected results. The descriptions of risks and uncertainties relating to forward-looking statements are incorporated herein by reference to information set forth in our 2015 Annual Report to Shareholders under the caption “Forward-Looking Statements” on page 42.

Available Information. Access to all of our Securities and Exchange Commission (“SEC”) filings, including our Annual Report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), is provided, free of charge, on our website (jmsmucker.com/investor-relations) as soon as reasonably practicable after such reports are electronically filed with, or furnished to, the SEC.

Item 1A. Risk Factors.

Our business, operations, and financial condition are subject to various risks and uncertainties. The risk factors described below should be carefully considered, together with the other information contained or incorporated by reference in this Report and our other filings with the SEC, in connection with evaluating the Company, our business, and the forward-looking statements contained in this Report. Additional risks and uncertainties not presently known to us or that we currently deem immaterial also may affect us. The occurrence of any of these known or unknown risks could have a material adverse impact on our business, financial condition, and results of operations.

• We may be unable to grow market share of our products.

We operate in the competitive food industry whose growth potential is generally correlated to population growth. Our success depends in part on our ability to grow our brands faster than the population in general. We consider our ability to build and sustain the equity of our brands critical to our market share growth. If we do not succeed in these efforts, our market share growth may slow, which could have a material impact on our results of operations.

• Our proprietary brands, packaging designs, and manufacturing methods are essential to the value of our business, and the inability to protect these could harm the value of our brands and adversely affect our sales and profitability.

The success of our business depends significantly on our brands, know-how, and other intellectual property. We rely on a combination of trademarks, service marks, trade secrets, patents, copyrights, and similar rights to protect our intellectual property. The success of our growth strategy depends on our continued ability to use our existing trademarks and service marks in order to maintain and increase brand awareness and further develop our brand. If our efforts to protect our intellectual property are not adequate, or if any third party misappropriates or infringes on our intellectual property, the value of our brand may be harmed, which could have a material adverse effect on our business. From time to time, we are engaged in litigation to protect our intellectual property, which could result in substantial costs as well as diversion of management attention.

In particular, we consider our proprietary coffee roasting methods essential to the consistent flavor and richness of our coffee products and, therefore, essential to our coffee brands. Because many of the roasting methods we use are not protected by patents, it may be difficult for us to prevent competitors from copying our roasting methods if such methods become known. We also believe that our packaging innovations, such as brick packaging technology and our AromaSeal^TM canisters, are important to the coffee business’ marketing and operational efforts. If our

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competitors copy our roasting or packaging methods or develop more advanced roasting or packaging methods, the value of our coffee brands may be diminished, and we could lose customers to our competitors.

• We use a single national broker to represent a portion of our branded products to the retail grocery trade and any failure by the broker to effectively represent us could adversely affect our business.

We use a single national broker in the U.S. to represent a portion of our branded products to the retail grocery trade. Our business would suffer disruption if this broker were to default in the performance of its obligations to perform brokerage services or if this broker fails to effectively represent us to the retail grocery trade, which could adversely affect our business.

• Loss or interruption of supply from single-source suppliers of raw materials and finished goods could have a disruptive effect on our business and adversely affect our results of operations.

We have elected to source certain raw materials, such as packaging for our Folgers coffee products, as well as our Jif peanut butter and Crisco oil products, and finished goods, such as K-Cup^® pods and our Pup-Peroni dog snack products, from single sources of supply. While we believe that, except as set forth below, alternative sources of these raw materials and finished goods could be obtained on commercially reasonable terms, loss or an extended interruption in supplies from a single-source supplier would result in additional costs, could have a disruptive short-term effect on our business, and could adversely affect our results of operations.

Keurig is our single-source supplier for K-Cup^® pods which are used in its proprietary Keurig^® K-Cup brewing system. There are a limited number of manufacturers other than Keurig that are making cups that will work in such proprietary brewing system. If Keurig is unable to supply K-Cup^® pods to us for any reason, it could be difficult to find an alternative supplier for such goods on commercially reasonable terms, which could have a material adverse effect on our results of operations.

• Our results may be adversely impacted as a result of increased cost, limited availability, and/or insufficient quality of raw materials, including commodities and agricultural products.

We and our business partners purchase and use large quantities of many different commodities and agricultural products in the manufacturing of our products, including green coffee, peanuts, edible oils, wheat, sweeteners, corn, milk, fruit, vegetables, cocoa, poultry meal, soybean meal, meat, and meat by-products. In addition, we and our business partners utilize significant quantities of plastic, glass, and cardboard to package our products and natural gas and fuel oil to manufacture, package, and distribute our products. The prices of these commodities, agricultural products, and other materials are subject to volatility and can fluctuate due to conditions that are difficult to predict, including global supply and demand, commodity market fluctuations, crop sizes and yield fluctuations, weather, natural disasters, currency fluctuations, investor speculation, trade agreements, political unrest, consumer demand, and changes in governmental agricultural programs. In addition, we compete for certain raw materials, notably corn and soy-based agricultural products, with the biofuels industry, which has resulted in increased prices for these raw materials. Additionally, farm acreage currently devoted to other agricultural products we purchase may be utilized for biofuels crops resulting in higher cost for the other agricultural products we utilize. Although we use basis, futures, and options contracts to manage commodity price volatility in some instances, commodity price increases ultimately result in corresponding increases in our raw material and energy costs.

We expect the green coffee commodity markets to continue to be challenging due to significant ongoing price volatility. For example, during the first half of the 2014 calendar year, drought conditions and coffee tree leaf rust fungus affected production in key coffee-producing regions, such as Brazil and Central America. Due to the significance of green coffee to our coffee business, combined with our ability to only partially mitigate future price risk through purchasing

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practices and hedging activities, significant increases or decreases in the cost of green coffee could have an adverse impact on our profitability. In addition, if we are not able to purchase sufficient quantities of green coffee due to any of the above factors or to a worldwide or regional shortage, we may not be able to fulfill the demand for our coffee, which could have a material adverse effect on our business, financial condition, and results of operations.

• Our efforts to manage commodity, foreign currency exchange, and other price volatility through derivative instruments could adversely affect our results of operations and financial condition.

We use derivative instruments, including commodity futures and options, to reduce the price volatility associated with anticipated commodity purchases. The extent of our derivative position at any given time depends on our assessment of the markets for these commodities. If we fail to take a derivative position and costs subsequently increase, or if we institute a position and costs subsequently decrease, our costs may be greater than anticipated or higher than our competitors’ costs and our financial results could be adversely affected. In addition, our liquidity may be adversely impacted by the cash margin requirements of the commodities exchanges or the failure of a counterparty to perform in accordance with a contract.

Beginning in 2015, we elected to mark-to-market all of our commodity and foreign currency exchange derivatives through the Statement of Consolidated Income. Prior to 2015, mark-to-market gains and losses on derivatives that qualified for hedge accounting as cash flow hedges were initially deferred in accumulated other comprehensive income. As a result of this change in accounting treatment, changes in the fair value of all of our derivatives are immediately recognized in consolidated earnings, resulting in increased volatility in both gross profit and net income. These gains and losses are reported in cost of products sold in our Statement of Consolidated Income but excluded from our segment operating results and non-GAAP earnings until the related inventory is sold, at which time the gains and losses are reclassified to segment profit and non-GAAP earnings. Although this change more accurately aligns the derivative gains and losses with the underlying exposure being hedged within segment results, we may experience more volatility in our consolidated earnings as a result of this change in accounting treatment.

• We may be limited in our ability to pass cost increases on to our customers in the form of price increases or may realize a decrease in sales volume to the extent price increases are implemented.

We may not be able to pass some or all of any increases in the price of raw materials, energy, and other input costs to our customers by raising prices. To the extent competitors do not also increase their prices, customers and consumers may choose to purchase competing products or may shift purchases to private label or other lower-priced offerings, which may adversely affect our results of operations.

Consumers may be less willing or able to pay a price differential for our branded products, and may increasingly purchase lower-priced offerings and may forego some purchases altogether, especially during economic downturns. Retailers may also increase levels of promotional activity for lower-priced offerings as they seek to maintain sales volumes during times of economic uncertainty. Accordingly, sales volumes of our branded products could be reduced or lead to a shift in sales mix toward our lower-margin offerings. As a result, decreased demand for our products may adversely affect our results of operations.

• Certain of our products are sourced from single manufacturing sites.

We have consolidated our production capacity for certain products, including substantially all of our coffee, Milk-Bone dog snacks, and fruit spreads, syrups, and toppings production, into single manufacturing sites. Similarly, most of our peanut butter is being produced at our facility in Lexington, Kentucky, although the conversion of our facility in Memphis, Tennessee, into an additional peanut butter plant was completed in March 2015. We could experience a production

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disruption at these or any of our manufacturing sites resulting in a reduction or elimination of the availability of some of our products. If we are not able to obtain alternate production capability in a timely manner, our business, financial condition, and results of operations could be adversely affected.

• A significant interruption in the operation of any of our supply chain or distribution capabilities could have an adverse effect on our business, financial condition, and results of operations.

Our ability and the ability of our third-party suppliers and service providers, distributors, and contract manufacturers to manufacture, distribute, and sell products is critical to our success. A significant interruption in the operation of any of our manufacturing or distribution capabilities, or the manufacturing or distribution capabilities of our suppliers, distributors, or contract manufacturers, or a service failure by a third-party service provider, whether as a result of adverse weather conditions or a natural disaster, work stoppage, terrorism, pandemic illness, or other causes, could significantly impair our ability to operate our business. Notably, substantially all of our coffee production takes place in New Orleans, Louisiana, which is subject to risks associated with hurricane and other weather-related events. Additionally, some of our production facilities are located in places where tornadoes can frequently occur, such as Alabama and Kansas. Failure to take adequate steps to mitigate the likelihood or potential impact of such events, or to effectively manage such events if they occur, could adversely affect our business, financial condition, and results of operations.

• Our business could be harmed by strikes or work stoppages.

As of April 30, 2015, 28 percent of our employees, located at 10 manufacturing facilities, are covered by collective bargaining agreements. These contracts vary in term depending on location, with three contracts expiring in 2016, representing 11 percent of our total employees. We cannot assure that we will be able to renew these collective bargaining agreements on the same or more favorable terms as the current agreements, or at all, without production interruptions caused by labor stoppages. If a strike or work stoppage were to occur in connection with negotiations of new collective bargaining agreements or as a result of disputes under collective bargaining agreements with labor unions, our business, financial condition, and results of operations could be materially adversely affected.

• Our ability to competitively serve customers depends on the availability of reliable transportation. Increases in logistics and other transportation-related costs could adversely impact our results of operations.

Logistics and other transportation-related costs have a significant impact on our earnings and results of operations. We use multiple forms of transportation, including ships, trucks, intermodals, and railcars, to bring our products to market. Disruption to the timely supply of these services or increases in the cost of these services for any reason, including availability or cost of fuel, regulations affecting the industry, labor shortages in the transportation industry, service failures by third-party service providers, accidents, or natural disasters (which may impact the transportation infrastructure or demand for transportation services), could have an adverse effect on our ability to serve our customers, and could have a material adverse effect on our business, financial condition, and results of operations.

• Our operations are subject to the general risks of the food industry.

The food industry is subject to risks posed by food spoilage and contamination, product tampering, product recall, and consumer product liability claims. Our operations could be impacted by both genuine and fictitious claims regarding our products, as well as our competitors’ products. In the event of product contamination or tampering, we may need to recall some of our products. A widespread product recall could result in significant loss due to the cost of conducting a product recall, including destruction of inventory and the loss of sales resulting from the unavailability of

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product for a period of time. We could also suffer losses from a significant product liability judgment against us. A significant product recall or a product liability judgment, involving either us or our competitors, could also result in a loss of consumer confidence in our food products or the food category, and an actual or perceived loss of value of our brands, materially impacting consumer demand.

• Changes in our relationships with significant customers, including the loss of our largest customer, could adversely affect our results of operations.

Sales to Wal-Mart Stores, Inc. and subsidiaries amounted to 28 percent of net sales in 2015. These sales are primarily included in the U.S. retail market segments. Trade receivables at April 30, 2015, included amounts due from Wal-Mart Stores, Inc. and subsidiaries of $122.6 million, or 29 percent of the total trade receivables balance. During 2015, our top 10 customers, collectively, accounted for approximately 60 percent of consolidated net sales. Within the Big Heart business, sales to Wal-Mart Stores, Inc. and subsidiaries represent a larger portion of net sales, as compared to our business prior to the acquisition. As a result, beginning in 2016, we anticipate that sales to Wal-Mart Stores, Inc. and subsidiaries will represent a larger portion of net sales than in 2015 due to a full year of Big Heart sales. We expect that a significant portion of our revenues will continue to be derived from a limited number of customers. Our customers are generally not contractually obligated to purchase from us. These customers make purchase decisions based on a combination of price, promotional support, product quality, consumer demand, customer service performance, their desired inventory levels, and other factors. Changes in customers’ strategies, including a reduction in the number of brands they carry or a shift of shelf space to private label products, may adversely affect sales. Customers also may respond to price increases by reducing distribution, resulting in reduced sales of our products. Additionally, our customers may face financial or other difficulties that may impact their operations and their purchases from us, which could adversely affect our results of operations. A reduction in sales to one or more major customers could have a material adverse effect on our business, financial condition, and results of operations.

• We operate in the competitive food industry and continued demand for our products may be affected by changes in consumer preferences.

We face competition across our product lines from other food companies with the primary methods and factors in competition being product quality, price, packaging, product innovation, nutritional value, convenience, customer service, advertising, and promotion. Continued success is dependent on product innovation, the ability to secure and maintain adequate retail shelf space, and effective and sufficient trade merchandising, advertising, and marketing programs. Some of our competitors have substantial financial, marketing, and other resources, and competition with them in our various markets and product lines could cause us to reduce prices, increase marketing or other expenditures, or lose category share. Category share and growth could be adversely impacted if we are not successful in introducing new products. In order to generate future revenues and profits, we must continue to sell products that appeal to our customers and consumers. Specifically, there are a number of trends in consumer preferences that may impact us and the food industry as a whole, including convenience, flavor variety, an emphasis on protein and snacking, and the desire for transparent product labeling and simple and natural ingredients.

Prolonged negative perceptions concerning the health implications of certain food products could influence consumer preferences and acceptance of some of our products and marketing programs. Although we strive to respond to consumer preferences and social expectations, we may not be successful in these efforts. Increasing public concern regarding health issues and failure to satisfy consumer preferences could decrease demand for certain of our products and adversely affect our profitability.

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• The success of our business depends substantially on consumer perceptions of our brands.

We are the branded market leader in several categories both in the U.S. and Canada. We believe that maintaining and continually enhancing the value of our brands is critical to the success of our business. Brand value is based in large part on consumer perceptions. Success in promoting and enhancing brand value depends in large part on our ability to provide high-quality products. Brand value could diminish significantly as a result of a number of factors, such as if we fail to preserve the quality of our products, if we are perceived to act in an irresponsible manner, if the Company or our brands otherwise receive negative publicity, if our brands fail to deliver a consistently positive consumer experience, or if our products become unavailable to consumers. The growing use of social and digital media by consumers increases the speed and extent that information and opinions can be shared. Negative posts or comments about us or our brands or products on social or digital media could damage our brands and reputation. If our brand values are diminished, our revenues and operating results could be materially adversely affected. In addition, anything that harms the Pillsbury, Dunkin’ Donuts, Carnation, Borden, Douwe Egberts, or Cumberland brands could adversely affect the success of our exclusive licensing agreements with the owners of these brands.

• We could be subject to adverse publicity or claims from consumers.

Certain of our products contain caffeine and other ingredients, the health effects of which are the subject of public scrutiny, including the suggestion that consumption may have adverse health effects. An unfavorable report on the health effects of caffeine or other ingredients present in our products, product recalls, or negative publicity or litigation arising from other health risks could significantly reduce the demand for our products.

We may also be subject to complaints from or litigation by consumers who allege food and beverage-related illness, or other quality, health, or operational concerns. Adverse publicity resulting from such allegations could materially adversely affect us, regardless of whether such allegations are true or whether we are ultimately held liable. A lawsuit or claim could result in an adverse decision against us, which could have a material adverse effect on our business, financial condition, and results of operations.

• Our operations are subject to the general risks associated with acquisitions. Specifically, we may not realize all of the anticipated benefits of the acquisition of Big Heart or those benefits may take longer to realize than expected. We may also encounter significant unexpected difficulties in integrating the Big Heart business.

Our stated long-term strategy is to own and market leading North American food brands sold in the center of the store while maintaining a global perspective. We have historically made strategic acquisitions of brands and businesses and intend to do so in the future in support of this strategy. If we are unable to complete acquisitions or to successfully integrate and develop acquired businesses, we could fail to achieve the anticipated synergies and cost savings, or the expected increases in revenues and operating results, either of which could have a material adverse effect on our financial results.

In particular, our ability to realize the anticipated benefits of the acquisition of Big Heart will depend, to a large extent, on our ability to integrate the Big Heart business into Smucker. The combination of two independent businesses is a complex, costly, and time-consuming process. As a result, we will be required to devote significant management attention and resources to integrating Big Heart’s business practices and operations with our business practices and operations. The integration process may disrupt the businesses and, if implemented ineffectively or if impacted by unforeseen negative economic or market conditions or other factors, we may not realize the full anticipated benefits of the acquisition. Our failure to meet the challenges involved in integrating the two businesses to realize the anticipated benefits of the acquisition could cause

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an interruption of, or a loss of momentum in, our activities and could adversely affect our results of operations.

Specifically, the difficulties of combining the operations of Big Heart with our business include, among others:

• the diversion of management’s attention to integration matters;

• difficulties in achieving anticipated cost savings, synergies, business opportunities, and growth prospects from combining the Big Heart business with our business;

• difficulties in the integration of operations and systems;

• difficulties in managing the expanded operations of a significantly larger and more complex company;

• challenges in keeping existing customers and obtaining new customers;

• challenges in attracting and retaining key personnel;

• unanticipated expenses resulting from disputes with third parties, such as the working capital dispute with Del Monte Foods, Inc.; and

• unanticipated liabilities, such as environmental liabilities resulting from contamination at our properties or those of third parties.

• Weak financial performance, downgrades in our credit ratings, or disruptions in the financial markets may adversely affect our ability to access capital in the future.

We may need new or additional financing in the future to conduct our operations, expand our business, or refinance existing indebtedness, which would be dependent upon our financial performance. Any downgrade in our credit ratings, particularly our short-term rating, would likely impact the amount of commercial paper we could issue and increase our commercial paper borrowing costs. The liquidity of the overall capital markets and the state of the economy, including the food and beverage industry, may make credit and capital markets more difficult for us to access, even though we have an established revolving credit facility. From time to time, we have relied, and also may rely in the future, on access to financial markets as a source of liquidity for working capital requirements, acquisitions, and general corporate purposes. In particular, our access to funds under our revolving credit facility is dependent on the ability of the financial institutions that are parties to that facility to meet their funding commitments. The obligations of the financial institutions under our revolving credit facility are several and not joint and, as a result, a funding default by one or more institutions does not need to be made up by the others. In addition, long-term volatility and disruptions in the capital and credit markets as a result of uncertainty, changing or increased regulation of financial institutions, reduced alternatives, or failure of significant financial institutions could adversely affect our access to the liquidity needed for our businesses in the longer term. Such disruptions could require us to take measures to conserve cash until the markets stabilize or until alternative credit arrangements or other funding for our business needs can be arranged. Disruptions in the capital and credit markets could also result in higher interest rates on publicly issued debt securities and increased costs under credit facilities. Continuation of these disruptions would increase our interest expense and capital costs and could adversely affect our results of operations and financial position.

• Our substantial debt obligations could restrict our operations and financial condition.

As of April 30, 2015, we had approximately $6.2 billion of short-term borrowings and long-term debt. We may also incur additional indebtedness in the future. Our substantial indebtedness could have adverse consequences, including:

• making it more difficult for us to satisfy our financial obligations;

• increasing our vulnerability to adverse economic, regulatory, and industry conditions, and placing us at a disadvantage compared to our competitors that are less leveraged;

• limiting our ability to compete and our flexibility in planning for, or reacting to, changes in our business and the industry in which we operate;

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• limiting our ability to borrow additional funds for working capital, capital expenditures, acquisitions, and general corporate or other purposes; and

• exposing us to greater interest rate risk to the extent that the interest rate on the applicable borrowings is variable.

Our debt service obligations will require us to use a portion of our operating cash flow to pay interest and principal on indebtedness instead of for other corporate purposes, including funding future expansion of our business and ongoing capital expenditures, which could impede our growth. If our operating cash flow and capital resources are insufficient to service our debt obligations, we may be forced to sell assets, seek additional equity or debt financing, or restructure our debt, which could harm our long-term business prospects. Our failure to comply with the terms of any existing or future indebtedness could result in an event of default which, if not cured or waived, could result in the acceleration of all of our debt.

• Servicing our indebtedness will require a significant amount of cash. Our ability to generate cash depends on many factors beyond our control.

Our ability to make payments on, and to refinance, our indebtedness and to fund planned capital expenditures will depend on our ability to generate cash in the future. This is subject to general economic, financial, competitive, legislative, regulatory, and other factors, many of which are beyond our control. Our business may not generate sufficient cash flow from operations, and we may not have available to us future borrowings in an amount sufficient to enable us to pay our indebtedness or to fund our other liquidity needs. In these circumstances, we may need to refinance all or a portion of our indebtedness on or before maturity. Any refinancing of our debt could be at higher interest rates and may require make-whole payments and compliance with more onerous covenants, which could further restrict our business operations. Our ability to refinance our indebtedness or obtain additional financing would depend on, among other things, our financial condition at the time, restriction in the agreements governing our indebtedness, and the condition of the financial markets and the industry in which we operate. As a result, we may not be able to refinance any of our indebtedness on commercially reasonable terms or at all. Without this financing, we could be forced to sell assets to make up for any shortfall in our payment obligations under unfavorable circumstances. In addition, we may not be able to sell assets quickly enough or for sufficient amounts to enable us to meet our obligations.

• A material impairment in the carrying value of acquired goodwill or other intangible assets could negatively affect our consolidated operating results and net worth.

A significant portion of our assets is goodwill and other intangible assets, the majority of which are not amortized but are reviewed at least annually for impairment. At April 30, 2015, the carrying value of goodwill and other intangible assets totaled approximately $13.0 billion, compared to total assets of approximately $16.9 billion and total shareholders’ equity of approximately $7.1 billion. If the carrying value of these assets exceeds the current estimated fair value, the asset is considered impaired and this could result in a noncash charge to earnings. Any such impairment charge would reduce earnings and could be material. Events and conditions that could result in impairment include a sustained drop in the market price of our common shares, increased competition or loss of market share, obsolescence, or product claims that result in a significant loss of sales or profitability over the product life. As a result of the Big Heart acquisition this year, we recognized $2.9 billion of goodwill as of April 30, 2015, based on a preliminary valuation. We also recorded $1.5 billion of indefinite-lived intangible assets based on their estimated fair values on the acquisition date. Since these assets were recently acquired and carrying value currently represents estimated fair value, they could be more susceptible to future impairment. A change to the assumptions regarding future performance of the pet food business, or a portion of it, or a change to other assumptions, could result in significant impairment losses in the future.

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• Changes in tax, environmental, or other regulations and laws, or their application, or failure to comply with existing licensing, trade, and other regulations and laws could have a material adverse effect on our financial condition.

Our operations are subject to various regulations and laws administered by federal, state, and local government agencies in the U.S., as well as to regulations and laws administered by government agencies in Canada and other countries in which we have operations and our products are sold. In particular, the manufacturing, marketing, packaging, labeling, and distribution of food products are each subject to governmental regulation that is increasingly extensive, encompassing such matters as ingredients (including whether a product contains genetically modified ingredients), packaging, advertising, relations with distributors and retailers, health, safety, and the environment. Additionally, we are routinely subject to new or modified tax and securities regulations, other laws and regulations, and accounting and reporting standards.

In the U.S., we are required to comply with federal laws, such as the Food, Drug and Cosmetic Act, the Food Safety Modernization Act, the Occupational Safety and Health Act, the Clean Air Act, the Clean Water Act, the Resource Conservation and Recovery Act, laws governing equal employment opportunity, and various other federal statutes and regulations. We are also subject to various state and local statutes and regulations. For instance, the California Safe Drinking Water and Toxic Enforcement Act of 1986 (commonly referred to as “Proposition 65”) requires that a specific warning appear on any product sold in the State of California that contains a substance listed by that state as having been found to cause cancer or birth defects. This law exposes all food and beverage producers to the possibility of having to provide warnings on their products. The detection of even a trace amount of a listed substance can subject an affected product to the requirement of a warning label. Products containing listed substances that occur naturally or that are contributed to such products solely by a municipal water supply are generally exempt from the warning requirement. If we are required to add warning labels to any of our products or place warnings in certain locations where our products are sold as a result of Proposition 65, sales of those products could suffer not only in those locations but elsewhere.

Complying with new regulations and laws, or changes to existing regulations and laws, or their application could increase our production costs or adversely affect our sales of certain products. In addition, our failure or inability to comply with applicable regulations and laws could subject us to civil remedies, including fines, injunctions, recalls or seizures, as well as potential criminal sanctions, which could have a material adverse effect on our business and financial condition.

• Our operations in certain developing markets expose us to regulatory risks.

In many countries outside of the U.S., particularly in those with developing economies, it may be common for others to engage in business practices prohibited by laws and regulations applicable to us, such as the U.S. Foreign Corrupt Practices Act or similar local anti-bribery or anti-corruption laws. These laws generally prohibit companies and their employees, contractors, or agents from making improper payments to government officials for the purpose of obtaining or retaining business. Failure to comply with these laws could subject us to civil and criminal penalties that could have a material adverse effect on our financial condition and results of operations.

• Changes in climate or legal, regulatory, or market measures to address climate change may negatively affect our business and operations.

There is significant political and scientific concern that emissions of carbon dioxide and other greenhouse gases may alter the composition of the global atmosphere in ways that are affecting and are expected to continue affecting the global climate. The emission of such greenhouse gases may have an adverse impact on global temperatures, weather patterns, and the frequency and severity of extreme weather and natural disasters. In the event that climate change has a negative effect on agricultural productivity, we may be subject to decreased availability or less favorable pricing for certain commodities that are necessary for our products, such as green

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coffee, peanuts, edible oils, wheat, sweeteners, corn, milk, fruit, vegetables, cocoa, poultry meal, soybean meal, meat, and meat by-products. We may also be subjected to decreased availability or less favorable pricing for water as a result of such change, which could impact our manufacturing and distribution operations. In addition, natural disasters and extreme weather conditions may disrupt the productivity of our facilities or the operation of our supply chain.

Increasing concern over climate change also may result in more regulatory requirements to reduce or mitigate the effects of greenhouse gases. In the event that such regulations are enacted and are more rigorous than existing regulations, we may experience significant increases in costs of operation and delivery. In particular, increased regulation of utility providers, fuel emissions, or suppliers could substantially increase our operating, distribution, or supply chain costs. We could also face increased costs related to defending and resolving legal claims and other litigation related to climate change. As a result, climate change could negatively affect our results of operations, cash flows, or financial position.

• If our information technology systems fail to perform adequately or we are unable to protect such information technology systems against data corruption, cyber-based attacks, or network security breaches, our operations could be disrupted, and we may suffer financial damage or loss because of lost or misappropriated information.

We rely on information technology networks and systems, including the Internet, to process, transmit, and store electronic information. In particular, we depend on our information technology infrastructure to effectively manage our business data, supply chain, logistics, finance, and other business processes and for digital marketing activities and electronic communications between Company personnel and our customers and suppliers. If we do not allocate and effectively manage the resources necessary to build, sustain, and protect an appropriate technology infrastructure, or we do not effectively implement system upgrades, our business or financial results could be negatively impacted. Security breaches or system failures of our infrastructure, whether due to attacks by hackers, employee error, or other causes, can create system disruptions, shutdowns, or unauthorized disclosure of confidential information. If we are unable to prevent such breaches or failures, our operations could be disrupted, or we may suffer financial damage or loss because of lost or misappropriated information.

In addition, we have outsourced several information technology support services and administrative functions, including accounts payable processing, benefit plan administration, and other functions, to third-party service providers, and may outsource other functions in the future to achieve cost savings and efficiencies. If the service providers to which we outsource these functions do not perform effectively, we may not be able to achieve the expected cost savings and may have to incur additional costs to correct errors made by such service providers. Depending on the function involved, such errors may also lead to business disruption, processing inefficiencies, the loss of or damage to intellectual property through security breach, the loss of sensitive data through security breach, or otherwise.

Item 1B. Unresolved Staff Comments.

None.

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Item 2. Properties.

The table below lists all of our manufacturing and processing facilities at April 30, 2015. All of our properties are maintained and updated on a regular basis, and we continue to make investments for expansion and safety and technological improvements. We believe that existing capacity at these facilities is sufficient to sustain current operations and anticipated near-term growth.

We own all of the properties listed below, except as noted. ^(A) Additionally, our principal distribution centers in the U.S. include four that we own, nine that we lease, and three that are leased and operated by third parties with whom we have agreements. We also lease our principal distribution center in Canada. Our distribution facilities are in good condition, and we believe that they have sufficient capacity to meet our distribution needs in the near future. We lease thirteen sales and administrative offices in the U.S., two in China, and one each in Canada and Mexico. Our corporate headquarters are located in Orrville, Ohio, and our Canadian headquarters are located in Markham, Ontario. We lease the principal headquarters of our newly acquired pet food business located in San Francisco, California, as well as additional administrative facilities in Pittsburgh, Pennsylvania, and Burbank, California.

U.S. Locations	Products Produced/Processed/Stored	Primary Reportable Segment
Bloomsburg, Pennsylvania	Wet dog and cat food, dry dog and cat food	U.S. Retail Pet Foods
Buffalo, New York	Dog snacks	U.S. Retail Pet Foods
Chico, California	Fruit and vegetable juices and beverages	International, Foodservice, and Natural Foods
Cincinnati, Ohio	Shortening and oils	U.S. Retail Consumer Foods
Decatur, Alabama	Dry dog and cat food	U.S. Retail Pet Foods
El Paso, Texas	Canned milk	U.S. Retail Consumer Foods
Grandview, Washington	Fruit	U.S. Retail Consumer Foods
Harahan, Louisiana	Coffee	International, Foodservice, and Natural Foods
Havre de Grace, Maryland	Fruit and vegetable juices and beverages	International, Foodservice, and Natural Foods
Lawrence, Kansas	Dry dog food	U.S. Retail Pet Foods
Lexington, Kentucky	Peanut butter	U.S. Retail Consumer Foods
Livermore, California (A)	Grain products	International, Foodservice, and Natural Foods
Memphis, Tennessee	Peanut butter and fruit spreads	U.S. Retail Consumer Foods
New Bethlehem, Pennsylvania	Peanut butter and combination peanut butter and jelly products	U.S. Retail Consumer Foods
New Orleans, Louisiana (four facilities) (A)	Coffee	U.S. Retail Coffee
Orrville, Ohio	Fruit spreads, toppings, and syrups	U.S. Retail Consumer Foods
Oxnard, California	Fruit	U.S. Retail Consumer Foods
Ripon, Wisconsin	Fruit spreads, toppings, syrups, and condiments	U.S. Retail Consumer Foods
Scottsville, Kentucky	Frozen sandwiches and ready-to-eat waffles	U.S. Retail Consumer Foods
Seattle, Washington (A)	Nut mix products	U.S. Retail Consumer Foods
Seneca, Missouri	Canned milk	U.S. Retail Consumer Foods
Suffolk, Virginia	Coffee	International, Foodservice, and Natural Foods
Toledo, Ohio	Baking mixes, frostings, and flour	U.S. Retail Consumer Foods
Topeka, Kansas	Dry dog and cat food, dog and cat snacks	U.S. Retail Pet Foods
Canada Location	Product Produced	Primary Reportable Segment
Sherbrooke, Quebec	Canned milk	International, Foodservice, and Natural Foods

(A) We lease our facilities in Livermore and Seattle, as well as our coffee silo facility in New Orleans.

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Item 3. Legal Proceedings.

We are a defendant in a variety of legal proceedings. While we cannot predict with certainty the ultimate results of these proceedings, we do not believe that the final outcome of these proceedings will have a material adverse effect on our financial position, results of operations, or cash flows.

Item 4. Mine Safety Disclosures.

Not applicable.

Executive Officers of the Registrant.

The names, ages as of June 15, 2015, and current positions of the executive officers are listed below. All executive officers serve at the pleasure of the Board of Directors, with no fixed term of office. Unless otherwise indicated, each individual has served as an executive officer for more than five years.

Name	Age	Years with Company	Position	Served as an Officer Since
Timothy P. Smucker	70	46	Chairman of the Board (A)	1973
Richard K. Smucker	67	42	Chief Executive Officer (B)	1974
Dennis J. Armstrong	60	36	Senior Vice President, Logistics and Operations Support (C)	2007
Mark R. Belgya	54	30	Senior Vice President and Chief Financial Officer (D)	1997
James A. Brown	54	30	Vice President, Customer Development (E)	2009
Vincent C. Byrd	60	38	Vice Chairman (F)	1988
John W. Denman	58	36	Vice President, Human Resources Operations (G)	2005
Barry C. Dunaway	52	28	President, International and Chief Administrative Officer (H)	2001
Tamara J. Fynan	55	26	Vice President, Marketing Services (I)	2012
Kevin G. Jackson	48	13	Vice President and General Manager, Foodservice (J)	2014
Jeannette L. Knudsen	45	12	Vice President, General Counsel and Corporate Secretary (K)	2009
David J. Lemmon	47	21	Vice President and Managing Director, Canada and International (L)	2012
John F. Mayer	58	35	Vice President, U.S. Retail Sales (M)	2004
Steven Oakland	54	32	President, Coffee and Foodservice (N)	1999
Jill R. Penrose	42	11	Vice President, Human Resources (O)	2014
Christopher P. Resweber	53	27	Senior Vice President, Corporate Communications and Public Affairs (P)	2004
Julia L. Sabin	55	31	Vice President, Industry and Government Affairs (Q)	2007
Mark T. Smucker	45	17	President and President, Consumer and Natural Foods (R)	2001
David J. West	52	—	President, Big Heart Pet Food and Snacks (S)	2015

(A) Mr. Timothy Smucker was elected to his present position in August 2011, having served as Chairman of the Board and Co-Chief Executive Officer since February 2001.

(B) Mr. Richard Smucker was elected to his present position in August 2011, having served as Executive Chairman, Co-Chief Executive Officer and President since August 2008.

(C) Mr. Armstrong was elected to his present position in October 2009, having served as Vice President, Logistics and Operations Support since February 2007.

(D) Mr. Belgya was elected to his present position in October 2009, having served as Vice President and Chief Financial Officer since October 2008.

(E) Mr. Brown was elected to his present position in May 2014, having served as Vice President, U.S. Grocery Sales since June 2009.

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(F) Mr. Byrd was elected to his present position in April 2015, having served as President and Chief Operating Officer since May 2011. Prior to that time, he served as President, U.S. Retail Coffee since August 2008.

(G) Mr. Denman was elected to his present position in June 2014, having served as Vice President, Controller and Chief Accounting Officer since November 2012. Prior to that time, he served as Vice President and Controller since August 2005.

(H) Mr. Dunaway was elected to his present position in April 2015, having served as Senior Vice President and Chief Administrative Officer since May 2011. Prior to that time, he served as Senior Vice President, Corporate and Organizational Development since August 2008.

(I) Ms. Fynan was elected to her present position in May 2012, having served as Vice President, Advertising and Creative Services since November 2009.

(J) Mr. Jackson was elected to his present position in May 2014, having served as Vice President, U.S. Retail Coffee, Marketing since December 2008.

(K) Ms. Knudsen was elected to her present position in August 2010, having served as Vice President, Deputy General Counsel and Corporate Secretary since April 2010, and as Corporate Secretary since April 2009.

(L) Mr. Lemmon was elected to his present position in April 2015, having served as Vice President and Managing Director, Canada since May 2012. Prior to that time, he served as Managing Director, Canada since May 2007.

(M) Mr. Mayer was elected to his present position in June 2009, having served as Vice President, Customer Development since August 2004.

(N) Mr. Oakland was elected to his present position in April 2015, having served as President, International, Foodservice, and Natural Foods since May 2011. Prior to that time, he served as President, U.S. Retail – Smucker’s, Jif and Hungry Jack since August 2008.

(O) Ms. Penrose was elected to her present position in June 2014, having served as Vice President, Strategy and Organization Development since April 2010. Prior to that time, she served as Director, Corporate Strategy and Organization Development since March 2009.

(P) Mr. Resweber was elected to his present position in May 2012, having served as Vice President, Marketing Communications since July 2009.

(Q) Ms. Sabin was elected to her present position in June 2012, having served as Vice President and General Manager, Smucker Natural Foods, Inc. since February 2009.

(R) Mr. Mark Smucker was elected to his present position in April 2015, having served as President, U.S. Retail Coffee since May 2011. Prior to that time, he served as President, Special Markets since August 2008.

(S) Mr. West was elected to his present position in March 2015, having served as President and Chief Executive Officer of Big Heart Pet Brands since February 2014. Prior to that time, he served as President and Chief Executive Officer of Del Monte Foods since May 2011, and President and Chief Executive Officer of The Hershey Company since December 2007.

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PART II

Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.

(a) The information pertaining to the market for our common shares and other related shareholder information is incorporated herein by reference to the information set forth in our 2015 Annual Report to Shareholders under the caption “Stock Price Data” on page 26 and the caption “Comparison of Five-Year Cumulative Total Shareholder Return” on page 27.

(b) Not applicable.

(c) Issuer Purchases of Equity Securities

Period	(a)		(b)		(c)		(d)
	Total number of shares purchased		Average price paid per share		Total number of shares purchased as part of publicly announced plans or programs		Maximum number (or approximate dollar value) of shares that may yet be purchased under the plans or programs
February 1, 2015 - February 28, 2015		474	$	103.19		—		10,004,661
March 1, 2015 - March 31, 2015		705		113.99		—		10,004,661
April 1, 2015 - April 30, 2015		—		—		—		10,004,661
Total		1,179	$	109.65		—		10,004,661

Information set forth in the table above represents the activity in our fourth fiscal quarter.

(a) Shares in this column include shares repurchased from stock plan recipients in lieu of cash payments.

(d) As of April 30, 2015, there were 10,004,661 common shares available for future repurchase. From May 1, 2015 through June 24, 2015, no additional common shares were repurchased.

Item 6. Selected Financial Data.

Five-year summaries of our selected financial data and discussions of items which materially affect the comparability of the selected financial data are incorporated herein by reference to the information set forth in our 2015 Annual Report to Shareholders under the following captions and page numbers: “Five-Year Summary of Selected Financial Data” on page 25, “Management’s Discussion and Analysis” on pages 28 through 42, “Note 1: Accounting Policies” on pages 52 through 55, “Note 2: Acquisitions” on pages 56 through 58, and “Note 13: Restructuring” on pages 79 and 80.

Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

Management’s discussion and analysis of financial condition and results of operations, including a discussion of liquidity and capital resources, and critical accounting estimates and policies, is incorporated herein by reference to the information set forth in our 2015 Annual Report to Shareholders under the caption “Management’s Discussion and Analysis,” on pages 28 through 42.

Item 7A. Quantitative and Qualitative Disclosures About Market Risk.

Quantitative and qualitative disclosures about market risk are incorporated herein by reference to

20

the information set forth in our 2015 Annual Report to Shareholders under the caption “Derivative Financial Instruments and Market Risk” on pages 40 and 41.

Item 8. Financial Statements and Supplementary Data.

Consolidated financial statements at April 30, 2015 and 2014, and for each of the years in the three-year period ended April 30, 2015, with the report of independent registered public accounting firm and selected unaudited quarterly financial data, are incorporated herein by reference to the information set forth in our 2015 Annual Report to Shareholders under the caption “Summary of Quarterly Results of Operations” on page 26 and beginning with “Report of Management on Internal Control Over Financial Reporting” on page 43 through “Note 16: Common Shares” on pages 89 and 90.

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure.

None.

Item 9A. Controls and Procedures.

Evaluation of Disclosure Controls and Procedures. Management, including the principal executive officer and principal financial officer, evaluated the effectiveness of our disclosure controls and procedures (as defined in Rule 13a-15(e) or 15d-15(e) under the Exchange Act), as of April 30, 2015 (the “Evaluation Date”). Based on that evaluation, the principal executive officer and principal financial officer have concluded that, as of the Evaluation Date, our disclosure controls and procedures were effective in ensuring that information required to be disclosed in reports that we file or submit under the Exchange Act is (1) recorded, processed, summarized, and reported within the time periods specified in SEC rules and forms, and (2) accumulated and communicated to management, including the chief executive officer and chief financial officer, as appropriate to allow timely decisions regarding required disclosure.

Changes in Internal Controls. There were no changes in internal control over financial reporting that occurred during the fourth quarter ended April 30, 2015, that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting, except as noted below.

On March 23, 2015, we acquired Big Heart Pet Brands (“Big Heart”) (see “Note 2: Acquisitions” on pages 56 through 58 in our 2015 Annual Report to Shareholders). As permitted by the Securities Exchange Commission Staff interpretive guidance for newly acquired businesses, management excluded Big Heart from its evaluation of internal control over financial reporting as of April 30, 2015. Big Heart constituted $7.8 billion of our consolidated total assets as of April 30, 2015. For the year then ended, Big Heart net sales and operating loss were $244.5 million and $26.0 million, respectively. As part of the purchase price allocation process, procedures were performed to validate the assets acquired and liabilities assumed, including existence testing and a preliminary valuation of the tangible and intangible assets acquired. Big Heart will be included in management’s evaluation of internal control over financial reporting as of April 30, 2016.

Management’s report on internal control over financial reporting and the attestation report of our independent registered public accounting firm are set forth in our 2015 Annual Report to Shareholders under the heading “Report of Management on Internal Control Over Financial Reporting” on page 43 and under the heading “Report of Independent Registered Public Accounting Firm on Internal Control Over Financial Reporting” on page 44, which reports are incorporated herein by reference.

Item 9B. Other Information.

None.

21

PART III

Item 10. Directors, Executive Officers and Corporate Governance.

The information required by this Item as to the directors of the Company, the Audit Committee, the Audit Committee financial expert, and compliance with Section 16(a) of the Exchange Act is incorporated herein by reference to the information set forth under the captions “Election of Directors,” “Corporate Governance,” “Board and Committee Meetings,” and “Ownership of Common Shares” in our definitive Proxy Statement for the Annual Meeting of Shareholders to be held on August 12, 2015. Information required by Item 10 as to the executive officers of the Company is included in Part I of this Annual Report on Form 10-K as permitted by Instruction 3 to Item 401(b) of Regulation S-K.

The Board of Directors has adopted a Code of Business Conduct and Ethics, last revised February 2015, which applies to our directors, principal executive officer, and principal financial and accounting officer. The Board of Directors has adopted charters for each of the Audit, Executive Compensation, and Nominating and Corporate Governance committees and has also adopted Corporate Governance Guidelines. Copies of these documents are available on our website (jmsmucker.com/investor-relations).

Item 11. Executive Compensation.

The information required by this Item is incorporated by reference to the information set forth under the captions “Executive Compensation,” “Board and Committee Meetings,” and “Compensation Committee Interlocks and Insider Participation” in our definitive Proxy Statement for the Annual Meeting of Shareholders to be held on August 12, 2015.

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.

The information required by this Item is incorporated by reference to the information set forth under the captions “Ownership of Common Shares” and “Equity Compensation Plan Information” in our definitive Proxy Statement for the Annual Meeting of Shareholders to be held on August 12, 2015.

Item 13. Certain Relationships and Related Transactions, and Director Independence.

The information required by this Item is incorporated by reference to the information set forth under the caption “Related Party Transactions” in our definitive Proxy Statement for the Annual Meeting of Shareholders to be held on August 12, 2015.

Item 14. Principal Accountant Fees and Services.

The information required by this Item is incorporated by reference to the information set forth under the captions “Service Fees Paid to the Independent Registered Public Accounting Firm” and “Audit Committee Pre-Approval Policies and Procedures” in our definitive Proxy Statement for the Annual Meeting of Shareholders to be held on August 12, 2015.

22

PART IV

Item 15. Exhibits and Financial Statement Schedules.

(a)(1)	Financial Statements
	See the Index to Financial Statements, which is included on page F-1 of this Report.
(a)(2)	Financial Statement Schedules
	Financial statement schedules are omitted because they are not applicable or because the information required is set forth in the Consolidated Financial Statements or notes thereto.
(a)(3)	Exhibits
	See the Index of Exhibits beginning on page 25 of this Report.

23

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Date: June 25, 2015	The J. M. Smucker Company
		/s/ Mark R. Belgya
	By:	Mark R. Belgya
		Senior Vice President and Chief Financial Officer

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

*
Richard K. Smucker	Chief Executive Officer and Director (Principal Executive Officer)	June 25, 2015
/s/ Mark R. Belgya
Mark R. Belgya	Senior Vice President and Chief Financial Officer (Principal Financial Officer and Principal Accounting Officer)	June 25, 2015
*
Timothy P. Smucker	Chairman of the Board	June 25, 2015
*
Vincent C. Byrd	Director	June 25, 2015
*
Kathryn W. Dindo	Director	June 25, 2015
*
Paul J. Dolan	Director	June 25, 2015
*
Robert B. Heisler, Jr.	Director	June 25, 2015
*
Nancy Lopez Knight	Director	June 25, 2015
*
Elizabeth Valk Long	Director	June 25, 2015
*
Gary A. Oatey	Director	June 25, 2015
*
Sandra Pianalto	Director	June 25, 2015
*
Alex Shumate	Director	June 25, 2015
*
Mark T. Smucker	Director	June 25, 2015
*
David J. West	Director	June 25, 2015

* The undersigned, by signing her name hereto, does sign and execute this report pursuant to the powers of attorney executed by the above-named officers and directors of the registrant, which are being filed herewith with the Securities and Exchange Commission on behalf of such officers and directors.

Date: June 25, 2015		/s/ Jeannette L. Knudsen
	By:	Jeannette L. Knudsen
		Attorney-in-Fact

24

INDEX OF EXHIBITS

Exhibit No.	Description
2.1	Agreement and Plan of Merger, dated as of February 3, 2015, by and among Blue Acquisition Group, Inc., the Company, SPF Holdings I, Inc., SPF Holdings II, LLC and, for the limited purposes set forth therein, Blue Holdings I, L.P., incorporated herein by reference to the Company’s Current Report on Form 8-K filed on February 4, 2015.
2.2	Purchase Agreement dated as of October 9, 2013, among Del Monte Corporation, Del Monte Foods Consumer Products, Inc. and, for the limited purposes set forth therein, Del Monte Pacific Limited, incorporated herein by reference to Del Monte Corporation Quarterly Report on Form 10-Q dated December 9, 2013 (Commission File No. 333-107830-05).
3.1	Amended Articles of Incorporation of The J. M. Smucker Company, incorporated herein by reference to the Company’s Quarterly Report on Form 10-Q for the quarter ended July 31, 2013.
3.2	Amended Regulations of The J. M. Smucker Company, incorporated herein by reference to the Company’s Quarterly Report on Form 10-Q for the quarter ended July 31, 2014.
4.1	Rights Agreement, dated as of May 20, 2009, by and between the Company and Computershare Trust Company, N.A., incorporated herein by reference to the Company’s Registration Statement on Form 8-A filed on May 21, 2009.
4.2	Amendment No. 1, dated as of February 3, 2015, to the Rights Agreement, dated as of May 20, 2009, between the Company and Computershare Trust Company, N.A. as rights agent, incorporated herein by reference to the Company’s Current Report on Form 8-K filed on February 4, 2015.
4.3	Indenture, dated as of October 18, 2011, between the Company and U.S. Bank National Association, incorporated herein by reference to the Company’s Current Report on Form 8-K filed on October 18, 2011.
4.4	First Supplemental Indenture, dated as of October 18, 2011, among the Company, the guarantors party thereto, and U.S. Bank National Association, incorporated herein by reference to the Company’s Current Report on Form 8-K filed on October 18, 2011.
4.5	Third Amended and Restated Intercreditor Agreement, dated June 11, 2010, among KeyBank National Association and Bank of Montreal, as administrative agents, and the other parties identified therein, incorporated herein by reference to the Company’s Registration Statement on Form S-3 filed on October 13, 2011.
4.6	Indenture, dated as of March 20, 2015, between the Company and U.S. Bank National Association, as trustee, incorporated herein by reference to the Company’s Current Report on Form 8-K filed on March 23, 2015.
4.7	First Supplemental Indenture, dated as of March 20, 2015, by and among the Company, the guarantors party thereto and U.S. Bank National Association, as trustee, incorporated herein by reference to the Company’s Current Report on Form 8-K filed on March 23, 2015.
4.8	Registration Rights Agreement, dated as of March 20, 2015, by and among the Company, the initial guarantors set forth therein, and J.P. Morgan Securities LLC and Merrill Lynch, Pierce, Fenner & Smith Incorporated, as representatives of the several initial purchasers, incorporated herein by reference to the Company’s Current Report on Form 8-K filed on March 23, 2015.

25

INDEX OF EXHIBITS

Exhibit No.	Description
10.1	1987 Stock Option Plan, incorporated herein by reference to the Company’s Annual Report on Form 10-K for the year ended April 30, 1994.*
10.2	Nonemployee Director Stock Plan dated January 1, 1997, incorporated herein by reference to the Company’s Annual Report on Form 10-K for the year ended April 30, 1997.*
10.3	The J. M. Smucker Company Top Management Supplemental Retirement Benefit Plan, restated as of January 1, 2013, incorporated herein by reference to the Company’s Quarterly Report on Form 10-Q for the quarter ended January 31, 2014.*
10.4	Amended and Restated Consulting and Noncompete Agreement of Timothy P. Smucker, dated as of December 31, 2010, incorporated herein by reference to the Company’s Quarterly Report on Form 10-Q for the quarter ended January 31, 2011.*
10.5	Amended and Restated Consulting and Noncompete Agreement of Richard K. Smucker, dated as of December 31, 2010, incorporated herein by reference to the Company’s Quarterly Report on Form 10-Q for the quarter ended January 31, 2011.*
10.6	Termination Amendment to Amended and Restated Consulting and Noncompete Agreement of Timothy P. Smucker, dated as of April 25, 2011, incorporated herein by reference to the Company’s Current Report on Form 8-K filed on April 25, 2011.*
10.7	Termination Amendment to Amended and Restated Consulting and Noncompete Agreement of Richard K. Smucker, dated as of April 25, 2011, incorporated herein by reference to the Company’s Current Report on Form 8-K filed on April 25, 2011.*
10.8	The J. M. Smucker Company Voluntary Deferred Compensation Plan, amended and restated as of December 1, 2012, incorporated herein by reference to the Company’s Quarterly Report on Form 10-Q for the quarter ended January 31, 2013.*
10.9	Amended and Restated Nonemployee Director Stock Option Plan, effective August 19, 2005, incorporated herein by reference to the Company’s Current Report on Form 8-K filed on August 24, 2005.*
10.10	The J. M. Smucker Company 2006 Equity Compensation Plan, effective August 17, 2006, incorporated herein by reference to the Company’s Current Report on Form 8-K filed on August 21, 2006.*
10.11	The J. M. Smucker Company 2010 Equity and Incentive Compensation Plan, incorporated herein by reference to the Company’s Current Report on Form 8-K filed on August 20, 2010.*
10.12	Form of Deferred Stock Units Agreement, incorporated herein by reference to the Company’s Quarterly Report on Form 10-Q for the quarter ended July 31, 2010.*
10.13	Form of Deferred Stock Units Agreement, incorporated herein by reference to the Company’s Current Report on Form 8-K filed on October 28, 2010.*
10.14	Form of Restricted Stock Agreement, incorporated herein by reference to the Company’s Quarterly Report on Form 10-Q for the quarter ended October 31, 2010.*
10.15	Omnibus Amendment to Restricted Stock Agreements for Folgers Employees, dated as of November 4, 2010, incorporated herein by reference to the Company’s Quarterly Report on Form 10-Q for the quarter ended January 31, 2011.*
10.16	Form of Restricted Stock Agreement, incorporated herein by reference to the Company’s Current Report on Form 8-K filed on April 20, 2012.*

26

INDEX OF EXHIBITS

Exhibit No.	Description
10.17	Form of Deferred Stock Units Agreement, incorporated herein by reference to the Company’s Current Report on Form 8-K filed on April 20, 2012.*
10.18	Form of Restricted Stock Agreement, incorporated herein by reference to the Company’s Annual Report on Form 10-K for the year ended April 30, 2013.*
10.19	Form of Deferred Stock Units Agreement, incorporated herein by reference to the Company’s Annual Report on Form 10-K for the year ended April 30, 2013.*
10.20	Form of Special One-Time Grant of Restricted Stock Agreement, incorporated herein by reference to the Company’s Annual Report on Form 10-K for the year ended April 30, 2013.*
10.21	The J. M. Smucker Company Nonemployee Director Deferred Compensation Plan (Amended and Restated Effective January 1, 2007), incorporated herein by reference to the Company’s Quarterly Report on Form 10-Q for the quarter ended January 31, 2009.*
10.22	The J. M. Smucker Company Nonemployee Director Deferred Compensation Plan (Amended and Restated Effective January 1, 2014), incorporated herein by reference to the Company’s Quarterly Report on Form 10-Q for the quarter ended October 31, 2013.*
10.23	The J. M. Smucker Company Defined Contribution Supplemental Executive Retirement Plan, restated effective as of May 1, 2015.*
10.24	The J. M. Smucker Company Restoration Plan, amended and restated effective as of January 1, 2013.*
10.25	Amendment No. 1 to The J. M. Smucker Company Restoration Plan, dated as of May 1, 2015.*
10.26	Form of Nonstatutory Stock Option Agreement between the Company and the Optionee (one-year vesting), incorporated herein by reference to the Company’s Current Report on Form 8-K filed on March 23, 2015.*
10.27	Form of Nonstatutory Stock Option Agreement between the Company and the Optionee (three-year vesting), incorporated herein by reference to the Company’s Current Report on Form 8-K filed on March 23, 2015.*
10.28	Form of Nonstatutory Stock Option Agreement between the Company and David J. West, incorporated herein by reference to the Company’s Current Report on Form 8-K filed on March 23, 2015.*
10.29	Form of Change in Control Severance Agreement between the Company and the Executive party thereto, incorporated herein by reference to the Company’s Current Report on Form 8-K filed on March 23, 2015.*
10.30	Employment Agreement, effective as of March 23, 2015, between the Company and David J. West.*
10.31	Amendment to Employment Agreement, dated as of April 9, 2015, between the Company and David J. West.*

27

INDEX OF EXHIBITS

Exhibit No.	Description
10.32	The J. M. Smucker Company 1998 Equity and Performance Incentive Plan (as amended and restated effective as of June 6, 2005), incorporated herein by reference to the Company’s Current Report on Form 8-K filed on June 9, 2005.*
10.33	Del Monte Corporation Annual Incentive Plan, adopted September 8, 2011, incorporated herein by reference to Del Monte Corporation Current Report on Form 8-K dated September 13, 2011 (Commission File No. 333-107830-05).*
10.34	Del Monte Corporation Supplemental Executive Retirement Plan (Fourth Restatement), amended and restated effective January 1, 2009, incorporated herein by reference to Del Monte Foods Company Quarterly Report on Form 10-Q dated March 4, 2009 (Commission File No. 001-14335).*
10.35	Del Monte Corporation Additional Benefits Plan, amended and restated effective January 1, 2009, incorporated herein by reference to Del Monte Foods Company Quarterly Report on Form 10-Q dated March 4, 2009 (Commission File No. 001-14335).*
10.36	Del Monte Executive Severance Plan, amended July 23, 2009, incorporated herein by reference to Del Monte Foods Company Quarterly Report on Form 10-Q dated September 9, 2009 (Commission File No. 001-14335).*
10.37	Amendment Number One to the Del Monte Corporation Executive Severance Plan, dated November 24, 2010, incorporated herein by reference to Del Monte Foods Company Quarterly Report on Form 10-Q dated March 4, 2011 (Commission File No. 001-14335).*
10.38	Del Monte Executive Perquisite Plan, amended and restated effective July 1, 2008, incorporated herein by reference to Del Monte Foods Company Annual Report on Form 10-K dated June 25, 2008 (Commission File No. 001-14335).*
10.39	Amended and Restated Asset Purchase and Sale Agreement, dated as of October 24, 2001, by and among General Mills, Inc., The Pillsbury Company, and International Multifoods Corporation, incorporated herein by reference to International Multifoods Corporation Current Report on Form 8-K dated November 13, 2001 (Commission File No. 001-6699).
10.40	Retail Trademark License Agreement, dated November 13, 2001, between The Pillsbury Company and International Multifoods Corporation, incorporated herein by reference to International Multifoods Corporation Quarterly Report on Form 10-Q for the quarter ended December 1, 2001 (Commission File No. 001-6699).
10.41	Amendment to Retail Trademark License Agreement, dated December 23, 2002, between The Pillsbury Company and International Multifoods Corporation, incorporated herein by reference to International Multifoods Corporation Annual Report on Form 10-K for the year ended March 1, 2003 (Commission File No. 001-6699).
10.42	Closing Agreement, dated as of November 13, 2001, by and among General Mills, Inc., The Pillsbury Company, and International Multifoods Corporation, incorporated herein by reference to International Multifoods Corporation Current Report on Form 8-K dated November 13, 2001 (Commission File No. 001-6699).
10.43	Omnibus Amendment Agreement, dated as of January 16, 2003, by and among General Mills, Inc., The Pillsbury Company, International Multifoods Corporation, and Sebesta Blomberg & Associates, Inc., incorporated herein by reference to International Multifoods Corporation Current Report on Form 8-K dated January 27, 2003 (Commission File No. 001-6699).
10.44	Note Purchase Agreement, dated as of May 27, 2004, by and among the Company and each of the Purchasers signatory thereto, incorporated herein by reference to the Company’s Quarterly Report on Form 10-Q for the quarter ended July 31, 2004.

28

INDEX OF EXHIBITS

Exhibit No.	Description
10.45	First Amendment, dated May 31, 2007, to Note Purchase Agreement, dated as of May 27, 2004, incorporated herein by reference to the Company’s Quarterly Report on Form 10-Q for the quarter ended July 31, 2007.
10.46	Second Amendment, dated October 23, 2008, to Note Purchase Agreement, dated as of May 27, 2004, incorporated herein by reference to the Company’s Quarterly Report on Form 10-Q for the quarter ended October 31, 2008.
10.47	Third Amendment, dated November 6, 2008, to Note Purchase Agreement, dated as of May 27, 2004, incorporated herein by reference to the Company’s Quarterly Report on Form 10-Q for the quarter ended October 31, 2008.
10.48	Fourth Amendment, dated June 11, 2010, to Note Purchase Agreement, dated as of May 27, 2004, incorporated herein by reference to the Company’s Quarterly Report on Form 10-Q for the quarter ended July 31, 2010.
10.49	Note Purchase Agreement, dated as of May 31, 2007, by and among the Company and each of the Purchasers signatory thereto, incorporated herein by reference to the Company’s Quarterly Report on Form 10-Q for the quarter ended July 31, 2007.
10.50	First Amendment, dated October 23, 2008, to Note Purchase Agreement, dated as of May 31, 2007, incorporated herein by reference to the Company’s Quarterly Report on Form 10-Q for the quarter ended October 31, 2008.
10.51	Second Amendment, dated November 6, 2008, to Note Purchase Agreement, dated as of May 31, 2007, incorporated herein by reference to the Company’s Quarterly Report on Form 10-Q for the quarter ended October 31, 2008.
10.52	Third Amendment, dated June 11, 2010, to Note Purchase Agreement, dated as of May 31, 2007, incorporated herein by reference to the Company’s Quarterly Report on Form 10-Q for the quarter ended July 31, 2010.
10.53	Note Purchase Agreement, dated as of October 23, 2008, by and among the Company and each of the Purchasers signatory thereto, incorporated herein by reference to the Company’s Quarterly Report on Form 10-Q for the quarter ended October 31, 2008.
10.54	First Amendment, dated November 6, 2008, to Note Purchase Agreement, dated as of October 23, 2008, incorporated herein by reference to the Company’s Quarterly Report on Form 10-Q for the quarter ended October 31, 2008.
10.55	Second Amendment, dated June 11, 2010, to Note Purchase Agreement, dated as of October 23, 2008, incorporated herein by reference to the Company’s Quarterly Report on Form 10-Q for the quarter ended July 31, 2010.
10.56	Note Purchase Agreement, dated as of June 15, 2010, by and among the Company and each of the Purchasers signatory thereto, incorporated herein by reference to the Company’s Periodic Report on Form 8-K filed on June 17, 2010.
10.57	Guaranty Agreement, dated November 6, 2008, by The Folgers Coffee Company in favor of the Noteholders defined therein, relating to the guaranty of the obligations of the Company under or in respect of the Note Purchase Agreement, dated as of May 27, 2004, as amended, incorporated herein by reference to the Company’s Quarterly Report on Form 10-Q for the

29

INDEX OF EXHIBITS

Exhibit No.	Description
	quarter ended October 31, 2008.
10.58	Guaranty Agreement, dated November 6, 2008, by The Folgers Coffee Company in favor of the Noteholders defined therein, relating to the guaranty of the obligations of the Company under or in respect of the Note Purchase Agreement, dated as of May 31, 2007, as amended, incorporated herein by reference to the Company’s Quarterly Report on Form 10-Q for the quarter ended October 31, 2008.
10.59	Guaranty Agreement, dated November 6, 2008, by The Folgers Coffee Company in favor of the Noteholders defined therein, relating to the guaranty of the obligations of the Company under or in respect of the Note Purchase Agreement, dated as of October 23, 2008, as amended, incorporated herein by reference to the Company’s Quarterly Report on Form 10-Q for the quarter ended October 31, 2008.
10.60	Tax Matters Agreement between The Procter & Gamble Company, The Folgers Coffee Company, and the Company, dated November 6, 2008, incorporated herein by reference to the Company’s Quarterly Report on Form 10-Q for the quarter ended October 31, 2008.
10.61	Intellectual Property Matters Agreement between The Procter & Gamble Company and The Folgers Coffee Company, dated November 6, 2008, incorporated herein by reference to the Company’s Quarterly Report on Form 10-Q for the quarter ended October 31, 2008.
10.62	Third Amended and Restated Credit Agreement, dated as of September 6, 2013, among the Company and Smucker Foods of Canada Corp., as borrowers, the lenders and guarantors party thereto, and Bank of Montreal, as administrative agent, incorporated herein by reference to the Company’s Current Report on Form 8-K filed on September 10, 2013.
10.63	Amendment No. 1, dated as of February 23, 2015, to the Third Amended and Restated Credit Agreement dated as of September 6, 2013, among the Company and Smucker Foods of Canada Corp., as borrowers, the lenders and guarantors party thereto, and Bank of Montreal, as administrative agent, incorporated herein by reference to the Company’s Current Report on Form 8-K filed on February 24, 2015.
10.64	Form of Commercial Paper Dealer Agreement between the Company, as Issuer, and the Dealer party thereto, incorporated herein by reference to the Company’s Quarterly Report on Form 10-Q for the quarter ended July 31, 2014.
10.65	Shareholders Agreement, dated as of February 3, 2015, by and among The J. M. Smucker Company, Blue Holdings I, L.P., Kohlberg Kravis Roberts & Co. L.P., Vestar Capital Partners, Centerview Capital Management LLC, AlpInvest Partners US Holdings, LLC, and the shareholders named therein, incorporated herein by reference to the Company’s Current Report on Form 8-K filed on February 4, 2015.
10.66	Term Loan Credit Agreement, dated as of March 2, 2015, among the Company, as borrower, the lenders and guarantors party thereto, and Bank of America, N.A., as administrative agent, incorporated herein by reference to the Company’s Current Report on Form 8-K filed on March 3, 2015.
10.67	Bridge Term Loan Credit Agreement, dated as of March 2, 2015, among the Company, as borrower, the lenders and guarantors party thereto, and Bank of America, N.A., as administrative agent, incorporated herein by reference to the Company’s Current Report on Form 8-K filed on March 3, 2015.

30

INDEX OF EXHIBITS

Exhibit No.	Description
12.1	Computation of Ratio of Earnings to Fixed Charges.
13	Excerpts from our 2015 Annual Report to Shareholders. Such Annual Report, except those portions thereof that are expressly incorporated herein by reference, is furnished for the information of the Commission only and is not deemed to be filed as part of this Annual Report on Form 10-K.
21	Subsidiaries of the Registrant.
23	Consent of Independent Registered Public Accounting Firm.
24	Powers of Attorney.
31.1	Certifications of Richard K. Smucker pursuant to Rule 13a-14(a) and Rule 15d-14(a) of the Securities Exchange Act, as amended.
31.2	Certifications of Mark R. Belgya pursuant to Rule 13a-14(a) and Rule 15d-14(a) of the Securities Exchange Act, as amended.
32	Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of The Sarbanes-Oxley Act of 2002.
101.INS	XBRL Instance Document.
101.SCH	XBRL Taxonomy Extension Schema Document.
101.PRE	XBRL Taxonomy Extension Presentation Linkbase Document.
101.DEF	XBRL Taxonomy Extension Definition Linkbase Document.
101.CAL	XBRL Taxonomy Extension Calculation Linkbase Document.
101.LAB	XBRL Taxonomy Extension Label Linkbase Document.

* Management contract or compensatory plan or arrangement.

31

THE J. M. SMUCKER COMPANY

ANNUAL REPORT ON FORM 10-K

INDEX TO FINANCIAL STATEMENTS

	Annual Report to Shareholders
Data incorporated by reference to the 2015 Annual Report to Shareholders of The J. M. Smucker Company:
Report of Management on Internal Control Over Financial Reporting	43
Report of Independent Registered Public Accounting Firm on Internal Control Over Financial Reporting	44
Report of Independent Registered Public Accounting Firm on the Consolidated Financial Statements	45
Consolidated Balance Sheets at April 30, 2015 and 2014	48 - 49
For the years ended April 30, 2015, 2014, and 2013:
Statements of Consolidated Income	47
Statements of Consolidated Comprehensive Income	47
Statements of Consolidated Cash Flows	50
Statements of Consolidated Shareholders’ Equity	51
Notes to Consolidated Financial Statements	52 - 90

Financial statement schedules are omitted because they are not applicable or because the information required is set forth in the Consolidated Financial Statements or the notes thereto.

F-1

EX-10.23

Exhibit 10.23

THE J. M. SMUCKER COMPANY DEFINED CONTRIBUTION

SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN

RESTATED EFFECTIVE MAY 1, 2015

THE J. M. SMUCKER COMPANY DEFINED CONTRIBUTION

SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN

The J. M. Smucker Company Defined Contribution Supplemental Executive Retirement Plan (the “Plan”) has been established and is maintained by The J. M. Smucker Company (the “Company”) for the purpose of supplementing the retirement benefits of certain officers and key management employees of the Company and its subsidiaries who are selected to participate in the Plan. The Plan has previously been amended and restated, and is now further amended and restated effective May 1, 2015, to incorporate prior amendments and permit company contributions to be made on an ongoing basis.

The Plan is intended to be an unfunded plan maintained primarily for the purpose of providing deferred compensation for a select group of management or highly compensated employees, and is subject to, and intended to comply with Section 409A of the Code, regulations thereunder, and other applicable laws.

ARTICLE I

DEFINITIONS

Whenever used in the Plan, the following words and phrases shall have the meanings set forth below unless the context plainly requires a different meaning, and when a defined meaning is intended, the term is capitalized in this document.

1.1 “Beneficiary” means the person or persons selected by the Participant on a form provided by the Company to receive the benefits provided under this Plan in the event of the Participant’s death.

1.2 “Code” means the Internal Revenue Code of 1986, as amended from time to time, and any lawful regulations or other pronouncements relating thereto.

1.3 “Company” means The J. M. Smucker Company and any of its subsidiaries or affiliated business entities as determined in accordance with the provisions contained in Section 414 of the Code.

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1.4 “Compensation” means total compensation, including base salary, Holiday Bonus and annual bonuses from the Management Incentive Plan, paid during the entire Plan Year without regard to any limits imposed by the Code under ERISA.

1.5 “Committee” means the Executive Committee of the Company,

1.6 “Disabled” or “Disability” means the first to occur of the following conditions, all as determined in accordance with Section 409A:

(a) The Participant is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less than 12 months, or

(b) The Participant is, by reason of any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less than 12 months, receiving income replacement benefits for a period of not less than 3 months under any plan covering employees of the Employer, or

(c) The Participant has been determined to be totally disabled by the Social Security Administration.

1.7 “Effective Date” means May 1, 2015.

1.8 “Eligibility Service” means service completed to determine eligibility from date of hire to date of termination, retirement, disability, or death.

1.9 “ERISA” means the Employee Retirement Income Security Act of 1974, as amended.

1.10 “Officer Service” means service completed from the effective date of employment in an officer position to the earlier of the date of termination, retirement, disability, or death, or date that Participant ceases to serve as an officer.

1.11 “Participant” means any employee described in Article II of this Plan.

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1.12 “Plan” means The J. M. Smucker Company Defined Contribution Supplemental Executive Retirement Plan, as of its original effective date, and as further amended and restated herein effective May 1, 2015, and including any subsequent amendments thereto.

1.13 “Plan Year” means the Company’s fiscal year beginning May 1 and ending April 30.

1.14 “Separation from Service” means a separation from service as defined in Code Section 409A, with the Company and all other related employers of the Company (as determined under Code Section 414), which Code Section 409A is incorporated herein by reference, generally including the severance of the Employee’s employment relationship for any reason, voluntarily or involuntarily, and with or without cause, including without limitation, quit, discharge, retirement, death, leave of absence or permanent decrease in service to the Company and all such other related employers to a level that is no more than twenty percent (20%) of its prior level. However, for purposes of this paragraph, the employment relationship is treated as continuing intact while the individual is on military leave, sick leave, or other bona fide leave of absence if the period of such leave does not exceed six months, or if longer, so long as the individual retains a right to reemployment with the service recipient under an applicable statute or by contract. Notwithstanding the foregoing, where a leave of absence is due to any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less than six months, where such impairment causes the employee to be unable to perform the duties of his or her position of employment or any substantially similar position of employment, a 29-month period of absence may be substituted for such six-month period.

1.15 “Specified Employee” refers to an individual defined in Code Section 416(i) without regard to paragraph (5) of that section as of the date of the individual’s Separation from Service determined as provided in Treasury Regulation §1.409A-1(i).

1.16 “Trust” means a rabbi trust which may be established by the Company in connection with this Plan to provide the benefits described in the Plan.

1.17 “Trustee” means the corporation or individual selected by the Company to serve as Trustee for the Trust.

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ARTICLE II

ELIGIBILITY AND PARTICIPATION

2.1 Eligible Participants

An employee who has been hired or promoted to serve as an officer or in an equivalent position and has been designated by the Committee shall become a Participant in the Plan as of the date of designation.

Notwithstanding the foregoing, for all purposes under the Plan, after April 30, 2012, no further officers shall first become eligible to participate in the Plan.

2.2 Designation of Beneficiary

A Participant shall file with the Committee a Beneficiary designation, on a form provided by the Committee, on or before April 30th of the preceding Plan Year for which the designation shall take effect. Such designation shall remain in effect until changed by the Participant.

ARTICLE III

SUPPLEMENTAL RETIREMENT ACCOUNT

3.1 Establishment of Accounts

The Company shall establish and maintain an account for each Participant, or designated Beneficiary of the Participant upon the death of the Participant, and shall credit such accounts each Plan Year with Contribution Credits and Earnings Credits, as applicable, in accordance with the provision of this Article III.

3.2 Contribution Credit

“Contribution Credit” means an amount equal to 7% of total Compensation paid in the full Plan Year which shall be credited to a Participant’s account for each Plan Year the officer is a Participant, including the Plan Year in which the designation by the Committee occurs. Accounts will be credited with Contribution Credits as soon as administratively practicable following each

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payroll period to each Participant who is employed as an officer during that payroll period. No Contribution shall be based on Compensation paid after a Participant ceases to be an officer.

3.3 Earnings Credit

“Earnings Credit” means the amount (including a negative amount) which shall be credited to the account maintained for a Participant or Beneficiary under Section 3.5.

3.4 Prior Service Credit

For each officer who became a Participant as of the original effective date of the plan, an amount indicated in Appendix A has been credited to such Participant’s account on May 1, 2008, recognizing years of Officer Service prior to the effective date of this Plan.

3.5 Deemed Investment Earnings

(a) Deemed Investment of Accounts: The Company shall from time to time designate one or more investment vehicle(s) in which the accounts for Participants shall be deemed to be invested. The investment vehicle(s) may be designated by reference to the investments available under The J.M. Smucker Company Employee Savings Plan (the “401(k) Plan”). Each Participant shall designate the investment vehicle(s) in which his account shall be deemed to be invested according to the procedures developed by the Company. The Company shall be under no obligation to acquire or invest in any of the deemed investment vehicle(s) under this subparagraph, and any acquisition of or investment in a deemed investment vehicle by the Company shall be made in the name of the Company and shall remain the sole property of the Company. The Company shall also establish from time to time a default fund into which a Participant’s account shall be deemed to be invested if the Participant fails to provide investment instructions pursuant to this Section 3.5(a). Until otherwise changed, such default fund shall be the applicable investment vehicle determined pursuant to the terms of the 401(k) Plan’s default investment provisions.

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(b) Changes in Elections; Transfers Among Funds: During a Plan Year, a Participant may change the investment vehicles in which his account shall be deemed to be invested according to the procedures developed by the Company. A Participant may also elect to transfer amounts credited to his account from any deemed investment vehicle to any other deemed investment vehicle according to the procedures developed by the Company. The Company may establish any limitations on the frequency with which Participants may make, and the timing of, investment designations and transfer elections under this Section 3.5(b) as the Company may determine necessary or appropriate from time to time, including limitations related to frequent trading, market timing activities and restrictions on executive officer trading.

(c) Periodic Account Adjustments: The account of each Participant shall be adjusted from time to time at such intervals as determined by the Company until the entire amount credited to the account has been distributed to the Participant or his Beneficiary. The amount of the adjustment shall equal the amount that each Participant’s account would have earned (or lost) for the period since the last adjustment had the account actually been invested in the deemed investment vehicle(s) designated by the Participant for such period.

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ARTICLE IV

DISTRIBUTIONS

4.1 Vesting and Distribution Events

In order to be vested in amounts credited to a Participant’s account under this Plan, the Participant must have completed ten (10) years of Eligibility Service (or in the event of a distribution due to death, five (5) years of Eligibility Service).

All vested amounts credited to a Participant’s account in accordance with Article III, including interest credited in accordance with Section 3.4 shall be distributed to, or with respect to, a Participant, based on the earliest to occur of such Participant’s Separation from Service, death or Total Disability, as set forth below:

(a) In the event of Separation from Service, such vested amounts shall be distributed or commence to be distributed after the later of attainment of age 55 and six (6) months following Separation from Service;

(b) In the event of Disability, such vested amounts shall be distributed or commence to be distributed six (6) months following such Disability; or

(c) In the event of death, such vested amounts shall be distributed or commence to be distributed within ninety (90) days following such death.

For purposes of this Section, if death causes a Separation from Service, death shall be deemed to be the earliest event to occur under the Plan.

4.2 No Benefits Payable upon Certain Events

(a) If the Participant has completed fewer than ten years of Eligibility Service as the date of Separation from Service (or five years in the case of death), the Participant shall receive no benefit under the Plan.

(b) The right of any Participant or Beneficiary to a benefit will be terminated, or if payment thereof has begun, all future payments will be discontinued and

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forfeited, in the event the Participant (i) at any time wrongly discloses any secret process or trade secret of the Company, or (ii) engages, either directly or indirectly, as an officer trustee, employee, partner, or substantial shareholder, on his own account or in any other capacity, in a business venture within a ten-year period following his retirement or Separation from Service that the Company’s board of directors reasonably determines to be competitive with the Company to a degree materially contrary to the Company’s best interest.

(c) Notwithstanding anything to the contrary contained in the Plan, if a Participant’s employment is terminated because the Company determines the Participant (i) engaged in dishonest or fraudulent acts against the Company, (ii) willfully injured property of the Company, (iii) conspired against the Company, or (iv) disclosed confidential information concerning the Company, then no benefit shall be payable to the Participant or Beneficiary under the Plan.

4.3 Forms of Distribution

Any vested benefit payable to or on behalf of a Participant under the Plan pursuant to Section 4.1 shall be payable pursuant to a fixed schedule in accordance with the provisions of Section 409A of the Code. Each Participant must elect the payment schedule from one of the options below within 30 days of becoming designated to participate in the Plan. The possible payment options are as follows:

(a) One single lump sum payment; or

(b) For benefits commencing prior to May 1, 2012, equal monthly installments payable over a fixed period (five, ten, fifteen or twenty years, as elected by the Participant), determined based on the Participant’s vested account balance and the interest crediting rate in effect at the later of the date of (i) Separation from Service, Disability, or death, as applicable, or (ii) the date that payments commence; or

(c) For benefits commencing on or after May 1, 2012, substantially equal monthly installments payable over a fixed period (five, ten, fifteen or twenty years, as

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elected by the Participant), determined based on the Participant’s account balance. The amount of the unpaid installment payments remaining in the Participant’s Account shall continue to be credited with earnings as provided in Section 3.5.

If no election is made by a Participant or if the Participant elects installment payments but fails to elect the fixed period, the default form of payment shall be the method described in (a) above.

4.4 Subsequent Election of Time or Form of Payment

During the month of April of each Plan Year (or at such other time as may be approved by the Committee but no later than April 30 of each Plan Year), a Participant who is then still an employee of the Company may change, on a form and in a manner approved by the Committee. a form of payment election that he or she made pursuant to Section 4.2 or delay a commencement date that he or she elected pursuant to Section 4.1; provided, however, a Participant may make only one change, that applies to either form of payment or time of payment or both, and no further changes may be made to the form of payment or time of payment of such deferred amounts; and provided, further, that no change of election made under this Section 4.4 shall be effective unless it satisfies the following requirements:

(a) A change of election will not be effective until at least twelve (12) months after the date on which it is filed by the Participant with the Committee.

(b) A change of election with respect to a payment commencing on, or made on, a specified date may not be filed with the Committee less than twelve (12) months prior to such date.

(c) A change of election with respect to a time of payment or a method of payment must provide that the payment subject to the change be deferred for a period of not less than five (5) years from the date such payment would otherwise have been made, except in the event of a payment made on account of the Participant’s death or Disability.

The Company may impose such other restrictions and limitations on subsequent changes to an election relating to the time or form of distribution as it determines appropriate.

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4.5 Death Following Separation from Service or Disability

If a Participant who has at least five (5) years of Eligibility Service should die after his Separation from Service or Disability and before distribution of the full amount of his benefits under this Plan have been distributed to him (whether before or after payments have commenced), any remaining amounts shall be distributed to the Participant’s Beneficiary(ies) by the same method as distributions were being made to the Participant or were scheduled to be made. If the Beneficiary is no longer alive, or if a Participant has not designated a Beneficiary, then such amounts shall be distributed to such Participant’s spouse, or if deceased or none, then to the Participant’s children per stirpes, or if none, then to the Participant’s estate.

4.6 [Reserved]

4.7 Six-Month Delay on Distributions to Specified Employees

Under no circumstances, other than death as set forth above, will a Participant who is a Specified Employee, as of the date of the Participant’s Separation from Service, receive a distribution under the Plan earlier than six (6) months following such Participant’s Separation from Service.

4.8 No Distributions In Excess of Code Section 162(m)

Notwithstanding the above provisions, no amount may be distributed from the Plan if the Company reasonably anticipates that such amount would not be deductible under Code Section 162(m), as determined by the Board of Directors in its sole discretion, and in accordance with Code Section 409A and the Treasury regulations promulgated thereunder.

4.9 Distribution of Small Amounts

If, at any time following Separation from Service, a Participant’s benefit under the Plan is less than $10,000, the Company may elect to distribute such account balance in a lump sum payment regardless of the Participant’s election.

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4.10 Distributions of Amounts Deemed Includable in Gross Income

Notwithstanding any provisions of the Plan to the contrary, if, at any time, a court or the Internal Revenue Service determines that an amount of a Participant’s benefit under the Plan is includable in the gross income of the Participant and subject to tax, the Board of Directors of the Company may, in its sole discretion, and in accordance with Code Section 409A and the regulations promulgated thereunder, permit a lump sum distribution of an amount equal to the amount determined to be includable in the Participant’s gross income.

4.11 Distributions of Amounts in Violation of Securities Laws

Notwithstanding any provisions of the Plan to the contrary, a payment under the Plan may be delayed if the Company reasonably anticipates that the making of such payment will violate Federal securities laws or other applicable law, in the Company’s sole discretion, and in accordance with Code Section 409A and the Treasury regulations promulgated thereunder, provided that the payment is made on the earliest at which the Company reasonably anticipates that the making of the payment will not cause such violation.

ARTICLE V

ADMINISTRATION

5.1 Authority to Interpret Plan

The Plan shall be administered by the Company, which shall have the authority to interpret and construe the terms of the Plan as it deems appropriate including the authority to determine eligibility for benefits under the Plan. The Company shall have the duty and responsibility of maintaining records, making the requisite calculations and disbursing the payments hereunder. The Company’s interpretations, determinations, regulations and calculations shall be final and binding on all interested persons and parties. Any benefits payable under this Plan will be paid only if the Plan Administrator decides in its discretion that the applicant is entitled to them.

5.2 Employment of Advisors

The Company may employ such attorneys, agents, and accountants as it may deem necessary or advisable to assist in carrying out its duties hereunder. The Company by action of its Board of

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Directors may designate a person or persons other than the Company to carry out any of such powers, authority, or responsibility. Expenses of administration shall be paid by the Company. The Company shall be entitled to rely on all tables, valuations, certifications, opinions, data and reports furnished by any actuary, accountant, controller, counsel or other person employed or engaged by the Company with respect to the Plan. Any act authorized, permitted, or required to be taken under the Plan by the Company and which has not been delegated in accordance with this, may be taken by a majority of the members of its Board of Directors, or a committee delegated to act by the Board of Directors, or notices, advice, directions, certifications, approvals, and instructions required or authorized to be a person authorized to act for the Company in accordance with this Section.

5.3 Annual Statements

The Company shall furnish individual statements of accrued benefits to each Participant, or current Beneficiary, in such form as determined by the Company or as required by law.

5.4 Claims Procedures

Whenever the Company decides for whatever reason to deny, whether in whole or in part, a claim for benefits under the Plan filed by any person (herein referred to as the “Claimant”), it shall transmit a written notice of such decision to the Claimant, in most cases no later than 90 days after the Plan receives the claim for benefits, or within 180 days after the Plan receives the claim for benefits if there are special circumstances and if within 90 days the Company provides notice of the reason for the delay and the date a decision can be expected, which notice shall be written in a manner calculated to be understood by the Claimant and shall contain a statement of the specific reasons for the denial of the claim and a statement advising the Claimant that, within 60 days of the date on which he receives such notice, he may obtain review of such decision in accordance with the procedures hereinafter set forth. Within such 60-day period, the Claimant may request that the claim denial be reviewed by filing with the Committee a written request therefore, which request shall contain the following information:

(a) The date on which the Claimant’s request was filed with the Company; provided, however, that the date on which the Claimant’s request for review was in fact

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filed with the Company shall control in the event that the date of the actual filing is later than the dates stated by the Claimant pursuant to this Subsection (a);

(b) The specific portions of the denial of his claim which the Claimant requests the Company to review;

(c) A statement by the Claimant setting forth the basis upon which he believes the Company should reverse the previous denial of his claim for benefits and accept his claim as made; and

(d) Any written material (offered as exhibits) which the Claimant desires the Company to examine in its consideration of his position as stated pursuant to Subsection (c) of this Section.

Within 60 days of the date determined pursuant to Subsection (a) of this Section, the Committee shall conduct a full and fair review of the initial claim for the benefits and the decisions denying the Claimant’s claim for benefits, or within 120 days if special circumstances require more time and if within 60 days the Committee provides notice of reason for the delay, and the date a decision can be expected. Within 60 days (or 120 days if extended as provided herein) of the date of such review, the Committee shall render its written decision on review, written in a manner calculated to be understood by the Claimant, specifying the reasons and Plan provisions upon which its decision was based.

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ARTICLE VI

AMENDMENT OR TERMINATION

6.1 Company Reserves Right to Amend or Terminate

The Company intends the Plan to be permanent but reserves the right to amend or terminate the Plan at any time, prospectively or retroactively, through an instrument executed by an officer pursuant to authorization or ratification by the Board or by any committee designated by the Board.

6.2 Amendment or Termination

No amendment or termination of the Plan shall directly or indirectly reduce the balance of any account described in Article III as of the later of the effective date of such amendment or termination or the date such amendment or termination is adopted. In the event the Plan is terminated, any amounts credited to Participants’ accounts shall remain subject to the other provisions of the Plan regarding distribution, and distribution of such amounts shall not be accelerated except as otherwise provided in an amendment to this Plan and under the circumstances permitted in accordance with Code §409A. No amounts will be credited to any account under the Plan after termination of the Plan, but interest will continue to be credited to a Participant’s account under the Plan until all amounts are distributed to the Participant or to his or her Beneficiary,

ARTICLE VII

MISCELLANEOUS

7.1 Trust Authorized

The Company may establish a Trust which may be used to pay benefits arising under this Plan and all costs, charges and expenses relating thereto; except that, to the extent that the funds held in the Trust are insufficient to pay such benefits, costs, charges and expenses, the Company shall pay such benefits, costs, charges and expenses.

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7.2 Restriction against Assignment

The benefits payable hereunder or the right to receive future benefits under the Plan may not be anticipated, alienated, sold, transferred, assigned, pledged, encumbered, or subjected to any charge or legal process; no interest or right to receive a benefit may be taken, either voluntarily or involuntarily, for the satisfaction of the debts of, or other obligations or claims against, such person or entity, including claims for alimony, support, separate maintenance and claims in bankruptcy proceedings.

7.3 Grantor Trust

The Plan at all times shall be considered entirely unfunded both for tax purposes and for purposes of ERISA and no provision shall at any time be made with respect to segregating any assets of the Company for payment of any benefits hereunder. Funds invested hereunder shall continue for all purposes to be part of the general assets of the Company. No Participant, Beneficiary or any other person shall have any interest in any particular assets of the Company by reason of the right to receive a benefit under the Plan and to the extent the Participant, Beneficiary or any other person acquires a right to receive benefits under this Plan, such right shall be no greater than the right of any unsecured general creditor of the Company.

7.4 No Employment Rights

The sole rights of a Participant or Beneficiary under this Plan shall be to have this Plan administered according to its provisions, to receive whatever benefits he or she may be entitled to hereunder, and nothing in this Plan shall be interpreted as a guaranty that any funds in a Trust or assets of the Company will be sufficient to pay any such benefit. Further, the adoption and maintenance of this Plan shall not be construed as creating any contract of employment between the Company and any Participant. The Plan shall not affect the right of the Company to deal with any Participants in employment respects, including their hiring, discharge, compensation, and conditions of employment.

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7.5 Discharge of Liability

The Company may from time to time establish rules and procedures which it determines to be necessary for the proper administration of the Plan and the benefits payable to an individual in the event that individual is declared incompetent and a conservator or other person legally charged with such individual’s care is appointed. Except as otherwise provided herein, when the Company determines that such individual is unable to manage his or her financial affairs, the Company may pay such individual’s benefits to such conservator, person legally charged with such individual’s care, or institution then contributing toward or providing for the care and maintenance of such individual. Any such payment shall constitute a complete discharge of any liability of the Company and the Plan for such individual.

