2020 Q2 Form 10-K Financial Statement

#000009141920000065 Filed on June 19, 2020

View on sec.gov

Income Statement

Concept 2020 Q2 2019 Q2 2019 Q1
Revenue $2.092B $1.902B $2.012B
YoY Change 9.98% 6.78% 5.71%
Cost Of Revenue $1.304B $1.210B $1.238B
YoY Change 7.76% 11.3% 5.39%
Gross Profit $788.4M $692.4M $773.8M
YoY Change 13.86% 0.28% 6.22%
Gross Profit Margin 37.69% 36.4% 38.46%
Selling, General & Admin $373.4M $369.8M $373.1M
YoY Change 0.97% 15.6% 12.86%
% of Gross Profit 47.36% 53.41% 48.22%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $113.4M $112.3M $110.9M
YoY Change 0.98% 10.97% 6.94%
% of Gross Profit 14.38% 16.22% 14.33%
Operating Expenses $435.1M $428.8M $373.1M
YoY Change 1.47% 89.99% 12.86%
Operating Profit $353.3M $263.6M $217.6M
YoY Change 34.03% -43.29% 32.68%
Interest Expense -$45.60M -$49.10M -$51.60M
YoY Change -7.13% 3.59% 19.72%
% of Operating Profit -12.91% -18.63% -23.71%
Other Income/Expense, Net -$2.700M -$2.600M -$8.800M
YoY Change 3.85% -50.0% 79.59%
Pretax Income $298.4M $101.9M $157.2M
YoY Change 192.84% -61.43% 35.52%
Income Tax $72.10M $30.40M $35.80M
% Of Pretax Income 24.16% 29.83% 22.77%
Net Earnings $226.3M $71.50M $121.4M
YoY Change 216.5% -61.54% -85.4%
Net Earnings / Revenue 10.82% 3.76% 6.03%
Basic Earnings Per Share $1.98 $0.63 $1.07
Diluted Earnings Per Share $1.98 $0.63 $1.07
COMMON SHARES
Basic Shares Outstanding 114.0M shares 113.7M shares 113.2M shares
Diluted Shares Outstanding 113.2M shares

Balance Sheet

Concept 2020 Q2 2019 Q2 2019 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $391.0M $101.0M $207.0M
YoY Change 287.13% -47.67% 11.29%
Cash & Equivalents $391.1M $101.3M $206.5M
Short-Term Investments
Other Short-Term Assets $134.9M $109.8M $92.40M
YoY Change 22.86% -10.29% 0.54%
Inventory $895.3M $910.3M $924.7M
Prepaid Expenses
Receivables $551.4M $503.8M $502.6M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $1.973B $1.625B $1.726B
YoY Change 21.38% 4.51% 7.22%
LONG-TERM ASSETS
Property, Plant & Equipment $1.969B $1.912B $1.848B
YoY Change 2.98% 10.6% 13.11%
Goodwill $6.305B $6.311B $6.439B
YoY Change -0.1% 6.2% 8.23%
Intangibles $6.429B $6.719B $6.759B
YoY Change -4.31% 13.56% 13.2%
Long-Term Investments $39.00M $41.00M
YoY Change -4.88%
Other Assets $13.03B $13.17B $13.35B
YoY Change -1.1% 9.62% 10.49%
Total Long-Term Assets $15.00B $15.09B $15.20B
YoY Change -0.59% 9.75% 10.8%
TOTAL ASSETS
Total Short-Term Assets $1.973B $1.625B $1.726B
Total Long-Term Assets $15.00B $15.09B $15.20B
Total Assets $16.97B $16.71B $16.93B
YoY Change 1.55% 9.22% 10.43%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $782.0M $591.0M $519.6M
YoY Change 32.32% 15.41% 10.27%
Accrued Expenses $304.0M $228.0M $117.0M
YoY Change 33.33% 25.97% 0.0%
Deferred Revenue
YoY Change
Short-Term Debt $248.0M $426.0M $504.0M
YoY Change -41.78% 195.83% 98.43%
Long-Term Debt Due $0.00 $798.5M $299.3M
YoY Change -100.0%
Total Short-Term Liabilities $1.587B $2.342B $1.816B
YoY Change -32.22% 126.49% 66.66%
LONG-TERM LIABILITIES
Long-Term Debt $5.373B $4.686B $5.286B
YoY Change 14.66% -0.04% 12.74%
Other Long-Term Liabilities $98.20M $110.3M $354.2M
YoY Change -10.97% 4.95% -3.22%
Total Long-Term Liabilities $7.192B $6.399B $7.090B
YoY Change 12.39% 0.36% 10.17%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.587B $2.342B $1.816B
Total Long-Term Liabilities $7.192B $6.399B $7.090B
Total Liabilities $8.780B $8.741B $8.906B
YoY Change 0.44% 17.96% 18.35%
SHAREHOLDERS EQUITY
Retained Earnings $2.747B $2.368B $2.393B
YoY Change 16.02% 5.73% 12.5%
Common Stock $5.794B $5.756B $5.753B
YoY Change 0.67% 0.28% 0.24%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares 32.43M shares 32.76M shares 32.70M shares
Shareholders Equity $8.191B $7.971B $8.022B
YoY Change
Total Liabilities & Shareholders Equity $16.97B $16.71B $16.93B
YoY Change 1.55% 9.22% 10.43%