7.6 Location of Participant

Each Participant shall keep the Company informed of his or her current address and the current address of his or her Beneficiary. The Company shall not be obligated to search for any person.

7.7 Limitation of Liability

Notwithstanding any provision herein to the contrary, neither the Company nor any individual acting as an employee or agent of the Company shall be liable to any Participant, former Participant, Beneficiary, or any other person for any claim, loss, liability or expense incurred in connection with the Plan, unless attributable to fraud or willful misconduct on the part of the Company or any such employee or agent of the Company.

7.8 Plan Documents

Each Participant shall receive a copy of the Plan and the Company will make available for inspection by any Participant or Beneficiary a copy of the rules and regulations used by the Company in administering the Plan.

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7.9 Construction

All questions pertaining to the construction, validity and effect of the Plan shall be determined in accordance with the laws of the United States and to the extent not preempted by such laws, by the laws of the State of Ohio.

7.10 Unsecured General Creditor

Any and all of the Company’s assets shall be, and remain, the general unpledged, unrestricted assets of the Company. The Company’s obligation under this Plan shall be merely that of an unfunded and unsecured promise of the Company to pay money in the future, and the rights of the Participants and beneficiaries shall be no greater than those of unsecured general creditors. It is the intention of the Company that this Plan be unfunded for purposes of the Code and for purposes of Title I of ERISA.

7.11 Headings Not Part of Plan

Headings and subheadings in this Plan are inserted for convenience of reference only and are not to be considered in the construction of the provisions hereof.

7.12 Terms Used in the Plan

Any term used in this Plan which is defined in the Plan shall have the meaning set forth in the Plan for all purposes of this Plan. The singular form of any word shall include the plural and the masculine gender shall include the feminine wherever necessary for the proper interpretation of this Plan.

7.13 Compliance with Code Section 409A

To the extent applicable, it is intended that this Plan and any deferrals of compensation made hereunder comply with the provisions of Code Section 409A. This Plan and any deferrals or compensation made hereunder shall be administrated in a manner consistent with this intent, and any provisions that would cause this Plan or any grant made hereunder to fail to satisfy Code Section 409A shall have no force and effect until amended to comply with Code Section 409A (which amendment may be retroactive to the extent permitted by Code Section 409A and may be

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made by the Company without the consent of Participants). Any reference in this Plan to Code Section 409A will also include any proposed temporary or final regulations, or any other guidance, promulgated with respect to Code Section 409A by the U.S. Department of the Treasury or the Internal Revenue Service. In no event, however, shall this section or any other provisions of this Plan be construed to require the Company to provide any gross-up for the tax consequences of, or payments under, this Plan and the Company shall have no responsibility for tax or legal consequences to any Participant (or Beneficiary) resulting from the terms or operation of this Plan.

The Company hereby adopts this restatement of the Plan as set forth above.

THE J. M. SMUCKER COMPANY
By:	/s/ Barry C. Dunaway
	Barry C. Dunaway
	President, International and Chief Administrative Officer

Dated: May 1, 2015

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EX-10.24

Exhibit 10.24

THE J.M. SMUCKER COMPANY RESTORATION PLAN

AMENDED AND RESTATED EFFECTIVE JANUARY 1, 2013

THE J.M. SMUCKER COMPANY RESTORATION PLAN

(AMENDED AND RESTATED EFFECTIVE JANUARY 1, 2013)

TABLE OF CONTENTS

		Page
ARTICLE I	DEFINITIONS		1
1.1	Account		1
1.2	Administrative Committee		1
1.3	Affiliate		1
1.4	Base Salary		2
1.5	Beneficiary		2
1.6	Class Year Deferral		2
1.7	Code		2
1.8	Company		2
1.9	Deferral Account		2
1.10	Design Committee		3
1.11	Disability		3
1.12	Eligible Employee		3
1.13	Eligible Incentive Award		3
1.14	Employer		3
1.15	Equity and Incentive Compensation Plan		3
1.16	ERISA		3
1.17	Excess Compensation		3
1.18	401(k) Plan		4
1.19	Matching Contribution Account		4
1.20	Participant		4
1.21	Plan		4
1.22	Plan Year		4
1.23	Restoration Contribution Account		4
1.24	Separation from Service		4

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TABLE OF CONTENTS

(continued)

		Page
1.25	Specified Employee		4
1.26	Unforeseeable Emergency		4
ARTICLE II	DEFERRED COMPENSATION PROVISIONS		5
2.1	Eligibility		5
2.2	Form and Time of Elections		5
2.3	Deferrals		6
2.4	Matching Contributions		6
2.5	Restoration Contributions		7
2.6	Account Adjustments		7
2.7	Vesting of Accounts		8
2.8	Distribution Provisions		8
ARTICLE III	PLAN ADMINISTRATION		11
3.1	Authority to Interpret Plan		11
3.2	Employment of Advisors; Delegation		12
3.3	Claims Procedures		12
ARTICLE IV	AMENDMENT AND TERMINATION		13
4.1	Company Reserves Right to Amend and Terminate		13
4.2	Effect of Amendment or Termination		13
ARTICLE V	MISCELLANEOUS		13
5.1	Trust Authorized		13
5.2	Restriction against Assignment		13
5.3	Grantor Trust		14
5.4	No Employment Rights		14
5.5	Discharge of Liability		14
5.6	Location of Participant		14
5.7	Limitation of Liability		14
5.8	Construction		15

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TABLE OF CONTENTS

(continued)

		Page
5.9	Unsecured General Creditor		15
5.10	Headings Not Part of Plan		15
5.11	Terms Used in the Plan		15
5.12	Compliance with Code Section 409A		15

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THE J.M. SMUCKER COMPANY RESTORATION PLAN

(AMENDED AND RESTATED EFFECTIVE JANUARY 1, 2013)

The J.M. Smucker Company Restoration Plan (the “Plan’”) was established effective as of May 1, 2012, and has been maintained by The J.M. Smucker Company (the “Company”‘) for the purpose of supplementing the retirement benefits of certain officers and key management employees of the Company and its subsidiaries who are selected to participate in the Plan.

The Plan is intended to be an unfunded plan maintained primarily for the purpose of providing deferred compensation for a select group of management or highly compensated employees, and is subject to, and intended to comply with Section 409A of the Code, and regulations thereunder and other applicable laws.

The Plan is now amended to provide eligibility to employees designated for participation by the Design Committee and to clarify the roles of the committees that are responsible for the design and administration of the Plan, and as so amended, is restated in its entirety, effective January 1, 2013.

ARTICLE I

DEFINITIONS

Unless defined herein, any word, phrase or term used in the Plan shall have the meaning given to it in the 401(k) Plan. However, the following terms have the following meanings unless a different meaning is clearly required by the context:

1.1 Account

Collectively, the Deferral Account, Matching Contribution Account and Restoration Contribution Account. Separate subaccounts will be maintained in each of a Participant’s Deferral Account, Matching Contribution Account and Restoration Contribution Account to reflect each Class Year Deferral within such account.

1.2 Administrative Committee

The Benefit Plans Administrative Committee of the Company, and to the extent of any delegation by the Administrative Committee to the Senior Vice President and Chief Administrative Officer and to the Vice President, Human Resources of the Company, such officers.

1.3 Affiliate

Any of the subsidiaries or affiliated business entities, as determined in accordance with the provisions of Section 414 of the Code, of the Company.

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1.4 Base Salary

Base Salary with respect to a Plan Year means an Eligible Employee’s base salary earned for services performed during the Plan Year for an Employer and does not include bonuses or other payments from an Employer that are not made on a regular basis.

1.5 Beneficiary

The person or persons selected by the Participant on a form provided by the Administrative Committee to receive the benefits provided under this Plan in the event of the Participant’s death. If there is no Beneficiary election in effect under the Plan with respect to a Class Year Deferral at the time of a Participant’s death, or if the designated Beneficiary with respect to a Class Year Deferral fails to survive the Participant, then the Beneficiary with respect to such Class Year Deferral shall be the Participant’s surviving spouse, or if there is no surviving spouse, the Participant’s estate.

1.6 Class Year Deferral

Each Plan Year’s deferrals and contributions under this Plan shall constitute in the aggregate a separate Class Year Deferral comprised of the following:

(a) Any deferral of a Participant’s Base Salary under Section 2.3(b) for the Plan Year plus the deferral under Section 2.3(c) of any portion of the Participant’s Eligible Incentive Award paid during the Plan Year, including any related adjustments for deemed investments in accordance with Section 2.6;

(b) All matching contributions credited to the Plan for a Participant under Section 2.4 with respect to such Plan Year, including any related adjustments for deemed investments in accordance with Section 2.6; and

(c) All restoration contributions credited to the Plan for a Participant under Section 2.5 with respect to such Plan Year, including any related adjustments for deemed investments in accordance with Section 2.6.

1.7 Code

The Internal Revenue Code of 1986, as amended. References to the Code shall include the valid and binding governmental regulations, court decisions and other regulatory and judicial authority issued or rendered thereunder.

1.8 Company

The J.M. Smucker Company, an Ohio corporation, and its successors.

1.9 Deferral Account

The account established and maintained on the books of the Company to record a Participant’s interest under the Plan attributable to amounts credited to the Participant pursuant to Section 2.3.

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1.10 Design Committee

The Benefit Plans Design Committee of the Company, and to the extent of any delegation by the Design Committee to the Senior Vice President and Chief Administrative Officer and to the Vice President, Human Resources of the Company, such officers.

1.11 Disability

The Participant shall be considered to have a Disability if he is, by reason of any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less than 12 months, receiving income replacement benefits for a period of not less than 3 months under any plan covering employees of the Employer.

1.12 Eligible Employee

For a Plan Year, an employee of an Employer who has satisfied the requirements for eligibility set forth in Section 2.1.

1.13 Eligible Incentive Award

Eligible Incentive Award, with respect to a Plan Year, means any annual incentive bonus, holiday bonus, or other similar payment from the Company (excluding long-term incentive grants) that is payable to an Eligible Employee in cash during the Plan Year.

1.14 Employer

The Company and any Affiliate that is an “Employer” under (and as defined in) the 401(k) Plan.

1.15 Equity and Incentive Compensation Plan

The J.M. Smucker Company 2010 Equity and Incentive Compensation Plan, as it may be amended from time to time, or any equity and incentive compensation plan subsequently adopted by the Company as a replacement therefor.

1.16 ERISA

The Employee Retirement Income Security Act of 1974, as amended. References to ERISA shall include the valid and binding governmental regulations, court decisions and other regulatory and judicial authority issued or rendered thereunder.

1.17 Excess Compensation

The amount by which the sum of an Eligible Employee’s Base Salary and Eligible Incentive Award with respect to the Plan Year exceeds the maximum amount that may be taken into account under a qualified plan pursuant to Section 401(a)(17) of the Code for that Plan Year (the “Section 401(a)(17) Limit”).

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1.18 401(k) Plan

The J.M. Smucker Company Employee Savings Plan, as such plan is in effect from time to time.

1.19 Matching Contribution Account

The account established and maintained on the books of the Company to record a Participant’s interest under the Plan attributable to amounts credited to the Participant pursuant to Section 2.4 of the Plan.

1.20 Participant

An Eligible Employee who has elected to participate in the Plan for a Plan Year, or any other current or former Eligible Employee who has an Account balance under the Plan.

1.21 Plan

The J.M. Smucker Company Restoration Plan, as in effect from time to time.

1.22 Plan Year

The 12-month period commencing January 1 and ending the following December 31.

1.23 Restoration Contribution Account

The account established and maintained on the books of the Company to record a Participant’s interest under the Plan attributable to amounts credited to the Participant pursuant to Section 2.5 of the Plan.

1.24 Separation from Service

A separation from service as defined in Code Section 409A, with the Company and all Affiliates.

1.25 Specified Employee

A specified employee within the meaning of Section 409A of the Code, determined using the identification methodology selected by the Company from time to time.

1.26 Unforeseeable Emergency

An event that results in a severe financial hardship to a Participant resulting from (a) an illness or accident of the Participant or his spouse, dependent (as defined in Section 152(a) of the Code), or Beneficiary, (b) loss of the Participant’s property due to casualty, or (c) other similar extraordinary and unforeseeable circumstances arising as a result of events beyond the control of the Participant.

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ARTICLE II

DEFERRED COMPENSATION PROVISIONS

2.1 Eligibility

(a) Determination of Eligible Employees: Prior to April 15th of each Plan Year, the Design Committee shall determine which employees shall be Eligible Employees for the immediately succeeding Plan Year in accordance with the provisions of this Section 2.1. During a Plan Year, the Design Committee may designate additional employees who first meet the requirements of Sections 2.1(b)(i) and 2.1(b)(ii) during the Plan Year as Eligible Employees.

(b) Eligible Employees: An employee shall be an Eligible Employee with respect to a Plan Year if the employee:

(i) Serves the Company in the Functional Vice President level or above or has been hired or promoted to so serve the Company;

(ii) Is not a participant in any other executive nonqualified retirement plan maintained by The J.M. Smucker Company; and

(iii) Has been designated by the Design Committee as eligible to participate in the Plan.

Notwithstanding the foregoing, the Design Committee may designate other employees as eligible to participate in the Plan from time to time, and such employees shall be Eligible Employees with respect to the Plan Years for which the designation was made, without regard to whether such employees meet the requirements of subsections (i) or (ii) of this Section 2.1(b).

2.2 Form and Time of Elections

(a) General: Each Eligible Employee for a Plan Year may elect to defer under the Plan such amounts as provided by this Article II in accordance with the procedures set forth in this Section 2.2. All elections made under this Section 2.2 shall be made in writing on a form, or pursuant to such other procedures, as may be prescribed from time to time by the Administrative Committee and shall be irrevocable for such Plan Year.

(b) Timing of Deferral Elections: A deferral election with respect to Base Salary and an Eligible Incentive Award for a Plan Year shall be made prior to May 1st of the calendar year immediately preceding the Plan Year. Notwithstanding the foregoing, an employee who first becomes an Eligible Employee during the course of a Plan Year may make a deferral election, within 30 days following the date the employee first becomes an Eligible Employee, with respect to Base Salary paid with respect to services provided during that Plan Year following the filing of the deferral election. Further, an employee who first becomes an Eligible Employee on or after May 1st of a Plan Year may make a deferral election with

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respect to Base Salary to be paid during the immediately succeeding Plan Year within 30 days following the date the employee first becomes an Eligible Employee, which deferral election shall be effective with respect to Base Salary paid for service performed during the immediately succeeding Plan Year following the filing of the deferral election. With respect to the 2012 Plan Year, prior to May 1, 2012, each Eligible Employee who has not been eligible to participate in The J.M. Smucker Company Voluntary Deferred Compensation Plan may make a deferral election with respect to Base Salary paid for services performed during the 2012 Plan Year on or after May 1, 2012.

2.3 Deferrals

(a) Deferral Accounts: An Employer shall establish and maintain on its books a Deferral Account for each Eligible Employee employed by such Employer who elects pursuant to Section 2.2 to defer the receipt of any amount under the Plan. Such Deferral Account shall be designated by the name of the Eligible Employee for whom established. The amount to be deferred under this Section 2.3 for a payroll period shall be credited to such Deferral Account on, or as soon as administratively practicable after, the applicable payroll date.

(b) Election to Defer Excess Compensation: An Eligible Employee for a Plan Year may elect pursuant to Section 2.2 to defer up to 50% (in whole percentages) of the Eligible Employee’s Excess Compensation.

(c) Deferral Elections: An Eligible Employee’s deferral election under this Section 2.3 for each Plan Year shall indicate:

(i) The percentage of Excess Compensation the Eligible Employee elects to defer (including an election of zero percent);

(ii) The Eligible Employee’s form of payment election for the Class Year Deferral of which deferral pursuant to this Plan Year election is a part;

(iii) The deemed investment vehicle(s) in which the Eligible Employee designates that the Class Year Deferral of which deferral pursuant to this Plan Year election is a part shall be invested; and

(iv) A designation of Beneficiary for the portion of his Account attributable to the Class Year Deferral of which deferral pursuant to this Plan Year election is a part.

2.4 Matching Contributions

(a) Matching Contribution Account: An Employer shall establish and maintain on its books a Matching Contribution Account for each Eligible Employee employed by such Participating Employer who is credited with a matching contribution under this Section 2.4. Such Matching Contribution Account shall be designated by the name of the Eligible Employee for whom established. Each matching contribution under this Section 2.4 shall be credited to such Matching

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Contribution Account on, or as soon as administratively practicable after, the date on which the related deferral under Section 2.3 is credited to the Eligible Employee’s Deferral Account.

(b) Matching Contributions for Plan Deferrals: Subject to the provisions of Section 2.4(c), if a Participant defers any amount pursuant to Section 2.3, such Participant’s Employer shall credit the Participant’s Matching Contribution Account with a matching contribution in the amount of 100% of the Participant’s deferral under Section 2.3, but not exceeding six percent of the Participant’s Excess Compensation.

(c) Payroll Taxes: The Administrative Committee may determine, in its sole and exclusive discretion, to deduct from the amount otherwise to be credited to the Matching Contribution Account of a Participant for a Plan Year an amount necessary to pay any related payroll taxes.

2.5 Restoration Contributions

(a) Restoration Contribution Account: An Employer shall establish and maintain on its books a Restoration Contribution Account for each Eligible Employee employed by such Employer who is credited with a restoration contribution under this Section 2.5. Such Restoration Contribution Account shall be designated by the name of the Eligible Employee for whom established.

(b) Restoration Contributions: Each Plan Year, an Employer shall credit to the Restoration Contribution Account under the Plan of each Eligible Employee employed by such Employer (regardless of whether the Eligible Employee has elected to defer Base Salary and/or Eligible Incentive Award under Section 2.3 for such Plan Year) a restoration contribution equal to 2% of the Eligible Employee’s Excess Compensation for the Plan Year. Restoration contributions under the Plan shall be determined and credited as soon as administratively practicable following the end of the applicable Plan Year.

2.6 Account Adjustments

(a) Deemed Investment of Deferral Accounts: The Administrative Committee shall from time to time designate one or more investment vehicle(s) in which the Accounts of Participants shall be deemed to be invested. The investment vehicle(s) may be designated by reference to the investments available under other plans sponsored by the Company (including the 401(k) Plan). Each Participant shall designate the investment vehicle(s) in which his Account shall be deemed to be invested according to the procedures developed by the Administrative Committee. The Company shall be under no obligation to acquire or invest in any of the deemed investment vehicle(s) under this subparagraph, and any acquisition of or investment in a deemed investment vehicle by the Company shall be made in the name of the Company and shall remain the sole property of the Company. The Administrative Committee shall also establish from time to time a default fund into which a Participant’s Account shall be deemed to be

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invested if the Participant fails to provide investment instructions pursuant to this Section 2.6(a). Until otherwise changed, such default fund shall be the applicable investment vehicle determined pursuant to the terms of the 401(k) Plan’s default investment provisions.

(b) Changes in Elections; Transfers Among Funds: During a Plan Year, a Participant may change the investment vehicle in which his Account shall be deemed to be invested according to the procedures developed by the Administrative Committee. A Participant may also elect to transfer amounts credited to his Account from any deemed investment vehicle to any other deemed investment vehicle, according to the procedures developed by the Administrative Committee. The Administrative Committee may establish any limitations on the frequency with which Participants may make, and the timing of, investment designations and transfer elections under this Section 2.6(c) as the Administrative Committee may determine necessary or appropriate from time to time, including limitations related to frequent trading, market timing activities and restrictions on executive officer trading.

(c) Periodic Account Adjustments: Each Account shall be adjusted from time to time at such intervals as determined by the Administrative Committee until the entire amount credited to the Account has been distributed to the Participant or his Beneficiary. The amount of the adjustment shall equal the amount that each Participant’s Account would have earned (or lost) for the period since the last adjustment had the Account actually been invested in the deemed investment vehicle(s) designated by the Participant for such period.

2.7 Vesting of Accounts

All Accounts shall be fully vested.

2.8 Distribution Provisions

(a) Class Year Form of Payment Election: With respect to each Class Year Deferral, a Participant shall elect the form of payment that shall apply to distributions upon Separation from Service, death and Disability. The alternative forms of payment are lump sum payment and substantially equal annual installments for a period of not less than two nor greater than 10 years. Each Participant shall make the class year form of payment election coincident with the deferral election under Sections 2.3(b) and 2.3(c). A Participant who fails to make a class year form of payment election for a Class Year Deferral shall be deemed to have elected a lump sum payment for such Class Year Deferral.

(b) Subsequent Changes to Payment Elections: A Participant may change his form of payment election according to procedures developed by the Administrative Committee, provided that subsequent changes to the form of payment of any Class Year Deferral shall not be effective unless the election satisfies the following requirements:

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(i) A change of election will not be effective until at least twelve months after the date on which the Participant files it with the Administrative Committee;

(ii) A change of election with respect to a payment commencing on, or made on, a specified date must be filed with the Administrative Committee at least twelve months prior to such date; and

(iii) A change of election with respect to the form of payment must provide that the payment subject to the change be deferred for a period of not less than five years from the date such payment would otherwise have been made, except in the event of a payment made on account of the Participant’s death or Disability.

The Administrative Committee may impose such other restrictions and limitations on subsequent changes to a form of payment election as it determines appropriate.

(c) Distribution Events; Time of Distribution: All amounts credited to a Participant’s Account under the Plan shall be distributed to, or with respect to, a Participant based on the earliest to occur of such Participant’s Separation from Service, death or Disability, as set forth below:

(i) In the event of Separation from Service, except as provided in Section 2.8(d) and subject to Section 2.8(h), the Participant’s Account shall be distributed or commence to be distributed after the later of attainment of age 55 and six months following Separation from Service;

(ii) In the event of Disability, the Participant’s Account shall be distributed or commence to be distributed as soon as administratively practicable following such Disability; and

(iii) In the event of death (including death following Separation from Service but before age 55), the Participant’s Account shall be distributed or commence to be distributed as soon as administratively practicable following such death.

In the event death causes a Separation from Service, death shall be deemed to be the earliest event to occur under the Plan.

(d) Distribution Upon Separation from Service after a Change in Control: Not withstanding any election a Participant has made under Section 2.2(d) and any provision of the Plan to the contrary, if a Participant incurs a Separation from Service for any reason (whether by reason of his voluntary or involuntary termination of employment) within the two-year period following a Change in Control, the Participant’s Deferral Account shall, subject to Section 2.8(h), be distributed to the Participant (or his Beneficiary in the event death causes the Separation from Service) in a single lump sum within 30 days following the date of such Separation from Service, provided, however, if such Change in Control does not constitute a permitted distribution event under Section 409A(a)(2) of the

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Code, this Section 2.8(d) shall not affect the time or form of distribution of the Participant’s Deferral Account. For purposes of this Section 2.8(d), “Change in Control” shall have the same meaning as in Equity and Incentive Compensation Plan.

(e) No Benefit Payable upon Certain Events:

(i) The right of any Participant or Beneficiary to receive any amount credited to his Matching Contribution Account and Restoration Contribution Account (collectively the “Employer Account”) will be terminated, or if payment thereof has begun, all future payments will be discontinued and forfeited, in the event the Participant (i) at any time wrongly discloses any secret process or trade secret of the Company, or (ii) within a two-year period following his Separation from Service, engages, either directly or indirectly, as an officer, trustee, employee, partner, or substantial shareholder, on his own account or in any other capacity, in a business venture that the Company’s board of directors reasonably determines to be competitive with the Company to a degree materially contrary to the Company’s best interest.

(ii) Notwithstanding anything to the contrary contained in the Plan, if a Participant’s employment is terminated because the Company determines the Participant (i) engaged in dishonest or fraudulent acts against the Company, (ii) willfully injured property of the Company, (iii) conspired against the Company, or (iv) disclosed confidential information concerning the Company, then no amount credited to the Participant’s Employer Account shall be payable to the Participant or Beneficiary under the Plan.

(f) Distribution of Small Amounts: If, at any time following Separation from Service, death or Disability, the value of a Participant’s Account is less than $10,000, the Company may elect to distribute such account balance in a lump sum payment regardless of the Participant’s election.

(g) Distributions on Account of an Unforeseeable Emergency: A Participant (including a Participant who has Separated from Service but whose Accounts have not commenced to be distributed) may, in the Administrative Committee’s sole discretion and according to the procedures developed by the Administrative Committee in accordance with Code Section 409A, receive a distribution of all or any part of the amounts previously credited to the Participant’s Deferral Accounts in the case of an Unforeseeable Emergency. A Participant requesting a payment pursuant to this Section shall have the burden of proof of establishing, to the Administrative Committee’s satisfaction, the existence of such Unforeseeable Emergency, and the amount of the payment needed to satisfy the same (including taxes reasonably anticipated as a result of the distribution). If the Administrative Committee determines that a distribution should be made to a Participant under this Section 2.8(g), such distribution shall be made within 30 days after the

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Administrative Committee’s determination of the existence of such Unforeseeable Emergency and the amount of distribution so needed.

(h) Special Provisions for Specified Employees: Notwithstanding any provision in the Plan to the contrary, to the extent applicable, in no event shall any payment hereunder be made to a Specified Employee earlier than six months after the date of the Participant’s Separation from Service, except in connection with the Participant’s death.

(i) Distributions of Amounts in Excess of Code Section 162(m): Notwithstanding any provisions of the Plan to the contrary, no amount may be distributed from the Plan if the Company reasonably anticipates that such amount would not be deductible under Code Section l62(m), as determined by the Administrative Committee in its sole discretion, and in accordance with Code Section 409A.

(j) Distributions of Amounts Deemed Includable in Gross Income: Notwithstanding any provisions of the Plan to the contrary, if at any time a court or the Internal Revenue Service determines that an amount in a Participant’s Account is includable in the gross income of the Participant and subject to tax, the Administrative Committee may, in its sole discretion, and in accordance with Code Section 409A, permit a lump sum distribution of an amount equal to the amount determined to be includable in the Participant’s gross income.

(k) Distributions of Amounts in Violation of Securities Laws: Notwithstanding any provisions of the Plan to the contrary, a payment under the Plan may be delayed if the Company reasonably anticipates that the making of such payment will violate federal securities laws or other applicable law, in the Administrative Committee’s sole discretion, and in accordance with Code Section 409A, provided that the payment is made on the earliest date at which the Company reasonably anticipates that the making of the payment will not cause such violation.

ARTICLE III

PLAN ADMINISTRATION

3.1 Authority to Interpret Plan

The Plan shall be administered by the Administrative Committee, which shall have the authority to interpret and construe the terms of the Plan as it deems appropriate including the authority to determine eligibility for benefits under the Plan. The Administrative Committee shall have the duty and responsibility of maintaining records, making the requisite calculations and disbursing the payments hereunder. Subject to Section 3.3, the Administrative Committee’s interpretations, determinations, regulations and calculations shall be final and binding on all interested persons and parties. Any benefits payable under this Plan will be paid only if the Administrative Committee decides in its discretion that the applicant is entitled to them.

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3.2 Employment of Advisors; Delegation

The Administrative Committee and the Design Committee (collectively, the “Committees”) may employ such attorneys, agents, and accountants as they may deem necessary or advisable to assist in carrying out their duties hereunder. The Committees may designate a person or persons other than the Committees to carry out any of their powers, authority, or responsibilities. Expenses of administration shall be paid by the Company. The Committees shall be entitled to rely on all tables, valuations, certifications, opinions, data and reports furnished by any actuary, accountant, controller, counsel or other person employed or engaged by the Committees with respect to the Plan.

3.3 Claims Procedures

Whenever the Administrative Committee decides for whatever reason to deny, whether in whole or in part, a claim for benefits under the Plan filed by any person (the “Claimant”), it shall transmit a written notice of such decision to the Claimant, in most cases no later than 90 days after the Plan receives the claim for benefits, or within 180 days alter the Plan receives the claim for benefits if there are special circumstances and if within 90 days the Administrative Committee provides notice of the reason for the delay and the date a decision can be expected, which notice shall be written in a manner calculated to be understood by the Claimant and shall contain a statement of the specific reasons for the denial of the claim and a statement advising the Claimant that, within 60 days of the date on which he receives such notice, he may obtain review of such decision in accordance with the Plan’s claim procedures. Within such 60-day period, the Claimant may request that the claim denial be reviewed by filing with the Administrative Committee a written request therefore, which request shall contain the following information:

(a) The date on which the Claimant’s request was filed with the Administrative Committee; provided, however, that the date on which the Claimant’s request for review was in fact filed with the Administrative Committee shall control in the event that the date of the actual filing is later than the dates stated by the Claimant pursuant to this Section 3.3(a);

(b) The specific portions of the denial of his claim which the Claimant requests the Administrative Committee to review;

(c) A statement by the Claimant setting forth the basis upon which he believes the Administrative Committee should reverse the previous denial of his claim for benefits and accept his claim as made; and

(d) Any written material (offered as exhibits) which the Claimant desires the Administrative Committee to examine in its consideration of his position as stated pursuant to Section 3.3(c).

Within 60 days of the date determined by Section 3.3(a), the Administrative Committee shall conduct a full and fair review of the initial claim for the benefits and the decisions denying the Claimant’s claim for benefits, or within 120 days if special circumstances require more time and if within 60 days the Administrative Committee provides notice of

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reason for the delay, and the date a decision can be expected. Within 60 days (or 120 days if extended as provided herein) of the date of such review, the Administrative Committee shall render its written decision on review, written in a manner calculated to be understood by the Claimant, specifying the reasons and Plan provisions upon which its decision was based.

ARTICLE IV

AMENDMENT AND TERMINATION

4.1 Company Reserves Right to Amend and Terminate

The Company reserves the right to amend or terminate the Plan at any time, prospectively or retroactively, through an instrument executed by an officer pursuant to authorization or ratification by the Company’s Board of Directors or by any committee designated by the Board of Directors.

4.2 Effect of Amendment or Termination

Any termination shall be in writing and shall be effective when made. In the event the Company elects to terminate the Plan, any amounts credited to the Participant’s Accounts shall remain subject to the provisions of the Plan and distribution will not be accelerated because of the termination of the Plan, except as otherwise provided in an amendment to the Plan, and under the circumstances permitted in accordance with Code Section 409A. No amendment or termination shall directly or indirectly reduce the balance of any Accounts as of the later of the date of such amendment or termination, or the effective date of such amendment or termination. No additional credits or contributions will be made to the Participants’ Accounts after termination of the Plan, but Participants’ Accounts will continue to fluctuate with investment gains and losses until all benefits are distributed to the Participants or to their Beneficiaries.

ARTICLE V

MISCELLANEOUS

5.1 Trust Authorized

The Company may establish a trust which may be used to pay benefits arising under this Plan and all costs, charges and expenses relating thereto; except that, to the extent that the funds held in the trust are insufficient to pay such benefits, costs, charges and expenses, the Company shall pay such benefits, costs, charges and expenses.

5.2 Restriction against Assignment

The benefits payable hereunder or the right to receive future benefits under the Plan may not be anticipated, alienated, sold, transferred, assigned, pledged, encumbered, or subjected to any charge or legal process; no interest or right to receive a benefit may be taken, either voluntarily or involuntarily, for the satisfaction of the debts of, or other obligations or claims against, such person or entity, including claims for alimony, support,

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separate maintenance and claims in bankruptcy proceedings, except pursuant to a qualified domestic relations order and as permitted by Code Section 409A.

5.3 Grantor Trust

The Plan at all times shall be considered entirely unfunded both for tax purposes and for purposes of ERISA and no provision shall at any time be made with respect to segregating any assets of the Company for payment of any benefits hereunder. Funds invested hereunder shall continue for all purposes to be part of the general assets of the Company. No Participant, Beneficiary or any other person shall have any interest in any particular assets of the Company by reason of the right to receive a benefit under the Plan and to the extent the Participant, Beneficiary or any other person acquires a right to receive benefits under this Plan, such right shall be no greater than the right of any unsecured general creditor of the Company.

5.4 No Employment Rights

The sole rights of a Participant or Beneficiary under this Plan shall be to have this Plan administered according to its provisions, to receive whatever benefits he may be entitled to hereunder, and nothing in this Plan shall be interpreted as a guaranty that any funds in a Trust or assets of an Employer will be sufficient to pay any such benefit. Further, the adoption and maintenance of this Plan shall not be construed as creating any contract of employment between an Employer and any Participant. The Plan shall not affect the right of an Employer to deal with any Participants in employment respects, including their hiring, discharge, compensation, and conditions of employment.

5.5 Discharge of Liability

The Company may from time to time establish rules and procedures which it determines to be necessary for the proper administration of the Plan and the benefits payable to an individual in the event that individual is declared incompetent and a conservator or other person legally charged with such individual’s care is appointed. Except as otherwise provided herein, when the Company determines that such individual is unable to manage his or her financial affairs, the Company may pay such individual’s benefits to such conservator, person legally charged with such individual’s care, or institution then contributing toward or providing for the care and maintenance of such individual. Any such payment shall constitute a complete discharge of any liability of the Company and the Plan for such individual.

5.6 Location of Participant

Each Participant shall keep the Company informed of his or her current address and the current address of his or her Beneficiary. The Company shall not be obligated to search for any person.

5.7 Limitation of Liability

Notwithstanding any provision herein to the contrary, neither the Company nor any individual acting as an employee or agent of the Company shall be liable to any

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Participant, former Participant, Beneficiary, or any other person for any claim, loss, liability or expense incurred in connection with the Plan, unless attributable to fraud or willful misconduct on the part of the Company or any such employee or agent of the Company.

5.8 Construction

All questions pertaining to the construction, validity and effect of the Plan shall be determined in accordance with the laws of the United States and to the extent not preempted by such laws, by the laws of the State of Ohio.

5.9 Unsecured General Creditor

Any and all of the Company’s assets shall be, and remain, the general unpledged, unrestricted assets of the Company. The Company’s obligation under this Plan shall be merely that of an unfunded and unsecured promise of the Company to pay money in the future, and the rights of the Participants and beneficiaries shall be no greater than those of unsecured general creditors. It is the intention of the Company that this Plan be unfunded for purposes of the Code and for purposes of Title I of ERISA.

5.10 Headings Not Part of Plan

Headings and subheadings in this Plan are inserted for convenience of reference only and are not to be considered in the construction of the provisions hereof.

5.11 Terms Used in the Plan

Any term used in this Plan which is defined in the Plan shall have the meaning set forth in the Plan for all purposes of this Plan. The singular form of any word shall include the plural and the masculine gender shall include the feminine wherever necessary for the proper interpretation of this Plan.

5.12 Compliance with Code Section 409A

To the extent applicable, it is intended that this Plan and any deferrals of compensation made hereunder comply with the provisions of Code Section 409A. This Plan and any deferrals or compensation made hereunder shall be administrated in a manner consistent with this intent, and any provisions that would cause this Plan or any grant made hereunder to fail to satisfy Code Section 409A shall have no force and effect until amended to comply with Code Section 409A (which amendment may be retroactive to the extent permitted by Code Section 409A and may be made by the Company without the consent of Participants). Any reference in this Plan to Code Section 409A will also include any proposed temporary or final regulations, or any other guidance, promulgated with respect to Code Section 409A by the U.S. Department of the Treasury or the Internal Revenue Service. In no event, however, shall this Section 5.12 or any other provisions of this Plan be construed to require the Company to provide any gross-up for the tax consequences of, or payments under, this Plan and the Company shall have no responsibility for tax or legal consequences to any Participant or Beneficiary resulting from the terms or operation of this Plan.

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The Company hereby amends and completely restates The J.M. Smucker Company Executive Defined Contribution Restoration Plan as set forth above.

THE J.M. SMUCKER COMPANY
By:	/s/ Barry C. Dunaway
	Barry C. Dunaway
	Senior Vice President and Chief Administrative Officer

Dated: April 30, 2013

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EX-10.25

Exhibit 10.25

AMENDMENT NO. 1

TO

THE J. M. SMUCKER COMPANY RESTORATION PLAN

(Amended and Restated Effective January 1, 2013)

The J. M. Smucker Company hereby adopts this Amendment No. 1 to The J. M. Smucker Company Restoration Plan (Amended and Restated Effective January 1, 2013) (the “Plan”). Words and phrases used herein with initial capital letters which are defined in the Plan are used herein as so defined. The provision of this Amendment No. 1 shall be effective as of May 1, 2015.

Section 1

Section 2.4(b) of the Plan is hereby amended in its entirety to read as follows:

“(b) Matching Contributions for Plan Deferrals: Subject to the provisions of Section 2.4(c), if a Participant defers any amount pursuant to Section 2.3, such Participant’s Employer shall credit the Participant’s Matching Contribution Account with a matching contribution in an amount equal to the sum of (i) 150% of the Participant’s deferral under Section 2.3, but not exceeding two percent of the Participant’s Excess Compensation, plus (ii) 100% of the Participant’s deferral under Section 2.3 in excess of two percent of the Participant’s Excess Compensation, but not exceeding four percent of the Participant’s Excess Compensation.

Section 2

Section 2.5 of the Plan is hereby amended by adding the following subsection (c) to the end thereof:

“(c) Cessation of Restoration Contributions: Notwithstanding anything in the Plan to the contrary, effective May 1, 2015, no further restoration contributions will be made under the Plan on Excess Compensation paid after that date..”

[Signature on Following Page]

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IN WITNESS WHEREOF, the Company has caused this Amendment No. 1 to the Plan to be executed this 1st day of May, 2015.

THE J. M. SMUCKER COMPANY
By:	/s/ Barry C. Dunaway
	Barry C. Dunaway
	President, International and Chief Administrative Officer

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EX-10.30

Exhibit 10.30

EMPLOYMENT AGREEMENT

This Employment Agreement (the “Agreement”) is entered into as of February 3, 2015, by and between The J. M. Smucker Company, an Ohio corporation, with its principal place of business in Orrville, Ohio (the “Company”), and David J. West (“Executive”), and shall be conditioned upon, and be effective if and only if the Closing(as defined in the Purchase Agreement) occurs. Upon termination of the Purchase Agreement prior to the occurrence of the Closing, this Agreement shall become null and void.

RECITALS

WHEREAS, reference is made to the Agreement and Plan of Merger dated as of February 3, 2015, by and among Blue Acquisition Group, Inc., a Delaware corporation, the Company, SPF Holdings I, Inc., a Delaware corporation, SPF Holdings II, LLC, a Delaware limited liability company, and for the limited purposes set forth therein, Blue Holdings I, L.P. as the Stockholder Representative (the “Purchase Agreement”).

WHEREAS, the Company desires to employ Executive on the terms and conditions set forth herein, and Executive desires to be employed by the Company on such terms and conditions.

NOW, THEREFORE, in consideration of the promises, covenants and agreements of the parties, and the mutual benefits they will gain by the performance of the promises herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties do hereby agree as follows:

AGREEMENT

1. Term of Employment; Duties.

(a) Term of Employment. The Company agrees to employ Executive as its President, Pet SBA and Executive hereby accepts such employment, subject to the terms and conditions set forth herein. For purposes of this Agreement, “Effective Date” shall mean the Closing Date as such term is defined in the Purchase Agreement. The term of employment of Executive under this Agreement shall begin on the Effective Date and continue until April 30, 2016 or until terminated pursuant to Section 4, whichever is earlier (such period, the “Employment Period”). The Company and Executive may mutually agree in writing to amend the terms of this Agreement and extend the Employment Period. As of the Effective Date, the Company shall appoint Executive to serve as an inside director of the Company’s Board of Directors (the “Board”). Thereafter, during the Employment Period, the Company shall use its best efforts to cause Executive to be nominated for re-election to the Board each time that Executive’s term on the Board would otherwise expire, so long as (i) the foregoing is not prohibited by legal or regulatory requirements, and (ii) Executive has not engaged in conduct constituting Cause.

(b) Duties; Location. As President, Pet SBA, Executive shall have the duties, authorities and responsibilities commensurate with the duties, authorities and responsibilities of executive officers in similar capacities in similarly sized companies, and such other duties, authorities and responsibilities as the Company’s Chief Executive Officer (the “CEO”) shall designate from time to time that are not inconsistent with Executive’s position. During the Employment Period, Executive shall report directly to the CEO. During the Employment Period, Executive’s principal work location shall be in the San Francisco, California

area, initially at the current location of Pet SBA headquarters. The Company may move the Pet SBA headquarters but shall maintain an office and support staff in the San Francisco, California area, which shall become Executive’s principal place of business. If Executive elects to relocate his principal residence from San Francisco, California to the relocated headquarters of Pet SBA, such location shall become Executive’s principal place of business and Executive’s relocation will be covered by the Company’s relocation plan applicable to similarly situated executives of the Company.

(c) Exclusive Performance of Duties. While employed by the Company, Executive agrees that Executive shall devote substantially all of Executive’s business time and efforts to the performance of Executive’s duties hereunder and to the business and affairs of the Company, whether such business is operated directly by the Company or through any affiliate of the Company. Executive further agrees that while employed by the Company and for a period of one (1) year thereafter (the “Restricted Period”), Executive will not, directly or indirectly, provide services on behalf of any competing corporation, company, limited liability company, partnership, joint venture, consortium, or other competing entity or person, whether as an employee, consultant, independent contractor, agent, sole proprietor, partner, joint venturer, creditor, corporate officer or director; nor shall Executive acquire, directly or indirectly, by reason of purchase during the Restricted Period the ownership of more than one percent (1%) of the outstanding equity interest in any such competing entity. For purposes of this Agreement, a “competing” entity during the Employment Period is one materially engaged in any of the material businesses in which the Company is engaged during Executive’s employment with the Company, which includes without limitation: (i) dry and canned pet food and pet snacks business in the United States and Canada, (ii) specialty pet food businesses conducted worldwide and (iii) the retail coffee, consumer foods, food service and natural foods businesses conducted worldwide, and after the Employment Period is one that would be a competing entity if the determination were made immediately prior to the employment termination date and the entity is one that is set forth in a letter from the Company to Executive delivered simultaneously herewith. Notwithstanding the foregoing, Executive shall not be prevented from (A) serving on the boards of directors of non-profit organizations and, with the prior written approval of the Board, other for -profit companies, (B) participating in charitable, civic, educational, professional, community or industry affairs, and (C) managing Executive’s passive personal investments so long as such activities, in the aggregate, as reasonably determined in good faith by the Company, do not materially interfere or conflict with Executive’s duties hereunder or create a potential business or fiduciary conflict. If the Company determines that Executive’s activities materially interfere or conflict as provided above, the Company shall notify Executive in writing of such determination and the basis thereof, and Executive, subject to fiduciary obligations, shall promptly take steps to address the Company’s concern.

(d) Company Policies. The employment relationship between the parties shall be governed by the general employment policies and practices of the Company, including, without limitation, and any compensation clawback or recoupment policy applicable to similarly situated executives of the Company, as well as by the Company’s Policy on Ethics and Conduct; provided, however, that where the terms of this Agreement differ from or are in conflict with the Company’s general employment policies or practices or such Policy on Ethics and Conduct, this Agreement shall control, and in particular, no such other policy or practice shall create any basis for a termination of employment for Cause other than as provided herein. For clarity, (i) the Options under Section 2(b), the Bonus under Section 2(c) and the LTIP Bonus under Section 3 shall be subject to clawback and forfeiture to the extent permitted by the plans, programs or policies governing such awards, and (ii) the Deferred Payment under Section 2(e) and the SERP under Section 2(g) shall in no event be subject to clawback or any type of forfeiture whatsoever. No clawback or restrictive covenants shall apply other than as specifically provided for herein.

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2. Compensation and Benefits.

(a) Base Salary. Executive shall receive for Executive’s services rendered hereunder an annual base salary of Seven Hundred Fifty Thousand Dollars ($750,000), payable on a bi-weekly basis, less all applicable federal, state or local taxes and other normal payroll deductions. The annual base salary referenced above shall be reviewed annually by the Compensation Committee of the Board (the “Committee”) for any increases, but shall not be decreased below its then current level. The annual base salary as determined herein from time to time shall constitute “Base Salary” for purposes of this Agreement.

(b) Inducement Grant. Within thirty (30) calendar days following the Effective Date, subject to the approval of the Committee, Executive shall receive an option grant in the amount of One Hundred Twenty Five Thousand (125,000) options (the “Options”), which Options shall have an exercise price equal to the fair market value of the Company’s common stock on the date of grant. The Options will be service and performance based with a three (3) year ratable vesting schedule (33% of the Options will vest, assuming performance objectives are met and subject to continued service through the applicable vesting date, on each of the first three (3) anniversaries of the Effective Date, with objectives established by the Committee in its discretion; provided, that, the applicable performance goals shall be consistent with those applicable to performance-based awards granted to similarly situated executives of the Company). Vested Options shall have an exercise term for the earlier of ten (10) years following the date of the grant or three (3) years following termination of services to the Company either as an employee or a member of the Board. The Options shall not be subject to any restrictive covenants, if any, broader than the covenants set forth in this Agreement.

(c) Annual Bonus. For the fiscal year ending April 30, 2015 (the “FY 2015 Bonus”), Executive’s annual bonus shall equal the sum of (i) for the period from the beginning of the fiscal year through the earlier of (A) April 30, 2015 and (B) the Effective Date, the amount accrued by Big Heart Pet Brands under the Big Heart Pet Brands Annual Incentive Plan applicable to Executive as of immediately prior to the Effective Date, and (ii) (A) if the Effective Date occurs prior to April 30, 2015, for the period from and after the Effective Date through and including April 30, 2015, the target bonus under the Prior Agreement, prorated for such period or (B) if the Effective Date occurs on or after April 30, 2015, zero. The FY 2015 Bonus shall be payable no later than July 15, 2015; provided, however, that if Executive receives the FY 2015 Bonus prior to the Effective Date, no such bonus shall be due under this Agreement. Effective May 1, 2015 and continuing the Employment Period, Executive shall be eligible to participate in the Company’s Management Incentive Plan or any applicable successor plan (the “MIP”) pursuant to the terms and conditions set forth therein. Executive shall be eligible to receive an annual MIP bonus (the “Bonus”) targeted at 100% of Executive’s Base Salary (the “Target Bonus”) with a maximum opportunity equal to 200% of Executive’s Base Salary, subject to the achievement of certain performance goals established by the Committee, which performance goals are consistent with those applicable to annual bonus opportunities for similarly situated executives of the Company. These Bonus targets may be increased (but not decreased) from time to time in accordance with the MIP or at the discretion of the Committee. MIP awards are not guaranteed and actual payment of the Bonus is subject to the performance of the Company and its subsidiaries and Executive’s individual achievements; provided that for the fiscal year ended April 30, 2016, there shall be no individual achievement factor and any discretionary reduction shall be no greater than that which is applied on average to the Company’s named executive officers employed by the Company at the time of the determination of bonuses for the year. The Bonus shall be paid when bonuses are generally paid to the Company’s senior executives but in

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no event later than July 15th of the calendar year immediately following the applicable fiscal year to which the Bonus relates and shall not require Executive to be employed beyond the last day of the applicable fiscal year.

(d) Retention Award. If Executive remains employed by the Company through April 30, 2016, within ten (10) business days of April 30, 2016 Executive shall receive a cash award in the amount of One Million Two Hundred Thousand Dollars ($1,200,000) (the “Retention Award”), less normal withholdings and deductions.

(e) Deferred Compensation Payment. Sixty (60) days after Executive’s termination of employment by either party for any reason or for no reason, the Company shall pay Executive a lump sum payment equal to Four Million Eight Hundred Thousand Dollars ($4,800,000) (the “Deferred Payment”), less normal withholdings and deductions. Notwithstanding the foregoing, the timing of the payment of the Deferred Payment shall be subject to Section 5 below.

(f) Employee Welfare Benefits. During Executive’s employment with the Company, Executive shall be entitled to participate in any group insurance for hospitalization, medical, dental, vision, prescription drug, accident, disability, life or similar plan or program of the Company for senior executives now existing or established hereafter to the extent that Executive is eligible under the general provisions thereof. The Company may, in its sole discretion and from time to time, establish additional senior management benefit programs as it deems appropriate and Executive shall be eligible for such programs. Executive understands that any such plans may be modified or eliminated in the discretion of the Company in accordance with applicable law.

(g) Retirement Benefits. During Executive’s employment with the Company, Executive shall be entitled to participate in any 401(k) and retirement plans of the Company now existing or established hereafter to the extent that Executive is eligible under the general provisions thereof. The Company may, in its sole discretion and from time to time, establish additional senior management benefit programs as it deems appropriate. Executive understands that any such plans may be modified or eliminated in the discretion of the Company in accordance with applicable law. Notwithstanding the foregoing, in accordance with the terms of Executive’s employment agreement with the Del Monte Corporation, dated May 13, 2011 (the “Prior Agreement”) Executive shall continue to accrue interest on his vested Supplemental Employee Retirement Plan benefit (the “SERP”) during the Employment Period. The terms of the SERP are set forth on Schedule 1 attached hereto. The SERP shall not be subject to forfeiture. The SERP shall cease to accrue interest upon the earlier of (i) the time as set forth above, and (ii) the value of the SERP reaching Twelve Million Four Hundred Thousand Dollars ($12,400,000).

(h) Vacation. Executive shall be entitled to a period of annual paid vacation time equal to not less than four (4) weeks per year as increased from time to time in accordance with the Company’s vacation policy for senior executives. The days selected for Executive’s vacation shall be mutually agreeable to the Company and Executive. Executive’s eligibility to carryover or to be paid for any portion of Executive’s accrued, but unused vacation shall be subject to the Company policy applicable to employees at a similar level in effect during the term of this Agreement.

(i) Expenses. Subject to compliance with the Company’s normal and customary policies regarding substantiation and verification of business expenses, the Company shall directly pay or shall fully reimburse Executive for all reasonable expenses incurred by

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Executive in connection with promoting, pursuing or otherwise furthering the business of the Company and its affiliates.

(j) Supplemental Benefits. During Executive’s employment with the Company, Executive shall be entitled to receive supplemental benefits provided by the Company to similarly situated executives, and shall receive such other supplemental benefits, if any, as may be approved from time to time by the Committee for senior executives generally. Executive understands that any such plans may be modified or eliminated in the discretion of the Company. Executive shall have access to Company planes for business travel on the same basis as similarly situated executives of the Company.

3. Long Term Incentive. Executive shall be eligible to receive an annual award under the Company’s 2010 Equity and Incentive Compensation Plan equal to One Hundred Fifty Percent (150%) of his Salary (the “LTIP Bonus”), which shall be payable in accordance with, pursuant to and on the terms and conditions set forth in the Company’s 2010 Equity and Incentive Compensation Plan, as may be amended and/or restated from time to time (the “LTIP Bonus Plan”), and based on performance objectives established by the Committee, which performance objectives are consistent with those applicable to award opportunities under the LTIP Bonus Plan for similarly situated executives of the Company. For fiscal year 2015, Executive’s LTIP Bonus award will be granted in or around June 2015 and shall vest ratably over four (4) years on the applicable anniversary of the grant date, subject to continued employment through such date and, with respect to the first tranche of the 2015 fiscal year LTIP Bonus only, Executive’s continued service as a member of the Board. To the extent there is a conflict between the terms and provisions of this Agreement and the LTIP Bonus Plan, the terms and provisions of this Agreement shall govern and control. The LTIP Bonus shall not be subject to any restrictive covenants, if any, broader than those set forth in this Agreement.

4. Termination of Employment.

(a) Termination Upon Death. If Executive dies during the Employment Period, the Company shall pay to Executive’s estate, or other designated beneficiary(ies) as shown in the records of the Company, (i) any earned and unpaid Base Salary as of Executive’s employment termination date (which, for purposes of this Section 4(a), shall be the date of Executive’s death) in accordance with the Company’s payroll practices; (ii) accrued but unused vacation time as of the end of the month in which Executive’s employment terminates in accordance with the Company’s vacation policy; (iii) the amount of any unreimbursed expenses described in Section 2(i) hereof, which were incurred by Executive before Executive’s employment termination date; and (iv) all other payments, benefits or fringe benefits to which Executive shall be entitled under the terms of any applicable compensation arrangement or benefit, equity, retirement or fringe benefit plan or program or grant or this Agreement (collectively, the benefits and payments described in clauses (i) through (iv), the “Accrued Benefits”). Additionally, the Company shall pay to Executive’s estate, or other designated beneficiary(ies), the following: (i) at the time such bonus would have been paid if Executive was still employed with the Company, a pro rata portion of Executive’s actual Bonus for the year in which Executive’s termination of employment occurs, prorated for Executive’s actual employment period during such year and based on actual performance (the “Pro-Rata Bonus”); (ii) any Bonus earned but unpaid with respect to the fiscal year ending on or preceding the date of Executive’s termination, payable at the time such bonus would have been paid if Executive were still employed by the Company (the “Prior Year’s Bonus”); (iii) the Retention Award (to the extent not previously paid) in a lump sum sixty (60) days after death; and (iv) the Deferred Payment in a lump sum sixty (60) days after death. All of the foregoing payments and benefits

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shall be paid less all applicable federal, state or local taxes and other normal payroll deductions, if any. In addition, the Options that would vest on the next vesting date shall become fully vested as to the service requirement. Any other Options that are unvested as of the employment termination date shall be forfeited. Any Options that are vested as of the employment termination date shall remain exercisable by Executive’s estate or designated beneficiary(ies) until the earlier of the expiration of the Option term and the third (3rd) anniversary of Executive’s death. The Company will pay out the accrued amount of the SERP as of the date of Executive’s death, and the tranche of the LTIP Bonus that would next vest shall vest and the remaining tranche(s) of the LTIP Bonus will be forfeited. Executive will not be entitled to any payments or benefits under any other severance plan, policy or program, except as provided in this Section 4(a).

(b) Termination Upon Disability. The Company may terminate Executive’s employment in the event Executive suffers a Disability (as defined below) upon thirty (30) days’ prior written notice of termination by the Company to Executive while Executive is Disabled. For purposes of this Agreement, “Disability” shall be defined as the failure of Executive to have performed the essential functions of Executive’s position hereunder due to a physical or mental injury, infirmity or incapacity for six (6) consecutive months. In the event that Executive’s employment is terminated pursuant to this Section 4(b), Executive (or Executive’s legal representative, if applicable) shall be entitled to receive the Accrued Benefits, including, without limitation, any long term disability benefits under the applicable benefit plans of the Company to the extent Executive qualifies for such benefits and the Deferred Payment in a lump sum sixty (60) days after Disability termination. In addition, subject to Executive materially complying with sections 1(c), 7 and 8 of the Agreement and Executive’s execution and non-revocation of a release in the form attached hereto as Appendix A, but with such changes, if any, as counsel to the Company reasonably recommends based on changes in the law or Federal or state regulations to make such release enforceable (the “Release”), the Company also shall provide to Executive (or Executive’s legal representative, if applicable), the following: (i) the Pro-Rata Bonus; (ii) the Prior Year’s Bonus; and (iii) the Retention Award (to the extent not already paid). All of the foregoing payments and benefits shall be paid less all applicable federal, state or local taxes and other normal payroll deductions, if any. The Options that would vest on the next vesting date shall become fully vested as to any service requirement. Any other Options that are unvested as of the employment termination date shall be forfeited. Any Options that are vested as of the employment termination date shall remain exercisable by Executive until the earlier of the expiration of the Option term and the third (3rd) anniversary of Executive’s termination of employment. The Company will pay out the accrued amount of the SERP in a lump sum sixty (60) days after Disability termination, and the tranche of the LTIP Bonus that would next vest shall vest and the remaining tranche(s) of the LTIP Bonus will be forfeited. Executive will not be entitled to any other payments or benefits under any other severance plan, policy or program, except as provided in this Section 4(b).

(c) Voluntary Termination without Good Reason. Executive may voluntarily terminate Executive’s employment with the Company without Good Reason at any time upon written notice to the Company. In the event that Executive’s employment is terminated under this Section 4(c), Executive shall be entitled to receive the Accrued Benefits. In addition, the Company also shall provide to Executive the following: (i) the Deferred Payment in a lump sum sixty (60) days after termination; and (ii) the accrued amount of the SERP in a lump sum sixty (60) days after termination. All of the foregoing payments and benefits shall be paid less all applicable federal, state or local taxes and other normal payroll deductions, if any. The Options, to the extent not vested, will be forfeited; Executive will not be eligible for the Retention Award; and the LTIP Bonus, to the extent not vested, will be forfeited, except that the first tranche of the 2015 fiscal year LTIP Bonus shall continue to vest while Executive is a member of the Board if the termination occurs between April 30, 2016 and the

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vesting date of the first tranche. Executive will not be entitled to any other payments or benefits under any other severance plan, policy or program, except as provided for in this Section 4(c).

(d) Termination for Cause.

(i) Termination; Payment of Accrued Benefits. The Company may terminate Executive’s employment with the Company at any time for “Cause” (as defined below). In the event that Executive’s employment is terminated for Cause under this Section 4(d), Executive shall be entitled to receive the Accrued Benefits. In addition, the Company also shall provide to Executive the following: (i) the Deferred Payment in a lump sum sixty (60) days after termination; and (ii) the accrued amount of the SERP in a lump sum sixty (60) days after termination. All of the foregoing payments and benefits shall be paid less all applicable federal, state or local taxes and other normal payroll deductions, if any. The Options will be forfeited; Executive will not be eligible for the Retention Award; and the LTIP Bonus will be forfeited. Executive will not be entitled to any other payments or benefits under any other severance plan, policy or program, except as provided for in this Section 4(d).

(ii) Definition of Cause. For purposes of this Agreement, the Company shall have “Cause” to terminate Executive’s employment upon the occurrence of any of the following: (A) a material breach by Executive of the terms of this Agreement, and such breach is not cured, to the extent curable, within ten (10) days following the date written notice is delivered to Executive by the Company; (B) any intentional act of theft or misappropriation of funds or property of similar import involving the Company or any affiliate; (C) any act of embezzlement, intentional fraud or similar willful misconduct by Executive involving the Company or any affiliate; (D) the conviction or the plea of nolo contendere or the equivalent in respect of a felony involving an act of dishonesty, moral turpitude, deceit or fraud by Executive; (E) any damage of a material nature to the business or property of the Company or any affiliate caused by Executive’s willful misconduct or gross negligence; or (F) Executive’s failure to attempt in good faith to follow any specific lawful instructions given to Executive in connection with the performance of Executive’s duties for the Company or any affiliate within ten (10) days after written notice of such failure. No act or failure to act by Executive shall be deemed to constitute “Cause” if done, or omitted to be done, in good faith and with the reasonable belief that the action or omission was in the best interests of the Company. Executive shall not be terminated for “Cause” unless reasonable notice is provided to Executive and Executive is given an opportunity, together with counsel, to be heard before the Board, and thereafter whether or not an event giving rise to “Cause” has occurred will be determined by the Board reasonably and in good faith; provided, that any such determination by the Board shall be subject to de novo review by the arbitrator pursuant to Section 11(j) based on the facts thereof.

(e) Termination Without Cause.

(i) Termination; Payment of Accrued Benefits. The Company at any time upon written notice may terminate Executive’s employment without Cause. In the event Executive’s employment is terminated without Cause, Executive shall receive payment of the Accrued Benefits.

(ii) Payment of Severance Benefits. In the event Executive’s employment is terminated without Cause under this Section 4(e), the Company also shall provide to Executive as severance:

(A) subject to Executive’s execution and non-revocation of the

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Release and Executive’s material compliance with Sections 1(c), 7 and 8 of the Agreement, a lump sum payment in an amount equal to the remainder of Executive’s then Base Salary through the fiscal year;

(B) subject to Executive’s execution and non-revocation of the Release and Executive’s material compliance with Sections 1(c), 7 and 8 of the Agreement, the Retention Award (to the extent not already paid), payable in a lump sum on the sixtieth (60^th) day following termination;

(C) the Deferred Payment, payable in a lump sum on the sixtieth (60^th) day following termination, subject to Section 5 below;

(D) the accrued amount of the SERP as of the date of Executive’s termination, payable in a lump sum on the sixtieth (60^th) day following termination;

(E) subject to Executive’s execution and non-revocation of the Release and Executive’s material compliance with Sections 1(c), 7 and 8 of the Agreement, the Pro-Rata Bonus and the Prior Year’s Bonus, each payable when such amounts would have been paid to Executive had Executive been employed on the applicable payment date;

(F) subject to Executive’s execution and non-revocation of the Release and Executive’s material compliance with Sections 1(c), 7 and 8 of the Agreement, following the coverage termination date under Employer’s group medical, life and long-term disability insurance plans, Executive, his spouse and his dependents shall be entitled to continuation of coverage (the Company will pay for the first three (3) months of medical coverage) pursuant to any statutory rights Executive may then have for such continuation coverage (whether under part VI of Subtitle B of Title I of the Executive Retirement Income Security Act of 1974, as amended, or Section 4980B of the Internal Revenue Code of 1986, as amended, or otherwise);

(G) subject to Executive’s execution and non-revocation of the Release and Executive’s material compliance with Sections 1(c), 7 and 8 of the Agreement, any Options that would vest on the next vesting date shall be vested as to the service requirement and any other Options that are unvested as of the employment termination date shall be forfeited; any Options that are vested as of the employment termination date shall remain exercisable by Executive until the earlier of the expiration of the Option term and the third (3^rd) anniversary of Executive’s termination of employment; and

(H) subject to Executive’s execution and non-revocation of the Release and Executive’s material compliance with Sections 1(c), 7 and 8 of the Agreement, the tranche of the LTIP Bonus that would become vested in the year of Executive’s termination shall vest and the remaining tranche(s) of the LTIP Bonus will be forfeited.

All of the foregoing payments and benefits in this Paragraph 4(e) shall be paid less all applicable federal, state or local taxes and other normal payroll deductions, if any. Executive will not be entitled to any payments or benefits under any other severance plan, policy or program, except as provided for in this Section 4(e).

(f) Termination for Good Reason.

(i) Termination; Payment of Accrued Benefits and Severance.

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Notwithstanding anything in this Section 4 to the contrary, Executive may voluntarily terminate Executive’s employment with the Company for “Good Reason” (as defined below). In the event Executive’s employment is terminated for Good Reason under this Section 4(f), Executive shall receive the payments and benefits set forth in Section 4(e), subject to the terms and conditions set forth therein, including, without limitation, for items other than (C) and (D), Executive’s execution and non-revocation of the Release and Executive’s material compliance with Sections 1(c), 7 and 8, where applicable. All of the foregoing payments and benefits shall be paid less all applicable federal, state or local taxes and other normal payroll deductions, if any.

(ii) Definition of Good Reason. For purposes of this Agreement, “Good Reason” shall mean the occurrence of any of the following events without Executive’s written consent: (A) a material adverse change in Executive’s title, position, duties, authorities and responsibilities; (B) a material reduction in Executive’s Base Salary or Bonus opportunity Executive is eligible to earn under the MIP, provided, however, that nothing herein shall be construed to guarantee Executive’s Bonus for any year if the applicable performance targets are not met; (C) a material reduction in the aggregate health and welfare benefits provided to Executive pursuant to the health and welfare plans, programs and arrangements in which Executive is eligible to participate; (D) Executive being required to report to another person other than the CEO; (E) relocation of Executive’s principal place of business by more than fifty (50) miles from its then current location; or (F) a material breach by the Company of the terms of this Agreement, including, without limitation, the removal of Executive from the Board by the Company, other than as a result of conduct constituting Cause, or the failure by the Company to nominate Executive for re-election to the Board (except as provided in Section 1(a) above). A termination for Good Reason shall not occur unless: (i) Executive provides the Company with a written notice detailing the specific circumstances alleged to constitute Good Reason within ninety (90) days after the first occurrence of such circumstances, (ii) the Company fails to cure such Good Reason event(s) within thirty (30) days following receipt of such notice to cure such circumstances in all material respects, and (iii) following the Company’s failure to cure during the thirty-(30) day cure period, Executive terminates employment no later than one hundred twenty (120) days after the expiration of the such period.

5. Code Section 409A.

(a) The intent of the parties is that payments and benefits under this Agreement comply with, or be exempt from, Code Section 409A and the regulations and guidance promulgated thereunder (collectively “Code Section 409A”) and, accordingly, to the maximum extent permitted, this Agreement shall be interpreted to be in compliance therewith. If Executive notifies the Company (with specificity as to the reason therefor) that Executive believes that any provision of this Agreement (or of any award of compensation, including equity compensation or benefits) would cause Executive to incur any additional tax or interest under Code Section 409A and the Company concurs with such belief or the Company independently makes such determination, the Company shall, after consulting with Executive, reform such provision to try to comply with Code Section 409A through good faith modification to the minimum extent reasonably appropriate to comply with Code Section 409A; provided, that this provision shall not require the Company to incur any additional costs with respect to any such arrangements. To the extent that any provision hereof is modified in order to comply with Code Section 409A, such modification shall be made in good faith and shall, to the maximum extent reasonably possible, maintain the original intent and economic benefit to Executive and the Company of the applicable provision without violating the provisions of Code Section 409A; provided, that this provision shall not require the Company to incur any additional costs with respect to any such arrangements.

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(b) A termination of employment shall not be deemed to have occurred for purposes of any provision of this Agreement providing for the payment of any amounts or benefits upon or following a termination of employment that are considered “nonqualified deferred compensation” under Code Section 409A unless such termination is also a “separation from service” within the meaning of Code Section 409A and, for purposes of any such provision of this Agreement, references to a “termination,” “termination of employment” or like terms shall mean “separation from service.” If Executive is deemed on the date of termination to be a “specified employee” within the meaning of that term under Code Section 409A(a)(2)(B), then with regard to any payment that is considered non-qualified deferred compensation under Code Section 409A payable on account of a “separation from service,” such payment or benefit shall be made or provided at the date which is the earlier of (A) the expiration of the six (6)-month period measured from the date of such “separation from service” of Executive, and (B) the date of Executive’s death (the “Delay Period”). Upon the expiration of the Delay Period, all payments and benefits delayed pursuant to this Section 5(b) (whether they would have otherwise been payable in a single sum or in installments in the absence of such delay) shall be paid or reimbursed to Executive in a lump sum with interest at the prime rate as published in The Wall Street Journal on the first business day following the end of the Delay Period, and any remaining payments and benefits due under this Agreement shall be paid or provided in accordance with the normal payment dates specified for them herein.

(c) With regard to any provision herein that provides for reimbursement of costs and expenses or in-kind benefits, except as permitted by Code Section 409A, (i) the right to reimbursement or in-kind benefits shall not be subject to liquidation or exchange for another benefit, (ii) the amount of expenses eligible for reimbursement, or in-kind benefits, provided during any taxable year shall not affect the expenses eligible for reimbursement, or in-kind benefits to be provided, in any other taxable year, provided that the foregoing clause (ii) shall not be violated with regard to expenses reimbursed under any arrangement covered by Code Section 105(b) solely because such expenses are subject to a limit related to the period the arrangement is in effect and (iii) such payments shall be made on or before the last day of Executive’s taxable year following the taxable year in which the expense occurred.

(d) For purposes of Code Section 409A, Executive’s right to receive any installment payments pursuant to this Agreement shall be treated as a right to receive a series of separate and distinct payments. In no event may Executive, directly or indirectly, designate the calendar year of any payment to be made under this Agreement that is considered nonqualified deferred compensation. The Company shall be permitted to accelerate any payment that is considered nonqualified deferred compensation under this Agreement by the Company to the federal government for any benefits payable under the Agreement to make payments on behalf of Executive of federal employment taxes under Code Sections 3101, 3121(a) or 3121(v)(2), or to comply with any federal tax withholding provisions or corresponding withholding provisions of applicable state, local or foreign tax laws as a result of the payment of federal employment taxes, and to pay the additional income tax at source on wages attributable to the pyramiding Code Section 3401 wages and taxes; provided, however, that the total payment under this acceleration provision may not exceed the aggregate of the applicable FICA amount, and the income tax withholding related to such FICA amount. Any acceleration permitted under Treas. Reg. § 1.409A-3(j)(4) may be made with respect to any payment under the Agreement in the Company’s good faith discretion.

6. Indemnification. The Company hereby agrees to indemnify Executive and hold Executive harmless to the fullest extent permitted by law against and in respect of any and all

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actions, suits, proceedings, claims, demands, judgments, costs, expenses (including advancement of reasonable attorney’s fees), losses, and damages resulting from Executive’s good faith performance of Executive’s duties and obligations with the Company and/or Big Heart Pet Brands and their respective subsidiaries. The Company shall cover Executive under directors’ and officers’ liability insurance both during and, while potential liability exists, after the term of this Agreement in the same amount and to the same extent as the Company covers its other officers and directors. Executive shall also be indemnified and held harmless in respect of actions taken or not taken on behalf of his prior employer prior to the Effective Date hereof in accordance with the indemnity agreements (including the Prior Agreement) that were applicable. These obligations shall survive the termination of Executive’s employment with the Company.

7. Proprietary Information Obligations. During Executive’s employment by the Company, Executive will have access to and become acquainted with the Company’s confidential and proprietary information, including but not limited to information or plans regarding the Company’s customer relationships; personnel; technology and intellectual property; sales, marketing and financial operations and methods; and other compilations of information, records and specifications, and may have access to and become acquainted with the confidential and proprietary information of The J. M. Smucker Company or its respective affiliates (collectively “Proprietary Information”). Except in the good faith performance of Executive’s duties hereunder or as authorized in writing by the Company, Executive shall not disclose any Proprietary Information of the Company, or of any affiliate, directly or indirectly, to any person, firm, company, Company or other entity for any reason or purpose whatsoever, nor shall Executive make use of any such Proprietary Information for Executive’s own purposes or for the benefit of any person, firm, company, Company or other entity (except the Company and any affiliate) under any circumstances, during or after the term of this Agreement. Proprietary Information shall not apply to information that (a) was known to the public prior to its disclosure to Executive; (b) becomes generally known to the public subsequent to disclosure to Executive through no wrongful act of Executive or any representative of Executive; or (c) Executive is required to disclose required by law or in any judicial or administrative process with subpoena power (in which case, Executive shall give the Company prompt notice under the circumstances and reasonably cooperate, to the extent allowed under applicable law, with the Company if it determines to attempt to resist such disclosure). All files, records, documents, computer-recorded or electronic information and similar items relating to the business of the Company or any affiliate, whether prepared by Executive or otherwise coming into Executive’s possession, shall remain the exclusive property of the Company or the affiliate, respectively, and Executive agrees to return all property of the Company or the affiliate in Executive’s possession and under Executive’s control immediately upon any termination of Executive’s employment, and no copies thereof shall be kept by Executive (except that Executive’s personal rolodex shall not be deemed property of the Company).

8. Noninterference; Limited Non-Solicitation. In consideration of the terms hereof, Executive agrees that, during the Restricted Period, except in the good faith performance of his duties hereunder, Executive will not directly or indirectly, either on Executive’s own account or for any company, limited liability company, partnership, joint venture or other entity or person (including, without limitation, through any existing or future affiliate), solicit any employee of the Company or any existing or future affiliate to leave his or her employment or knowingly induce or knowingly attempt to induce any such employee to terminate or breach his or her employment agreement with the Company or any existing or future affiliate, if any. Notwithstanding the foregoing, the provisions of this Section 8 shall not be violated by (a) general advertising or solicitation not specifically targeted at Company-related persons or entities (b) Executive serving as a reference, upon request, for any employee of the Company or any of its subsidiaries or affiliates, or (c) actions taken by any person or entity with

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which Executive is associated if Executive is not personally involved in any manner in the matter and has not identified such Company-related person or entity for soliciting or hiring.

9. Injunctive Relief. Executive acknowledges and agrees that: (a) the purposes of Sections 1(c), 7 and 8 of this Agreement (the “Executive Covenants”) are to protect the ownership interests in and/or goodwill of the Company and its subsidiaries, including Big Heart Bet Brands and its subsidiaries, and the Proprietary Information, including such information derived in connection with the acquisition of Big Heart Pet Brands by the Company, and to prevent Executive from interfering with the business of the Company and its subsidiaries, including Big Heart Pet Brands and its subsidiaries; (b) (i) the Executive Covenants are being given in part in consideration for the consideration being received by Executive as a result of the transactions contemplated by the Purchase Agreement, (ii) such transaction is a transaction described in Section 16601 of the California Business and Professions Code and (iii) Executive is a selling shareholder of all of Executive’s ownership interests in the Company for purposes of said Section 16601 of the California Business and Professions Code. Accordingly, the parties hereto agree that damages would be an inadequate remedy for the Company in the event of a breach or threatened breach of Sections 1(c), 7 or 8 of this Agreement by Executive, and in the event of any such breach or threatened breach, the Company may, either with or without pursuing any potential damage remedies, obtain and enforce an injunction prohibiting Executive from violating this Agreement and requiring Executive to comply with the terms of this Agreement.

10. Warranties and Representations. Executive hereby represents and warrants to the Company that:

(a) Executive acknowledges and agrees that Executive considers the restrictions set forth in Sections 1(c), 7 and 8 hereof to be reasonable both individually and in the aggregate, and that the duration, geographic scope, extent and application of each of such restrictions are no greater than is necessary for the protection of the Company’s legitimate interests. It is the desire and intent of Executive and the Company that the provisions of Sections 1(c), 7 and 8 shall be enforced to the fullest extent possible under the laws and public policies applied in each jurisdiction in which enforcement is sought. The Company and Executive further agree that if any particular provision or portion of Sections 1(c), 7 and 8 shall be adjudicated to be invalid or unenforceable, such adjudication shall apply only with respect to the operation of such provision in the particular jurisdiction in which such adjudication is made. The Company and Executive further agree that in the event that any restriction herein shall be found to be void or unenforceable but would be valid or enforceable if some part or parts thereof were deleted or the period or area of application reduced, such restriction shall apply with such modification as may be necessary to make it valid, and Executive and the Company empower a court of competent jurisdiction to modify, reduce or otherwise reform such provision(s) in such fashion as to carry out the parties’ intent to grant the Company the maximum allowable protection consistent with the applicable law and facts.

(b) In the event a court of competent jurisdiction or the arbitrator in accordance with Section 11(j) (collectively a “Court”) has determined that Executive has materially violated the provisions of Section 1(c), 7 or 8 of this Agreement, the running of the time period of such provisions so violated shall be automatically suspended as of the date of such violation and shall be extended for the period of time from the date such violation commenced through the date that the Court determines that such violation has permanently ceased.

(c) Executive is not now under any obligation of a contractual or quasi- contractual

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nature known to Executive that is inconsistent or in conflict with this Agreement or that would prevent, limit or impair the performance by Executive of Executive’s obligations hereunder. The Company acknowledges that the Company has reviewed the limitations of Executive’s post-employment obligations in Executive’s employment agreement and equity award agreements with his current employer, and that such post-employment obligations shall not be considered to limit or impair Executive’s performance of his obligations hereunder.

(d) Executive has been or has had the opportunity to be represented by legal counsel in the preparation, negotiation, execution and delivery of this Agreement and understands fully the terms and provisions hereof.

11. Miscellaneous.

(a) Notices. Any notice or communication required or permitted by this Agreement shall be deemed sufficiently given if in writing and, if delivered personally, when it is delivered or, if delivered in another manner, including without limitation, by facsimile (with confirmation of receipt and a confirmation copy sent by U.S. Mail or overnight delivery), the earlier of when it is actually received by the party to whom it is directed or when the period set forth below expires (whether or not it is actually received): (i) if deposited with the U.S. Postal Service, postage prepaid, and addressed to the party to receive it as set forth below, forty-eight (48) hours after such deposit as registered or certified mail; or (ii) if accepted by Federal Express or a similar delivery service in general usage for delivery to the address of the party to receive it as set forth next below, twenty-four (24) hours after the delivery time promised by the delivery service.

To the Company:

c/o The J.M. Smucker Company

One Strawberry Lane

Orrville, Ohio 44667

Attn: General Counsel

Email: jeannette.knudsen@jmsmucker.com

To Executive:

The most recent home address for Executive as set forth in the Company’s personnel records.

or to such other address or to the attention of such other person as the recipient party will have specified by prior written notice to the sending party.

(b) Severability. If any term or provision (or any portion thereof) of this Agreement is determined by a court to be invalid, illegal or incapable of being enforced by any rule of law or public policy, all other terms and provisions (or other portions thereof) of this Agreement shall nevertheless remain in full force and effect. Upon such determination that any term or provision (or any portion thereof) is invalid, illegal or incapable of being enforced, this Agreement shall be deemed to be modified so as to effect the original intent of the parties as closely as possible to the end that the transactions contemplated hereby and the terms and

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provisions hereof are fulfilled to the greatest extent possible.

(c) Counterparts. This Agreement may be executed on separate counterparts, any one of which need not contain signatures of more than one party, but all of which taken together will constitute one and the same agreement. Signatures may be exchanged by electronic facsimile with machine evidence of transmission.

(d) Successors and Assigns. This Agreement is intended to bind and inure to the benefit of and be enforceable by Executive and the Company, and the Company’s successors and assigns. Executive may not assign any of Executive’s duties or rights under this Agreement without the prior written consent of the Company, which consent will not unreasonably be withheld. The Company may only assign this Agreement to any successor to all or substantially all of the business and/or assets of the Company, provided that the Company shall require such successor to expressly assume and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform it if no such succession had taken place. As used in this Agreement, “Company” shall mean the Company and any successor to its business and/or assets, which assumes and agrees to perform the duties and obligations of the Company under this Agreement by operation of law or otherwise. Except for Executive’s estate or designated beneficiary or legal representative under Section 4(a) or Section 4(b), nothing in this Agreement, express or implied, is intended to confer upon any third person any rights or remedies under or by reason of this Agreement.

(e) Attorneys’ Fees. If any legal proceeding is necessary to enforce or interpret the terms of this Agreement, or to recover damages for breach thereof, in addition to any other relief to which Executive or the Company may be entitled, the prevailing party, as determined by to the fact finder (i.e., the arbitrator or judge), shall be entitled to the award of legal fees to the extent determined appropriate by the applicable fact finder, provided that the limit on any such award shall be one percent (1%) of the net worth of the party against whom such award is made.

(f) Amendments. No amendments or other modifications to this Agreement may be made except by a writing signed by both parties.

(g) Choice of Law. All questions concerning the construction, validity and interpretation of this Agreement will be governed by the internal law, and not the law of conflicts, of the State of Ohio, except as otherwise provided in Section 11(b) above.

(h) Further Assurances. Each of the parties hereto agrees to use all reasonable efforts to take or cause to be taken, all appropriate actions, and to cause to take or to be taken, all things necessary, proper or advisable under applicable laws to effect the transactions contemplated by this Agreement, including without limitation, execution and delivery to the Company of such representations in writing as may be requested by the Company in order for it to comply with applicable federal and state securities laws.

(i) Beneficiaries/References. Executive shall be entitled, to the extent permitted under any applicable law, to select and change a beneficiary or beneficiaries to receive any compensation or benefit, including severance, payable under this Agreement following Executive’s death by giving the Company written notice thereof. In the event of Executive’s death or a judicial determination of Executive’s incompetence, reference in this Agreement to Executive shall be deemed, where appropriate, to refer to Executive’s beneficiary, estate or other legal representative.

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(j) Arbitration. Any dispute or controversy arising under or in connection with this Agreement or Executive’s employment with the Company, other than injunctive relief under Section 9 above, shall be settled exclusively by arbitration, conducted before a single arbitrator in San Francisco, California (applying Ohio law) in accordance with the National Rules for the Resolution of Employment Disputes of the American Arbitration Association then in effect. The decision of the arbitrator will be final and binding upon the parties hereto. Judgment may be entered on the arbitrator’s award in any court having jurisdiction. The arbitration costs shall be borne entirely by the Company and each party shall pay all of its own costs and expenses, including, without limitation, its own legal fees and expenses, subject to Section 11(e) hereof.

(k) No Mitigation; No Set Off. In no event shall Executive be obligated to seek other employment or take any other action by way of mitigation of the amounts payable to Executive under any of the provisions of this Agreement, nor shall the amount of any payment hereunder be reduced by any compensation earned by Executive as a result of employment by a subsequent employer. Except as expressly provided in this Agreement or required by law, the Company’s obligation to pay Executive the amounts provided and to make the arrangements provided hereunder shall not be subject to set off, counterclaim or recoupment.

(l) At-Will Employment. Executive understands and agrees that Executive’s employment with the Company is at-will, which means that either Executive or the Company may, subject to the terms of this Agreement, terminate this Agreement at any time with or without Cause. Any modification of the at-will nature of this Agreement must be in writing and executed by Executive and the Company.

(m) Ongoing Obligations. Executive acknowledges that the Company and Executive have ongoing rights and obligations relating to intellectual property and confidential information of the Company, together with fiduciary rights and obligations, which will survive the termination of Executive’s employment. Section 1(c) and Sections 4 through 11 of this Agreement shall survive Executive’s termination of employment and the termination of this Agreement. In addition, the provisions of Section 7 of the Prior Agreement shall survive termination of the Prior Agreement.

12. Entire Agreement. This Agreement, including any documents incorporated by reference herein, contains the Company’s entire understanding with Executive related to the subject matter hereof, and supersedes and preempts any prior or contemporaneous understandings, agreements (including the Prior Agreement, except with respect to Section 2(f) and Appendix A thereof, to the extent incorporated in Section 2(g) hereof and Schedule 1 attached hereto), or representations by or between the parties, or by or between Executive, The J. M. Smucker Company or its affiliates, written or oral; provided, that the compensation and benefits provided for in this Agreement shall be subject to any applicable compensation clawback or recoupment policies applicable to similarly situated executives of the Company, subject to the limitations set forth herein. Without limiting the generality of the foregoing, except as provided in this Agreement, all understandings and agreements, written or oral, relating to the employment of Executive by the Company, or the payment of any compensation or the provision of any benefit in connection therewith or otherwise, except to the extent that Executive participated in, and is still due, as of the date hereof, a benefit under, any employee or executive benefit plan or program of the Company (excluding for the avoidance of doubt any severance benefits under any Company severance plan or policy), are hereby terminated and shall be of no future force and effect.

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IN WITNESS WHEREOF, the parties have executed and delivered this Employment Agreement as of the date first written above.

COMPANY:
The J. M. Smucker Company
By:	/s/ Richard K. Smucker
	Richard K. Smucker
Its:	Chief Executive Officer
EXECUTIVE:
/s/ David J. West
David J. West

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Schedule 1

SERP Benefit

The SERP referred to in Section 2(g) of the Agreement to which this Schedule 1 is attached shall have the following terms (any capitalized terms used but not defined in this Schedule 1 shall have the meanings ascribed thereto in the Agreement):

Initial SERP Benefit: As of May 13, 2011 (the “Start Date”), the SERP had a value of $7.1 million (the “Initial Benefit”).

SERP Accrual through End of Year 5: The Initial Benefit has accrued interest of 11.8% (the “Interest Factor”) at the end of each 3-month period of the 60-month period following the Start Date (each 3-month period, a “SERP Period”), such that as of the 5th anniversary of the Start Date, the SERP Benefit shall equal $12.4 million (his “5-Year Benefit”).

SERP Vesting: The Company and Executive acknowledge that the SERP became fully vested prior to the Effective Date of the Agreement.

Effect of Termination of Employment: Upon any termination of Executive’s employment following the Effective Date, Executive shall be entitled to receive a lump sum payment equal to the Initial Benefit, as increased by the Interest Factor for each SERP Period completed prior to such termination of employment, but with a maximum of $12.4 million.

For the avoidance of doubt, no actions or calculations under the SERP occurring after the 5th anniversary of the start date shall reduce the amount of the 5-Year Benefit.

Any payment of the SERP Benefit shall be subject to tax withholding.

Appendix A

RELEASE

To obtain the lump sum severance and other benefits as set forth in the Employment Agreement to which this release is attached (the “Agreement”), David J. West (“you”) must agree to release and waive certain claims against the Company. The following paragraphs are your release and waiver (the “Release”).

In consideration for your receipt of the lump sum payment and benefits, you hereby forever waive and release any claims and rights you may have against the Company and its predecessors, affiliates, successors and assigns, as well as each of their respective past and present officers, directors, employees, agents, attorneys and shareholders (collectively, the “Released Parties”), from any and all claims, charges, complaints, liens, demands, causes of action, obligations, damages and liabilities, known and unknown, suspected or unsuspected, that you had, now have, or hereinafter claim to have against the Released Parties, which arise from or are in connection with your employment or the termination of your employment or which arise from or are in connection with any employment action taken, or not taken, affecting your employment with the Company, and based on any other conduct occurring prior to your signing this Release.

This Release includes, but is not limited to, any claims or actions arising under Title VII of the Federal Civil Rights Act, the Rehabilitation Act, the Age Discrimination in Employment Act (“ADEA”), the Older Workers Benefit Protection Act (“OWBPA”), the Americans With Disabilities Act, the Equal Pay Act, the Family and Medical Leave Act, the Worker Adjustment And Retraining Notification Act, the Employee Retirement Income Security Act, the California Fair Employment and Housing Act, all State and Federal civil rights laws, all State and Federal wage and hour laws, all as amended, public policy, contract (whether oral or written, express or implied) or tort law, as well as any other federal, state or local constitution, statute or common law right and claims for compensation, wages or benefits, except as set forth below, whether any such right or claim is known or unknown, actual or potential, statutory or non-statutory. Such release and waiver does not include any rights or claims (i) you might have to workers’ compensation benefits under the workers’ compensation laws; (ii) based on conduct which occurs subsequent to your executing this Release; (iii) to the payments described in Sections 2(d), (e) and (g) and Sections 4(b), (e) and (f) of the Agreement; (iv) under Section 5 and 6 of the Agreement; (v) of indemnification, advancement and reimbursement of legal fees and directors and officers liability insurance to which you are entitled under the Agreement or the Prior Agreement (as defined in the Agreement); and (vi) to the vesting and exercise of any equity awards pursuant to the terms of the applicable equity award agreement and applicable equity plan. Nothing in this Release shall be construed as prohibiting you from filing a charge or complaint, including a challenge to the validity of this Release, with the Equal Employment Opportunity Commission (“EEOC”) or other government agency or participating in any investigation or proceeding conducted by the EEOC or other government agency. This Release shall not be construed in any manner to waive any rights or benefits that may not be waived pursuant to applicable law.

You further agree that you shall not accept any award, damages, recovery or settlement from any proceeding brought by you or on your behalf pertaining to your employment with the Company, or your separation.

By this Release, you hereby expressly waive all rights afforded by Section 1542 of the Civil

Code of the State of California (“Section 1542”) with respect to the Released Parties. Section 1542 states as follows:

A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS WHICH THE CREDITOR DOES NOT KNOW OR SUSPECT TO EXIST IN HIS OR HER FAVOR AT THE TIME OF EXECUTING THE RELEASE, WHICH IF KNOWN BY HIM OR HER MUST HAVE MATERIALLY AFFECTED HIS OR HER SETTLEMENT WITH THE DEBTOR.

Notwithstanding the provisions of Section 1542, and for the purpose of implementing a full and complete release, you understand and agree that this Release is intended to include all claims, if any, which you may have and which you do not now know or suspect to exist in your favor against the Released Parties, and this Release extinguishes those claims. This Release does not release claims that cannot be released as a matter of law, including, but not limited to, the right to indemnification under California Labor Code Section 2802, nor your rights to (i) indemnification under the laws of the State of Ohio, and the Company’s Certificate of Incorporation and Bylaws and under any insurance maintained by the Company for your benefit, (ii) employee benefits under an plan or program maintained by the Company in which you participated and are vested in and due a benefit (excluding for the avoidance of doubt any severance benefits under any Company severance plan or policy), or (iii) your rights to enforce the terms of the Agreement.

By agreeing to the terms set forth in this Release, you understand and agree that you (1) have had at least [twenty-one (21) or forty-five (45)] days within which to consider this Release before signing this Release; (2) have carefully read and fully understand all of the provisions of this Release; (3) are, through this Release, releasing the Released Parties, from any and all claims, including but not limited, any right or claim you may have under the ADEA against one or any of them; (4) are knowingly and voluntarily agreeing to all of the terms set forth in this Release; (5) are knowingly and voluntarily intending to be legally bound by the provisions set forth herein; (6) were advised and hereby are advised in writing to consider the terms of this Release and consult with an attorney of your choice prior to agreeing to the terms set forth herein; (7) have been given a full seven (7) days following your signing of this Release to revoke it and have been and hereby are advised in writing that this Release shall not become effective or enforceable until the seven (7)-day revocation period has expired; (8) understand that rights and claims under the ADEA that may arise after the date this Release is signed by you are not being waived; and (9) acknowledge that the consideration given for this Release is in addition to anything of value to which you are already entitled.

Intending to be legally bound hereby, this Release has been duly executed by the undersigned on the              day of             , 20    .

David J. West [Date]

EX-10.31

Exhibit 10.31

AMENDMENT TO EMPLOYMENT AGREEMENT

This Amendment to Employment Agreement (the “Amendment”) is entered into as of April 9, 2015, by and between The J. M. Smucker Company, an Ohio corporation, with its principal place of business in Orrville, Ohio (the “Company”), and David J. West (the “Executive”).

RECITALS

WHEREAS, the parties entered into an Employment Agreement dated February 3, 2015 (the “Agreement) and now wish to amend the Agreement.

WHEREAS, in the Agreement Executive’s Inducement Grant vesting date was set using the anniversary of the Effective Date of the Agreement and the parties have agreed to change the vesting date to the end of the Company’s fiscal year.

NOW, THEREFORE, in consideration of the promises, covenants and agreements of the parties, and the mutual benefits they will gain by the performance of the promises herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties do hereby agree as follows:

AGREEMENT

Amend Section 2, Compensation and Benefits, to read

(b) Inducement Grant. Within thirty (30) calendar days following the Effective Date, subject to the approval of the Committee, Executive shall receive an option grant in the amount of One Hundred Twenty Five Thousand (125,000) options (the “Options”), which Options shall have an exercise price equal to the fair market value of the Company’s common stock on the date of grant. The Options will be service and performance based with a three (3) year ratable vesting schedule (33% of the Options will vest, assuming performance objectives are met and subject to continued service through the applicable vesting date, which will be the end of each of the first three (3) fiscal years, beginning with the fiscal year ending April 30, 2016, with objectives established by the Committee in its discretion; provided, that, the applicable performance goals shall be consistent with those applicable to performance-based awards granted to similarly situated executives of the Company). Vested Options shall have an exercise term for the earlier of ten (10) years following the date of the grant or three (3) years following termination of services to the Company either as an employee or a member of the Board. The Options shall not be subject to any restrictive covenants, if any, broader than the covenants set forth in this Agreement.

[SIGNATURE LINES ON NEXT PAGE]

IN WITNESS WHEREOF, the parties have executed and delivered this Amendment to Employment Agreement as of the date first written above.

COMPANY:
The J. M. Smucker Company
By:	/s/ Richard K. Smucker
	Richard K. Smucker
EXECUTIVE:
/s/ David J. West
David J. West

EX-12.1

Exhibit 12.1

The J. M. Smucker Company

Computation of Ratio of Earnings to Fixed Charges

(in millions of dollars)

	April 30, 2015
	Year Ended
Earnings before fixed charges:
Income before income taxes	$	523.0
Total fixed charges		108.8
Less: capitalized interest		(4.9	)
Earnings available for fixed charges	$	626.9
Fixed charges:
Interest and other debt expense, net of capitalized interest	$	81.5
Capitalized interest		4.9
Estimated interest portion of rent expense (a)		22.4
Total fixed charges	$	108.8
Ratio of earnings to fixed charges		5.8

(a) For purposes of this calculation, management estimates approximately one-third of rent expense is representative of interest expense.

EX-13

Exhibit 13

SMUCKER’S THE J.M. SMUKER COMPANY 2015 ANNUAL REPORT

U.S. RETAIL COFFEE 7 U.S. RETAIL CONSUMER FOODS 11 INTERNATIONAL, FOODSERVICE 15; NATURAL FOODS 15 U.S. RETAIL PET FOODS 19 SUSTAINABILITY AT SMUCKER 22 FINANCIAL HIGHLIGHTS 24

SMUCKER’S THE J.M. SMUKER COMPANY WHY WE ARE, WHO WE ARE OUR CULTURE A culture of dotting the i’s and crossing the t’s Of doing the right things and doing things right A culture of growth - individual and as a company. It’s who we are. It’s because of who we are. It’s a result of living our Basic Beliefs Our Commitment to Each Other. To our consumers and to our customers. As we look to the future of unlimited possibilities, we recognize the principles that are instrumental to our success A culture deeply rooted in our Basic Beliefs Guideposts for decisions at every level Why we are who we are. A culture that encourages commitment to each other Clear communication and collaboration VisionA culture of appreciation. A family-sense of sharing in a job well done Where every person makes a difference.

DEAR SHAREHOLDERS AND FRIENDS, What a remarkable year this has been for your Company! W We started the year in two major lines of business, consumer foods and coffee. We ended the year by adding a third business, pet foods, with the acquisition of Big Heart Pet Brands (“Big Heart”). This investment is a great addition for a number of reasons, most notably adding to Our Purpose of helping to bring families together to share memorable meals and moments. Pets are truly cherished members of the family, and we can now serve the mealtime and snacking needs of the “whole” family. Our vision for the Company is to own and market food brands that hold the #1 market position in their respective category, with an emphasis on North America. Big Heart helps fulfill this vision with beloved brands such as Milk-Bone, which holds the #1 position in the growing pet snacks category, Kibbles’n Bits, 9Lives, Meow Mix, Milo’s Kitchen, Pup-Peroni, and Natural Balance, to name a few. The addition of Big Heart gives us an important and growing third platform of our business and further solidies our position as a major food company in North America with projected annual sales of approximately $8 billion. More importantly, it places Smucker among the top 10 food suppliers to our retail customers. We own a portfolio of major brands that consumers trust, and we have a reputation with our customers as good partners with a track record for profitably growing the categories in which we participate. With our traditional business and brands, we continue to innovate and offer new products that are in line with consumer trends. This past year, 7 percent of our sales came from products we did not offer three years ago. Two major consumer trends that influence our innovation and acquisition strategies include a rise in snacking occasions and the desire for simple ingredients. In response to these opportunities, we have developed good and good for you snacks and simple-ingredient varieties of many of our products. Some examples include Jif To Go Dippers peanut butter snacks, Smucker’s Fruit-Fulls blended fruit pouches, and Pillsbury “Purely Simple” baking mixes, which provide delicious baked goods with fewer ingredients. To help accelerate our growth in snacks and simple ingredients, we acquired Sahale Snacks (“Sahale”) located in Seattle, Washington. Sahale is a leading producer, marketer, and innovator of nut and fruit snacks, bringing to Smucker a capability of innovation in the snacking category. 2 THE J. M. SMUCKER COMPANY

Our consumer foods business had a solid year of performance. Our Smucker’s fruit spreads business grew market share, and Jif peanut butter, with the help of stable peanut costs, was able to reverse the margin pressure we felt the prior year. The key challenge this year was in coffee, as much higher green coffee costs led to higher retail pricing and margin compression. With our coffee costs beginning to moderate in fiscal 2016 and a number of initiatives planned, we remain confident in the long-term prospects of our coffee business. We continue to see a change in consumers behavior in terms of where and how they shop. This is transforming the landscape in retailing as omni-channel retailing grows and the mobile economy encourages a consumer environment where products and the information about them must be readily available and accurate. These changes, along with economic pressure driving our retail customers and competitors to merge and consolidate, will provide us with both opportunities and challenges. We long ago concluded we must be willing to challenge and change our tactics and strategies to adapt to consumer demands. What we will not change, however, are the values upon which our Company was founded. Our values and principles guide both strategic decisions and daily behaviors and define our culture, which we view as the key to our success. It is a culture that believes every individual makes a difference, and that the best is yet to come. Our fellow employees are committed to doing the right things and doing things right. We have a talented and dedicated team that is enhanced by those who joined us from Sahale and Big Heart. We enter fiscal 2016 as a larger, stronger, and more diversified company. We are excited by the opportunities ahead, and we have a proven track record of achieving long-term results. We wish to extend our gratitude to our employees, who continue to provide the highest level of quality and service to our constituents, and to our shareholders for your continued support and confidence in The J. M. Smucker Company. With a robust commitment to innovation across our businesses; an additional platform of growth in pet food and pet snacks; and compelling brands, we believe we have the right strategy to continue delivering value to our shareholders while helping to bring families together to share memorable meals and moments. Sincerely, Tim Smucker Richard Smucker June 25, 2015 2015 ANNUAL REPORT 3

OUR BRANDS For more than 115 years, The J. M. Smucker Company has been committed to offering consumers quality products that help bring families together to share memorable meals and moments. 4 THE J. M. SMUCKER COMPANY

OUR PURPOSE Helping to bring families together to share memorable meals and moments. Being together with the ones we love isn’t just a pleasant way to spend time – it’s vital to a healthy, happy, fulfilling life. In fact, the more family and friends spend time with each other, the richer their lives become. We believe we can help strengthen families through the memorable meals and moments they share, and we can help make every day a little more special by nurturing the bonds that bring people and their pets closer together. And the stronger families are today, the stronger our society will be tomorrow. Quite simply, life tastes better together.

6 THE J. M. SMUCKER COMPANY

U.S. RETAIL COFFEE Our leading position in the U.S. at-home retail coffee category is the result of a diverse portfolio of strong brands led by Folgers and Dunkin’ Donuts. Smucker is the market leader in this $9 billion category, with a 27 percent dollar share. We participate in all key segments through various product types and packaging and across a variety of price points, providing consumers with quality, convenience, value, and choice. 2015 ANNUAL REPORT 7

DELIVERING QUALITY, CONVENIENCE, VALUE, AND CHOICE inceentering the coffee category in fiscal 2009, we have consistently grown S segment profit while managing through periods of volatility in green coffee costs. In fiscal 2015, however, a sharp increase in green coffee prices led to challenges for our U.S. Retail Coffee segment as consumers reacted to higher price points on our core roast and ground offerings, impacting sales and product volumes. As a result, segment performance was below our initial expectations. For the year, net sales totaled $2.1 billion, while segment profit was $549.2 million. Notwithstanding these challenges, we remain confident in our at-home retail coffee strategy. We are applying our deep knowledge of this business and have implemented measures that we expect to drive improved performance going forward. SEGMENT AS A PERCENTAGE OF NET SALES 37% 8 THE J. M. SMUCKER COMPANY

STRENGTHENING COFFEE LEADERSHIP Mainstream roast and ground coffee remains the largest volume segment in the coffee category. Folgers strong, iconic brand identification resulting from a combination of quality products, marketing and distribution, and consistently satisfying consumers creates a compelling marketplace advantage. We are making strong investments in our marketing initiatives in support of our base Folgers business and new product offerings. Additionally, we are on track to complete the conversion of our large can Folgers offerings to a reduced canister size, which should help us meet consumer preference for lower price points on shelf. Premium represents a large and growing segment, and our Dunkin Donuts and Folgers Gourmet Selections offerings provide an array of options and price points for the premium consumer. Dunkin Donuts holds the #2 position in the premium coffee space and continues to benefit from the strong coffee heritage of the Dunkin Donuts brand. Today we offer more than 20 Dunkin Donuts retail co ee varieties. We recently expanded our partnership with Dunkin Brands Group, Inc., and Keurig Green Mountain, Inc., to begin distributing and marketing Dunkin Donuts K-Cup pods in grocery, mass merchandisers, and other retail channels in fiscal 2016. Initial retailer and consumer response to the launch has been strong. In fiscal 2015, we also successfully introduced Caf Bustelo K-Cup pods into distribution, building on the brand’s growth in the core mainstream segment and enhancing the brand’s appeal with Hispanic and millennial consumers. K-Cup pod adoption continues to increase as more consumers seek single-serve convenience, and our broad assortment of K-Cup pod o erings across our Folgers, Dunkin Donuts, Caf Bustelo, and Millstone brands positions us to bene t from this growth. Strong consumer response led total Keurig pod volume to increase 5 percent in fiscal 2015. We continue to pursue innovations that help provide consumers with a great cup of coffee just the way they want it, when they want it. Folgers Perfect Measures are a breakthrough product launched in select markets that consist of 100 percent roast and ground coffee in premeasured tablets, with zero additives. They provide consumers who prefer a brewed pot of coffee a convenient, no-mess solution. We also introduced Folgers Flavors coffee enhancers, which let coffee connoisseurs create their own personalized, faavorful cup of co ee, and Folgers Iced Caf coffee drink concentrates, a new offering that contains concentrated and ground coffee, sweetener, and avor for a complete on-the-go cold coffee solution when added to milk. Folgers strong, iconic brand identification resulting from a combination of quality products, marketing and distribution, and consistently satisfying consumers creates a compelling marketplace advantage. 2015 ANNUAL REPORT 9

10 THE J. M. SMUCKER COMPANY

U.S. RETAIL CONSUMER FOODS Whether it’s a delicious breakfast, a homemade lunch, a flavorful snack, or a baked delight that helps turn everyday occasions into celebrations, Smucker products are part of millions of family meals each day. The categories we serve with our highly regarded brands include fruit spreads, peanut butter, baking mixes and frostings, fruit and nut snack mixes, shortening and oils, and sweetened condensed milk. 2015 ANNUAL REPORT 11

JIF AND SMUCKER’S CATEGORY LEADERSHIP iscal 2015 was a year of momentum for many of our key brands and categories. FU.S. Retail Consumer Foods achieved $2.1 billion in net sales and record segment profit of $432.9 million. The key back-to-school and holiday periods were among the most successful in our Company’s history, driven by the strength of Smucker’s, Jif, Crisco, and Smucker’s Uncrustables brands. Led by the Jif brand, we hold the #1 position in the peanut butter category with a 46 percent dollar share of the market – more than twice that of our nearest branded competitor. Smucker’s is also the brand leader in fruit spreads with a 44 percent dollar share, far surpassing the closest branded competitor. MORE WAYS TO ENJOY SMUCKER’S AND JIF Our focus remains on innovation and leveraging growth opportunities, as we look to build Smucker’s and Jif into $1 billion brands. We are bringing new options to the fruit spreads category with the launch of Smucker’s Fruit & Honey , a line of fruit spreads naturally sweetened with honey. Meanwhile, consumers desire for affordable and delicious plant-sourced protein is helping drive growth in America’s leading peanut butter brand Jif as we introduce new product and packaging options that provide these benets in new, favorful ways. For example, we added new varieties to Jif Whips, a light, uy textured peanut butter spread ideal for dipping, with new on-trend favors Salty Caramel and seasonal Pumpkin Pie Spice. Our focus has always been on providing consumers with choices, and in fascal 2015 we added more offerings across our consumer foods portfolio, including protein options, simple ingredients, and non-GMO products. Within our peanut butter brands, for example, while the peanuts used to produce our Jif peanut butter have always been non-GMO, this year we made the decision to source all remaining minor ingredients used in the majority of our Jif peanut butter products from non-GMO sources. Our strategy calls for continued innovation to drive growth across the Jif brand, and our recently completed Memphis, Tennessee, peanut butter manufacturing facility provides additional capacity and flexibility to support future brand growth. INNOVATIVE SNACKS THAT TRAVEL ANYWHERE Consumers continue to seek faavorful, on-the-go snacks, and our fiscal 2015 acquisition of Sahale is well aligned with this trend. As a leading manufacturer of premium nut and fruit snack mixes and new layered nut bars, the Sahale Snacks brand provides a platform to accelerate our snack offerings across our entire branded portfolio. Families seeking Grab and Go convenience continue to turn to Smucker’s Uncrustables sandwiches as a perfect lunchtime and snacking solution. This year, we expanded the reach of Smucker’s Uncrustables sandwiches with the introduction of a 12 THE J. M. SMUCKER COMPANY

SEGMENT AS A PERCENTAGE OF NET SALES 37% chocolate-flavored hazelnut variety. The enduring appeal of Smucker’s Uncrustables sandwiches has led to 13 consecutive quarters of double-digit volume growth in the U.S. retail market. In fascal 2015, we served more than 300 million Smucker’s Uncrustables sandwiches through our retail and foodservice channels. With the completion of our expanded manufacturing facility in Scottsville, Kentucky, we have the capacity to support further growth. Smucker’s Fruit-Fulls pure blended fruit pouches also address growing demand for on-the-go, better-for-you snacking. With no preservatives, added sweeteners, or artificial flavors, Fruit-Fulls provide consumers with a convenient option in the more than $300 million fruit pouch category. Our assortment now includes a line of blended fruit pouches with oats and chia. We also expanded our Jif To Go snacking portfolio to include Jif To Go Dippers, which combine pretzels with Jif To Go single-serve cups of peanut butter for a complete snack offering. Among our baking brands, Pillsbury launched gluten-free cake and cookie mix options as well as a new line of Purely Simple cake, cookie, and frosting mixes made with simple ingredients with no colors, preservatives, or artificial avors. Meanwhile, Crisco had a second consecutive strong year aided by moderation in commodity costs. The brand also recently expanded into specialty oils with the launch of Crisco coconut oil and is now the only brand with a presence in every segment of the shortening and oils category. 2015 ANNUAL REPORT 13

14 THE J. M. SMUCKER COMPANY

INTERNATIONAL, FOODSERVICE, AND NATURAL FOODS Our International, Foodservice, and Natural Foods segment includes sales outside the U.S. retail channel as well as a growing assortment of natural foods products. International operations are focused primarily on Canada, Mexico, and China. We are also a preferred supplier to North American foodservice operators, including casual and fine dining establishments, schools and universities, hospitals, and business and industry customers. 2015 ANNUAL REPORT 15

BROADENING OUR REACH & CAPABILITIES International, Foodservice, and Natural Foods segment profit growth was positive Iin the second half of the year, and we concluded fiscal 2015 encouraged by the momentum building across all the businesses in this segment. For the fiscal year, net sales were $1.3 billion, while segment profit totaled $166.7 million. We are focused on attractive growth opportunities ahead, including capitalizing on the potential of the recently acquired Big Heart pet business in the Canadian market. In fiscal 2015, foreign currency effects in Canada obscured the performance of our strong underlying businesses. Notwithstanding those currency challenges, we were pleased to achieve volume market share gains across nearly all categories in which we operate in Canada. We also extended the reach of our brands with new products. For example, we entered the convenience bake segment with the launch of Robin Hood quick bread mixes. In China, our minority investment in Seamild, a privately owned manufacturer and marketer of oats products, made positive contributions to our performance as the category demonstrated healthy growth among Chinese consumers. We are optimistic about the potential for continued growth in this dynamic market. Foodservice remains a category filled with opportunities for expansion through new customer relationships and product innovation. We have strong momentum with our Smucker’s portion control offerings and Smucker’s Uncrustables sandwiches. Specific to Smucker’s Uncrustables sandwiches, we are beginning to realize the initial benefits of re-entering the USDA school foodservice program and anticipate regaining much of this previously exited business over the next few years. With our planned exit of the private label foodservice hot beverage business complete and the conversion to our Folgers branded liquid coffee offering proceeding as planned, we now have the right portfolio in place for sustained growth. In Natural Foods, our branded beverage portfolio continued to perform well. Our R.W. Knudsen Family juice business saw strong volume growth in fiscal 2015, and our packaging redesign for the Santa Cruz Organic brand was well received by both customers and consumers. Additionally, the non-beverage portion of our 16 THE J. M. SMUCKER COMPANY

SEGMENT AS A PERCENTAGE OF NET SALES 22% We are focused on attractive growth opportunities ahead, including capitalizing on the potential of the recently acquired Big Heart pet business in the Canadian market. Santa Cruz Organic business increased significantly in volume, driven by the performance of the brand’s peanut butter products and applesauce pouches. Looking ahead to fiscal 2016, we have gained distribution for both Santa Cruz Organic and truRoots, a brand of grains, beans, and pastas that are gluten-free and certified organic. Acquired in 2013, the truRoots brand has helped extend the breadth of our Natural Foods offerings through its wide range of sprouted and non-sprouted items, including quinoa, chia, rice, lentils, and pastas, among others. 2015 ANNUAL REPORT 17

18 THE J. M. SMUCKER COMPANY

U.S. RETAIL PET FOODS Following our acquisition of Big Heart, our newest segment, U.S. Retail Pet Foods, is a leader in the large and growing pet food and pet snacks categories. With many of America’s beloved pet food brands now part of our portfolio, we hold the #1 position in dog snacks, the #2 position in dry cat food, and a strong presence in premium pet food and pet snacks. 2015 ANNUAL REPORT 19

SEGMENT AS A PERCENTAGE OF NET SALES* 4% *Reflects the six weeks of activity included in 2015 results. U.S. household pet ownership is growing in nearly every age demographic, and today approximately two-thirds of U.S. households have at least one family pet. 20 THE J. M. SMUCKER COMPANY

NURTURING BONDS WITH VERY SPECIAL FAMILY MEMBERS The addition of Big Heart, a leading producer, distributor, and marketer of premium-quality pet food and pet snacks in the U.S., creates a strong growth platform for our Company. U.S. household pet ownership is growing in nearly every age demographic, and today approximately two-thirds of U.S. households have at least one family pet. Importantly, with 90 percent of pet parents considering their pets to be cherished members of the family, we have a unique opportunity to deepen the emotional bonds we create with consumers while remaining true to Our Purpose by helping meet the mealtime and snacking needs of the whole family. A STRONG PORTFOLIO OF BELOVED BRANDS Milk-Bone, Pup-Peroni, and Milo’s Kitchen are leading snack and treat brands. With a 38 percent dollar share, led by the Milk-Bone brand, we are the leader in dog snacks, a growing, $2.2 billion category. Meow Mix and 9Lives brands are well-loved cat food favorites, contributing to our strong position in dry cat food. Increasing numbers of consumers are turning to pet specialty retailers to meet the health and dietary needs of their pets – driving growth in this channel. In fact, sales in pet specialty are increasing at nearly twice the rate of the total category. We are well positioned to benefit in this channel with two great brands: Nature’s Recipe and Natural Balance. Natural Balance’s strong in-store presence with sampling and merchandising programs has helped propel it to historical double-digit growth rates. Our fiscal 2015 results incorporated only six weeks of activity for the pet food business due to timing of the transaction close. Looking toward fiscal 2016, we are optimistic about the growth prospects for this more than $2 billion business. Big Heart demonstrates strong competencies in the areas that will contribute to continued growth: consumer insights, research and development, technology, and manufacturing. Together, these capabilities add up to innovations such as the recent launch of Milk-Bone Brushing Chews dental treats. This innovative entry, which reframes dog oral care, uses proprietary manufacturing processes to create a bone with twists and nubs. This award-winning product is o to a strong start as consumers embrace an effective new way to address their dogs oral health needs. We anticipate continued growth in U.S. Retail Pet Foods as we focus on innovation, merchandising, and research and development. 2015 ANNUAL REPORT 21

SUSTAINABILITY AT SMUCKER Measuring Our Impact PRODUCT CHOICE Within the Smucker family of brands, our goal is to offer consumers a variety of products to meet their diverse needs as we fulfill Our Purpose of helping to bring families together to share memorable meals and moments. Our Pillsbury Purely Simple baking Sahale Snacks offers a variety of unique All of our Santa Cruz Organic and R.W. Knudsen and frosting mixes are made with simple ingredient combinations and adventurous Family juices are Non-GMO Project Verified. ingredients with no colors, preservatives, flavor profiles that take everyday snacking or artificial flavors. Beyond Ordinary and expands our gluten- free and non-GMO choices. 22 THE J. M. SMUCKER COMPANY

Responsibility and citizenship have defined Smucker since our founding. Through fiscal 2015, we continued to make solid progress toward our Economic, Environmental, and Social sustainability goals. n 2009, we established three rigorous five-year environmental goals to achieve by Ithe end of 2014. Since then, we have surpassed our waste diversion goal and made significant progress toward our water intensity goal, and our greenhouse gas emissions intensity has remained relatively at due to changes in our manufacturing footprint. During that initial five-year period, we learned from both our challenges and our successes, and our performance helped form our 2020 targets to increase our rate of waste diversion from landfill to 95 percent; to reduce water usage by 15 percent; and to reduce greenhouse gas emissions by 10 percent. We are also on track to fulfill two important responsible sourcing commitments as we work with our suppliers and partners to develop a fully sustainable and traceable palm oil supply chain and to increase our certified green coffee purchases. Read about these accomplishments and more in our 2015 Corporate Responsibility Report available in the Corporate Responsibility section of our website at jmsmucker.com. WASTE DIVERSION WATER INTENSITY EMISSIONS INTENSITY Year ended Dec. 31, Year ended Dec. 31, Year ended Dec. 31, (gallons per EU*) (tonnes CO2e per 1,000 EU*) 87.2% 85.6% 3.62 3.59 1.27 1.28 2013 2014 2013 2014 2013 2014 all Complete facilities information is not currently for *Equivalent internal measure Unit (EU) of volume is an *Equivalent internal measure Unit (EU) of volume is an available. based on tonnage. based on tonnage. Smucker’s Fruit-Fulls pure blended fruit pouches Crisco coconut oil provides an alternative Milk-Bone Brushing Chews dental treats meet on-the-go, better-for-you snacking needs, oil option and is certified USDA organic. provide an easy and effective way to care and contain no preservatives, added sweeteners, for your dog’s teeth. or artificial flavors. 2015 ANNUAL REPORT 23

2015 FINANCIAL HIGHLIGHTS The J. M. Smucker Company YEAR ENDED APRIL 30, (DOLLARS IN MILLIONS, EXCEPT PER SHARE DATA) 2015 2014 Net sales $5,692.7 $5,610.6 NET INCOME AND NET INCOME PER COMMON SHARE Net income $ 344.9 $ 565.2 Net income per common share assuming dilution $ 3.33 $ 5.42 INCOME AND INCOME PER COMMON SHARE EXCLUDING CERTAIN ITEMS AFFECTING COMPARABILITY(A) Income $ 402.5 $ 584.9 Income per common share assuming dilution $ 3.88 $ 5.61 COMMON SHARES OUTSTANDING AT YEAR END 119,577,333 101,697,400 NUMBER OF EMPLOYEES 7,370 4,775 (A) Refer to Non-GAAP Measures located on pages 36-37 in the Management’s Discussion and Analysis section for a reconciliation to the comparable GAAP financial measure. 24 THE J. M. SMUCKER COMPANY

CHICKEN WITH PEANUT CURRY YOGURT SAUCE GLUTEN-FREE* CHOCOLATE FROSTED DEVIL’S FOOD CUPCAKES * Ensure all recipe ingredients are gluten free by referencing the ingredient labels, as products may vary. If uncertain, contact the ingredient manufacturer. CHICKEN SPINACH SALAD WITH STRAWBERRY POPPY SEED DRESSING SOUTHWESTERN SPROUTED LENTIL SALAD APPLE PEANUT BUTTER SNACK BLUEBERRY ORANGE STREUSEL MUFFINS

SOUTHWESTERN SPROUTED LENTIL SALAD INGREDIENTS PREP TIME: 15 minutes 1 cup truRoots Organic COOK TIME: 25 minutes Sprouted Green Lentils YIELD: 4 servings 1 teaspoon ground cumin DIRECTIONS 3 tablespoons olive oil 1. PREPARE sprouted lentils according 2 tablespoons lime juice to package instructions. Drain any 1 teaspoons minced garlic excess water; transfer lentils to bowl teaspoon salt or to taste and let cool to room temperature. teaspoon freshly ground 2. HEAT small skillet over low heat. black pepper Add ground cumin and cook until just 18 grape tomatoes, halved fragrant, about one minute. cup carrots, shredded 3. COMBINE cumin, olive oil, lime, 2 green onions, sliced garlic, salt and pepper in large bowl. 2 tablespoons cilantro Whisk to combine. Add cooled lentils, leaves, finely chopped tomatoes, carrots, green onions, 1 jalapeno pepper, cilantro and jalapeno. Toss well. seeded and minced 4. COVER and chill in refrigerator, or let stand 1 hour before serving for flavors to blend. / The J.M. Smucker Company APPLE PEANUT BUTTER SNACK INGREDIENTS PREP TIME: 10 minutes 2 Gala apples cored, YIELD: 2 servings cut into slices DIRECTIONS cup Smucker’s Natural 1. PLACE apple slices on serving plates. Stir Creamy Peanut Butter, together peanut butter, yogurt, apple juice stirred and cinnamon until blended. cup plain yogurt 2. SPOON peanut butter mixture evenly on 1 tablespoon apple juice apples. Sprinkle with sunflower kernels. teaspoon ground cinnamon 2 tablespoons dry roasted sunflower kernels / The J.M. Smucker Company BLUEBERRY ORANGE STREUSEL MUFFINS INGREDIENTS PREP TIME: 15 minutes Crisco Original No-Stick COOK TIME: 15 minutes Cooking Spray YIELD: 6 muffins 1 cups Hungry Jack DIRECTIONS Complete Blueberry 1. HEAT oven to 375F. Coat 6 muffin cups Wheat Flavored with no-stick cooking spray. Pancake & Waffle Mix 2. PLACE pancake mix in medium bowl. Beat (Just Add Water) egg in small bowl. Blend in sour cream and 1 large egg orange marmalade. Add egg mixture to cup sour cream pancake mix, stirring just until moistened. cup Smucker’s Sweet Divide evenly into prepared muffin cups. Orange Marmalade 3. MELT butter in small bowl. Using a fork, 1 tablespoon butter cut in sugar and flour until evenly 3 tablespoons sugar moistened and crumbs form. Sprinkle 3 tablespoons Pillsbury TM about 1 tablespoon on top of each muffin. BEST All Purpose Flour 4. BAKE 14 to 16 minutes or until golden brown and toothpick inserted in center comes out clean. Cool 5 minutes. Run a knife around edge of each muffin before removing from pan. / The J.M. Smucker Company CHICKEN WITH PEANUT CURRY YOGURT SAUCE INGREDIENTS PREP TIME: 15 minutes 2 tablespoons Crisco COOK TIME: 10 minutes Pure Canola Oil YIELD: 4 servings 3 to 4 cloves garlic, chopped DIRECTIONS 1 cup onion, chopped 1. HEAT oil in a large skillet over medium 1 cup red and green bell heat. Add garlic, onion and peppers. peppers, chopped Cook just until tender. Stir in curry 1 tablespoon curry powder powder. Cook 1 minute. 4 skinless, boneless chicken 2. SEASON chicken with salt and pepper. breasts, cut into 1-inch Add to skillet. Cook and stir until pieces browned. Combine yogurt, peanut butter Salt and pepper and red pepper flakes. Stir into skillet. 1 cup plain yogurt Simmer until sauce is hot. cup Jif Creamy Peanut 3. SEASON to taste with additional Butter or salt and pepper, if needed. Serve with cup Jif Extra Crunchy cooked rice. Peanut Butter teaspoon red pepper flakes Hot cooked rice / The J.M. Smucker Company GLUTEN-FREE* CHOCOLATE FROSTED DEVIL’S FOOD CUPCAKES INGREDIENTS PREP TIME: 20 minutes 2 cups Pillsbury BESTTM COOK TIME: 20 minutes Multi-Purpose Gluten-Free YIELD: 24 cupcakes Flour Blend DIRECTIONS cup unsweetened 1. HEAT oven to 350F. Line muffin cups cocoa powder with 24 paper baking cups. 1 teaspoons baking soda 2. COMBINE flour blend, cocoa powder, baking teaspoon baking powder soda, baking powder and salt in medium teaspoon salt bowl. Beat butter in large bowl with electric cup butter, softened mixer on medium speed until creamy. Add 1 cups sugar sugar gradually. Beat about 4 minutes or until 3 large eggs, at room smooth. Add eggs, beating after each temperature addition. Beat in vanilla. Add flour mixture 1 teaspoons vanilla extract gradually on low speed. Add hot water. Stir 1 cups hot water TM until batter is smooth. Divide evenly into 1 container Pillsbury prepared baking cups. Creamy Supreme 3. BAKE 18 to 20 minutes or until toothpick Chocolate Fudge Flavored inserted in center comes out clean. Frosting Remove to wire rack to cool completely. Frost cupcakes as desired. * Ensure all recipe ingredients are gluten free by referencing the ingredient labels, as products may vary. If uncertain, contact the ingredient manufacturer. / The J.M. Smucker Company CHICKEN SPINACH SALAD WITH STRAWBERRY POPPY SEED DRESSING INGREDIENTS PREP TIME: 20 minutes STRAWBERRY POPPY SEED YIELD: 4 main dish servings DRESSING DIRECTIONS cup Smucker’s Natural FOR DRESSING: Strawberry Fruit Spread 1. COMBINE fruit spread, water, vinegar, 3 tablespoons water poppy seeds and seasoned salt in small 2 tablespoons balsamic bowl. Whisk in oil gradually until slightly vinegar or white balsamic thickened. Cover and chill until ready vinegar to serve. 1 teaspoons poppy seeds teaspoon seasoned salt FOR SALAD: cup Crisco Pure Olive Oil 2. DIVIDE spinach onto four serving plates. Top with onions. Mound chicken strips CHICKEN SPINACH SALAD onto center of each serving. Drizzle with 2 (6 oz.) packages baby desired amount of dressing. Sprinkle spinach leaves with cheese. Serve immediately. cup red onion, chopped 2 (6 oz.) packages refrigerated, fully cooked, grilled chicken breast strips cup Parmesan cheese, shaved / The J.M. Smucker Company

2015 FINANCIAL REVIEW

The J. M. Smucker Company

FIVE-YEAR SUMMARY OF SELECTED FINANCIAL DATA

The following table presents selected financial data for each of the five years in the period ended April 30, 2015. The selected financial data should be read in conjunction with the “Results of Operations” and “Financial Condition” sections of “Management’s Discussion and Analysis” and the consolidated financial statements and notes thereto.

	Year Ended April 30,
(Dollars in millions, except per share data)	2015			2014			2013			2012			2011
Statements of Income:
Net sales		$5,692.7			$5,610.6			$5,897.7			$5,525.8			$4,825.7
Gross profit		$1,968.7			$2,031.0			$2,027.6			$1,845.2			$1,798.5
% of net sales		34.6	%		36.2	%		34.4	%		33.4	%		37.3	%
Operating income		$   772.0			$   919.0			$   910.4			$   778.3			$   784.3
% of net sales		13.6	%		16.4	%		15.4	%		14.1	%		16.3	%
Net income		$   344.9			$   565.2			$   544.2			$   459.7			$   479.5
Financial Position:
Cash and cash equivalents		$   125.6			$   153.5			$   256.4			$   229.7			$   319.8
Total assets		16,882.6			9,060.2			9,024.1			9,106.5			8,322.1
Total debt		6,170.9			2,216.3			2,010.1			2,061.8			1,301.5
Shareholders’ equity		7,086.9			5,029.6			5,148.8			5,163.4			5,292.3
Liquidity:
Net cash provided by operating activities		$   733.2			$   856.0			$   855.8			$   730.9			$   391.6
Capital expenditures		247.7			279.5			206.5			274.2			180.1
Free cash flow (A)		485.5			576.5			649.3			456.7			211.5
Quarterly dividends paid		254.0			238.0			222.8			213.7			194.0
Purchase of treasury shares		24.3			508.5			364.2			315.8			389.1
Earnings before interest, taxes, depreciation, and amortization (A)		871.3			1,185.5			1,161.6			1,028.0			1,023.9
Share Data:
Weighted-average shares outstanding		103,691,978			104,332,241			108,827,897			113,263,951			118,165,751
Weighted-average shares outstanding - assuming dilution		103,697,261			104,346,587			108,851,153			113,313,567			118,276,086
Dividends declared per common share		$     2.56			$     2.32			$     2.08			$     1.92			$     1.68
Earnings per Common Share:
Net income		$     3.33			$     5.42			$     5.00			$     4.06			$     4.06
Net income - assuming dilution		3.33			5.42			5.00			4.06			4.05
Other Non-GAAP Measures: (A)
Gross profit excluding certain items affecting comparability		$1,999.4			$2,035.1			$2,032.5			$1,896.9			$1,851.4
% of net sales		35.1	%		36.3	%		34.5	%		34.3	%		38.4	%
Operating income excluding certain items affecting comparability		$   859.3			$   948.7			$   964.8			$   902.5			$   896.3
% of net sales		15.1	%		16.9	%		16.4	%		16.3	%		18.6	%
Income and income per common share excluding certain items affecting comparability:
Income		$   402.5			$   584.9			$   580.4			$   541.2			$   554.3
Income per common share - assuming dilution		$     3.88			$     5.61			$     5.33			$     4.78			$     4.69

(A) Refer to “Non-GAAP Measures” located on pages 36-37 in the “Management’s Discussion and Analysis” section for a reconciliation to the comparable GAAP  financial measure.

2015 ANNUAL REPORT25

SUMMARY OF QUARTERLY RESULTS OF OPERATIONS

The J. M. Smucker Company

The following is a summary of unaudited quarterly results of operations for the years ended April 30, 2015 and 2014.

(Dollars in millions, except per share data)	Quarter Ended		Net Sales		Gross Profit		Net Income (Loss)			Net Income (Loss) per Common Share			Net Income (Loss)     per Common Share –     Assuming Dilution
2015		July 31, 2014		$1,323.8		$478.7		$116.0			$1.14			$1.14
		October 31, 2014		1,481.8		536.5		158.3			1.55			1.55
		January 31, 2015		1,440.0		522.9		160.9			1.58			1.58
		April 30, 2015		1,447.1		430.6		(90.3	)		(0.82	)		(0.82)
2014		July 31, 2013		$1,350.9		$492.9		$126.6			$1.19			$1.19
		October 31, 2013		1,559.9		552.6		153.4			1.46			1.46
		January 31, 2014		1,465.5		545.2		166.7			1.59			1.59
		April 30, 2014		1,234.3		440.3		118.5			1.16			1.16

Annual net income (loss) per common share may not equal the sum of the individual quarters due to differences in the average number of shares outstanding during the respective periods, primarily due to share repurchases and the issuance of shares related to the Big Heart Pet Brands acquisition.

STOCK PRICE DATA

Our common shares are listed on the New York Stock Exchange – ticker symbol SJM. The table below presents the high and low market prices for the shares and the quarterly dividends declared. There were approximately 285,600 shareholders of record as of June 15, 2015, of which approximately 45,200 were registered holders of common shares.

	Quarter Ended		High		Low		Dividends
2015		July 31, 2014		$107.74		$  95.89		$0.64
		October 31, 2014		104.51		95.60		0.64
		January 31, 2015		107.21		97.28		0.64
		April 30, 2015		118.64		101.88		0.64
2014		July 31, 2013		$113.18		$  96.75		$0.58
		October 31, 2013		114.72		103.80		0.58
		January 31, 2014		112.05		96.30		0.58
		April 30, 2014		100.89		87.10		0.58

26THE J. M. SMUCKER COMPANY

COMPARISON OF FIVE-YEAR CUMULATIVE

TOTAL SHAREHOLDER RETURN

The J. M. Smucker Company

Among The J. M. Smucker Company, the S&P Packaged Foods & Meats Index, and the S&P 500 Index

	April 30,
	2010		2011		2012		2013		2014		2015
The J.M. Smucker Company		$100.00		$126.29		$137.31		$182.49		$174.65		$214.53
S&P Packaged Foods & Meats		100.00		116.26		131.46		168.31		185.21		212.95
S&P 500		100.00		117.22		122.79		143.54		172.87		195.31

The above graph compares the cumulative total shareholder return for the five years ended April 30, 2015, for our common shares, the S&P Packaged Foods & Meats Index, and the S&P 500 Index. These figures assume all dividends are reinvested when received and are based on $100 invested in our common shares and the referenced index funds on April 30, 2010.

Copyright © 2015 Standard & Poor’s, a division of The McGraw-Hill Companies Inc. All rights reserved.

www.researchdatagroup.com/S&P.htm

2015 ANNUAL REPORT27

MANAGEMENT’S DISCUSSION AND ANALYSIS

The J. M. Smucker Company

(Dollars in millions, unless otherwise noted, except per share data)

DESCRIPTION OF THE COMPANY

For more than 115 years, The J. M. Smucker Company (“Company,” “we,” “us,” or “our”) headquartered in Orrville, Ohio, has been committed to offering consumers quality products that bring families together to share memorable meals and moments. Today, we are a leading marketer and manufacturer of consumer food and beverage products and pet food and pet snacks in North America with projected annual net sales of approximately $8.0 billion. In consumer foods and beverages, our brands include Smucker’s^®, Folgers^®, Jif^®, Dunkin’ Donuts^®, Crisco^®, Pillsbury^®, R.W. Knudsen Family^®, Hungry Jack^®, Café Bustelo^®, Martha White^®, truRoots^®, Sahale Snacks^®, Robin Hood^®, and Bick’s^®. In pet food and pet snacks, our brands include Meow Mix^®, Milk-Bone^®, Kibbles ’n Bits^®, Natural Balance^®, and 9Lives^®.

We have four reportable segments: U.S. Retail Coffee, U.S. Retail Consumer Foods, U.S. Retail Pet Foods, and International, Foodservice, and Natural Foods. The U.S. retail market segments in total comprised over 75 percent of net sales in 2015 and represent a major portion of our strategic focus – the sale of branded food products with leadership positions to consumers through retail outlets in North America. In the U.S. retail market segments, our products are sold primarily to food retailers, food wholesalers, drug stores, club stores, mass merchandisers, discount and dollar stores, military commissaries, and pet specialty stores. The International, Foodservice, and Natural Foods segment represents sales outside of the U.S. retail market segments. In this segment, our products are 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.

STRATEGIC OVERVIEW

We remain rooted in our Basic Beliefs of Quality, People, Ethics, Growth, and Independence established by our founder and namesake, Jerome Smucker, more than a century ago. Today, these Basic Beliefs are the core of our unique corporate culture and serve as a foundation for decision making and actions. We have been led by four generations of family leadership, having had only five chief executive officers in 118 years. This continuity of management and thought extends to the broader leadership team that embodies the values and embraces the business practices that have contributed to our consistent growth.

Our strategic vision is to own and market food brands which hold the #1 market position in their category, with an emphasis on North America while maintaining a global perspective.

Our strategic long-term growth objectives are to increase net sales by 6 percent and earnings per share, measured on a non-GAAP basis, by greater than 8 percent annually on average. While the net sales contribution from acquisitions will vary from year to year, we expect organic growth, including new products, to add 3 to 4 percent per year and acquisitions to contribute the remainder over the long term.

Net sales has increased at a compound annual growth rate of 4 percent over the past five years. Although the increase falls below our objective, we remain committed to achieving our top-line growth objective over the long-term by capitalizing on acquisitions that are a strategic fit and generating organic growth through innovation and other brand building activities.

During 2015, we acquired Big Heart Pet Brands (“Big Heart”). Big Heart is a leading producer, distributor, and marketer of premium-quality, branded pet food and pet snacks in the U.S. This transformational acquisition has provided an immediate and significant presence in the large and growing $21.0 billion pet food and pet snacks categories, and has increased our center-of-the-store presence with consumers and retailers.

Our acquisition earlier this year of Sahale Snacks, Inc. (“Sahale”), a manufacturer and marketer of premium, branded nut and fruit snacks, has provided an established platform for growth in the snacking space. We also continued our focus on innovation, launching Café Bustelo K-Cup^® pods and Jif To Go Dippers^TM in 2015. Our new product initiatives for 2016 include Dunkin’ Donuts K-Cup^® pods and Milk-Bone Good Morning^TM dog vitamin treats.

As a result of new borrowings in 2015 used to partially finance the Big Heart acquisition, our cash deployment strategy over the next three to five years will include a significant focus on debt repayment, while we continue our current dividend policy and our investment in the business through capital expenditures.

RESULTS OF OPERATIONS

On March 23, 2015, we completed the acquisition of Big Heart, and on September 2, 2014, we completed the acquisition of Sahale. Both transactions were accounted for as purchase business combinations, and the operations of the businesses are included in our 2015 consolidated financial statements from the date of acquisition. Results for 2015 and 2014 include Enray Inc. (“Enray”) since the completion of the acquisition on August 20, 2013, and the impact of our licensing and distribution agreement with Cumberland Packing Corp. (“Cumberland”), which commenced on July 1, 2013.

28THE J. M. SMUCKER COMPANY

MANAGEMENT’S DISCUSSION AND ANALYSIS

The J. M. Smucker Company

The acquisition of Big Heart was a cash and stock transaction valued at $5.9 billion, which included the assumption of $2.6 billion in debt that we refinanced at closing. We issued 17.9 million shares of our common stock to the shareholders of Blue Acquisition Group, Inc., Big Heart’s parent company, and paid $1.2 billion in cash, which is subject to a working capital adjustment. After the closing of the transaction, we had approximately 120.0 million common shares outstanding. We funded the non-equity portion of the acquisition, the refinancing of the assumed debt, and the prepayment of a portion of our existing debt through the combination of a $1.8 billion bank term loan and $3.7 billion in long-term notes.

We expect to incur approximately $225.0 in one-time costs related to the Big Heart acquisition, of which approximately $150.0 are expected to be cash charges. The one-time costs consist primarily of employee-related costs, outside services and consulting costs, and other costs directly related to the acquisition. These costs are anticipated to be incurred primarily over the next three years, with approximately one-half expected to be recognized in 2016. We incurred costs of $36.0 in 2015 related to the integration of Big Heart.

	Year Ended April 30,
	2015			2014			2013			2015 % Increase (Decrease)		2014 % Increase (Decrease)
Net sales	$	5,692.7		$	5,610.6		$	5,897.7			1%		(5)%
Gross profit	$	1,968.7		$	2,031.0		$	2,027.6			(3)%		0%
% of net sales		34.6	%		36.2	%		34.4	%
Operating income	$	772.0		$	919.0		$	910.4			(16)%		1%
% of net sales		13.6	%		16.4	%		15.4	%
Net income:
Net income	$	344.9		$	565.2		$	544.2			(39)%		4%
Net income per common share – assuming dilution	$	3.33		$	5.42		$	5.00			(39)%		8%
Gross profit excluding certain items affecting comparability (A)	$	1,999.4		$	2,035.1		$	2,032.5			(2)%		0%
% of net sales		35.1	%		36.3	%		34.5	%
Operating income excluding certain items affecting comparability (A)	$	859.3		$	948.7		$	964.8			(9)%		(2)%
% of net sales		15.1	%		16.9	%		16.4	%
Income excluding certain items affecting comparability: (A)
Income	$	402.5		$	584.9		$	580.4			(31)%		1%
Income per common share – assuming dilution	$	3.88		$	5.61		$	5.33			(31)%		5%

(A) Refer to “Non-GAAP Measures” located on pages 36-37 in the “Management’s Discussion and Analysis” section for a reconciliation to the comparable GAAP  financial measure.

Summary of 2015

Net sales in 2015 increased 1 percent, compared to 2014, reflecting the contribution from acquisitions, partially offset by volume declines in the U.S. Retail Coffee segment. Operating income decreased 16 percent, primarily due to the sales volume decline, a $47.0 fair value purchase accounting adjustment to acquired Big Heart inventory, and Big Heart integration costs of $36.0. Operating income excluding the impact of restructuring and merger and integration costs and unallocated gains and losses on commodity and foreign currency exchange derivatives (“certain items affecting comparability”) decreased 9 percent over the same period. Net income per diluted share decreased 39 percent in 2015, compared to 2014, and decreased 31 percent excluding certain items affecting comparability. The significant decreases from the prior year resulted from the recognition of $173.3 of other debt costs incurred in 2015 in connection with the Big Heart acquisition and the related refinancing activities, as well as the decrease in operating income.

Summary of 2014

Net sales in 2014 decreased 5 percent, compared to 2013, reflecting pricing actions and the impact of the planned exit of certain portions of our business in the International, Foodservice, and Natural Foods segment. Operating income increased 1 percent in 2014, compared to 2013, mainly driven by lower special project costs, partially offset by an increase in selling, distribution, and administrative (“SD&A”) expenses. Excluding certain items affecting comparability, operating income decreased 2 percent in 2014, compared to the prior period. Net income per diluted share increased 8 percent in 2014, compared to 2013, and increased 5 percent excluding certain items affecting comparability. Both measures reflect the benefit of a decrease in weighted-average common shares outstanding as a result of our share repurchase activities during 2014 and 2013 and lower interest expense in 2014.

2015 ANNUAL REPORT29

MANAGEMENT’S DISCUSSION AND ANALYSIS

The J. M. Smucker Company

Net Sales

2015 Compared to 2014

	Year Ended April 30,
	2015		2014		Increase  (Decrease)		%
Net sales		$5,692.7		$5,610.6		$82.1		1%
Adjust for certain noncomparable items:
Acquisitions		(295.0)		–		(295.0)		(5)
Distribution agreement		(6.1)		–		(6.1)		–
Foreign currency exchange		35.0		–		35.0		1
Net sales adjusted for certain noncomparable items (A)		$5,426.6		$5,610.6		$(184.0)		(3)%

Amounts may not add due to rounding.

(A) Net sales adjusted for certain noncomparable items is a non-GAAP measure used in evaluating performance internally. This measure provides useful information to investors because it enables comparison of results on a year-over-year basis. Net sales adjusted for certain noncomparable items in the table above excludes the impact of the Big Heart and Sahale acquisitions, the incremental impact of the Enray acquisition and the Cumberland distribution agreement, and foreign currency exchange.

Net sales increased 1 percent in 2015, compared to 2014, due to a $295.0 contribution from acquisitions in 2015, primarily the Big Heart contribution of $244.5. Excluding the impact of acquisitions, the distribution agreement, and foreign currency exchange, net sales decreased 3 percent over the same period, primarily due to volume declines in the U.S. Retail Coffee segment driven by the Folgers brand and the impact of the private label foodservice hot beverage business exits. Volume declines were also realized in the Pillsbury baking brand, while volume gains were realized in Crisco oils and Jif peanut butter. Foreign currency exchange represented 1 percentage point of the net sales decrease. The impact of net price realization was essentially neutral as lower net price realization on the Jif and Crisco brands mostly offset higher net price realization on the Folgers brand.

2014 Compared to 2013

	Year Ended April 30,
	2014		2013		Increase  (Decrease)		%
Net sales		$5,610.6		$5,897.7		$(287.1)		(5)%
Adjust for certain noncomparable items:
Acquisition		(39.9)		–		(39.9)		(1)
Distribution agreement		(30.1)		–		(30.1)		(1)
Foreign currency exchange		24.9		–		24.9		–
Net sales adjusted for certain noncomparable items (A)		$5,565.5		$5,897.7		$(332.2)		(6)%

Amounts may not add due to rounding.

(A) Net sales adjusted for certain noncomparable items is a non-GAAP measure used in evaluating performance internally. This measure provides useful information to investors because it enables comparison of results on a year-over-year basis. Net sales adjusted for certain noncomparable items in the table above excludes the impact of the Enray acquisition, the Cumberland distribution agreement, and foreign currency exchange.

Net sales for 2014 decreased $287.1, or 5 percent, compared to 2013, primarily due to a 5 percent reduction in net price realization, reflecting pricing actions taken on coffee and peanut butter, slightly offset by the $70.0 combined contribution from Enray and Cumberland. Volume gains realized in Crisco oils, Folgers coffee, and Jif peanut butter were offset by the impact of the business exits in the International, Foodservice, and Natural Foods segment, declines in Pillsbury baking mixes and flour, and planned declines in certain Santa Cruz Organic^® beverages.

Operating Income

The following table presents the components of operating income as a percentage of net sales.

	Year Ended April 30,
	2015		2014		2013
Gross profit		34.6%		36.2%		34.4%
Selling, distribution, and administrative expenses:
Marketing		3.1%		3.0%		2.8%
Advertising		1.9		2.2		2.2
Selling		3.7		3.6		3.3
Distribution		2.9		2.8		2.7
General and administrative		6.6		6.0		5.5
Total selling, distribution, and administrative expenses		18.1%		17.6%		16.5%
Amortization		1.9		1.8		1.6
Other special project costs		1.0		0.5		0.8
Other operating income – net		–		–		(0.1)
Operating income		13.6%		16.4%		15.4%

Amounts may not add due to rounding.

30THE J. M. SMUCKER COMPANY

MANAGEMENT’S DISCUSSION AND ANALYSIS

The J. M. Smucker Company

2015 Compared to 2014

Gross profit decreased $62.3, or 3 percent, in 2015, compared to 2014, driven by lower volume and the impact of higher costs, which were not fully offset by higher net price realization. Higher green coffee costs in 2015, compared to 2014, were not fully recovered by higher net price realization. This unfavorable net impact was partially offset by lower peanut costs in 2015, which were not fully offset by lower net prices. The Big Heart business contributed $46.1 to gross profit in 2015, which included the one-time unfavorable impact of a fair value purchase accounting adjustment to acquired inventory that increased costs of products sold by $47.0. Excluding certain items affecting comparability, primarily consisting of a $29.8 unfavorable change in the impact of unallocated derivative gains and losses, gross profit decreased $35.7, or 2 percent, over the same period.

SD&A expenses increased $42.5, or 4 percent, in 2015, compared to 2014, driven by the addition of Big Heart, partially offset by a decrease in marketing expense, mainly in the U.S. Retail Coffee segment.

Amortization expense increased $12.0, or 12 percent, in 2015, compared to 2014, primarily due to the addition of Big Heart finite-lived intangible assets during the fourth quarter. We estimate that total annual amortization expense will increase to approximately $210.0 in 2016 based on the current valuation of these assets, which is subject to revision.

Operating income decreased $147.0, or 16 percent, in 2015, compared to 2014, reflecting Big Heart integration costs of $36.0 in 2015. Excluding certain items affecting comparability, operating income decreased $89.4, or 9 percent.

2014 Compared to 2013

Gross profit was flat in 2014, compared to 2013, and remained flat excluding certain items affecting comparability. Favorable mix, partially driven by coffee, and the contribution from Enray and Cumberland were offset by the impact of the exited businesses in the International, Foodservice, and Natural Foods segment and higher trade spending related to our retail coffee and foodservice hot beverage businesses. Overall commodity costs decreased in 2014, compared to 2013, driven by lower green coffee costs, but were offset by lower net price realization.

SD&A expenses increased 2 percent in 2014, compared to 2013. General and administrative expenses increased 3 percent, primarily driven by certain corporate initiatives, partially offset by a decrease in incentive compensation costs, while selling expense increased 2 percent.

Operating income increased $8.6, or 1 percent, in 2014, compared to 2013. A $26.0 decrease in total special project costs in 2014, compared to 2013, more than offset the increase in SD&A expenses. The decrease in special project costs reflected the substantial progress made on the related projects, with lower costs incurred in 2014, compared to 2013. Excluding certain items affecting comparability in both periods, operating income decreased $16.1, or 2 percent.

Interest Expense and Other Debt Costs

Net interest expense was essentially flat in 2015, compared to 2014, as the impact of incremental interest related to the debt issued to finance the Big Heart acquisition was offset by the impact of long-term debt repayments made over the last 12 months. In 2016, we anticipate annual interest expense of approximately $180.0 based on our new debt structure, the current interest rate outlook, and debt repayment assumptions.

In addition to interest expense, we incurred $173.3 of other debt costs during 2015 related to the Big Heart acquisition. The majority of these costs were make-whole payments incurred when we prepaid our outstanding privately placed Senior Notes of $1.1 billion.

Net interest expense decreased $14.0 during 2014, compared to 2013, primarily due to the impact of an interest rate swap entered into during the second quarter of 2014.

Income Taxes

Income taxes decreased 37 percent in 2015, compared to 2014, primarily as a result of a 38 percent reduction in income before income taxes. The effective tax rate of 34.1 percent in 2015 was slightly higher than the rate in 2014.

Income taxes increased 4 percent in 2014, compared to 2013, primarily as a result of a 4 percent increase in income before income taxes. The effective tax rate of 33.5 percent in 2014 was comparable to the rate in 2013.

Commodities Overview

The raw materials we use are primarily commodities, agricultural-based products, and packaging materials. The most significant of these materials, based on 2015 cost of products sold, are green coffee, peanuts, plastic, edible oils, and wheat. Green coffee, edible oils, and wheat are traded on active regulated exchanges, and the price of these commodities fluctuates based on market conditions. Derivative instruments, including futures and options, are used to minimize the impact of price volatility for these commodities.

We source green coffee from more than 20 coffee-producing countries. Its price is subject to high volatility due to factors such as weather, global supply and demand, pest damage, investor speculation, and political and economic conditions in the source countries.

2015 ANNUAL REPORT31

MANAGEMENT’S DISCUSSION AND ANALYSIS

The J. M. Smucker Company

We source peanuts, edible oils, and wheat mainly from North America. We are one of the largest procurers of peanuts in the U.S. and frequently enter into long-term purchase contracts for various periods of time to mitigate the risk of a shortage of this key commodity. The edible oils we purchase are mainly soybean and canola. The price of peanuts, edible oils, and wheat are driven primarily by weather, which impacts crop sizes and yield, as well as global demand, especially from large importing countries such as China and India. In addition, edible oil prices have been impacted by soybean and canola demand from the biofuels industry.

We frequently enter into long-term contracts to purchase plastic packaging, which is sourced mainly from within the U.S. Plastic resin is made from petrochemical feedstock and natural gas feedstock, and the price can be influenced by feedstock, energy, and crude oil prices, as well as global economic conditions.

In 2015, our overall commodity costs were slightly higher than in 2014, primarily due to higher green coffee costs, which were mostly offset by lower costs for peanuts and oils.

Segment Results

The Big Heart transaction resulted in a new reportable segment for 2015. We now have four reportable segments: U.S. Retail Coffee, U.S. Retail Consumer Foods, U.S. Retail Pet Foods, and International, Foodservice, and Natural Foods. The U.S. Retail Coffee segment primarily represents the domestic sales of Folgers and Dunkin’ Donuts branded coffee; the U.S. Retail

Consumer Foods segment primarily includes domestic sales of Jif, Smucker’s, Pillsbury, and Crisco branded products; the U.S. Retail Pet Foods segment primarily includes domestic sales of Meow Mix, Milk-Bone, Kibbles ’n Bits, Natural Balance, 9Lives, Pup-Peroni^®, Gravy Train^®, and Nature’s Recipe^® 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. Pet food and pet snacks sales outside of the U.S. retail market segment are reflected in International, Foodservice, and Natural Foods.

Effective May 1, 2014, 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 gain or loss 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. Prior year results have been modified to exclude the unrealized gains and losses on commodity and foreign currency exchange derivatives.

As a result of leadership changes announced in the fourth quarter of 2015, we are finalizing our internal financial reporting structure and the impact on reportable segments for 2016. All historical information will be retroactively conformed to the new presentation once it is finalized.

	Year Ended April 30,
	2015		2014		2013		2015     % Increase     (Decrease)		2014     % Increase     (Decrease)
Net sales:
U.S. Retail Coffee	$	2,076.1	$	2,161.7	$	2,306.5		(4)%		(6)%
U.S. Retail Consumer Foods		2,104.8		2,172.6		2,214.8		(3)		(2)
U.S. Retail Pet Foods		239.1		–		–		n/a		n/a
International, Foodservice, and Natural Foods		1,272.7		1,276.3		1,376.4		(0)		(7)
Segment profit (loss):
U.S. Retail Coffee	$	549.2	$	639.8	$	603.8		(14)%		6%
U.S. Retail Consumer Foods		432.9		393.0		413.9		10		(5)
U.S. Retail Pet Foods		(15.3)		–		–		n/a		n/a
International, Foodservice, and Natural Foods		166.7		167.8		196.7		(1)		(15)
Segment profit (loss) margin:
U.S. Retail Coffee		26.5%		29.6%		26.2%
U.S. Retail Consumer Foods		20.6		18.1		18.7
U.S. Retail Pet Foods		(6.4)		–		–
International, Foodservice, and Natural Foods		13.1		13.1		14.3

32THE J. M. SMUCKER COMPANY

MANAGEMENT’S DISCUSSION AND ANALYSIS

The J. M. Smucker Company

U.S. Retail Coffee

The U.S. Retail Coffee segment net sales decreased 4 percent in 2015, compared to 2014, driven by a 10 percent decrease in volume, primarily due to an 11 percent decrease in the Folgers brand. Volume for the Café Bustelo brand increased 4 percent over the same period, while Dunkin’ Donuts packaged coffee volume decreased 4 percent. The impact of the volume decline was partially offset by favorable net price realization and sales mix. The benefit of list price increases taken in 2015 was partially offset by the impact of an increase in promotional spending during the year. Volume and net sales of Keurig^® pods increased 5 percent and 2 percent, respectively, in 2015, compared to 2014. Segment profit decreased $90.6 in 2015, compared to 2014, primarily due to the volume decline and the unfavorable impact of higher costs, which were not fully recovered by higher net price realization, driven by Keurig^® pods profitability. Mix and a decrease in marketing expense contributed favorably to segment profit in 2015.

Net sales for the U.S. Retail Coffee segment decreased 6 percent in 2014, compared to 2013, reflecting lower net price realization driven by a price decline of approximately 6 percent taken in February 2013 and incremental promotional spending which reflected actions taken to pass through lower costs realized during the year. Segment volume increased 2 percent in 2014, compared to 2013, as the Folgers brand and Dunkin’ Donuts packaged coffee increased 3 percent and 7 percent, respectively, and were partially offset by a decline in the Millstone brand, which was mainly due to the planned exit of the bulk business. Net sales of Keurig^® pods decreased 1 percent in 2014, compared to 2013, due to an increase in the number of competitors, including many unlicensed participants, that entered the market during 2014. Segment profit increased 6 percent in 2014, compared to 2013, primarily due to the volume growth and the price to cost relationship during the year.

U.S. Retail Consumer Foods

The U.S. Retail Consumer Foods segment volume decreased 1 percent in 2015, compared to 2014, and segment net sales decreased 3 percent over the same period, reflecting lower net price realization, primarily for the Jif and Crisco brands, partially offset by a $24.4 contribution from the Sahale business and favorable sales mix. Jif brand volume increased 2 percent in 2015, compared to 2014, while net sales decreased 4 percent, impacted by a 7 percent list price decline taken in November 2014 and increased promotional spending. Smucker’s Uncrustables^® frozen sandwiches volume and net sales increased 17 percent and 14 percent, respectively. Crisco brand volume increased 1 percent, while net sales decreased 7 percent, impacted by a 9 percent list price decline taken in the fourth quarter of 2014. Volume for the Pillsbury brand decreased 5 percent, and was the primary contributor to the segment volume decline, and net sales decreased 9 percent. Segment profit increased $39.9 in 2015, compared to 2014, driven by lower commodity costs, primarily for peanuts and oils, which were not entirely offset by lower net price realization.

Net sales for the U.S. Retail Consumer Foods segment decreased 2 percent in 2014, compared to 2013, due to overall lower net price realization, partially offset by a 1 percent increase in segment volume. Jif brand volume increased 2 percent in 2014, compared to 2013, while Smucker’s fruit spreads volume was flat. Pricing actions caused net sales for both brands to decrease 4 percent over the same period. Smucker’s Uncrustables frozen sandwiches net sales and volume increased 20 percent and 22 percent, respectively, in 2014, compared to 2013, benefiting from new distribution. Crisco brand volume increased 11 percent, while net sales increased 3 percent, impacted by lower net price realization in 2014, compared to 2013. For the same period, net sales and volume for the Pillsbury brand decreased 5 percent and 4 percent, respectively. Canned milk net sales increased 2 percent, while volume decreased 1 percent. Segment profit decreased 5 percent in 2014, compared to 2013. While overall commodity costs decreased, primarily for peanuts and oils, they were more than offset by lower net price realization across the portfolio and drove the decrease in segment profit. An increase in segment support costs also contributed to the segment profit decrease.

U.S. Retail Pet Foods

The U.S. Retail Pet Foods segment had net sales of $239.1 and a segment loss of $15.3 for 2015, representing six weeks of operations since the close of the acquisition. The segment loss reflected the one-time unfavorable impact of a fair value purchase accounting adjustment to acquired inventory, which increased cost of products sold for the segment. Incremental promotional spending and marketing expense to support new product introductions and certain other initiatives also reduced segment profit.

International, Foodservice, and Natural Foods

Net sales in the International, Foodservice, and Natural Foods segment was flat in 2015, compared to 2014. Excluding the impact of Big Heart and Sahale, the incremental impact of Enray and Cumberland, and foreign currency exchange, segment net sales remained flat and volume decreased 3 percent. The volume decline reflects the impact of the planned exit of our private label foodservice hot beverage business and decreases in Santa Cruz Organic beverages and the Robin Hood and Five Roses^® brands, while volume gains were achieved in the R.W. Knudsen Family brand. Segment profit decreased $1.1 in 2015, compared to 2014, due to the realization of higher costs in Canada, which were attributed to sourcing certain products from the U.S., reflecting the impact of a weaker Canadian dollar compared to a year ago, and an increase in green coffee costs. The impact of higher costs and the segment volume decline were mostly offset by favorable mix.

2015 ANNUAL REPORT33

MANAGEMENT’S DISCUSSION AND ANALYSIS

The J. M. Smucker Company

Net sales for the International, Foodservice, and Natural Foods segment decreased 7 percent in 2014, compared to 2013. The Enray and Cumberland businesses contributed a combined $70.0 to segment net sales in 2014. Excluding the impact of Enray, Cumberland, and foreign currency exchange, segment net sales and volume decreased 11 percent and 5 percent, respectively. The decrease in segment volume was primarily due to the impact of the exited portions of our hot beverage and Smucker’s Uncrustables frozen sandwich businesses with foodservice customers and planned declines in Santa Cruz Organic lemonades. Lower net price realization, higher trade spending related to our foodservice hot beverage business, including an accrual adjustment, and unfavorable sales mix also contributed to the decrease in net sales. Segment profit decreased 15 percent in 2014, compared to 2013, primarily due to the higher trade spending and the impact of the exited portions of our foodservice business.

FINANCIAL CONDITION

Liquidity

Our principal source of funds is cash generated from operations, supplemented by borrowings against our commercial paper program and revolving credit facility. Total cash and cash equivalents decreased to $125.6 at April 30, 2015, compared to $153.5 at April 30, 2014.

We typically expect a significant use of cash to fund working capital requirements during the first half of each fiscal year, primarily due to the buildup of inventories to support the Fall Bake and Holiday period, the additional increase of coffee inventory in advance of the Atlantic hurricane season, and seasonal fruit procurement. We expect cash provided by operations in the second half of the fiscal year to significantly exceed the amount in the first half of the year, upon completion of the Fall Bake and Holiday period. Total cash provided by operating activities in the second half of 2015 was $649.3, as compared to $83.9 provided through the first half of 2015.

The following table presents selected cash flow information.

	Year Ended April 30,
	2015		2014		2013
Net cash provided by operating activities	$	733.2	$	856.0	$	855.8
Net cash used for investing activities		(1,595.7)		(370.3)		(185.6)
Net cash provided by (used for) financing activities		863.2		(575.5)		(641.0)
Net cash provided by operating activities	$	733.2	$	856.0	$	855.8
Additions to property, plant, and equipment		(247.7)		(279.5)		(206.5)
Free cash flow (A)	$	485.5	$	576.5	$	649.3

(A) Free cash flow is a non-GAAP measure used by management to evaluate the amount of cash available for debt repayment, dividend distribution, acquisition opportunities, share repurchases, and other corporate purposes.

Cash provided by operating activities decreased $122.8 in 2015, compared to 2014, primarily due to reduced net income in 2015, as well as a greater amount of cash required to fund working capital, driven by the payment in the fourth quarter of 2015 of liabilities assumed as part of the Big Heart acquisition. Cash provided by operating activities in 2014, compared to 2013, was essentially flat as a result of higher net income in 2014, which was offset by an increase in the cash required to fund working capital. This increase in the use of cash was primarily due to the timing of the 2014 Easter holiday and increased income tax payments, partially offset by a decrease in pension contributions in 2014, compared to 2013.

In 2015, cash used for investing activities consisted primarily of $1.3 billion related to the acquisitions of Big Heart and Sahale and $247.7 in capital expenditures. In 2014, cash used for investing activities consisted primarily of $279.5 in capital expenditures and $101.8 related to the acquisitions of Enray and Silocaf of New Orleans, Inc. In 2013, cash used for investing activities consisted mainly of $206.5 in capital expenditures.

34THE J. M. SMUCKER COMPANY

MANAGEMENT’S DISCUSSION AND ANALYSIS

The J. M. Smucker Company

Cash provided by financing activities during 2015 consisted primarily of $5.4 billion in long-term debt proceeds which were partially offset by $4.2 billion in long-term debt repayments and quarterly dividend payments of $254.0. New borrowings in 2015 were comprised of a $1.8 billion bank term loan and $3.7 billion in long-term notes. Long-term debt repayments in 2015 were comprised of the $2.6 billion repayment of the Big Heart debt assumed, the $1.1 billion prepayment of our outstanding privately placed Senior Notes and the related make-whole payments, the $200.0 prepayment on the $1.8 billion bank term loan, and the $100.0 scheduled repayment of certain Senior Notes. Cash used for financing activities during 2014 consisted primarily of the purchase of treasury shares for $508.5, mainly representing the repurchase of 4.9 million common shares available under a Board of Directors’ authorization, quarterly dividend payments of $238.0, and a Senior Notes principal payment of $50.0, partially offset by $248.4 of borrowings under our revolving credit facility. Cash used for financing activities during 2013 consisted primarily of the purchase of treasury shares for $364.2, mainly representing the repurchase of 4.0 million common shares available under Board of Directors’ authorizations, quarterly dividend payments of $222.8, and a Senior Notes principal payment of $50.0.

Capital Resources

The following table presents our capital structure.

	April 30,
	2015		2014
Current portion of long-term debt	$	—	$	100.0
Short-term borrowings		226.0		243.2
Long-term debt, less current portion		5,944.9		1,873.1
Total debt	$	6,170.9	$	2,216.3
Shareholders’ equity		7,086.9		5,029.6
Total capital	$	13,257.8	$	7,245.9

On March 2, 2015, we entered into a senior unsecured delayed-draw Term Loan Credit Agreement (“Term Loan”) with a syndicate of banks and an available commitment amount of $1.8 billion. The full amount of the Term Loan was drawn on March 23, 2015, to partially finance the Big Heart acquisition. The weighted-average interest rate on the Term Loan at April 30, 2015, was 1.53 percent. The Term Loan requires quarterly amortization payments of 2.5 percent of the original principal amount starting in the third quarter of 2016.

Voluntary prepayments are permitted without premium or penalty and are applied to the schedule of required annual minimum payment obligations in direct order of maturity. As of April 30, 2015, we have prepaid $200.0 on the Term Loan, and therefore no additional payments are required until January 31, 2017.

On March 20, 2015, we completed an offering of $3.7 billion in Senior Notes due beginning March 15, 2018 through March 15, 2045. The proceeds from the offering, along with the Term Loan, were used to partially finance the Big Heart acquisition, pay off the $2.6 billion in debt assumed as part of the Big Heart acquisition, and prepay our outstanding privately placed Senior Notes of $1.1 billion. The prepayment of our outstanding private placement notes resulted in make-whole payments and other financing costs which comprised the majority of other debt costs of $173.3.

We have available a $1.5 billion revolving credit facility with a group of 11 banks that matures in September 2018. Additionally, 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. As of April 30, 2015, we had $226.0 of short-term borrowings outstanding, all of which were issued under our commercial paper program, at a weighted-average interest rate of 0.45 percent.

We are in compliance with all of our debt covenants. For additional information on our new borrowings, revolving credit facility, commercial paper program, and debt covenants, see Note 6: Debt and Financing Arrangements.

2015 ANNUAL REPORT35

MANAGEMENT’S DISCUSSION AND ANALYSIS

The J. M. Smucker Company

As of April 30, 2015, we had approximately 10.0 million common shares available for repurchase under Board of Directors’ authorizations, including 5.0 million common shares which were authorized in October 2014.

We intend to utilize a portion of the cash we generate over the next three to five years for debt repayment, while continuing our current dividend policy and our investment in the business through capital expenditures. Due to our focus on debt repayment, we do not expect to repurchase any shares in the near term nor actively pursue significant acquisitions.

The following table presents certain cash requirements related to 2016 financing and investing activities. Although no principal payments are required on our debt obligations in 2016 due to the $200.0 prepayment on the $1.8 billion Term Loan in 2015, we intend to utilize a portion of cash provided by operations for debt repayment as noted above.

	Projection Year Ended April 30, 2016
Dividend payments – based on current rates and common shares outstanding	$	310.0
Capital expenditures		200.0
Interest payments – based on current interest rate outlook		180.0

Absent any further acquisitions or other significant investments, we believe that cash on hand, combined with cash provided by operations and borrowings available under our commercial paper program and revolving credit facility, will be sufficient to meet cash requirements for the next 12 months. As of April 30, 2015, approximately $107.2 of total cash and cash equivalents was held by our international subsidiaries. We do not intend to repatriate these funds to meet these obligations. Should we repatriate these funds, we will be required to provide taxes based on the applicable U.S. tax rates net of any foreign tax credit consideration.

NON-GAAP MEASURES

We use non-GAAP financial measures including: net sales adjusted for the noncomparable impact of the Big Heart and Sahale acquisitions, the incremental impact of the Enray acquisition and the Cumberland distribution agreement, and foreign currency exchange; gross profit, operating income, income, and income per diluted share, excluding certain items affecting comparability; and free cash flow, as key measures for purposes of evaluating performance internally. We believe that these measures provide useful information to investors because they are the measures we use to evaluate performance on a comparable year-over-year basis. Effective May 1, 2014, we have defined certain items affecting comparability to include restructuring and merger and integration costs (“special project costs”) and unallocated gains and losses on commodity and foreign currency exchange derivatives (“unallocated derivative gains and losses”) and modified prior year results to conform to the new definition. The special project costs relate to specific restructuring and merger and integration projects that are each nonrecurring in nature and can significantly affect the year-over-year assessment of operating results. Unallocated derivative gains and losses reflect the changes in fair value of our commodity and foreign currency exchange contracts and also affect comparability on a year-over-year basis. These non-GAAP financial measures are not intended to replace the presentation of financial results in accordance with U.S. generally accepted accounting principles (“GAAP”). Rather, the presentation of these non-GAAP financial measures supplements other metrics we use to internally evaluate our businesses and facilitate the comparison of past and present operations and liquidity. These non-GAAP financial measures may not be comparable to similar measures used by other companies and may exclude certain nondiscretionary expenses and cash payments.

36THE J. M. SMUCKER COMPANY

MANAGEMENT’S DISCUSSION AND ANALYSIS

The J. M. Smucker Company

The following table reconciles certain non-GAAP financial measures to the comparable GAAP financial measure. 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. See page 30 for a reconciliation of net sales adjusted for certain noncomparable items to the comparable GAAP financial measure.

	Year Ended April 30,
	2015			2014			2013			2012			2011
Reconciliation to gross profit:
Gross profit		$1,968.7			$2,031.0			$2,027.6			$1,845.2			$1,798.5
Unallocated derivative losses (gains)		24.5			(5.3	)		(6.6	)		8.5			(1.2)
Cost of products sold – special project costs		6.2			9.4			11.5			43.2			54.1
Gross profit excluding certain items affecting comparability		$1,999.4			$2,035.1			$2,032.5			$1,896.9			$1,851.4
Reconciliation to operating income:
Operating income		$   772.0			$   919.0			$   910.4			$   778.3			$   784.3
Unallocated derivative losses (gains)		24.5			(5.3	)		(6.6	)		8.5			(1.2)
Cost of products sold – special project costs		6.2			9.4			11.5			43.2			54.1
Other special project costs		56.6			25.6			49.5			72.5			59.1
Operating income excluding certain items affecting comparability		$   859.3			$   948.7			$   964.8			$   902.5			$   896.3
Reconciliation to net income:
Net income		$   344.9			$   565.2			$   544.2			$   459.7			$   479.5
Income taxes		178.1			284.5			273.1			241.5			237.7
Unallocated derivative losses (gains)		24.5			(5.3	)		(6.6	)		8.5			(1.2)
Cost of products sold – special project costs		6.2			9.4			11.5			43.2			54.1
Other special project costs		56.6			25.6			49.5			72.5			59.1
Income before income taxes excluding certain items affecting comparability		$   610.3			$   879.4			$   871.7			$   825.4			$   829.2
Income taxes, as adjusted		207.8			294.5			291.3			284.2			274.9
Income excluding certain items affecting comparability		$   402.5			$   584.9			$   580.4			$   541.2			$   554.3
Weighted-average shares – assuming dilution		103,697,261			104,346,587			108,851,153			113,313,567			118,276,086
Income per common share excluding certain items affecting comparability – assuming dilution		$     3.88			$     5.61			$     5.33			$     4.78			$     4.69
Reconciliation to net income:
Net income		$   344.9			$   565.2			$   544.2			$   459.7			$   479.5
Income taxes		178.1			284.5			273.1			241.5			237.7
Interest expense – net		79.9			79.4			93.4			79.8			67.1
Depreciation		157.5			157.5			154.1			158.9			165.8
Amortization		110.9			98.9			96.8			88.1			73.8
Earnings before interest, taxes, depreciation, and amortization		$   871.3			$1,185.5			$1,161.6			$1,028.0			$1,023.9
Free cash flow:
Net cash provided by operating activities		$   733.2			$   856.0			$   855.8			$   730.9			$   391.6
Additions to property, plant, and equipment		(247.7	)		(279.5	)		(206.5	)		(274.2	)		(180.1)
Free cash flow		$   485.5			$   576.5			$   649.3			$   456.7			$   211.5

2015 ANNUAL REPORT37

MANAGEMENT’S DISCUSSION AND ANALYSIS

The J. M. Smucker Company

OFF-BALANCE SHEET ARRANGEMENTS

We do not have material off-balance sheet arrangements, financings, or other relationships with unconsolidated entities or other persons, also known as variable interest entities. Transactions with related parties are in the ordinary course of business, conducted on an arm’s-length basis, and not material to our results of operations, financial condition, or cash flows.

CONTRACTUAL OBLIGATIONS

The following table summarizes our contractual obligations by fiscal year at April 30, 2015.

	Total		2016		2017–2018		2019–2020		2021 and beyond
Long-term debt obligations, including current portion (A)		$5,950.0		$         –		$737.5		$1,812.5		$3,400.0
Interest payments (B)		2,215.9		173.8		377.9		355.2		1,309.0
Operating lease obligations (C)		222.1		43.1		76.5		49.1		53.4
Purchase obligations (D)		1,192.5		1,091.6		89.0		11.9		–
Other liabilities (E)		315.3		20.2		39.0		21.8		234.3
Total		$9,895.8		$1,328.7		$1,319.9		$2,250.5		$4,996.7

(A) Excludes the impact of offering discounts, make-whole payments, and debt issuance costs.

(B) Includes interest payments on our long-term debt, which reflects estimated payments for our variable-rate debt based on the current interest rate outlook.

(C) Includes the minimum rental commitments under non-cancelable operating leases.

(D) Includes agreements that are enforceable and legally bind us to purchase goods or services, including certain obligations related to normal, ongoing purchase obligations in which we have guaranteed payment to ensure availability of raw materials, packaging supplies, and co-pack arrangements. We expect to receive consideration for these purchase obligations in the form of materials. These purchase obligations do not represent the entire anticipated purchases in the future, but represent only those items for which we are contractually obligated.

(E) Mainly consists of projected commitments associated with our defined benefit pension and other postretirement benefit plans. The liability for unrecognized tax benefits and tax-related net interest of $48.4 under Financial Accounting Standards Board Accounting Standards Codification 740, Income Taxes, is excluded, since we are unable to reasonably estimate the timing of cash settlements with the respective taxing authorities.

CRITICAL ACCOUNTING ESTIMATES AND POLICIES

The preparation of financial statements in conformity with U.S. GAAP requires that we make estimates and assumptions that in certain circumstances affect amounts reported in the accompanying consolidated financial statements. In preparing these financial statements, we have made our best estimates and judgments of certain amounts included in the financial statements, giving due consideration to materiality. We do not believe there is a great likelihood that materially different amounts would be reported under different conditions or using different assumptions related to the accounting policies described below. However, application of these accounting policies involves the exercise of judgment and use of assumptions as to future uncertainties and, as a result, actual results could differ from these estimates.

Revenue Recognition: We recognize revenue, net of estimated returns and allowances, when all of the following criteria have been met: a valid customer order with a determinable price has been received; the product has been shipped and title has transferred to the customer; there is no further significant obligation to assist in the resale of the product; and collectability

is reasonably assured. Trade marketing and merchandising programs are classified as a reduction of sales. A provision for estimated returns and allowances is recognized as a reduction of sales at the time revenue is recognized.

Trade Marketing and Merchandising Programs: In order to support our products, various promotional activities are conducted through retail trade, distributors, or directly with consumers, including in-store display and product placement programs, feature price discounts, coupons, and other similar activities. We regularly review and revise, when we deem necessary, estimates of costs for these promotional programs based on estimates of what will be redeemed by retail trade, distributors, or consumers. These estimates are made using various techniques, including historical data on performance of similar promotional programs. Differences between estimated expenditures and actual performance are recognized as a change in estimate in a subsequent period. As total promotional expenditures, including amounts classified as a reduction of sales, represented 29 percent of net sales in 2015, the possibility exists of materially different reported results if factors such as the level and success of the promotional programs or other conditions differ from expectations.

38THE J. M. SMUCKER COMPANY

MANAGEMENT’S DISCUSSION AND ANALYSIS

The J. M. Smucker Company

Income Taxes: We account for income taxes using the liability method. In the ordinary course of business, we are exposed to uncertainties related to tax filing positions and periodically assess the technical merits of these tax positions for all tax years that remain subject to examination, based upon the latest information available. For uncertain tax positions, we have recognized a liability for unrecognized tax benefits, including any applicable interest and penalty charges.

In assessing the need for a valuation allowance, we estimate future taxable income, considering the viability of ongoing tax planning strategies and the probable recognition of future tax deductions and loss carryforwards. Valuation allowances related to deferred tax assets can be affected by changes in tax laws, statutory tax rates, and projected future taxable income levels. Changes in estimated realization of deferred tax assets would result in an adjustment to income in the period in which that determination is made.

The future tax benefit arising from the net deductible temporary differences and tax carryforwards is $270.0 and $140.7 at April 30, 2015 and 2014, respectively. We believe that the earnings during the periods when the temporary differences become deductible will be sufficient to realize the related future income tax benefits. For those jurisdictions where the expiration date of tax carryforwards or the projected operating results indicate that realization is not likely, a valuation allowance would have been provided.

Long-Lived Assets: Long-lived assets, except goodwill and indefinite-lived intangible assets, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of the assets to future net undiscounted cash flows estimated to be generated by such assets. If such assets are considered to be impaired, the impairment to be recognized is the amount by which the carrying amount of the assets exceeds the estimated fair value of the assets. However, determining fair value is subject to estimates of both cash flows and discount rates, and different estimates could yield different results. There are no events or changes in circumstances of which we are aware that indicate the carrying value of our long-lived assets may not be recoverable at April 30, 2015.

Goodwill and Other Indefinite-Lived Intangible Assets: A significant portion of our assets is goodwill and other intangible assets, the majority of which are not amortized but are reviewed at least annually for impairment. At April 30, 2015, the carrying value of goodwill and other intangible assets totaled $13.0 billion, compared to total assets of $16.9 billion and total shareholders’ equity of $7.1 billion. If the carrying value of these assets exceeds the current estimated fair value, the asset is considered impaired and would result in a noncash charge to earnings. Any such impairment charge would reduce earnings and could be material. Events and conditions that could result in impairment include a sustained drop in the market price of our common shares, increased competition or loss of market share, obsolescence, or product claims that result in a significant loss of sales or profitability over the product life.

We are required to test goodwill for impairment annually and more often if indicators of impairment exist. To test for goodwill impairment, we estimate the fair value of each of our reporting units using both a discounted cash flow valuation technique and a market-based approach. The impairment test incorporates estimates of future cash flows; allocations of certain assets, liabilities, and cash flows among reporting units; future growth rates; terminal value amounts; and the applicable weighted-average cost of capital used to discount those estimated cash flows. The estimates and projections used in the calculation of fair value are consistent with our current and long-range plans, including anticipated changes in market conditions, industry trends, growth rates, and planned capital expenditures. Changes in forecasted operations and other estimates and assumptions could impact the assessment of impairment in the future.

At April 30, 2015, goodwill totaled $6.0 billion, which included $2.9 billion related to the Big Heart acquisition. Prior to the Big Heart acquisition, goodwill was substantially concentrated within the U.S. Retail Coffee and U.S. Retail Consumer Foods segments. No goodwill impairment was recognized as a result of the annual evaluation performed as of February 1, 2015. The estimated fair value of each of our six reporting units was substantially in excess of its carrying value as of the annual test date.

2015 ANNUAL REPORT39

MANAGEMENT’S DISCUSSION AND ANALYSIS

The J. M. Smucker Company

Other indefinite-lived intangible assets, consisting entirely of trademarks, are also tested for impairment annually and whenever events or changes in circumstances indicate their carrying value may not be recoverable. To test these assets for impairment, we estimate the fair value of each asset based on a discounted cash flow model using various inputs, including projected revenues, an assumed royalty rate, and a discount rate. Changes in these estimates and assumptions could impact the assessment of impairment in the future.

At April 30, 2015, other indefinite-lived intangible assets totaled $3.3 billion, which included $1.5 billion related to the Big Heart acquisition. Trademarks that represent our leading brands prior to the Big Heart acquisition comprised more than 50 percent of the total carrying value of other indefinite-lived intangible assets. These leading brand trademarks had an estimated fair value substantially in excess of its carrying value as of the annual test date.

The goodwill and intangible assets resulting from the recent Big Heart acquisition could be more susceptible to future impairment as carrying value currently represents estimated fair value. A change to the assumptions regarding future performance of the pet food business, or a portion of it, or a change to other assumptions, could result in impairment losses in the future.

Pension and Other Postretirement Benefit Plans: To determine the ultimate obligation under our defined benefit pension and other postretirement benefit plans, we must estimate the future cost of benefits and attribute that cost to the time period during which each covered employee works. Various actuarial assumptions must be made in order to predict and measure costs and obligations many years prior to the settlement date, the most significant being the interest rates used to discount the obligations of the plans, the long-term rates of return on the plans’ assets, mortality assumptions, assumed pay increases, and the health care cost trend rates. We, along with third-party actuaries and investment managers, review all of these assumptions on an ongoing basis to ensure that the most reasonable information available is being considered. For 2016 expense recognition, we will use a weighted-average discount rate of 4.01 percent and 3.51 percent, and a rate of compensation increase of 4.06 percent and 3.00 percent for the U.S. and Canadian plans, respectively. We anticipate using an expected rate of return on plan assets of 6.58 percent for U.S. plans. For the Canadian plans, we anticipate using an expected rate of return on plan assets of 5.00 percent for the hourly plan and 5.90 percent for all other plans.

As part of the Big Heart acquisition, we assumed the obligation for pension and other postretirement plans and now participate in one multi-employer pension plan. For additional information, see Note 7: Pensions and Other Postretirement Benefits.

DERIVATIVE FINANCIAL INSTRUMENTS AND MARKET RISK

The following discussions about our market risk disclosures involve forward-looking statements. Actual results could differ from those projected in the forward-looking statements. We are exposed to market risk related to changes in interest rates, foreign currency exchange rates, and commodity prices.

Interest Rate Risk: The fair value of our cash and cash equivalents at April 30, 2015, approximates carrying value. We are exposed to interest rate risk with regards to existing debt consisting of fixed- and variable-rate maturities. Our interest rate exposure primarily includes U.S. Treasury rates, London Interbank Offered Rate, and commercial paper rates in the U.S.

We utilize derivative instruments to manage changes in the fair value of our debt. Interest rate swaps mitigate the risk associated with the underlying hedged item. At the inception of the contract, the instrument is evaluated and documented for hedge accounting treatment. If the contract is designated as a cash flow hedge, the swap would be recognized at fair value on the balance sheet and the mark-to-market gains or losses on the swap are deferred and included as a component of accumulated other comprehensive loss to the extent effective, and reclassified to interest expense in the period during which the hedged transaction affects earnings. If the contract is designated as a fair value hedge, the swap would be recognized at fair value on the balance sheet, and changes in the fair value would be recognized in interest expense. Generally, changes in the fair value of the derivative are equal to changes in the fair value of the underlying debt and have no net impact on earnings.

In February 2015, we entered into a series of forward-starting interest rate swaps to partially hedge the risk of an increase in the benchmark interest rate during the period leading up to the anticipated issuance of our long-term Senior Notes. The interest rate swaps were designated as cash flow hedges with an aggregate notional amount of $1.1 billion. On March 12, 2015, in conjunction with the pricing of the series of Senior Notes, we terminated the interest rate swaps prior to maturity. The termination resulted in a net loss of $4.0, which will be amortized over the life of the remaining debt.

During 2014, we entered into an interest rate swap, designated as a fair value hedge, on a portion of fixed-rate Senior Notes in an effort to achieve a mix of variable- versus fixed-rate debt under favorable market conditions. On January 16, 2015, we terminated this 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 April 30, 2015, the remaining benefit of $51.3 was recorded as an increase in the long-term debt balance.

40THE J. M. SMUCKER COMPANY

MANAGEMENT’S DISCUSSION AND ANALYSIS

The J. M. Smucker Company

Based on our overall interest rate exposure as of and during the year ended April 30, 2015, including derivatives and other instruments sensitive to interest rates, a hypothetical 10 percent movement in interest rates would not materially affect our results of operations. In measuring interest rate risk by the amount of net change in the fair value of our financial liabilities, a hypothetical 1 percent decrease in interest rates at April 30, 2015, would increase the fair value of our long-term debt by $396.4.

Foreign Currency Exchange Risk: We have operations outside the U.S. with foreign currency denominated assets and liabilities, primarily denominated in Canadian currency. Because we have foreign currency denominated assets and liabilities, financial exposure may result, primarily from the timing of transactions and the movement of exchange rates. The foreign currency balance sheet exposures as of April 30, 2015, are not expected to result in a significant impact on future earnings or cash flows.

We utilize foreign currency exchange forwards and options contracts to manage the price volatility of foreign currency exchange fluctuations on future cash payments in Canada, primarily related to purchases of certain raw materials and finished goods. The contracts generally have maturities of less than one year. The change in value of these instruments is immediately recognized in cost of products sold. Based on our hedged foreign currency positions as of April 30, 2015, a hypothetical 10 percent change in exchange rates would result in a $12.7 loss of fair value.

Beginning in 2015, we elected to no longer qualify instruments used to manage foreign currency exchange exposures for hedge accounting treatment. Therefore, the gains and losses on all foreign currency forwards and options contracts were immediately recognized in cost of products sold.

Revenues from customers outside the U.S., subject to foreign currency exchange, represented 8 percent of net sales during 2015. Thus, certain revenues and expenses have been, and are expected to be, subject to the effect of foreign currency fluctuations, and these fluctuations may have an impact on operating results.

Commodity Price Risk: We use certain raw materials and other commodities that are subject to price volatility caused by supply and demand conditions, political and economic variables, weather, investor speculation, and other unpredictable factors. To manage the volatility related to anticipated commodity purchases, we use futures and options with maturities of generally less than one year.

Beginning in 2015, we elected to no longer qualify commodity derivatives for hedge accounting treatment. As a result, the gains and losses on all commodity derivatives were immediately recognized in cost of products sold.

The following sensitivity analysis presents our potential loss of fair value resulting from a hypothetical 10 percent change in market prices related to raw material commodities.

	Year Ended April 30,
	2015		2014
High		$39.6		$22.7
Low		19.3		5.7
Average		28.6		11.9

The estimated fair value was determined using quoted market prices and was based on our net derivative position by commodity at each quarter end during the fiscal year. The calculations are not intended to represent actual losses in fair value that we expect to incur. In practice, as markets move, we actively manage our risk and adjust hedging strategies as appropriate. 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 its derivatives would generally be offset by an increase or decrease in the estimated fair value of the underlying exposures.

2015 ANNUAL REPORT41

MANAGEMENT’S DISCUSSION AND ANALYSIS

The J. M. Smucker Company

FORWARD-LOOKING STATEMENTS

Certain statements included in this Annual Report contain forward-looking statements within the meaning of federal securities laws. The forward-looking statements may include statements concerning our current expectations, estimates, assumptions, and beliefs concerning future events, conditions, plans, and strategies that are not historical fact. Any statement that is not historical in nature is a forward-looking statement and may be identified by the use of words and phrases such as “expect,” “anticipate,” “believe,” “intend,” “will,” “plan,” and similar phrases.

Federal securities laws provide a safe harbor for forward-looking statements to encourage companies to provide prospective information. We are providing this cautionary statement in connection with the safe harbor provisions. Readers are cautioned not to place undue reliance on any forward-looking statements, as such statements are by nature subject to risks, uncertainties, and other factors, many of which are outside of our control and could cause actual results to differ materially from such statements and from our historical results and experience. These risks and uncertainties include, but are not limited to, those set forth under the caption “Risk Factors” in our Annual Report on Form 10-K, as well as the following:

— our ability to successfully integrate acquired and merged businesses in a timely and cost-effective manner and retain key suppliers, customers, and employees;

— our ability to achieve synergies and cost savings related to the Big Heart acquisition in the amounts and within the time frames currently anticipated;

— our ability to generate sufficient cash flow to meet our deleveraging objectives within the time frames currently anticipated;

— a change in outlook or downgrade in our public credit ratings by a rating agency below investment grade;

— our ability to obtain any required financing on a timely basis and on acceptable terms;

— volatility of commodity markets from which raw materials, particularly green coffee beans, peanuts, soybean oil, wheat, milk, corn, sugar, poultry meal, and soybean meal, are procured and the related impact on costs;

— risks associated with derivative and purchasing strategies we employ to manage commodity pricing risks, including the risk that such strategies could result in significant losses and adversely impact our liquidity;

— crude oil price trends and their impact on transportation, energy, and packaging costs;

— the availability of reliable transportation, which may be affected by the cost of fuel, regulations affecting the industry, labor shortages, service failures by third-party service providers, accidents, or natural disasters, on acceptable terms;

— our ability to successfully implement and realize the full benefit of price changes that are intended to ultimately fully recover cost, including the competitive, retailer, and consumer response, and the impact of the timing of the price changes to profits and cash flow in a particular period;

— the success and cost of introducing new products and the competitive response;

— the success and cost of marketing and sales programs and strategies intended to promote growth in our businesses;

— general competitive activity in the market, including competitors’ pricing practices and promotional spending levels;

— the impact of food security concerns involving either our products or our competitors’ products;

— the impact of accidents, extreme weather, and natural disasters, including crop failures and storm damage;

— the concentration of certain of our businesses with key customers and suppliers, including single-source suppliers of certain key raw materials, such as packaging for our Folgers coffee products, and finished goods, such as K-Cup^® pods, and the ability to manage and maintain key relationships;

— the loss of significant customers, a substantial reduction in orders from these customers, or the bankruptcy of any such customer;

— the timing and amount of capital expenditures and share repurchases;

— impairments in the carrying value of goodwill, other intangible assets, or other long-lived assets or changes in useful lives of other intangible assets;

— the impact of new or changes to existing governmental laws and regulations and their application;

— the impact of future legal, regulatory, or market measures regarding climate change;

— the outcome of current and future tax examinations, changes in tax laws, and other tax matters, and their related impact on our tax positions;

— foreign currency and interest rate fluctuations;

— political or economic disruption;

— other factors affecting share prices and capital markets generally; and

— risks related to other factors described under “Risk Factors” in other reports and statements we have filed with the Securities and Exchange Commission.

Readers are cautioned not to unduly rely on such forward-looking statements, which speak only as of the date made, when evaluating the information presented in this Annual Report. We do not undertake any obligation to update or revise these forward-looking statements to reflect new events or circumstances.

42THE J. M. SMUCKER COMPANY

REPORT OF MANAGEMENT ON INTERNAL CONTROL

OVER FINANCIAL REPORTING

The J. M. Smucker Company

Shareholders

The J. M. Smucker Company

Management is responsible for establishing and maintaining adequate accounting and internal control systems over financial reporting, as such term is defined in Rules 13a-15(f) and 15d-15(f) under the Securities and Exchange Act of 1934, as amended. Our internal control system is designed to provide reasonable assurance that we have the ability to record, process, summarize, and report reliable financial information on a timely basis.

Our management, with the participation of the principal financial and executive officers, assessed the effectiveness of the internal control over financial reporting as of April 30, 2015. In making this assessment, we used the criteria established in Internal Control – Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (1992 Framework) (“the COSO criteria”).

On March 23, 2015, we completed the acquisition of Big Heart Pet Brands (“Big Heart”). As permitted by the Securities and Exchange Commission, we excluded the Big Heart operations from our assessment of internal control over financial reporting as of April 30, 2015. Big Heart operations constituted 46 percent of total assets (including goodwill and other intangible assets of $6.9 billion) as of April 30, 2015, and 4 percent of net sales and less than 5 percent of operating income for the year then ended. Big Heart operations will be included in our assessment as of April 30, 2016.

Based on our assessment of internal control over financial reporting under the COSO criteria, we concluded the internal control over financial reporting was effective as of April 30, 2015.

Ernst & Young LLP, an independent registered public accounting firm, audited the effectiveness of our internal control over financial reporting as of April 30, 2015, and their report thereon is included on page 44 of this report.

Richard K. Smucker	Mark R. Belgya
Chief Executive Officer	Senior Vice President and
	Chief Financial Officer

2015 ANNUAL REPORT43

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM ON INTERNAL CONTROL OVER FINANCIAL REPORTING

The J. M. Smucker Company

Board of Directors and Shareholders

The J. M. Smucker Company

We have audited The J.M. Smucker Company’s internal control over financial reporting as of April 30, 2015, based on criteria established in Internal Control – Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (1992 framework) (“the COSO criteria”). The J.M. Smucker Company’s management is responsible for maintaining effective internal control over financial reporting, and for its assessment of the effectiveness of internal control over financial reporting included in the accompanying Report of Management on Internal Control Over Financial Reporting. Our responsibility is to express an opinion on the Company’s internal control over financial reporting based on our audit.

We conducted our audit in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.

A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

As indicated in the accompanying Report of Management on Internal Control Over Financial Reporting, management’s assessment of and conclusion on the effectiveness of internal control over financial reporting did not include the internal controls of Big Heart Pet Brands, which is included in the 2015 consolidated financial statements of The J.M. Smucker Company and constituted 46 percent of total assets as of April 30, 2015, and 4 percent of net sales and approximately 5 percent of operating income for the year then ended. Our audit of internal control over financial reporting of The J.M. Smucker Company also did not include an evaluation of the internal control over financial reporting of Big Heart Pet Brands.

In our opinion, The J.M. Smucker Company maintained, in all material respects, effective internal control over financial reporting as of April 30, 2015, based on the COSO criteria.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the consolidated balance sheets of The J.M. Smucker Company as of April 30, 2015 and 2014, and the related statements of consolidated income, comprehensive income, shareholders’ equity, and cash flows for each of the three years in the period ended April 30, 2015, and our report dated June 25, 2015, expressed an unqualified opinion thereon.

Akron, Ohio

June 25, 2015

44THE J. M. SMUCKER COMPANY

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM ON THE CONSOLIDATED FINANCIAL STATEMENTS

The J. M. Smucker Company

Board of Directors and Shareholders

The J. M. Smucker Company

We have audited the accompanying consolidated balance sheets of The J.M. Smucker Company as of April 30, 2015 and 2014, and the related statements of consolidated income, comprehensive income, shareholders’ equity, and cash flows for each of the three years in the period ended April 30, 2015. These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on these financial statements based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the consolidated financial position of The J. M. Smucker Company at April 30, 2015 and 2014, and the consolidated results of its operations and its cash flows for each of the three years in the period ended April 30, 2015, in conformity with U.S. generally accepted accounting principles.

As discussed in Note 1 to the consolidated financial statements, the Company changed its classification of debt issuance costs as a result of the adoption of the amendments to the Financial Accounting Standards Board Accounting Standards Codification resulting from Accounting Standards Update No. 2015-03, Interest – Imputation of Interest (Subtopic 835-30) Simplifying the Presentation of Debt Issuance Costs.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), The J.M. Smucker Company’s internal control over financial reporting as of April 30, 2015, based on criteria established in Internal Control – Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (1992 framework) and our report dated June 25, 2015, expressed an unqualified opinion thereon.

Akron, Ohio

June 25, 2015

2015 ANNUAL REPORT45

REPORT OF MANAGEMENT ON RESPONSIBILITY

FOR FINANCIAL REPORTING

The J. M. Smucker Company

Shareholders

The J. M. Smucker Company

Management of The J.M. Smucker Company is responsible for the preparation, integrity, accuracy, and consistency of the consolidated financial statements and the related financial information in this report. Such information has been prepared in accordance with U.S. generally accepted accounting principles and is based on our best estimates and judgments.

We maintain systems of internal accounting controls supported by formal policies and procedures that are communicated throughout the Company. There is a program of audits performed by our internal audit staff designed to evaluate the adequacy of and adherence to these controls, policies, and procedures.

Ernst & Young LLP, an independent registered public accounting firm, has audited our financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Management has made all financial records and related data available to Ernst & Young LLP during its audit.

Our audit committee, comprised of four non-employee members of the Board of Directors, meets regularly with the independent registered public accounting firm and management to review the work of the internal audit staff and the work, audit scope, timing arrangements, and fees of the independent registered public accounting firm. The audit committee also regularly satisfies itself as to the adequacy of controls, systems, and financial records. The director of the internal audit department is required to report directly to the chair of the audit committee as to internal audit matters.

It is our best judgment that our policies and procedures, our program of internal and independent audits, and the oversight activity of the audit committee work together to provide reasonable assurance that our operations are conducted according to law and in compliance with the high standards of business ethics and conduct to which we subscribe.

Richard K. Smucker	Mark R. Belgya
Chief Executive Officer	Senior Vice President and
	Chief Financial Officer

46THE J. M. SMUCKER COMPANY

STATEMENTS OF CONSOLIDATED INCOME

The J. M. Smucker Company

	Year Ended April 30,
(Dollars in millions, except per share data)	2015			2014			2013
Net sales	$	5,692.7		$	5,610.6		$	5,897.7
Cost of products sold		3,724.0			3,579.6			3,870.1
Gross Profit		1,968.7			2,031.0			2,027.6
Selling, distribution, and administrative expenses		1,031.3			988.8			973.9
Amortization		110.9			98.9			96.8
Other special project costs		56.6			25.6			49.5
Other operating income - net		(2.1	)		(1.3	)		(3.0)
Operating Income		772.0			919.0			910.4
Interest expense - net		(79.9	)		(79.4	)		(93.4)
Other debt costs		(173.3	)		–			–
Other income - net		4.2			10.1			0.3
Income Before Income Taxes		523.0			849.7			817.3
Income taxes		178.1			284.5			273.1
Net Income	$	344.9		$	565.2		$	544.2
Earnings per common share:
Net Income	$	3.33		$	5.42		$	5.00
Net Income - Assuming Dilution	$	3.33		$	5.42		$	5.00
Dividends Declared per Common Share	$	2.56		$	2.32		$	2.08

See notes to consolidated financial statements.

STATEMENTS OF CONSOLIDATED COMPREHENSIVE INCOME

The J. M. Smucker Company

	Year Ended April 30,
(Dollars in millions)	2015			2014			2013
Net income		$344.9			$565.2			$544.2
Other comprehensive (loss) income:
Foreign currency translation adjustments		(34.0	)		(29.8	)		(5.5)
Cash flow hedging derivative activity, net of tax		(20.5	)		26.5			8.0
Pension and other postretirement benefit plans activity, net of tax		(3.6	)		29.4			2.9
Available-for-sale securities activity, net of tax		(0.1	)		(1.1	)		2.0
Total Other Comprehensive (Loss) Income		(58.2	)		25.0			7.4
Comprehensive Income		$286.7			$590.2			$551.6

See notes to consolidated financial statements.

2015 ANNUAL REPORT47

CONSOLIDATED BALANCE SHEETS

The J. M. Smucker Company

ASSETS

	April 30,
(Dollars in millions)	2015			2014
Current Assets
Cash and cash equivalents	$	125.6		$	153.5
Trade receivables, less allowance for doubtful accounts		430.1			309.4
Inventories:
Finished products		815.0			571.5
Raw materials		348.6			359.5
		1,163.6			931.0
Other current assets		333.0			145.2
Total Current Assets		2,052.3			1,539.1
Property, Plant, and Equipment
Land and land improvements		113.7			99.7
Buildings and fixtures		666.3			516.0
Machinery and equipment		1,783.8			1,384.0
Construction in progress		135.3			163.9
		2,699.1			2,163.6
Accumulated depreciation		(1,020.8	)		(898.0)
Total Property, Plant, and Equipment		1,678.3			1,265.6
Other Noncurrent Assets
Goodwill		6,009.8			3,098.2
Other intangible assets - net		6,950.3			3,024.3
Other noncurrent assets		191.9			133.0
Total Other Noncurrent Assets		13,152.0			6,255.5
Total Assets		$16,882.6		$	9,060.2

See notes to consolidated financial statements.

48THE J. M. SMUCKER COMPANY

CONSOLIDATED BALANCE SHEETS

The J. M. Smucker Company

LIABILITIES AND SHAREHOLDERS’ EQUITY

	April 30,
(Dollars in millions)	2015			2014
Current Liabilities
Accounts payable	$	402.8		$	289.2
Accrued compensation		100.4			57.3
Accrued trade marketing and merchandising		104.9			58.5
Dividends payable		76.5			59.0
Current portion of long-term debt		–			100.0
Short-term borrowings		226.0			243.2
Other current liabilities		112.0			78.6
Total Current Liabilities		1,022.6			885.8
Noncurrent Liabilities
Long-term debt		5,944.9			1,873.1
Defined benefit pensions		188.9			135.7
Other postretirement benefits		74.6			58.5
Deferred income taxes		2,473.3			1,020.7
Other noncurrent liabilities		91.4			56.8
Total Noncurrent Liabilities		8,773.1			3,144.8
Total Liabilities		9,795.7			4,030.6
Shareholders’ Equity
Serial preferred shares - no par value: Authorized - 6,000,000 shares; outstanding - none		–			–
Common shares - no par value: Authorized - 300,000,000 shares; outstanding - 119,577,333 at April 30, 2015,and 101,697,400 at April 30, 2014 (net of 26,920,397 and 26,907,765 treasury shares, respectively), at stated value		29.9			25.4
Additional capital		6,007.7			3,965.8
Retained income		1,159.2			1,091.0
Amount due from ESOP Trust		(0.1	)		(1.0)
Accumulated other comprehensive loss		(109.8	)		(51.6)
Total Shareholders’ Equity		7,086.9			5,029.6
Total Liabilities and Shareholders’ Equity		$16,882.6		$	9,060.2

See notes to consolidated financial statements.

2015 ANNUAL REPORT49

STATEMENTS OF CONSOLIDATED CASH FLOWS

The J. M. Smucker Company

	Year Ended April 30,
(Dollars in millions)	2015			2014			2013
Operating Activities
Net income	$	344.9		$	565.2		$	544.2
Adjustments to reconcile net income to net cash provided by operations:
Depreciation		157.5			157.5			154.1
Amortization		110.9			98.9			96.8
Share-based compensation expense		23.5			22.9			21.3
Other restructuring activities		–			–			(0.7)
Loss on sale of assets - net		6.0			3.0			4.8
Gain on sale of marketable securities		–			(3.7	)		–
Other noncash adjustments		(12.0	)		(0.2	)		0.1
Make-whole payments included in financing activities		163.3			–			–
Defined benefit pension contributions		(15.7	)		(9.4	)		(40.0)
Deferred income tax expense (benefit)		7.7			(8.0	)		(15.6)
Changes in assets and liabilities, net of effect from businesses acquired:
Trade receivables		21.8			6.1			33.2
Inventories		25.3			15.4			15.2
Other current assets		74.1			(26.9	)		4.6
Accounts payable		(25.4	)		3.3			11.2
Accrued liabilities		(140.3	)		9.1			(6.7)
Proceeds from settlement of interest rate swaps - net		53.5			–			–
Income and other taxes		(41.6	)		(9.5	)		3.5
Other - net		(20.3	)		32.3			29.8
Net Cash Provided by Operating Activities		733.2			856.0			855.8
Investing Activities
Businesses acquired, net of cash acquired		(1,320.5	)		(101.8	)		–
Additions to property, plant, and equipment		(247.7	)		(279.5	)		(206.5)
Sales and maturities of marketable securities		–			10.0			–
Proceeds from disposal of property, plant, and equipment		2.6			10.7			3.3
Other - net		(30.1	)		(9.7	)		17.6
Net Cash Used for Investing Activities		(1,595.7	)		(370.3	)		(185.6)
Financing Activities
Short-term (repayments) borrowings - net		(22.4	)		248.4			–
Proceeds from long-term debt		5,382.5			–			–
Repayments of long-term debt, including make-whole payments		(4,193.9	)		(50.0	)		(50.0)
Quarterly dividends paid		(254.0	)		(238.0	)		(222.8)
Purchase of treasury shares		(24.3	)		(508.5	)		(364.2)
Proceeds from stock option exercises		0.8			0.5			2.2
Other - net		(25.5	)		(27.9	)		(6.2)
Net Cash Provided by (Used for) Financing Activities		863.2			(575.5	)		(641.0)
Effect of exchange rate changes on cash		(28.6	)		(13.1	)		(2.5)
Net (decrease) increase in cash and cash equivalents		(27.9	)		(102.9	)		26.7
Cash and cash equivalents at beginning of year		153.5			256.4			229.7
Cash and Cash Equivalents at End of Year	$	125.6		$	153.5		$	256.4

(  ) Denotes use of cash

See notes to consolidated financial statements.

50THE J. M. SMUCKER COMPANY

STATEMENTS OF CONSOLIDATED SHAREHOLDERS’ EQUITY

The J. M. Smucker Company

(Dollars in millions)	Common Shares Outstanding			Common Shares			Additional Capital			Retained Income			Amount  Due from  ESOP Trust		Accumulated Other Comprehensive Loss			Total      Shareholders’      Equity
Balance at May 1, 2012		110,284,715			$27.6			$4,261.2		$	961.2			$(2.6)	$	(84.0	)		$5,163.4
Net income											544.2								544.2
Other comprehensive income																7.4			7.4
Comprehensive Income																			551.6
Purchase of treasury shares		(4,062,682	)		(1.0	)		(158.5	)		(204.7	)							(364.2)
Stock plans (includes tax benefit of $2.9)		264,902						22.4											22.4
Cash dividends declared											(225.2	)							(225.2)
Other														0.8					0.8
Balance at April 30, 2013		106,486,935			26.6			4,125.1			1,075.5			(1.8)		(76.6	)		5,148.8
Net income											565.2								565.2
Other comprehensive income																25.0			25.0
Comprehensive Income																			590.2
Purchase of treasury shares		(5,072,158	)		(1.3	)		(199.0	)		(308.2	)							(508.5)
Stock plans (includes tax benefit of $7.3)		282,623			0.1			39.7											39.8
Cash dividends declared											(241.6	)							(241.6)
Other											0.1			0.8					0.9
Balance at April 30, 2014		101,697,400			25.4			3,965.8			1,091.0			(1.0)		(51.6	)		5,029.6
Net income											344.9								344.9
Other comprehensive loss																(58.2	)		(58.2)
Comprehensive Income																			286.7
Purchase of treasury shares		(225,262	)		(0.1	)		(19.2	)		(5.0	)							(24.3)
Issuance of shares for acquisition		17,892,565			4.5			2,031.0											2,035.5
Stock plans (includes tax benefit of $5.9)		212,630			0.1			30.1											30.2
Cash dividends declared											(271.5	)							(271.5)
Other											(0.2	)		0.9					0.7
Balance at April 30, 2015		119,577,333			$29.9			$6,007.7			$1,159.2			$(0.1)	$	(109.8	)		$7,086.9

See notes to consolidated financial statements.

2015 ANNUAL REPORT51

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

The J. M. Smucker Company

(Dollars in millions, unless otherwise noted, except per share data)

 NOTE 1 ACCOUNTING POLICIES

Principles of Consolidation: The consolidated financial statements include the accounts of the Company, its wholly-owned subsidiaries, and its majority-owned investments, if any. Intercompany transactions and accounts are eliminated in consolidation.

Use of Estimates: The preparation of consolidated financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires that we make certain estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Significant estimates in these consolidated financial statements include: allowances for doubtful trade receivables, estimates of future cash flows associated with assets, asset impairments, useful lives and residual values of long-lived assets used in determining depreciation and amortization, net realizable value of inventories, accruals for trade marketing and merchandising programs, income taxes, and the determination of discount and other assumptions for defined benefit pension and other postretirement benefit expenses. Actual results could differ from these estimates.

Cash and Cash Equivalents: We consider all short-term, highly-liquid investments with a maturity of three months or less when purchased to be cash equivalents.

Revenue Recognition: We recognize revenue, net of estimated returns and allowances, when all of the following criteria have been met: a valid customer order with a determinable price has been received; the product has been shipped and title has transferred to the customer; there is no further significant obligation to assist in the resale of the product; and collectability is reasonably assured. Trade marketing and merchandising programs are classified as a reduction of sales. A provision for estimated returns and allowances is recognized as a reduction of sales at the time revenue is recognized.

Shipping and Handling Costs: Transportation costs included in cost of products sold relate to the costs incurred to ship our products. Distribution costs are included in selling, distribution, and administrative expenses and relate to the warehousing costs incurred to store our products.

Trade Marketing and Merchandising Programs: In order to support our products, various promotional activities are conducted through retail trade, distributors, or directly with consumers, including in-store display and product placement programs, feature price discounts, coupons, and other similar activities. We regularly review and revise, when we deem necessary, estimates of costs for these promotional programs based on estimates of what will be redeemed by retail trade, distributors, or consumers. These estimates are made using various techniques, including historical data on performance of similar promotional programs. Differences between estimated expenditures and actual performance are recognized as a change in estimate in a subsequent period. As the total promotional expenditures, including amounts classified as a reduction of sales, represented 29 percent, 27 percent, and 25 percent of net sales in 2015, 2014, and 2013, respectively, the possibility exists of materially different reported results if factors such as the level and success of the promotional programs or other conditions differ from expectations.

Advertising Expense: Advertising costs are expensed as incurred. Advertising expense was $107.0, $124.7, and $131.6 in 2015, 2014, and 2013, respectively.

Research and Development Costs: Research and development costs are expensed as incurred and are included in selling, distribution, and administrative expense in the Statements of Consolidated Income. Total research and development expense was $32.5, $24.3, and $24.7 in 2015, 2014, and 2013, respectively.

Share-Based Payments: Share-based compensation expense, excluding stock options issued in 2015, is recognized on a straight-line basis over the requisite service period, which includes a one-year performance period plus the defined forfeiture period, which is typically four years of service or the attainment of a defined age and years of service. For options granted in 2015, compensation expense is recognized ratably over the service period for each vesting tranche from the grant date through the end of the requisite service period if it is probable that the performance criteria will be met. The options will vest over a period of one to three years, dependent on continued service of the option holder, as well as the achievement of the performance objectives established on the grant date. For further discussion on the stock options issued in 2015, see Note 10: Share-Based Payments.

52THE J. M. SMUCKER COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

The J. M. Smucker Company

The following table summarizes amounts related to share-based payments.

	Year Ended April 30,
	2015		2014		2013
Share-based compensation expense included in selling, distribution, and administrative expenses		$22.3		$22.1		$20.5
Share-based compensation expense included in other special project costs		1.2		0.8		0.8
Total share-based compensation expense		$23.5		$22.9		$21.3
Related income tax benefit		$  8.0		$  7.7		$  7.1

As of April 30, 2015, total unrecognized share-based compensation cost related to nonvested share-based awards was $48.9. The weighted-average period over which this amount is expected to be recognized is 2.5 years.

Corporate income tax benefits realized upon exercise or vesting of an award in excess of that previously recognized in earnings, referred to as excess tax benefits, are presented in the Statements of Consolidated Cash Flows as a financing activity. Realized excess tax benefits are credited to additional capital in the Consolidated Balance Sheets. Realized shortfall tax benefits, amounts which are less than those previously recognized in earnings, are first offset against the cumulative balance of excess tax benefits, if any, and then charged directly to income tax expense. For 2015, 2014, and 2013, the excess tax benefits realized upon exercise or vesting of share-based compensation were $5.9, $7.3, and $2.9, respectively.

Defined Contribution Plans: We offer employee savings plans for domestic and Canadian employees. Our contributions under these plans are based on a specified percentage of employee contributions. Charges to operations for these plans in 2015, 2014, and 2013 were $21.1, $20.1, and $18.6, respectively. For information on our defined benefit plans, see Note 7: Pensions and Other Postretirement Benefits.

Income Taxes: We account for income taxes using the liability method. Accordingly, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in the applicable tax rate is recognized in income or expense in the period that the change is enacted. A valuation allowance is established when it is more likely than not that all or a portion of a deferred tax asset will not be realized. A tax benefit is recognized when it is more likely than not to be sustained.

We account for the financial statement recognition and measurement criteria of a tax position taken or expected to be taken in a tax return under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 740, Income Taxes. FASB ASC 740 also provides guidance on derecognition, classification, interest and penalties, accounting in interim periods, and disclosure.

In accordance with the requirements of FASB ASC 740, uncertain tax positions have been classified in the Consolidated Balance Sheets as noncurrent, except to the extent payment is expected within one year. We recognize net interest and penalties related to unrecognized tax benefits in income tax expense.

Trade Receivables: In the normal course of business, we extend credit to customers. Trade receivables, less allowances, reflects the net realizable value of receivables and approximates fair value. We evaluate our trade receivables and establish an allowance for doubtful accounts based on a combination of factors. When aware that a specific customer has been impacted by circumstances such as bankruptcy filings or deterioration in the customer’s operating results or financial position, potentially making it unable to meet its financial obligations, we record a specific reserve for bad debt to reduce the related receivable to the amount we reasonably believe is collectible. We also record reserves for bad debt for all other customers based on a variety of factors, including the length of time the receivables are past due, historical collection experience, and an evaluation of current and projected economic conditions at the balance sheet date. Trade receivables are charged off against the allowance after we determine that the potential for recovery is remote. At April 30, 2015 and 2014, the allowance for doubtful accounts was $1.0 and $0.9, respectively. We believe there is no concentration of risk with any single customer whose failure or nonperformance would materially affect results other than as discussed in Note 3: Reportable Segments.

Inventories: Inventories are stated at the lower of cost or market. Cost for all inventories is determined using the first-in, first-out method applied on a consistent basis.

2015 ANNUAL REPORT53

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

The J. M. Smucker Company

The cost of finished products and work-in-process inventory includes materials, direct labor, and overhead. Work-in-process is included in finished products in the Consolidated Balance Sheets and was $81.5 and $62.1 at April 30, 2015 and 2014, respectively.

Derivative Financial Instruments: We account for derivative instruments in accordance with FASB ASC 815, Derivatives and Hedging, which requires all derivative instruments to be recognized in the financial statements and measured at fair value, regardless of the purpose or intent for holding them.

Effective May 1, 2014, we elected to no longer qualify commodity derivatives or instruments used to manage foreign currency exchange exposures 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. 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.

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 or losses on the swap are deferred and included as a component of accumulated other comprehensive loss to the extent effective, and reclassified to interest expense in the period during which the hedged transaction affects earnings. If the contract is designated as a fair value hedge, the swap is recognized at fair value on the balance sheet, and changes in the fair value are 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 net impact on earnings.

Property, Plant, and Equipment: Property, plant, and equipment is recognized at cost and is depreciated on a straight-line basis over the estimated useful life of the asset (3 to 20 years for machinery and equipment, 1 to 7 years for capitalized software costs, and 5 to 40 years for buildings, fixtures, and improvements).

We lease certain land, buildings, and equipment for varying periods of time, with renewal options. Rent expense in 2015, 2014, and 2013 totaled $67.1, $60.6, and $59.2, respectively. As of April 30, 2015, our minimum operating lease obligations were as follows: $43.1 in 2016, $40.5 in 2017, $36.0 in 2018, $27.1 in 2019, and $22.0 in 2020.

In accordance with FASB ASC 360, Property, Plant, and Equipment, long-lived assets, other than goodwill and indefinite-lived intangible assets, are reviewed for impairment when circumstances indicate the carrying value of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of the assets to future net undiscounted cash flows we estimate to be generated by such assets. If such assets are considered to be impaired, the impairment to be recognized is the amount by which the carrying amount of the assets exceeds their estimated fair value. Assets to be disposed of by sale are recognized as held for sale at the lower of carrying value or fair value less cost to sell.

Goodwill and Other Intangible Assets: Goodwill is the excess of the purchase price paid over the estimated fair value of the net assets of a business acquired. In accordance with FASB ASC 350, Intangibles – Goodwill and Other, goodwill and other indefinite-lived intangible assets are not amortized but are reviewed at least annually for impairment. We conduct our annual test for impairment of goodwill and other indefinite-lived intangible assets as of February 1 of each year. As of the annual impairment test, we had six reporting units. A discounted cash flow valuation technique was utilized to estimate the fair value of our reporting units and indefinite-lived intangible assets. We also used a market-based approach to estimate the fair value of our reporting units. The discount rates utilized in the cash flow analyses were developed using a weighted-average cost of capital methodology. In addition to the annual test, we test for impairment if events or circumstances occur that would more likely than not reduce the fair value of a reporting unit below its carrying amount. Finite-lived intangible assets are amortized on a straight-line basis over their estimated useful lives. For additional information, see Note 5: Goodwill and Other Intangible Assets.

Marketable Securities and Other Investments: We maintain funds for the payment of benefits associated with nonqualified retirement plans. These funds include investments considered to be available-for-sale marketable securities. At April 30, 2015 and 2014, the fair value of these investments was $48.4 and $55.4, respectively, and was included in other noncurrent assets in the Consolidated Balance Sheets. Included in accumulated other comprehensive loss at April 30, 2015 and 2014, were unrealized pre-tax gains of $5.2 and $5.3, respectively.

54THE J. M. SMUCKER COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

The J. M. Smucker Company

Equity Method Investments: Investments in common stock of entities other than our subsidiaries are accounted for under the equity method in accordance with FASB ASC 323, Investments – Equity Method and Joint Ventures. Under the equity method, the initial investment is recorded at cost and the investment is subsequently adjusted for its proportionate share of earnings or losses, including consideration of basis differences resulting from the difference between the initial carrying amount of the investment and the underlying equity in net assets. The difference between the carrying amount of the investment and the underlying equity in net assets is primarily attributable to goodwill and other intangible assets.

We have a 25 percent equity interest in Guilin Seamild Biologic Technology Development Co., Ltd. (“Seamild”), a privately-owned manufacturer and marketer of oats products in China. The initial investment in Seamild in 2013 was $35.9 and is included in other noncurrent assets in the Consolidated Balance Sheets. The value of our investment in Seamild did not change significantly and did not have a material impact on the International, Foodservice, and Natural Foods segment or the consolidated financial statements for the years ended April 30, 2015 and 2014.

As part of the Big Heart Pet Brands (“Big Heart”) acquisition, we acquired a 50 percent equity interest in Natural Blend Vegetable Dehydration LLC (“Natural Blend”) and a 20 percent equity interest in Mountain Country Foods, LLC (“Mountain Country Foods”). Natural Blend is a privately-owned producer and supplier of dehydrated sweet potato products to Big Heart co-manufacturers. Mountain Country Foods is a privately-owned co-manufacturer of Big Heart pet products.

Our initial investments in Natural Blend of $10.6 and Mountain Country Foods of $19.1 were recorded at a preliminary fair value as required under purchase accounting and are included in other noncurrent assets in the Consolidated Balance Sheets. The value of these investments did not have a material impact on the U.S. Retail Pet Foods segment or the consolidated financial statements for the year ended April 30, 2015. For additional information related to the acquisition, see Note 2: Acquisitions.

Foreign Currency Translation: Assets and liabilities of foreign subsidiaries are translated using the exchange rates in effect at the balance sheet dates, while income and expenses are translated using average rates. Translation adjustments are reported as a component of shareholders’ equity in accumulated other comprehensive loss. Included in accumulated other comprehensive loss at April 30, 2015 and 2014, was a foreign currency loss of $2.3 and a gain of $31.7, respectively.

Recently Issued Accounting Standards: In April 2015, the FASB issued Accounting Standards Update (“ASU”) 2015-03, Interest – Imputation of Interest (Subtopic 835-30) Simplifying the Presentation of Debt Issuance Costs. ASU 2015-03 requires debt issuance costs to be presented in the balance sheet as a direct deduction from the carrying amount of the related debt. ASU 2015-03 is effective for us on May 1, 2016, but we have elected early adoption. As of April 30, 2015, we have reclassified debt issuance costs associated with our long-term debt from other noncurrent assets to long-term debt. Prior year amounts have been reclassified to conform to the current year classification in accordance with ASU 2015-03.

In May 2014, the FASB issued 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.

Risks and Uncertainties: The raw materials we use are primarily commodities, agricultural-based products, and packaging materials. The principal packaging materials we use are glass, plastic, metal cans, caps, carton board, and corrugate. Green coffee, peanuts, edible oils, sweeteners, milk, wheat, corn, poultry meal, soybean meal, and other ingredients are obtained from various suppliers. The availability, quality, and cost of many of these commodities have fluctuated, and may continue to fluctuate over time. Green coffee is sourced solely from foreign countries and its supply and price are subject to high volatility due to factors such as weather, global supply and demand, pest damage, speculative influences, and political and economic conditions in the source countries. Raw materials are generally available from numerous sources, although we have elected to source certain plastic packaging materials and finished goods from single sources of supply pursuant to long-term contracts. While availability may vary from year to year, we believe that we will continue to be able to obtain adequate supplies and that alternatives to single-sourced materials are available. We have not historically encountered significant shortages of key raw materials. We consider our relationships with key material suppliers to be good.

Of our total employees, 28 percent are covered by union contracts at 10 manufacturing locations. The contracts vary in term, with three contracts expiring in 2016, representing 11 percent of our total employees.

We insure our business and assets in each country against insurable risks, to the extent that we deem appropriate, based upon an analysis of the relative risks and costs.

2015 ANNUAL REPORT55

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

The J. M. Smucker Company

 NOTE 2 ACQUISITIONS

On March 23, 2015, we completed the acquisition of Big Heart, a leading producer, distributor, and marketer of premium-quality, branded pet food and pet snacks in the U.S., through the acquisition of Blue Acquisition Group, Inc. (“BAG”), Big Heart’s parent company. As a result of the acquisition, the assets and liabilities of BAG are now held by a direct wholly-owned subsidiary of the Company.

The total consideration paid in connection with the acquisition was $5.9 billion, as set forth below, which included the issuance of 17.9 million of our common shares to BAG’s shareholders, valued at $2.0 billion based on the average stock price of our common shares on March 23, 2015. After the closing of the transaction, we had approximately 120.0 million common shares outstanding. We assumed $2.6 billion in debt, including Big Heart’s senior secured term loan and senior notes, and we paid an additional $1.2 billion in cash, which is subject to a working capital adjustment. As part of the transaction, new debt of $5.4 billion was borrowed, consisting of a $1.8 billion bank term loan and $3.7 billion in long-term notes, and Big Heart’s debt obligations and our existing private placement Senior Notes were paid off.

Shares issued	$	2,035.5
Assumed debt from Big Heart		2,630.2
Cash consideration, net of cash acquired		1,240.0
Total purchase price	$	5,905.7

The transaction was accounted for under the acquisition method of accounting and, accordingly, the results of Big Heart’s operations, including $244.5 in revenue and an operating loss of $26.0, are included in our consolidated financial statements from the date of acquisition.

Total one-time costs related to the acquisition are expected to be approximately $225.0, of which approximately $150.0 are expected to be cash charges. The one-time costs consist primarily of employee-related costs, outside service and consulting costs, and other costs directly related to the acquisition. These one-time costs are anticipated to be incurred primarily over the next three years, with one-half of the costs expected to be recognized in 2016. We incurred costs of $36.0 to date that were directly related to the merger and integration of Big Heart, and the majority of these charges were reported in other special project costs in the Statement of Consolidated Income. Due to the nature of these costs, they were expensed as incurred.

The Big Heart purchase price was preliminarily allocated to the underlying assets acquired and liabilities assumed based upon their estimated fair values at the date of acquisition. We determined the estimated fair values based on independent appraisals, discounted cash flow analyses, quoted market prices, and estimates made by management. The purchase price exceeded the estimated fair value of the net identifiable tangible and intangible assets acquired and, as such, the excess was allocated to goodwill.

The following table summarizes the preliminary fair values of the assets acquired and liabilities assumed at the acquisition date.

Assets acquired:
Trade receivables	$   142.0
Inventories	257.7
Other current assets	210.7
Property, plant, and equipment	324.0
Intangible assets	4,009.8
Goodwill	2,871.2
Other noncurrent assets	38.0
Total assets acquired	$7,853.4
Liabilities assumed:
Current liabilities	$   398.9
Deferred tax liabilities	1,464.0
Other noncurrent liabilities	84.8
Total liabilities assumed	$1,947.7
Net assets acquired	$5,905.7

56THE J. M. SMUCKER COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

The J. M. Smucker Company

As a result of the acquisition, we recognized a total of $2.9 billion of goodwill, of which $91.5 is deductible for tax purposes. Goodwill represents the value we expect to achieve through the implementation of operational synergies and growth opportunities across our segments. The final allocation of goodwill to our reporting units was not complete as of April 30, 2015, due to the timing of the acquisition, but will be complete by the end of 2016. Certain estimated values for the acquisition, including goodwill, intangible assets, property, plant, and equipment, contingent liabilities, and income taxes, are not yet finalized. The purchase price was preliminarily allocated based on information available at the acquisition date and is subject to change as we complete our analysis of the fair values at the date of acquisition during the measurement period not to exceed one year as permitted under FASB ASC 805, Business Combinations.

The purchase price was preliminarily allocated to the identifiable intangible assets acquired as follows:

Intangible assets with finite lives:
Customer relationships (25-year useful life)	$	2,289.8
Trademarks (15-year useful life)		257.0
Intangible assets with indefinite lives:
Trademarks		1,463.0
Total intangible assets	$	4,009.8

Big Heart’s results of operations are included in our consolidated financial statements from the date of the transaction. Had the transaction occurred on May 1, 2013, unaudited pro forma consolidated results for the years ended April 30, 2015 and 2014, would have been as follows:

	Year Ended April 30,
		2015		2014
Net sales	$	7,732.5	$	7,800.7
Net income		541.8		547.7
Net income per common share – assuming dilution		4.53		4.48

The unaudited pro forma consolidated results are based on our historical financial statements and those of Big Heart, and do not necessarily indicate the results of operations that would have resulted had the acquisition been completed at the beginning of the applicable period presented. The most significant pro forma adjustments relate to the elimination of acquisition-related costs incurred prior to the close of the transaction, amortization of intangible assets, depreciation of property, plant, and equipment, elimination of other debt costs discussed in Note 6: Debt and Financing Arrangements, and higher interest expense associated with the bank term loan and long-term notes. Of these adjustments, the elimination of acquisition-related costs and other debt costs of $108.3 and $173.3, respectively, are nonrecurring. The unaudited pro forma consolidated results do not give effect to the synergies of the acquisition and are not indicative of the results of operations in future periods.

In addition to the Big Heart acquisition, on September 2, 2014, we completed the acquisition of Sahale Snacks, Inc. (“Sahale”), a privately-held manufacturer and marketer of premium, branded nut and fruit snacks for $80.5 in cash consideration, net of a working capital adjustment. As a result, Sahale became a wholly-owned subsidiary of the Company. 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 included total intangible assets of $30.4. The purchase price exceeded the estimated fair value of the net identifiable tangible and intangible assets acquired and, as a result, the excess was allocated to goodwill. Preliminary valuations resulted in Sahale goodwill of $47.9, and the entire amount was assigned to the U.S. Retail Consumer Foods segment. Sahale goodwill is preliminary as of April 30, 2015, pending the finalization of our tax basis. The results of operations of Sahale are included in the consolidated financial statements from the date of the transaction and did not have a material impact on the year ended April 30, 2015.

2015 ANNUAL REPORT57

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

The J. M. Smucker Company

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 included intangible assets of $37.6 in total for Enray and Silocaf. The purchase price for both Enray and Silocaf exceeded the estimated fair value of the net identifiable tangible and intangible assets acquired and as a result, 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. The results of operations for both of the acquired businesses are included in the consolidated financial statements from the dates of the transactions and did not have a material impact on the years ended April 30, 2015 and 2014.

 NOTE 3 REPORTABLE SEGMENTS

We operate in one industry: the manufacturing and marketing of food products. We have four reportable segments: U.S. Retail Coffee, U.S. Retail Consumer Foods, U.S. Retail Pet Foods, and International, Foodservice, and Natural Foods. The U.S. Retail Coffee segment primarily represents the domestic sales of Folgers and Dunkin’ Donuts branded coffee; the U.S. Retail Consumer Foods segment primarily includes domestic sales of Crisco, Jif, Smucker’s, and Pillsbury branded products; the U.S. Retail Pet Foods segment primarily includes domestic sales of Meow Mix, Milk-Bone, Kibbles ’n Bits, Natural Balance, 9Lives, Pup-Peroni, Gravy Train, and Nature’s Recipe 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. Pet food and pet snacks sales outside of the U.S. retail market segment are reflected in International, Foodservice, and Natural Foods.

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 segment results have been modified to exclude the unrealized gains and losses on commodity and foreign currency exchange derivatives to conform to the new definition.

58THE J. M. SMUCKER COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

The J. M. Smucker Company

As disclosed in Note 2: Acquisitions, we acquired Big Heart in a cash and stock transaction on March 23, 2015. The transaction resulted in a new reportable segment for 2015. There was no impact to our historical reportable segments, as there were no changes to the internal way we managed and reported those segments for 2015. However, we are in the process of finalizing our internal financial reporting structure and the impact on reportable segments for 2016 as a result of recent leadership changes. All historical information will be retroactively conformed to the new presentation once it is finalized.

	Year Ended April 30,
	2015			2014			2013
Net sales:
U.S. Retail Coffee	$	2,076.1		$	2,161.7		$	2,306.5
U.S. Retail Consumer Foods		2,104.8			2,172.6			2,214.8
U.S. Retail Pet Foods		239.1			–			–
International, Foodservice, and Natural Foods		1,272.7			1,276.3			1,376.4
Total net sales	$	5,692.7		$	5,610.6		$	5,897.7
Segment profit (loss):
U.S. Retail Coffee	$	549.2		$	639.8		$	603.8
U.S. Retail Consumer Foods		432.9			393.0			413.9
U.S. Retail Pet Foods		(15.3	)		–			–
International, Foodservice, and Natural Foods		166.7			167.8			196.7
Total segment profit	$	1,133.5		$	1,200.6		$	1,214.4
Interest expense - net		(79.9	)		(79.4	)		(93.4)
Other debt costs		(173.3	)		–			–
Unallocated derivative (losses) gains		(24.5	)		5.3			6.6
Cost of products sold - special project costs		(6.2	)		(9.4	)		(11.5)
Other special project costs		(56.6	)		(25.6	)		(49.5)
Corporate administrative expenses		(274.2	)		(251.9	)		(249.6)
Other income - net		4.2			10.1			0.3
Income before income taxes	$	523.0		$	849.7		$	817.3
Assets:
U.S. Retail Coffee	$	4,854.0		$	4,885.6		$	4,882.4
U.S. Retail Consumer Foods		2,846.0			2,684.1			2,618.2
U.S. Retail Pet Foods		7,611.8			–			–
International, Foodservice, and Natural Foods		1,327.2			1,248.9			1,201.3
Unallocated (A)		243.6			241.6			322.2
Total assets	$	16,882.6		$	9,060.2		$	9,024.1
Depreciation, amortization, and impairment charges:
U.S. Retail Coffee	$	102.7		$	99.9		$	100.7
U.S. Retail Consumer Foods		54.1			52.9			47.1
U.S. Retail Pet Foods		14.3			–			–
International, Foodservice, and Natural Foods		66.0			67.4			63.7
Unallocated (B)		31.3			36.2			39.4
Total depreciation, amortization, and impairment charges	$	268.4		$	256.4		$	250.9
Additions to property, plant, and equipment:
U.S. Retail Coffee	$	56.7		$	50.7		$	46.5
U.S. Retail Consumer Foods		113.2			138.8			85.1
U.S. Retail Pet Foods		19.4			–			–
International, Foodservice, and Natural Foods		58.4			90.0			74.9
Total additions to property, plant, and equipment	$	247.7		$	279.5		$	206.5

(A) Primarily represents unallocated cash and cash equivalents and corporate-held investments.

(B) Primarily represents unallocated corporate administrative expense, mainly depreciation and software amortization.

2015 ANNUAL REPORT59

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

The J. M. Smucker Company

The following table presents certain geographical information.

			Year Ended April 30,
	2015		2014		2013
Net sales:
United States		$  5,188.5		$5,092.0		$5,355.9
International:
Canada		$     413.8		$   437.2		$   459.5
All other international		90.4		81.4		82.3
Total international		$     504.2		$   518.6		$   541.8
Total net sales		$  5,692.7		$5,610.6		$5,897.7
Assets:
United States		$16,407.0		$8,638.6		$8,577.7
International:
Canada		$     362.1		$   257.7		$   396.3
All other international		113.5		163.9		50.1
Total international		$     475.6		$   421.6		$   446.4
Total assets		$16,882.6		$9,060.2		$9,024.1
Long-lived assets (excluding goodwill and other intangible assets):
United States		$  1,815.0		$1,343.2		$1,227.0
International:
Canada		$       14.3		$     16.5		$     20.6
All other international		40.9		38.9		39.0
Total international		$       55.2		$     55.4		$     59.6
Total long-lived assets (excluding goodwill and other intangible assets)		$  1,870.2		$1,398.6		$1,286.6

The following table presents product category sales as a percentage of consolidated net sales.

			Year Ended April 30,
	2015		2014		2013
Coffee		44%		46%		48%
Peanut butter		13		13		13
Fruit spreads		6		6		6
Shortening and oils		6		6		6
Baking mixes and frostings		5		6		6
Canned milk		4		5		4
Flour and baking ingredients		4		4		4
Juices and beverages		3		3		3
Frozen handheld		3		3		3
Pet food		3		–		–
Portion control		2		2		2
Toppings and syrups		1		2		2
Pet snacks		1		–		–
Other		5		4		3
Total product sales		100%		100%		100%

60THE J. M. SMUCKER COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

The J. M. Smucker Company

Sales to Wal-Mart Stores, Inc. and subsidiaries amounted to 28 percent of net sales in 2015, 27 percent of net sales in 2014, and 26 percent of net sales in 2013. These sales are primarily included in our U.S. retail market segments. No other customer exceeded 10 percent of net sales for any year. Trade receivables at April 30, 2015 and 2014, included amounts due from Wal-Mart Stores, Inc. and subsidiaries of $122.6 and $76.6, respectively.

 NOTE 4 EARNINGS PER SHARE

The following table sets forth the computation of net income per common share and net income per common share – assuming dilution under the two-class method.

	Year Ended April 30,
	2015		2014		2013
Net income		$344.9		$565.2		$544.2
Net income allocated to participating securities		2.2		4.5		4.7
Net income allocated to common stockholders		$342.7		$560.7		$539.5
Weighted-average common shares outstanding		103,038,271		103,504,121		107,881,519
Dilutive effect of stock options		5,283		14,346		23,256
Weighted-average common shares outstanding – assuming dilution		103,043,554		103,518,467		107,904,775
Net income per common share		$  3.33		$  5.42		$  5.00
Net income per common share – assuming dilution		$  3.33		$  5.42		$  5.00

 NOTE 5 GOODWILL AND OTHER INTANGIBLE ASSETS

A summary of changes in goodwill during the years ended April 30, 2015 and 2014, by reportable segment is as follows:

	U.S. Retail Coffee			U.S. Retail Consumer Foods			U.S. Retail Pet Foods		International, Foodservice, and Natural Foods			Total
Balance at May 1, 2013		$  1,720.3			$  1,034.6			$            –		$  298.0			$  3,052.9
Acquisitions		22.8			–			–		29.3			52.1
Other		–			(2.4	)		–		(4.4	)		(6.8)
Balance at April 30, 2014		$  1,743.1			$  1,032.2			$            –		$  322.9			$  3,098.2
Acquisitions		(0.3	)		47.9			2,810.3		60.9			2,918.8
Other		0.1			(2.5	)		–		(4.8	)		(7.2)
Balance at April 30, 2015		$  1,742.9			$  1,077.6			$  2,810.3		$  379.0			$  6,009.8

The amounts classified as other represent foreign currency exchange for the years ended April 30, 2015 and 2014.

2015 ANNUAL REPORT61

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

The J. M. Smucker Company

The following table summarizes our other intangible assets and related accumulated amortization and impairment charges, including foreign currency exchange.

	April 30, 2015						April 30, 2014
	Acquisition Cost		Accumulated Amortization/ Impairment Charges/ Foreign Currency Exchange		Net		Acquisition Cost		Accumulated Amortization/ Impairment Charges/ Foreign Currency Exchange		Net
Finite-lived intangible assets subject to amortization:
Customer and contractual relationships		$3,733.9		$477.9		$  3,256.0		$1,436.2		$392.6		$1,043.6
Patents and technology		169.0		74.8		94.2		164.5		61.9		102.6
Trademarks		328.0		47.6		280.4		70.0		36.5		33.5
Total intangible assets subject to amortization		$4,230.9		$600.3		$  3,630.6		$1,670.7		$491.0		$1,179.7
Indefinite-lived intangible assets not subject to amortization:
Trademarks		$3,338.0		$  18.3		$  3,319.7		$1,858.9		$  14.3		$1,844.6
Total other intangible assets		$7,568.9		$618.6		$  6,950.3		$3,529.6		$505.3		$3,024.3

Amortization expense for finite-lived intangible assets was $110.3, $98.7, and $96.6 in 2015, 2014, and 2013, respectively. The weighted-average useful lives of the customer and contractual relationships, patents and technology, and trademarks are 23 years, 13 years, and 15 years, respectively. The weighted-average useful life of total finite-lived intangible assets is 22 years. Based on the amount of intangible assets subject to amortization at April 30, 2015, including the amortization for Big Heart based on the preliminary purchase price allocation, the estimated amortization expense is $212.2 for 2016, $211.5 for 2017, $209.1 for 2018, $208.9 for 2019, and $207.4 for 2020.

We review goodwill and other indefinite-lived intangible assets at least annually for impairment. The annual impairment review was performed as of February 1, 2015. Goodwill impairment is tested at the reporting unit level. At February 1, 2015, we had six reporting units. No goodwill impairment was recognized as a result of the annual evaluation performed as of February 1, 2015. The estimated fair value of each reporting unit and material other indefinite-lived intangible asset was substantially in excess of its carrying value as of the annual test date. An immaterial nonrecurring fair value adjustment was recognized in 2015 and included in amortization on the Statement of Consolidated Income.

62THE J. M. SMUCKER COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

The J. M. Smucker Company

 NOTE 6 DEBT AND FINANCING ARRANGEMENTS

In April 2015, the FASB issued ASU 2015-03, Interest – Imputation of Interest (Subtopic 835-30) Simplifying the Presentation of Debt Issuance Costs. ASU 2015-03 requires debt issuance costs to be presented in the balance sheet as a direct deduction from the carrying amount of the related debt. ASU 2015-03 is effective for us on May 1, 2016, but we have elected early adoption. As of April 30, 2015, we have reclassified debt issuance costs associated with our long-term debt from other noncurrent assets to long-term debt. Prior year amounts have been reclassified to conform to the current year classification in accordance with ASU 2015-03, resulting in an adjustment to long-term debt of $6.7 for the year ended April 30, 2014.

Long-term debt consists of the following:

	April 30, 2015				April 30, 2014
	Principal Outstanding		Carrying Amount		Principal Outstanding		Carrying       Amount
4.78% Senior Notes due June 1, 2014		$          –		$          –		$   100.0		$   100.0
6.12% Senior Notes due November 1, 2015		–		–		24.0		24.0
6.63% Senior Notes due November 1, 2018		–		–		376.0		391.4
3.50% Senior Notes due October 15, 2021		750.0		796.0		750.0		758.8
5.55% Senior Notes due April 1, 2022		–		–		300.0		299.2
4.50% Senior Notes due June 1, 2025		–		–		400.0		399.7
1.75% Senior Notes due March 15, 2018		500.0		496.9		–		–
2.50% Senior Notes due March 15, 2020		500.0		494.3		–		–
3.00% Senior Notes due March 15, 2022		400.0		395.3		–		–
3.50% Senior Notes due March 15, 2025		1,000.0		991.9		–		–
4.25% Senior Notes due March 15, 2035		650.0		641.8		–		–
4.38% Senior Notes due March 15, 2045		600.0		583.8		–		–
Term Loan Credit Agreement due March 23, 2020		1,550.0		1,544.9		–		–
Total long-term debt		$5,950.0		$5,944.9		$  1,950.0		$1,973.1
Current portion of long-term debt		–		–		100.0		100.0
Total long-term debt, less current portion		$5,950.0		$5,944.9		$  1,850.0		$1,873.1

On June 1, 2014, we repaid $100.0 related to the 4.78 percent Senior Notes as scheduled.

On March 2, 2015, we entered into a $3.8 billion 364-day senior unsecured Bridge Term Loan Credit Agreement (“Bridge Loan”) as committed financing for the Big Heart acquisition as disclosed in Note 2: Acquisitions. No balances were drawn against this facility as alternate permanent financing was obtained to finance the acquisition. Included in other debt costs on the Statement of Consolidated Income at April 30, 2015, was $21.5 related to financing fees associated with the Bridge Loan. This facility was terminated on March 20, 2015.

Also on March 2, 2015, we entered into a senior unsecured delayed-draw Term Loan Credit Agreement (“Term Loan”) with a syndicate of banks and an available commitment amount of $1.8 billion. The full amount of the Term Loan was drawn on March 23, 2015, to partially finance the Big Heart acquisition. The Term Loan included $5.2 of capitalized debt issuance costs to be amortized to interest expense over the time for which the debt is outstanding. Borrowings under the Term Loan bear interest on the prevailing U.S. Prime Rate or London Interbank Offered Rate (“LIBOR”), based on our election, and is payable either on a quarterly basis or at the end of the borrowing term. The weighted-average interest rate on the Term Loan at April 30, 2015, was 1.53 percent. The Term Loan requires quarterly amortization payments of 2.5 percent of the original principal amount starting in the third quarter of 2016. Voluntary prepayments are permitted without premium or penalty and are applied to the schedule of required quarterly minimum payment obligations in direct order of maturity. As of April 30, 2015, we have prepaid $200.0 on the Term Loan, and therefore no additional payments are required until January 31, 2017.

2015 ANNUAL REPORT63

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

The J. M. Smucker Company

On March 20, 2015, we completed an offering of $3.7 billion in Senior Notes due beginning March 15, 2018 through March 15, 2045. The Senior Notes included $46.4 of capitalized debt issuance costs and offering discounts to be amortized to interest expense over the time for which the debt is outstanding. As part of the Big Heart acquisition, we assumed $1.7 billion in debt related to Big Heart’s senior secured term loan agreement and $0.9 billion in debt related to their 7.625 percent senior notes. We repaid these obligations upon completion of the acquisition. The proceeds from the offering, along with the Term Loan, were used to partially finance the Big Heart acquisition, pay off the debt assumed as part of the Big Heart acquisition, and prepay our privately placed Senior Notes. The prepayment of our Senior Notes resulted in a principal prepayment of $1.1 billion and $163.3 of related make-whole payments. Other debt costs of $173.3 on the Statement of Consolidated Income consist primarily of make-whole payments and Bridge Loan financing fees, offset by the write-off of the remaining fair value interest rate swap gain.

All of our Senior Notes outstanding at April 30, 2015, are unsecured and interest is paid semiannually. There are no required scheduled principal payments on our Senior Notes. We may prepay at any time all or part of the Senior Notes at 100 percent of the principal amount thereof, together with the accrued and unpaid interest, and any applicable make-whole amount.

In February 2015, we entered into a series of forward-starting interest rate swaps to partially hedge the risk of an increase in the benchmark interest rate during the period leading up to the anticipated issuance of our long-term Senior Notes. The interest rate swaps were designated as cash flow hedges with an aggregate notional amount of $1.1 billion. On March 12, 2015, in conjunction with the pricing of the series of Senior Notes, we terminated the interest rate swaps prior to maturity. The termination resulted in a net loss of $4.0, which will be amortized over the life of the remaining debt. For additional information, see Note 8: Derivative Financial Instruments.

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 April 30, 2015, we had $226.0 of short-term borrowings outstanding, all of which were issued under our commercial paper program at a weighted-average interest rate of 0.45 percent.

We have available a $1.5 billion revolving credit facility with a group of 11 banks that matures in September 2018. Borrowings under the revolving credit facility bear interest based on the prevailing U.S. Prime Rate, Canadian Base Rate, LIBOR, or Canadian Dealer Offered Rate, based on our election. Interest is payable either on a quarterly basis or at the end of the borrowing term. During 2015, we amended this credit facility to alter the financial covenant restrictions and provide financial flexibility for the Big Heart acquisition. At April 30, 2015, we did not have a balance outstanding under the revolving credit facility.

During 2014, we entered into an interest rate swap, with a notional amount of $750.0, on the 3.50 percent Senior Notes due October 15, 2021, 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 April 30, 2015, the remaining benefit of $51.3 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 8: Derivative Financial Instruments.

Interest paid totaled $92.3, $83.3, and $97.7 in 2015, 2014, and 2013, respectively. This differs from interest expense due to the timing of payments, amortization of fair value swap adjustments, effect of the interest rate swap, amortization of debt issuance costs, and capitalized interest.

Our debt instruments contain certain financial covenant restrictions, including a leverage ratio and an interest coverage ratio. We are in compliance with all covenants.

64THE J. M. SMUCKER COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

The J. M. Smucker Company

 NOTE 7 PENSIONS AND OTHER POSTRETIREMENT BENEFITS

We have defined benefit pension plans covering certain U.S. and Canadian employees, including the recently acquired pension and other postretirement plans of Big Heart, as discussed in Note 2: Acquisitions. Pension benefits are based on the employee’s years of service and compensation levels. Our plans are funded in conformity with the funding requirements of applicable government regulations.

In addition to providing pension benefits, we sponsor several unfunded postretirement plans that provide health care and life insurance benefits to certain retired U.S. and Canadian employees. These plans are contributory, with retiree contributions adjusted periodically, and contain other cost-sharing features, such as deductibles and coinsurance. Covered employees generally are eligible for these benefits when they reach age 55 and have attained 10 years of credited service.

During 2013, a portion of our terminated pension participants received lump-sum cash settlements in order to reduce our future pension obligation and administrative costs. The charges related to the lump-sum cash settlements are included below in settlement loss and were reported in other special project costs in the Statement of Consolidated Income for the year ended April 30, 2013. The lump-sum offerings in 2013 concluded the pension settlement special project cost activities.

The following table summarizes the components of net periodic benefit cost and the change in accumulated other comprehensive loss related to the defined benefit pension and other postretirement plans.

	Defined Benefit Pension Plans									Other Postretirement Benefits
Year Ended April 30,	2015			2014			2013			2015			2014			2013
Service cost	$	9.0		$	8.7		$	8.8		$	2.3		$	2.3		$	2.5
Interest cost		23.2			21.8			23.9			2.4			2.3			3.0
Expected return on plan assets		(25.6	)		(25.4	)		(25.3	)		–			–			–
Amortization of prior service cost (credit)		1.0			1.2			1.0			(1.1	)		(1.1	)		(0.4	)
Amortization of net actuarial loss (gain)		10.0			13.2			13.1			(0.1	)		–			–
Settlement loss		3.5			–			6.7			–			–			–
Net periodic benefit cost	$	21.1		$	19.5		$	28.2		$	3.5		$	3.5		$	5.1
Other changes in plan assets and benefit liabilities recognized in accumulated other comprehensive loss before income taxes:
Prior service (cost) credit arising during the year	$	(0.3	)	$	–		$	(4.0	)	$	–		$	1.7		$	9.6
Net actuarial (loss) gain arising during the year		(23.7	)		19.3			(20.5	)		1.6			7.5			(4.5	)
Amortization of prior service cost (credit)		1.0			1.2			1.0			(1.1	)		(1.1	)		(0.4	)
Amortization of net actuarial loss (gain)		10.0			13.2			13.1			(0.1	)		–			–
Curtailment loss		–			–			2.0			–			–			–
Settlement loss		3.5			–			6.7			–			–			–
Foreign currency translation		2.7			2.9			0.9			–			–			–
Net change for year	$	(6.8	)	$	36.6		$	(0.8	)	$	0.4		$	8.1		$	4.7
Weighted-average assumptions used in determining net periodic benefit costs:
U.S. plans:
Discount rate		4.42	%		3.99	%		4.70	%		4.27	%		3.80	%		4.70	%
Expected return on plan assets		6.72			6.75			7.00			–			–			–
Rate of compensation increase		4.13			4.13			4.12			–			–			–
Canadian plans:
Discount rate		4.11	%		3.65	%		4.20	%		4.10	%		3.70	%		4.20	%
Expected return on plan assets		5.64			5.78			6.17			–			–			–
Rate of compensation increase		3.00			3.00			4.00			–			–			–

We amortize gains and losses for our postretirement plans over the average expected future period of vested service. For plans that consist of less than five percent of participants that are active, average life expectancy is used instead of the average expected useful service period.

2015 ANNUAL REPORT65

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

The J. M. Smucker Company

We use a measurement date of April 30 to determine defined benefit pension and other postretirement benefit plans’ assets and benefit obligations. The following table sets forth the combined status of the plans as recognized in the Consolidated Balance Sheets.

	Defined Benefit Pension Plans						Other Postretirement Benefits
April 30,	2015			2014			2015			2014
Change in benefit obligation:
Benefit obligation at beginning of year		$ 542.3			$ 575.7			$ 58.5			$    67.1
Service cost		9.0			8.7			2.3			2.3
Interest cost		23.2			21.8			2.4			2.3
Amendments		0.3			–			–			(1.7)
Actuarial loss (gain)		39.8			(19.7	)		(1.6	)		(7.5)
Participant contributions		0.1			0.1			0.7			1.2
Benefits paid		(31.8	)		(34.2	)		(4.4	)		(3.5)
Foreign currency translation adjustments		(10.6	)		(10.1	)		(1.1	)		(1.1)
Settlement		(8.6	)		–			–			–
Acquisition		176.7			–			18.9			–
Other adjustments		–			–			0.1			(0.6)
Benefit obligation at end of year		$ 740.4			$ 542.3			$ 75.8			$    58.5
Change in plan assets:
Fair value of plan assets at beginning of year		$ 402.1			$ 410.7			$      –			$         –
Actual return on plan assets		41.7			25.0			–			–
Company contributions		15.7			9.4			3.7			2.3
Participant contributions		0.1			0.1			0.7			1.2
Benefits paid		(31.8	)		(34.2	)		(4.4	)		(3.5)
Settlement		(8.6	)		–			–			–
Acquisition		141.1			–			–			–
Foreign currency translation adjustments		(10.3	)		(8.9	)		–			–
Fair value of plan assets at end of year		$ 550.0			$ 402.1			$      –			$         –
Funded status of the plans		$(190.4	)		$(140.2	)		$(75.8	)		$ (58.5)
Defined benefit pensions		$(188.9	)		$(135.7	)		$      –			$         –
Other noncurrent assets		2.0			–			–			–
Accrued compensation		(3.5	)		(4.5	)		(1.2	)		–
Postretirement benefits other than pensions		–			–			(74.6	)		(58.5)
Net benefit liability		$(190.4	)		$(140.2	)		$(75.8	)		$  (58.5)

The following table summarizes amounts recognized in accumulated other comprehensive loss in the Consolidated Balance Sheets, before income taxes.

	Defined Benefit Pension Plans						Other Postretirement Benefits
April 30,	2015			2014			2015		2014
Net actuarial (loss) gain		$(174.2	)		$(166.7	)		$    6.9		$   5.3
Prior service (cost) credit		(4.2	)		(4.9	)		10.3		11.5
Total recognized in accumulated other comprehensive loss		$(178.4	)		$(171.6	)		$  17.2		$ 16.8

During 2016, we expect to recognize amortization of net actuarial losses and prior service credit of $10.7 and $0.5, respectively, in net periodic benefit cost.

66THE J. M. SMUCKER COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

The J. M. Smucker Company

The following table sets forth the weighted-average assumptions used in determining the benefit obligations.

	Defined Benefit Pension Plans				Other Postretirement Benefits
April 30,	2015		2014		2015		2014
U.S. plans:
Discount rate		4.01%		4.45%		3.97%		4.30%
Rate of compensation increase		4.06		4.13		–		–
Canadian plans:
Discount rate		3.51%		4.11%		3.50%		4.10%
Rate of compensation increase		3.00		3.00		–		–

For 2016, the assumed health care trend rates are 7.5 percent and 5.0 percent for the U.S. and Canadian plans, respectively. The rate for participants under age 65 is assumed to decrease to 5.0 percent in 2026 and 4.5 percent in 2017 for the U.S. and Canadian plans, respectively. The health care cost trend rate assumption impacts the amount of the other postretirement benefits obligation and periodic other postretirement benefits cost reported. A one percentage point annual change in the assumed health care cost trend rate would have the following effect as of April 30, 2015:

	One Percentage Point
	Increase		Decrease
Effect on total service and interest cost components		$0.1		$0.1
Effect on benefit obligation		2.5		2.3

The following table sets forth selective information pertaining to our Canadian pension and other postretirement benefit plans, which is included in the consolidated information presented on pages 65 and 66.

	Defined Benefit Pension Plans				Other Postretirement Benefits
Year Ended April 30,	2015		2014		2015		2014
Benefit obligation at end of year		$104.4		$ 113.3		$  10.9		$  11.4
Fair value of plan assets at end of year		104.1		105.6		–		–
Funded status of the plans		$  (0.3)		$   (7.7)		$(10.9)		$(11.4)
Components of net periodic benefit cost:
Service cost		$    0.4		$    0.5		$       –		$       –
Interest cost		4.3		4.2		0.4		0.5
Expected return on plan assets		(5.6)		(5.8)		–		–
Amortization of net actuarial loss		0.9		1.3		–		–
Net periodic benefit cost		$       –		$    0.2		$    0.4		$    0.5
Changes in plan assets:
Company contributions		$    5.1		$    5.4		$    0.7		$    0.8
Participant contributions		0.1		0.1		–		–
Benefits paid		(8.4)		(8.6)		(0.7)		(0.8)
Actual return on plan assets		11.9		10.6		–		–
Foreign currency translation		(10.3)		(8.9)		–		–

2015 ANNUAL REPORT67

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

The J. M. Smucker Company

The following table sets forth additional information related to our defined benefit pension plans.

	April 30,
	2015		2014
Accumulated benefit obligation for all pension plans		$691.8		$507.3
Plans with an accumulated benefit obligation in excess of plan assets:
Accumulated benefit obligation		$481.6		$507.3
Fair value of plan assets		337.8		402.1
Plans with a projected benefit obligation in excess of plan assets:
Projected benefit obligation		$669.3		$542.3
Fair value of plan assets		477.3		402.1

We employ a total return on investment approach for the defined benefit pension plans’ assets. A mix of equity, fixed-income, and alternative investments is used to maximize the long-term rate of return on assets for the level of risk. In determining the expected long-term rate of return on the defined benefit pension plans’ assets, we consider the historical rates of return, the nature of investments, the asset allocation, and expectations of future investment strategies. The actual rate of return was 11.6 percent and 6.9 percent for the years ended April 30, 2015 and 2014, respectively.

The following tables summarize the fair value of the major asset classes for the U.S. and Canadian defined benefit pension plans and the levels within the fair value hierarchy in which the fair value measurements fall.

	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant  Observable  Inputs  (Level 2)		Significant  Unobservable  Inputs  (Level 3)		Fair Value at     April 30, 2015
Cash and cash equivalents (A)	$	4.6	$	–	$	–	$	4.6
Equity securities:
U.S.(B)		105.0		45.5		–		150.5
International (C)		81.0		24.5		–		105.5
Fixed-income securities:
Bonds (D)		151.3		–		–		151.3
Fixed income (E)		44.1		68.5		–		112.6
Other types of investments (F)		–		7.0		18.5		25.5
Total financial assets measured at fair value	$	386.0	$	145.5	$	18.5	$	550.0

68THE J. M. SMUCKER COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

The J. M. Smucker Company

	Quoted Prices in  Active Markets for  Identical Assets  (Level 1)		Significant  Observable  Inputs  (Level 2)		Significant  Unobservable  Inputs  (Level 3)		Fair Value at     April 30, 2014
Cash and cash equivalents (A)		$    2.0		$     –		$     –		$    2.0
Equity securities:
U.S.(B)		91.0		16.4		–		107.4
International (C)		72.3		12.4		–		84.7
Fixed-income securities:
Bonds (D)		148.2		–		–		148.2
Fixed income (E)		44.8		–		–		44.8
Other types of investments (F)		–		–		15.0		15.0
Total financial assets measured at fair value		$358.3		$28.8		$15.0		$402.1

(A) This category includes money market holdings with maturities of three months or less and are classified as Level 1 assets. Based on the short-term nature of these assets, carrying value approximates fair value.

(B) This category is invested primarily in a diversified portfolio of common stocks and index funds that invest in U.S. stocks with market capitalization ranges similar to those found in the S&P 500 Index and/or the various Russell Indexes and are traded on active exchanges. The Level 1 assets are valued using quoted market prices for identical securities in active markets. The Level 2 assets are pooled or common collective trust funds that consist of equity securities traded on active exchanges.

(C) This category is invested primarily in common stocks and other equity securities traded on active exchanges whose issuers are located outside the U.S. The fund invests primarily in developed countries, but may also invest in emerging markets. The Level 1 assets are valued using quoted market prices for identical securities in active markets. The Level 2 assets are pooled or common collective trust funds that consist of equity securities traded on active exchanges.

(D) This category is comprised of bond funds, which seek to duplicate the return characteristics of high-quality corporate bonds with a duration range of 10 to 13 years. The Level 1 assets are valued using quoted market prices for identical securities in active markets.

(E) This category is comprised of fixed-income funds that invest primarily in government-related bonds of non-U.S. issuers and include investments in the Canadian market as well as emerging markets. The Level 1 assets are valued using quoted market prices for identical securities in active markets. Contained within the Level 2 assets is a Core Plus pool of funds investing primarily in high-yield, emerging market debt and global bonds, as well as an international bond fund which invests in fixed-income securities denominated in currencies other than U.S. dollars. The Level 2 assets are pooled or common collective trust funds that consist of fixed-income securities traded on active exchanges.

(F) This category is comprised of a global alpha collective trust fund, a private limited investment partnership, and a private equity fund in 2015. In 2014, the category was comprised only of the private equity fund. The global alpha collective trust fund is comprised of U.S. and global equity and fixed-income securities inclusive of derivatives within the asset mix. This collective trust fund is classified as a Level 2 asset, whereby the underlying securities are valued utilizing quoted market prices for identical securities in active markets. The private investment limited partnership is classified as a Level 3 asset. The investments in the partnership are valued at estimated fair value based on audited financial statements received from the general partner. The private equity fund consists primarily of limited partnership interests in corporate finance and venture capital funds. The private equity fund is classified as a Level 3 asset and is valued based on the fund’s net asset value (“NAV”). NAV is calculated based on the estimated fair value of the underlying investment funds within the portfolio and is corroborated by our review. The private equity fund and private investment limited partnership cannot be redeemed and the return of principal is based on the liquidation of the underlying assets.

The following table presents a rollforward of activity for Level 3 assets.

	2015		2014
Balance at May 1,	$	15.0	$	15.0
Big Heart pension assets acquired		2.8		–
Actual return on plan assets still held at reporting date		0.7		–
Balance at April 30,	$	18.5	$	15.0

The current investment policy is to invest 50 percent of assets in both equity securities and fixed-income securities. Included in equity securities were 317,552 of our common shares at April 30, 2015. The total market value of these shares was $36.8 at April 30, 2015. We paid dividends of $0.8 on these shares during 2015.

We expect to contribute approximately $3.5 to the defined benefit pension plans in 2016. We expect the following payments to be made from the defined benefit pension and other postretirement benefit plans: $49.9 in 2016, $51.0 in 2017, $56.6 in 2018, $53.5 in 2019, $60.2 in 2020, and $304.0 in 2021 through 2025.

2015 ANNUAL REPORT69

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

The J. M. Smucker Company

As a result of the Big Heart acquisition we now participate in one multi-employer pension plan, the Bakery and Confectionery Union and Industry International Pension Fund (“Bakery and Confectionery Union Fund”) (52-6118572), which provides defined benefits to certain union employees. During 2015, a total of $1.7 was contributed to the plan, of which $0.1 was contributed since acquisition and was recognized in the Statement of Consolidated Income.

The risks of participating in multi-employer pension plans are different from the risks of participating in single-employer pension plans in the following respects: the assets contributed to the multi-employer plan by one employer may be used to provide benefits to employees of other participating employers; if a participating employer stops contributing to the plan, the unfunded obligations of the plan allocable to the withdrawing employer may be the responsibility of the remaining participating employers; and, if we stop participating in the multi-employer pension plan, we may be required to pay the plan an amount based on our allocable share of the underfunded status of the plan, referred to as a withdrawal liability.

The Pension Protection Act of 2006 ranks the funded status of multi-employer pension plans depending upon a plan’s current and projected funding. A plan is in the Red Zone (Critical) if it has a current funded percentage less than 65 percent. A plan is in the Yellow Zone (Endangered) if it has a current funded percentage of less than 80 percent, or projects a credit balance deficit within seven years. A plan is in the Green Zone (Healthy) if it has a current funded percentage greater than 80 percent and does not have a projected credit balance deficit within seven years. The zone status is based on the plan’s year end, not our fiscal year end. The zone status is based on information that we received from the plan and is certified by the plan’s actuary. During calendar year 2014, the Bakery and Confectionery Union Fund was in Red Zone status. Although the current funding status as of calendar year 2014 was 65.1 percent, the plan’s actuary concluded that the funding status is more likely than not to fall below 65 percent within the next five years and has classified the Bakery and Confectionery Union Fund in Red Zone status. A funding improvement plan or rehabilitation plan has been implemented.

 NOTE 8 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, corn, and wheat. We also enter into commodity futures and options contracts to manage price risk for energy input costs, including natural gas and diesel fuel. Our 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. Cash flows related to qualifying hedges are classified consistently with the cash flows from the hedged item in the Statements of Consolidated Cash Flows. 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 over time any gain or loss in the estimated fair value of the derivatives would generally be offset by an increase or decrease in the estimated fair value of the underlying exposures.

Foreign Currency Exchange Rate Hedging: We utilize foreign currency forwards and options contracts to manage the effect of foreign currency exchange fluctuations on future cash payments in Canada, primarily related to purchases of certain raw materials and finished goods. The contracts generally have maturities of less than one year.

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.

70THE J. M. SMUCKER COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

The J. M. Smucker Company

Interest Rate Hedging: We utilize derivative instruments to manage changes in the fair value of our debt. Interest rate swaps mitigate the risk associated with the underlying hedged item. At the inception of the contract, the instrument is evaluated and documented for hedge accounting treatment. If the contract is designated as a cash flow hedge, the mark-to-market gains or losses on the swap are deferred and included as a component of accumulated other comprehensive loss to the extent effective, and reclassified to interest expense in the period during which the hedged transaction affects earnings. If the contract is designated as a fair value hedge, the swap would be recognized at fair value on the balance sheet and changes in the fair value would be recognized in interest expense. Generally, changes in the fair value of the derivative are equal to changes in the fair value of the underlying debt and have no impact on earnings.

On February 24, 2015, we entered into a series of forward-starting interest rate swaps to hedge a portion of the interest rate risk related to our anticipated issuance of Senior Notes. The notional hedged amount was $1.1 billion, with expected maturity tenors of 10, 20, and 30 years. The swap agreements were designated as cash flow hedges, where changes in fair value are recorded in other comprehensive (loss) income. On March 12, 2015, in conjunction with the pricing of the Senior Notes, we terminated the interest rate swaps prior to maturity. The termination resulted in a net loss of $4.0, which will be amortized over the life of the remaining debt as an increase to interest expense and approximately $0.2 per year will be recognized beginning in 2026 through 2045. For additional information, see Note 6: Debt and Financing Arrangements.

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: $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 6: Debt and Financing Arrangements.

The following table sets forth the gross fair value of derivative instruments recognized in the Consolidated Balance Sheets.

	April 30, 2015								April 30, 2014
	Other Current Assets		Other Current Liabilities		Other Noncurrent Assets		Other Noncurrent Liabilities		Other Current Assets		Other Current Liabilities		Other Noncurrent Liabilities
Derivatives designated as hedging instruments:
Commodity contracts	$	–	$	–	$	–	$	–	$	23.4	$	10.9	$	–
Interest rate contract		–		–		–		–		18.0		–		3.1
Total derivatives designated as hedging instruments	$	–	$	–	$	–	$	–	$	41.4	$	10.9	$	3.1
Derivatives not designated as hedging instruments:
Commodity contracts	$	6.4	$	23.9	$	0.2	$	3.8	$	11.6	$	5.8	$	–
Foreign currency exchange contracts		4.8		1.0		–		–		1.4		0.7		–
Total derivatives not designated as hedging instruments	$	11.2	$	24.9	$	0.2	$	3.8	$	13.0	$	6.5	$	–
Total derivative instruments	$	11.2	$	24.9	$	0.2	$	3.8	$	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 April 30, 2015 and 2014, we maintained cash margin account balances of $38.2 and $8.1, respectively, included in other current assets in the Consolidated Balance Sheets. The change in the cash margin account balances is included in other – net, investing activities in the 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.

2015 ANNUAL REPORT71

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

The J. M. Smucker Company

The following table presents information on pre-tax commodity contract net 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 interest rate swaps.

	Year Ended April 30,
	2015			2014
(Losses) gains recognized in other comprehensive (loss) income (effective portion)		$  (4.0	)		$21.0
Gains (losses) reclassified from accumulated other comprehensive loss to cost of products sold (effective portion)		29.1			(20.3)
Losses reclassified from accumulated other comprehensive loss to interest expense (effective portion)		(0.6	)		(0.6)
Change in accumulated other comprehensive loss		$(32.5	)		$41.9
Gains recognized in cost of products sold (ineffective portion)		$     –			$  1.4
Losses recognized in interest expense (ineffective portion)		$  (0.1	)		$     –

Due to our election to no longer qualify commodity derivatives for hedge accounting treatment, there was no remaining balance in accumulated other comprehensive loss at April 30, 2015. Included as a component of accumulated other comprehensive loss at April 30, 2014, was a deferred pre-tax net gain of $29.1 related to commodity contracts. The related tax expense recognized in accumulated other comprehensive loss was $10.8 at April 30, 2014.

Also included as a component of accumulated other comprehensive loss at April 30, 2015 and 2014, were deferred pre-tax losses of $8.2 and $4.8, respectively, related to the termination of interest rate swaps. The related tax benefit recognized in accumulated other comprehensive loss was $2.9 and $1.7 at April 30, 2015 and 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.

	Year Ended April 30,
	2015			2014
(Losses) gains on commodity contracts		$(48.5	)		$5.2
Gains on foreign exchange contracts		8.8			3.3
Total (losses) gains recognized in costs of products sold		$(39.7	)		$8.5

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.

	Year Ended April 30,
	2015			2014
Net (losses) gains on mark-to-market valuation of unallocated derivative positions		$(39.7	)		$8.5
Net losses (gains) on derivative positions reclassified to segment operating profit		15.2			(3.2)
Net mark-to-market valuation of certain derivative positions recognized in unallocated (losses) gains		$(24.5	)		$5.3

The net cumulative unallocated derivative losses at April 30, 2015, was $20.4, including net realized losses of $13.9.

72THE J. M. SMUCKER COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

The J. M. Smucker Company

The following table presents the gross contract notional value of outstanding derivative contracts.

	Year Ended April 30,
	2015		2014
Commodity contracts		$640.6		$790.3
Foreign currency exchange contracts		136.4		158.1
Interest rate contract		–		750.0

 NOTE 9 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. With respect to trade receivables, we believe there is no concentration of risk with any single customer whose failure or nonperformance would materially affect our results other than as discussed in Note 3: Reportable Segments. We do not require collateral from our customers. Our other financial instruments, with the exception of long-term debt, are recognized at estimated fair value in the Consolidated Balance Sheets.

The following table provides information on the carrying amount and fair value of our financial instruments.

	April 30, 2015						April 30, 2014
	Carrying Amount			Fair Value			Carrying Amount			Fair Value
Other investments	$	48.4		$	48.4		$	55.4		$	55.4
Derivative financial instruments - net		(17.3	)		(17.3	)		33.9			33.9
Long-term debt		(5,944.9	)		(6,011.3	)		(1,973.1	)		(2,239.1)

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  Active Markets  for Identical  Assets (Level 1)		Significant  Observable  Inputs  (Level 2)		Significant  Unobservable  Inputs  (Level 3)		Fair Value at      April 30, 2015
Other investments: (A)
Equity mutual funds		$         9.7		$             –		$    –		$         9.7
Municipal obligations		–		37.9		–		37.9
Money market funds		0.8		–		–		0.8
Derivatives: (B)
Commodity contracts - net		(12.4)		(8.7)		–		(21.1)
Foreign currency exchange contracts - net		(0.2)		4.0		–		3.8
Long-term debt (C)		(4,459.0)		(1,552.3)		–		(6,011.3)
Total financial instruments measured at fair value		$(4,461.1)		$(1,519.1)		$    –		$(5,980.2)

2015 ANNUAL REPORT73

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

The J. M. Smucker Company

	Quoted Prices in  Active Markets  for Identical  Assets (Level 1)		Significant  Observable  Inputs  (Level 2)		Significant  Unobservable  Inputs  (Level 3)		Fair Value at      April 30, 2014
Other investments: (A)
Equity mutual funds	$	12.0	$	–	$	–	$	12.0
Municipal obligations		–		34.4		–		34.4
Money market funds		9.0		–		–		9.0
Derivatives: (B)
Commodity contracts - net		13.5		4.8		–		18.3
Foreign currency exchange contracts - net		–		0.7		–		0.7
Interest rate contract - net		–		14.9		–		14.9
Long-term debt (C)		(772.0)		(1,467.1)		–		(2,239.1)
Total financial instruments measured at fair value	$	(737.5)	$	(1,412.3)	$	–	$	(2,149.8)

(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 that are derived principally from or corroborated by observable market data, and money market funds with maturities of three months or less. Based on the short-term nature of these money market funds, carrying value approximates fair value. As of April 30, 2015, our municipal obligations are scheduled to mature as follows: $0.9 in 2016, $1.3 in 2017, $1.1 in 2018, $3.0 in 2019, and the remaining $31.6 in 2020 and beyond. For additional information, see Marketable Securities and Other Investments in Note 1: Accounting Policies.

(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 8: Derivative Financial Instruments.

(C) Long-term debt is comprised of $750.0 in public Senior Notes and the $3.7 billion Senior Notes issued in 2015 classified as Level 1 and the Term Loan classified as Level 2 in 2015. Long-term debt is comprised of public Senior Notes classified as Level 1 and private Senior Notes classified as Level 2 in 2014. The public Senior Notes are traded in an active secondary market and valued using quoted prices. The value of the private Senior Notes and Term Loan are 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 private Senior Notes or an estimated yield curve obtained from independent pricing sources for similar types of term loan borrowing arrangements. For additional information, see Note 6: Debt and Financing Arrangements.

 NOTE 10 SHARE-BASED PAYMENTS

We provide for equity-based incentives to be awarded to key employees and non-employee directors. Currently, these incentives consist of restricted shares, restricted stock units (which may also be referred to as deferred stock units), performance units, and stock options. These awards are administered primarily through the 2010 Equity and Incentive Compensation Plan approved by our shareholders in August 2010. Awards under this plan may be in the form of stock options, stock appreciation rights, restricted shares, restricted stock units, performance shares, performance units, incentive awards, and other share-based awards. Awards under this plan may be granted to our non-employee directors, consultants, officers, and other employees. Deferred stock units granted to non-employee directors vest immediately and, along with dividends credited on those deferred stock units, are paid out in the form of common shares upon termination of service as a non-employee director. At April 30, 2015, there were 5,820,288 shares available for future issuance under this plan.

Under the 2010 Equity and Incentive Compensation Plan, we have the option to settle share-based awards by issuing common shares from treasury, issuing new Company common shares, or issuing a combination of common shares from treasury and new Company common shares.

Stock Options: During 2015, we granted 955,000 stock options under the 2010 Equity and Incentive Compensation Plan. The options vest over a period of one to three years dependent on the continued service of the option holder, as well as the achievement of performance objectives established on the grant date. The exercise price of all options granted is equal to the market value of the shares on the date of grant. All options granted during 2015 have a contractual term of 10 years.

74THE J. M. SMUCKER COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

The J. M. Smucker Company

The fair value of each option is estimated on the date of grant using a Black-Scholes option-pricing model with the following weighted-average assumptions for stock options granted:

	2015
Expected volatility (%)		25.0%
Dividend Yield (%)		2.2%
Risk-free interest rate (%)		1.5%
Expected life of stock option (years)		5.6

Expected volatility was calculated in accordance with the provisions of FASB ASC 718, Compensation – Stock Compensation, based on consideration of both historical and implied volatilities. The expected life of a stock option represents the period from the grant date through the expected exercise date of the option. This was calculated using a simplified method whereby the midpoint between the vesting date and the end of the contractual term is utilized to compute the expected term. A simplified method was used in this calculation given the change in demographics since our last stock option issuance in 2005; therefore, we expect that the exercise patterns under this grant will be different from those under previous stock option grants.

The following table is a summary of our option activity.

	Number of Options		Weighted-Average      Exercise Price
Outstanding at May 1, 2014		33,667		$  44.50
Granted		955,000		112.59
Exercised		31,667		44.29
Outstanding at April 30, 2015		957,000		$112.45
Exercisable at April 30, 2015		2,000		$  47.78

The average remaining contractual term for options outstanding and exercisable at April 30, 2015, are 9.9 and 0.3 years, respectively. The aggregate intrinsic value of options outstanding and exercisable at April 30, 2015, are $3.3 and $0.1, respectively. The options granted in 2015 have a weighted-average grant date fair value of $21.68 per option. No options were granted in 2014 and 2013. The total intrinsic value of options exercised was $1.9, $0.8, and $3.4 for 2015, 2014, and 2013, respectively. The closing market price of our common stock on the last trading day of 2015 was $115.92 per share.

For options granted during 2015, compensation cost will be recognized ratably over the service period for each vesting tranche from the grant date through the end of the requisite service period to the extent the performance objectives are likely to be achieved. Compensation cost for stock option awards totaled $1.2 for the year ended April 30, 2015, and was included in other special project costs in the Statement of Consolidated Income. No compensation cost was incurred during 2014 and 2013. The tax benefit related to the stock option expense for 2015 was $0.4. At April 30, 2015, we had $18.5 of total unrecognized compensation expense, net of estimated forfeitures, related to stock options that will be recognized over a weighted-average period of 2.0 years.

Cash received from option exercises for the years ended April 30, 2015, 2014, and 2013 was $0.8, $0.5, and $2.2, respectively.

2015 ANNUAL REPORT75

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

The J. M. Smucker Company

Other Equity Awards: The following table is a summary of our restricted shares, deferred stock units, and performance units.

	Restricted Shares and Deferred Stock Units			Weighted-Average Grant Date Fair Value		Performance Units			Weighted-Average      Conversion Date      Fair Value
Outstanding at May 1, 2014		839,188			$  76.54		101,020			$104.91
Granted		109,091			104.82		75,848			111.41
Converted		101,020			104.91		(101,020	)		104.91
Vested		(416,328	)		68.59		–			–
Forfeited		(36,082	)		90.65		–			–
Outstanding at April 30, 2015		596,889			$  91.21		75,848			$111.41

The weighted-average grant date fair value of equity awards other than stock options that vested in 2015, 2014, and 2013 was $28.6, $20.8, and $11.8, respectively. The vesting date fair value of equity awards other than stock options that vested in 2015, 2014, and 2013 was $43.4, $40.2, and $15.4, respectively. The weighted-average grant date fair value of restricted shares and deferred stock units is the average of the high and the low share price on the date of grant. The weighted-average conversion date fair value of performance units is the average of the high and the low share price on the date of conversion to restricted shares. The following table summarizes the weighted-average fair values of the equity awards granted in 2015, 2014, and 2013.

Year Ended April 30,	Restricted Shares and Deferred Stock Units		Weighted-Average Grant Date Fair Value		Performance Units		Weighted-Average       Conversion Date       Fair Value
2015		109,091		$104.82		75,848		$111.41
2014		167,134		101.08		101,020		104.91
2013		109,770		76.37		106,666		100.54

The performance units column represents the number of restricted shares received by certain executive officers, subsequent to year end, upon conversion of the performance units earned during the year. Restricted shares and deferred stock units generally vest four years from the date of grant or upon the attainment of a defined age and years of service, subject to certain retention requirements.

 NOTE 11 INCOME TAXES

Income before income taxes is as follows:

	Year Ended April 30,
	2015		2014			2013
Domestic		$500.7		$827.4			$791.9
Foreign		22.3		22.3			25.4
Income before income taxes		$523.0		$849.7			$817.3
The components of the provision for income taxes are as follows:
	Year Ended April 30,
	2015		2014			2013
Current:
Federal		$147.8		$265.4			$262.1
Foreign		4.7		4.2			6.1
State and local		17.9		22.9			20.5
Deferred:
Federal		2.3		(13.9	)		(15.6)
Foreign		0.5		2.4			0.9
State and local		4.9		3.5			(0.9)
Total income tax expense		$178.1		$284.5			$273.1

76THE J. M. SMUCKER COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

The J. M. Smucker Company

A reconciliation of the statutory federal income tax rate and the effective income tax rate is as follows:

	Year Ended April 30,
Percent of Pretax Income	2015			2014			2013
Statutory federal income tax rate		35.0	%		35.0	%		35.0%
State and local income taxes		2.4			1.9			1.8
Domestic manufacturing deduction		(2.9	)		(3.0	)		(3.1)
Other items – net		(0.4	)		(0.4	)		(0.3)
Effective income tax rate		34.1	%		33.5	%		33.4%
Income taxes paid	$	199.3			$294.4			$279.2

We are a voluntary participant in the Compliance Assurance Process (“CAP”) program offered by the Internal Revenue Service (“IRS”) and are currently under a CAP examination for the tax year ended April 30, 2015. Through the contemporaneous exchange of information with the IRS, this program is designed to identify and resolve tax positions with the IRS prior to the filing of a tax return, which allows us to remain current with our IRS examinations. The IRS has completed the CAP examinations for tax years ended April 30, 2012, 2013, and 2014. Tax years prior to 2012 are no longer subject to U.S. federal tax examination. With limited exceptions, we are no longer subject to examination for state and local jurisdictions for tax years prior to 2011 and for tax years prior to 2008 for foreign jurisdictions. BAG has been notified that the IRS will examine its federal income tax returns for the fiscal year ending April 27, 2014, and the period ending March 22, 2015.

Deferred income taxes reflect the tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax reporting. Significant components of our deferred tax assets and liabilities are as follows:

	April 30,
	2015			2014
Deferred tax liabilities:
Intangible assets		$2,499.4			$1,028.7
Property, plant, and equipment		158.0			94.5
Other		9.6			19.4
Total deferred tax liabilities		$2,667.0			$1,142.6
Deferred tax assets:
Post-employment and other employee benefits		$   143.4			$   103.3
Tax credit and loss carryforwards		44.8			–
Intangible assets		22.1			7.6
Inventory		11.6			–
Property, plant, and equipment		19.4			–
Other		32.9			29.8
Total deferred tax assets		$   274.2			$   140.7
Valuation allowance		(4.2	)		–
Total deferred tax assets, less allowance		$   270.0			$   140.7
Net deferred tax liability		$2,397.0			$1,001.9

2015 ANNUAL REPORT77

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

The J. M. Smucker Company

The following table summarizes domestic loss and credit carryforwards at April 30, 2015.

	Related Tax Deduction		Deferred Tax Asset		Valuation Allowance		Expiration Date
Tax carryforwards:
Federal loss carryforwards		$104.6		$36.6		$4.2		2035
State loss carryforwards		119.4		5.9		–		2020 to 2035
Federal tax credit carryforwards		–		0.5		–		2035
State tax credit carryforwards		–		1.8		–		2021
Total tax carryforwards		$224.0		$44.8		$4.2

We evaluate the realizability of deferred tax assets for each of the jurisdictions in which we operate. The total valuation allowance increased by $4.2 related to a federal capital loss carryforward recorded with the Big Heart acquisition.

Deferred income taxes have not been provided on approximately $248.6 of undistributed earnings of foreign subsidiaries since these amounts are considered to be permanently reinvested. Any additional taxes payable on the earnings of foreign subsidiaries, if remitted, would be partially offset by domestic tax deductions or tax credits for foreign taxes paid. It is not practical to estimate the amount of additional taxes that might be payable on such undistributed earnings.

Our unrecognized tax benefits as of April 30, 2015, 2014, and 2013, were $45.0, $29.1, and $29.7, respectively. Of the unrecognized tax benefits, $32.2, $19.5, and $20.6 would affect the effective tax rate, if recognized, as of April 30, 2015, 2014, and 2013, respectively. Our accrual for tax-related net interest and penalties totaled $3.4 as of April 30, 2015, and $2.0 as of April 30, 2014 and 2013. Interest charged to earnings totaled $0.7, $0.1, and $0.3 during 2015, 2014, and 2013, respectively.

Within the next 12 months, it is reasonably possible that we could decrease our unrecognized tax benefits by an estimated $2.1, primarily as a result of the expiration of statute of limitation periods.

A reconciliation of our unrecognized tax benefits is as follows:

	2015		2014		2013
Balance at May 1,	$	29.1	$	29.7	$	24.0
Increases:
Current year tax positions		2.4		5.1		4.8
Prior year tax positions		1.2		0.1		2.5
Acquired businesses		13.4		–		–
Decreases:
Prior year tax positions		0.4		1.6		0.2
Settlement with tax authorities		–		1.5		1.0
Expiration of statute of limitations periods		0.7		2.7		0.4
Balance at April 30,	$	45.0	$	29.1	$	29.7

78THE J. M. SMUCKER COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

The J. M. Smucker Company

 NOTE 12 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.

	Foreign Currency Translation Adjustment			Unrealized (Loss) Gain on Cash Flow Hedging Derivatives (A)			Pension and Other Postretirement Liabilities (B)			Unrealized Gain on Available-for-Sale Securities (C)			Accumulated      Other      Comprehensive      Loss
Balance at May 1, 2012		$  67.0			$(19.2	)		$  (134.3	)		$    2.5			$  (84.0)
Reclassification adjustments		–			40.1			20.4			–			60.5
Current period (charge) credit		(5.5	)		(27.5	)		(16.5)			3.1			(46.4)
Income tax expense		–			(4.6)			(1.0)			(1.1	)		(6.7)
Balance at April 30, 2013		$  61.5			$(11.2	)		$  (131.4	)		$    4.5			$  (76.6)
Reclassification adjustments		–			20.9			13.3			(3.7	)		30.5
Current period (charge) credit		(29.8	)		21.0			31.4			1.9			24.5
Income tax (expense) benefit		–			(15.4	)		(15.3	)		0.7			(30.0)
Balance at April 30, 2014		$  31.7			$ 15.3			$ (102.0)			$    3.4			$  (51.6)
Reclassification adjustments		–			(28.5	)		9.8			–			(18.7)
Current period charge		(34.0	)		(4.0	)		(16.2	)		(0.1	)		(54.3)
Income tax benefit		–			12.0			2.8			–			14.8
Balance at April 30, 2015		$ (2.3)			$  (5.2	)		$  (105.6	)		$    3.3			$(109.8)

(A) Of the total reclassification adjustments from accumulated other comprehensive loss, $29.1 of income and $20.3 and $39.6 of expense were reclassified to cost of products sold related to commodity derivatives during 2015, 2014, and 2013, respectively. An additional $0.6 during 2015 and 2014, and $0.5 during 2013 was reclassified to interest expense related to the interest rate swap. At April 30, 2015, the remaining balance in accumulated other comprehensive loss related entirely to the interest rate swap.

(B) Amortization of net losses was reclassified from accumulated other comprehensive loss to selling, distribution, and administrative expenses.

(C) The gain on the sale of marketable securities was reclassified from accumulated other comprehensive loss to other income – net during 2014.

 NOTE 13 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 have incurred total restructuring costs of $263.8 through April 30, 2015. As of April 30, 2015, all restructuring activities related to the approved plans were complete.

2015 ANNUAL REPORT79

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

The J. M. Smucker Company

The following table summarizes the restructuring activity, including the liabilities recorded and the total amount incurred.

	Long-Lived Asset Charges			Employee Separation			Site Preparation and Equipment Relocation			Production Start-up			Other Costs			Total
Total restructuring charge		$102.7			$64.0			$45.5			$42.2			$9.4			$263.8
Balance at May 1, 2012		$       –			$  8.8			$     –			$     –			$   –			$    8.8
Charge to expense		8.2			3.4			13.4			10.8			3.0			38.8
Cash payments		–			(4.5	)		(13.4	)		(10.8	)		(3.0	)		(31.7	)
Noncash utilization		(8.2	)		–			–			–			–			(8.2	)
Balance at April 30, 2013		$       –			$  7.7			$     –			$     –			$   –			$    7.7
Charge to expense		2.7			2.6			7.2			7.2			1.1			20.8
Cash payments		–			(8.4	)		(7.2	)		(7.2	)		(1.1	)		(23.9	)
Noncash utilization		(2.7	)		(0.2	)		–			–			–			(2.9	)
Balance at April 30, 2014		$       –			$  1.7			$     –			$     –			$   –			$    1.7
Charge to expense		0.1			0.5			5.3			8.4			1.1			15.4
Cash payments		–			(1.7	)		(5.3	)		(8.4	)		(1.1	)		(16.5	)
Noncash utilization		(0.1	)		–			–			–			–			(0.1	)
Balance at April 30, 2015		$       –			$  0.5			$     –			$     –			$   –			$    0.5

During the years ended April 30, 2015, 2014, and 2013, total restructuring charges of $15.4, $20.8, and $38.8, respectively, were reported in the Statements of Consolidated Income. Of the total restructuring charges, $1.1, $5.1, and $10.0 were reported in cost of products sold in the years ended April 30, 2015, 2014, and 2013, respectively. The remaining charges were reported in other special project costs. The restructuring costs classified as cost of products sold primarily include long-lived asset charges for accelerated depreciation related to property, plant, and equipment that had been used at the affected production facilities prior to closure.

Employee separation costs include severance, retention bonuses, and pension costs. Severance costs and retention bonuses are recognized over the estimated future service period of the affected employees.

Other costs include professional fees, costs related to closing the facilities, and miscellaneous expenditures associated with the restructuring initiative and are expensed as incurred.

80THE J. M. SMUCKER COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

The J. M. Smucker Company

 NOTE 14 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.

On October 9, 2013, Big Heart entered into a Purchase Agreement with Del Monte Pacific Limited and its subsidiary, Del Monte Foods Consumer Products, Inc. (which changed its name to Del Monte Foods, Inc.) (“DMFI”). Big Heart sold to DMFI the interests of certain subsidiaries related to Big Heart’s consumer products business and generally all assets and liabilities primarily related to the consumer products business for a purchase price of $1.7 billion, subject to a post-closing working capital adjustment. In connection with the closing of the transaction, Big Heart received approximately $110.0 in incremental proceeds representing the preliminary working capital adjustment subject to a true-up in accordance with the terms of the Purchase Agreement. Big Heart made a claim of $16.3 for the working capital adjustment related to the sale of the consumer products business. In June 2014, Big Heart received a notice of disagreement from DMFI disputing the $16.3 working capital adjustment, as well as the incremental preliminary working capital adjustment of approximately $110.0 paid by DMFI at closing. Pursuant to the terms of the Purchase Agreement, the working capital dispute has been submitted to a mutually agreed upon independent certified public accounting firm of national recognition in the U.S. We believe that the working capital adjustment presented to DMFI is appropriate and is in accordance with the terms of the Purchase Agreement, and we plan to vigorously defend Big Heart’s position. However, we cannot currently predict the ultimate outcome of this dispute and have not recorded a receivable or liability as part of the Big Heart acquisition, but are continuing to evaluate the impact on the opening balance sheet.

 NOTE 15 GUARANTOR AND NON-GUARANTOR FINANCIAL INFORMATION

Our 3.50 percent Senior Notes due October 15, 2021, are fully and unconditionally guaranteed, on a joint and several basis, by J.M. Smucker LLC and The Folgers Coffee Company (the “subsidiary guarantors”), which are 100 percent wholly-owned subsidiaries of the Company. A subsidiary guarantor will be released from its obligations under the indenture governing the notes (a) if we exercise our legal or covenant defeasance option or if our obligations under the indenture are discharged in accordance with the terms of the indenture or (b) upon delivery of an officer’s certificate to the trustee that the subsidiary guarantor does not guarantee our obligations under any of our other primary senior indebtedness and that any other guarantees of such primary senior indebtedness of the subsidiary guarantor have been released other than through discharges as a result of payment by such guarantor on such guarantees.

Condensed consolidating financial statements for the Company, the subsidiary guarantors, and the other subsidiaries of the Company that are not guaranteeing the indebtedness under the 3.50 percent Senior Notes (the “non-guarantor subsidiaries”) are provided below. The principal elimination entries relate to investments in subsidiaries and intercompany balances and transactions, including transactions with our 100 percent wholly-owned subsidiary guarantors and non-guarantor subsidiaries. We have accounted for investments in subsidiaries using the equity method.

2015 ANNUAL REPORT81

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

The J. M. Smucker Company

CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME	Year Ended April 30, 2015
	The J. M. Smucker  Company (Parent)		Subsidiary Guarantors			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Net sales		$2,998.0		$1,184.0			$6,622.4			$(5,111.7	)		$5,692.7
Cost of products sold		2,457.8		1,080.0			5,301.6			(5,115.4	)		3,724.0
Gross Profit		540.2		104.0			1,320.8			3.7			1,968.7
Selling, distribution, and administrative expenses and other special project costs		234.9		53.8			799.2			–			1,087.9
Amortization		4.2		–			106.7			–			110.9
Other operating expense (income) - net		0.3		(2.4	)		–			–			(2.1)
Operating Income		300.5		52.6			414.9			3.7			772.0
Interest (expense) income - net		(80.7)		1.2			(0.4	)		–			(79.9)
Other debt costs		(173.3)		–			–			–			(173.3)
Other income - net		0.6		0.1			3.5			–			4.2
Equity in net earnings of subsidiaries		312.6		131.4			52.7			(496.7	)		–
Income Before Income Taxes		360.0		185.3			470.7			(493.0	)		523.0
Income taxes		15.1		0.4			162.6			–			178.1
Net Income		$   344.9		$   184.9			$   308.1			$   (493.0	)		$   344.9
Other comprehensive loss, net of tax		(58.2)		(18.5	)		(43.3	)		61.8			(58.2)
Comprehensive Income		$   286.7		$   166.4			$   264.8			$   (431.2	)		$   286.7
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME	Year Ended April 30, 2014
	The J. M. Smucker  Company (Parent)		Subsidiary Guarantors			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Net sales		$3,162.8		$1,278.8			$6,601.3			$(5,432.3	)		$5,610.6
Cost of products sold		2,573.6		1,166.0			5,268.5			(5,428.5	)		3,579.6
Gross Profit		589.2		112.8			1,332.8			(3.8	)		2,031.0
Selling, distribution, and administrative expenses and other special project costs		197.1		47.5			769.8			–			1,014.4
Amortization		4.2		–			94.7			–			98.9
Other operating (income) expense - net		(1.3)		0.9			(0.9	)		–			(1.3)
Operating Income		389.2		64.4			469.2			(3.8	)		919.0
Interest (expense) income - net		(80.8)		1.2			(1.5	)		1.7			(79.4)
Other income (expense) - net		10.8		–			1.0			(1.7	)		10.1
Equity in net earnings of subsidiaries		345.1		141.4			64.4			(550.9	)		–
Income Before Income Taxes		664.3		207.0			533.1			(554.7	)		849.7
Income taxes		99.1		0.4			185.0			–			284.5
Net Income		$   565.2		$   206.6			$   348.1			$   (554.7	)		$   565.2
Other comprehensive income, net of tax		25.0		27.4			6.0			(33.4	)		25.0
Comprehensive Income		$   590.2		$   234.0			$   354.1			$   (588.1	)		$   590.2

82THE J. M. SMUCKER COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

The J. M. Smucker Company

CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME	Year Ended April 30, 2013
	The J. M. Smucker  Company (Parent)		Subsidiary Guarantors			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Net sales		$ 4,447.6		$1,296.4			$5,430.3			$(5,276.6	)		$5,897.7
Cost of products sold		3,957.3		1,190.6			4,015.0			(5,292.8	)		3,870.1
Gross Profit		490.3		105.8			1,415.3			16.2			2,027.6
Selling, distribution, and administrative expenses and other special project costs		199.0		42.9			781.5			–			1,023.4
Amortization		4.8		–			92.0			–			96.8
Other operating (income) expense - net		(2.7)		(2.2	)		1.9			–			(3.0)
Operating Income		289.2		65.1			539.9			16.2			910.4
Interest (expense) income - net		(94.4)		1.2			(0.2	)		–			(93.4)
Other income (expense) - net		0.7		1.1			(1.5	)		–			0.3
Equity in net earnings of subsidiaries		408.6		156.7			66.4			(631.7	)		–
Income Before Income Taxes		604.1		224.1			604.6			(615.5	)		817.3
Income taxes		59.9		0.4			212.8			–			273.1
Net Income		$    544.2		$   223.7			$   391.8			$   (615.5	)		$   544.2
Other comprehensive income, net of tax		7.4		9.0			4.1			(13.1	)		7.4
Comprehensive Income		$    551.6		$   232.7			$   395.9			$   (628.6	)		$   551.6

2015 ANNUAL REPORT83

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

The J. M. Smucker Company

CONDENSED CONSOLIDATING BALANCE SHEETS			April 30, 2015
	The J. M. Smucker  Company (Parent)		Subsidiary Guarantors		Non-Guarantor   Subsidiaries		Eliminations			Consolidated
ASSETS
Current Assets
Cash and cash equivalents		$         7.1		$          –		$   118.5		$             –			$   125.6
Inventories		–		180.3		979.6		3.7			1,163.6
Other current assets		427.4		4.8		343.5		(12.6	)		763.1
Total Current Assets		434.5		185.1		1,441.6		(8.9	)		2,052.3
Property, Plant, and Equipment-Net		258.0		591.3		829.0		–			1,678.3
Investments in Subsidiaries		14,610.4		4,179.7		272.4		(19,062.5	)		–
Intercompany Receivable		–		305.2		133.1		(438.3	)		–
Other Noncurrent Assets
Goodwill		1,082.0		–		4,927.8		–			6,009.8
Other intangible assets-net		501.1		–		6,449.2		–			6,950.3
Other noncurrent assets		55.6		10.5		125.8		–			191.9
Total Other Noncurrent Assets		1,638.7		10.5		11,502.8		–			13,152.0
Total Assets		$16,941.6		$5,271.8		$14,178.9		$(19,509.7	)		$16,882.6
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current Liabilities		$     484.0		$ 82.6		$     468.6		$       (12.6	)		$  1,022.6
Noncurrent Liabilities
Long-term debt		5,944.9		–		–		–			5,944.9
Deferred income taxes		106.9		–		2,366.4		–			2,473.3
Intercompany payable		3,080.2		–		–		(3,080.2	)		–
Other noncurrent liabilities		238.7		15.2		101.0		–			354.9
Total Noncurrent Liabilities		9,370.7		15.2		2,467.4		(3,080.2	)		8,773.1
Total Liabilities		9,854.7		97.8		2,936.0		(3,092.8	)		9,795.7
Total Shareholders’ Equity		7,086.9		5,174.0		11,242.9		(16,416.9	)		7,086.9
Total Liabilities and Shareholders’ Equity		$16,941.6		$5,271.8		$14,178.9		$(19,509.7	)		$16,882.6

84THE J. M. SMUCKER COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

The J. M. Smucker Company

CONDENSED CONSOLIDATING BALANCE SHEETS			April 30, 2014
	The J. M. Smucker  Company (Parent)		Subsidiary Guarantors		Non-Guarantor   Subsidiaries		Eliminations			Consolidated
ASSETS
Current Assets
Cash and cash equivalents		$         6.8		$          –		$   146.7		$             –			$   153.5
Inventories		–		173.3		761.4		(3.7	)		931.0
Other current assets		360.2		9.9		94.6		(10.1	)		454.6
Total Current Assets		367.0		183.2		1,002.7		(13.8	)		1,539.1
Property, Plant, and Equipment - Net		233.6		551.1		480.9		–			1,265.6
Investments in Subsidiaries		8,367.6		4,063.3		237.9		(12,668.8	)		–
Intercompany Receivable		–		315.5		1,132.2		(1,447.7	)		–
Other Noncurrent Assets
Goodwill		1,082.0		–		2,016.2		–			3,098.2
Other intangible assets - net		505.5		–		2,518.8		–			3,024.3
Other noncurrent assets		58.5		11.1		63.4		–			133.0
Total Other Noncurrent Assets		1,646.0		11.1		4,598.4		–			6,255.5
Total Assets		$10,614.2		$5,124.2		$7,452.1	$	(14,130.3	)		$9,060.2
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current Liabilities		$     590.7		$   103.8		$   201.4		$(10.1	)		$   885.8
Noncurrent Liabilities
Long-term debt		1,873.1		–		–		–			1,873.1
Deferred income taxes		107.6		–		913.1		–			1,020.7
Intercompany payable		2,792.9		–		–		(2,792.9	)		–
Other noncurrent liabilities		220.3		12.8		17.9		–			251.0
Total Noncurrent Liabilities		4,993.9		12.8		931.0		(2,792.9	)		3,144.8
Total Liabilities		5,584.6		116.6		1,132.4		(2,803.0	)		4,030.6
Total Shareholders’ Equity		5,029.6		5,007.6		6,319.7		(11,327.3	)		5,029.6
Total Liabilities and Shareholders’ Equity		$10,614.2		$5,124.2		$7,452.1	$	(14,130.3	)		$9,060.2

2015 ANNUAL REPORT85

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

The J. M. Smucker Company

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS			Year Ended April 30, 2015
	The J. M. Smucker  Company (Parent)		Subsidiary  Guarantors		Non-Guarantor      Subsidiaries		Eliminations		Consolidated
Net Cash Provided by Operating Activities		$    239.2		$  87.8		$   406.2		$          –		$    733.2
Investing Activities
Businesses acquired, net of cash acquired		(1,240.0)		–		(80.5)		–		(1,320.5)
Additions to property, plant, and equipment		(56.3)		(93.3)		(98.1)		–		(247.7)
Proceeds from disposal of property, plant, and equipment		–		1.1		1.5		–		2.6
Equity investments in subsidiaries		(2,715.3)		–		–		2,715.3		–
Repayments from (disbursements of) intercompany loans		–		10.2		(297.5)		287.3		–
Other - net		–		(5.8)		(24.3)		–		(30.1)
Net Cash (Used for) Provided by Investing Activities		(4,011.6)		(87.8)		(498.9)		3,002.6		(1,595.7)
Financing Activities
Short-term repayments - net		(5.3)		–		(17.1)		–		(22.4)
Proceeds from long-term debt		5,382.5		–		–		–		5,382.5
Repayments of long-term debt, including make-whole payments		(1,580.8)		–		(2,613.1)		–		(4,193.9)
Quarterly dividends paid		(254.0)		–		–		–		(254.0)
Purchase of treasury shares		(24.3)		–		–		–		(24.3)
Proceeds from stock option exercises		0.8		–		–		–		0.8
Investments in subsidiaries		–		–		2,715.3		(2,715.3)		–
Intercompany payable		287.3		–		–		(287.3)		–
Other - net		(33.5)		–		8.0		–		(25.5)
Net Cash Provided by (Used for) Financing Activities		3,772.7		–		93.1		(3,002.6)		863.2
Effect of exchange rate changes on cash		–		–		(28.6)		–		(28.6)
Net decrease in cash and cash equivalents		0.3		–		(28.2)		–		(27.9)
Cash and cash equivalents at beginning of year		6.8		–		146.7		–		153.5
Cash and Cash Equivalents at End of Year		$        7.1		$       –		$  118.5		$          –		$    125.6

(  ) Denotes use of cash

86THE J. M. SMUCKER COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

The J. M. Smucker Company

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS			Year Ended April 30, 2014
	The J. M. Smucker  Company (Parent)		Subsidiary  Guarantors		Non-Guarantor      Subsidiaries		Eliminations		Consolidated
Net Cash Provided by Operating Activities		$  297.8		$  168.5		$ 389.7		$         –		$ 856.0
Investing Activities
Businesses acquired, net of cash acquired		–		–		(101.8)		–		(101.8)
Additions to property, plant, and equipment		(31.1)		(163.2)		(85.2)		–		(279.5)
Sales and maturities of marketable securities		10.0		–		–		–		10.0
Proceeds from disposal of property, plant, and equipment		–		0.6		10.1		–		10.7
Equity investments in subsidiaries		(108.9)		(17.1)		–		126.0		–
Repayments from (disbursements of) intercompany loans		–		9.3		(283.0)		273.7		–
Other - net		(3.2)		0.2		(6.7)		–		(9.7)
Net Cash (Used for) Provided by Investing Activities		(133.2)		(170.2)		(466.6)		399.7		(370.3)
Financing Activities
Short-term borrowing - net		248.4		–		–		–		248.4
Repayments of long-term debt		(50.0)		–		–		–		(50.0)
Quarterly dividends paid		(238.0)		–		–		–		(238.0)
Purchase of treasury shares		(508.5)		–		–		–		(508.5)
Proceeds from stock option exercises		0.5		–		–		–		0.5
Investments in subsidiaries		–		–		126.0		(126.0)		–
Intercompany payable		273.7		–		–		(273.7)		–
Other - net		8.1		1.7		(37.7)		–		(27.9)
Net Cash (Used for) Provided by Financing Activities		(265.8)		1.7		88.3		(399.7)		(575.5)
Effect of exchange rate changes on cash		–		–		(13.1)		–		(13.1)
Net decrease in cash and cash equivalents		(101.2)		–		(1.7)		–		(102.9)
Cash and cash equivalents at beginning of year		108.0		–		148.4		–		256.4
Cash and Cash Equivalents at End of Year		$      6.8		$       –		$ 146.7		$         –		$ 153.5

(  ) Denotes use of cash

2015 ANNUAL REPORT87

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

The J. M. Smucker Company

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS			Year Ended April 30, 2013
	The J. M. Smucker  Company (Parent)		Subsidiary  Guarantors		Non-Guarantor      Subsidiaries		Eliminations		Consolidated
Net Cash Provided by Operating Activities		$  201.7		$    46.4		$  607.7		$         –		$  855.8
Investing Activities
Additions to property, plant, and equipment		(33.6)		(103.1)		(69.8)		–		(206.5)
Proceeds from disposal of property, plant, and equipment		–		0.1		3.2		–		3.3
Equity investments in subsidiaries		(3.7)		(174.2)		–		177.9		–
Repayments from (disbursements of) intercompany loans		–		227.4		(693.6)		466.2		–
Other - net		(9.5)		3.4		23.7		–		17.6
Net Cash (Used for) Provided by Investing Activities		(46.8)		(46.4)		(736.5)		644.1		(185.6)
Financing Activities
Repayments of long-term debt		(50.0)		–		–		–		(50.0)
Quarterly dividends paid		(222.8)		–		–		–		(222.8)
Purchase of treasury shares		(364.2)		–		–		–		(364.2)
Proceeds from stock option exercises		2.2		–		–		–		2.2
Investments in subsidiaries		9.9		–		168.0		(177.9)		–
Intercompany payable		466.2		–		–		(466.2)		–
Other - net		3.5		–		(9.7)		–		(6.2)
Net Cash (Used for) Provided by Financing Activities		(155.2)		–		158.3		(644.1)		(641.0)
Effect of exchange rate changes on cash		–		–		(2.5)		–		(2.5)
Net (decrease) increase in cash and cash equivalents		(0.3)		–		27.0		–		26.7
Cash and cash equivalents at beginning of year		108.3		–		121.4		–		229.7
Cash and Cash Equivalents at End of Year		$  108.0		$         –		$  148.4		$         –		$  256.4

(  ) Denotes use of cash

88THE J. M. SMUCKER COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

The J. M. Smucker Company

 NOTE 16 COMMON SHARES

Voting: The Amended Articles of Incorporation (“Articles”) provide that each holder of a common share outstanding is entitled to one vote on each matter submitted to a vote of the shareholders, except for the following specific matters:

— any matter that relates to or would result in the dissolution or liquidation of the Company;                                                                                 

— the adoption of any amendment to the Articles or Amended Regulations, or the adoption of amended Articles, other than the adoption of any amendment or amended Articles that increases the number of votes to which holders of our common shares are entitled or expands the matters to which time-phased voting applies;

— any proposal or other action to be taken by our shareholders relating to the Rights Agreement, dated as of May 20, 2009, between the Company and Computershare Trust Company, N.A. or any successor plan;

— any matter relating to any stock option plan, stock purchase plan, executive compensation plan, executive benefit plan, or other similar plan, arrangement, or agreement;

— the adoption of any agreement or plan of or for the merger, consolidation, or majority share acquisition of us or any of our subsidiaries with or into any other person, whether domestic or foreign, corporate or noncorporate, or the authorization of the lease, sale, exchange, transfer, or other disposition of all, or substantially all, of our assets;

— any matter submitted to our shareholders pursuant to Article Fifth (which relates to procedures applicable to certain business combinations) or Article Seventh (which relates to procedures applicable to certain proposed acquisitions of specified percentages of our outstanding common shares) of the Articles, as they may be further amended, or any issuance of our common shares for which shareholder approval is required by applicable stock exchange rules; and

— any matter relating to the issuance of our common shares or the repurchase of our common shares that the Board of Directors (“Board”) determines is required or appropriate to be submitted to our shareholders under the Ohio Revised Code or applicable stock exchange rules.

On the matters listed above, common shares are entitled to 10 votes per share if they meet the requirements set forth in the Articles. Common shares which would be entitled to 10 votes per share must meet one of the following criteria:

— common shares for which there has not been a change in beneficial ownership in the past four years; or

— common shares received through our various equity plans that have not been sold or otherwise transferred.

In the event of a change in beneficial ownership, the new owner of that common share will be entitled to only one vote with respect to that share on all matters until four years pass without a further change in beneficial ownership of the share.

Shareholders’ Rights Plan: Pursuant to a Shareholders’ Rights Plan adopted by the Board on May 20, 2009, one share purchase right is associated with each of our outstanding common shares.

Under the plan, the rights will initially trade together with our common shares and will not be exercisable. In the absence of further action by the directors, the rights generally will become exercisable and allow the holder to acquire our common shares at a discounted price if a person or group acquires 10 percent or more of our outstanding common shares. Rights held by persons who exceed the applicable threshold will be void. Shares held by members of the Smucker family are not subject to the threshold. If exercisable, each right entitles the shareholder to buy one common share at a discounted price. Under certain circumstances, the rights will entitle the holder to buy shares in an acquiring entity at a discounted price.

The plan also includes an exchange option. In general, if the rights become exercisable, the directors may, at their option, effect an exchange of part or all of the rights, other than rights that have become void, for common shares. Under this option, we would issue one common share for each right, in each case subject to adjustment in certain circumstances.

2015 ANNUAL REPORT89

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

The J. M. Smucker Company

The directors may, at their option, redeem all rights for $0.001 per right, generally at any time prior to the rights becoming exercisable. The rights will expire June 3, 2019, unless earlier redeemed, exchanged, or amended by the directors.

In connection with the Big Heart acquisition, we and the rights agent entered into an amendment to the plan providing that neither the approval, execution, delivery, or performance of the merger agreement or the shareholders agreement entered into in connection with the transaction will in any way give rise to any provision of the plan becoming effective, and that none of Blue Holdings I, L.P., the controlling stockholder of BAG, or any of its affiliates will be deemed to be an acquiring person for purposes of the plan.

Repurchase Programs: We did not repurchase any shares in 2015 and at April 30, 2015, had approximately 10.0 million common shares available for repurchase under the Board’s authorizations. We do not expect to repurchase any of these shares in the near term due to our focus on debt repayment.

We repurchased 4.9 million common shares for $495.0 in 2014 and 4.0 million common shares for $359.4 in 2013.

90THE J. M. SMUCKER COMPANY

DIRECTORS AND OFFICERS

The J. M. Smucker Company

DIRECTORS
Vincent C. Byrd	Nancy Lopez Knight G	Alex Shumate G
Vice Chairman	Founder	Managing Partner, North America
The J. M. Smucker Company	Nancy Lopez Golf Company	Squire Patton Boggs (US) LLP
	Auburn, Alabama	Columbus, Ohio
Kathryn W. Dindo A, E
Retired Vice President and	Elizabeth Valk Long A, E	Mark T. Smucker
Chief Risk Officer	Former Executive Vice President	President and President,
FirstEnergy Corp.	Time Inc.	Consumer and Natural Foods
Akron, Ohio	New York, New York	The J. M. Smucker Company
Paul J. Dolan E	Gary A. Oatey G	Richard K. Smucker
Chairman and Chief Executive Officer	Executive Chairman	Chief Executive Officer
Cleveland Indians	Oatey Co.	The J. M. Smucker Company
Cleveland, Ohio	Cleveland, Ohio
		Timothy P. Smucker
Robert B. Heisler, Jr. A	Sandra Pianalto A	Chairman of the Board
Retired Chairman of the Board	Retired President and	The J. M. Smucker Company
KeyBank	Chief Executive Officer
Cleveland, Ohio	Federal Reserve Bank of Cleveland	David J. West
	Cleveland, Ohio	President, Big Heart Pet Food and Snacks
		The J. M. Smucker Company

^A Audit Committee Member; ^E Executive Compensation Committee Member; ^G Nominating and Corporate Governance Committee Member

EXECUTIVE OFFICERS
Timothy P. Smucker	Barry C. Dunaway	Steven Oakland
Chairman of the Board	President, International and	President, Coffee and Foodservice
	Chief Administrative Officer
Richard K. Smucker		Jill R. Penrose
Chief Executive Officer	Tamara J. Fynan	Vice President, Human Resources
	Vice President, Marketing Services
Dennis J. Armstrong		Christopher P. Resweber
Senior Vice President, Logistics and	Kevin G. Jackson	Senior Vice President,
Operations Support	Vice President and	Corporate Communications and
	General Manager, Foodservice	Public Affairs
Mark R. Belgya
Senior Vice President and	Jeannette L. Knudsen	Julia L. Sabin
Chief Financial Officer	Vice President, General Counsel and	Vice President, Industry and
	Corporate Secretary	Government Affairs
James A. Brown
Vice President, Customer Development	David J. Lemmon	Mark T. Smucker
	Vice President and Managing Director,	President and President,
Vincent C. Byrd	Canada and International	Consumer and Natural Foods
Vice Chairman
	John F. Mayer	David J. West
John W. Denman	Vice President, U.S. Retail Sales	President, Big Heart Pet Food and Snacks
Vice President, Human Resources Operations

2015 ANNUAL REPORT91

OUR LOCATIONS

The J. M. Smucker Company

CORPORATE OFFICE

Orrville, Ohio

DOMESTIC MANUFACTURING LOCATIONS

Bloomsburg, Pennsylvania	Havre de Grace, Maryland	Oxnard, California
Buffalo, New York	Lawrence, Kansas	Ripon, Wisconsin
Chico, California	Lexington, Kentucky	Scottsville, Kentucky
Cincinnati, Ohio	Livermore, California	Seattle, Washington
Decatur, Alabama	Memphis, Tennessee	Seneca, Missouri
El Paso, Texas	New Bethlehem, Pennsylvania	Suffolk, Virginia
Grandview, Washington	New Orleans, Louisiana (3)	Toledo, Ohio
Harahan, Louisiana	Orrville, Ohio	Topeka, Kansas

INTERNATIONAL MANUFACTURING LOCATION

Sherbrooke, Quebec, Canada

92THE J. M. SMUCKER COMPANY

SHAREHOLDER INFORMATION CORPORATE OFFICE The J. M. Smucker Company One Strawberry Lane Orrville, Ohio 44667 Telephone: (330) 682-3000 STOCK LISTING Our common shares are listed on the New York Stock Exchange – ticker symbol SJM. CORPORATE WEBSITE To learn more about The J. M. Smucker Company, visit jmsmucker.com. ANNUAL MEETING The annual meeting will be held at 11:00 a.m. Eastern Time, August 12, 2015, in the Fisher Auditorium at the Ohio Agricultural Research and Development Center, 1680 Madison Avenue, Wooster, Ohio 44691. CORPORATE NEWS AND REPORTS Corporate news releases, annual reports, and Securities and Exchange Commission filings, including Forms 10-K, 10-Q, and 8-K, are available free of charge on our website, jmsmucker.com/investor-relations. They are also available without cost to shareholders who submit a written request to: The J. M. Smucker Company Attention: Corporate Secretary One Strawberry Lane Orrville, Ohio 44667 CERTIFICATIONS Our Chief Executive Officer has certified to the New York Stock Exchange that he is not aware of any violation by the Company of the New York Stock Exchange’s corporate governance listing standards. We have also filed with the Securities and Exchange Commission certain certifications relating to the quality of our public disclosures. These certifications are filed as exhibits to our Annual Report on Form 10-K. FORWARD-LOOKING STATEMENTS This Annual Report includes certain forward-looking statements that are based on current expectations and are subject to a number of risks and uncertainties. Please reference “Forward-Looking Statements” located on page 42 in the “Management’s Discussion and Analysis” section. INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM Ernst & Young LLP Akron, Ohio DIVIDENDS Our Board of Directors typically declares a cash dividend each quarter. Dividends are generally payable on the first business day of March, June, September, and December. The record date is approximately two weeks before the payment date. Our dividend disbursement agent is Computershare Investor Services, LLC. SHAREHOLDER SERVICES Our transfer agent and registrar, Computershare Investor Services, LLC, is responsible for assisting registered shareholders with a variety of matters including: Shareholder investment program (CIPSM) –Direct purchase of our common shares – Dividend reinvestment – Automatic monthly cash investments Book-entry share ownership Share transfer matters (including name changes, gifting, and inheritances) Direct deposit of dividend payments Nonreceipt of dividend checks Lost share certificates Changes of address Online shareholder account access Form 1099 income inquiries (including requests for duplicate copies) Shareholders may contact Shareholder Services at the corporate offices regarding other shareholder inquiries. TRANSFER AGENT AND REGISTRAR Computershare P.O. Box 30170 College Station, TX 77842 Telephone: (800) 622-6757 Telephone outside U.S., Canada, and Puerto Rico: (312) 360-5254 Website: computershare.com/investor The J. M. Smucker Company is the owner of all trademarks, except for the following, which are used under license: PillsburyTM, the Barrelhead logo, and the Doughboy character are trademarks of The Pillsbury Company, LLC; Carnation is a trademark of Socit des Produits Nestl S.A.; Dunkin Donuts is a registered trademark of DD IP Holder, LLC; Sweet’N Low, NatraTaste, Sugar In The Raw, and the other “In The Raw” trademarks are registered trademarks of Cumberland Packing Corp. and its affiliates; and Douwe Egberts and Pickwick are registered trademarks of D.E Master Blenders 1753 N.V. Borden and Elsie are also trademarks used under license. K-Cup and Keurig are trademarks of Keurig Green Mountain, Inc., used with permission. Non-GMO Project Verified is a trademark of the Non-GMO Project, Inc. Painting on the front cover by Jonathan Linton, Ashburn, VA. Designed by Corporate Reports Inc. | Atlanta, GA | www.corporatereport.com

SMUCKER’S THE J.M. SMUCEKR COMPANY One Strawberry Lane Orrville, Ohio 44667 330.682.3000 jmsmucker.com

EX-21

Exhibit 21

SUBSIDIARIES OF THE COMPANY

(As of April 30, 2015)¹

Subsidiaries	State or Jurisdiction of Incorporation or Organization
Big Heart Pet Brands	Delaware
CAFÉ Holding, LLC	Ohio
DECS International Mexico, S. de R.L. C.V.	Mexico
DLM Foods Canada Corp.	Nova Scotia, Canada
Eagle Family Foods, Inc.	Delaware
Enray Inc.	California
Fantasia Confections, Inc.	California
Folgers Café Servicos de Pesquisas, Ltda.	Brazil
JMS Foodservice, LLC	Delaware
J.M. Smucker de Mexico, S.A. de C.V.	Mexico (domesticated in Delaware)
J.M. Smucker Holdings, LLC	Ohio
J.M. Smucker LLC	Ohio
Juice Creations Co.	Ohio
King Kelly, LLC	Ohio
Knudsen & Sons, Inc.	Ohio
Martha White Foods, Inc.	Delaware
Mary Ellen’s, Incorporated	Ohio
Meow Mix Decatur Production I LLC	Delaware
Millstone Coffee, Inc.	Washington
Milnot Company	Delaware
Milo’s Kitchen, LLC	Delaware
Natural Balance Organic Formulas, Inc.	California
Natural Balance Pet Foods, Inc.	California
Nature’s Recipe, LLC	Delaware
Rowland Coffee Roasters, Inc.	Ohio
Sahale Snacks, Inc.	Delaware
Santa Cruz Natural Incorporated	California
Simply Smucker’s, Inc.	Ohio
Smucker Coffee Silo Operations, Inc.	Louisiana
Smucker Direct, Inc.	Ohio
Smucker Foods, Inc.	Delaware
Smucker Foods of Canada Corp.	Canada
Smucker Foods Holdings Company	Ohio
Smucker Foodservice, Inc.	Delaware
Smucker Foodservice Operations, Inc.	Delaware
Smucker Fruit Processing Co.	Ohio
Smucker Holdings, B.V.	Netherlands
Smucker Holdings, Inc.	Ohio
Smucker Hong Kong Limited	Hong Kong
Smucker International, Inc.	Ohio
Smucker International Holding Company	Ohio
Smucker International (Shanghai) Co., Ltd.	China
Smucker Manufacturing, Inc.	Ohio
Smucker Mexico, LLC	Ohio
Smucker Natural Foods, Inc.	California
Smucker Netherlands, C.V.	Netherlands
Smucker Retail Foods, Inc.	Ohio
Smucker Sales and Distribution Company	Ohio
Smucker Services Company	Ohio
SPF Holdings II, LLC	Delaware
The Dickinson Family, Inc.	Ohio
The Folger Coffee Company	Ohio
The Folgers Coffee Company	Delaware

¹  Pursuant to Item 601(b)(21)(ii) of Regulation S-K, the names of certain subsidiaries of the Company have been omitted because such unnamed subsidiaries, considered in the aggregate as a single subsidiary, would not constitute a significant subsidiary as of April 30, 2015.

EX-23

Exhibit 23

Consent of Independent Registered Public Accounting Firm

We consent to the incorporation by reference in this Annual Report (Form 10-K) of The J. M. Smucker Company of our reports dated June 25, 2015, with respect to the consolidated financial statements of The J. M. Smucker Company and the effectiveness of internal control over financial reporting of The J. M. Smucker Company, included in the 2015 Annual Report to Shareholders of The J. M. Smucker Company.

We also consent to the incorporation by reference in the following Registration Statements of our reports dated June 25, 2015, with respect to the consolidated financial statements of The J. M. Smucker Company and the effectiveness of internal control over financial reporting of The J. M. Smucker Company incorporated by reference in this Annual Report (Form 10-K) of The J. M. Smucker Company for the year ended April 30, 2015:

Registration Statement	Registration Number	Description
Form S-8	33-21273	1987 Stock Option Plan
Form S-8	33-38011	1987 Stock Option Plan
Form S-8	333-98335	The J. M. Smucker Company Amended and Restated 1998 Equity and Performance Incentive Plan
Form S-8	333-116622	Amended and Restated 1986 Stock Option Incentive Plan of The J. M. Smucker Company Amended and Restated 1989 Stock-Based Incentive Plan of The J. M. Smucker Company Amended and Restated 1997 Stock-Based Incentive Plan of The J. M. Smucker Company
Form S-8	333-137629	The J. M. Smucker Company 2006 Equity Compensation Plan
Form S-8	333-139167	The J. M. Smucker Company Nonemployee Director Deferred Compensation Plan
Form S-8	333-170653	The J. M. Smucker Company 2010 Equity and Incentive Compensation Plan
Form S-3	333-177279	Automatic Shelf Registration Statement
Form S-3	333-197428	Automatic Shelf Registration Statement

/s/ Ernst & Young LLP

Akron, Ohio

June 25, 2015

EX-24

Exhibit 24

THE J. M. SMUCKER COMPANY

REGISTRATION ON FORM 10-K

POWER OF ATTORNEY

KNOW ALL MEN BY THESE PRESENTS, that VINCENT C. BYRD, director of The J. M. Smucker Company, hereby appoints Richard K. Smucker, Mark R. Belgya, and Jeannette L. Knudsen, and each of them, with full power of substitution, as attorney or attorneys of the undersigned, to execute an Annual Report on Form 10-K for the fiscal year ended April 30, 2015, in a form that The J. M. Smucker Company deems appropriate and to file the same, with all exhibits thereto and other documents in connection therewith, with the Securities and Exchange Commission, all pursuant to applicable legal provisions, with full power and authority to do and perform each and every act and thing requisite and necessary to be done, as fully to all intents and purposes as the undersigned director might or could do in person, in furtherance of the foregoing.

June 25, 2015	/s/ Vincent C. Byrd
Date	Director

THE J. M. SMUCKER COMPANY

REGISTRATION ON FORM 10-K

POWER OF ATTORNEY

KNOW ALL MEN BY THESE PRESENTS, that KATHRYN W. DINDO, director of The J. M. Smucker Company, hereby appoints Richard K. Smucker, Mark R. Belgya, and Jeannette L. Knudsen, and each of them, with full power of substitution, as attorney or attorneys of the undersigned, to execute an Annual Report on Form 10-K for the fiscal year ended April 30, 2015, in a form that The J. M. Smucker Company deems appropriate and to file the same, with all exhibits thereto and other documents in connection therewith, with the Securities and Exchange Commission, all pursuant to applicable legal provisions, with full power and authority to do and perform each and every act and thing requisite and necessary to be done, as fully to all intents and purposes as the undersigned director might or could do in person, in furtherance of the foregoing.

June 25, 2015	/s/ Kathryn W. Dindo
Date	Director

THE J. M. SMUCKER COMPANY

REGISTRATION ON FORM 10-K

POWER OF ATTORNEY

KNOW ALL MEN BY THESE PRESENTS, that PAUL J. DOLAN, director of The J. M. Smucker Company, hereby appoints Richard K. Smucker, Mark R. Belgya, and Jeannette L. Knudsen, and each of them, with full power of substitution, as attorney or attorneys of the undersigned, to execute an Annual Report on Form 10-K for the fiscal year ended April 30, 2015, in a form that The J. M. Smucker Company deems appropriate and to file the same, with all exhibits thereto and other documents in connection therewith, with the Securities and Exchange Commission, all pursuant to applicable legal provisions, with full power and authority to do and perform each and every act and thing requisite and necessary to be done, as fully to all intents and purposes as the undersigned director might or could do in person, in furtherance of the foregoing.

June 25, 2015	/s/ Paul J. Dolan
Date	Director

THE J. M. SMUCKER COMPANY

REGISTRATION ON FORM 10-K

POWER OF ATTORNEY

KNOW ALL MEN BY THESE PRESENTS, that ELIZABETH VALK LONG, director of The J. M. Smucker Company, hereby appoints Richard K. Smucker, Mark R. Belgya, and Jeannette L. Knudsen, and each of them, with full power of substitution, as attorney or attorneys of the undersigned, to execute an Annual Report on Form 10-K for the fiscal year ended April 30, 2015, in a form that The J. M. Smucker Company deems appropriate and to file the same, with all exhibits thereto and other documents in connection therewith, with the Securities and Exchange Commission, all pursuant to applicable legal provisions, with full power and authority to do and perform each and every act and thing requisite and necessary to be done, as fully to all intents and purposes as the undersigned director might or could do in person, in furtherance of the foregoing.

June 25, 2015	/s/ Elizabeth Valk Long
Date	Director

THE J. M. SMUCKER COMPANY

REGISTRATION ON FORM 10-K

POWER OF ATTORNEY

KNOW ALL MEN BY THESE PRESENTS, that NANCY LOPEZ KNIGHT, director of The J. M. Smucker Company, hereby appoints Richard K. Smucker, Mark R. Belgya, and Jeannette L. Knudsen, and each of them, with full power of substitution, as attorney or attorneys of the undersigned, to execute an Annual Report on Form 10-K for the fiscal year ended April 30, 2015, in a form that The J. M. Smucker Company deems appropriate and to file the same, with all exhibits thereto and other documents in connection therewith, with the Securities and Exchange Commission, all pursuant to applicable legal provisions, with full power and authority to do and perform each and every act and thing requisite and necessary to be done, as fully to all intents and purposes as the undersigned director might or could do in person, in furtherance of the foregoing.

June 25, 2015	/s/ Nancy Lopez Knight
Date	Director

THE J. M. SMUCKER COMPANY

REGISTRATION ON FORM 10-K

POWER OF ATTORNEY

KNOW ALL MEN BY THESE PRESENTS, that RICHARD K. SMUCKER, Chief Executive Officer and director of The J. M. Smucker Company, hereby appoints Mark R. Belgya and Jeannette L. Knudsen, and each of them, with full power of substitution, as attorney or attorneys of the undersigned, to execute an Annual Report on Form 10-K for the fiscal year ended April 30, 2015, in a form that The J. M. Smucker Company deems appropriate and to file the same, with all exhibits thereto and other documents in connection therewith, with the Securities and Exchange Commission, all pursuant to applicable legal provisions, with full power and authority to do and perform each and every act and thing requisite and necessary to be done, as fully to all intents and purposes as the undersigned director might or could do in person, in furtherance of the foregoing.

June 25, 2015	/s/ Richard K. Smucker
Date	Chief Executive Officer and Director

THE J. M. SMUCKER COMPANY

REGISTRATION ON FORM 10-K

POWER OF ATTORNEY

KNOW ALL MEN BY THESE PRESENTS, that TIMOTHY P. SMUCKER, director of The J. M. Smucker Company, hereby appoints Richard K. Smucker, Mark R. Belgya, and Jeannette L. Knudsen, and each of them, with full power of substitution, as attorney or attorneys of the undersigned, to execute an Annual Report on Form 10-K for the fiscal year ended April 30, 2015, in a form that The J. M. Smucker Company deems appropriate and to file the same, with all exhibits thereto and other documents in connection therewith, with the Securities and Exchange Commission, all pursuant to applicable legal provisions, with full power and authority to do and perform each and every act and thing requisite and necessary to be done, as fully to all intents and purposes as the undersigned director might or could do in person, in furtherance of the foregoing.

June 25, 2015	/s/ Timothy P. Smucker
Date	Director

THE J. M. SMUCKER COMPANY

REGISTRATION ON FORM 10-K

POWER OF ATTORNEY

KNOW ALL MEN BY THESE PRESENTS, that ROBERT B. HEISLER, JR., director of The J. M. Smucker Company, hereby appoints Richard K. Smucker, Mark R. Belgya, and Jeannette L. Knudsen, and each of them, with full power of substitution, as attorney or attorneys of the undersigned, to execute an Annual Report on Form 10-K for the fiscal year ended April 30, 2015, in a form that The J. M. Smucker Company deems appropriate and to file the same, with all exhibits thereto and other documents in connection therewith, with the Securities and Exchange Commission, all pursuant to applicable legal provisions, with full power and authority to do and perform each and every act and thing requisite and necessary to be done, as fully to all intents and purposes as the undersigned director might or could do in person, in furtherance of the foregoing.

June 25, 2015	/s/ Robert B. Heisler, Jr.
Date	Director

THE J. M. SMUCKER COMPANY

REGISTRATION ON FORM 10-K

POWER OF ATTORNEY

KNOW ALL MEN BY THESE PRESENTS, that SANDRA PIANALTO, director of The J. M. Smucker Company, hereby appoints Richard K. Smucker, Mark R. Belgya, and Jeannette L. Knudsen, and each of them, with full power of substitution, as attorney or attorneys of the undersigned, to execute an Annual Report on Form 10-K for the fiscal year ended April 30, 2015, in a form that The J. M. Smucker Company deems appropriate and to file the same, with all exhibits thereto and other documents in connection therewith, with the Securities and Exchange Commission, all pursuant to applicable legal provisions, with full power and authority to do and perform each and every act and thing requisite and necessary to be done, as fully to all intents and purposes as the undersigned director might or could do in person, in furtherance of the foregoing.

June 25, 2015	/s/ Sandra Pianalto
Date	Director

THE J. M. SMUCKER COMPANY

REGISTRATION ON FORM 10-K

POWER OF ATTORNEY

KNOW ALL MEN BY THESE PRESENTS, that GARY A. OATEY, director of The J. M. Smucker Company, hereby appoints Richard K. Smucker, Mark R. Belgya, and Jeannette L. Knudsen, and each of them, with full power of substitution, as attorney or attorneys of the undersigned, to execute an Annual Report on Form 10-K for the fiscal year ended April 30, 2015, in a form that The J. M. Smucker Company deems appropriate and to file the same, with all exhibits thereto and other documents in connection therewith, with the Securities and Exchange Commission, all pursuant to applicable legal provisions, with full power and authority to do and perform each and every act and thing requisite and necessary to be done, as fully to all intents and purposes as the undersigned director might or could do in person, in furtherance of the foregoing.

June 25, 2015	/s/ Gary A. Oatey
Date	Director

THE J. M. SMUCKER COMPANY

REGISTRATION ON FORM 10-K

POWER OF ATTORNEY

KNOW ALL MEN BY THESE PRESENTS, that ALEX SHUMATE, director of The J. M. Smucker Company, hereby appoints Richard K. Smucker, Mark R. Belgya, and Jeannette L. Knudsen, and each of them, with full power of substitution, as attorney or attorneys of the undersigned, to execute an Annual Report on Form 10-K for the fiscal year ended April 30, 2015, in a form that The J. M. Smucker Company deems appropriate and to file the same, with all exhibits thereto and other documents in connection therewith, with the Securities and Exchange Commission, all pursuant to applicable legal provisions, with full power and authority to do and perform each and every act and thing requisite and necessary to be done, as fully to all intents and purposes as the undersigned director might or could do in person, in furtherance of the foregoing.

June 25, 2015	/s/ Alex Shumate
Date	Director

THE J. M. SMUCKER COMPANY

REGISTRATION ON FORM 10-K

POWER OF ATTORNEY

KNOW ALL MEN BY THESE PRESENTS, that MARK T. SMUCKER, director of The J. M. Smucker Company, hereby appoints Richard K. Smucker, Mark R. Belgya, and Jeannette L. Knudsen, and each of them, with full power of substitution, as attorney or attorneys of the undersigned, to execute an Annual Report on Form 10-K for the fiscal year ended April 30, 2015, in a form that The J. M. Smucker Company deems appropriate and to file the same, with all exhibits thereto and other documents in connection therewith, with the Securities and Exchange Commission, all pursuant to applicable legal provisions, with full power and authority to do and perform each and every act and thing requisite and necessary to be done, as fully to all intents and purposes as the undersigned director might or could do in person, in furtherance of the foregoing.

June 25, 2015	/s/ Mark T. Smucker
Date	Director

THE J. M. SMUCKER COMPANY

REGISTRATION ON FORM 10-K

POWER OF ATTORNEY

KNOW ALL MEN BY THESE PRESENTS, that DAVID J. WEST, director of The J. M. Smucker Company, hereby appoints Richard K. Smucker, Mark R. Belgya, and Jeannette L. Knudsen, and each of them, with full power of substitution, as attorney or attorneys of the undersigned, to execute an Annual Report on Form 10-K for the fiscal year ended April 30, 2015, in a form that The J. M. Smucker Company deems appropriate and to file the same, with all exhibits thereto and other documents in connection therewith, with the Securities and Exchange Commission, all pursuant to applicable legal provisions, with full power and authority to do and perform each and every act and thing requisite and necessary to be done, as fully to all intents and purposes as the undersigned director might or could do in person, in furtherance of the foregoing.

June 25, 2015	/s/ David J. West
Date	Director

EX-31.1

Exhibit 31.1

RULE 13a-14(a)/15d-14(a) CERTIFICATIONS

I, Richard K. Smucker, Chief Executive Officer of The J. M. Smucker Company, certify that:

(1) I have reviewed this annual report on Form 10-K of The J. M. Smucker Company;

(2) Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

(3) Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, and cash flows of the registrant as of, and for, the periods presented in this report;

(4) The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c. Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d. Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

(5) The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: June 25, 2015

/s/ Richard K. Smucker
Name:	Richard K. Smucker
Title:	Chief Executive Officer

EX-31.2

Exhibit 31.2

RULE 13a-14(a)/15d-14(a) CERTIFICATIONS

I, Mark R. Belgya, Senior Vice President and Chief Financial Officer of The J. M. Smucker Company, certify that:

(1) I have reviewed this annual report on Form 10-K of The J. M. Smucker Company;

(2) Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

(3) Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, and cash flows of the registrant as of, and for, the periods presented in this report;

(4) The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c. Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d. Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

(5) The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: June 25, 2015

/s/ Mark R. Belgya
Name:	Mark R. Belgya
Title:	Senior Vice President and Chief Financial Officer

EX-32

Exhibit 32

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED

PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Annual Report on Form 10-K of The J. M. Smucker Company (the “Company”) for the year ended April 30, 2015, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), each of the undersigned officers of the Company certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to such officer’s knowledge:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company as of the dates and for the periods expressed in the Report.

/s/ Richard K. Smucker
Name:	Richard K. Smucker
Title:	Chief Executive Officer
/s/ Mark R. Belgya
Name:	Mark R. Belgya
Title:	Senior Vice President and Chief Financial Officer

Date: June 25, 2015

The foregoing certification is being furnished solely pursuant to 18 U.S.C. Section 1350 and is not being filed as part of the Report or as a separate disclosure document.

XML

Guarantor and Non-Guarantor Financial Information (Tables)

12 Months Ended

Apr. 30, 2015

Guarantor and Non Guarantor Financial Information [Abstract]

CONDENSED STATEMENTS OF CONSOLIDATED INCOME AND COMPREHENSIVE INCOME

CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME

	Year Ended April 30, 2015
	The J. M. Smucker Company (Parent)		Subsidiary Guarantors		Non-Guarantor Subsidiaries		Eliminations		Consolidated
Net sales	$	2,998.0	$	1,184.0	$	6,622.4	$	(5,111.7)	$	5,692.7
Cost of products sold		2,457.8		1,080.0		5,301.6		(5,115.4)		3,724.0
Gross Profit		540.2		104.0		1,320.8		3.7		1,968.7
Selling, distribution, and administrative expenses and other special project costs		234.9		53.8		799.2		—		1,087.9
Amortization		4.2		—		106.7		—		110.9
Other operating expense (income) - net		0.3		(2.4)		—		—		(2.1)
Operating Income		300.5		52.6		414.9		3.7		772.0
Interest (expense) income - net		(80.7)		1.2		(0.4		—		(79.9)
Other debt costs		(173.3)		—		—		—		(173.3)
Other income - net		0.6		0.1		3.5		—		4.2
Equity in net earnings of subsidiaries		312.6		131.4		52.7		(496.7)		—
Income Before Income Taxes		360.0		185.3		470.7		(493.0)		523.0
Income taxes		15.1		0.4		162.6		—		178.1
Net Income	$	344.9	$	184.9	$	308.1	$	(493.0)	$	344.9
Other comprehensive loss, net of tax		(58.2)		(18.5)		(43.3)		61.8		(58.2)
Comprehensive Income	$	286.7	$	166.4	$	264.8	$	(431.2)	$	286.7

CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME

	Year Ended April 30, 2014
	The J. M. Smucker Company (Parent)		Subsidiary Guarantors		Non-Guarantor Subsidiaries		Eliminations		Consolidated
Net sales	$	3,162.8	$	1,278.8	$	6,601.3	$	(5,432.3)	$	5,610.6
Cost of products sold		2,573.6		1,166.0		5,268.5		(5,428.5)		3,579.6
Gross Profit		589.2		112.8		1,332.8		(3.8)		2,031.0
Selling, distribution, and administrative expenses and other special project costs		197.1		47.5		769.8		—		1,014.4
Amortization		4.2		—		94.7		—		98.9
Other operating (income) expense - net		(1.3)		0.9		(0.9)		—		(1.3)
Operating Income		389.2		64.4		469.2		(3.8)		919.0
Interest (expense) income - net		(80.8)		1.2		(1.5)		1.7		(79.4)
Other income (expense) - net		10.8		—		1.0		(1.7		10.1
Equity in net earnings of subsidiaries		345.1		141.4		64.4		(550.9)		—
Income Before Income Taxes		664.3		207.0		533.1		(554.7)		849.7
Income taxes		99.1		0.4		185.0		—		284.5
Net Income	$	565.2	$	206.6	$	348.1	$	(554.7)	$	565.2
Other comprehensive income, net of tax		25.0		27.4		6.0		(33.4)		25.0
Comprehensive Income	$	590.2	$	234.0	$	354.1	$	(588.1)	$	590.2

CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME

	Year Ended April 30, 2013
	The J. M. Smucker Company (Parent)		Subsidiary Guarantors		Non-Guarantor Subsidiaries		Eliminations		Consolidated
Net sales	$	4,447.6	$	1,296.4	$	5,430.3	$	(5,276.6)	$	5,897.7
Cost of products sold		3,957.3		1,190.6		4,015.0		(5,292.8)		3,870.1
Gross Profit		490.3		105.8		1,415.3		16.2		2,027.6
Selling, distribution, and administrative expenses and other special project costs		199.0		42.9		781.5		—		1,023.4
Amortization		4.8		—		92.0		—		96.8
Other operating (income) expense - net		(2.7)		(2.2)		1.9		—		(3.0)
Operating Income		289.2		65.1		539.9		16.2		910.4
Interest (expense) income - net		(94.4)		1.2		(0.2)		—		(93.4)
Other income (expense) - net		0.7		1.1		(1.5)		—		0.3
Equity in net earnings of subsidiaries		408.6		156.7		66.4		(631.7)		—
Income Before Income Taxes		604.1		224.1		604.6		(615.5)		817.3
Income taxes		59.9		0.4		212.8		—		273.1
Net Income	$	544.2	$	223.7	$	391.8	$	(615.5)	$	544.2
Other comprehensive income, net of tax		7.4		9.0		4.1		(13.1)		7.4
Comprehensive Income	$	551.6	$	232.7	$	395.9	$	(628.6)	$	551.6

CONDENSED CONSOLIDATED BALANCE SHEETS

CONDENSED CONSOLIDATING BALANCE SHEETS

	April 30, 2015
	The J. M. Smucker Company (Parent)		Subsidiary Guarantors		Non-Guarantor Subsidiaries		Eliminations		Consolidated
ASSETS
Current Assets
Cash and cash equivalents	$	7.1	$	—	$	118.5	$	—	$	125.6
Inventories		—		180.3		979.6		3.7		1,163.6
Other current assets		427.4		4.8		343.5		(12.6)		763.1
Total Current Assets		434.5		185.1		1,441.6		(8.9)		2,052.3
Property, Plant, and Equipment-Net		258.0		591.3		829.0		—		1,678.3
Investments in Subsidiaries		14,610.4		4,179.7		272.4		(19,062.5)		—
Intercompany Receivable		—		305.2		133.1		(438.3)		—
Other Noncurrent Assets
Goodwill		1,082.0		—		4,927.8		—		6,009.8
Other intangible assets-net		501.1		—		6,449.2		—		6,950.3
Other noncurrent assets		55.6		10.5		125.8		—		191.9
Total Other Noncurrent Assets		1,638.7		10.5		11,502.8		—		13,152.0
Total Assets	$	16,941.6	$	5,271.8	$	14,178.9	$	(19,509.7)	$	16,882.6
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current Liabilities	$	484.0	$	82.6	$	468.6	$	(12.6)	$	1,022.6
Noncurrent Liabilities
Long-term debt		5,944.9		—		—		—		5,944.9
Deferred income taxes		106.9		—		2,366.4		—		2,473.3
Intercompany payable		3,080.2		—		—		(3,080.2)		—
Other noncurrent liabilities		238.7		15.2		101.0		—		354.9
Total Noncurrent Liabilities		9,370.7		15.2		2,467.4		(3,080.2)		8,773.1
Total Liabilities		9,854.7		97.8		2,936.0		(3,092.8)		9,795.7
Total Shareholders’ Equity		7,086.9		5,174.0		11,242.9		(16,416.9)		7,086.9
Total Liabilities and Shareholders’ Equity	$	16,941.6	$	5,271.8	$	14,178.9	$	(19,509.7)	$	16,882.6

CONDENSED CONSOLIDATING BALANCE SHEETS

	April 30, 2014
	The J. M. Smucker Company (Parent)		Subsidiary Guarantors		Non-Guarantor Subsidiaries		Eliminations		Consolidated
ASSETS
Current Assets
Cash and cash equivalents	$	6.8	$	—	$	146.7	$	—	$	153.5
Inventories		—		173.3		761.4		(3.7)		931.0
Other current assets		360.2		9.9		94.6		(10.1)		454.6
Total Current Assets		367.0		183.2		1,002.7		(13.8)		1,539.1
Property, Plant, and Equipment - Net		233.6		551.1		480.9		—		1,265.6
Investments in Subsidiaries		8,367.6		4,063.3		237.9		(12,668.8)		—
Intercompany Receivable		—		315.5		1,132.2		(1,447.7)		—
Other Noncurrent Assets
Goodwill		1,082.0		—		2,016.2		—		3,098.2
Other intangible assets - net		505.5		—		2,518.8		—		3,024.3
Other noncurrent assets		58.5		11.1		63.4		—		133.0
Total Other Noncurrent Assets		1,646.0		11.1		4,598.4		—		6,255.5
Total Assets	$	10,614.2	$	5,124.2	$	7,452.1	$	(14,130.3)	$	9,060.2
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current Liabilities	$	590.7	$	103.8	$	201.4	$	(10.1)	$	885.8
Noncurrent Liabilities
Long-term debt		1,873.1		—		—		—		1,873.1
Deferred income taxes		107.6		—		913.1		—		1,020.7
Intercompany payable		2,792.9		—		—		(2,792.9)		—
Other noncurrent liabilities		220.3		12.8		17.9		—		251.0
Total Noncurrent Liabilities		4,993.9		12.8		931.0		(2,792.9)		3,144.8
Total Liabilities		5,584.6		116.6		1,132.4		(2,803.0)		4,030.6
Total Shareholders’ Equity		5,029.6		5,007.6		6,319.7		(11,327.3)		5,029.6
Total Liabilities and Shareholders’ Equity	$	10,614.2	$	5,124.2	$	7,452.1	$	(14,130.3)	$	9,060.2

CONDENSED STATEMENTS OF CONSOLIDATED CASH FLOWS

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS

	Year Ended April 30, 2015
	The J. M. Smucker Company (Parent)		Subsidiary Guarantors		Non-Guarantor Subsidiaries		Eliminations		Consolidated
Net Cash Provided by Operating Activities	$	239.2	$	87.8	$	406.2	$	—	$	733.2
Investing Activities
Businesses acquired, net of cash acquired		(1,240.0)		—		(80.5)		—		(1,320.5)
Additions to property, plant, and equipment		(56.3)		(93.3)		(98.1)		—		(247.7)
Proceeds from disposal of property, plant, and equipment		—		1.1		1.5		—		2.6
Equity investments in subsidiaries		(2,715.3)		—		—		2,715.3		—
Repayments from (disbursements of) intercompany loans		—		10.2		(297.5)		287.3		—
Other - net		—		(5.8)		(24.3)		—		(30.1)
Net Cash (Used for) Provided by Investing Activities		(4,011.6)		(87.8)		(498.9)		3,002.6		(1,595.7)
Financing Activities
Short-term repayments - net		(5.3)		—		(17.1)		—		(22.4)
Proceeds from long-term debt		5,382.5		—		—		—		5,382.5
Repayments of long-term debt, including make-whole payments		(1,580.8)		—		(2,613.1)		—		(4,193.9)
Quarterly dividends paid		(254.0)		—		—		—		(254.0)
Purchase of treasury shares		(24.3)		—		—		—		(24.3)
Proceeds from stock option exercises		0.8		—		—		—		0.8
Investments in subsidiaries		—		—		2,715.3		(2,715.3)		—
Intercompany payable		287.3		—		—		(287.3)		—
Other - net		(33.5)		—		8.0		—		(25.5)
Net Cash Provided by (Used for) Financing Activities		3,772.7		—		93.1		(3,002.6)		863.2
Effect of exchange rate changes on cash		—		—		(28.6)		—		(28.6)
Net decrease in cash and cash equivalents		0.3		—		(28.2)		—		(27.9)
Cash and cash equivalents at beginning of year		6.8		—		146.7		—		153.5
Cash and Cash Equivalents at End of Year	$	7.1	$	—	$	118.5	$	—	$	125.6

(    ) Denotes use of cash

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS

	Year Ended April 30, 2014
	The J. M. Smucker Company (Parent)		Subsidiary Guarantors		Non-Guarantor Subsidiaries		Eliminations		Consolidated
Net Cash Provided by Operating Activities	$	297.8	$	168.5	$	389.7	$	—	$	856.0
Investing Activities
Businesses acquired, net of cash acquired		—		—		(101.8)		—		(101.8)
Additions to property, plant, and equipment		(31.1)		(163.2)		(85.2)		—		(279.5)
Sales and maturities of marketable securities		10.0		—		—		—		10.0
Proceeds from disposal of property, plant, and equipment		—		0.6		10.1		—		10.7
Equity investments in subsidiaries		(108.9)		(17.1)		—		126.0		—
Repayments from (disbursements of) intercompany loans		—		9.3		(283.0)		273.7		—
Other - net		(3.2)		0.2		(6.7)		—		(9.7)
Net Cash (Used for) Provided by Investing Activities		(133.2)		(170.2)		(466.6)		399.7		(370.3)
Financing Activities
Short-term borrowing - net		248.4		—		—		—		248.4
Repayments of long-term debt		(50.0)		—		—		—		(50.0)
Quarterly dividends paid		(238.0)		—		—		—		(238.0)
Purchase of treasury shares		(508.5)		—		—		—		(508.5)
Proceeds from stock option exercises		0.5		—		—		—		0.5
Investments in subsidiaries		—		—		126.0		(126.0)		—
Intercompany payable		273.7		—		—		(273.7)		—
Other - net		8.1		1.7		(37.7)		—		(27.9)
Net Cash (Used for) Provided by Financing Activities		(265.8)		1.7		88.3		(399.7)		(575.5)
Effect of exchange rate changes on cash		—		—		(13.1)		—		(13.1)
Net decrease in cash and cash equivalents		(101.2)		—		(1.7)		—		(102.9)
Cash and cash equivalents at beginning of year		108.0		—		148.4		—		256.4
Cash and Cash Equivalents at End of Year	$	6.8	$	—	$	146.7	$	—	$	153.5

(    ) Denotes use of cash

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS

	Year Ended April 30, 2013
	The J. M. Smucker Company (Parent)		Subsidiary Guarantors		Non-Guarantor Subsidiaries		Eliminations		Consolidated
Net Cash Provided by Operating Activities	$	201.7	$	46.4	$	607.7	$	—	$	855.8
Investing Activities
Additions to property, plant, and equipment		(33.6)		(103.1)		(69.8)		—		(206.5)
Proceeds from disposal of property, plant, and equipment		—		0.1		3.2		—		3.3
Equity investments in subsidiaries		(3.7)		(174.2)		—		177.9		—
Repayments from (disbursements of) intercompany loans		—		227.4		(693.6)		466.2		—
Other - net		(9.5)		3.4		23.7		—		17.6
Net Cash (Used for) Provided by Investing Activities		(46.8)		(46.4)		(736.5)		644.1		(185.6)
Financing Activities
Repayments of long-term debt		(50.0)		—		—		—		(50.0)
Quarterly dividends paid		(222.8)		—		—		—		(222.8)
Purchase of treasury shares		(364.2)		—		—		—		(364.2)
Proceeds from stock option exercises		2.2		—		—		—		2.2
Investments in subsidiaries		9.9		—		168.0		(177.9)		—
Intercompany payable		466.2		—		—		(466.2)		—
Other - net		3.5		—		(9.7)		—		(6.2)
Net Cash (Used for) Provided by Financing Activities		(155.2)		—		158.3		(644.1)		(641.0)
Effect of exchange rate changes on cash		—		—		(2.5)		—		(2.5)
Net (decrease) increase in cash and cash equivalents		(0.3)		—		27.0		—		26.7
Cash and cash equivalents at beginning of year		108.3		—		121.4		—		229.7
Cash and Cash Equivalents at End of Year	$	108.0	$	—	$	148.4	$	—	$	256.4

(    ) Denotes use of cash

XML

Goodwill and Other Intangible Assets (Details Textual) $ in Millions	12 Months Ended
	Apr. 30, 2015 USD ($) ReportingUnits	Apr. 30, 2014 USD ($)	Apr. 30, 2013 USD ($)
Goodwill and Other intangible assets (Textual) [Abstract]
Weighted-average useful life of the finite-lived intangible assets	22 years
Goodwill And Other Intangible Assets (Additional Textual) [Abstract]
Amortization expense for finite-lived intangible assets	$ 110.3	$ 98.7	$ 96.6
Estimated amortization expense for 2016	212.2
Estimated amortization expense for 2017	211.5
Estimated amortization expense for 2018	209.1
Estimated amortization expense for 2019	208.9
Estimated amortization expense for 2020	$ 207.4
Number of reporting units | ReportingUnits	6
Customer and Contractual Relationships [Member]
Goodwill and Other intangible assets (Textual) [Abstract]
Weighted-average useful life of the finite-lived intangible assets	23 years
Trademarks [Member]
Goodwill and Other intangible assets (Textual) [Abstract]
Weighted-average useful life of the finite-lived intangible assets	15 years
Patents And Technology [Member]
Goodwill and Other intangible assets (Textual) [Abstract]
Weighted-average useful life of the finite-lived intangible assets	13 years

XML

Reportable Segments (Details 1) - USD ($) $ in Millions	12 Months Ended
	Apr. 30, 2015	Apr. 30, 2014	Apr. 30, 2013
Net sales:
Net sales	$ 5,692.7	$ 5,610.6	$ 5,897.7
Assets:
Assets	16,882.6	9,060.2	9,024.1
Segment Reporting Information [Line Items]
Total long-lived assets (excluding goodwill and other intangible assets)	1,870.2	1,398.6	1,286.6
United States [Member]
Net sales:
Net sales	5,188.5	5,092.0	5,355.9
Assets:
Assets	16,407.0	8,638.6	8,577.7
Long-lived assets (excluding goodwill and other intangible assets):
Long-lived assets	1,815.0	1,343.2	1,227.0
Canada [Member]
Net sales:
Net sales	413.8	437.2	459.5
Assets:
Assets	362.1	257.7	396.3
Long-lived assets (excluding goodwill and other intangible assets):
Long-lived assets	14.3	16.5	20.6
All other international [Member]
Net sales:
Net sales	90.4	81.4	82.3
Assets:
Assets	113.5	163.9	50.1
Long-lived assets (excluding goodwill and other intangible assets):
Long-lived assets	40.9	38.9	39.0
Total international [Member]
Net sales:
Net sales	504.2	518.6	541.8
Assets:
Assets	475.6	421.6	446.4
Long-lived assets (excluding goodwill and other intangible assets):
Long-lived assets	$ 55.2	$ 55.4	$ 59.6

XML

Derivative Financial Instruments (Details 3) - USD ($) $ in Millions	12 Months Ended
	Apr. 30, 2015	Apr. 30, 2014	Apr. 30, 2013
Unallocated Derivative Gains (Losses)
Net (losses) gains on mark-to-market valuation of unallocated derivative positions	$ (39.7)	$ 8.5
Net losses (gains) on derivative positions reclassified to segment operating profit	15.2	(3.2)
Net mark-to-market valuation of certain derivative positions recognized in unallocated derivative (losses) gains	$ (24.5)	$ 5.3	$ 6.6

XML

Debt and Financing Arrangements (Details) - USD ($) $ in Millions	Apr. 30, 2015	Mar. 20, 2015	Mar. 02, 2015	Apr. 30, 2014
Debt and Financing Arrangements [Abstract]
Total long-term debt	$ 5,944.9			$ 1,973.1
Current portion of long-term debt	0.0			100.0
Total long-term debt, less current portion	5,944.9			1,873.1
Long-term debt
Debt instrument face amount		$ 3,700.0
Senior Notes [Member]
Long-term debt
Debt instrument face amount		$ 3,700.0
4.78% Senior Notes due June 1, 2014 [Member]
Long-term debt
Company issued Senior Notes	$ 0.0			100.0
Interest rate on notes	4.78%
Debt instrument face amount	$ 0.0			100.0
6.12% Senior Notes due November 1, 2015 [Member]
Long-term debt
Company issued Senior Notes	$ 0.0			24.0
Interest rate on notes	6.12%
Debt instrument face amount	$ 0.0			24.0
6.63% Senior Notes due November 1, 2018 [Member]
Long-term debt
Company issued Senior Notes	$ 0.0			391.4
Interest rate on notes	6.63%
Debt instrument face amount	$ 0.0			376.0
3.50% Senior Notes due October 15, 2021 [Member]
Long-term debt
Interest rate on notes	3.50%
Debt instrument face amount	$ 750.0			750.0
Notes Payable, Noncurrent	796.0			758.8
5.55% Senior Notes due April 1, 2022 [Member]
Long-term debt
Company issued Senior Notes	$ 0.0			299.2
Interest rate on notes	5.55%
Debt instrument face amount	$ 0.0			300.0
4.50% Senior Notes due June 1, 2025 [Member]
Long-term debt
Company issued Senior Notes	$ 0.0			399.7
Interest rate on notes	4.50%
Debt instrument face amount	$ 0.0			400.0
1.75% Senior Notes due March 15, 2018 {Member]
Long-term debt
Company issued Senior Notes	$ 496.9			0.0
Interest rate on notes	1.75%
Debt instrument face amount	$ 500.0			0.0
2.50% Senior Notes due March 15, 2020 [Member]
Long-term debt
Company issued Senior Notes	$ 494.3			0.0
Interest rate on notes	2.50%
Debt instrument face amount	$ 500.0			0.0
3.00% Senior Notes due March 15, 2022 [Member]
Long-term debt
Company issued Senior Notes	$ 395.3			0.0
Interest rate on notes	3.00%
Debt instrument face amount	$ 400.0			0.0
3.50% Senior Notes due March 15, 2025 [Member]
Long-term debt
Company issued Senior Notes	$ 991.9			0.0
Interest rate on notes	3.50%
Debt instrument face amount	$ 1,000.0			0.0
4.25% Senior Notes due March 15, 2035 [Member]
Long-term debt
Company issued Senior Notes	$ 641.8			0.0
Interest rate on notes	4.25%
Debt instrument face amount	$ 650.0			0.0
4.38% Senior Notes due March 15, 2045 [Member]
Long-term debt
Company issued Senior Notes	$ 583.8			0.0
Interest rate on notes	4.38%
Debt instrument face amount	$ 600.0			0.0
Term Loan Credit Agreement due March 23, 2020 [Member]
Long-term debt
Debt instrument face amount	1,550.0		$ 1,800.0	0.0
Term loan credit agreement carrying value	1,544.9			0.0
Total Long Term Debt [Member]
Long-term debt
Debt instrument face amount	5,950.0			1,950.0
Current Portion Of Long Term Debt [Member]
Long-term debt
Debt instrument face amount	0.0			100.0
Total Long Term Debt Less Current Portion [Member]
Long-term debt
Debt instrument face amount	$ 5,950.0			$ 1,850.0

XML

Share-Based Payments (Details 2) - $ / shares	12 Months Ended
	Apr. 30, 2015	Apr. 30, 2014	Apr. 30, 2013
Restricted Shares and Deferred Stock Units [Member]
Summary of the Company's Restricted shares Deferred stock units and performance units
Beginning Balance, Restricted Shares and Deferred Stock Units and Performance Units	839,188
Beginning Balance, Weighted Average Grant Date Fair Value, in USD per share	$ 76.54
Granted Restricted Shares and Deferred Stock Units and Performance Units	109,091	167,134	109,770
Granted Weighted Average Grant Date Fair Value, in USD per share	$ 104.82	$ 101.08	$ 76.37
Converted Restricted Shares and Deferred Stock Units and Performance Units	101,020
Converted Weighted Average Grant Date Fair Value, in USD per share	$ 104.91
Vested Restricted Shares and Deferred Stock Units and Performance Units	(416,328)
Vested Weighted Average Grant Date Fair Value, in USD per share	$ 68.59
Forfeited Restricted Shares and Deferred Stock Units and Performance Units	(36,082)
Forfeited Weighted Average Grant Date Fair Value, in USD per share	$ 90.65
Ending Balance, Restricted Shares and Deferred Stock Units and Performance Units	596,889	839,188
Ending Balance, Weighted Average Grant Date Fair Value, in USD per share	$ 91.21	$ 76.54
Performance Units [Member]
Summary of the Company's Restricted shares Deferred stock units and performance units
Beginning Balance, Restricted Shares and Deferred Stock Units and Performance Units	101,020
Beginning Balance, Weighted Average Conversion Date Fair Value, in USD per share	$ 104.91
Granted Restricted Shares and Deferred Stock Units and Performance Units	75,848	101,020	106,666
Granted Weighted Average Conversion Date Fair Value, in USD per share	$ 111.41	$ 104.91	$ 100.54
Converted Restricted Shares and Deferred Stock Units and Performance Units	(101,020)
Converted Weighted Average Conversion Date Fair Value, in USD per share	$ 104.91
Vested Restricted Shares and Deferred Stock Units and Performance Units	0
Vested Weighted Average Conversion Date Fair Value, in USD per share	$ 0.00
Forfeited Restricted Shares and Deferred Stock Units and Performance Units	0
Forfeited Weighted Average Conversion Date Fair Value, in USD per Share	$ 0.00
Ending Balance, Restricted Shares and Deferred Stock Units and Performance Units	75,848	101,020
Ending Balance, Weighted Average Conversion Date Fair Value, in USD per share	$ 111.41	$ 104.91

XML

Acquisitions (Details Textual) $ in Millions	1 Months Ended	12 Months Ended
	Apr. 30, 2015 USD ($) shares	Apr. 30, 2015 USD ($) shares	Apr. 30, 2014 USD ($) Acquisition shares	Apr. 30, 2013 USD ($)	Mar. 23, 2015 USD ($) shares	Mar. 20, 2015 USD ($)	Mar. 02, 2015 USD ($)
Acquisitions (Textual) [Abstract]
Goodwill, acquired during period		$ 2,918.8	$ 52.1
Long-term debt	$ 5,944.9	5,944.9	1,873.1
Total intangible assets, excluding goodwill, from acquisitions			37.6
Net sales		5,692.7	5,610.6	$ 5,897.7
Operating income (loss)		772.0	$ 919.0	910.4
Acquisition related costs expensed during the period		36.0
Number of businesses acquired | Acquisition			2
Debt instrument face amount						$ 3,700.0
Cash payments for acquisitions		$ 1,320.5	$ 101.8	0.0
Acquisitions (Additional Textual) [Abstract]
Common shares outstanding | shares	119,577,333	119,577,333	101,697,400		120,000,000
Other Debt Costs		$ 173.3	$ 0.0	0.0
Senior Notes [Member]
Acquisitions (Textual) [Abstract]
Debt instrument face amount						$ 3,700.0
Term Loan Credit Agreement due March 23, 2020 [Member]
Acquisitions (Textual) [Abstract]
Debt instrument face amount	$ 1,550.0	1,550.0	0.0				$ 1,800.0
U.S. Retail Coffee [Member]
Acquisitions (Textual) [Abstract]
Goodwill, acquired during period		(0.3)	22.8
Net sales		2,076.1	2,161.7	2,306.5
International, Foodservice, and Natural Foods [Member]
Acquisitions (Textual) [Abstract]
Goodwill, acquired during period		60.9	29.3
Net sales		1,272.7	1,276.3	1,376.4
U S Retail Consumer Foods [Member]
Acquisitions (Textual) [Abstract]
Goodwill, acquired during period		47.9	0.0
U.S. Retail Pet Foods [Member]
Acquisitions (Textual) [Abstract]
Goodwill, acquired during period		2,810.3	0.0
Net sales		239.1	0.0	$ 0.0
Big Heart [Member]
Acquisitions (Textual) [Abstract]
Goodwill deductible for tax purpose	91.5	$ 91.5
Shares issued to shareholders of acquiree | shares		17,900,000
Long-term debt	5,400.0	$ 5,400.0
Business acquisition transaction costs					$ 225.0
One-time costs to be recognized over three years with one half expected to be recognized in 2016		These one-time costs are anticipated to be incurred primarily over the next three years, with one-half of the costs expected to be recognized in 2016.
Total intangible assets, excluding goodwill, from acquisitions					4,009.8
Payments for acquisition related costs		$ 150.0
Net sales	244.5	$ 7,732.5	7,800.7
Operating income (loss)	(26.0)
Acquisition fair value measurement period		1 year
Business acquisition consideration given		$ 5,905.7
Value of shares issued to shareholders of acquiree					2,035.5
Business acquisition debt assumed					$ 2,630.2
Cash payments for acquisitions		1,240.0
Big Heart [Member] | U.S. Retail Pet Foods [Member]
Acquisitions (Textual) [Abstract]
Goodwill, acquired during period		2,900.0
Sahale [Member]
Acquisitions (Textual) [Abstract]
Total intangible assets, excluding goodwill, from acquisitions	$ 30.4	30.4
Cash payments for acquisitions		80.5
Sahale [Member] | U S Retail Consumer Foods [Member]
Acquisitions (Textual) [Abstract]
Goodwill, acquired during period		47.9
Enray [Member] | International, Foodservice, and Natural Foods [Member]
Acquisitions (Textual) [Abstract]
Goodwill, acquired during period			29.3
Silocaf [Member] | U.S. Retail Coffee [Member]
Acquisitions (Textual) [Abstract]
Goodwill, acquired during period			$ 22.8
Acquisition Related Cost [Member]
Acquisitions (Textual) [Abstract]
Business acquisition proforma adjustment		$ 108.3

XML

Derivative Financial Instruments (Tables)

12 Months Ended

Apr. 30, 2015

Derivative Financial Instruments [Abstract]

Fair value of derivative instruments

	April 30, 2015								April 30, 2014
	Other Current Assets		Other Current Liabilities		Other Noncurrent Assets		Other Noncurrent Liabilities		Other Current Assets		Other Current Liabilities		Other Noncurrent Liabilities
Derivatives designated as hedging instruments:
Commodity contracts	$	—	$	—	$	—	$	—	$	23.4	$	10.9	$	—
Interest rate contract		—		—		—		—		18.0		—		3.1
Total derivatives designated as hedging instruments	$	—	$	—	$	—	$	—	$	41.4	$	10.9	$	3.1
Derivatives not designated as hedging instruments:
Commodity contracts	$	6.4	$	23.9	$	0.2	$	3.8	$	11.6	$	5.8	$	—
Foreign currency exchange contracts		4.8		1.0		—		—		1.4		0.7		—
Total derivatives not designated as hedging instruments	$	11.2	$	24.9	$	0.2	$	3.8	$	13.0	$	6.5	$	—
Total derivative instruments	$	11.2	$	24.9	$	0.2	$	3.8	$	54.4	$	17.4	$	3.1

Commodity contracts gains and losses recognized on derivatives designated as cash flow hedges

	Year Ended April 30,
	2015		2014
(Losses) gains recognized in other comprehensive (loss) income (effective portion)	$	(4.0)	$	21.0
Gains (losses) reclassified from accumulated other comprehensive loss to cost of products sold (effective portion)		29.1		(20.3)
Losses reclassified from accumulated other comprehensive loss to interest expense (effective portion)		(0.6)		(0.6)
Change in accumulated other comprehensive loss	$	(32.5)	$	41.9
Gains recognized in cost of products sold (ineffective portion)	$	—	$	1.4
Losses recognized in interest expense (ineffective portion)	$	(0.1)	$	—

Net realized and unrealized gains and losses recognized in cost of products of sold on derivatives not designated as qualified hedging instruments

	Year Ended April 30,
	2015		2014
(Losses) gains on commodity contracts	$	(48.5)	$	5.2
Gains on foreign exchange contracts		8.8		3.3
Total (losses) gains recognized in costs of products sold	$	(39.7)	$	8.5

Schedule of unallocated derivative (losses) gains

	Year Ended April 30,
	2015		2014
Net (losses) gains on mark-to-market valuation of unallocated derivative positions	$	(39.7)	$	8.5
Net losses (gains) on derivative positions reclassified to segment operating profit		15.2		(3.2)
Net mark-to-market valuation of certain derivative positions recognized in unallocated (losses) gains	$	(24.5)	$	5.3

Outstanding derivative contracts

	Year Ended April 30,
	2015		2014
Commodity contracts	$	640.6	$	790.3
Foreign currency exchange contracts		136.4		158.1
Interest rate contract		—		750.0

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Share-Based Payments (Details 3) - $ / shares	12 Months Ended
	Apr. 30, 2015	Apr. 30, 2014	Apr. 30, 2013
Restricted Shares And Deferred Stock Units [Member]
Weighted-average grant date fair values of the equity awards
Granted Restricted Shares and Deferred Stock Units and Performance Units	109,091	167,134	109,770
Granted Weighted Average Grant Date Fair Value, in USD per share	$ 104.82	$ 101.08	$ 76.37
Performance Units [Member]
Weighted-average grant date fair values of the equity awards
Granted Restricted Shares and Deferred Stock Units and Performance Units	75,848	101,020	106,666
Granted Weighted Average Conversion Date Fair Value, in USD per share	$ 111.41	$ 104.91	$ 100.54

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Other Financial Instruments and Fair Value Measurements (Details) - USD ($) $ in Millions	Apr. 30, 2015	Apr. 30, 2014
Carrying amount and fair value of financial instruments
Other investments	$ 48.4	$ 55.4
Long-term debt	(5,944.9)	(1,973.1)
Carrying Amount [Member]
Carrying amount and fair value of financial instruments
Other investments	48.4	55.4
Derivatives financial instruments - net	(17.3)	33.9
Long-term debt	(5,944.9)	(1,973.1)
Fair Value [Member]
Carrying amount and fair value of financial instruments
Other investments	48.4	55.4
Derivatives financial instruments - net	(17.3)	33.9
Long-term debt	$ (6,011.3)	$ (2,239.1)

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Restructuring (Details) - USD ($) $ in Millions	12 Months Ended
	Apr. 30, 2015	Apr. 30, 2014	Apr. 30, 2013
Restructuring and Related Charges:
Total restructuring charge	$ 263.8
Beginning Balance	1.7	$ 7.7	$ 8.8
Charge to expense	15.4	20.8	38.8
Cash payments	(16.5)	(23.9)	(31.7)
Noncash utilization	(0.1)	(2.9)	(8.2)
Ending Balance	0.5	1.7	7.7
Long-Lived Asset Charges [Member]
Restructuring and Related Charges:
Total restructuring charge	102.7
Beginning Balance	0.0	0.0	0.0
Charge to expense	0.1	2.7	8.2
Cash payments	0.0	0.0	0.0
Noncash utilization	(0.1)	(2.7)	(8.2)
Ending Balance	0.0	0.0	0.0
Employee Separation [Member]
Restructuring and Related Charges:
Total restructuring charge	64.0
Beginning Balance	1.7	7.7	8.8
Charge to expense	0.5	2.6	3.4
Cash payments	(1.7)	(8.4)	(4.5)
Noncash utilization	0.0	(0.2)	0.0
Ending Balance	0.5	1.7	7.7
Site Preparation and Equipment Relocation [Member]
Restructuring and Related Charges:
Total restructuring charge	45.5
Beginning Balance	0.0	0.0	0.0
Charge to expense	5.3	7.2	13.4
Cash payments	(5.3)	(7.2)	(13.4)
Noncash utilization	0.0	0.0	0.0
Ending Balance	0.0	0.0	0.0
Production Start-up [Member]
Restructuring and Related Charges:
Total restructuring charge	42.2
Beginning Balance	0.0	0.0	0.0
Charge to expense	8.4	7.2	10.8
Cash payments	(8.4)	(7.2)	(10.8)
Noncash utilization	0.0	0.0	0.0
Ending Balance	0.0	0.0	0.0
Other Costs [Member]
Restructuring and Related Charges:
Total restructuring charge	9.4
Beginning Balance	0.0	0.0	0.0
Charge to expense	1.1	1.1	3.0
Cash payments	(1.1)	(1.1)	(3.0)
Noncash utilization	0.0	0.0	0.0
Ending Balance	$ 0.0	$ 0.0	$ 0.0

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Pensions and Other Postretirement Benefits (Details) - USD ($) $ in Millions	12 Months Ended
	Apr. 30, 2015	Apr. 30, 2014	Apr. 30, 2013
Defined Benefit Pension Plans [Member]
Components of net periodic benefit cost:
Service cost	$ 9.0	$ 8.7	$ 8.8
Interest cost	23.2	21.8	23.9
Expected return on plan assets	(25.6)	(25.4)	(25.3)
Amortization of prior service cost (credit)	1.0	1.2	1.0
Amortization of net actuarial loss (gain)	10.0	13.2	13.1
Settlement loss	3.5	0.0	6.7
Net periodic benefit cost	21.1	19.5	28.2
Other Postretirement Benefits [Member]
Components of net periodic benefit cost:
Service cost	2.3	2.3	2.5
Interest cost	2.4	2.3	3.0
Expected return on plan assets	0.0	0.0	0.0
Amortization of prior service cost (credit)	(1.1)	(1.1)	(0.4)
Amortization of net actuarial loss (gain)	(0.1)	0.0	0.0
Settlement loss	0.0	0.0	0.0
Net periodic benefit cost	$ 3.5	$ 3.5	$ 5.1

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Share-Based Payments (Details) - 12 months ended Apr. 30, 2015	Total
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility (%)	25.00%
Dividend yield (%)	2.20%
Risk-free interest rate (%)	1.50%
Expected life of stock option (years)	5 years 7 months

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Income Taxes (Details 5) - USD ($) $ in Millions	12 Months Ended
	Apr. 30, 2015	Apr. 30, 2014	Apr. 30, 2013
Reconciliation of unrecognized tax benefits
Balance at May 1,	$ 29.1	$ 29.7	$ 24.0
Increases:
Current year tax positions	2.4	5.1	4.8
Prior year tax positions	1.2	0.1	2.5
Acquired businesses	13.4	0.0	0.0
Decreases:
Prior year tax positions	0.4	1.6	0.2
Settlement with tax authorities	0.0	1.5	1.0
Expiration of statute of limitations periods	0.7	2.7	0.4
Balance at April 30,	$ 45.0	$ 29.1	$ 29.7

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Income Taxes (Details) - USD ($) $ in Millions	12 Months Ended
	Apr. 30, 2015	Apr. 30, 2014	Apr. 30, 2013
Income (loss) before income taxes
Domestic	$ 500.7	$ 827.4	$ 791.9
Foreign	22.3	22.3	25.4
Income Before Income Taxes	$ 523.0	$ 849.7	$ 817.3

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Income Taxes (Details Textual) - USD ($) $ in Millions	12 Months Ended
	Apr. 30, 2015	Apr. 30, 2014	Apr. 30, 2013	Apr. 30, 2012
Income Taxes (Additional Textual) [Abstract]
Undistributed earnings of foreign subsidiaries on which deferred income taxes not provided	$ 248.6
Time period over which it is reasonably possible that the Company could decrease its unrecognized tax benefits	12 months
Amount unrecognized tax benefit could decrease in next 12 months	$ 2.1
Company's unrecognized tax benefits	45.0	$ 29.1	$ 29.7	$ 24.0
Unrecognized tax benefits that would affect the effective tax rate	32.2	19.5	20.6
Tax-related net interest and penalties	3.4	2.0	2.0
Interest charged to earnings	0.7	$ 0.1	$ 0.3
Federal [Member]
Schedule Of Tax Carryforwards [Line Items]
Valuation allowance on operating loss carryforward	$ 4.2

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Share-Based Payments (Details 1) - Apr. 30, 2015 - $ / shares	Total
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding at May 1, 2014, number of options	33,667
Outstanding at May 1, 2014, weighted average exercise price	$ 44.50
Granted, number of options	955,000
Granted, weighted average exercise price	$ 112.59
Exercised, number of options	31,667
Exercised, weighted average exercise price	$ 44.29
Outstanding at April 30, 2015, number of options	957,000
Outstanding at April 30, 2015, weighted average exercise price	$ 112.45
Exercisable at April 30, 2015, number of options	2,000
Exercisable at April 30, 2015, weighted average exercise price	$ 47.78

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Derivative Financial Instruments (Details 4) - USD ($) $ in Millions	Apr. 30, 2015	Feb. 02, 2015	Apr. 30, 2014
Commodity contracts [Member]
Outstanding derivative contracts
Gross contract notional amount	$ 640.6		$ 790.3
Foreign currency exchange contracts [Member]
Outstanding derivative contracts
Gross contract notional amount	136.4		158.1
Interest rate contract [Member]
Outstanding derivative contracts
Gross contract notional amount	$ 0.0	$ 1,100.0	$ 750.0

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Accounting Policies (Policies)

12 Months Ended

Apr. 30, 2015

Accounting Policies [Abstract]

Principles of Consolidation

Principles of Consolidation: The consolidated financial statements include the accounts of the Company, its wholly-owned subsidiaries, and its majority-owned investments, if any. Intercompany transactions and accounts are eliminated in consolidation.

Use of Estimates

Use of Estimates: The preparation of consolidated financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires that we make certain estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Significant estimates in these consolidated financial statements include: allowances for doubtful trade receivables, estimates of future cash flows associated with assets, asset impairments, useful lives and residual values of long-lived assets used in determining depreciation and amortization, net realizable value of inventories, accruals for trade marketing and merchandising programs, income taxes, and the determination of discount and other assumptions for defined benefit pension and other postretirement benefit expenses. Actual results could differ from these estimates.

Cash and Cash Equivalents

Cash and Cash Equivalents: We consider all short-term, highly-liquid investments with a maturity of three months or less when purchased to be cash equivalents.

Revenue Recognition

Revenue Recognition: We recognize revenue, net of estimated returns and allowances, when all of the following criteria have been met: a valid customer order with a determinable price has been received; the product has been shipped and title has transferred to the customer; there is no further significant obligation to assist in the resale of the product; and collectability is reasonably assured. Trade marketing and merchandising programs are classified as a reduction of sales. A provision for estimated returns and allowances is recognized as a reduction of sales at the time revenue is recognized.

Shipping and Handling Costs

Shipping and Handling Costs: Transportation costs included in cost of products sold relate to the costs incurred to ship our products. Distribution costs are included in selling, distribution, and administrative expenses and relate to the warehousing costs incurred to store our products.

Trade Marketing and Merchandising Programs

Trade Marketing and Merchandising Programs: In order to support our products, various promotional activities are conducted through retail trade, distributors, or directly with consumers, including in-store display and product placement programs, feature price discounts, coupons, and other similar activities. We regularly review and revise, when we deem necessary, estimates of costs for these promotional programs based on estimates of what will be redeemed by retail trade, distributors, or consumers. These estimates are made using various techniques, including historical data on performance of similar promotional programs. Differences between estimated expenditures and actual performance are recognized as a change in estimate in a subsequent period. As the total promotional expenditures, including amounts classified as a reduction of sales, represented 29 percent, 27 percent, and 25 percent of net sales in 2015, 2014, and 2013, respectively, the possibility exists of materially different reported results if factors such as the level and success of the promotional programs or other conditions differ from expectations.

Advertising Expense

Advertising Expense: Advertising costs are expensed as incurred. Advertising expense was $107.0, $124.7, and $131.6 in 2015, 2014, and 2013, respectively.

Research and Development Costs

Research and Development Costs: Research and development costs are expensed as incurred and are included in selling, distribution, and administrative expense in the Statements of Consolidated Income. Total research and development expense was $32.5, $24.3, and $24.7 in 2015, 2014, and 2013, respectively.

Share-Based Payments

Share-Based Payments: Share-based compensation expense, excluding stock options issued in 2015, is recognized on a straight-line basis over the requisite service period, which includes a one-year performance period plus the defined forfeiture period, which is typically four years of service or the attainment of a defined age and years of service. For options granted in 2015, compensation expense is recognized ratably over the service period for each vesting tranche from the grant date through the end of the requisite service period if it is probable that the performance criteria will be met. The options will vest over a period of one to three years, dependent on continued service of the option holder, as well as the achievement of the performance objectives established on the grant date. For further discussion on the stock options issued in 2015, see Note 10: Share-Based Payments.

The following table summarizes amounts related to share-based payments.

	Year Ended April 30,
	2015		2014		2013
Share-based compensation expense included in selling, distribution, and administrative expenses	$	22.3	$	22.1	$	20.5
Share-based compensation expense included in other special project costs		1.2		0.8		0.8
Total share-based compensation expense	$	23.5	$	22.9	$	21.3
Related income tax benefit	$	8.0	$	7.7	$	7.1

As of April 30, 2015, total unrecognized share-based compensation cost related to nonvested share-based awards was $48.9. The weighted-average period over which this amount is expected to be recognized is 2.5 years.

Corporate income tax benefits realized upon exercise or vesting of an award in excess of that previously recognized in earnings, referred to as excess tax benefits, are presented in the Statements of Consolidated Cash Flows as a financing activity. Realized excess tax benefits are credited to additional capital in the Consolidated Balance Sheets. Realized shortfall tax benefits, amounts which are less than those previously recognized in earnings, are first offset against the cumulative balance of excess tax benefits, if any, and then charged directly to income tax expense. For 2015, 2014, and 2013, the excess tax benefits realized upon exercise or vesting of share-based compensation were $5.9, $7.3, and $2.9, respectively.

Defined Contribution Plans

Defined Contribution Plans: We offer employee savings plans for domestic and Canadian employees. Our contributions under these plans are based on a specified percentage of employee contributions. Charges to operations for these plans in 2015, 2014, and 2013 were $21.1, $20.1, and $18.6, respectively. For information on our defined benefit plans, see Note 7: Pensions and Other Postretirement Benefits.

Income Taxes

Income Taxes: We account for income taxes using the liability method. Accordingly, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in the applicable tax rate is recognized in income or expense in the period that the change is enacted. A valuation allowance is established when it is more likely than not that all or a portion of a deferred tax asset will not be realized. A tax benefit is recognized when it is more likely than not to be sustained.

We account for the financial statement recognition and measurement criteria of a tax position taken or expected to be taken in a tax return under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 740, Income Taxes. FASB ASC 740 also provides guidance on derecognition, classification, interest and penalties, accounting in interim periods, and disclosure.

In accordance with the requirements of FASB ASC 740, uncertain tax positions have been classified in the Consolidated Balance Sheets as noncurrent, except to the extent payment is expected within one year. We recognize net interest and penalties related to unrecognized tax benefits in income tax expense.

Trade Receivables

Trade Receivables: In the normal course of business, we extend credit to customers. Trade receivables, less allowances, reflects the net realizable value of receivables and approximates fair value. We evaluate our trade receivables and establish an allowance for doubtful accounts based on a combination of factors. When aware that a specific customer has been impacted by circumstances such as bankruptcy filings or deterioration in the customer’s operating results or financial position, potentially making it unable to meet its financial obligations, we record a specific reserve for bad debt to reduce the related receivable to the amount we reasonably believe is collectible. We also record reserves for bad debt for all other customers based on a variety of factors, including the length of time the receivables are past due, historical collection experience, and an evaluation of current and projected economic conditions at the balance sheet date. Trade receivables are charged off against the allowance after we determine that the potential for recovery is remote. At April 30, 2015 and 2014, the allowance for doubtful accounts was $1.0 and $0.9, respectively. We believe there is no concentration of risk with any single customer whose failure or nonperformance would materially affect results other than as discussed in Note 3: Reportable Segments.

Inventories

Inventories: Inventories are stated at the lower of cost or market. Cost for all inventories is determined using the first-in, first-out method applied on a consistent basis.

The cost of finished products and work-in-process inventory includes materials, direct labor, and overhead. Work-in-process is included in finished products in the Consolidated Balance Sheets and was $81.5 and $62.1 at April 30, 2015 and 2014, respectively.

Derivative Financial Instruments

Derivative Financial Instruments: We account for derivative instruments in accordance with FASB ASC 815, Derivatives and Hedging, which requires all derivative instruments to be recognized in the financial statements and measured at fair value, regardless of the purpose or intent for holding them.

Effective May 1, 2014, we elected to no longer qualify commodity derivatives or instruments used to manage foreign currency exchange exposures 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. 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.

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 or losses on the swap are deferred and included as a component of accumulated other comprehensive loss to the extent effective, and reclassified to interest expense in the period during which the hedged transaction affects earnings. If the contract is designated as a fair value hedge, the swap is recognized at fair value on the balance sheet, and changes in the fair value are 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 net impact on earnings.

Property, Plant, and Equipment

Property, Plant, and Equipment: Property, plant, and equipment is recognized at cost and is depreciated on a straight-line basis over the estimated useful life of the asset (3 to 20 years for machinery and equipment, 1 to 7 years for capitalized software costs, and 5 to 40 years for buildings, fixtures, and improvements).

We lease certain land, buildings, and equipment for varying periods of time, with renewal options. Rent expense in 2015, 2014, and 2013 totaled $67.1, $60.6, and $59.2, respectively. As of April 30, 2015, our minimum operating lease obligations were as follows: $43.1 in 2016, $40.5 in 2017, $36.0 in 2018, $27.1 in 2019, and $22.0 in 2020.

In accordance with FASB ASC 360, Property, Plant, and Equipment, long-lived assets, other than goodwill and indefinite-lived intangible assets, are reviewed for impairment when circumstances indicate the carrying value of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of the assets to future net undiscounted cash flows we estimate to be generated by such assets. If such assets are considered to be impaired, the impairment to be recognized is the amount by which the carrying amount of the assets exceeds their estimated fair value. Assets to be disposed of by sale are recognized as held for sale at the lower of carrying value or fair value less cost to sell.

Goodwill and Other Intangible Assets

Goodwill and Other Intangible Assets: Goodwill is the excess of the purchase price paid over the estimated fair value of the net assets of a business acquired. In accordance with FASB ASC 350, Intangibles – Goodwill and Other, goodwill and other indefinite-lived intangible assets are not amortized but are reviewed at least annually for impairment. We conduct our annual test for impairment of goodwill and other indefinite-lived intangible assets as of February 1 of each year. As of the annual impairment test, we had six reporting units. A discounted cash flow valuation technique was utilized to estimate the fair value of our reporting units and indefinite-lived intangible assets. We also used a market-based approach to estimate the fair value of our reporting units. The discount rates utilized in the cash flow analyses were developed using a weighted-average cost of capital methodology. In addition to the annual test, we test for impairment if events or circumstances occur that would more likely than not reduce the fair value of a reporting unit below its carrying amount. Finite-lived intangible assets are amortized on a straight-line basis over their estimated useful lives. For additional information, see Note 5: Goodwill and Other Intangible Assets.

Marketable Securities and Other Investments

Marketable Securities and Other Investments: We maintain funds for the payment of benefits associated with nonqualified retirement plans. These funds include investments considered to be available-for-sale marketable securities. At April 30, 2015 and 2014, the fair value of these investments was $48.4 and $55.4, respectively, and was included in other noncurrent assets in the Consolidated Balance Sheets. Included in accumulated other comprehensive loss at April 30, 2015 and 2014, were unrealized pre-tax gains of $5.2 and $5.3, respectively.

Equity Method Investments

Equity Method Investments: Investments in common stock of entities other than our subsidiaries are accounted for under the equity method in accordance with FASB ASC 323, Investments – Equity Method and Joint Ventures. Under the equity method, the initial investment is recorded at cost and the investment is subsequently adjusted for its proportionate share of earnings or losses, including consideration of basis differences resulting from the difference between the initial carrying amount of the investment and the underlying equity in net assets. The difference between the carrying amount of the investment and the underlying equity in net assets is primarily attributable to goodwill and other intangible assets.

We have a 25 percent equity interest in Guilin Seamild Biologic Technology Development Co., Ltd. (“Seamild”), a privately-owned manufacturer and marketer of oats products in China. The initial investment in Seamild in 2013 was $35.9 and is included in other noncurrent assets in the Consolidated Balance Sheets. The value of our investment in Seamild did not change significantly and did not have a material impact on the International, Foodservice, and Natural Foods segment or the consolidated financial statements for the years ended April 30, 2015 and 2014.

As part of the Big Heart Pet Brands (“Big Heart”) acquisition, we acquired a 50 percent equity interest in Natural Blend Vegetable Dehydration LLC (“Natural Blend”) and a 20 percent equity interest in Mountain Country Foods, LLC (“Mountain Country Foods”). Natural Blend is a privately-owned producer and supplier of dehydrated sweet potato products to Big Heart co-manufacturers. Mountain Country Foods is a privately-owned co-manufacturer of Big Heart pet products.

Our initial investments in Natural Blend of $10.6 and Mountain Country Foods of $19.1 were recorded at a preliminary fair value as required under purchase accounting and are included in other noncurrent assets in the Consolidated Balance Sheets. The value of these investments did not have a material impact on the U.S. Retail Pet Foods segment or the consolidated financial statements for the year ended April 30, 2015. For additional information related to the acquisition, see Note 2: Acquisitions.

Foreign Currency Translation

Foreign Currency Translation: Assets and liabilities of foreign subsidiaries are translated using the exchange rates in effect at the balance sheet dates, while income and expenses are translated using average rates. Translation adjustments are reported as a component of shareholders’ equity in accumulated other comprehensive loss. Included in accumulated other comprehensive loss at April 30, 2015 and 2014, was a foreign currency loss of $2.3 and a gain of $31.7, respectively.

Recently Issued Accounting Standards

Recently Issued Accounting Standards: In April 2015, the FASB issued Accounting Standards Update (“ASU”) 2015-03, Interest – Imputation of Interest (Subtopic 835-30) Simplifying the Presentation of Debt Issuance Costs. ASU 2015-03 requires debt issuance costs to be presented in the balance sheet as a direct deduction from the carrying amount of the related debt. ASU 2015-03 is effective for us on May 1, 2016, but we have elected early adoption. As of April 30, 2015, we have reclassified debt issuance costs associated with our long-term debt from other noncurrent assets to long-term debt. Prior year amounts have been reclassified to conform to the current year classification in accordance with ASU 2015-03.

In May 2014, the FASB issued 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.

Risks and Uncertainties

Risks and Uncertainties: The raw materials we use are primarily commodities, agricultural-based products, and packaging materials. The principal packaging materials we use are glass, plastic, metal cans, caps, carton board, and corrugate. Green coffee, peanuts, edible oils, sweeteners, milk, wheat, corn, poultry meal, soybean meal, and other ingredients are obtained from various suppliers. The availability, quality, and cost of many of these commodities have fluctuated, and may continue to fluctuate over time. Green coffee is sourced solely from foreign countries and its supply and price are subject to high volatility due to factors such as weather, global supply and demand, pest damage, speculative influences, and political and economic conditions in the source countries. Raw materials are generally available from numerous sources, although we have elected to source certain plastic packaging materials and finished goods from single sources of supply pursuant to long-term contracts. While availability may vary from year to year, we believe that we will continue to be able to obtain adequate supplies and that alternatives to single-sourced materials are available. We have not historically encountered significant shortages of key raw materials. We consider our relationships with key material suppliers to be good.

Of our total employees, 28 percent are covered by union contracts at 10 manufacturing locations. The contracts vary in term, with three contracts expiring in 2016, representing 11 percent of our total employees.

We insure our business and assets in each country against insurable risks, to the extent that we deem appropriate, based upon an analysis of the relative risks and costs.

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Reportable Segments (Details Textual) $ in Millions	12 Months Ended
	Apr. 30, 2015 USD ($) Segment Industry	Apr. 30, 2014 USD ($)	Apr. 30, 2013
Concentration Risk [Line Items]
Trade receivables, less allowance for doubtful accounts	$ 430.1	$ 309.4
Reportable Segments (Textual) [Abstract]
Number of reportable segments | Segment	4
Number of industries in which Company operates | Industry	1
Major Customer [Member] | Sales [Member]
Concentration Risk [Line Items]
Percentage of concentration risk	10.00%	10.00%	10.00%
Wal-Mart Major Customer [Member]
Concentration Risk [Line Items]
Trade receivables, less allowance for doubtful accounts	$ 122.6	$ 76.6
Wal-Mart Major Customer [Member] | Sales [Member]
Concentration Risk [Line Items]
Percentage of concentration risk	28.00%	27.00%	26.00%

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Acquisitions (Details) - USD ($) $ in Millions	12 Months Ended
	Apr. 30, 2015	Apr. 30, 2014	Apr. 30, 2013	Mar. 23, 2015
Business Acquisition [Line Items]
Cash consideration, net of cash acquired	$ 1,320.5	$ 101.8	$ 0.0
Big Heart [Member]
Business Acquisition [Line Items]
Shares issued				$ 2,035.5
Assumed debt from Big Heart				$ 2,630.2
Cash consideration, net of cash acquired	1,240.0
Total purchase price	$ 5,905.7

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Other Financial Instruments and Fair Value Measurements (Details Textual) - USD ($) $ in Millions	12 Months Ended
	Apr. 30, 2015	Mar. 20, 2015	Feb. 02, 2015	Apr. 30, 2014
Other Financial Instruments and Fair Value Measurements (Textual) [Abstract]
Company's Municipal bond mature in 2016	$ 0.9
Company's Municipal bond mature in 2017	1.3
Company's Municipal bond mature in 2018	1.1
Company's Municipal bond mature in 2019	3.0
Company's Municipal bond mature in 2020 and beyond	$ 31.6
Money market funds maturity period	Three months of less
Debt Instrument, Face Amount		$ 3,700.0
Interest rate contract [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gross contract notional amount	$ 0.0		$ 1,100.0	$ 750.0

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Accumulated Other Comprehensive Income (Loss) (Tables)

12 Months Ended

Apr. 30, 2015

Accumulated Other Comprehensive (Loss) Income [Abstract]

Components of accumulated other comprehensive (loss) income

	Foreign Currency Translation Adjustment		Unrealized (Loss) Gain on Cash Flow Hedging Derivatives (A)		Pension and Other Postretirement Liabilities (B)		Unrealized Gain on Available-for-Sale Securities (C)		Accumulated Other Comprehensive Loss
Balance at May 1, 2012	$	67.0	$	(19.2)	$	(134.3)	$	2.5	$	(84.0
Reclassification adjustments		—		40.1		20.4		—		60.5
Current period (charge) credit		(5.5)		(27.5)		(16.5)		3.1		(46.4)
Income tax expense		—		(4.6)		(1.0)		(1.1)		(6.7)
Balance at April 30, 2013	$	61.5	$	(11.2)	$	(131.4)	$	4.5	$	(76.6)
Reclassification adjustments		—		20.9		13.3		(3.7)		30.5
Current period (charge) credit		(29.8)		21.0		31.4		1.9		24.5
Income tax (expense) benefit		—		(15.4)		(15.3)		0.7		(30.0)
Balance at April 30, 2014	$	31.7	$	15.3	$	(102.0)	$	3.4	$	(51.6)
Reclassification adjustments		—		(28.5)		9.8		—		(18.7)
Current period charge		(34.0)		(4.0)		(16.2)		(0.1)		(54.3)
Income tax benefit		—		12.0		2.8		—		14.8
Balance at April 30, 2015	$	(2.3)	$	(5.2)	$	(105.6)	$	3.3	$	(109.8)

(A) Of the total reclassification adjustments from accumulated other comprehensive loss, $29.1 of income and $20.3 and $39.6 of expense were reclassified to cost of products sold related to commodity derivatives during 2015, 2014, and 2013, respectively. An additional $0.6 during 2015 and 2014, and $0.5 during 2013 was reclassified to interest expense related to the interest rate swap. At April 30, 2015, the remaining balance in accumulated other comprehensive loss related entirely to the interest rate swap.

(B) Amortization of net losses was reclassified from accumulated other comprehensive loss to selling, distribution, and administrative expenses.

(C) The gain on the sale of marketable securities was reclassified from accumulated other comprehensive loss to other income – net during 2014.

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Goodwill and Other Intangible Assets (Details) - USD ($) $ in Millions	12 Months Ended
	Apr. 30, 2015	Apr. 30, 2014
Summary of changes in the company's goodwill
Goodwill, Beginning Balance	$ 3,098.2	$ 3,052.9
Acquisitions	2,918.8	52.1
Other	(7.2)	(6.8)
Goodwill, Ending Balance	6,009.8	3,098.2
U.S. Retail Coffee [Member]
Summary of changes in the company's goodwill
Goodwill, Beginning Balance	1,743.1	1,720.3
Acquisitions	(0.3)	22.8
Other	0.1	0.0
Goodwill, Ending Balance	1,742.9	1,743.1
U.S. Retail Consumer Foods [Member]
Summary of changes in the company's goodwill
Goodwill, Beginning Balance	1,032.2	1,034.6
Acquisitions	47.9	0.0
Other	(2.5)	(2.4)
Goodwill, Ending Balance	1,077.6	1,032.2
U.S. Retail Pet Foods [Member]
Summary of changes in the company's goodwill
Goodwill, Beginning Balance	0.0	0.0
Acquisitions	2,810.3	0.0
Other	0.0	0.0
Goodwill, Ending Balance	2,810.3	0.0
International, Foodservice, and Natural Foods [Member]
Summary of changes in the company's goodwill
Goodwill, Beginning Balance	322.9	298.0
Acquisitions	60.9	29.3
Other	(4.8)	(4.4)
Goodwill, Ending Balance	$ 379.0	$ 322.9

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Derivative Financial Instruments (Details) - USD ($) $ in Millions	Apr. 30, 2015	Apr. 30, 2014
Other Current Assets [Member]
Fair value of derivative instruments [Line Items]
Derivatives Instruments, Assets	$ 11.2	$ 54.4
Other Current Assets [Member] | Designated as hedging instruments [Member]
Fair value of derivative instruments [Line Items]
Derivatives Instruments, Assets	0.0	41.4
Other Current Assets [Member] | Not designated as hedging instruments [Member]
Fair value of derivative instruments [Line Items]
Derivatives Instruments, Assets	11.2	13.0
Other Current Assets [Member] | Commodity contracts [Member] | Designated as hedging instruments [Member]
Fair value of derivative instruments [Line Items]
Derivatives Instruments, Assets	0.0	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	6.4	11.6
Other Current Assets [Member] | Interest rate contract [Member] | Designated as hedging instruments [Member]
Fair value of derivative instruments [Line Items]
Derivatives Instruments, Assets	0.0	18.0
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	4.8	1.4
Other Current Liabilities [Member]
Fair value of derivative instruments [Line Items]
Derivatives Instruments, Liabilities	24.9	17.4
Other Current Liabilities [Member] | Designated as hedging instruments [Member]
Fair value of derivative instruments [Line Items]
Derivatives Instruments, Liabilities	0.0	10.9
Other Current Liabilities [Member] | Not designated as hedging instruments [Member]
Fair value of derivative instruments [Line Items]
Derivatives Instruments, Liabilities	24.9	6.5
Other Current Liabilities [Member] | Commodity contracts [Member] | Designated as hedging instruments [Member]
Fair value of derivative instruments [Line Items]
Derivatives Instruments, Liabilities	0.0	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	23.9	5.8
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	0.0
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	1.0	0.7
Other Noncurrent Assets [Member]
Fair value of derivative instruments [Line Items]
Derivatives Instruments, Assets	0.2
Other Noncurrent Assets [Member] | Designated as hedging instruments [Member]
Fair value of derivative instruments [Line Items]
Derivatives Instruments, Assets	0.0
Other Noncurrent Assets [Member] | Not designated as hedging instruments [Member]
Fair value of derivative instruments [Line Items]
Derivatives Instruments, Assets	0.2
Other Noncurrent Assets [Member] | Commodity contracts [Member] | Designated as hedging instruments [Member]
Fair value of derivative instruments [Line Items]
Derivatives Instruments, Assets	0.0
Other Noncurrent Assets [Member] | Commodity contracts [Member] | Not designated as hedging instruments [Member]
Fair value of derivative instruments [Line Items]
Derivatives Instruments, Assets	0.2
Other Noncurrent Assets [Member] | Interest rate contract [Member] | Designated as hedging instruments [Member]
Fair value of derivative instruments [Line Items]
Derivatives Instruments, Assets	0.0
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	0.0
Other Noncurrent Liabilities [Member]
Fair value of derivative instruments [Line Items]
Derivatives Instruments, Liabilities	3.8	3.1
Other Noncurrent Liabilities [Member] | Designated as hedging instruments [Member]
Fair value of derivative instruments [Line Items]
Derivatives Instruments, Liabilities	0.0	3.1
Other Noncurrent Liabilities [Member] | Not designated as hedging instruments [Member]
Fair value of derivative instruments [Line Items]
Derivatives Instruments, Liabilities	3.8	0.0
Other Noncurrent Liabilities [Member] | Commodity contracts [Member] | Designated as hedging instruments [Member]
Fair value of derivative instruments [Line Items]
Derivatives Instruments, Liabilities	0.0	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	3.8	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	0.0	3.1
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	$ 0.0

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Pensions and Other Postretirement Benefits (Details 4) - USD ($) $ in Millions	12 Months Ended
	Apr. 30, 2015	Apr. 30, 2014
Defined Benefit Pension Plans [Member]
Accumulated other comprehensive income (loss)
Net actuarial (loss) gain	$ (174.2)	$ (166.7)
Prior service (cost) credit	(4.2)	(4.9)
Total recognized in accumulated other comprehensive loss	(178.4)	(171.6)
Other Postretirement Benefits [Member]
Accumulated other comprehensive income (loss)
Net actuarial (loss) gain	6.9	5.3
Prior service (cost) credit	10.3	11.5
Total recognized in accumulated other comprehensive loss	17.2	$ 16.8
One-percentage point annual change in the assumed health care cost trend rate
Effect on total service and interest cost components, increase	0.1
Effect on total service and interest cost components, decrease	0.1
Effect on benefit obligation, increase	2.5
Effect on benefit obligation, decrease	$ 2.3
U. S. Defined Benefit Plans [Member]
Weighted-average assumptions used in determining benefit obligation
Discount rate	4.01%	4.45%
Rate of compensation increase	4.06%	4.13%
U. S. Other Postretirement Benefit Plans [Member]
Weighted-average assumptions used in determining benefit obligation
Discount rate	3.97%	4.30%
Rate of compensation increase	0.00%	0.00%
Canadian Defined Benefit Plans [Member]
Weighted-average assumptions used in determining benefit obligation
Discount rate	3.51%	4.11%
Rate of compensation increase	3.00%	3.00%
Canadian Other Postretirement Benefit Plans [Member]
Weighted-average assumptions used in determining benefit obligation
Discount rate	3.50%	4.10%
Rate of compensation increase	0.00%	0.00%

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Reportable Segments (Details) - USD ($) $ in Millions		12 Months Ended
		Apr. 30, 2015	Apr. 30, 2014	Apr. 30, 2013
Net sales:
Net sales		$ 5,692.7	$ 5,610.6	$ 5,897.7
Segment profit:
Segment profit		1,133.5	1,200.6	1,214.4
Assets:
Assets		16,882.6	9,060.2	9,024.1
Depreciation, amortization, and impairment charges:
Depreciation, amortization, and impairment charges		268.4	256.4	250.9
Additions to property, plant and equipment:
Additions to property, plant and equipment		247.7	279.5	206.5
Interest expense - net		(79.9)	(79.4)	(93.4)
Other debt costs		(173.3)	0.0	0.0
Unallocated derivative (losses) gains		(24.5)	5.3	6.6
Cost of products sold - special project costs		(6.2)	(9.4)	(11.5)
Other special project costs		(56.6)	(25.6)	(49.5)
Corporate administrative expenses		(274.2)	(251.9)	(249.6)
Other income - net		4.2	10.1	0.3
Income Before Income Taxes		523.0	849.7	817.3
U.S. Retail Coffee [Member]
Net sales:
Net sales		2,076.1	2,161.7	2,306.5
Segment profit:
Segment profit		549.2	639.8	603.8
Assets:
Assets		4,854.0	4,885.6	4,882.4
Depreciation, amortization, and impairment charges:
Depreciation, amortization, and impairment charges		102.7	99.9	100.7
Additions to property, plant and equipment:
Additions to property, plant and equipment		56.7	50.7	46.5
U.S. Retail Consumer Foods [Member]
Net sales:
Net sales		2,104.8	2,172.6	2,214.8
Segment profit:
Segment profit		432.9	393.0	413.9
Assets:
Assets		2,846.0	2,684.1	2,618.2
Depreciation, amortization, and impairment charges:
Depreciation, amortization, and impairment charges		54.1	52.9	47.1
Additions to property, plant and equipment:
Additions to property, plant and equipment		113.2	138.8	85.1
U.S. Retail Pet Foods [Member]
Net sales:
Net sales		239.1	0.0	0.0
Segment profit:
Segment profit		(15.3)	0.0	0.0
Assets:
Assets		7,611.8	0.0	0.0
Depreciation, amortization, and impairment charges:
Depreciation, amortization, and impairment charges		14.3	0.0	0.0
Additions to property, plant and equipment:
Additions to property, plant and equipment		19.4	0.0	0.0
International, Foodservice, and Natural Foods [Member]
Net sales:
Net sales		1,272.7	1,276.3	1,376.4
Segment profit:
Segment profit		166.7	167.8	196.7
Assets:
Assets		1,327.2	1,248.9	1,201.3
Depreciation, amortization, and impairment charges:
Depreciation, amortization, and impairment charges		66.0	67.4	63.7
Additions to property, plant and equipment:
Additions to property, plant and equipment		58.4	90.0	74.9
Unallocated [Member]
Assets:
Assets	[1]	243.6	241.6	322.2
Depreciation, amortization, and impairment charges:
Depreciation, amortization, and impairment charges	[2]	$ 31.3	$ 36.2	$ 39.4

[1] Primarily represents unallocated cash and cash equivalents and corporate-held investments.

[2] Primarily represents unallocated corporate administrative expense, mainly depreciation and software amortization.

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Accounting Policies

12 Months Ended

Apr. 30, 2015

Accounting Policies [Abstract]

Accounting Policies

NOTE 1 ACCOUNTING POLICIES

Principles of Consolidation: The consolidated financial statements include the accounts of the Company, its wholly-owned subsidiaries, and its majority-owned investments, if any. Intercompany transactions and accounts are eliminated in consolidation.

Use of Estimates: The preparation of consolidated financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires that we make certain estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Significant estimates in these consolidated financial statements include: allowances for doubtful trade receivables, estimates of future cash flows associated with assets, asset impairments, useful lives and residual values of long-lived assets used in determining depreciation and amortization, net realizable value of inventories, accruals for trade marketing and merchandising programs, income taxes, and the determination of discount and other assumptions for defined benefit pension and other postretirement benefit expenses. Actual results could differ from these estimates.

Cash and Cash Equivalents: We consider all short-term, highly-liquid investments with a maturity of three months or less when purchased to be cash equivalents.

Revenue Recognition: We recognize revenue, net of estimated returns and allowances, when all of the following criteria have been met: a valid customer order with a determinable price has been received; the product has been shipped and title has transferred to the customer; there is no further significant obligation to assist in the resale of the product; and collectability is reasonably assured. Trade marketing and merchandising programs are classified as a reduction of sales. A provision for estimated returns and allowances is recognized as a reduction of sales at the time revenue is recognized.

Shipping and Handling Costs: Transportation costs included in cost of products sold relate to the costs incurred to ship our products. Distribution costs are included in selling, distribution, and administrative expenses and relate to the warehousing costs incurred to store our products.

Trade Marketing and Merchandising Programs: In order to support our products, various promotional activities are conducted through retail trade, distributors, or directly with consumers, including in-store display and product placement programs, feature price discounts, coupons, and other similar activities. We regularly review and revise, when we deem necessary, estimates of costs for these promotional programs based on estimates of what will be redeemed by retail trade, distributors, or consumers. These estimates are made using various techniques, including historical data on performance of similar promotional programs. Differences between estimated expenditures and actual performance are recognized as a change in estimate in a subsequent period. As the total promotional expenditures, including amounts classified as a reduction of sales, represented 29 percent, 27 percent, and 25 percent of net sales in 2015, 2014, and 2013, respectively, the possibility exists of materially different reported results if factors such as the level and success of the promotional programs or other conditions differ from expectations.

Advertising Expense: Advertising costs are expensed as incurred. Advertising expense was $107.0, $124.7, and $131.6 in 2015, 2014, and 2013, respectively.

Research and Development Costs: Research and development costs are expensed as incurred and are included in selling, distribution, and administrative expense in the Statements of Consolidated Income. Total research and development expense was $32.5, $24.3, and $24.7 in 2015, 2014, and 2013, respectively.

Share-Based Payments: Share-based compensation expense, excluding stock options issued in 2015, is recognized on a straight-line basis over the requisite service period, which includes a one-year performance period plus the defined forfeiture period, which is typically four years of service or the attainment of a defined age and years of service. For options granted in 2015, compensation expense is recognized ratably over the service period for each vesting tranche from the grant date through the end of the requisite service period if it is probable that the performance criteria will be met. The options will vest over a period of one to three years, dependent on continued service of the option holder, as well as the achievement of the performance objectives established on the grant date. For further discussion on the stock options issued in 2015, see Note 10: Share-Based Payments.

The following table summarizes amounts related to share-based payments.

	Year Ended April 30,
	2015		2014		2013
Share-based compensation expense included in selling, distribution, and administrative expenses	$	22.3	$	22.1	$	20.5
Share-based compensation expense included in other special project costs		1.2		0.8		0.8
Total share-based compensation expense	$	23.5	$	22.9	$	21.3
Related income tax benefit	$	8.0	$	7.7	$	7.1

As of April 30, 2015, total unrecognized share-based compensation cost related to nonvested share-based awards was $48.9. The weighted-average period over which this amount is expected to be recognized is 2.5 years.

Corporate income tax benefits realized upon exercise or vesting of an award in excess of that previously recognized in earnings, referred to as excess tax benefits, are presented in the Statements of Consolidated Cash Flows as a financing activity. Realized excess tax benefits are credited to additional capital in the Consolidated Balance Sheets. Realized shortfall tax benefits, amounts which are less than those previously recognized in earnings, are first offset against the cumulative balance of excess tax benefits, if any, and then charged directly to income tax expense. For 2015, 2014, and 2013, the excess tax benefits realized upon exercise or vesting of share-based compensation were $5.9, $7.3, and $2.9, respectively.

Defined Contribution Plans: We offer employee savings plans for domestic and Canadian employees. Our contributions under these plans are based on a specified percentage of employee contributions. Charges to operations for these plans in 2015, 2014, and 2013 were $21.1, $20.1, and $18.6, respectively. For information on our defined benefit plans, see Note 7: Pensions and Other Postretirement Benefits.

Income Taxes: We account for income taxes using the liability method. Accordingly, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in the applicable tax rate is recognized in income or expense in the period that the change is enacted. A valuation allowance is established when it is more likely than not that all or a portion of a deferred tax asset will not be realized. A tax benefit is recognized when it is more likely than not to be sustained.

We account for the financial statement recognition and measurement criteria of a tax position taken or expected to be taken in a tax return under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 740, Income Taxes. FASB ASC 740 also provides guidance on derecognition, classification, interest and penalties, accounting in interim periods, and disclosure.

In accordance with the requirements of FASB ASC 740, uncertain tax positions have been classified in the Consolidated Balance Sheets as noncurrent, except to the extent payment is expected within one year. We recognize net interest and penalties related to unrecognized tax benefits in income tax expense.

Trade Receivables: In the normal course of business, we extend credit to customers. Trade receivables, less allowances, reflects the net realizable value of receivables and approximates fair value. We evaluate our trade receivables and establish an allowance for doubtful accounts based on a combination of factors. When aware that a specific customer has been impacted by circumstances such as bankruptcy filings or deterioration in the customer’s operating results or financial position, potentially making it unable to meet its financial obligations, we record a specific reserve for bad debt to reduce the related receivable to the amount we reasonably believe is collectible. We also record reserves for bad debt for all other customers based on a variety of factors, including the length of time the receivables are past due, historical collection experience, and an evaluation of current and projected economic conditions at the balance sheet date. Trade receivables are charged off against the allowance after we determine that the potential for recovery is remote. At April 30, 2015 and 2014, the allowance for doubtful accounts was $1.0 and $0.9, respectively. We believe there is no concentration of risk with any single customer whose failure or nonperformance would materially affect results other than as discussed in Note 3: Reportable Segments.

Inventories: Inventories are stated at the lower of cost or market. Cost for all inventories is determined using the first-in, first-out method applied on a consistent basis.

The cost of finished products and work-in-process inventory includes materials, direct labor, and overhead. Work-in-process is included in finished products in the Consolidated Balance Sheets and was $81.5 and $62.1 at April 30, 2015 and 2014, respectively.

Derivative Financial Instruments: We account for derivative instruments in accordance with FASB ASC 815, Derivatives and Hedging, which requires all derivative instruments to be recognized in the financial statements and measured at fair value, regardless of the purpose or intent for holding them.

Effective May 1, 2014, we elected to no longer qualify commodity derivatives or instruments used to manage foreign currency exchange exposures 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. 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.

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 or losses on the swap are deferred and included as a component of accumulated other comprehensive loss to the extent effective, and reclassified to interest expense in the period during which the hedged transaction affects earnings. If the contract is designated as a fair value hedge, the swap is recognized at fair value on the balance sheet, and changes in the fair value are 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 net impact on earnings.

Property, Plant, and Equipment: Property, plant, and equipment is recognized at cost and is depreciated on a straight-line basis over the estimated useful life of the asset (3 to 20 years for machinery and equipment, 1 to 7 years for capitalized software costs, and 5 to 40 years for buildings, fixtures, and improvements).

We lease certain land, buildings, and equipment for varying periods of time, with renewal options. Rent expense in 2015, 2014, and 2013 totaled $67.1, $60.6, and $59.2, respectively. As of April 30, 2015, our minimum operating lease obligations were as follows: $43.1 in 2016, $40.5 in 2017, $36.0 in 2018, $27.1 in 2019, and $22.0 in 2020.

In accordance with FASB ASC 360, Property, Plant, and Equipment, long-lived assets, other than goodwill and indefinite-lived intangible assets, are reviewed for impairment when circumstances indicate the carrying value of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of the assets to future net undiscounted cash flows we estimate to be generated by such assets. If such assets are considered to be impaired, the impairment to be recognized is the amount by which the carrying amount of the assets exceeds their estimated fair value. Assets to be disposed of by sale are recognized as held for sale at the lower of carrying value or fair value less cost to sell.

Goodwill and Other Intangible Assets: Goodwill is the excess of the purchase price paid over the estimated fair value of the net assets of a business acquired. In accordance with FASB ASC 350, Intangibles – Goodwill and Other, goodwill and other indefinite-lived intangible assets are not amortized but are reviewed at least annually for impairment. We conduct our annual test for impairment of goodwill and other indefinite-lived intangible assets as of February 1 of each year. As of the annual impairment test, we had six reporting units. A discounted cash flow valuation technique was utilized to estimate the fair value of our reporting units and indefinite-lived intangible assets. We also used a market-based approach to estimate the fair value of our reporting units. The discount rates utilized in the cash flow analyses were developed using a weighted-average cost of capital methodology. In addition to the annual test, we test for impairment if events or circumstances occur that would more likely than not reduce the fair value of a reporting unit below its carrying amount. Finite-lived intangible assets are amortized on a straight-line basis over their estimated useful lives. For additional information, see Note 5: Goodwill and Other Intangible Assets.

Marketable Securities and Other Investments: We maintain funds for the payment of benefits associated with nonqualified retirement plans. These funds include investments considered to be available-for-sale marketable securities. At April 30, 2015 and 2014, the fair value of these investments was $48.4 and $55.4, respectively, and was included in other noncurrent assets in the Consolidated Balance Sheets. Included in accumulated other comprehensive loss at April 30, 2015 and 2014, were unrealized pre-tax gains of $5.2 and $5.3, respectively.

Equity Method Investments: Investments in common stock of entities other than our subsidiaries are accounted for under the equity method in accordance with FASB ASC 323, Investments – Equity Method and Joint Ventures. Under the equity method, the initial investment is recorded at cost and the investment is subsequently adjusted for its proportionate share of earnings or losses, including consideration of basis differences resulting from the difference between the initial carrying amount of the investment and the underlying equity in net assets. The difference between the carrying amount of the investment and the underlying equity in net assets is primarily attributable to goodwill and other intangible assets.

We have a 25 percent equity interest in Guilin Seamild Biologic Technology Development Co., Ltd. (“Seamild”), a privately-owned manufacturer and marketer of oats products in China. The initial investment in Seamild in 2013 was $35.9 and is included in other noncurrent assets in the Consolidated Balance Sheets. The value of our investment in Seamild did not change significantly and did not have a material impact on the International, Foodservice, and Natural Foods segment or the consolidated financial statements for the years ended April 30, 2015 and 2014.

As part of the Big Heart Pet Brands (“Big Heart”) acquisition, we acquired a 50 percent equity interest in Natural Blend Vegetable Dehydration LLC (“Natural Blend”) and a 20 percent equity interest in Mountain Country Foods, LLC (“Mountain Country Foods”). Natural Blend is a privately-owned producer and supplier of dehydrated sweet potato products to Big Heart co-manufacturers. Mountain Country Foods is a privately-owned co-manufacturer of Big Heart pet products.

Our initial investments in Natural Blend of $10.6 and Mountain Country Foods of $19.1 were recorded at a preliminary fair value as required under purchase accounting and are included in other noncurrent assets in the Consolidated Balance Sheets. The value of these investments did not have a material impact on the U.S. Retail Pet Foods segment or the consolidated financial statements for the year ended April 30, 2015. For additional information related to the acquisition, see Note 2: Acquisitions.

Foreign Currency Translation: Assets and liabilities of foreign subsidiaries are translated using the exchange rates in effect at the balance sheet dates, while income and expenses are translated using average rates. Translation adjustments are reported as a component of shareholders’ equity in accumulated other comprehensive loss. Included in accumulated other comprehensive loss at April 30, 2015 and 2014, was a foreign currency loss of $2.3 and a gain of $31.7, respectively.

Recently Issued Accounting Standards: In April 2015, the FASB issued Accounting Standards Update (“ASU”) 2015-03, Interest – Imputation of Interest (Subtopic 835-30) Simplifying the Presentation of Debt Issuance Costs. ASU 2015-03 requires debt issuance costs to be presented in the balance sheet as a direct deduction from the carrying amount of the related debt. ASU 2015-03 is effective for us on May 1, 2016, but we have elected early adoption. As of April 30, 2015, we have reclassified debt issuance costs associated with our long-term debt from other noncurrent assets to long-term debt. Prior year amounts have been reclassified to conform to the current year classification in accordance with ASU 2015-03.

In May 2014, the FASB issued 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.

Risks and Uncertainties: The raw materials we use are primarily commodities, agricultural-based products, and packaging materials. The principal packaging materials we use are glass, plastic, metal cans, caps, carton board, and corrugate. Green coffee, peanuts, edible oils, sweeteners, milk, wheat, corn, poultry meal, soybean meal, and other ingredients are obtained from various suppliers. The availability, quality, and cost of many of these commodities have fluctuated, and may continue to fluctuate over time. Green coffee is sourced solely from foreign countries and its supply and price are subject to high volatility due to factors such as weather, global supply and demand, pest damage, speculative influences, and political and economic conditions in the source countries. Raw materials are generally available from numerous sources, although we have elected to source certain plastic packaging materials and finished goods from single sources of supply pursuant to long-term contracts. While availability may vary from year to year, we believe that we will continue to be able to obtain adequate supplies and that alternatives to single-sourced materials are available. We have not historically encountered significant shortages of key raw materials. We consider our relationships with key material suppliers to be good.

Of our total employees, 28 percent are covered by union contracts at 10 manufacturing locations. The contracts vary in term, with three contracts expiring in 2016, representing 11 percent of our total employees.

We insure our business and assets in each country against insurable risks, to the extent that we deem appropriate, based upon an analysis of the relative risks and costs.

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Pensions and Other Postretirement Benefits (Details 5) - USD ($) $ in Millions	12 Months Ended
	Apr. 30, 2015	Apr. 30, 2014	Apr. 30, 2013
Changes in plan assets:
Company contributions	$ 15.7	$ 9.4	$ 40.0
Canadian Defined Benefit Plans [Member]
Company's Canadian pension and other postretirement benefit plans
Benefit obligation at end of year	104.4	113.3
Fair value of plan assets at end of year	104.1	105.6
Funded status of the plans	(0.3)	(7.7)
Components of net periodic benefit cost:
Service cost	0.4	0.5
Interest cost	4.3	4.2
Expected return on plan assets	(5.6)	(5.8)
Amortization of net actuarial loss (gain)	0.9	1.3
Net periodic benefit cost	0.0	0.2
Changes in plan assets:
Company contributions	5.1	5.4
Participant contributions	0.1	0.1
Benefits paid	(8.4)	(8.6)
Actual return on plan assets	11.9	10.6
Foreign currency translation	(10.3)	(8.9)
Canadian Other Postretirement Benefit Plans [Member]
Company's Canadian pension and other postretirement benefit plans
Benefit obligation at end of year	10.9	11.4
Fair value of plan assets at end of year	0.0	0.0
Funded status of the plans	(10.9)	(11.4)
Components of net periodic benefit cost:
Service cost	0.0	0.0
Interest cost	0.4	0.5
Expected return on plan assets	0.0	0.0
Amortization of net actuarial loss (gain)	0.0	0.0
Net periodic benefit cost	0.4	0.5
Changes in plan assets:
Company contributions	0.7	0.8
Participant contributions	0.0	0.0
Benefits paid	(0.7)	(0.8)
Actual return on plan assets	0.0	0.0
Foreign currency translation	$ 0.0	$ 0.0

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Acquisitions (Details 1) - USD ($) $ in Millions	Apr. 30, 2015	Mar. 23, 2015	Apr. 30, 2014	Apr. 30, 2013
Assets acquired:
Intangible assets			$ 37.6
Goodwill	$ 6,009.8		$ 3,098.2	$ 3,052.9
Big Heart [Member]
Assets acquired:
Trade receivables		$ 142.0
Inventories		257.7
Other current assets		210.7
Property, plant, and equipment		324.0
Intangible assets		4,009.8
Goodwill		2,871.2
Other noncurrent assets		38.0
Total assets acquired		7,853.4
Liabilities assumed:
Current liabilities		398.9
Deferred tax liabilities		1,464.0
Other noncurrent liabilities		84.8
Total liabilities assumed		1,947.7
Net assets acquired		$ 5,905.7

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Earnings per Share (Tables)

12 Months Ended

Apr. 30, 2015

Earnings Per Share [Abstract]

Computation of earnings per common share, basic and diluted

	Year Ended April 30,
	2015		2014		2013
Net income	$	344.9	$	565.2	$	544.2
Net income allocated to participating securities		2.2		4.5		4.7
Net income allocated to common stockholders	$	342.7	$	560.7	$	539.5
Weighted-average common shares outstanding		103,038,271		103,504,121		107,881,519
Dilutive effect of stock options		5,283		14,346		23,256
Weighted-average common shares outstanding – assuming dilution		103,043,554		103,518,467		107,904,775
Net income per common share	$	3.33	$	5.42	$	5.00
Net income per common share – assuming dilution	$	3.33	$	5.42	$	5.00

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Reportable Segments (Tables)

12 Months Ended

Apr. 30, 2015

Segment Reporting [Abstract]

Income and assets by segment

	Year Ended April 30,
	2015		2014		2013
Net sales:
U.S. Retail Coffee	$	2,076.1	$	2,161.7	$	2,306.5
U.S. Retail Consumer Foods		2,104.8		2,172.6		2,214.8
U.S. Retail Pet Foods		239.1		—		—
International, Foodservice, and Natural Foods		1,272.7		1,276.3		1,376.4
Total net sales	$	5,692.7	$	5,610.6	$	5,897.7
Segment profit (loss):
U.S. Retail Coffee	$	549.2	$	639.8	$	603.8
U.S. Retail Consumer Foods		432.9		393.0		413.9
U.S. Retail Pet Foods		(15.3)		—		—
International, Foodservice, and Natural Foods		166.7		167.8		196.7
Total segment profit	$	1,133.5	$	1,200.6	$	1,214.4
Interest expense - net		(79.9)		(79.4)		(93.4)
Other debt costs		(173.3)		—		—
Unallocated derivative (losses) gains		(24.5)		5.3		6.6
Cost of products sold - special project costs		(6.2)		(9.4)		(11.5)
Other special project costs		(56.6)		(25.6)		(49.5)
Corporate administrative expenses		(274.2)		(251.9)		(249.6)
Other income - net		4.2		10.1		0.3
Income before income taxes	$	523.0	$	849.7	$	817.3
Assets:
U.S. Retail Coffee	$	4,854.0	$	4,885.6	$	4,882.4
U.S. Retail Consumer Foods		2,846.0		2,684.1		2,618.2
U.S. Retail Pet Foods		7,611.8		—		—
International, Foodservice, and Natural Foods		1,327.2		1,248.9		1,201.3
Unallocated (A)		243.6		241.6		322.2
Total assets	$	16,882.6	$	9,060.2	$	9,024.1

Segmental information related to depreciation, amortization, and impairment charges, and property, plant, and equipment additions

Depreciation, amortization, and impairment charges:
U.S. Retail Coffee	$	102.7	$	99.9	$	100.7
U.S. Retail Consumer Foods		54.1		52.9		47.1
U.S. Retail Pet Foods		14.3		—		—
International, Foodservice, and Natural Foods		66.0		67.4		63.7
Unallocated (B)		31.3		36.2		39.4
Total depreciation, amortization, and impairment charges	$	268.4	$	256.4	$	250.9
Additions to property, plant, and equipment:
U.S. Retail Coffee	$	56.7	$	50.7	$	46.5
U.S. Retail Consumer Foods		113.2		138.8		85.1
U.S. Retail Pet Foods		19.4		—		—
International, Foodservice, and Natural Foods		58.4		90.0		74.9
Total additions to property, plant, and equipment	$	247.7	$	279.5	$	206.5

(A) Primarily represents unallocated cash and cash equivalents and corporate-held investments.

(B) Primarily represents unallocated corporate administrative expense, mainly depreciation and software amortization.

Segmental information related to net sales and assets by geographic location

	Year Ended April 30,
	2015		2014		2013
Net sales:
United States	$	5,188.5	$	5,092.0	$	5,355.9
International:
Canada	$	413.8	$	437.2	$	459.5
All other international		90.4		81.4		82.3
Total international	$	504.2	$	518.6	$	541.8
Total net sales	$	5,692.7	$	5,610.6	$	5,897.7
Assets:
United States	$	16,407.0	$	8,638.6	$	8,577.7
International:
Canada	$	362.1	$	257.7	$	396.3
All other international		113.5		163.9		50.1
Total international	$	475.6	$	421.6	$	446.4
Total assets	$	16,882.6	$	9,060.2	$	9,024.1
Long-lived assets (excluding goodwill and other intangible assets):
United States	$	1,815.0	$	1,343.2	$	1,227.0
International:
Canada	$	14.3	$	16.5	$	20.6
All other international		40.9		38.9		39.0
Total international	$	55.2	$	55.4	$	59.6
Total long-lived assets (excluding goodwill and other intangible assets)	$	1,870.2	$	1,398.6	$	1,286.6

Product sales information

	Year Ended April 30,
	2015			2014			2013
Coffee		44	%		46	%		48	%
Peanut butter		13			13			13
Fruit spreads		6			6			6
Shortening and oils		6			6			6
Baking mixes and frostings		5			6			6
Canned milk		4			5			4
Flour and baking ingredients		4			4			4
Juices and beverages		3			3			3
Frozen handheld		3			3			3
Pet food		3			—			—
Portion control		2			2			2
Toppings and syrups		1			2			2
Pet snacks		1			—			—
Other		5			4			3
Total product sales		100	%		100	%		100	%

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Debt and Financing Arrangements (Details Textual) - Types of Financial Instruments [Domain] $ in Millions	12 Months Ended
	Apr. 30, 2015 USD ($) Bank	Apr. 30, 2014 USD ($)	Apr. 30, 2013 USD ($)	Mar. 20, 2015 USD ($)	Mar. 02, 2015 USD ($)	Feb. 02, 2015 USD ($)
Debt and Financing Arrangements (Textual) [Abstract]
Repayment of long-term debt	$ 4,193.9	$ 50.0	$ 50.0
Capitalized debt issuance costs	46.4	6.7
Other debt costs	173.3	0.0	0.0
Debt instrument face amount				$ 3,700.0
Debt assumed and repaid in acquisition	$ 1,700.0
Debt and Financing Arrangements (Additional Textual) [Abstract]
Number of banks | Bank	11
Revolving credit facility maximum borrowing capacity	$ 1,500.0
Percentage of the principal amount thereof which company can prepay	100.00%
Interest paid	$ 92.3	83.3	$ 97.7
Commercial paper, borrowing capacity	1,000.0
Commercial paper, amount outstanding	226.0
Senior Notes [Member]
Debt and Financing Arrangements (Textual) [Abstract]
Repayment of long-term debt	1,100.0
Debt instrument face amount				$ 3,700.0
Make-whole payments on long-term debt	163.3
4.78% Senior Notes due June 1, 2014 [Member]
Debt and Financing Arrangements (Textual) [Abstract]
Repayment of long-term debt	$ 100.0
Interest rate on notes	4.78%
Debt instrument face amount	$ 0.0	100.0
3.50% Senior Notes due October 15, 2021 [Member]
Debt and Financing Arrangements (Textual) [Abstract]
Interest rate on notes	3.50%
Debt instrument face amount	$ 750.0	750.0
Term Loan Credit Agreement due March 23, 2020 [Member]
Debt and Financing Arrangements (Textual) [Abstract]
Repayment of long-term debt	200.0
Capitalized debt issuance costs	5.2
Debt instrument face amount	$ 1,550.0	0.0			$ 1,800.0
Weighted average interest rate on long-term debt	1.53%
Percent of principal to be paid quarterly	2.50%
Long-term Debt [Member]
Debt and Financing Arrangements (Textual) [Abstract]
Increase to long-term debt related to termination of interest rate swap	$ 51.3
Commercial Paper [Member]
Debt and Financing Arrangements (Textual) [Abstract]
Commercial paper weighted-average interest rate	0.45%
Cash Flow Hedging [Member]
Outstanding derivative contracts
Gain (loss) on early termination agreement	$ (4.0)
Fair Value Hedging [Member]
Outstanding derivative contracts
Gain (loss) on early termination agreement	58.1
Interest rate contract [Member]
Outstanding derivative contracts
Gross contract notional amount	0.0	$ 750.0				$ 1,100.0
Interest receivable	4.6
Deferred gain on discontinuation of interest rate fair value hedge	53.5
Fair value adjustment of the interest rate swap	$ 14.9
Big Heart [Member] | Senior Notes [Member]
Debt and Financing Arrangements (Textual) [Abstract]
Interest rate on notes	7.625%
Debt assumed and repaid in acquisition	$ 900.0
Big Heart [Member] | Bridge Loan [Member]
Debt and Financing Arrangements (Textual) [Abstract]
Bridge loan					$ 3,800.0
Bridge loan term	364 days
Other debt costs	$ 21.5

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Acquisitions (Details 2) - USD ($) $ in Millions	12 Months Ended
	Apr. 30, 2015	Mar. 23, 2015	Apr. 30, 2014
The purchase price allocated to the identifiable intangible assets
Total intangible assets			$ 37.6
Finite-Lived Intangible Asset, Useful Life	22 years
Trademarks [Member]
The purchase price allocated to the identifiable intangible assets
Finite-Lived Intangible Asset, Useful Life	15 years
Big Heart [Member]
The purchase price allocated to the identifiable intangible assets
Total intangible assets		$ 4,009.8
Big Heart [Member] | Customer relationships [Member]
The purchase price allocated to the identifiable intangible assets
Intangible assets with finite lives		2,289.8
Finite-Lived Intangible Asset, Useful Life	25 years
Big Heart [Member] | Trademarks [Member]
The purchase price allocated to the identifiable intangible assets
Intangible assets with finite lives		257.0
Intangible assets with indefinite lives		$ 1,463.0
Finite-Lived Intangible Asset, Useful Life	15 years

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Goodwill and Other Intangible Assets (Tables)

12 Months Ended

Apr. 30, 2015

Goodwill and Other Intangible Assets [Abstract]

Summary of changes in the company's goodwill

	U.S. Retail Coffee		U.S. Retail Consumer Foods		U.S. Retail Pet Foods		International, Foodservice, and Natural Foods		Total
Balance at May 1, 2013	$	1,720.3	$	1,034.6	$	—	$	298.0	$	3,052.9
Acquisitions		22.8		—		—		29.3		52.1
Other		—		(2.4)		—		(4.4)		(6.8)
Balance at April 30, 2014	$	1,743.1	$	1,032.2	$	—	$	322.9	$	3,098.2
Acquisitions		(0.3)		47.9		2,810.3		60.9		2,918.8
Other		0.1		(2.5)		—		(4.8)		(7.2)
Balance at April 30, 2015	$	1,742.9	$	1,077.6	$	2,810.3	$	379.0	$	6,009.8

Other intangible assets and related accumulated amortization, impairment charges, and foreign currency exchange

	April 30, 2015						April 30, 2014
	Acquisition Cost		Accumulated Amortization/ Impairment Charges/ Foreign Currency Exchange		Net		Acquisition Cost		Accumulated Amortization/ Impairment Charges/ Foreign Currency Exchange		Net
Finite-lived intangible assets subject to amortization:
Customer and contractual relationships	$	3,733.9	$	477.9	$	3,256.0	$	1,436.2	$	392.6	$	1,043.6
Patents and technology		169.0		74.8		94.2		164.5		61.9		102.6
Trademarks		328.0		47.6		280.4		70.0		36.5		33.5
Total intangible assets subject to amortization	$	4,230.9	$	600.3	$	3,630.6	$	1,670.7	$	491.0	$	1,179.7
Indefinite-lived intangible assets not subject to amortization:
Trademarks	$	3,338.0	$	18.3	$	3,319.7	$	1,858.9	$	14.3	$	1,844.6
Total other intangible assets	$	7,568.9	$	618.6	$	6,950.3	$	3,529.6	$	505.3	$	3,024.3

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Debt and Financing Arrangements (Tables)

12 Months Ended

Apr. 30, 2015

Debt and Financing Arrangements [Abstract]

Long-term debt

	April 30, 2015				April 30, 2014
	Principal Outstanding		Carrying Amount		Principal Outstanding		Carrying Amount
4.78% Senior Notes due June 1, 2014	$	—	$	—	$	100.0	$	100.0
6.12% Senior Notes due November 1, 2015		—		—		24.0		24.0
6.63% Senior Notes due November 1, 2018		—		—		376.0		391.4
3.50% Senior Notes due October 15, 2021		750.0		796.0		750.0		758.8
5.55% Senior Notes due April 1, 2022		—		—		300.0		299.2
4.50% Senior Notes due June 1, 2025		—		—		400.0		399.7
1.75% Senior Notes due March 15, 2018		500.0		496.9		—		—
2.50% Senior Notes due March 15, 2020		500.0		494.3		—		—
3.00% Senior Notes due March 15, 2022		400.0		395.3		—		—
3.50% Senior Notes due March 15, 2025		1,000.0		991.9		—		—
4.25% Senior Notes due March 15, 2035		650.0		641.8		—		—
4.38% Senior Notes due March 15, 2045		600.0		583.8		—		—
Term Loan Credit Agreement due March 23, 2020		1,550.0		1,544.9		—		—
Total long-term debt	$	5,950.0	$	5,944.9	$	1,950.0	$	1,973.1
Current portion of long-term debt		—		—		100.0		100.0
Total long-term debt, less current portion	$	5,950.0	$	5,944.9	$	1,850.0	$	1,873.1

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Statements of Consolidated Shareholders' Equity (Parenthetical) - USD ($) $ in Millions	12 Months Ended
	Apr. 30, 2015	Apr. 30, 2014	Apr. 30, 2013
Additional Capital
Tax benefit of stock plans	$ 5.9	$ 7.3	$ 2.9

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Pensions and Other Postretirement Benefits (Tables)

12 Months Ended

Apr. 30, 2015

Pensions and Other Postretirement Benefits [Abstract]

Net periodic benefit cost

	Defined Benefit Pension Plans						Other Postretirement Benefits
Year Ended April 30,	2015		2014		2013		2015		2014		2013
Service cost	$	9.0	$	8.7	$	8.8	$	2.3	$	2.3	$	2.5
Interest cost		23.2		21.8		23.9		2.4		2.3		3.0
Expected return on plan assets		(25.6)		(25.4)		(25.3)		—		—		—
Amortization of prior service cost (credit)		1.0		1.2		1.0		(1.1)		(1.1)		(0.4)
Amortization of net actuarial loss (gain)		10.0		13.2		13.1		(0.1)		—		—
Settlement loss		3.5		—		6.7		—		—		—
Net periodic benefit cost	$	21.1	$	19.5	$	28.2	$	3.5	$	3.5	$	5.1

Net change for the year in accumulated OCI before taxes

Other changes in plan assets and benefit liabilities recognized in accumulated other comprehensive loss before income taxes:
Prior service (cost) credit arising during the year	$	(0.3)	$	—	$	(4.0)	$	—	$	1.7	$	9.6
Net actuarial (loss) gain arising during the year		(23.7)		19.3		(20.5)		1.6		7.5		(4.5)
Amortization of prior service cost (credit)		1.0		1.2		1.0		(1.1)		(1.1)		(0.4)
Amortization of net actuarial loss (gain)		10.0		13.2		13.1		(0.1)		—		—
Curtailment loss		—		—		2.0		—		—		—
Settlement loss		3.5		—		6.7		—		—		—
Foreign currency translation		2.7		2.9		0.9		—		—		—
Net change for year	$	(6.8)	$	36.6	$	(0.8)	$	0.4	$	8.1	$	4.7

Weighted-average assumptions used in determining net periodic benefit costs

Weighted-average assumptions used in determining net periodic benefit costs:
U.S. plans:
Discount rate	4.42	%	3.99	%	4.70	%	4.27	%	3.80	%	4.70	%
Expected return on plan assets	6.72		6.75		7.00		—		—		—
Rate of compensation increase	4.13		4.13		4.12		—		—		—
Canadian plans:
Discount rate	4.11	%	3.65	%	4.20	%	4.10	%	3.70	%	4.20	%
Expected return on plan assets	5.64		5.78		6.17		—		—		—
Rate of compensation increase	3.00		3.00		4.00		—		—		—

Combined status of the plans

	Defined Benefit Pension Plans				Other Postretirement Benefits
April 30,	2015		2014		2015		2014
Change in benefit obligation:
Benefit obligation at beginning of year	$	542.3	$	575.7	$	58.5	$	67.1
Service cost		9.0		8.7		2.3		2.3
Interest cost		23.2		21.8		2.4		2.3
Amendments		0.3		—		—		(1.7)
Actuarial loss (gain)		39.8		(19.7)		(1.6)		(7.5)
Participant contributions		0.1		0.1		0.7		1.2
Benefits paid		(31.8)		(34.2)		(4.4)		(3.5)
Foreign currency translation adjustments		(10.6)		(10.1)		(1.1)		(1.1)
Settlement		(8.6)		—		—		—
Acquisition		176.7		—		18.9		—
Other adjustments		—		—		0.1		(0.6)
Benefit obligation at end of year	$	740.4	$	542.3	$	75.8	$	58.5
Change in plan assets:
Fair value of plan assets at beginning of year	$	402.1	$	410.7	$	—	$	—
Actual return on plan assets		41.7		25.0		—		—
Company contributions		15.7		9.4		3.7		2.3
Participant contributions		0.1		0.1		0.7		1.2
Benefits paid		(31.8)		(34.2)		(4.4)		(3.5)
Settlement		(8.6)		—		—		—
Acquisition		141.1		—		—		—
Foreign currency translation adjustments		(10.3)		(8.9)		—		—
Fair value of plan assets at end of year	$	550.0	$	402.1	$	—	$	—
Funded status of the plans	$	(190.4)	$	(140.2)	$	(75.8)	$	(58.5)
Defined benefit pensions	$	(188.9)	$	(135.7)	$	—	$	—
Other noncurrent assets		2.0		—		—		—
Accrued compensation		(3.5)		(4.5)		(1.2)		—
Postretirement benefits other than pensions		—		—		(74.6)		(58.5)
Net benefit liability	$	(190.4)	$	(140.2)	$	(75.8)	$	(58.5)

Amounts recognized in accumulated other comprehensive income (loss) before taxes

	Defined Benefit Pension Plans				Other Postretirement Benefits
April 30,	2015		2014		2015		2014
Net actuarial (loss) gain	$	(174.2)	$	(166.7)	$	6.9	$	5.3
Prior service (cost) credit		(4.2)		(4.9)		10.3		11.5
Total recognized in accumulated other comprehensive loss	$	(178.4)	$	(171.6)	$	17.2	$	16.8

Assumptions used in determining the benefit obligations

	Defined Benefit Pension Plans						Other Postretirement Benefits
April 30,	2015			2014			2015			2014
U.S. plans:
Discount rate		4.01	%		4.45	%		3.97	%		4.30	%
Rate of compensation increase		4.06			4.13			—			—
Canadian plans:
Discount rate		3.51	%		4.11	%		3.50	%		4.10	%
Rate of compensation increase		3.00			3.00			—			—

One-percentage point annual change in the assumed health care cost

	One Percentage Point
	Increase		Decrease
Effect on total service and interest cost components	$	0.1	$	0.1
Effect on benefit obligation		2.5		2.3

Company's Canadian pension and other postretirement benefit plans

	Defined Benefit Pension Plans				Other Postretirement Benefits
Year Ended April 30,	2015		2014		2015		2014
Benefit obligation at end of year	$	104.4	$	113.3	$	10.9	$	11.4
Fair value of plan assets at end of year		104.1		105.6		—		—
Funded status of the plans	$	(0.3)	$	(7.7)	$	(10.9)	$	(11.4)
Components of net periodic benefit cost:
Service cost	$	0.4	$	0.5	$	—	$	—
Interest cost		4.3		4.2		0.4		0.5
Expected return on plan assets		(5.6)		(5.8)		—		—
Amortization of net actuarial loss		0.9		1.3		—		—
Net periodic benefit cost	$	—	$	0.2	$	0.4	$	0.5
Changes in plan assets:
Company contributions	$	5.1	$	5.4	$	0.7	$	0.8
Participant contributions		0.1		0.1		—		—
Benefits paid		(8.4)		(8.6)		(0.7)		(0.8)
Actual return on plan assets		11.9		10.6		—		—
Foreign currency translation		(10.3)		(8.9)		—		—

Benefit obligations in excess of fair value of plan assets

	April 30,
	2015		2014
Accumulated benefit obligation for all pension plans	$	691.8	$	507.3
Plans with an accumulated benefit obligation in excess of plan assets:
Accumulated benefit obligation	$	481.6	$	507.3
Fair value of plan assets		337.8		402.1
Plans with a projected benefit obligation in excess of plan assets:
Projected benefit obligation	$	669.3	$	542.3
Fair value of plan assets		477.3		402.1

Major asset classes for the U.S. and Canadian defined benefit pension plans and fair value hierarchy levels

	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value at April 30, 2015
Cash and cash equivalents (A)	$	4.6	$	—	$	—	$	4.6
Equity securities:
U.S. (B)		105.0		45.5		—		150.5
International (C)		81.0		24.5		—		105.5
Fixed-income securities:
Bonds (D)		151.3		—		—		151.3
Fixed income (E)		44.1		68.5		—		112.6
Other types of investments (F)		—		7.0		18.5		25.5
Total financial assets measured at fair value	$	386.0	$	145.5	$	18.5	$	550.0

	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value at April 30, 2014
Cash and cash equivalents (A)	$	2.0	$	—	$	—	$	2.0
Equity securities:
U.S. (B)		91.0		16.4		—		107.4
International (C)		72.3		12.4		—		84.7
Fixed-income securities:
Bonds (D)		148.2		—		—		148.2
Fixed income (E)		44.8		—		—		44.8
Other types of investments (F)		—		—		15.0		15.0
Total financial assets measured at fair value	$	358.3	$	28.8	$	15.0	$	402.1

(A) This category includes money market holdings with maturities of three months or less and are classified as Level 1 assets. Based on the short-term nature of these assets, carrying value approximates fair value.

(B) This category is invested primarily in a diversified portfolio of common stocks and index funds that invest in U.S. stocks with market capitalization ranges similar to those found in the S&P 500 Index and/or the various Russell Indexes and are traded on active exchanges. The Level 1 assets are valued using quoted market prices for identical securities in active markets. The Level 2 assets are pooled or common collective trust funds that consist of equity securities traded on active exchanges.

(C) This category is invested primarily in common stocks and other equity securities traded on active exchanges whose issuers are located outside the U.S. The fund invests primarily in developed countries, but may also invest in emerging markets. The Level 1 assets are valued using quoted market prices for identical securities in active markets. The Level 2 assets are pooled or common collective trust funds that consist of equity securities traded on active exchanges.

(D) This category is comprised of bond funds, which seek to duplicate the return characteristics of high-quality corporate bonds with a duration range of 10 to 13 years. The Level 1 assets are valued using quoted market prices for identical securities in active markets.

(E) This category is comprised of fixed-income funds that invest primarily in government-related bonds of non-U.S. issuers and include investments in the Canadian market as well as emerging markets. The Level 1 assets are valued using quoted market prices for identical securities in active markets. Contained within the Level 2 assets is a Core Plus pool of funds investing primarily in high-yield, emerging market debt and global bonds, as well as an international bond fund which invests in fixed-income securities denominated in currencies other than U.S. dollars. The Level 2 assets are pooled or common collective trust funds that consist of fixed-income securities traded on active exchanges.

(F) This category is comprised of a global alpha collective trust fund, a private limited investment partnership, and a private equity fund in 2015. In 2014, the category was comprised only of the private equity fund. The global alpha collective trust fund is comprised of U.S. and global equity and fixed-income securities inclusive of derivatives within the asset mix. This collective trust fund is classified as a Level 2 asset, whereby the underlying securities are valued utilizing quoted market prices for identical securities in active markets. The private investment limited partnership is classified as a Level 3 asset. The investments in the partnership are valued at estimated fair value based on audited financial statements received from the general partner. The private equity fund consists primarily of limited partnership interests in corporate finance and venture capital funds. The private equity fund is classified as a Level 3 asset and is valued based on the fund’s net asset value (“NAV”). NAV is calculated based on the estimated fair value of the underlying investment funds within the portfolio and is corroborated by our review. The private equity fund and private investment limited partnership cannot be redeemed and the return of principal is based on the liquidation of the underlying assets.

Roll Forward of activity for Level 3 assets

	2015		2014
Balance at May 1,	$	15.0	$	15.0
Big Heart pension assets acquired		2.8		—
Actual return on plan assets still held at reporting date		0.7		—
Balance at April 30,	$	18.5	$	15.0

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Income Taxes (Details 2) - USD ($) $ in Millions	12 Months Ended
	Apr. 30, 2015	Apr. 30, 2014	Apr. 30, 2013
Percent of Pretax Income
Statutory federal income tax rate	35.00%	35.00%	35.00%
State and local income taxes	2.40%	1.90%	1.80%
Domestic manufacturing deduction	(2.90%)	(3.00%)	(3.10%)
Other items - net	(0.40%)	(0.40%)	(0.30%)
Effective income tax rate	34.10%	33.50%	33.40%
Income taxes paid	$ 199.3	$ 294.4	$ 279.2

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Accounting Policies (Details) - USD ($) $ in Millions	12 Months Ended
	Apr. 30, 2015	Apr. 30, 2014	Apr. 30, 2013
Share based payments
Share-based compensation expense included in selling, distribution, and administrative expenses	$ 22.3	$ 22.1	$ 20.5
Share-based compensation expense included in other special project costs	1.2	0.8	0.8
Total share-based compensation expense	23.5	22.9	21.3
Related income tax benefit	$ 8.0	$ 7.7	$ 7.1

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Goodwill and Other Intangible Assets (Details 1) - USD ($) $ in Millions	12 Months Ended
	Apr. 30, 2015	Apr. 30, 2014
Finite-lived intangible assets subject to amortization:
Finite-lived intangible assets subject to amortization Acquisition Cost	$ 4,230.9	$ 1,670.7
Finite-lived intangible assets subject to amortization Accumulated Amortization / Impairment Charges / Foreign Currency Exchange	600.3	491.0
Finite-lived intangible assets subject to amortization, Net	3,630.6	1,179.7
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Intangible Assets Acquisition Cost	7,568.9	3,529.6
Total other intangible assets Accumulated Amortization / Impairment charges / Foreign currency exchange	618.6	505.3
Intangible Assets, Net (Excluding Goodwill)	6,950.3	3,024.3
Trademarks [Member]
Indefinite-lived intangible assets not subject to amortization:
Indefinite-lived intangible assets not subject to amortization Acquisition Cost	3,338.0	1,858.9
Indefinite-lived intangible assets not subject to amortization Accumulated Amortization / Impairment Charges / Foreign Currency Exchange	18.3	14.3
Indefinite-lived intangible assets not subject to amortization, Net	3,319.7	1,844.6
Customer and contractual relationships [Member]
Finite-lived intangible assets subject to amortization:
Finite-lived customer relationships gross	3,733.9	1,436.2
Finite-lived intangible assets subject to amortization Accumulated Amortization / Impairment Charges / Foreign Currency Exchange	477.9	392.6
Finite-lived intangible assets subject to amortization, Net	3,256.0	1,043.6
Patents and technology [Member]
Finite-lived intangible assets subject to amortization:
Finite-lived patents gross	169.0	164.5
Finite-lived intangible assets subject to amortization Accumulated Amortization / Impairment Charges / Foreign Currency Exchange	74.8	61.9
Finite-lived intangible assets subject to amortization, Net	94.2	102.6
Trademarks [Member]
Finite-lived intangible assets subject to amortization:
Finite-lived trademarks gross	328.0	70.0
Finite-lived intangible assets subject to amortization Accumulated Amortization / Impairment Charges / Foreign Currency Exchange	47.6	36.5
Finite-lived intangible assets subject to amortization, Net	$ 280.4	$ 33.5

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Derivative Financial Instruments (Details Textual) - USD ($) $ in Millions	12 Months Ended
	Apr. 30, 2015	Feb. 02, 2015	Apr. 30, 2014
Derivative Financial Instruments (Additional Textual) [Abstract]
Cash margin accounts related to derivative instruments recognized	$ 38.2		$ 8.1
Amortization of loss on contract termination to be recognized in interest expense in years 2026 through 2045	0.2
Cumulative realized net mark to market valuation of certain derivative positions recognized in unallocated derivative gains (losses)	13.9
Cumulative net mark to market valuation of certain derivative positions recognized in unallocated derivative gains losses	(20.4)
Cash Flow Hedging [Member]
Derivative Financial Instruments (Textual) [Abstract]
Gain (loss) on early termination agreement	(4.0)
Fair Value Hedging [Member]
Derivative Financial Instruments (Textual) [Abstract]
Gain (loss) on early termination agreement	$ 58.1
Minimum [Member]
Derivative Financial Instruments (Textual) [Abstract]
Expected maturity tenor	10 years
Mid Range [Member]
Derivative Financial Instruments (Textual) [Abstract]
Expected maturity tenor	20 years
Maximum [Member]
Derivative Financial Instruments (Textual) [Abstract]
Expected maturity tenor	30 years
3.50% Senior Notes due October 15, 2021 [Member]
Debt Instrument [Line Items]
Interest rate on notes	3.50%
Foreign currency exchange contracts [Member]
Derivative Financial Instruments (Textual) [Abstract]
Derivative instrument maturity	1 year
Derivative Financial Instruments (Additional Textual) [Abstract]
Gross contract notional amount	$ 136.4		158.1
Interest rate contract [Member]
Derivative Financial Instruments (Textual) [Abstract]
Interest receivable	4.6
Derivative Financial Instruments (Additional Textual) [Abstract]
Gross contract notional amount	0.0	$ 1,100.0	750.0
Interest rate contract [Member] | Cash Flow Hedging [Member]
Derivative Financial Instruments (Textual) [Abstract]
Deferred pre-tax net gain (loss) included in accumulated other comprehensive loss	(8.2)		(4.8)
Tax impact related to deferred losses and gains on cash flow hedges included in accumulated other comprehensive loss	2.9		1.7
Effective portion of the hedge loss reclassified to interest expense over the next twelve months	$ (0.6)
Commodity contracts [Member]
Derivative Financial Instruments (Textual) [Abstract]
Derivative instrument maturity	1 year
Derivative Financial Instruments (Additional Textual) [Abstract]
Gross contract notional amount	$ 640.6		790.3
Commodity contracts [Member] | Cash Flow Hedging [Member]
Derivative Financial Instruments (Textual) [Abstract]
Deferred pre-tax net gain (loss) included in accumulated other comprehensive loss	0.0		29.1
Tax impact related to deferred losses and gains on cash flow hedges included in accumulated other comprehensive loss	0.0		$ (10.8)
Fiscal Year Two Thousand Sixteen [Member]
Derivative Financial Instruments (Textual) [Abstract]
Amortization of deferred gain on early termination agreement	7.4
Fiscal Year Two Thousand Seventeen [Member]
Derivative Financial Instruments (Textual) [Abstract]
Amortization of deferred gain on early termination agreement	7.6
Fiscal Year Two Thousand Eighteen [Member]
Derivative Financial Instruments (Textual) [Abstract]
Amortization of deferred gain on early termination agreement	7.8
Fiscal Year Two Thousand Nineteen [Member]
Derivative Financial Instruments (Textual) [Abstract]
Amortization of deferred gain on early termination agreement	8.0
Fiscal Year Two Thousand Twenty [Member]
Derivative Financial Instruments (Textual) [Abstract]
Amortization of deferred gain on early termination agreement	8.1
Fiscal Year Two Thousand Twenty One [Member]
Derivative Financial Instruments (Textual) [Abstract]
Amortization of deferred gain on early termination agreement	8.4
Fiscal Year Two Thousand Twenty Two [Member]
Derivative Financial Instruments (Textual) [Abstract]
Amortization of deferred gain on early termination agreement	$ 4.0

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Statements of Consolidated Income - USD ($) $ in Millions	12 Months Ended
	Apr. 30, 2015	Apr. 30, 2014	Apr. 30, 2013
Income Statement [Abstract]
Net sales	$ 5,692.7	$ 5,610.6	$ 5,897.7
Cost of products sold	3,724.0	3,579.6	3,870.1
Gross Profit	1,968.7	2,031.0	2,027.6
Selling, distribution, and administrative expenses	1,031.3	988.8	973.9
Amortization	110.9	98.9	96.8
Other special project costs	56.6	25.6	49.5
Other operating income - net	(2.1)	(1.3)	(3.0)
Operating Income	772.0	919.0	910.4
Interest expense - net	(79.9)	(79.4)	(93.4)
Other debt costs	(173.3)	0.0	0.0
Other income - net	4.2	10.1	0.3
Income Before Income Taxes	523.0	849.7	817.3
Income taxes	178.1	284.5	273.1
Net Income	$ 344.9	$ 565.2	$ 544.2
Earnings per common share:
Net Income	$ 3.33	$ 5.42	$ 5.00
Net Income - Assuming Dilution	3.33	5.42	5.00
Dividends Declared per Common Share	$ 2.56	$ 2.32	$ 2.08

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Acquisitions (Details 3) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended	12 Months Ended
	Apr. 30, 2015	Apr. 30, 2015	Apr. 30, 2014	Apr. 30, 2013
Business Acquisition, Pro Forma Information [Abstract]
Net sales		$ 5,692.7	$ 5,610.6	$ 5,897.7
Net Income		$ 344.9	$ 565.2	$ 544.2
Net income per common share - assuming dilution		$ 3.33	$ 5.42	$ 5.00
Big Heart [Member]
Business Acquisition, Pro Forma Information [Abstract]
Net sales	$ 244.5	$ 7,732.5	$ 7,800.7
Net Income		$ 541.8	$ 547.7
Net income per common share - assuming dilution		$ 4.53	$ 4.48

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Common Shares (Details)	12 Months Ended
	Apr. 30, 2015 USD ($) Votes Rights yr shares	Apr. 30, 2014 USD ($) shares	Apr. 30, 2013 USD ($) shares
Common shares (Additional Textual) [Abstract]
Number of votes each holder of a common share outstanding is entitled | Votes	1
Number of votes per share | Votes	10
Number of years there has not been a change in beneficial ownership | yr	4
Number of votes per share after change in beneficial ownership | Votes	1
Number of years required to pass after change in beneficial ownership | yr	4
Number of share purchase rights | Rights	1
Minimum percentage of outstanding common shares held by persons or group	10.00%
Number of shares shareholder can purchase at discounted price	1
Number of common shares issued for each right as part of exchange option	1
Value to redeem per right | $	$ 0.001
Shares repurchased during period	0	4,900,000	4,000,000
Purchase amount for shares repurchased | $	$ 0	$ 495,000,000	$ 359,400,000
Shares remaining for repurchase	10,000,000

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Statements of Consolidated Cash Flows - USD ($) $ in Millions	12 Months Ended
	Apr. 30, 2015	Apr. 30, 2014	Apr. 30, 2013
Operating Activities
Net income	$ 344.9	$ 565.2	$ 544.2
Adjustments to reconcile net income to net cash provided by operations:
Depreciation	157.5	157.5	154.1
Amortization	110.9	98.9	96.8
Share-based compensation expense	23.5	22.9	21.3
Other restructuring activities	0.0	0.0	(0.7)
Loss on sale of assets - net	6.0	3.0	4.8
Gain on sale of marketable securities	0.0	(3.7)	0.0
Other noncash adjustments	(12.0)	(0.2)	0.1
Make-whole payments included in financing activities	163.3	0.0	0.0
Defined benefit pension contributions	(15.7)	(9.4)	(40.0)
Deferred income tax expense (benefit)	7.7	(8.0)	(15.6)
Changes in assets and liabilities, net of effect from businesses acquired:
Trade receivables	21.8	6.1	33.2
Inventories	25.3	15.4	15.2
Other current assets	74.1	(26.9)	4.6
Accounts payable	(25.4)	3.3	11.2
Accrued liabilities	(140.3)	9.1	(6.7)
Proceeds from settlement of interest rate swaps - net	53.5	0.0	0.0
Income and other taxes	(41.6)	(9.5)	3.5
Other - net	(20.3)	32.3	29.8
Net Cash Provided by Operating Activities	733.2	856.0	855.8
Investing Activities
Businesses acquired, net of cash acquired	(1,320.5)	(101.8)	0.0
Additions to property, plant, and equipment	(247.7)	(279.5)	(206.5)
Sales and maturities of marketable securities	0.0	10.0	0.0
Proceeds from disposal of property, plant, and equipment	2.6	10.7	3.3
Other - net	(30.1)	(9.7)	17.6
Net Cash Used for Investing Activities	(1,595.7)	(370.3)	(185.6)
Financing Activities
Short-term (repayments) borrowings - net	(22.4)	248.4	0.0
Proceeds from long-term debt	5,382.5	0.0	0.0
Repayments of long-term debt, including make-whole payments	(4,193.9)	(50.0)	(50.0)
Quarterly dividends paid	(254.0)	(238.0)	(222.8)
Purchase of treasury shares	(24.3)	(508.5)	(364.2)
Proceeds from stock option exercises	0.8	0.5	2.2
Other - net	(25.5)	(27.9)	(6.2)
Net Cash Provided by (Used for) Financing Activities	863.2	(575.5)	(641.0)
Effect of exchange rate changes on cash	(28.6)	(13.1)	(2.5)
Net (decrease) increase in cash and cash equivalents	(27.9)	(102.9)	26.7
Cash and cash equivalents at beginning of year	153.5	256.4	229.7
Cash and Cash Equivalents at End of Year	$ 125.6	$ 153.5	$ 256.4

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Guarantor and Non-Guarantor Financial Information (Details 2) - USD ($) $ in Millions	12 Months Ended
	Apr. 30, 2015	Apr. 30, 2014	Apr. 30, 2013
Condensed Statements of Consolidated Cash Flows
Net Cash Provided by (Used for) Operating Activities	$ 733.2	$ 856.0	$ 855.8
INVESTING ACTIVITIES
Businesses acquired, net of cash acquired	(1,320.5)	(101.8)	0.0
Additions to property, plant, and equipment	(247.7)	(279.5)	(206.5)
Sales and maturities of marketable securities	0.0	10.0	0.0
Proceeds from disposal of property, plant, and equipment	2.6	10.7	3.3
Equity investments in subsidiaries	0.0	0.0	0.0
Repayments from (disbursements of) intercompany loans	0.0	0.0	0.0
Other - net	(30.1)	(9.7)	17.6
Net Cash Used for Investing Activities	(1,595.7)	(370.3)	(185.6)
FINANCING ACTIVITIES
Short-term (repayments) borrowings - net	(22.4)	248.4	0.0
Proceeds from long-term debt	5,382.5	0.0	0.0
Repayments of long-term debt, including make-whole payments	(4,193.9)	(50.0)	(50.0)
Quarterly dividends paid	(254.0)	(238.0)	(222.8)
Purchase of treasury shares	(24.3)	(508.5)	(364.2)
Proceeds from stock option exercises	0.8	0.5	2.2
Investments in subsidiaries	0.0	0.0	0.0
Intercompany payable	0.0	0.0	0.0
Other - net	(25.5)	(27.9)	(6.2)
Net Cash Provided by (Used for) Financing Activities	863.2	(575.5)	(641.0)
Effect of exchange rate changes on cash	(28.6)	(13.1)	(2.5)
Net (decrease) increase in cash and cash equivalents	(27.9)	(102.9)	26.7
Cash and cash equivalents at beginning of year	153.5	256.4	229.7
Cash and Cash Equivalents at End of Year	125.6	153.5	256.4
Eliminations [Member]
Condensed Statements of Consolidated Cash Flows
Net Cash Provided by (Used for) Operating Activities	0.0	0.0	0.0
INVESTING ACTIVITIES
Businesses acquired, net of cash acquired	0.0	0.0
Additions to property, plant, and equipment	0.0	0.0	0.0
Sales and maturities of marketable securities		0.0
Proceeds from disposal of property, plant, and equipment	0.0	0.0	0.0
Equity investments in subsidiaries	2,715.3	126.0	177.9
Repayments from (disbursements of) intercompany loans	287.3	273.7	466.2
Other - net	0.0	0.0	0.0
Net Cash Used for Investing Activities	3,002.6	399.7	644.1
FINANCING ACTIVITIES
Short-term (repayments) borrowings - net	0.0	0.0
Proceeds from long-term debt	0.0
Repayments of long-term debt, including make-whole payments	0.0	0.0	0.0
Quarterly dividends paid	0.0	0.0	0.0
Purchase of treasury shares	0.0	0.0	0.0
Proceeds from stock option exercises	0.0	0.0	0.0
Investments in subsidiaries	(2,715.3)	(126.0)	(177.9)
Intercompany payable	(287.3)	(273.7)	(466.2)
Other - net	0.0	0.0	0.0
Net Cash Provided by (Used for) Financing Activities	(3,002.6)	(399.7)	(644.1)
Effect of exchange rate changes on cash	0.0	0.0	0.0
Net (decrease) increase in cash and cash equivalents	0.0	0.0	0.0
Cash and cash equivalents at beginning of year	0.0	0.0	0.0
Cash and Cash Equivalents at End of Year	0.0	0.0	0.0
The J.M. Smucker Company (Parent) [Member]
Condensed Statements of Consolidated Cash Flows
Net Cash Provided by (Used for) Operating Activities	239.2	297.8	201.7
INVESTING ACTIVITIES
Businesses acquired, net of cash acquired	(1,240.0)	0.0
Additions to property, plant, and equipment	(56.3)	(31.1)	(33.6)
Sales and maturities of marketable securities		10.0
Proceeds from disposal of property, plant, and equipment	0.0	0.0	0.0
Equity investments in subsidiaries	(2,715.3)	(108.9)	(3.7)
Repayments from (disbursements of) intercompany loans	0.0	0.0	0.0
Other - net	0.0	(3.2)	(9.5)
Net Cash Used for Investing Activities	(4,011.6)	(133.2)	(46.8)
FINANCING ACTIVITIES
Short-term (repayments) borrowings - net	(5.3)	248.4
Proceeds from long-term debt	5,382.5
Repayments of long-term debt, including make-whole payments	(1,580.8)	(50.0)	(50.0)
Quarterly dividends paid	(254.0)	(238.0)	(222.8)
Purchase of treasury shares	(24.3)	(508.5)	(364.2)
Proceeds from stock option exercises	0.8	0.5	2.2
Investments in subsidiaries	0.0	0.0	9.9
Intercompany payable	287.3	273.7	466.2
Other - net	(33.5)	8.1	3.5
Net Cash Provided by (Used for) Financing Activities	3,772.7	(265.8)	(155.2)
Effect of exchange rate changes on cash	0.0	0.0	0.0
Net (decrease) increase in cash and cash equivalents	0.3	(101.2)	(0.3)
Cash and cash equivalents at beginning of year	6.8	108.0	108.3
Cash and Cash Equivalents at End of Year	7.1	6.8	108.0
Subsidiary Guarantors [Member]
Condensed Statements of Consolidated Cash Flows
Net Cash Provided by (Used for) Operating Activities	87.8	168.5	46.4
INVESTING ACTIVITIES
Businesses acquired, net of cash acquired	0.0	0.0
Additions to property, plant, and equipment	(93.3)	(163.2)	(103.1)
Sales and maturities of marketable securities		0.0
Proceeds from disposal of property, plant, and equipment	1.1	0.6	0.1
Equity investments in subsidiaries	0.0	(17.1)	(174.2)
Repayments from (disbursements of) intercompany loans	10.2	9.3	227.4
Other - net	(5.8)	0.2	3.4
Net Cash Used for Investing Activities	(87.8)	(170.2)	(46.4)
FINANCING ACTIVITIES
Short-term (repayments) borrowings - net	0.0	0.0
Proceeds from long-term debt	0.0
Repayments of long-term debt, including make-whole payments	0.0	0.0	0.0
Quarterly dividends paid	0.0	0.0	0.0
Purchase of treasury shares	0.0	0.0	0.0
Proceeds from stock option exercises	0.0	0.0	0.0
Investments in subsidiaries	0.0	0.0	0.0
Intercompany payable	0.0	0.0	0.0
Other - net	0.0	1.7	0.0
Net Cash Provided by (Used for) Financing Activities	0.0	1.7	0.0
Effect of exchange rate changes on cash	0.0	0.0	0.0
Net (decrease) increase in cash and cash equivalents	0.0	0.0	0.0
Cash and cash equivalents at beginning of year	0.0	0.0	0.0
Cash and Cash Equivalents at End of Year	0.0	0.0	0.0
Non-Guarantor Subsidiaries [Member]
Condensed Statements of Consolidated Cash Flows
Net Cash Provided by (Used for) Operating Activities	406.2	389.7	607.7
INVESTING ACTIVITIES
Businesses acquired, net of cash acquired	(80.5)	(101.8)
Additions to property, plant, and equipment	(98.1)	(85.2)	(69.8)
Sales and maturities of marketable securities		0.0
Proceeds from disposal of property, plant, and equipment	1.5	10.1	3.2
Equity investments in subsidiaries	0.0	0.0	0.0
Repayments from (disbursements of) intercompany loans	(297.5)	(283.0)	(693.6)
Other - net	(24.3)	(6.7)	23.7
Net Cash Used for Investing Activities	(498.9)	(466.6)	(736.5)
FINANCING ACTIVITIES
Short-term (repayments) borrowings - net	(17.1)	0.0
Proceeds from long-term debt	0.0
Repayments of long-term debt, including make-whole payments	(2,613.1)	0.0	0.0
Quarterly dividends paid	0.0	0.0	0.0
Purchase of treasury shares	0.0	0.0	0.0
Proceeds from stock option exercises	0.0	0.0	0.0
Investments in subsidiaries	2,715.3	126.0	168.0
Intercompany payable	0.0	0.0	0.0
Other - net	8.0	(37.7)	(9.7)
Net Cash Provided by (Used for) Financing Activities	93.1	88.3	158.3
Effect of exchange rate changes on cash	(28.6)	(13.1)	(2.5)
Net (decrease) increase in cash and cash equivalents	(28.2)	(1.7)	27.0
Cash and cash equivalents at beginning of year	146.7	148.4	121.4
Cash and Cash Equivalents at End of Year	$ 118.5	$ 146.7	$ 148.4

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Pensions and Other Postretirement Benefits (Details 2)	12 Months Ended
	Apr. 30, 2015	Apr. 30, 2014	Apr. 30, 2013
U. S. Defined Benefit Plans [Member]
Weighted-average assumptions used in determining net periodic benefit costs:
Discount rate	4.42%	3.99%	4.70%
Expected return on plan assets	6.72%	6.75%	7.00%
Rate of compensation increase	4.13%	4.13%	4.12%
U. S. Other Postretirement Benefit Plans [Member]
Weighted-average assumptions used in determining net periodic benefit costs:
Discount rate	4.27%	3.80%	4.70%
Expected return on plan assets	0.00%	0.00%	0.00%
Rate of compensation increase	0.00%	0.00%	0.00%
Canadian Defined Benefit Plans [Member]
Weighted-average assumptions used in determining net periodic benefit costs:
Discount rate	4.11%	3.65%	4.20%
Expected return on plan assets	5.64%	5.78%	6.17%
Rate of compensation increase	3.00%	3.00%	4.00%
Canadian Other Postretirement Benefit Plans [Member]
Weighted-average assumptions used in determining net periodic benefit costs:
Discount rate	4.10%	3.70%	4.20%
Expected return on plan assets	0.00%	0.00%	0.00%
Rate of compensation increase	0.00%	0.00%	0.00%

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Share-Based Payments (Tables)

12 Months Ended

Apr. 30, 2015

Share-Based Payments [Abstract]

Weighted average Black-Scholes assumptions for stock options granted

	2015
Expected volatility (%)		25.0	%
Dividend Yield (%)		2.2	%
Risk-free interest rate (%)		1.5	%
Expected life of stock option (years)		5.6

Summary of the Company's stock option activity and related information

	Number of Options		Weighted-Average Exercise Price
Outstanding at May 1, 2014		33,667	$	44.50
Granted		955,000		112.59
Exercised		31,667		44.29
Outstanding at April 30, 2015		957,000	$	112.45
Exercisable at April 30, 2015		2,000	$	47.78

Summary of restricted shares, deferred shares, deferred stock units, and performance units

	Restricted Shares and Deferred Stock Units		Weighted-Average Grant Date Fair Value		Performance Units		Weighted-Average Conversion Date Fair Value
Outstanding at May 1, 2014		839,188	$	76.54		101,020	$	104.91
Granted		109,091		104.82		75,848		111.41
Converted		101,020		104.91		(101,020)		104.91
Vested		(416,328)		68.59		—		—
Forfeited		(36,082)		90.65		—		—
Outstanding at April 30, 2015		596,889	$	91.21		75,848	$	111.41

Weighted-average grant date fair values of the equity awards

Year Ended April 30,	Restricted Shares and Deferred Stock Units		Weighted-Average Grant Date Fair Value		Performance Units		Weighted-Average Conversion Date Fair Value
2015		109,091	$	104.82		75,848	$	111.41
2014		167,134		101.08		101,020		104.91
2013		109,770		76.37		106,666		100.54

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Pensions and Other Postretirement Benefits (Details 8) - Significant Unobservable Inputs (Level 3) [Member] - USD ($) $ in Millions	12 Months Ended
	Apr. 30, 2015	Apr. 30, 2014
Changes in plan assets:
Fair value of plan assets at beginning of year	$ 15.0	$ 15.0
Big Heart pension assets acquired	2.8	0.0
Actual return on plan assets still held at reporting date	0.7	0.0
Fair value of plan assets at end of year	$ 18.5	$ 15.0

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Contingencies

12 Months Ended

Apr. 30, 2015

Loss Contingency [Abstract]

Contingencies

NOTE 14 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.

On October 9, 2013, Big Heart entered into a Purchase Agreement with Del Monte Pacific Limited and its subsidiary, Del Monte Foods Consumer Products, Inc. (which changed its name to Del Monte Foods, Inc.) (“DMFI”). Big Heart sold to DMFI the interests of certain subsidiaries related to Big Heart’s consumer products business and generally all assets and liabilities primarily related to the consumer products business for a purchase price of $1.7 billion, subject to a post-closing working capital adjustment. In connection with the closing of the transaction, Big Heart received approximately $110.0 in incremental proceeds representing the preliminary working capital adjustment subject to a true-up in accordance with the terms of the Purchase Agreement. Big Heart made a claim of $16.3 for the working capital adjustment related to the sale of the consumer products business. In June 2014, Big Heart received a notice of disagreement from DMFI disputing the $16.3 working capital adjustment, as well as the incremental preliminary working capital adjustment of approximately $110.0 paid by DMFI at closing. Pursuant to the terms of the Purchase Agreement, the working capital dispute has been submitted to a mutually agreed upon independent certified public accounting firm of national recognition in the U.S. We believe that the working capital adjustment presented to DMFI is appropriate and is in accordance with the terms of the Purchase Agreement, and we plan to vigorously defend Big Heart’s position. However, we cannot currently predict the ultimate outcome of this dispute and have not recorded a receivable or liability as part of the Big Heart acquisition, but are continuing to evaluate the impact on the opening balance sheet.

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Income Taxes (Tables)

12 Months Ended

Apr. 30, 2015

Income Tax Disclosure [Abstract]

Income (loss) before income taxes

	Year Ended April 30,
	2015		2014		2013
Domestic	$	500.7	$	827.4	$	791.9
Foreign		22.3		22.3		25.4
Income before income taxes	$	523.0	$	849.7	$	817.3

Components of the provision for income taxes

	Year Ended April 30,
	2015		2014		2013
Current:
Federal	$	147.8	$	265.4	$	262.1
Foreign		4.7		4.2		6.1
State and local		17.9		22.9		20.5
Deferred:
Federal		2.3		(13.9)		(15.6)
Foreign		0.5		2.4		0.9
State and local		4.9		3.5		(0.9)
Total income tax expense	$	178.1	$	284.5	$	273.1

Reconciliation of the statutory federal income tax rate and the effective income tax rate

	Year Ended April 30,
Percent of Pretax Income	2015			2014			2013
Statutory federal income tax rate		35.0	%		35.0	%		35.0	%
State and local income taxes		2.4			1.9			1.8
Domestic manufacturing deduction		(2.9)			(3.0)			(3.1)
Other items – net		(0.4)			(0.4)			(0.3)
Effective income tax rate		34.1	%		33.5	%		33.4	%
Income taxes paid	$	199.3		$	294.4		$	279.2

Deferred tax assets and liabilities

	April 30,
	2015		2014
Deferred tax liabilities:
Intangible assets	$	2,499.4	$	1,028.7
Property, plant, and equipment		158.0		94.5
Other		9.6		19.4
Total deferred tax liabilities	$	2,667.0	$	1,142.6
Deferred tax assets:
Post-employment and other employee benefits	$	143.4	$	103.3
Tax credit and loss carryforwards		44.8		—
Intangible assets		22.1		7.6
Inventory		11.6		—
Property, plant, and equipment		19.4		—
Other		32.9		29.8
Total deferred tax assets	$	274.2	$	140.7
Valuation allowance		(4.2)		—
Total deferred tax assets, less allowance	$	270.0	$	140.7
Net deferred tax liability	$	2,397.0	$	1,001.9

Summary of operating loss and tax credit carryforwards

	Related Tax Deduction		Deferred Tax Asset		Valuation Allowance		Expiration Date
Tax carryforwards:
Federal loss carryforwards	$	104.6	$	36.6	$	4.2		2035
State loss carryforwards		119.4		5.9		—		2020 to 2035
Federal tax credit carryforwards		—		0.5		—		2035
State tax credit carryforwards		—		1.8		—		2021
Total tax carryforwards	$	224.0	$	44.8	$	4.2

Reconciliation of unrecognized tax benefits

	2015		2014		2013
Balance at May 1,	$	29.1	$	29.7	$	24.0
Increases:
Current year tax positions		2.4		5.1		4.8
Prior year tax positions		1.2		0.1		2.5
Acquired businesses		13.4		—		—
Decreases:
Prior year tax positions		0.4		1.6		0.2
Settlement with tax authorities		—		1.5		1.0
Expiration of statute of limitations periods		0.7		2.7		0.4
Balance at April 30,	$	45.0	$	29.1	$	29.7

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Common Shares

12 Months Ended

Apr. 30, 2015

Common Shares [Abstract]

Common Shares

NOTE 16 COMMON SHARES

Voting: The Amended Articles of Incorporation (“Articles”) provide that each holder of a common share outstanding is entitled to one vote on each matter submitted to a vote of the shareholders, except for the following specific matters:

• any matter that relates to or would result in the dissolution or liquidation of the Company;

• the adoption of any amendment to the Articles or Amended Regulations, or the adoption of amended Articles, other than the adoption of any amendment or amended Articles that increases the number of votes to which holders of our common shares are entitled or expands the matters to which time-phased voting applies;

• any proposal or other action to be taken by our shareholders relating to the Rights Agreement, dated as of May 20, 2009, between the Company and Computershare Trust Company, N.A. or any successor plan;

• any matter relating to any stock option plan, stock purchase plan, executive compensation plan, executive benefit plan, or other similar plan, arrangement, or agreement;

• the adoption of any agreement or plan of or for the merger, consolidation, or majority share acquisition of us or any of our subsidiaries with or into any other person, whether domestic or foreign, corporate or noncorporate, or the authorization of the lease, sale, exchange, transfer, or other disposition of all, or substantially all, of our assets;

• any matter submitted to our shareholders pursuant to Article Fifth (which relates to procedures applicable to certain business combinations) or Article Seventh (which relates to procedures applicable to certain proposed acquisitions of specified percentages of our outstanding common shares) of the Articles, as they may be further amended, or any issuance of our common shares for which shareholder approval is required by applicable stock exchange rules; and

• any matter relating to the issuance of our common shares or the repurchase of our common shares that the Board of Directors (“Board”) determines is required or appropriate to be submitted to our shareholders under the Ohio Revised Code or applicable stock exchange rules.

On the matters listed above, common shares are entitled to 10 votes per share if they meet the requirements set forth in the Articles. Common shares which would be entitled to 10 votes per share must meet one of the following criteria:

• common shares for which there has not been a change in beneficial ownership in the past four years; or

• common shares received through our various equity plans that have not been sold or otherwise transferred.

In the event of a change in beneficial ownership, the new owner of that common share will be entitled to only one vote with respect to that share on all matters until four years pass without a further change in beneficial ownership of the share.

Shareholders’ Rights Plan: Pursuant to a Shareholders’ Rights Plan adopted by the Board on May 20, 2009, one share purchase right is associated with each of our outstanding common shares.

Under the plan, the rights will initially trade together with our common shares and will not be exercisable. In the absence of further action by the directors, the rights generally will become exercisable and allow the holder to acquire our common shares at a discounted price if a person or group acquires 10 percent or more of our outstanding common shares. Rights held by persons who exceed the applicable threshold will be void. Shares held by members of the Smucker family are not subject to the threshold. If exercisable, each right entitles the shareholder to buy one common share at a discounted price. Under certain circumstances, the rights will entitle the holder to buy shares in an acquiring entity at a discounted price.

The plan also includes an exchange option. In general, if the rights become exercisable, the directors may, at their option, effect an exchange of part or all of the rights, other than rights that have become void, for common shares. Under this option, we would issue one common share for each right, in each case subject to adjustment in certain circumstances.

The directors may, at their option, redeem all rights for $0.001 per right, generally at any time prior to the rights becoming exercisable. The rights will expire June 3, 2019, unless earlier redeemed, exchanged, or amended by the directors.

In connection with the Big Heart acquisition, we and the rights agent entered into an amendment to the plan providing that neither the approval, execution, delivery, or performance of the merger agreement or the shareholders agreement entered into in connection with the transaction will in any way give rise to any provision of the plan becoming effective, and that none of Blue Holdings I, L.P., the controlling stockholder of BAG, or any of its affiliates will be deemed to be an acquiring person for purposes of the plan.

Repurchase Programs: We did not repurchase any shares in 2015 and at April 30, 2015, had approximately 10.0 million common shares available for repurchase under the Board’s authorizations. We do not expect to repurchase any of these shares in the near term due to our focus on debt repayment.

We repurchased 4.9 million common shares for $495.0 in 2014 and 4.0 million common shares for $359.4 in 2013.

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Derivative Financial Instruments (Details 1) - USD ($) $ in Millions	12 Months Ended
	Apr. 30, 2015	Apr. 30, 2014	Apr. 30, 2013
Cash flow hedging derivative instruments gain (loss)
(Losses) gains recognized in other comprehensive (loss) income (effective portion)	$ (4.0)	$ 21.0
Change in accumulated other comprehensive loss	(32.5)	41.9
Cash Flow Hedging [Member] | Commodity Contracts [Member] | Cost of Products Sold [Member]
Cash flow hedging derivative instruments gain (loss)
Gains (losses) reclassified from accumulated other comprehensive loss to earnings (effective portion)	29.1	(20.3)	$ (39.6)
Gains (losses) recognized in earnings (ineffective portion)	0.0	1.4
Cash Flow Hedging [Member] | Interest Rate Contract [Member] | Interest Expense [Member]
Cash flow hedging derivative instruments gain (loss)
Gains (losses) recognized in earnings (ineffective portion)	(0.1)	0.0
Fair Value Hedging [Member] | Interest Rate Contract [Member] | Interest Expense [Member]
Cash flow hedging derivative instruments gain (loss)
Gains (losses) reclassified from accumulated other comprehensive loss to earnings (effective portion)	$ (0.6)	$ (0.6)	$ (0.5)

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Statements of Consolidated Shareholders' Equity - USD ($) $ in Millions	Total	Common Shares Outstanding	Common Shares	Additional Capital	Retained Income	Amount Due from ESOP Trust	Accumulated Other Comprehensive Loss
Statements of Consolidated Shareholders' Equity [Abstract]
Comprehensive Income	$ 551.6
Balance at Apr. 30, 2012	5,163.4		$ 27.6	$ 4,261.2	$ 961.2	$ (2.6)	$ (84.0)
Balance, Shares at Apr. 30, 2012		110,284,715
Net income	544.2				544.2
Other comprehensive (loss) income	7.4						7.4
Purchase of treasury shares	(364.2)		(1.0)	(158.5)	(204.7)
Purchase of treasury shares, shares		(4,062,682)
Stock plans	22.4			22.4
Stock plans, Shares		264,902
Cash dividends declared	(225.2)				(225.2)
Other	0.8					0.8
Balance at Apr. 30, 2013	5,148.8		26.6	4,125.1	1,075.5	(1.8)	(76.6)
Balance, Shares at Apr. 30, 2013		106,486,935
Statements of Consolidated Shareholders' Equity [Abstract]
Comprehensive Income	590.2
Net income	565.2				565.2
Other comprehensive (loss) income	25.0						25.0
Purchase of treasury shares	(508.5)		(1.3)	(199.0)	(308.2)
Purchase of treasury shares, shares		(5,072,158)
Stock plans	39.8		0.1	39.7
Stock plans, Shares		282,623
Cash dividends declared	(241.6)				(241.6)
Other	0.9				0.1	0.8
Balance at Apr. 30, 2014	$ 5,029.6		25.4	3,965.8	1,091.0	(1.0)	(51.6)
Balance, Shares at Apr. 30, 2014	101,697,400	101,697,400
Statements of Consolidated Shareholders' Equity [Abstract]
Comprehensive Income	$ 286.7
Net income	344.9				344.9
Other comprehensive (loss) income	(58.2)						(58.2)
Purchase of treasury shares	(24.3)		(0.1)	(19.2)	(5.0)
Purchase of treasury shares, shares		(225,262)
Stock plans	30.2		0.1	30.1
Stock plans, Shares		212,630
Issuance of shares for acquisition	2,035.5		4.5	2,031.0
Issuance of shares for acquisition, shares		17,892,565
Cash dividends declared	(271.5)				(271.5)
Other	0.7				(0.2)	0.9
Balance at Apr. 30, 2015	$ 7,086.9		$ 29.9	$ 6,007.7	$ 1,159.2	$ (0.1)	$ (109.8)
Balance, Shares at Apr. 30, 2015	119,577,333	119,577,333

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Statements of Consolidated Comprehensive Income - USD ($) $ in Millions	12 Months Ended
	Apr. 30, 2015	Apr. 30, 2014	Apr. 30, 2013
Statements of Consolidated Comprehensive Income [Abstract]
Net income	$ 344.9	$ 565.2	$ 544.2
Other comprehensive (loss) income:
Foreign currency translation adjustments	(34.0)	(29.8)	(5.5)
Cash flow hedging derivative activity, net of tax	(20.5)	26.5	8.0
Pension and other postretirement benefit plans activity, net of tax	(3.6)	29.4	2.9
Available-for-sale securities activity, net of tax	(0.1)	(1.1)	2.0
Total Other Comprehensive (Loss) Income	(58.2)	25.0	7.4
Comprehensive Income	$ 286.7	$ 590.2	$ 551.6

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Other Financial Instruments and Fair Value Measurements

12 Months Ended

Apr. 30, 2015

Other Financial Instruments and Fair Value Measurements [Abstract]

Other Financial Instruments and Fair Value Measurements

NOTE 9 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. With respect to trade receivables, we believe there is no concentration of risk with any single customer whose failure or nonperformance would materially affect our results other than as discussed in Note 3: Reportable Segments. We do not require collateral from our customers. Our other financial instruments, with the exception of long-term debt, are recognized at estimated fair value in the Consolidated Balance Sheets.

The following table provides information on the carrying amount and fair value of our financial instruments.

	April 30, 2015				April 30, 2014
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Other investments	$	48.4	$	48.4	$	55.4	$	55.4
Derivative financial instruments - net		(17.3)		(17.3)		33.9		33.9
Long-term debt		(5,944.9)		(6,011.3)		(1,973.1)		(2,239.1)

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 Active Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value at April 30, 2015
Other investments: (A)
Equity mutual funds	$	9.7	$	—	$	—	$	9.7
Municipal obligations		—		37.9		—		37.9
Money market funds		0.8		—		—		0.8
Derivatives: (B)
Commodity contracts - net		(12.4)		(8.7)		—		(21.1)
Foreign currency exchange contracts - net		(0.2)		4.0		—		3.8
Long-term debt (C)		(4,459.0)		(1,552.3)		—		(6,011.3)
Total financial instruments measured at fair value	$	(4,461.1)	$	(1,519.1)	$	—	$	(5,980.2)

	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value at April 30, 2014
Other investments: (A)
Equity mutual funds	$	12.0	$	—	$	—	$	12.0
Municipal obligations		—		34.4		—		34.4
Money market funds		9.0		—		—		9.0
Derivatives: (B)
Commodity contracts - net		13.5		4.8		—		18.3
Foreign currency exchange contracts - net		—		0.7		—		0.7
Interest rate contract - net		—		14.9		—		14.9
Long-term debt (C)		(772.0)		(1,467.1)		—		(2,239.1)
Total financial instruments measured at fair value	$	(737.5)	$	(1,412.3)	$	—	$	(2,149.8)

(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 that are derived principally from or corroborated by observable market data, and money market funds with maturities of three months or less. Based on the short-term nature of these money market funds, carrying value approximates fair value. As of April 30, 2015, our municipal obligations are scheduled to mature as follows: $0.9 in 2016, $1.3 in 2017, $1.1 in 2018, $3.0 in 2019, and the remaining $31.6 in 2020 and beyond. For additional information, see Marketable Securities and Other Investments in Note 1: Accounting Policies.

(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 8: Derivative Financial Instruments.

(C) Long-term debt is comprised of $750.0 in public Senior Notes and the $3.7 billion Senior Notes issued in 2015 classified as Level 1 and the Term Loan classified as Level 2 in 2015. Long-term debt is comprised of public Senior Notes classified as Level 1 and private Senior Notes classified as Level 2 in 2014. The public Senior Notes are traded in an active secondary market and valued using quoted prices. The value of the private Senior Notes and Term Loan are 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 private Senior Notes or an estimated yield curve obtained from independent pricing sources for similar types of term loan borrowing arrangements. For additional information, see Note 6: Debt and Financing Arrangements.

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Guarantor and Non-Guarantor Financial Information (Details 1) - USD ($) $ in Millions	Apr. 30, 2015	Apr. 30, 2014	Apr. 30, 2013	Apr. 30, 2012
Current Assets
Cash and cash equivalents	$ 125.6	$ 153.5	$ 256.4	$ 229.7
Inventories	1,163.6	931.0
Other current assets	763.1	454.6
Total Current Assets	2,052.3	1,539.1
Property, Plant, and Equipment - Net	1,678.3	1,265.6
Investments in Subsidiaries	0.0	0.0
Intercompany Receivable	0.0	0.0
Other Noncurrent Assets
Goodwill	6,009.8	3,098.2	3,052.9
Other intangible assets - net	6,950.3	3,024.3
Other noncurrent assets	191.9	133.0
Total Other Noncurrent Assets	13,152.0	6,255.5
Total Assets	16,882.6	9,060.2	9,024.1
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities	1,022.6	885.8
Noncurrent Liabilities
Long-term debt	5,944.9	1,873.1
Deferred income taxes	2,473.3	1,020.7
Intercompany payable	0.0	0.0
Other noncurrent liabilities	354.9	251.0
Total Noncurrent Liabilities	8,773.1	3,144.8
Total Liabilities	9,795.7	4,030.6
Total Shareholders' Equity	7,086.9	5,029.6	5,148.8	5,163.4
Total Liabilities and Shareholders' Equity	16,882.6	9,060.2
Eliminations [Member]
Current Assets
Cash and cash equivalents	0.0	0.0	0.0	0.0
Inventories	3.7	(3.7)
Other current assets	(12.6)	(10.1)
Total Current Assets	(8.9)	(13.8)
Property, Plant, and Equipment - Net	0.0	0.0
Investments in Subsidiaries	(19,062.5)	(12,668.8)
Intercompany Receivable	(438.3)	(1,447.7)
Other Noncurrent Assets
Goodwill	0.0	0.0
Other intangible assets - net	0.0	0.0
Other noncurrent assets	0.0	0.0
Total Other Noncurrent Assets	0.0	0.0
Total Assets	(19,509.7)	(14,130.3)
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities	(12.6)	(10.1)
Noncurrent Liabilities
Long-term debt	0.0	0.0
Deferred income taxes	0.0	0.0
Intercompany payable	(3,080.2)	(2,792.9)
Other noncurrent liabilities	0.0	0.0
Total Noncurrent Liabilities	(3,080.2)	(2,792.9)
Total Liabilities	(3,092.8)	(2,803.0)
Total Shareholders' Equity	(16,416.9)	(11,327.3)
Total Liabilities and Shareholders' Equity	(19,509.7)	(14,130.3)
The J.M. Smucker Company (Parent) [Member]
Current Assets
Cash and cash equivalents	7.1	6.8	108.0	108.3
Inventories	0.0	0.0
Other current assets	427.4	360.2
Total Current Assets	434.5	367.0
Property, Plant, and Equipment - Net	258.0	233.6
Investments in Subsidiaries	14,610.4	8,367.6
Intercompany Receivable	0.0	0.0
Other Noncurrent Assets
Goodwill	1,082.0	1,082.0
Other intangible assets - net	501.1	505.5
Other noncurrent assets	55.6	58.5
Total Other Noncurrent Assets	1,638.7	1,646.0
Total Assets	16,941.6	10,614.2
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities	484.0	590.7
Noncurrent Liabilities
Long-term debt	5,944.9	1,873.1
Deferred income taxes	106.9	107.6
Intercompany payable	3,080.2	2,792.9
Other noncurrent liabilities	238.7	220.3
Total Noncurrent Liabilities	9,370.7	4,993.9
Total Liabilities	9,854.7	5,584.6
Total Shareholders' Equity	7,086.9	5,029.6
Total Liabilities and Shareholders' Equity	16,941.6	10,614.2
Subsidiary Guarantors [Member]
Current Assets
Cash and cash equivalents	0.0	0.0	0.0	0.0
Inventories	180.3	173.3
Other current assets	4.8	9.9
Total Current Assets	185.1	183.2
Property, Plant, and Equipment - Net	591.3	551.1
Investments in Subsidiaries	4,179.7	4,063.3
Intercompany Receivable	305.2	315.5
Other Noncurrent Assets
Goodwill	0.0	0.0
Other intangible assets - net	0.0	0.0
Other noncurrent assets	10.5	11.1
Total Other Noncurrent Assets	10.5	11.1
Total Assets	5,271.8	5,124.2
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities	82.6	103.8
Noncurrent Liabilities
Long-term debt	0.0	0.0
Deferred income taxes	0.0	0.0
Intercompany payable	0.0	0.0
Other noncurrent liabilities	15.2	12.8
Total Noncurrent Liabilities	15.2	12.8
Total Liabilities	97.8	116.6
Total Shareholders' Equity	5,174.0	5,007.6
Total Liabilities and Shareholders' Equity	5,271.8	5,124.2
Non-Guarantor Subsidiaries [Member]
Current Assets
Cash and cash equivalents	118.5	146.7	$ 148.4	$ 121.4
Inventories	979.6	761.4
Other current assets	343.5	94.6
Total Current Assets	1,441.6	1,002.7
Property, Plant, and Equipment - Net	829.0	480.9
Investments in Subsidiaries	272.4	237.9
Intercompany Receivable	133.1	1,132.2
Other Noncurrent Assets
Goodwill	4,927.8	2,016.2
Other intangible assets - net	6,449.2	2,518.8
Other noncurrent assets	125.8	63.4
Total Other Noncurrent Assets	11,502.8	4,598.4
Total Assets	14,178.9	7,452.1
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities	468.6	201.4
Noncurrent Liabilities
Long-term debt	0.0	0.0
Deferred income taxes	2,366.4	913.1
Intercompany payable	0.0	0.0
Other noncurrent liabilities	101.0	17.9
Total Noncurrent Liabilities	2,467.4	931.0
Total Liabilities	2,936.0	1,132.4
Total Shareholders' Equity	11,242.9	6,319.7
Total Liabilities and Shareholders' Equity	$ 14,178.9	$ 7,452.1

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Contingencies (Details Textual) - Apr. 30, 2015 - Big Heart [Member] - USD ($) $ in Millions	Total
Loss Contingencies [Line Items]
Business acquisition consideration given	$ 5,905.7
Pending Litigation [Member]
Loss Contingencies [Line Items]
Business acquisition consideration given	1,700.0
Initial working capital adjustment received currently in dispute	110.0
Estimate of possible loss	$ 16.3

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Document and Entity Information - USD ($)	12 Months Ended
	Apr. 30, 2015	Jun. 15, 2015	Oct. 31, 2014
Document and Entity Information [Abstract]
Entity Registrant Name	J M SMUCKER Co
Entity Central Index Key	0000091419
Document Type	10-K
Document Period End Date	Apr. 30, 2015
Amendment Flag	false
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	FY
Current Fiscal Year End Date	--04-30
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Public Float			$ 9,803,675,128
Entity Common Stock, Shares Outstanding		119,666,585

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Share-Based Payments

12 Months Ended

Apr. 30, 2015

Share-Based Payments [Abstract]

Share-Based Payments

NOTE 10 SHARE-BASED PAYMENTS

We provide for equity-based incentives to be awarded to key employees and non-employee directors. Currently, these incentives consist of restricted shares, restricted stock units (which may also be referred to as deferred stock units), performance units, and stock options. These awards are administered primarily through the 2010 Equity and Incentive Compensation Plan approved by our shareholders in August 2010. Awards under this plan may be in the form of stock options, stock appreciation rights, restricted shares, restricted stock units, performance shares, performance units, incentive awards, and other share-based awards. Awards under this plan may be granted to our non-employee directors, consultants, officers, and other employees. Deferred stock units granted to non-employee directors vest immediately and, along with dividends credited on those deferred stock units, are paid out in the form of common shares upon termination of service as a non-employee director. At April 30, 2015, there were 5,820,288 shares available for future issuance under this plan.

Under the 2010 Equity and Incentive Compensation Plan, we have the option to settle share-based awards by issuing common shares from treasury, issuing new Company common shares, or issuing a combination of common shares from treasury and new Company common shares.

Stock Options: During 2015, we granted 955,000 stock options under the 2010 Equity and Incentive Compensation Plan. The options vest over a period of one to three years dependent on the continued service of the option holder, as well as the achievement of performance objectives established on the grant date. The exercise price of all options granted is equal to the market value of the shares on the date of grant. All options granted during 2015 have a contractual term of 10 years.

The fair value of each option is estimated on the date of grant using a Black-Scholes option-pricing model with the following weighted-average assumptions for stock options granted:

	2015
Expected volatility (%)		25.0	%
Dividend Yield (%)		2.2	%
Risk-free interest rate (%)		1.5	%
Expected life of stock option (years)		5.6

Expected volatility was calculated in accordance with the provisions of FASB ASC 718, Compensation – Stock Compensation, based on consideration of both historical and implied volatilities. The expected life of a stock option represents the period from the grant date through the expected exercise date of the option. This was calculated using a simplified method whereby the midpoint between the vesting date and the end of the contractual term is utilized to compute the expected term. A simplified method was used in this calculation given the change in demographics since our last stock option issuance in 2005; therefore, we expect that the exercise patterns under this grant will be different from those under previous stock option grants.

The following table is a summary of our option activity.

	Number of Options		Weighted-Average Exercise Price
Outstanding at May 1, 2014		33,667	$	44.50
Granted		955,000		112.59
Exercised		31,667		44.29
Outstanding at April 30, 2015		957,000	$	112.45
Exercisable at April 30, 2015		2,000	$	47.78

The average remaining contractual term for options outstanding and exercisable at April 30, 2015, are 9.9 and 0.3 years, respectively. The aggregate intrinsic value of options outstanding and exercisable at April 30, 2015, are $3.3 and $0.1, respectively. The options granted in 2015 have a weighted-average grant date fair value of $21.68 per option. No options were granted in 2014 and 2013. The total intrinsic value of options exercised was $1.9, $0.8, and $3.4 for 2015, 2014, and 2013, respectively. The closing market price of our common stock on the last trading day of 2015 was $115.92 per share.

For options granted during 2015, compensation cost will be recognized ratably over the service period for each vesting tranche from the grant date through the end of the requisite service period to the extent the performance objectives are likely to be achieved. Compensation cost for stock option awards totaled $1.2 for the year ended April 30, 2015, and was included in other special project costs in the Statement of Consolidated Income. No compensation cost was incurred during 2014 and 2013. The tax benefit related to the stock option expense for 2015 was $0.4. At April 30, 2015, we had $18.5 of total unrecognized compensation expense, net of estimated forfeitures, related to stock options that will be recognized over a weighted-average period of 2.0 years.

Cash received from option exercises for the years ended April 30, 2015, 2014, and 2013 was $0.8, $0.5, and $2.2, respectively.

Other Equity Awards: The following table is a summary of our restricted shares, deferred stock units, and performance units.

	Restricted Shares and Deferred Stock Units		Weighted-Average Grant Date Fair Value		Performance Units		Weighted-Average Conversion Date Fair Value
Outstanding at May 1, 2014		839,188	$	76.54		101,020	$	104.91
Granted		109,091		104.82		75,848		111.41
Converted		101,020		104.91		(101,020)		104.91
Vested		(416,328)		68.59		—		—
Forfeited		(36,082)		90.65		—		—
Outstanding at April 30, 2015		596,889	$	91.21		75,848	$	111.41

The weighted-average grant date fair value of equity awards other than stock options that vested in 2015, 2014, and 2013 was $28.6, $20.8, and $11.8, respectively. The vesting date fair value of equity awards other than stock options that vested in 2015, 2014, and 2013 was $43.4, $40.2, and $15.4, respectively. The weighted-average grant date fair value of restricted shares and deferred stock units is the average of the high and the low share price on the date of grant. The weighted-average conversion date fair value of performance units is the average of the high and the low share price on the date of conversion to restricted shares. The following table summarizes the weighted-average fair values of the equity awards granted in 2015, 2014, and 2013.

Year Ended April 30,	Restricted Shares and Deferred Stock Units		Weighted-Average Grant Date Fair Value		Performance Units		Weighted-Average Conversion Date Fair Value
2015		109,091	$	104.82		75,848	$	111.41
2014		167,134		101.08		101,020		104.91
2013		109,770		76.37		106,666		100.54

The performance units column represents the number of restricted shares received by certain executive officers, subsequent to year end, upon conversion of the performance units earned during the year. Restricted shares and deferred stock units generally vest four years from the date of grant or upon the attainment of a defined age and years of service, subject to certain retention requirements.

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Share-Based Payments (Details Textual) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Apr. 30, 2015	Apr. 30, 2014	Apr. 30, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation costs for stock options	$ 23.5	$ 22.9	$ 21.3
Related income tax benefit	$ 8.0	7.7	7.1
Weighted-average period of recognition	2 years 6 months
Intrinsic value of options exercised	$ 1.9	0.8	3.4
Restricted stock, vesting period (in Years)	4 years
Fair value of equity awards other than stock options vesting	$ 43.4	40.2	15.4
Options granted in period gross	955,000
Outstanding at April 30, 2015, average remaining contractual term	9 years 11 months
Outstanding at April 30, 2015, aggregate intrinsic value	$ 3.3
Exercisable at April 30, 2015, average remaining contractual term	4 months
Exercisable at April 30, 2015, aggregate intrinsic value	$ 0.1
Closing market price	$ 115.92
Unrecognized compensation expense	$ 18.5
Cash received from option exercises	$ 0.8	0.5	2.2
Shares available for future issuance	5,820,288
Equity instruments other than options vested in period weighted average grant date fair value total value	$ 28.6	$ 20.8	$ 11.8
2015 Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Option contractual term	10 years
Weighted average fair value of stock options granted	$ 21.68
2015 Options [Member] | Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Requisite service and performance period for share based payments	1 year
2015 Options [Member] | Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Requisite service and performance period for share based payments	3 years
Employee Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation costs for stock options	$ 1.2
Related income tax benefit	$ 0.4
Weighted-average period of recognition	2 years

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Restructuring (Details Textual) $ in Millions	12 Months Ended
	Apr. 30, 2015 USD ($) Position	Apr. 30, 2014 USD ($)	Apr. 30, 2013 USD ($)
Restructuring (Textual) [Abstract]
Restructuring costs incurred announcement-to-date	$ 263.8
Reduction in positions due to restructuring | Position	850
Total restructuring charges	$ 15.4	$ 20.8	$ 38.8
Cost of products sold - restructuring and merger and integration	$ 1.1	$ 5.1	$ 10.0

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Consolidated Balance Sheets - USD ($) $ in Millions	Apr. 30, 2015	Apr. 30, 2014
Current Assets
Cash and cash equivalents	$ 125.6	$ 153.5
Trade receivables, less allowance for doubtful accounts	430.1	309.4
Inventories:
Finished products	815.0	571.5
Raw materials	348.6	359.5
Total Inventories	1,163.6	931.0
Other current assets	333.0	145.2
Total Current Assets	2,052.3	1,539.1
Property, Plant, and Equipment
Land and land improvements	113.7	99.7
Buildings and fixtures	666.3	516.0
Machinery and equipment	1,783.8	1,384.0
Construction in progress	135.3	163.9
Property, Plant, and Equipment, Gross	2,699.1	2,163.6
Accumulated depreciation	(1,020.8)	(898.0)
Total Property, Plant, and Equipment	1,678.3	1,265.6
Other Noncurrent Assets
Goodwill	6,009.8	3,098.2
Other intangible assets - net	6,950.3	3,024.3
Other noncurrent assets	191.9	133.0
Total Other Noncurrent Assets	13,152.0	6,255.5
Total Assets	16,882.6	9,060.2
Current Liabilities
Accounts payable	402.8	289.2
Accrued compensation	100.4	57.3
Accrued trade marketing and merchandising	104.9	58.5
Dividends payable	76.5	59.0
Current portion of long-term debt	0.0	100.0
Short-term borrowings	226.0	243.2
Other current liabilities	112.0	78.6
Total Current Liabilities	1,022.6	885.8
Noncurrent Liabilities
Long-term debt	5,944.9	1,873.1
Defined benefit pensions	188.9	135.7
Other postretirement benefits	74.6	58.5
Deferred income taxes	2,473.3	1,020.7
Other noncurrent liabilities	91.4	56.8
Total Noncurrent Liabilities	8,773.1	3,144.8
Total Liabilities	9,795.7	4,030.6
Shareholders' Equity
Serial preferred shares - no par value: Authorized - 6,000,000 shares; outstanding - none	0.0	0.0
Common shares - no par value: Authorized - 300,000,000 shares; outstanding - 119,577,333 at April 30, 2015, and 101,697,400 at April 30, 2014 (net of 26,920,397 and 26,907,765 treasury shares, respectively), at stated value	29.9	25.4
Additional capital	6,007.7	3,965.8
Retained income	1,159.2	1,091.0
Amount due from ESOP Trust	(0.1)	(1.0)
Accumulated other comprehensive loss	(109.8)	(51.6)
Total Shareholders' Equity	7,086.9	5,029.6
Total Liabilities and Shareholders' Equity	$ 16,882.6	$ 9,060.2

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Earnings per Share

12 Months Ended

Apr. 30, 2015

Earnings Per Share [Abstract]

Earnings per Share

NOTE 4 EARNINGS PER SHARE

The following table sets forth the computation of net income per common share and net income per common share – assuming dilution under the two-class method.

	Year Ended April 30,
	2015		2014		2013
Net income	$	344.9	$	565.2	$	544.2
Net income allocated to participating securities		2.2		4.5		4.7
Net income allocated to common stockholders	$	342.7	$	560.7	$	539.5
Weighted-average common shares outstanding		103,038,271		103,504,121		107,881,519
Dilutive effect of stock options		5,283		14,346		23,256
Weighted-average common shares outstanding – assuming dilution		103,043,554		103,518,467		107,904,775
Net income per common share	$	3.33	$	5.42	$	5.00
Net income per common share – assuming dilution	$	3.33	$	5.42	$	5.00

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Reportable Segments

12 Months Ended

Apr. 30, 2015

Segment Reporting [Abstract]

Reportable Segments

NOTE 3 REPORTABLE SEGMENTS

We operate in one industry: the manufacturing and marketing of food products. We have four reportable segments: U.S. Retail Coffee, U.S. Retail Consumer Foods, U.S. Retail Pet Foods, and International, Foodservice, and Natural Foods. The U.S. Retail Coffee segment primarily represents the domestic sales of Folgers and Dunkin’ Donuts branded coffee; the U.S. Retail Consumer Foods segment primarily includes domestic sales of Crisco, Jif, Smucker’s, and Pillsbury branded products; the U.S. Retail Pet Foods segment primarily includes domestic sales of Meow Mix, Milk-Bone, Kibbles ’n Bits, Natural Balance, 9Lives, Pup-Peroni, Gravy Train, and Nature’s Recipe 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. Pet food and pet snacks sales outside of the U.S. retail market segment are reflected in International, Foodservice, and Natural Foods.

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 segment results have been modified to exclude the unrealized gains and losses on commodity and foreign currency exchange derivatives to conform to the new definition.

As disclosed in Note 2: Acquisitions, we acquired Big Heart in a cash and stock transaction on March 23, 2015. The transaction resulted in a new reportable segment for 2015. There was no impact to our historical reportable segments, as there were no changes to the internal way we managed and reported those segments for 2015. However, we are in the process of finalizing our internal financial reporting structure and the impact on reportable segments for 2016 as a result of recent leadership changes. All historical information will be retroactively conformed to the new presentation once it is finalized.

	Year Ended April 30,
	2015		2014		2013
Net sales:
U.S. Retail Coffee	$	2,076.1	$	2,161.7	$	2,306.5
U.S. Retail Consumer Foods		2,104.8		2,172.6		2,214.8
U.S. Retail Pet Foods		239.1		—		—
International, Foodservice, and Natural Foods		1,272.7		1,276.3		1,376.4
Total net sales	$	5,692.7	$	5,610.6	$	5,897.7
Segment profit (loss):
U.S. Retail Coffee	$	549.2	$	639.8	$	603.8
U.S. Retail Consumer Foods		432.9		393.0		413.9
U.S. Retail Pet Foods		(15.3)		—		—
International, Foodservice, and Natural Foods		166.7		167.8		196.7
Total segment profit	$	1,133.5	$	1,200.6	$	1,214.4
Interest expense - net		(79.9)		(79.4)		(93.4)
Other debt costs		(173.3)		—		—
Unallocated derivative (losses) gains		(24.5)		5.3		6.6
Cost of products sold - special project costs		(6.2)		(9.4)		(11.5)
Other special project costs		(56.6)		(25.6)		(49.5)
Corporate administrative expenses		(274.2)		(251.9)		(249.6)
Other income - net		4.2		10.1		0.3
Income before income taxes	$	523.0	$	849.7	$	817.3
Assets:
U.S. Retail Coffee	$	4,854.0	$	4,885.6	$	4,882.4
U.S. Retail Consumer Foods		2,846.0		2,684.1		2,618.2
U.S. Retail Pet Foods		7,611.8		—		—
International, Foodservice, and Natural Foods		1,327.2		1,248.9		1,201.3
Unallocated (A)		243.6		241.6		322.2
Total assets	$	16,882.6	$	9,060.2	$	9,024.1

Depreciation, amortization, and impairment charges:
U.S. Retail Coffee	$	102.7	$	99.9	$	100.7
U.S. Retail Consumer Foods		54.1		52.9		47.1
U.S. Retail Pet Foods		14.3		—		—
International, Foodservice, and Natural Foods		66.0		67.4		63.7
Unallocated (B)		31.3		36.2		39.4
Total depreciation, amortization, and impairment charges	$	268.4	$	256.4	$	250.9
Additions to property, plant, and equipment:
U.S. Retail Coffee	$	56.7	$	50.7	$	46.5
U.S. Retail Consumer Foods		113.2		138.8		85.1
U.S. Retail Pet Foods		19.4		—		—
International, Foodservice, and Natural Foods		58.4		90.0		74.9
Total additions to property, plant, and equipment	$	247.7	$	279.5	$	206.5

(A) Primarily represents unallocated cash and cash equivalents and corporate-held investments.

(B) Primarily represents unallocated corporate administrative expense, mainly depreciation and software amortization.

The following table presents certain geographical information.

	Year Ended April 30,
	2015		2014		2013
Net sales:
United States	$	5,188.5	$	5,092.0	$	5,355.9
International:
Canada	$	413.8	$	437.2	$	459.5
All other international		90.4		81.4		82.3
Total international	$	504.2	$	518.6	$	541.8
Total net sales	$	5,692.7	$	5,610.6	$	5,897.7
Assets:
United States	$	16,407.0	$	8,638.6	$	8,577.7
International:
Canada	$	362.1	$	257.7	$	396.3
All other international		113.5		163.9		50.1
Total international	$	475.6	$	421.6	$	446.4
Total assets	$	16,882.6	$	9,060.2	$	9,024.1
Long-lived assets (excluding goodwill and other intangible assets):
United States	$	1,815.0	$	1,343.2	$	1,227.0
International:
Canada	$	14.3	$	16.5	$	20.6
All other international		40.9		38.9		39.0
Total international	$	55.2	$	55.4	$	59.6
Total long-lived assets (excluding goodwill and other intangible assets)	$	1,870.2	$	1,398.6	$	1,286.6

The following table presents product category sales as a percentage of consolidated net sales.

	Year Ended April 30,
	2015			2014			2013
Coffee		44	%		46	%		48	%
Peanut butter		13			13			13
Fruit spreads		6			6			6
Shortening and oils		6			6			6
Baking mixes and frostings		5			6			6
Canned milk		4			5			4
Flour and baking ingredients		4			4			4
Juices and beverages		3			3			3
Frozen handheld		3			3			3
Pet food		3			—			—
Portion control		2			2			2
Toppings and syrups		1			2			2
Pet snacks		1			—			—
Other		5			4			3
Total product sales		100	%		100	%		100	%

Sales to Wal-Mart Stores, Inc. and subsidiaries amounted to 28 percent of net sales in 2015, 27 percent of net sales in 2014, and 26 percent of net sales in 2013. These sales are primarily included in our U.S. retail market segments. No other customer exceeded 10 percent of net sales for any year. Trade receivables at April 30, 2015 and 2014, included amounts due from Wal-Mart Stores, Inc. and subsidiaries of $122.6 and $76.6, respectively.

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Guarantor and Non-Guarantor Financial Information

12 Months Ended

Apr. 30, 2015

Guarantor and Non Guarantor Financial Information [Abstract]

Guarantor and Non-Guarantor Financial Information

NOTE 15 GUARANTOR AND NON-GUARANTOR FINANCIAL INFORMATION

Our 3.50 percent Senior Notes due October 15, 2021, are fully and unconditionally guaranteed, on a joint and several basis, by J.M. Smucker LLC and The Folgers Coffee Company (the “subsidiary guarantors”), which are 100 percent wholly-owned subsidiaries of the Company. A subsidiary guarantor will be released from its obligations under the indenture governing the notes (a) if we exercise our legal or covenant defeasance option or if our obligations under the indenture are discharged in accordance with the terms of the indenture or (b) upon delivery of an officer’s certificate to the trustee that the subsidiary guarantor does not guarantee our obligations under any of our other primary senior indebtedness and that any other guarantees of such primary senior indebtedness of the subsidiary guarantor have been released other than through discharges as a result of payment by such guarantor on such guarantees.

Condensed consolidating financial statements for the Company, the subsidiary guarantors, and the other subsidiaries of the Company that are not guaranteeing the indebtedness under the 3.50 percent Senior Notes (the “non-guarantor subsidiaries”) are provided below. The principal elimination entries relate to investments in subsidiaries and intercompany balances and transactions, including transactions with our 100 percent wholly-owned subsidiary guarantors and non-guarantor subsidiaries. We have accounted for investments in subsidiaries using the equity method.

CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME

	Year Ended April 30, 2015
	The J. M. Smucker Company (Parent)		Subsidiary Guarantors		Non-Guarantor Subsidiaries		Eliminations		Consolidated
Net sales	$	2,998.0	$	1,184.0	$	6,622.4	$	(5,111.7)	$	5,692.7
Cost of products sold		2,457.8		1,080.0		5,301.6		(5,115.4)		3,724.0
Gross Profit		540.2		104.0		1,320.8		3.7		1,968.7
Selling, distribution, and administrative expenses and other special project costs		234.9		53.8		799.2		—		1,087.9
Amortization		4.2		—		106.7		—		110.9
Other operating expense (income) - net		0.3		(2.4)		—		—		(2.1)
Operating Income		300.5		52.6		414.9		3.7		772.0
Interest (expense) income - net		(80.7)		1.2		(0.4		—		(79.9)
Other debt costs		(173.3)		—		—		—		(173.3)
Other income - net		0.6		0.1		3.5		—		4.2
Equity in net earnings of subsidiaries		312.6		131.4		52.7		(496.7)		—
Income Before Income Taxes		360.0		185.3		470.7		(493.0)		523.0
Income taxes		15.1		0.4		162.6		—		178.1
Net Income	$	344.9	$	184.9	$	308.1	$	(493.0)	$	344.9
Other comprehensive loss, net of tax		(58.2)		(18.5)		(43.3)		61.8		(58.2)
Comprehensive Income	$	286.7	$	166.4	$	264.8	$	(431.2)	$	286.7

CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME

	Year Ended April 30, 2014
	The J. M. Smucker Company (Parent)		Subsidiary Guarantors		Non-Guarantor Subsidiaries		Eliminations		Consolidated
Net sales	$	3,162.8	$	1,278.8	$	6,601.3	$	(5,432.3)	$	5,610.6
Cost of products sold		2,573.6		1,166.0		5,268.5		(5,428.5)		3,579.6
Gross Profit		589.2		112.8		1,332.8		(3.8)		2,031.0
Selling, distribution, and administrative expenses and other special project costs		197.1		47.5		769.8		—		1,014.4
Amortization		4.2		—		94.7		—		98.9
Other operating (income) expense - net		(1.3)		0.9		(0.9)		—		(1.3)
Operating Income		389.2		64.4		469.2		(3.8)		919.0
Interest (expense) income - net		(80.8)		1.2		(1.5)		1.7		(79.4)
Other income (expense) - net		10.8		—		1.0		(1.7		10.1
Equity in net earnings of subsidiaries		345.1		141.4		64.4		(550.9)		—
Income Before Income Taxes		664.3		207.0		533.1		(554.7)		849.7
Income taxes		99.1		0.4		185.0		—		284.5
Net Income	$	565.2	$	206.6	$	348.1	$	(554.7)	$	565.2
Other comprehensive income, net of tax		25.0		27.4		6.0		(33.4)		25.0
Comprehensive Income	$	590.2	$	234.0	$	354.1	$	(588.1)	$	590.2

CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME

	Year Ended April 30, 2013
	The J. M. Smucker Company (Parent)		Subsidiary Guarantors		Non-Guarantor Subsidiaries		Eliminations		Consolidated
Net sales	$	4,447.6	$	1,296.4	$	5,430.3	$	(5,276.6)	$	5,897.7
Cost of products sold		3,957.3		1,190.6		4,015.0		(5,292.8)		3,870.1
Gross Profit		490.3		105.8		1,415.3		16.2		2,027.6
Selling, distribution, and administrative expenses and other special project costs		199.0		42.9		781.5		—		1,023.4
Amortization		4.8		—		92.0		—		96.8
Other operating (income) expense - net		(2.7)		(2.2)		1.9		—		(3.0)
Operating Income		289.2		65.1		539.9		16.2		910.4
Interest (expense) income - net		(94.4)		1.2		(0.2)		—		(93.4)
Other income (expense) - net		0.7		1.1		(1.5)		—		0.3
Equity in net earnings of subsidiaries		408.6		156.7		66.4		(631.7)		—
Income Before Income Taxes		604.1		224.1		604.6		(615.5)		817.3
Income taxes		59.9		0.4		212.8		—		273.1
Net Income	$	544.2	$	223.7	$	391.8	$	(615.5)	$	544.2
Other comprehensive income, net of tax		7.4		9.0		4.1		(13.1)		7.4
Comprehensive Income	$	551.6	$	232.7	$	395.9	$	(628.6)	$	551.6

CONDENSED CONSOLIDATING BALANCE SHEETS

	April 30, 2015
	The J. M. Smucker Company (Parent)		Subsidiary Guarantors		Non-Guarantor Subsidiaries		Eliminations		Consolidated
ASSETS
Current Assets
Cash and cash equivalents	$	7.1	$	—	$	118.5	$	—	$	125.6
Inventories		—		180.3		979.6		3.7		1,163.6
Other current assets		427.4		4.8		343.5		(12.6)		763.1
Total Current Assets		434.5		185.1		1,441.6		(8.9)		2,052.3
Property, Plant, and Equipment-Net		258.0		591.3		829.0		—		1,678.3
Investments in Subsidiaries		14,610.4		4,179.7		272.4		(19,062.5)		—
Intercompany Receivable		—		305.2		133.1		(438.3)		—
Other Noncurrent Assets
Goodwill		1,082.0		—		4,927.8		—		6,009.8
Other intangible assets-net		501.1		—		6,449.2		—		6,950.3
Other noncurrent assets		55.6		10.5		125.8		—		191.9
Total Other Noncurrent Assets		1,638.7		10.5		11,502.8		—		13,152.0
Total Assets	$	16,941.6	$	5,271.8	$	14,178.9	$	(19,509.7)	$	16,882.6
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current Liabilities	$	484.0	$	82.6	$	468.6	$	(12.6)	$	1,022.6
Noncurrent Liabilities
Long-term debt		5,944.9		—		—		—		5,944.9
Deferred income taxes		106.9		—		2,366.4		—		2,473.3
Intercompany payable		3,080.2		—		—		(3,080.2)		—
Other noncurrent liabilities		238.7		15.2		101.0		—		354.9
Total Noncurrent Liabilities		9,370.7		15.2		2,467.4		(3,080.2)		8,773.1
Total Liabilities		9,854.7		97.8		2,936.0		(3,092.8)		9,795.7
Total Shareholders’ Equity		7,086.9		5,174.0		11,242.9		(16,416.9)		7,086.9
Total Liabilities and Shareholders’ Equity	$	16,941.6	$	5,271.8	$	14,178.9	$	(19,509.7)	$	16,882.6

CONDENSED CONSOLIDATING BALANCE SHEETS

	April 30, 2014
	The J. M. Smucker Company (Parent)		Subsidiary Guarantors		Non-Guarantor Subsidiaries		Eliminations		Consolidated
ASSETS
Current Assets
Cash and cash equivalents	$	6.8	$	—	$	146.7	$	—	$	153.5
Inventories		—		173.3		761.4		(3.7)		931.0
Other current assets		360.2		9.9		94.6		(10.1)		454.6
Total Current Assets		367.0		183.2		1,002.7		(13.8)		1,539.1
Property, Plant, and Equipment - Net		233.6		551.1		480.9		—		1,265.6
Investments in Subsidiaries		8,367.6		4,063.3		237.9		(12,668.8)		—
Intercompany Receivable		—		315.5		1,132.2		(1,447.7)		—
Other Noncurrent Assets
Goodwill		1,082.0		—		2,016.2		—		3,098.2
Other intangible assets - net		505.5		—		2,518.8		—		3,024.3
Other noncurrent assets		58.5		11.1		63.4		—		133.0
Total Other Noncurrent Assets		1,646.0		11.1		4,598.4		—		6,255.5
Total Assets	$	10,614.2	$	5,124.2	$	7,452.1	$	(14,130.3)	$	9,060.2
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current Liabilities	$	590.7	$	103.8	$	201.4	$	(10.1)	$	885.8
Noncurrent Liabilities
Long-term debt		1,873.1		—		—		—		1,873.1
Deferred income taxes		107.6		—		913.1		—		1,020.7
Intercompany payable		2,792.9		—		—		(2,792.9)		—
Other noncurrent liabilities		220.3		12.8		17.9		—		251.0
Total Noncurrent Liabilities		4,993.9		12.8		931.0		(2,792.9)		3,144.8
Total Liabilities		5,584.6		116.6		1,132.4		(2,803.0)		4,030.6
Total Shareholders’ Equity		5,029.6		5,007.6		6,319.7		(11,327.3)		5,029.6
Total Liabilities and Shareholders’ Equity	$	10,614.2	$	5,124.2	$	7,452.1	$	(14,130.3)	$	9,060.2

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS

	Year Ended April 30, 2015
	The J. M. Smucker Company (Parent)		Subsidiary Guarantors		Non-Guarantor Subsidiaries		Eliminations		Consolidated
Net Cash Provided by Operating Activities	$	239.2	$	87.8	$	406.2	$	—	$	733.2
Investing Activities
Businesses acquired, net of cash acquired		(1,240.0)		—		(80.5)		—		(1,320.5)
Additions to property, plant, and equipment		(56.3)		(93.3)		(98.1)		—		(247.7)
Proceeds from disposal of property, plant, and equipment		—		1.1		1.5		—		2.6
Equity investments in subsidiaries		(2,715.3)		—		—		2,715.3		—
Repayments from (disbursements of) intercompany loans		—		10.2		(297.5)		287.3		—
Other - net		—		(5.8)		(24.3)		—		(30.1)
Net Cash (Used for) Provided by Investing Activities		(4,011.6)		(87.8)		(498.9)		3,002.6		(1,595.7)
Financing Activities
Short-term repayments - net		(5.3)		—		(17.1)		—		(22.4)
Proceeds from long-term debt		5,382.5		—		—		—		5,382.5
Repayments of long-term debt, including make-whole payments		(1,580.8)		—		(2,613.1)		—		(4,193.9)
Quarterly dividends paid		(254.0)		—		—		—		(254.0)
Purchase of treasury shares		(24.3)		—		—		—		(24.3)
Proceeds from stock option exercises		0.8		—		—		—		0.8
Investments in subsidiaries		—		—		2,715.3		(2,715.3)		—
Intercompany payable		287.3		—		—		(287.3)		—
Other - net		(33.5)		—		8.0		—		(25.5)
Net Cash Provided by (Used for) Financing Activities		3,772.7		—		93.1		(3,002.6)		863.2
Effect of exchange rate changes on cash		—		—		(28.6)		—		(28.6)
Net decrease in cash and cash equivalents		0.3		—		(28.2)		—		(27.9)
Cash and cash equivalents at beginning of year		6.8		—		146.7		—		153.5
Cash and Cash Equivalents at End of Year	$	7.1	$	—	$	118.5	$	—	$	125.6

(    ) Denotes use of cash

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS

	Year Ended April 30, 2014
	The J. M. Smucker Company (Parent)		Subsidiary Guarantors		Non-Guarantor Subsidiaries		Eliminations		Consolidated
Net Cash Provided by Operating Activities	$	297.8	$	168.5	$	389.7	$	—	$	856.0
Investing Activities
Businesses acquired, net of cash acquired		—		—		(101.8)		—		(101.8)
Additions to property, plant, and equipment		(31.1)		(163.2)		(85.2)		—		(279.5)
Sales and maturities of marketable securities		10.0		—		—		—		10.0
Proceeds from disposal of property, plant, and equipment		—		0.6		10.1		—		10.7
Equity investments in subsidiaries		(108.9)		(17.1)		—		126.0		—
Repayments from (disbursements of) intercompany loans		—		9.3		(283.0)		273.7		—
Other - net		(3.2)		0.2		(6.7)		—		(9.7)
Net Cash (Used for) Provided by Investing Activities		(133.2)		(170.2)		(466.6)		399.7		(370.3)
Financing Activities
Short-term borrowing - net		248.4		—		—		—		248.4
Repayments of long-term debt		(50.0)		—		—		—		(50.0)
Quarterly dividends paid		(238.0)		—		—		—		(238.0)
Purchase of treasury shares		(508.5)		—		—		—		(508.5)
Proceeds from stock option exercises		0.5		—		—		—		0.5
Investments in subsidiaries		—		—		126.0		(126.0)		—
Intercompany payable		273.7		—		—		(273.7)		—
Other - net		8.1		1.7		(37.7)		—		(27.9)
Net Cash (Used for) Provided by Financing Activities		(265.8)		1.7		88.3		(399.7)		(575.5)
Effect of exchange rate changes on cash		—		—		(13.1)		—		(13.1)
Net decrease in cash and cash equivalents		(101.2)		—		(1.7)		—		(102.9)
Cash and cash equivalents at beginning of year		108.0		—		148.4		—		256.4
Cash and Cash Equivalents at End of Year	$	6.8	$	—	$	146.7	$	—	$	153.5

(    ) Denotes use of cash

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS

	Year Ended April 30, 2013
	The J. M. Smucker Company (Parent)		Subsidiary Guarantors		Non-Guarantor Subsidiaries		Eliminations		Consolidated
Net Cash Provided by Operating Activities	$	201.7	$	46.4	$	607.7	$	—	$	855.8
Investing Activities
Additions to property, plant, and equipment		(33.6)		(103.1)		(69.8)		—		(206.5)
Proceeds from disposal of property, plant, and equipment		—		0.1		3.2		—		3.3
Equity investments in subsidiaries		(3.7)		(174.2)		—		177.9		—
Repayments from (disbursements of) intercompany loans		—		227.4		(693.6)		466.2		—
Other - net		(9.5)		3.4		23.7		—		17.6
Net Cash (Used for) Provided by Investing Activities		(46.8)		(46.4)		(736.5)		644.1		(185.6)
Financing Activities
Repayments of long-term debt		(50.0)		—		—		—		(50.0)
Quarterly dividends paid		(222.8)		—		—		—		(222.8)
Purchase of treasury shares		(364.2)		—		—		—		(364.2)
Proceeds from stock option exercises		2.2		—		—		—		2.2
Investments in subsidiaries		9.9		—		168.0		(177.9)		—
Intercompany payable		466.2		—		—		(466.2)		—
Other - net		3.5		—		(9.7)		—		(6.2)
Net Cash (Used for) Provided by Financing Activities		(155.2)		—		158.3		(644.1)		(641.0)
Effect of exchange rate changes on cash		—		—		(2.5)		—		(2.5)
Net (decrease) increase in cash and cash equivalents		(0.3)		—		27.0		—		26.7
Cash and cash equivalents at beginning of year		108.3		—		121.4		—		229.7
Cash and Cash Equivalents at End of Year	$	108.0	$	—	$	148.4	$	—	$	256.4

(    ) Denotes use of cash

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Income Taxes

12 Months Ended

Apr. 30, 2015

Income Tax Disclosure [Abstract]

Income Taxes

NOTE 11 INCOME TAXES

Income before income taxes is as follows:

	Year Ended April 30,
	2015		2014		2013
Domestic	$	500.7	$	827.4	$	791.9
Foreign		22.3		22.3		25.4
Income before income taxes	$	523.0	$	849.7	$	817.3

The components of the provision for income taxes are as follows:

	Year Ended April 30,
	2015		2014		2013
Current:
Federal	$	147.8	$	265.4	$	262.1
Foreign		4.7		4.2		6.1
State and local		17.9		22.9		20.5
Deferred:
Federal		2.3		(13.9)		(15.6)
Foreign		0.5		2.4		0.9
State and local		4.9		3.5		(0.9)
Total income tax expense	$	178.1	$	284.5	$	273.1

A reconciliation of the statutory federal income tax rate and the effective income tax rate is as follows:

	Year Ended April 30,
Percent of Pretax Income	2015			2014			2013
Statutory federal income tax rate		35.0	%		35.0	%		35.0	%
State and local income taxes		2.4			1.9			1.8
Domestic manufacturing deduction		(2.9)			(3.0)			(3.1)
Other items – net		(0.4)			(0.4)			(0.3)
Effective income tax rate		34.1	%		33.5	%		33.4	%
Income taxes paid	$	199.3		$	294.4		$	279.2

We are a voluntary participant in the Compliance Assurance Process (“CAP”) program offered by the Internal Revenue Service (“IRS”) and are currently under a CAP examination for the tax year ended April 30, 2015. Through the contemporaneous exchange of information with the IRS, this program is designed to identify and resolve tax positions with the IRS prior to the filing of a tax return, which allows us to remain current with our IRS examinations. The IRS has completed the CAP examinations for tax years ended April 30, 2012, 2013, and 2014. Tax years prior to 2012 are no longer subject to U.S. federal tax examination. With limited exceptions, we are no longer subject to examination for state and local jurisdictions for tax years prior to 2011 and for tax years prior to 2008 for foreign jurisdictions. BAG has been notified that the IRS will examine its federal income tax returns for the fiscal year ending April 27, 2014, and the period ending March 22, 2015.

Deferred income taxes reflect the tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax reporting. Significant components of our deferred tax assets and liabilities are as follows:

	April 30,
	2015		2014
Deferred tax liabilities:
Intangible assets	$	2,499.4	$	1,028.7
Property, plant, and equipment		158.0		94.5
Other		9.6		19.4
Total deferred tax liabilities	$	2,667.0	$	1,142.6
Deferred tax assets:
Post-employment and other employee benefits	$	143.4	$	103.3
Tax credit and loss carryforwards		44.8		—
Intangible assets		22.1		7.6
Inventory		11.6		—
Property, plant, and equipment		19.4		—
Other		32.9		29.8
Total deferred tax assets	$	274.2	$	140.7
Valuation allowance		(4.2)		—
Total deferred tax assets, less allowance	$	270.0	$	140.7
Net deferred tax liability	$	2,397.0	$	1,001.9

The following table summarizes domestic loss and credit carryforwards at April 30, 2015.

	Related Tax Deduction		Deferred Tax Asset		Valuation Allowance		Expiration Date
Tax carryforwards:
Federal loss carryforwards	$	104.6	$	36.6	$	4.2		2035
State loss carryforwards		119.4		5.9		—		2020 to 2035
Federal tax credit carryforwards		—		0.5		—		2035
State tax credit carryforwards		—		1.8		—		2021
Total tax carryforwards	$	224.0	$	44.8	$	4.2

We evaluate the realizability of deferred tax assets for each of the jurisdictions in which we operate. The total valuation allowance increased by $4.2 related to a federal capital loss carryforward recorded with the Big Heart acquisition.

Deferred income taxes have not been provided on approximately $248.6 of undistributed earnings of foreign subsidiaries since these amounts are considered to be permanently reinvested. Any additional taxes payable on the earnings of foreign subsidiaries, if remitted, would be partially offset by domestic tax deductions or tax credits for foreign taxes paid. It is not practical to estimate the amount of additional taxes that might be payable on such undistributed earnings.

Our unrecognized tax benefits as of April 30, 2015, 2014, and 2013, were $45.0, $29.1, and $29.7, respectively. Of the unrecognized tax benefits, $32.2, $19.5, and $20.6 would affect the effective tax rate, if recognized, as of April 30, 2015, 2014, and 2013, respectively. Our accrual for tax-related net interest and penalties totaled $3.4 as of April 30, 2015, and $2.0 as of April 30, 2014 and 2013. Interest charged to earnings totaled $0.7, $0.1, and $0.3 during 2015, 2014, and 2013, respectively.

Within the next 12 months, it is reasonably possible that we could decrease our unrecognized tax benefits by an estimated $2.1, primarily as a result of the expiration of statute of limitation periods.

A reconciliation of our unrecognized tax benefits is as follows:

	2015		2014		2013
Balance at May 1,	$	29.1	$	29.7	$	24.0
Increases:
Current year tax positions		2.4		5.1		4.8
Prior year tax positions		1.2		0.1		2.5
Acquired businesses		13.4		—		—
Decreases:
Prior year tax positions		0.4		1.6		0.2
Settlement with tax authorities		—		1.5		1.0
Expiration of statute of limitations periods		0.7		2.7		0.4
Balance at April 30,	$	45.0	$	29.1	$	29.7

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Income Taxes (Details 3) - USD ($) $ in Millions	Apr. 30, 2015	Apr. 30, 2014
Deferred tax liabilities:
Intangible assets	$ 2,499.4	$ 1,028.7
Property, plant, and equipment	158.0	94.5
Other	9.6	19.4
Total deferred tax liabilities	2,667.0	1,142.6
Deferred tax assets:
Post-employment and other employee benefits	143.4	103.3
Tax credit and loss carryforwards	44.8	0.0
Intangible assets	22.1	7.6
Inventory	11.6	0.0
Property, plant, and equipment	19.4	0.0
Other	32.9	29.8
Total deferred tax assets	274.2	140.7
Valuation allowance for deferred tax assets	(4.2)	0.0
Total deferred tax assets, less allowance	270.0	140.7
Net deferred tax liability	$ 2,397.0	$ 1,001.9

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Pensions and Other Postretirement Benefits

12 Months Ended

Apr. 30, 2015

Pensions and Other Postretirement Benefits [Abstract]

Pensions and Other Postretirement Benefits

NOTE 7 PENSIONS AND OTHER POSTRETIREMENT BENEFITS

We have defined benefit pension plans covering certain U.S. and Canadian employees, including the recently acquired pension and other postretirement plans of Big Heart, as discussed in Note 2: Acquisitions. Pension benefits are based on the employee’s years of service and compensation levels. Our plans are funded in conformity with the funding requirements of applicable government regulations.

In addition to providing pension benefits, we sponsor several unfunded postretirement plans that provide health care and life insurance benefits to certain retired U.S. and Canadian employees. These plans are contributory, with retiree contributions adjusted periodically, and contain other cost-sharing features, such as deductibles and coinsurance. Covered employees generally are eligible for these benefits when they reach age 55 and have attained 10 years of credited service.

During 2013, a portion of our terminated pension participants received lump-sum cash settlements in order to reduce our future pension obligation and administrative costs. The charges related to the lump-sum cash settlements are included below in settlement loss and were reported in other special project costs in the Statement of Consolidated Income for the year ended April 30, 2013. The lump-sum offerings in 2013 concluded the pension settlement special project cost activities.

The following table summarizes the components of net periodic benefit cost and the change in accumulated other comprehensive loss related to the defined benefit pension and other postretirement plans.

	Defined Benefit Pension Plans						Other Postretirement Benefits
Year Ended April 30,	2015		2014		2013		2015		2014		2013
Service cost	$	9.0	$	8.7	$	8.8	$	2.3	$	2.3	$	2.5
Interest cost		23.2		21.8		23.9		2.4		2.3		3.0
Expected return on plan assets		(25.6)		(25.4)		(25.3)		—		—		—
Amortization of prior service cost (credit)		1.0		1.2		1.0		(1.1)		(1.1)		(0.4)
Amortization of net actuarial loss (gain)		10.0		13.2		13.1		(0.1)		—		—
Settlement loss		3.5		—		6.7		—		—		—
Net periodic benefit cost	$	21.1	$	19.5	$	28.2	$	3.5	$	3.5	$	5.1

Other changes in plan assets and benefit liabilities recognized in accumulated other comprehensive loss before income taxes:
Prior service (cost) credit arising during the year	$	(0.3)	$	—	$	(4.0)	$	—	$	1.7	$	9.6
Net actuarial (loss) gain arising during the year		(23.7)		19.3		(20.5)		1.6		7.5		(4.5)
Amortization of prior service cost (credit)		1.0		1.2		1.0		(1.1)		(1.1)		(0.4)
Amortization of net actuarial loss (gain)		10.0		13.2		13.1		(0.1)		—		—
Curtailment loss		—		—		2.0		—		—		—
Settlement loss		3.5		—		6.7		—		—		—
Foreign currency translation		2.7		2.9		0.9		—		—		—
Net change for year	$	(6.8)	$	36.6	$	(0.8)	$	0.4	$	8.1	$	4.7

Weighted-average assumptions used in determining net periodic benefit costs:
U.S. plans:
Discount rate	4.42	%	3.99	%	4.70	%	4.27	%	3.80	%	4.70	%
Expected return on plan assets	6.72		6.75		7.00		—		—		—
Rate of compensation increase	4.13		4.13		4.12		—		—		—
Canadian plans:
Discount rate	4.11	%	3.65	%	4.20	%	4.10	%	3.70	%	4.20	%
Expected return on plan assets	5.64		5.78		6.17		—		—		—
Rate of compensation increase	3.00		3.00		4.00		—		—		—

We amortize gains and losses for our postretirement plans over the average expected future period of vested service. For plans that consist of less than five percent of participants that are active, average life expectancy is used instead of the average expected useful service period.

We use a measurement date of April 30 to determine defined benefit pension and other postretirement benefit plans’ assets and benefit obligations. The following table sets forth the combined status of the plans as recognized in the Consolidated Balance Sheets.

	Defined Benefit Pension Plans				Other Postretirement Benefits
April 30,	2015		2014		2015		2014
Change in benefit obligation:
Benefit obligation at beginning of year	$	542.3	$	575.7	$	58.5	$	67.1
Service cost		9.0		8.7		2.3		2.3
Interest cost		23.2		21.8		2.4		2.3
Amendments		0.3		—		—		(1.7)
Actuarial loss (gain)		39.8		(19.7)		(1.6)		(7.5)
Participant contributions		0.1		0.1		0.7		1.2
Benefits paid		(31.8)		(34.2)		(4.4)		(3.5)
Foreign currency translation adjustments		(10.6)		(10.1)		(1.1)		(1.1)
Settlement		(8.6)		—		—		—
Acquisition		176.7		—		18.9		—
Other adjustments		—		—		0.1		(0.6)
Benefit obligation at end of year	$	740.4	$	542.3	$	75.8	$	58.5
Change in plan assets:
Fair value of plan assets at beginning of year	$	402.1	$	410.7	$	—	$	—
Actual return on plan assets		41.7		25.0		—		—
Company contributions		15.7		9.4		3.7		2.3
Participant contributions		0.1		0.1		0.7		1.2
Benefits paid		(31.8)		(34.2)		(4.4)		(3.5)
Settlement		(8.6)		—		—		—
Acquisition		141.1		—		—		—
Foreign currency translation adjustments		(10.3)		(8.9)		—		—
Fair value of plan assets at end of year	$	550.0	$	402.1	$	—	$	—
Funded status of the plans	$	(190.4)	$	(140.2)	$	(75.8)	$	(58.5)
Defined benefit pensions	$	(188.9)	$	(135.7)	$	—	$	—
Other noncurrent assets		2.0		—		—		—
Accrued compensation		(3.5)		(4.5)		(1.2)		—
Postretirement benefits other than pensions		—		—		(74.6)		(58.5)
Net benefit liability	$	(190.4)	$	(140.2)	$	(75.8)	$	(58.5)

The following table summarizes amounts recognized in accumulated other comprehensive loss in the Consolidated Balance Sheets, before income taxes.

	Defined Benefit Pension Plans				Other Postretirement Benefits
April 30,	2015		2014		2015		2014
Net actuarial (loss) gain	$	(174.2)	$	(166.7)	$	6.9	$	5.3
Prior service (cost) credit		(4.2)		(4.9)		10.3		11.5
Total recognized in accumulated other comprehensive loss	$	(178.4)	$	(171.6)	$	17.2	$	16.8

During 2016, we expect to recognize amortization of net actuarial losses and prior service credit of $10.7 and $0.5, respectively, in net periodic benefit cost.

The following table sets forth the weighted-average assumptions used in determining the benefit obligations.

	Defined Benefit Pension Plans						Other Postretirement Benefits
April 30,	2015			2014			2015			2014
U.S. plans:
Discount rate		4.01	%		4.45	%		3.97	%		4.30	%
Rate of compensation increase		4.06			4.13			—			—
Canadian plans:
Discount rate		3.51	%		4.11	%		3.50	%		4.10	%
Rate of compensation increase		3.00			3.00			—			—

For 2016, the assumed health care trend rates are 7.5 percent and 5.0 percent for the U.S. and Canadian plans, respectively. The rate for participants under age 65 is assumed to decrease to 5.0 percent in 2026 and 4.5 percent in 2017 for the U.S. and Canadian plans, respectively. The health care cost trend rate assumption impacts the amount of the other postretirement benefits obligation and periodic other postretirement benefits cost reported. A one percentage point annual change in the assumed health care cost trend rate would have the following effect as of April 30, 2015:

	One Percentage Point
	Increase		Decrease
Effect on total service and interest cost components	$	0.1	$	0.1
Effect on benefit obligation		2.5		2.3

The following table sets forth selective information pertaining to our Canadian pension and other postretirement benefit plans, which is included in the consolidated information presented on pages 65 and 66.

	Defined Benefit Pension Plans				Other Postretirement Benefits
Year Ended April 30,	2015		2014		2015		2014
Benefit obligation at end of year	$	104.4	$	113.3	$	10.9	$	11.4
Fair value of plan assets at end of year		104.1		105.6		—		—
Funded status of the plans	$	(0.3)	$	(7.7)	$	(10.9)	$	(11.4)
Components of net periodic benefit cost:
Service cost	$	0.4	$	0.5	$	—	$	—
Interest cost		4.3		4.2		0.4		0.5
Expected return on plan assets		(5.6)		(5.8)		—		—
Amortization of net actuarial loss		0.9		1.3		—		—
Net periodic benefit cost	$	—	$	0.2	$	0.4	$	0.5
Changes in plan assets:
Company contributions	$	5.1	$	5.4	$	0.7	$	0.8
Participant contributions		0.1		0.1		—		—
Benefits paid		(8.4)		(8.6)		(0.7)		(0.8)
Actual return on plan assets		11.9		10.6		—		—
Foreign currency translation		(10.3)		(8.9)		—		—

The following table sets forth additional information related to our defined benefit pension plans.

	April 30,
	2015		2014
Accumulated benefit obligation for all pension plans	$	691.8	$	507.3
Plans with an accumulated benefit obligation in excess of plan assets:
Accumulated benefit obligation	$	481.6	$	507.3
Fair value of plan assets		337.8		402.1
Plans with a projected benefit obligation in excess of plan assets:
Projected benefit obligation	$	669.3	$	542.3
Fair value of plan assets		477.3		402.1

We employ a total return on investment approach for the defined benefit pension plans’ assets. A mix of equity, fixed-income, and alternative investments is used to maximize the long-term rate of return on assets for the level of risk. In determining the expected long-term rate of return on the defined benefit pension plans’ assets, we consider the historical rates of return, the nature of investments, the asset allocation, and expectations of future investment strategies. The actual rate of return was 11.6 percent and 6.9 percent for the years ended April 30, 2015 and 2014, respectively.

The following tables summarize the fair value of the major asset classes for the U.S. and Canadian defined benefit pension plans and the levels within the fair value hierarchy in which the fair value measurements fall.

	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value at April 30, 2015
Cash and cash equivalents (A)	$	4.6	$	—	$	—	$	4.6
Equity securities:
U.S. (B)		105.0		45.5		—		150.5
International (C)		81.0		24.5		—		105.5
Fixed-income securities:
Bonds (D)		151.3		—		—		151.3
Fixed income (E)		44.1		68.5		—		112.6
Other types of investments (F)		—		7.0		18.5		25.5
Total financial assets measured at fair value	$	386.0	$	145.5	$	18.5	$	550.0

	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value at April 30, 2014
Cash and cash equivalents (A)	$	2.0	$	—	$	—	$	2.0
Equity securities:
U.S. (B)		91.0		16.4		—		107.4
International (C)		72.3		12.4		—		84.7
Fixed-income securities:
Bonds (D)		148.2		—		—		148.2
Fixed income (E)		44.8		—		—		44.8
Other types of investments (F)		—		—		15.0		15.0
Total financial assets measured at fair value	$	358.3	$	28.8	$	15.0	$	402.1

(A) This category includes money market holdings with maturities of three months or less and are classified as Level 1 assets. Based on the short-term nature of these assets, carrying value approximates fair value.

(B) This category is invested primarily in a diversified portfolio of common stocks and index funds that invest in U.S. stocks with market capitalization ranges similar to those found in the S&P 500 Index and/or the various Russell Indexes and are traded on active exchanges. The Level 1 assets are valued using quoted market prices for identical securities in active markets. The Level 2 assets are pooled or common collective trust funds that consist of equity securities traded on active exchanges.

(C) This category is invested primarily in common stocks and other equity securities traded on active exchanges whose issuers are located outside the U.S. The fund invests primarily in developed countries, but may also invest in emerging markets. The Level 1 assets are valued using quoted market prices for identical securities in active markets. The Level 2 assets are pooled or common collective trust funds that consist of equity securities traded on active exchanges.

(D) This category is comprised of bond funds, which seek to duplicate the return characteristics of high-quality corporate bonds with a duration range of 10 to 13 years. The Level 1 assets are valued using quoted market prices for identical securities in active markets.

(E) This category is comprised of fixed-income funds that invest primarily in government-related bonds of non-U.S. issuers and include investments in the Canadian market as well as emerging markets. The Level 1 assets are valued using quoted market prices for identical securities in active markets. Contained within the Level 2 assets is a Core Plus pool of funds investing primarily in high-yield, emerging market debt and global bonds, as well as an international bond fund which invests in fixed-income securities denominated in currencies other than U.S. dollars. The Level 2 assets are pooled or common collective trust funds that consist of fixed-income securities traded on active exchanges.

(F) This category is comprised of a global alpha collective trust fund, a private limited investment partnership, and a private equity fund in 2015. In 2014, the category was comprised only of the private equity fund. The global alpha collective trust fund is comprised of U.S. and global equity and fixed-income securities inclusive of derivatives within the asset mix. This collective trust fund is classified as a Level 2 asset, whereby the underlying securities are valued utilizing quoted market prices for identical securities in active markets. The private investment limited partnership is classified as a Level 3 asset. The investments in the partnership are valued at estimated fair value based on audited financial statements received from the general partner. The private equity fund consists primarily of limited partnership interests in corporate finance and venture capital funds. The private equity fund is classified as a Level 3 asset and is valued based on the fund’s net asset value (“NAV”). NAV is calculated based on the estimated fair value of the underlying investment funds within the portfolio and is corroborated by our review. The private equity fund and private investment limited partnership cannot be redeemed and the return of principal is based on the liquidation of the underlying assets.

The following table presents a rollforward of activity for Level 3 assets.

	2015		2014
Balance at May 1,	$	15.0	$	15.0
Big Heart pension assets acquired		2.8		—
Actual return on plan assets still held at reporting date		0.7		—
Balance at April 30,	$	18.5	$	15.0

The current investment policy is to invest 50 percent of assets in both equity securities and fixed-income securities. Included in equity securities were 317,552 of our common shares at April 30, 2015. The total market value of these shares was $36.8 at April 30, 2015. We paid dividends of $0.8 on these shares during 2015.

We expect to contribute approximately $3.5 to the defined benefit pension plans in 2016. We expect the following payments to be made from the defined benefit pension and other postretirement benefit plans: $49.9 in 2016, $51.0 in 2017, $56.6 in 2018, $53.5 in 2019, $60.2 in 2020, and $304.0 in 2021 through 2025.

As a result of the Big Heart acquisition we now participate in one multi-employer pension plan, the Bakery and Confectionery Union and Industry International Pension Fund (“Bakery and Confectionery Union Fund”) (52-6118572), which provides defined benefits to certain union employees. During 2015, a total of $1.7 was contributed to the plan, of which $0.1 was contributed since acquisition and was recognized in the Statement of Consolidated Income.

The risks of participating in multi-employer pension plans are different from the risks of participating in single-employer pension plans in the following respects: the assets contributed to the multi-employer plan by one employer may be used to provide benefits to employees of other participating employers; if a participating employer stops contributing to the plan, the unfunded obligations of the plan allocable to the withdrawing employer may be the responsibility of the remaining participating employers; and, if we stop participating in the multi-employer pension plan, we may be required to pay the plan an amount based on our allocable share of the underfunded status of the plan, referred to as a withdrawal liability.

The Pension Protection Act of 2006 ranks the funded status of multi-employer pension plans depending upon a plan’s current and projected funding. A plan is in the Red Zone (Critical) if it has a current funded percentage less than 65 percent. A plan is in the Yellow Zone (Endangered) if it has a current funded percentage of less than 80 percent, or projects a credit balance deficit within seven years. A plan is in the Green Zone (Healthy) if it has a current funded percentage greater than 80 percent and does not have a projected credit balance deficit within seven years. The zone status is based on the plan’s year end, not our fiscal year end. The zone status is based on information that we received from the plan and is certified by the plan’s actuary. During calendar year 2014, the Bakery and Confectionery Union Fund was in Red Zone status. Although the current funding status as of calendar year 2014 was 65.1 percent, the plan’s actuary concluded that the funding status is more likely than not to fall below 65 percent within the next five years and has classified the Bakery and Confectionery Union Fund in Red Zone status. A funding improvement plan or rehabilitation plan has been implemented.

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Pensions and Other Postretirement Benefits (Details 3) - USD ($) $ in Millions	12 Months Ended
	Apr. 30, 2015	Apr. 30, 2014	Apr. 30, 2013
Changes in plan assets:
Company contributions	$ 15.7	$ 9.4	$ 40.0
Defined benefit pensions	(188.9)	(135.7)
Postretirement benefits other than pensions	(74.6)	(58.5)
Defined Benefit Pension Plans [Member]
Change in benefit obligation:
Benefit obligation at beginning of year	542.3	575.7
Service cost	9.0	8.7	8.8
Interest cost	23.2	21.8	23.9
Amendments	0.3	0.0
Actuarial loss (gain)	39.8	(19.7)
Participant contributions	0.1	0.1
Benefits paid	(31.8)	(34.2)
Foreign currency translation adjustments	(10.6)	(10.1)
Settlement	(8.6)	0.0
Acquisition	176.7	0.0
Other adjustments	0.0	0.0
Benefit obligation at end of year	740.4	542.3	575.7
Changes in plan assets:
Fair value of plan assets at beginning of year	402.1	410.7
Actual return on plan assets	41.7	25.0
Company contributions	15.7	9.4
Participant contributions	0.1	0.1
Benefits paid	(31.8)	(34.2)
Settlement	(8.6)	0.0
Acquisition	141.1	0.0
Foreign currency translation adjustments	(10.3)	(8.9)
Fair value of plan assets at end of year	550.0	402.1	410.7
Funded status of the plans	(190.4)	(140.2)
Defined benefit pensions	(188.9)	(135.7)
Other noncurrent assets	2.0	0.0
Accrued compensation	(3.5)	(4.5)
Postretirement benefits other than pensions	0.0	0.0
Net benefit liability	(190.4)	(140.2)
Other Postretirement Benefits [Member]
Change in benefit obligation:
Benefit obligation at beginning of year	58.5	67.1
Service cost	2.3	2.3	2.5
Interest cost	2.4	2.3	3.0
Amendments	0.0	(1.7)
Actuarial loss (gain)	(1.6)	(7.5)
Participant contributions	0.7	1.2
Benefits paid	(4.4)	(3.5)
Foreign currency translation adjustments	(1.1)	(1.1)
Settlement	0.0	0.0
Acquisition	18.9	0.0
Other adjustments	0.1	(0.6)
Benefit obligation at end of year	75.8	58.5	67.1
Changes in plan assets:
Fair value of plan assets at beginning of year	0.0	0.0
Actual return on plan assets	0.0	0.0
Company contributions	3.7	2.3
Participant contributions	0.7	1.2
Benefits paid	(4.4)	(3.5)
Settlement	0.0	0.0
Acquisition	0.0	0.0
Foreign currency translation adjustments	0.0	0.0
Fair value of plan assets at end of year	0.0	0.0	$ 0.0
Funded status of the plans	(75.8)	(58.5)
Defined benefit pensions	0.0	0.0
Other noncurrent assets	0.0	0.0
Accrued compensation	(1.2)	0.0
Postretirement benefits other than pensions	(74.6)	(58.5)
Net benefit liability	$ (75.8)	$ (58.5)

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Goodwill and Other Intangible Assets

12 Months Ended

Apr. 30, 2015

Goodwill and Other Intangible Assets [Abstract]

Goodwill and Other Intangible Assets

NOTE 5 GOODWILL AND OTHER INTANGIBLE ASSETS

A summary of changes in goodwill during the years ended April 30, 2015 and 2014, by reportable segment is as follows:

	U.S. Retail Coffee		U.S. Retail Consumer Foods		U.S. Retail Pet Foods		International, Foodservice, and Natural Foods		Total
Balance at May 1, 2013	$	1,720.3	$	1,034.6	$	—	$	298.0	$	3,052.9
Acquisitions		22.8		—		—		29.3		52.1
Other		—		(2.4)		—		(4.4)		(6.8)
Balance at April 30, 2014	$	1,743.1	$	1,032.2	$	—	$	322.9	$	3,098.2
Acquisitions		(0.3)		47.9		2,810.3		60.9		2,918.8
Other		0.1		(2.5)		—		(4.8)		(7.2)
Balance at April 30, 2015	$	1,742.9	$	1,077.6	$	2,810.3	$	379.0	$	6,009.8

The amounts classified as other represent foreign currency exchange for the years ended April 30, 2015 and 2014.

The following table summarizes our other intangible assets and related accumulated amortization and impairment charges, including foreign currency exchange.

	April 30, 2015						April 30, 2014
	Acquisition Cost		Accumulated Amortization/ Impairment Charges/ Foreign Currency Exchange		Net		Acquisition Cost		Accumulated Amortization/ Impairment Charges/ Foreign Currency Exchange		Net
Finite-lived intangible assets subject to amortization:
Customer and contractual relationships	$	3,733.9	$	477.9	$	3,256.0	$	1,436.2	$	392.6	$	1,043.6
Patents and technology		169.0		74.8		94.2		164.5		61.9		102.6
Trademarks		328.0		47.6		280.4		70.0		36.5		33.5
Total intangible assets subject to amortization	$	4,230.9	$	600.3	$	3,630.6	$	1,670.7	$	491.0	$	1,179.7
Indefinite-lived intangible assets not subject to amortization:
Trademarks	$	3,338.0	$	18.3	$	3,319.7	$	1,858.9	$	14.3	$	1,844.6
Total other intangible assets	$	7,568.9	$	618.6	$	6,950.3	$	3,529.6	$	505.3	$	3,024.3

Amortization expense for finite-lived intangible assets was $110.3, $98.7, and $96.6 in 2015, 2014, and 2013, respectively. The weighted-average useful lives of the customer and contractual relationships, patents and technology, and trademarks are 23 years, 13 years, and 15 years, respectively. The weighted-average useful life of total finite-lived intangible assets is 22 years. Based on the amount of intangible assets subject to amortization at April 30, 2015, including the amortization for Big Heart based on the preliminary purchase price allocation, the estimated amortization expense is $212.2 for 2016, $211.5 for 2017, $209.1 for 2018, $208.9 for 2019, and $207.4 for 2020.

We review goodwill and other indefinite-lived intangible assets at least annually for impairment. The annual impairment review was performed as of February 1, 2015. Goodwill impairment is tested at the reporting unit level. At February 1, 2015, we had six reporting units. No goodwill impairment was recognized as a result of the annual evaluation performed as of February 1, 2015. The estimated fair value of each reporting unit and material other indefinite-lived intangible asset was substantially in excess of its carrying value as of the annual test date. An immaterial nonrecurring fair value adjustment was recognized in 2015 and included in amortization on the Statement of Consolidated Income.

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Debt and Financing Arrangements

12 Months Ended

Apr. 30, 2015

Debt and Financing Arrangements [Abstract]

Debt and Financing Arrangements

NOTE 6 DEBT AND FINANCING ARRANGEMENTS

In April 2015, the FASB issued ASU 2015-03, Interest – Imputation of Interest (Subtopic 835-30) Simplifying the Presentation of Debt Issuance Costs. ASU 2015-03 requires debt issuance costs to be presented in the balance sheet as a direct deduction from the carrying amount of the related debt. ASU 2015-03 is effective for us on May 1, 2016, but we have elected early adoption. As of April 30, 2015, we have reclassified debt issuance costs associated with our long-term debt from other noncurrent assets to long-term debt. Prior year amounts have been reclassified to conform to the current year classification in accordance with ASU 2015-03, resulting in an adjustment to long-term debt of $6.7 for the year ended April 30, 2014.

Long-term debt consists of the following:

	April 30, 2015				April 30, 2014
	Principal Outstanding		Carrying Amount		Principal Outstanding		Carrying Amount
4.78% Senior Notes due June 1, 2014	$	—	$	—	$	100.0	$	100.0
6.12% Senior Notes due November 1, 2015		—		—		24.0		24.0
6.63% Senior Notes due November 1, 2018		—		—		376.0		391.4
3.50% Senior Notes due October 15, 2021		750.0		796.0		750.0		758.8
5.55% Senior Notes due April 1, 2022		—		—		300.0		299.2
4.50% Senior Notes due June 1, 2025		—		—		400.0		399.7
1.75% Senior Notes due March 15, 2018		500.0		496.9		—		—
2.50% Senior Notes due March 15, 2020		500.0		494.3		—		—
3.00% Senior Notes due March 15, 2022		400.0		395.3		—		—
3.50% Senior Notes due March 15, 2025		1,000.0		991.9		—		—
4.25% Senior Notes due March 15, 2035		650.0		641.8		—		—
4.38% Senior Notes due March 15, 2045		600.0		583.8		—		—
Term Loan Credit Agreement due March 23, 2020		1,550.0		1,544.9		—		—
Total long-term debt	$	5,950.0	$	5,944.9	$	1,950.0	$	1,973.1
Current portion of long-term debt		—		—		100.0		100.0
Total long-term debt, less current portion	$	5,950.0	$	5,944.9	$	1,850.0	$	1,873.1

On June 1, 2014, we repaid $100.0 related to the 4.78 percent Senior Notes as scheduled.

On March 2, 2015, we entered into a $3.8 billion 364-day senior unsecured Bridge Term Loan Credit Agreement (“Bridge Loan”) as committed financing for the Big Heart acquisition as disclosed in Note 2: Acquisitions. No balances were drawn against this facility as alternate permanent financing was obtained to finance the acquisition. Included in other debt costs on the Statement of Consolidated Income at April 30, 2015, was $21.5 related to financing fees associated with the Bridge Loan. This facility was terminated on March 20, 2015.

Also on March 2, 2015, we entered into a senior unsecured delayed-draw Term Loan Credit Agreement (“Term Loan”) with a syndicate of banks and an available commitment amount of $1.8 billion. The full amount of the Term Loan was drawn on March 23, 2015, to partially finance the Big Heart acquisition. The Term Loan included $5.2 of capitalized debt issuance costs to be amortized to interest expense over the time for which the debt is outstanding. Borrowings under the Term Loan bear interest on the prevailing U.S. Prime Rate or London Interbank Offered Rate (“LIBOR”), based on our election, and is payable either on a quarterly basis or at the end of the borrowing term. The weighted-average interest rate on the Term Loan at April 30, 2015, was 1.53 percent. The Term Loan requires quarterly amortization payments of 2.5 percent of the original principal amount starting in the third quarter of 2016. Voluntary prepayments are permitted without premium or penalty and are applied to the schedule of required quarterly minimum payment obligations in direct order of maturity. As of April 30, 2015, we have prepaid $200.0 on the Term Loan, and therefore no additional payments are required until January 31, 2017.

On March 20, 2015, we completed an offering of $3.7 billion in Senior Notes due beginning March 15, 2018 through March 15, 2045. The Senior Notes included $46.4 of capitalized debt issuance costs and offering discounts to be amortized to interest expense over the time for which the debt is outstanding. As part of the Big Heart acquisition, we assumed $1.7 billion in debt related to Big Heart’s senior secured term loan agreement and $0.9 billion in debt related to their 7.625 percent senior notes. We repaid these obligations upon completion of the acquisition. The proceeds from the offering, along with the Term Loan, were used to partially finance the Big Heart acquisition, pay off the debt assumed as part of the Big Heart acquisition, and prepay our privately placed Senior Notes. The prepayment of our Senior Notes resulted in a principal prepayment of $1.1 billion and $163.3 of related make-whole payments. Other debt costs of $173.3 on the Statement of Consolidated Income consist primarily of make-whole payments and Bridge Loan financing fees, offset by the write-off of the remaining fair value interest rate swap gain.

All of our Senior Notes outstanding at April 30, 2015, are unsecured and interest is paid semiannually. There are no required scheduled principal payments on our Senior Notes. We may prepay at any time all or part of the Senior Notes at 100 percent of the principal amount thereof, together with the accrued and unpaid interest, and any applicable make-whole amount.

In February 2015, we entered into a series of forward-starting interest rate swaps to partially hedge the risk of an increase in the benchmark interest rate during the period leading up to the anticipated issuance of our long-term Senior Notes. The interest rate swaps were designated as cash flow hedges with an aggregate notional amount of $1.1 billion. On March 12, 2015, in conjunction with the pricing of the series of Senior Notes, we terminated the interest rate swaps prior to maturity. The termination resulted in a net loss of $4.0, which will be amortized over the life of the remaining debt. For additional information, see Note 8: Derivative Financial Instruments.

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 April 30, 2015, we had $226.0 of short-term borrowings outstanding, all of which were issued under our commercial paper program at a weighted-average interest rate of 0.45 percent.

We have available a $1.5 billion revolving credit facility with a group of 11 banks that matures in September 2018. Borrowings under the revolving credit facility bear interest based on the prevailing U.S. Prime Rate, Canadian Base Rate, LIBOR, or Canadian Dealer Offered Rate, based on our election. Interest is payable either on a quarterly basis or at the end of the borrowing term. During 2015, we amended this credit facility to alter the financial covenant restrictions and provide financial flexibility for the Big Heart acquisition. At April 30, 2015, we did not have a balance outstanding under the revolving credit facility.

During 2014, we entered into an interest rate swap, with a notional amount of $750.0, on the 3.50 percent Senior Notes due October 15, 2021, 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 April 30, 2015, the remaining benefit of $51.3 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 8: Derivative Financial Instruments.

Interest paid totaled $92.3, $83.3, and $97.7 in 2015, 2014, and 2013, respectively. This differs from interest expense due to the timing of payments, amortization of fair value swap adjustments, effect of the interest rate swap, amortization of debt issuance costs, and capitalized interest.

Our debt instruments contain certain financial covenant restrictions, including a leverage ratio and an interest coverage ratio. We are in compliance with all covenants.

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Derivative Financial Instruments

12 Months Ended

Apr. 30, 2015

Derivative Financial Instruments [Abstract]

Derivative Financial Instruments

NOTE 8 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, corn, and wheat. We also enter into commodity futures and options contracts to manage price risk for energy input costs, including natural gas and diesel fuel. Our 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. Cash flows related to qualifying hedges are classified consistently with the cash flows from the hedged item in the Statements of Consolidated Cash Flows. 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 over time any gain or loss in the estimated fair value of the derivatives would generally be offset by an increase or decrease in the estimated fair value of the underlying exposures.

Foreign Currency Exchange Rate Hedging: We utilize foreign currency forwards and options contracts to manage the effect of foreign currency exchange fluctuations on future cash payments in Canada, primarily related to purchases of certain raw materials and finished goods. The contracts generally have maturities of less than one year.

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 of our debt. Interest rate swaps mitigate the risk associated with the underlying hedged item. At the inception of the contract, the instrument is evaluated and documented for hedge accounting treatment. If the contract is designated as a cash flow hedge, the mark-to-market gains or losses on the swap are deferred and included as a component of accumulated other comprehensive loss to the extent effective, and reclassified to interest expense in the period during which the hedged transaction affects earnings. If the contract is designated as a fair value hedge, the swap would be recognized at fair value on the balance sheet and changes in the fair value would be recognized in interest expense. Generally, changes in the fair value of the derivative are equal to changes in the fair value of the underlying debt and have no impact on earnings.

On February 24, 2015, we entered into a series of forward-starting interest rate swaps to hedge a portion of the interest rate risk related to our anticipated issuance of Senior Notes. The notional hedged amount was $1.1 billion, with expected maturity tenors of 10, 20, and 30 years. The swap agreements were designated as cash flow hedges, where changes in fair value are recorded in other comprehensive (loss) income. On March 12, 2015, in conjunction with the pricing of the Senior Notes, we terminated the interest rate swaps prior to maturity. The termination resulted in a net loss of $4.0, which will be amortized over the life of the remaining debt as an increase to interest expense and approximately $0.2 per year will be recognized beginning in 2026 through 2045. For additional information, see Note 6: Debt and Financing Arrangements.

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: $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 6: Debt and Financing Arrangements.

The following table sets forth the gross fair value of derivative instruments recognized in the Consolidated Balance Sheets.

	April 30, 2015								April 30, 2014
	Other Current Assets		Other Current Liabilities		Other Noncurrent Assets		Other Noncurrent Liabilities		Other Current Assets		Other Current Liabilities		Other Noncurrent Liabilities
Derivatives designated as hedging instruments:
Commodity contracts	$	—	$	—	$	—	$	—	$	23.4	$	10.9	$	—
Interest rate contract		—		—		—		—		18.0		—		3.1
Total derivatives designated as hedging instruments	$	—	$	—	$	—	$	—	$	41.4	$	10.9	$	3.1
Derivatives not designated as hedging instruments:
Commodity contracts	$	6.4	$	23.9	$	0.2	$	3.8	$	11.6	$	5.8	$	—
Foreign currency exchange contracts		4.8		1.0		—		—		1.4		0.7		—
Total derivatives not designated as hedging instruments	$	11.2	$	24.9	$	0.2	$	3.8	$	13.0	$	6.5	$	—
Total derivative instruments	$	11.2	$	24.9	$	0.2	$	3.8	$	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 April 30, 2015 and 2014, we maintained cash margin account balances of $38.2 and $8.1, respectively, included in other current assets in the Consolidated Balance Sheets. The change in the cash margin account balances is included in other – net, investing activities in the 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 net 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 interest rate swaps.

	Year Ended April 30,
	2015		2014
(Losses) gains recognized in other comprehensive (loss) income (effective portion)	$	(4.0)	$	21.0
Gains (losses) reclassified from accumulated other comprehensive loss to cost of products sold (effective portion)		29.1		(20.3)
Losses reclassified from accumulated other comprehensive loss to interest expense (effective portion)		(0.6)		(0.6)
Change in accumulated other comprehensive loss	$	(32.5)	$	41.9
Gains recognized in cost of products sold (ineffective portion)	$	—	$	1.4
Losses recognized in interest expense (ineffective portion)	$	(0.1)	$	—

Due to our election to no longer qualify commodity derivatives for hedge accounting treatment, there was no remaining balance in accumulated other comprehensive loss at April 30, 2015. Included as a component of accumulated other comprehensive loss at April 30, 2014, was a deferred pre-tax net gain of $29.1 related to commodity contracts. The related tax expense recognized in accumulated other comprehensive loss was $10.8 at April 30, 2014.

Also included as a component of accumulated other comprehensive loss at April 30, 2015 and 2014, were deferred pre-tax losses of $8.2 and $4.8, respectively, related to the termination of interest rate swaps. The related tax benefit recognized in accumulated other comprehensive loss was $2.9 and $1.7 at April 30, 2015 and 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.

	Year Ended April 30,
	2015		2014
(Losses) gains on commodity contracts	$	(48.5)	$	5.2
Gains on foreign exchange contracts		8.8		3.3
Total (losses) gains recognized in costs of products sold	$	(39.7)	$	8.5

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.

	Year Ended April 30,
	2015		2014
Net (losses) gains on mark-to-market valuation of unallocated derivative positions	$	(39.7)	$	8.5
Net losses (gains) on derivative positions reclassified to segment operating profit		15.2		(3.2)
Net mark-to-market valuation of certain derivative positions recognized in unallocated (losses) gains	$	(24.5)	$	5.3

The net cumulative unallocated derivative losses at April 30, 2015, was $20.4, including net realized losses of $13.9.

The following table presents the gross contract notional value of outstanding derivative contracts.

	Year Ended April 30,
	2015		2014
Commodity contracts	$	640.6	$	790.3
Foreign currency exchange contracts		136.4		158.1
Interest rate contract		—		750.0

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Pensions and Other Postretirement Benefits (Details 7) - USD ($) $ in Millions		Apr. 30, 2015	Apr. 30, 2014	Apr. 30, 2013
Significant Unobservable Inputs (Level 3) [Member]
Major asset classes for the U.S. and Canadian defined benefit pension plans and levels fair value measurements
Total financial assets measured at fair value		$ 18.5	$ 15.0	$ 15.0
Defined Benefit Pension Plans [Member]
Major asset classes for the U.S. and Canadian defined benefit pension plans and levels fair value measurements
Total financial assets measured at fair value		550.0	402.1	$ 410.7
Defined Benefit Pension Plans [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
Major asset classes for the U.S. and Canadian defined benefit pension plans and levels fair value measurements
Total financial assets measured at fair value		386.0	358.3
Defined Benefit Pension Plans [Member] | Significant Observable Inputs (Level 2) [Member]
Major asset classes for the U.S. and Canadian defined benefit pension plans and levels fair value measurements
Total financial assets measured at fair value		145.5	28.8
Defined Benefit Pension Plans [Member] | Significant Unobservable Inputs (Level 3) [Member]
Major asset classes for the U.S. and Canadian defined benefit pension plans and levels fair value measurements
Total financial assets measured at fair value		18.5	15.0
Defined Benefit Pension Plans [Member] | Cash and cash equivalents [Member]
Major asset classes for the U.S. and Canadian defined benefit pension plans and levels fair value measurements
Total financial assets measured at fair value	[1]	4.6	2.0
Defined Benefit Pension Plans [Member] | Cash and cash equivalents [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
Major asset classes for the U.S. and Canadian defined benefit pension plans and levels fair value measurements
Total financial assets measured at fair value	[1]	4.6	2.0
Defined Benefit Pension Plans [Member] | Cash and cash equivalents [Member] | Significant Observable Inputs (Level 2) [Member]
Major asset classes for the U.S. and Canadian defined benefit pension plans and levels fair value measurements
Total financial assets measured at fair value	[1]	0.0	0.0
Defined Benefit Pension Plans [Member] | Cash and cash equivalents [Member] | Significant Unobservable Inputs (Level 3) [Member]
Major asset classes for the U.S. and Canadian defined benefit pension plans and levels fair value measurements
Total financial assets measured at fair value	[1]	0.0	0.0
Defined Benefit Pension Plans [Member] | U.S. Equity Securities [Member]
Major asset classes for the U.S. and Canadian defined benefit pension plans and levels fair value measurements
Total financial assets measured at fair value	[2]	150.5	107.4
Defined Benefit Pension Plans [Member] | U.S. Equity Securities [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
Major asset classes for the U.S. and Canadian defined benefit pension plans and levels fair value measurements
Total financial assets measured at fair value	[2]	105.0	91.0
Defined Benefit Pension Plans [Member] | U.S. Equity Securities [Member] | Significant Observable Inputs (Level 2) [Member]
Major asset classes for the U.S. and Canadian defined benefit pension plans and levels fair value measurements
Total financial assets measured at fair value	[2]	45.5	16.4
Defined Benefit Pension Plans [Member] | U.S. Equity Securities [Member] | Significant Unobservable Inputs (Level 3) [Member]
Major asset classes for the U.S. and Canadian defined benefit pension plans and levels fair value measurements
Total financial assets measured at fair value	[2]	0.0	0.0
Defined Benefit Pension Plans [Member] | International Equity Securities [Member]
Major asset classes for the U.S. and Canadian defined benefit pension plans and levels fair value measurements
Total financial assets measured at fair value	[3]	105.5	84.7
Defined Benefit Pension Plans [Member] | International Equity Securities [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
Major asset classes for the U.S. and Canadian defined benefit pension plans and levels fair value measurements
Total financial assets measured at fair value	[3]	81.0	72.3
Defined Benefit Pension Plans [Member] | International Equity Securities [Member] | Significant Observable Inputs (Level 2) [Member]
Major asset classes for the U.S. and Canadian defined benefit pension plans and levels fair value measurements
Total financial assets measured at fair value	[3]	24.5	12.4
Defined Benefit Pension Plans [Member] | International Equity Securities [Member] | Significant Unobservable Inputs (Level 3) [Member]
Major asset classes for the U.S. and Canadian defined benefit pension plans and levels fair value measurements
Total financial assets measured at fair value	[3]	0.0	0.0
Defined Benefit Pension Plans [Member] | Bonds [Member]
Major asset classes for the U.S. and Canadian defined benefit pension plans and levels fair value measurements
Total financial assets measured at fair value	[4]	151.3	148.2
Defined Benefit Pension Plans [Member] | Bonds [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
Major asset classes for the U.S. and Canadian defined benefit pension plans and levels fair value measurements
Total financial assets measured at fair value	[4]	151.3	148.2
Defined Benefit Pension Plans [Member] | Bonds [Member] | Significant Observable Inputs (Level 2) [Member]
Major asset classes for the U.S. and Canadian defined benefit pension plans and levels fair value measurements
Total financial assets measured at fair value	[4]	0.0	0.0
Defined Benefit Pension Plans [Member] | Bonds [Member] | Significant Unobservable Inputs (Level 3) [Member]
Major asset classes for the U.S. and Canadian defined benefit pension plans and levels fair value measurements
Total financial assets measured at fair value	[4]	0.0	0.0
Defined Benefit Pension Plans [Member] | Fixed income [Member]
Major asset classes for the U.S. and Canadian defined benefit pension plans and levels fair value measurements
Total financial assets measured at fair value	[5]	112.6	44.8
Defined Benefit Pension Plans [Member] | Fixed income [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
Major asset classes for the U.S. and Canadian defined benefit pension plans and levels fair value measurements
Total financial assets measured at fair value	[5]	44.1	44.8
Defined Benefit Pension Plans [Member] | Fixed income [Member] | Significant Observable Inputs (Level 2) [Member]
Major asset classes for the U.S. and Canadian defined benefit pension plans and levels fair value measurements
Total financial assets measured at fair value	[5]	68.5	0.0
Defined Benefit Pension Plans [Member] | Fixed income [Member] | Significant Unobservable Inputs (Level 3) [Member]
Major asset classes for the U.S. and Canadian defined benefit pension plans and levels fair value measurements
Total financial assets measured at fair value	[5]	0.0	0.0
Defined Benefit Pension Plans [Member] | Other Investments [Member]
Major asset classes for the U.S. and Canadian defined benefit pension plans and levels fair value measurements
Total financial assets measured at fair value	[6]	25.5	15.0
Defined Benefit Pension Plans [Member] | Other Investments [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
Major asset classes for the U.S. and Canadian defined benefit pension plans and levels fair value measurements
Total financial assets measured at fair value	[6]	0.0	0.0
Defined Benefit Pension Plans [Member] | Other Investments [Member] | Significant Observable Inputs (Level 2) [Member]
Major asset classes for the U.S. and Canadian defined benefit pension plans and levels fair value measurements
Total financial assets measured at fair value	[6]	7.0	0.0
Defined Benefit Pension Plans [Member] | Other Investments [Member] | Significant Unobservable Inputs (Level 3) [Member]
Major asset classes for the U.S. and Canadian defined benefit pension plans and levels fair value measurements
Total financial assets measured at fair value	[6]	$ 18.5	$ 15.0

[1] This category includes money market holdings with maturities of three months or less and are classified as Level 1 assets. Based on the short-term nature of these assets, carrying value approximates fair value.

[2] This category is invested primarily in a diversified portfolio of common stocks and index funds that invest in U.S. stocks with market capitalization ranges similar to those found in the S&P 500 Index and/or the various Russell Indexes and are traded on active exchanges. The Level 1 assets are valued using quoted market prices for identical securities in active markets. The Level 2 assets are pooled or common collective trust funds that consist of equity securities traded on active exchanges.

[3] This category is invested primarily in common stocks and other equity securities traded on active exchanges whose issuers are located outside the U.S. The fund invests primarily in developed countries, but may also invest in emerging markets. The Level 1 assets are valued using quoted market prices for identical securities in active markets. The Level 2 assets are pooled or common collective trust funds that consist of equity securities traded on active exchanges.

[4] This category is comprised of bond funds, which seek to duplicate the return characteristics of high-quality corporate bonds with a duration range of 10 to 13 years. The Level 1 assets are valued using quoted market prices for identical securities in active markets.

[5] This category is comprised of fixed-income funds that invest primarily in government-related bonds of non-U.S. issuers and include investments in the Canadian market as well as emerging markets. The Level 1 assets are valued using quoted market prices for identical securities in active markets. Contained within the Level 2 assets is a Core Plus pool of funds investing primarily in high-yield, emerging market debt and global bonds, as well as an international bond fund which invests in fixed-income securities denominated in currencies other than U.S. dollars. The Level 2 assets are pooled or common collective trust funds that consist of fixed-income securities traded on active exchanges.

[6] This category is comprised of a global alpha collective trust fund, a private limited investment partnership, and a private equity fund in 2015. In 2014, the category was comprised only of the private equity fund. The global alpha collective trust fund is comprised of U.S. and global equity and fixed-income securities inclusive of derivatives within the asset mix. This collective trust fund is classified as a Level 2 asset, whereby the underlying securities are valued utilizing quoted market prices for identical securities in active markets. The private investment limited partnership is classified as a Level 3 asset. The investments in the partnership are valued at estimated fair value based on audited financial statements received from the general partner. The private equity fund consists primarily of limited partnership interests in corporate finance and venture capital funds. The private equity fund is classified as a Level 3 asset and is valued based on the funds net asset value (NAV). NAV is calculated based on the estimated fair value of the underlying investment funds within the portfolio and is corroborated by our review. The private equity fund and private investment limited partnership cannot be redeemed and the return of principal is based on the liquidation of the underlying assets.

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Income Taxes (Details 4) - Apr. 30, 2015 - USD ($) $ in Millions	Total
Schedule Of Tax Carryforwards [Line Items]
Related tax deduction on operating loss and tax credit carryforwards	$ 224.0
Deferred tax asset on operating loss and tax credit carryforwards	44.8
Valuation allowance on operating loss and tax credit carryforwards	4.2
Federal [Member]
Schedule Of Tax Carryforwards [Line Items]
Related tax deduction on operating loss carryforward	104.6
Related tax deduction on tax credit carryforward	0.0
Deferred tax asset related to an operating loss carryforward	36.6
Deferred tax assets related to tax carryforwards	0.5
Valuation allowance on operating loss carryforward	4.2
Valuation allowance on tax credit carryforward	$ 0.0
Expiration date on operating loss carryforward	Apr. 30, 2035
Expiration date on tax credit carryforward	Apr. 30, 2035
State [Member]
Schedule Of Tax Carryforwards [Line Items]
Related tax deduction on operating loss carryforward	$ 119.4
Related tax deduction on tax credit carryforward	0.0
Deferred tax asset related to an operating loss carryforward	5.9
Deferred tax assets related to tax carryforwards	1.8
Valuation allowance on operating loss carryforward	0.0
Valuation allowance on tax credit carryforward	$ 0.0
Expiration date on tax credit carryforward	Apr. 30, 2021
State [Member] | Maximum [Member]
Schedule Of Tax Carryforwards [Line Items]
Expiration date on operating loss carryforward	Apr. 30, 2035
State [Member] | Minimum [Member]
Schedule Of Tax Carryforwards [Line Items]
Expiration date on operating loss carryforward	Apr. 30, 2020

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Pensions and Other Postretirement Benefits (Details Textual) $ in Millions	12 Months Ended
	Apr. 30, 2015 USD ($) MultiemployerPensionPlans shares	Apr. 30, 2014 USD ($)	Apr. 30, 2013 USD ($)
Schedule of defined benefit plans disclosures (Textual) [Abstract]
Company contributions	$ 15.7	$ 9.4	$ 40.0
Pensions and Other Postretirement Benefits (Additional Textual) [Abstract]
Eligibility condition for covered employees to avail the benefits of unfunded, defined postretirement plans that provide health care and life insurance benefits	when they reach age 55 and have attained 10 years of credited service
Expected amount to be recognized during 2016 of amortization of net actuarial losses in net periodic benefit cost	$ 10.7
Expected amount to be recognized during 2016 in prior service cost as net periodic benefit cost	$ 0.5
Money market holdings maturity period	Three months or less
Corporate bonds range	10 to 13 years
Market value of company's common shares included in equity securities	$ 36.8
Dividends paid on company's common shares included in equity securities	0.8
Expected benefit payments for the defined benefit pension and other postretirement in 2016	49.9
Expected benefit payments for the defined benefit pension and other postretirement in 2017	51.0
Expected benefit payments for the defined benefit pension and other postretirement in 2018	56.6
Expected benefit payments for the defined benefit pension and other postretirement in 2019	53.5
Expected benefit payments for the defined benefit pension and other postretirement in 2020	60.2
Expected benefit payments for the defined benefit pension and other postretirement in 2021 through 2025	$ 304.0
Annual change in the assumed health care cost	One-percentage point
Multiemployer plan actual funded status		65.10%
Funded status zone	Red
Number of multiemployer pension plans | MultiemployerPensionPlans	1
Company's common shares included in equity securities | shares	317,552
Limit of active participants under which average life expectancy will be used to amortize gains and losses	5.00%
Multiemployer Plans, Pension [Member]
Schedule of defined benefit plans disclosures (Textual) [Abstract]
Plan Tax ID	526118572
Red Zone [Member]
Schedule of defined benefit plans disclosures (Textual) [Abstract]
Funded Status	Less than 65 percent
Yellow Zone [Member]
Schedule of defined benefit plans disclosures (Textual) [Abstract]
Funded Status	Between 65 and less than 80 percent
The J. M. Smucker Company [Member]
Schedule of defined benefit plans disclosures (Textual) [Abstract]
Multiemployer plan contributions	$ 0.1
GreenZoneMember
Schedule of defined benefit plans disclosures (Textual) [Abstract]
Funded Status	At least 80 percent
Big Heart [Member] | The J. M. Smucker Company [Member]
Schedule of defined benefit plans disclosures (Textual) [Abstract]
Multiemployer plan contributions	$ 1.7
Equity Securities [Member]
Schedule of defined benefit plans disclosures (Textual) [Abstract]
Approximate percentage of assets to be invested in company's current investment policy	50.00%
Fixed - Income Securities [Member]
Schedule of defined benefit plans disclosures (Textual) [Abstract]
Approximate percentage of assets to be invested in company's current investment policy	50.00%
Defined Benefit Pension Plans [Member]
Schedule of defined benefit plans disclosures (Textual) [Abstract]
Expected amount to be contributed by the Company to the defined benefit pension plans in 2016	$ 3.5
Actual return on plan assets	41.7	$ 25.0
Company contributions	$ 15.7	$ 9.4
Defined benefit plan actual rate of return on plan assets	11.60%	6.90%
U. S. Other Postretirement Benefit Plans [Member]
Schedule of defined benefit plans disclosures (Textual) [Abstract]
Assumed health care trend rate for next fiscal year	7.50%
U. S. Other Postretirement Benefit Plans [Member] | U.S. plans in 2026 [Member]
Schedule of defined benefit plans disclosures (Textual) [Abstract]
Assumed health care trend rate for participants under age 65	5.00%
Canadian Other Postretirement Benefit Plans [Member]
Schedule of defined benefit plans disclosures (Textual) [Abstract]
Assumed health care trend rate for next fiscal year	5.00%
Actual return on plan assets	$ 0.0	$ 0.0
Company contributions	$ 0.7	$ 0.8
Canadian Other Postretirement Benefit Plans [Member] | Canadian plans in 2017 [Member]
Schedule of defined benefit plans disclosures (Textual) [Abstract]
Assumed health care trend rate for participants under age 65	4.50%

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Pensions and Other Postretirement Benefits (Details 6) - Defined Benefit Pension Plans [Member] - USD ($) $ in Millions	Apr. 30, 2015	Apr. 30, 2014
Additional information related to the Company's defined benefit pension plans
Accumulated benefit obligation for all pension plans	$ 691.8	$ 507.3
Plans with an accumulated benefit obligation in excess of plan assets:
Accumulated benefit obligation	481.6	507.3
Fair value of plan assets	337.8	402.1
Plans with a projected benefit obligation in excess of plan assets:
Projected benefit obligation	669.3	542.3
Fair value of plan assets	$ 477.3	$ 402.1

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Guarantor and Non-Guarantor Financial Information (Details) - USD ($) $ in Millions	12 Months Ended
	Apr. 30, 2015	Apr. 30, 2014	Apr. 30, 2013
Condensed Statements of Consolidated Income and Comprehensive Income
Net sales	$ 5,692.7	$ 5,610.6	$ 5,897.7
Cost of products sold	3,724.0	3,579.6	3,870.1
Gross Profit	1,968.7	2,031.0	2,027.6
Selling, distribution, and administrative expenses and other special project costs	1,087.9	1,014.4	1,023.4
Amortization	110.9	98.9	96.8
Other operating income - net	(2.1)	(1.3)	(3.0)
Operating Income	772.0	919.0	910.4
Interest (expense) income - net	(79.9)	(79.4)	(93.4)
Other debt costs	(173.3)	0.0	0.0
Other income (expense) - net	4.2	10.1	0.3
Equity in net earnings of subsidiaries	0.0	0.0	0.0
Income Before Income Taxes	523.0	849.7	817.3
Income taxes	178.1	284.5	273.1
Net Income	344.9	565.2	544.2
Other comprehensive income, net of tax	(58.2)	25.0	7.4
Comprehensive Income	286.7	590.2	551.6
Eliminations [Member]
Condensed Statements of Consolidated Income and Comprehensive Income
Net sales	(5,111.7)	(5,432.3)	(5,276.6)
Cost of products sold	(5,115.4)	(5,428.5)	(5,292.8)
Gross Profit	3.7	(3.8)	16.2
Selling, distribution, and administrative expenses and other special project costs	0.0	0.0	0.0
Amortization	0.0	0.0	0.0
Other operating income - net	0.0	0.0	0.0
Operating Income	3.7	(3.8)	16.2
Interest (expense) income - net	0.0	1.7	0.0
Other debt costs	0.0
Other income (expense) - net	0.0	(1.7)	0.0
Equity in net earnings of subsidiaries	(496.7)	(550.9)	(631.7)
Income Before Income Taxes	(493.0)	(554.7)	(615.5)
Income taxes	0.0	0.0	0.0
Net Income	(493.0)	(554.7)	(615.5)
Other comprehensive income, net of tax	61.8	(33.4)	(13.1)
Comprehensive Income	(431.2)	(588.1)	(628.6)
The J.M. Smucker Company (Parent) [Member]
Condensed Statements of Consolidated Income and Comprehensive Income
Net sales	2,998.0	3,162.8	4,447.6
Cost of products sold	2,457.8	2,573.6	3,957.3
Gross Profit	540.2	589.2	490.3
Selling, distribution, and administrative expenses and other special project costs	234.9	197.1	199.0
Amortization	4.2	4.2	4.8
Other operating income - net	0.3	(1.3)	(2.7)
Operating Income	300.5	389.2	289.2
Interest (expense) income - net	(80.7)	(80.8)	(94.4)
Other debt costs	(173.3)
Other income (expense) - net	0.6	10.8	0.7
Equity in net earnings of subsidiaries	312.6	345.1	408.6
Income Before Income Taxes	360.0	664.3	604.1
Income taxes	15.1	99.1	59.9
Net Income	344.9	565.2	544.2
Other comprehensive income, net of tax	(58.2)	25.0	7.4
Comprehensive Income	286.7	590.2	551.6
Subsidiary Guarantors [Member]
Condensed Statements of Consolidated Income and Comprehensive Income
Net sales	1,184.0	1,278.8	1,296.4
Cost of products sold	1,080.0	1,166.0	1,190.6
Gross Profit	104.0	112.8	105.8
Selling, distribution, and administrative expenses and other special project costs	53.8	47.5	42.9
Amortization	0.0	0.0	0.0
Other operating income - net	(2.4)	0.9	(2.2)
Operating Income	52.6	64.4	65.1
Interest (expense) income - net	1.2	1.2	1.2
Other debt costs	0.0
Other income (expense) - net	0.1	0.0	1.1
Equity in net earnings of subsidiaries	131.4	141.4	156.7
Income Before Income Taxes	185.3	207.0	224.1
Income taxes	0.4	0.4	0.4
Net Income	184.9	206.6	223.7
Other comprehensive income, net of tax	(18.5)	27.4	9.0
Comprehensive Income	166.4	234.0	232.7
Non-Guarantor Subsidiaries [Member]
Condensed Statements of Consolidated Income and Comprehensive Income
Net sales	6,622.4	6,601.3	5,430.3
Cost of products sold	5,301.6	5,268.5	4,015.0
Gross Profit	1,320.8	1,332.8	1,415.3
Selling, distribution, and administrative expenses and other special project costs	799.2	769.8	781.5
Amortization	106.7	94.7	92.0
Other operating income - net	0.0	(0.9)	1.9
Operating Income	414.9	469.2	539.9
Interest (expense) income - net	(0.4)	(1.5)	(0.2)
Other debt costs	0.0
Other income (expense) - net	3.5	1.0	(1.5)
Equity in net earnings of subsidiaries	52.7	64.4	66.4
Income Before Income Taxes	470.7	533.1	604.6
Income taxes	162.6	185.0	212.8
Net Income	308.1	348.1	391.8
Other comprehensive income, net of tax	(43.3)	6.0	4.1
Comprehensive Income	$ 264.8	$ 354.1	$ 395.9

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Other Financial Instruments and Fair Value Measurements (Tables)

12 Months Ended

Apr. 30, 2015

Other Financial Instruments and Fair Value Measurements [Abstract]

Carrying amount and fair value of financial instruments

	April 30, 2015				April 30, 2014
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Other investments	$	48.4	$	48.4	$	55.4	$	55.4
Derivative financial instruments - net		(17.3)		(17.3)		33.9		33.9
Long-term debt		(5,944.9)		(6,011.3)		(1,973.1)		(2,239.1)

Financial assets (liabilities) measured at fair value on a recurring basis

	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value at April 30, 2015
Other investments: (A)
Equity mutual funds	$	9.7	$	—	$	—	$	9.7
Municipal obligations		—		37.9		—		37.9
Money market funds		0.8		—		—		0.8
Derivatives: (B)
Commodity contracts - net		(12.4)		(8.7)		—		(21.1)
Foreign currency exchange contracts - net		(0.2)		4.0		—		3.8
Long-term debt (C)		(4,459.0)		(1,552.3)		—		(6,011.3)
Total financial instruments measured at fair value	$	(4,461.1)	$	(1,519.1)	$	—	$	(5,980.2)

	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value at April 30, 2014
Other investments: (A)
Equity mutual funds	$	12.0	$	—	$	—	$	12.0
Municipal obligations		—		34.4		—		34.4
Money market funds		9.0		—		—		9.0
Derivatives: (B)
Commodity contracts - net		13.5		4.8		—		18.3
Foreign currency exchange contracts - net		—		0.7		—		0.7
Interest rate contract - net		—		14.9		—		14.9
Long-term debt (C)		(772.0)		(1,467.1)		—		(2,239.1)
Total financial instruments measured at fair value	$	(737.5)	$	(1,412.3)	$	—	$	(2,149.8)

(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 that are derived principally from or corroborated by observable market data, and money market funds with maturities of three months or less. Based on the short-term nature of these money market funds, carrying value approximates fair value. As of April 30, 2015, our municipal obligations are scheduled to mature as follows: $0.9 in 2016, $1.3 in 2017, $1.1 in 2018, $3.0 in 2019, and the remaining $31.6 in 2020 and beyond. For additional information, see Marketable Securities and Other Investments in Note 1: Accounting Policies.

(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 8: Derivative Financial Instruments.

(C) Long-term debt is comprised of $750.0 in public Senior Notes and the $3.7 billion Senior Notes issued in 2015 classified as Level 1 and the Term Loan classified as Level 2 in 2015. Long-term debt is comprised of public Senior Notes classified as Level 1 and private Senior Notes classified as Level 2 in 2014. The public Senior Notes are traded in an active secondary market and valued using quoted prices. The value of the private Senior Notes and Term Loan are 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 private Senior Notes or an estimated yield curve obtained from independent pricing sources for similar types of term loan borrowing arrangements. For additional information, see Note 6: Debt and Financing Arrangements.

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Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Apr. 30, 2015	Apr. 30, 2014	Apr. 30, 2013
Net income allocated to common stockholders
Net income	$ 344.9	$ 565.2	$ 544.2
Net income allocated to participating securities	2.2	4.5	4.7
Net income allocated to common stockholders	$ 342.7	$ 560.7	$ 539.5
Weighted-average common shares, basic and diluted
Weighted-average common shares outstanding	103,038,271	103,504,121	107,881,519
Dilutive effect of stock options	5,283	14,346	23,256
Weighted-average common shares outstanding - assuming dilution	103,043,554	103,518,467	107,904,775
Computation of net income per common share
Net income per common share	$ 3.33	$ 5.42	$ 5.00
Net income per common share - assuming dilution	$ 3.33	$ 5.42	$ 5.00

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Restructuring

12 Months Ended

Apr. 30, 2015

Restructuring [Abstract]

Restructuring

NOTE 13 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 have incurred total restructuring costs of $263.8 through April 30, 2015. As of April 30, 2015, all restructuring activities related to the approved plans were complete.

The following table summarizes the restructuring activity, including the liabilities recorded and the total amount incurred.

	Long-Lived Asset Charges		Employee Separation		Site Preparation and Equipment Relocation		Production Start-up		Other Costs		Total
Total restructuring charge	$	102.7	$	64.0	$	45.5	$	42.2	$	9.4	$	263.8
Balance at May 1, 2012	$	—	$	8.8	$	—	$	—	$	—	$	8.8
Charge to expense		8.2		3.4		13.4		10.8		3.0		38.8
Cash payments		—		(4.5)		(13.4)		(10.8)		(3.0)		(31.7)
Noncash utilization		(8.2)		—		—		—		—		(8.2)
Balance at April 30, 2013	$	—	$	7.7	$	—	$	—	$	—	$	7.7
Charge to expense		2.7		2.6		7.2		7.2		1.1		20.8
Cash payments		—		(8.4)		(7.2)		(7.2)		(1.1)		(23.9)
Noncash utilization		(2.7)		(0.2)		—		—		—		(2.9)
Balance at April 30, 2014	$	—	$	1.7	$	—	$	—	$	—	$	1.7
Charge to expense		0.1		0.5		5.3		8.4		1.1		15.4
Cash payments		—		(1.7)		(5.3)		(8.4)		(1.1)		(16.5)
Noncash utilization		(0.1)		—		—		—		—		(0.1)
Balance at April 30, 2015	$	—	$	0.5	$	—	$	—	$	—	$	0.5

During the years ended April 30, 2015, 2014, and 2013, total restructuring charges of $15.4, $20.8, and $38.8, respectively, were reported in the Statements of Consolidated Income. Of the total restructuring charges, $1.1, $5.1, and $10.0 were reported in cost of products sold in the years ended April 30, 2015, 2014, and 2013, respectively. The remaining charges were reported in other special project costs. The restructuring costs classified as cost of products sold primarily include long-lived asset charges for accelerated depreciation related to property, plant, and equipment that had been used at the affected production facilities prior to closure.

Employee separation costs include severance, retention bonuses, and pension costs. Severance costs and retention bonuses are recognized over the estimated future service period of the affected employees.

Other costs include professional fees, costs related to closing the facilities, and miscellaneous expenditures associated with the restructuring initiative and are expensed as incurred.

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Accounting Policies (Tables)

12 Months Ended

Apr. 30, 2015

Accounting Policies [Abstract]

Share based payments

	Year Ended April 30,
	2015		2014		2013
Share-based compensation expense included in selling, distribution, and administrative expenses	$	22.3	$	22.1	$	20.5
Share-based compensation expense included in other special project costs		1.2		0.8		0.8
Total share-based compensation expense	$	23.5	$	22.9	$	21.3
Related income tax benefit	$	8.0	$	7.7	$	7.1

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Guarantor and Non-Guarantor Financial Information (Details Textual) - 3.50% Senior Notes due October 15, 2021 [Member]	Apr. 30, 2015
Guarantor and Non Guarantor Financial Information (Textual) [Abstract]
Interest rate on notes	3.50%
Percentage ownership of wholly-owned subsidiaries	100.00%

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Reportable Segments (Details 2)	12 Months Ended
	Apr. 30, 2015	Apr. 30, 2014	Apr. 30, 2013
Product Sales Information
Total product sales	100.00%	100.00%	100.00%
Coffee [Member]
Product Sales Information
Total product sales	44.00%	46.00%	48.00%
Peanut butter [Member]
Product Sales Information
Total product sales	13.00%	13.00%	13.00%
Fruit spreads [Member]
Product Sales Information
Total product sales	6.00%	6.00%	6.00%
Shortening and oils [Member]
Product Sales Information
Total product sales	6.00%	6.00%	6.00%
Baking mixes and frostings [Member]
Product Sales Information
Total product sales	5.00%	6.00%	6.00%
Canned milk [Member]
Product Sales Information
Total product sales	4.00%	5.00%	4.00%
Flour and baking ingredients [Member]
Product Sales Information
Total product sales	4.00%	4.00%	4.00%
Juices and beverages [Member]
Product Sales Information
Total product sales	3.00%	3.00%	3.00%
Frozen handheld [Member]
Product Sales Information
Total product sales	3.00%	3.00%	3.00%
Pet food [Member]
Product Sales Information
Total product sales	3.00%	0.00%	0.00%
Portion control [Member]
Product Sales Information
Total product sales	2.00%	2.00%	2.00%
Toppings and syrups [Member]
Product Sales Information
Total product sales	1.00%	2.00%	2.00%
Pet snacks [Member]
Product Sales Information
Total product sales	1.00%	0.00%	0.00%
Other [Member]
Product Sales Information
Total product sales	5.00%	4.00%	3.00%

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Accounting Policies (Details Textual) $ in Millions	12 Months Ended
	Apr. 30, 2015 USD ($) Facility Contract ReportingUnits	Apr. 30, 2014 USD ($)	Apr. 30, 2013 USD ($)	Apr. 30, 2012 USD ($)
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive (loss) income	$ (109.8)	$ (51.6)	$ (76.6)	$ (84.0)
Accounting Policies (Additional Textual) [Abstract]
Company's total promotional expenditures, including amounts classified as a reduction of net sales, represented approximately in percentage of net sales	29.00%	27.00%	25.00%
Advertising expense	$ 107.0	$ 124.7	$ 131.6
Research and development costs	$ 32.5	24.3	24.7
Requisite performance period for share-based payments	1 year
Requisite service period for share-based payments	4 years
Compensation cost related to nonvested share-based awards not yet recognized	$ 48.9
Weighted-average period of recognition	2 years 6 months
Excess tax benefits realized upon exercise or vesting of share-based compensation	$ 5.9	7.3	2.9
Charges for defined contribution plans	21.1	20.1	18.6
Allowance for doubtful accounts	1.0	0.9
Work-in-process inventory	81.5	62.1
Minimum operating lease obligations in 2016	43.1
Minimum operating lease obligations in 2017	40.5
Minimum operating lease obligations in 2018	36.0
Minimum operating lease obligations in 2019	27.1
Minimum operating lease obligations in 2020	22.0
Rent expense	67.1	60.6	59.2
Fair value of funds for the payment of benefits associated with nonqualified retirement plans included in other noncurrent assets	48.4	55.4
Unrealized pre-tax gains included in accumulated other comprehensive loss on available-for-sale securities	$ 5.2	5.3
Number of union contracts expiring in 2016 | Contract	3
Facilities covered by union contracts | Facility	10
Cash and cash equivalents maturity period	Three months or less
The period under which uncertain tax positions are considered short term	1 year
Deferred net gains recognized in accumulated other comprehensive loss		18.3
Number of reporting units | ReportingUnits	6
Foreign Currency Translation Adjustment [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive (loss) income	$ (2.3)	$ 31.7	$ 61.5	$ 67.0
Machinery and equipment [Member] | Maximum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful life of assets	20 years
Machinery and equipment [Member] | Minimum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful life of assets	3 years
Capitalized software costs [Member] | Maximum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful life of assets	7 years
Capitalized software costs [Member] | Minimum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful life of assets	1 year
Buildings, fixtures, and improvements [Member] | Maximum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful life of assets	40 years
Buildings, fixtures, and improvements [Member] | Minimum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful life of assets	5 years
Seamild [Member]
Schedule of Equity Method Investments [Line Items]
Percentage of equity interest acquired	25.00%
Equity method investment	$ 35.9
Natural Blend [Member]
Schedule of Equity Method Investments [Line Items]
Percentage of equity interest acquired	50.00%
Equity method investment	$ 10.6
Mountain Country Foods [Member]
Schedule of Equity Method Investments [Line Items]
Percentage of equity interest acquired	20.00%
Equity method investment	$ 19.1
Unionized Employees [Member] | Number of Employees, Total [Member]
Concentration Risk [Line Items]
Percentage of concentration risk	28.00%
Unionized Employees Subject to Union Contracts Expiring within One Year | Number of Employees, Total [Member]
Concentration Risk [Line Items]
Percentage of concentration risk	11.00%
2015 Options [Member] | Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Requisite service and performance period for share based payments	3 years
2015 Options [Member] | Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Requisite service and performance period for share based payments	1 year

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Consolidated Balance Sheets (Parenthetical) - shares	Apr. 30, 2015	Apr. 30, 2014
Consolidated Balance Sheets [Abstract]
Serial preferred shares, no par value, shares authorized	6,000,000	6,000,000
Serial preferred shares, no par value, shares outstanding	0	0
Common shares, no par value, shares authorized	300,000,000	300,000,000
Common shares, no par value, shares outstanding	119,577,333	101,697,400
Treasury shares, shares outstanding	26,920,397	26,907,765

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Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions		12 Months Ended
		Apr. 30, 2015	Apr. 30, 2014	Apr. 30, 2013
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated Other Comprehensive (Loss) Income, Beginning Balance		$ (51.6)	$ (76.6)	$ (84.0)
Reclassification adjustments		(18.7)	30.5	60.5
Current period (charge) credit		(54.3)	24.5	(46.4)
Income tax benefit (expense)		14.8	(30.0)	(6.7)
Accumulated Other Comprehensive (Loss) Income, Ending Balance		(109.8)	(51.6)	(76.6)
Foreign Currency Translation Adjustment [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated Other Comprehensive (Loss) Income, Beginning Balance		31.7	61.5	67.0
Reclassification adjustments		0.0	0.0	0.0
Current period (charge) credit		(34.0)	(29.8)	(5.5)
Income tax benefit (expense)		0.0	0.0	0.0
Accumulated Other Comprehensive (Loss) Income, Ending Balance		(2.3)	31.7	61.5
Unrealized (Loss) Gain on Cash Flow Hedging Derivatives [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated Other Comprehensive (Loss) Income, Beginning Balance	[1]	15.3	(11.2)	(19.2)
Reclassification adjustments	[1]	(28.5)	20.9	40.1
Current period (charge) credit	[1]	(4.0)	21.0	(27.5)
Income tax benefit (expense)	[1]	12.0	(15.4)	(4.6)
Accumulated Other Comprehensive (Loss) Income, Ending Balance	[1]	(5.2)	15.3	(11.2)
Pension and Other Postretirement Liabilities [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated Other Comprehensive (Loss) Income, Beginning Balance	[2]	(102.0)	(131.4)	(134.3)
Reclassification adjustments	[2]	9.8	13.3	20.4
Current period (charge) credit	[2]	(16.2)	31.4	(16.5)
Income tax benefit (expense)	[2]	2.8	(15.3)	(1.0)
Accumulated Other Comprehensive (Loss) Income, Ending Balance	[2]	(105.6)	(102.0)	(131.4)
Unrealized Gain On Available-for-Sale Securities [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated Other Comprehensive (Loss) Income, Beginning Balance	[3]	3.4	4.5	2.5
Reclassification adjustments	[3]	0.0	(3.7)	0.0
Current period (charge) credit	[3]	(0.1)	1.9	3.1
Income tax benefit (expense)	[3]	0.0	0.7	(1.1)
Accumulated Other Comprehensive (Loss) Income, Ending Balance	[3]	3.3	3.4	4.5
Interest rate contract [Member] | Fair Value Hedging [Member] | Interest Expense [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gains (losses) reclassified from accumulated other comprehensive loss to earnings (effective portion)		(0.6)	(0.6)	(0.5)
Commodity contracts [Member] | Cash Flow Hedging [Member] | Cost of Products Sold [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gains (losses) reclassified from accumulated other comprehensive loss to earnings (effective portion)		$ 29.1	$ (20.3)	$ (39.6)

[1] Of the total reclassification adjustments from accumulated other comprehensive loss, $29.1 of income and $20.3 and $39.6 of expense were reclassified to cost of products sold related to commodity derivatives during 2015, 2014, and 2013, respectively. An additional $0.6 during 2015 and 2014, and $0.5 during 2013 was reclassified to interest expense related to the interest rate swap. At April 30, 2015, the remaining balance in accumulated other comprehensive loss related entirely to the interest rate swap.

[2] Amortization of net losses was reclassified from accumulated other comprehensive loss to selling, distribution, and administrative expenses.

[3] The gain on the sale of marketable securities was reclassified from accumulated other comprehensive loss to other income net during 2014.

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Acquisitions

12 Months Ended

Apr. 30, 2015

Acquisitions [Abstract]

Acquisitions

NOTE 2 ACQUISITIONS

On March 23, 2015, we completed the acquisition of Big Heart, a leading producer, distributor, and marketer of premium-quality, branded pet food and pet snacks in the U.S., through the acquisition of Blue Acquisition Group, Inc. (“BAG”), Big Heart’s parent company. As a result of the acquisition, the assets and liabilities of BAG are now held by a direct wholly-owned subsidiary of the Company.

The total consideration paid in connection with the acquisition was $5.9 billion, as set forth below, which included the issuance of 17.9 million of our common shares to BAG’s shareholders, valued at $2.0 billion based on the average stock price of our common shares on March 23, 2015. After the closing of the transaction, we had approximately 120.0 million common shares outstanding. We assumed $2.6 billion in debt, including Big Heart’s senior secured term loan and senior notes, and we paid an additional $1.2 billion in cash, which is subject to a working capital adjustment. As part of the transaction, new debt of $5.4 billion was borrowed, consisting of a $1.8 billion bank term loan and $3.7 billion in long-term notes, and Big Heart’s debt obligations and our existing private placement Senior Notes were paid off.

Shares issued	$	2,035.5
Assumed debt from Big Heart		2,630.2
Cash consideration, net of cash acquired		1,240.0
Total purchase price	$	5,905.7

The transaction was accounted for under the acquisition method of accounting and, accordingly, the results of Big Heart’s operations, including $244.5 in revenue and an operating loss of $26.0, are included in our consolidated financial statements from the date of acquisition.

Total one-time costs related to the acquisition are expected to be approximately $225.0, of which approximately $150.0 are expected to be cash charges. The one-time costs consist primarily of employee-related costs, outside service and consulting costs, and other costs directly related to the acquisition. These one-time costs are anticipated to be incurred primarily over the next three years, with one-half of the costs expected to be recognized in 2016. We incurred costs of $36.0 to date that were directly related to the merger and integration of Big Heart, and the majority of these charges were reported in other special project costs in the Statement of Consolidated Income. Due to the nature of these costs, they were expensed as incurred.

The Big Heart purchase price was preliminarily allocated to the underlying assets acquired and liabilities assumed based upon their estimated fair values at the date of acquisition. We determined the estimated fair values based on independent appraisals, discounted cash flow analyses, quoted market prices, and estimates made by management. The purchase price exceeded the estimated fair value of the net identifiable tangible and intangible assets acquired and, as such, the excess was allocated to goodwill.

The following table summarizes the preliminary fair values of the assets acquired and liabilities assumed at the acquisition date.

Assets acquired:
Trade receivables	$	142.0
Inventories		257.7
Other current assets		210.7
Property, plant, and equipment		324.0
Intangible assets		4,009.8
Goodwill		2,871.2
Other noncurrent assets		38.0
Total assets acquired	$	7,853.4
Liabilities assumed:
Current liabilities	$	398.9
Deferred tax liabilities		1,464.0
Other noncurrent liabilities		84.8
Total liabilities assumed	$	1,947.7
Net assets acquired	$	5,905.7

As a result of the acquisition, we recognized a total of $2.9 billion of goodwill, of which $91.5 is deductible for tax purposes. Goodwill represents the value we expect to achieve through the implementation of operational synergies and growth opportunities across our segments. The final allocation of goodwill to our reporting units was not complete as of April 30, 2015, due to the timing of the acquisition, but will be complete by the end of 2016. Certain estimated values for the acquisition, including goodwill, intangible assets, property, plant, and equipment, contingent liabilities, and income taxes, are not yet finalized. The purchase price was preliminarily allocated based on information available at the acquisition date and is subject to change as we complete our analysis of the fair values at the date of acquisition during the measurement period not to exceed one year as permitted under FASB ASC 805, Business Combinations.

The purchase price was preliminarily allocated to the identifiable intangible assets acquired as follows:

Intangible assets with finite lives:
Customer relationships (25-year useful life)	$	2,289.8
Trademarks (15-year useful life)		257.0
Intangible assets with indefinite lives:
Trademarks		1,463.0
Total intangible assets	$	4,009.8

Big Heart’s results of operations are included in our consolidated financial statements from the date of the transaction. Had the transaction occurred on May 1, 2013, unaudited pro forma consolidated results for the years ended April 30, 2015 and 2014, would have been as follows:

	Year Ended April 30,
	2015		2014
Net sales	$	7,732.5	$	7,800.7
Net income		541.8		547.7
Net income per common share – assuming dilution		4.53		4.48

The unaudited pro forma consolidated results are based on our historical financial statements and those of Big Heart, and do not necessarily indicate the results of operations that would have resulted had the acquisition been completed at the beginning of the applicable period presented. The most significant pro forma adjustments relate to the elimination of acquisition-related costs incurred prior to the close of the transaction, amortization of intangible assets, depreciation of property, plant, and equipment, elimination of other debt costs discussed in Note 6: Debt and Financing Arrangements, and higher interest expense associated with the bank term loan and long-term notes. Of these adjustments, the elimination of acquisition-related costs and other debt costs of $108.3 and $173.3, respectively, are nonrecurring. The unaudited pro forma consolidated results do not give effect to the synergies of the acquisition and are not indicative of the results of operations in future periods.

In addition to the Big Heart acquisition, on September 2, 2014, we completed the acquisition of Sahale Snacks, Inc. (“Sahale”), a privately-held manufacturer and marketer of premium, branded nut and fruit snacks for $80.5 in cash consideration, net of a working capital adjustment. As a result, Sahale became a wholly-owned subsidiary of the Company. 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 included total intangible assets of $30.4. The purchase price exceeded the estimated fair value of the net identifiable tangible and intangible assets acquired and, as a result, the excess was allocated to goodwill. Preliminary valuations resulted in Sahale goodwill of $47.9, and the entire amount was assigned to the U.S. Retail Consumer Foods segment. Sahale goodwill is preliminary as of April 30, 2015, pending the finalization of our tax basis. The results of operations of Sahale are included in the consolidated financial statements from the date of the transaction and did not have a material impact on the year ended 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 included intangible assets of $37.6 in total for Enray and Silocaf. The purchase price for both Enray and Silocaf exceeded the estimated fair value of the net identifiable tangible and intangible assets acquired and as a result, 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. The results of operations for both of the acquired businesses are included in the consolidated financial statements from the dates of the transactions and did not have a material impact on the years ended April 30, 2015 and 2014.

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Pensions and Other Postretirement Benefits (Details 1) - USD ($) $ in Millions	12 Months Ended
	Apr. 30, 2015	Apr. 30, 2014	Apr. 30, 2013
Defined Benefit Pension Plans [Member]
Other changes in plan assets and benefit liabilities recognized in accumulated other comprehensive loss before income taxes:
Prior service (cost) credit arising during the year	$ (0.3)	$ 0.0	$ (4.0)
Net actuarial (loss) gain arising during the year	(23.7)	19.3	(20.5)
Amortization of prior service cost (credit)	1.0	1.2	1.0
Amortization of net actuarial loss (gain)	10.0	13.2	13.1
Curtailment loss	0.0	0.0	2.0
Settlement loss	3.5	0.0	6.7
Foreign currency translation	2.7	2.9	0.9
Net change for year	(6.8)	36.6	(0.8)
Other Postretirement Benefits [Member]
Other changes in plan assets and benefit liabilities recognized in accumulated other comprehensive loss before income taxes:
Prior service (cost) credit arising during the year	0.0	1.7	9.6
Net actuarial (loss) gain arising during the year	1.6	7.5	(4.5)
Amortization of prior service cost (credit)	(1.1)	(1.1)	(0.4)
Amortization of net actuarial loss (gain)	(0.1)	0.0	0.0
Curtailment loss	0.0	0.0	0.0
Settlement loss	0.0	0.0	0.0
Foreign currency translation	0.0	0.0	0.0
Net change for year	$ 0.4	$ 8.1	$ 4.7

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Income Taxes (Details 1) - USD ($) $ in Millions	12 Months Ended
	Apr. 30, 2015	Apr. 30, 2014	Apr. 30, 2013
Current:
Federal	$ 147.8	$ 265.4	$ 262.1
Foreign	4.7	4.2	6.1
State and local	17.9	22.9	20.5
Deferred:
Federal	2.3	(13.9)	(15.6)
Foreign	0.5	2.4	0.9
State and local	4.9	3.5	(0.9)
Total income tax expense	$ 178.1	$ 284.5	$ 273.1

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Derivative Financial Instruments (Details 2) - USD ($) $ in Millions	12 Months Ended
	Apr. 30, 2015	Apr. 30, 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	$ (39.7)	$ 8.5
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	(48.5)	5.2
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	$ 8.8	$ 3.3

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Acquisitions (Tables)

12 Months Ended

Apr. 30, 2015

Acquisitions [Abstract]

Components of business acquisition purchase price

Shares issued	$	2,035.5
Assumed debt from Big Heart		2,630.2
Cash consideration, net of cash acquired		1,240.0
Total purchase price	$	5,905.7

Estimated fair values of the assets acquired and liabilities assumed

Assets acquired:
Trade receivables	$	142.0
Inventories		257.7
Other current assets		210.7
Property, plant, and equipment		324.0
Intangible assets		4,009.8
Goodwill		2,871.2
Other noncurrent assets		38.0
Total assets acquired	$	7,853.4
Liabilities assumed:
Current liabilities	$	398.9
Deferred tax liabilities		1,464.0
Other noncurrent liabilities		84.8
Total liabilities assumed	$	1,947.7
Net assets acquired	$	5,905.7

The purchase price allocated to the identifiable intangible assets

Intangible assets with finite lives:
Customer relationships (25-year useful life)	$	2,289.8
Trademarks (15-year useful life)		257.0
Intangible assets with indefinite lives:
Trademarks		1,463.0
Total intangible assets	$	4,009.8

Business acquisition pro forma information

	Year Ended April 30,
	2015		2014
Net sales	$	7,732.5	$	7,800.7
Net income		541.8		547.7
Net income per common share – assuming dilution		4.53		4.48

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Other Financial Instruments and Fair Value Measurements (Details 1) - USD ($) $ in Millions		Apr. 30, 2015	Apr. 30, 2014
Financial assets (liabilities) measured at fair value on a recurring basis
Other investments	[1]	$ 9.7	$ 12.0
Municipal obligations [Member]
Financial assets (liabilities) measured at fair value on a recurring basis
Other investments	[1]	37.9	34.4
Money Market Funds [Member]
Financial assets (liabilities) measured at fair value on a recurring basis
Other investments	[1]	0.8	9.0
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	[1]	9.7	12.0
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	[1]	0.0	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	[1]	0.8	9.0
Significant Observable Inputs (Level 2) [Member] | Equity mutual funds [Member]
Financial assets (liabilities) measured at fair value on a recurring basis
Other investments	[1]	0.0	0.0
Significant Observable Inputs (Level 2) [Member] | Municipal obligations [Member]
Financial assets (liabilities) measured at fair value on a recurring basis
Other investments	[1]	37.9	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	[1]	0.0	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	[1]	0.0	0.0
Significant Unobservable Inputs (Level 3) [Member] | Municipal obligations [Member]
Financial assets (liabilities) measured at fair value on a recurring basis
Other investments	[1]	0.0	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	[1]	0.0	0.0
Fair value measurements recurring [Member]
Financial assets (liabilities) measured at fair value on a recurring basis
Long-term debt	[2]	(6,011.3)	(2,239.1)
Total financial instruments measured at fair value		(5,980.2)	(2,149.8)
Fair value measurements recurring [Member] | Commodity contracts - net [Member]
Financial assets (liabilities) measured at fair value on a recurring basis
Derivatives	[3]	(21.1)	18.3
Fair value measurements recurring [Member] | Foreign currency exchange contracts - net [Member]
Financial assets (liabilities) measured at fair value on a recurring basis
Derivatives	[3]	3.8	0.7
Fair value measurements recurring [Member] | Interest rate contract - net [Member]
Financial assets (liabilities) measured at fair value on a recurring basis
Derivatives	[3]	0.0	14.9
Fair value measurements recurring [Member] | 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	[2]	(4,459.0)	(772.0)
Total financial instruments measured at fair value		(4,461.1)	(737.5)
Fair value measurements recurring [Member] | 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
Derivatives	[3]	(12.4)	13.5
Fair value measurements recurring [Member] | 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
Derivatives	[3]	(0.2)	0.0
Fair value measurements recurring [Member] | 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
Derivatives	[3]	0.0	0.0
Fair value measurements recurring [Member] | Significant Observable Inputs (Level 2) [Member]
Financial assets (liabilities) measured at fair value on a recurring basis
Long-term debt	[2]	(1,552.3)	(1,467.1)
Total financial instruments measured at fair value		(1,519.1)	(1,412.3)
Fair value measurements recurring [Member] | Significant Observable Inputs (Level 2) [Member] | Commodity contracts - net [Member]
Financial assets (liabilities) measured at fair value on a recurring basis
Derivatives	[3]	(8.7)	4.8
Fair value measurements recurring [Member] | Significant Observable Inputs (Level 2) [Member] | Foreign currency exchange contracts - net [Member]
Financial assets (liabilities) measured at fair value on a recurring basis
Derivatives	[3]	4.0	0.7
Fair value measurements recurring [Member] | Significant Observable Inputs (Level 2) [Member] | Interest rate contract - net [Member]
Financial assets (liabilities) measured at fair value on a recurring basis
Derivatives	[3]	0.0	14.9
Fair value measurements recurring [Member] | Significant Unobservable Inputs (Level 3) [Member]
Financial assets (liabilities) measured at fair value on a recurring basis
Long-term debt	[2]	0.0	0.0
Total financial instruments measured at fair value		0.0	0.0
Fair value measurements recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Commodity contracts - net [Member]
Financial assets (liabilities) measured at fair value on a recurring basis
Derivatives	[3]	0.0	0.0
Fair value measurements recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Foreign currency exchange contracts - net [Member]
Financial assets (liabilities) measured at fair value on a recurring basis
Derivatives	[3]	0.0	0.0
Fair value measurements recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Interest rate contract - net [Member]
Financial assets (liabilities) measured at fair value on a recurring basis
Derivatives	[3]	$ 0.0	$ 0.0

[1] 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 that are derived principally from or corroborated by observable market data, and money market funds with maturities of three months or less. Based on the short-term nature of these money market funds, carrying value approximates fair value. As of April 30, 2015, our municipal obligations are scheduled to mature as follows: $0.9 in 2016, $1.3 in 2017, $1.1 in 2018, $3.0 in 2019, and the remaining $31.6 in 2020 and beyond. For additional information, see Marketable Securities and Other Investments in Note 1: Accounting Policies.

[2] Long-term debt is comprised of $750.0 in public Senior Notes and the $3.7 billion Senior Notes issued in 2015 classified as Level 1 and the Term Loan classified as Level 2 in 2015. Long-term debt is comprised of public Senior Notes classified as Level 1 and private Senior Notes classified as Level 2 in 2014. The public Senior Notes are traded in an active secondary market and valued using quoted prices. The value of the private Senior Notes and Term Loan are 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 private Senior Notes or an estimated yield curve obtained from independent pricing sources for similar types of term loan borrowing arrangements. For additional information, see Note 6: Debt and Financing Arrangements.

[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 8: Derivative Financial Instruments.

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Restructuring (Tables)

12 Months Ended

Apr. 30, 2015

Restructuring [Abstract]

Restructuring and related charges

	Long-Lived Asset Charges		Employee Separation		Site Preparation and Equipment Relocation		Production Start-up		Other Costs		Total
Total restructuring charge	$	102.7	$	64.0	$	45.5	$	42.2	$	9.4	$	263.8
Balance at May 1, 2012	$	—	$	8.8	$	—	$	—	$	—	$	8.8
Charge to expense		8.2		3.4		13.4		10.8		3.0		38.8
Cash payments		—		(4.5)		(13.4)		(10.8)		(3.0)		(31.7)
Noncash utilization		(8.2)		—		—		—		—		(8.2)
Balance at April 30, 2013	$	—	$	7.7	$	—	$	—	$	—	$	7.7
Charge to expense		2.7		2.6		7.2		7.2		1.1		20.8
Cash payments		—		(8.4)		(7.2)		(7.2)		(1.1)		(23.9)
Noncash utilization		(2.7)		(0.2)		—		—		—		(2.9)
Balance at April 30, 2014	$	—	$	1.7	$	—	$	—	$	—	$	1.7
Charge to expense		0.1		0.5		5.3		8.4		1.1		15.4
Cash payments		—		(1.7)		(5.3)		(8.4)		(1.1)		(16.5)
Noncash utilization		(0.1)		—		—		—		—		(0.1)
Balance at April 30, 2015	$	—	$	0.5	$	—	$	—	$	—	$	0.5

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Accumulated Other Comprehensive Income (Loss)

12 Months Ended

Apr. 30, 2015

Accumulated Other Comprehensive (Loss) Income [Abstract]

Accumulated Other Comprehensive Loss

NOTE 12 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.

	Foreign Currency Translation Adjustment		Unrealized (Loss) Gain on Cash Flow Hedging Derivatives (A)		Pension and Other Postretirement Liabilities (B)		Unrealized Gain on Available-for-Sale Securities (C)		Accumulated Other Comprehensive Loss
Balance at May 1, 2012	$	67.0	$	(19.2)	$	(134.3)	$	2.5	$	(84.0
Reclassification adjustments		—		40.1		20.4		—		60.5
Current period (charge) credit		(5.5)		(27.5)		(16.5)		3.1		(46.4)
Income tax expense		—		(4.6)		(1.0)		(1.1)		(6.7)
Balance at April 30, 2013	$	61.5	$	(11.2)	$	(131.4)	$	4.5	$	(76.6)
Reclassification adjustments		—		20.9		13.3		(3.7)		30.5
Current period (charge) credit		(29.8)		21.0		31.4		1.9		24.5
Income tax (expense) benefit		—		(15.4)		(15.3)		0.7		(30.0)
Balance at April 30, 2014	$	31.7	$	15.3	$	(102.0)	$	3.4	$	(51.6)
Reclassification adjustments		—		(28.5)		9.8		—		(18.7)
Current period charge		(34.0)		(4.0)		(16.2)		(0.1)		(54.3)
Income tax benefit		—		12.0		2.8		—		14.8
Balance at April 30, 2015	$	(2.3)	$	(5.2)	$	(105.6)	$	3.3	$	(109.8)

(A) Of the total reclassification adjustments from accumulated other comprehensive loss, $29.1 of income and $20.3 and $39.6 of expense were reclassified to cost of products sold related to commodity derivatives during 2015, 2014, and 2013, respectively. An additional $0.6 during 2015 and 2014, and $0.5 during 2013 was reclassified to interest expense related to the interest rate swap. At April 30, 2015, the remaining balance in accumulated other comprehensive loss related entirely to the interest rate swap.

(B) Amortization of net losses was reclassified from accumulated other comprehensive loss to selling, distribution, and administrative expenses.

(C) The gain on the sale of marketable securities was reclassified from accumulated other comprehensive loss to other income – net during 2014.