Cashflow Statement

Concept 2020 Q2 2019 Q2 2019 Q1
OPERATING ACTIVITIES
Net Income $226.3M $71.50M $121.4M
YoY Change 216.5% -61.54% -85.4%
Depreciation, Depletion And Amortization $113.4M $112.3M $110.9M
YoY Change 0.98% 10.97% 6.94%
Cash From Operating Activities $287.7M $274.2M $421.1M
YoY Change 4.92% -12.79% -10.21%
INVESTING ACTIVITIES
Capital Expenditures -$76.40M -$92.60M -$88.10M
YoY Change -17.49% -17.03% 9.71%
Acquisitions
YoY Change
Other Investing Activities -$17.50M -$8.800M -$15.80M
YoY Change 98.86% -251.72% -206.76%
Cash From Investing Activities -$93.90M -$101.4M -$103.9M
YoY Change -7.4% -4.16% 58.63%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 127.4M -274.6M -282.6M
YoY Change -146.39% 39.53% -30.05%
NET CHANGE
Cash From Operating Activities 287.7M 274.2M 421.1M
Cash From Investing Activities -93.90M -101.4M -103.9M
Cash From Financing Activities 127.4M -274.6M -282.6M
Net Change In Cash 321.2M -101.8M 34.60M
YoY Change -415.52% -962.71% -7020.0%
FREE CASH FLOW
Cash From Operating Activities $287.7M $274.2M $421.1M
Capital Expenditures -$76.40M -$92.60M -$88.10M
Free Cash Flow $364.1M $366.8M $509.2M
YoY Change -0.74% -13.9% -7.3%

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<span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%;">Use of Estimates:</span><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;"> The preparation of consolidated financial statements in conformity with U.S. 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, among others: estimates of future cash flows associated with assets, potential 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 rates and other assumptions for defined benefit pension and other postretirement benefit expenses. Actual results could differ from these estimates.</span>
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CY2019 sjm Net Mark To Market Valuation Of Certain Derivative Positions Recognized In Unallocated Derivative Gains Losses
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-54200000 USD
CY2018 sjm Net Mark To Market Valuation Of Certain Derivative Positions Recognized In Unallocated Derivative Gains Losses
NetMarkToMarketValuationOfCertainDerivativePositionsRecognizedInUnallocatedDerivativeGainsLosses
37300000 USD
CY2020 us-gaap Restructuring Charges
RestructuringCharges
16500000 USD
CY2019 us-gaap Restructuring Charges
RestructuringCharges
64100000 USD
CY2018 us-gaap Restructuring Charges
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45400000 USD
CY2020 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
298100000 USD
CY2019 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
292000000.0 USD
CY2018 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
287500000 USD
CY2020 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-7200000 USD
CY2019 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-19100000 USD
CY2018 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-8900000 USD
CY2020 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
1026700000 USD
CY2019 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
701600000 USD
CY2018 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
861000000.0 USD
CY2020Q2 us-gaap Assets
Assets
16970400000 USD
CY2019Q2 us-gaap Assets
Assets
16711300000 USD
CY2018Q2 us-gaap Assets
Assets
15301200000 USD
CY2020 sjm Depreciation Amortization And Impairment Charges
DepreciationAmortizationAndImpairmentCharges
498900000 USD
CY2019 sjm Depreciation Amortization And Impairment Charges
DepreciationAmortizationAndImpairmentCharges
651400000 USD
CY2018 sjm Depreciation Amortization And Impairment Charges
DepreciationAmortizationAndImpairmentCharges
590000000.0 USD
CY2020 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
269300000 USD
CY2019 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
359800000 USD
CY2018 us-gaap Payments To Acquire Property Plant And Equipment
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321900000 USD
CY2020 us-gaap Revenue From Contract With Customer Including Assessed Tax
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7801000000.0 USD
CY2019 us-gaap Revenue From Contract With Customer Including Assessed Tax
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7838000000.0 USD
CY2018 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
7357100000 USD
CY2020Q2 us-gaap Assets
Assets
16970400000 USD
CY2019Q2 us-gaap Assets
Assets
16711300000 USD
CY2018Q2 us-gaap Assets
Assets
15301200000 USD
CY2020Q2 sjm Long Lived Assets Excluding Intangibles
LongLivedAssetsExcludingIntangibles
2264200000 USD
CY2019Q2 sjm Long Lived Assets Excluding Intangibles
LongLivedAssetsExcludingIntangibles
2056400000 USD
CY2018Q2 sjm Long Lived Assets Excluding Intangibles
LongLivedAssetsExcludingIntangibles
1887500000 USD
CY2020 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
7801000000.0 USD
CY2019 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
7838000000.0 USD
CY2018 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
7357100000 USD
CY2020 sjm Percentofproductsalesattributabletoprimaryreportablesegment
Percentofproductsalesattributabletoprimaryreportablesegment
0.75
CY2020 us-gaap Net Income Loss
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779500000 USD
CY2019 us-gaap Net Income Loss
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514400000 USD
CY2018 us-gaap Net Income Loss
NetIncomeLoss
1338600000 USD
CY2020 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Diluted
UndistributedEarningsLossAllocatedToParticipatingSecuritiesDiluted
4400000 USD
CY2019 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Diluted
UndistributedEarningsLossAllocatedToParticipatingSecuritiesDiluted
2600000 USD
CY2018 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Diluted
UndistributedEarningsLossAllocatedToParticipatingSecuritiesDiluted
6800000 USD
CY2020 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
775100000 USD
CY2019 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
511800000 USD
CY2018 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
1331800000 USD
CY2020 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
113400000 shares
CY2019 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
113100000 shares
CY2018 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
113000000.0 shares
CY2020 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0 shares
CY2019 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0 shares
CY2018 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0 shares
CY2020 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
113400000 shares
CY2019 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
113100000 shares
CY2018 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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113000000.0 shares
CY2020 us-gaap Finite Lived Intangible Asset Useful Life
FiniteLivedIntangibleAssetUsefulLife
P23Y
CY2020 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
6.84
CY2019 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
4.52
CY2018 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
11.79
CY2020 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
6.84
CY2019 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
4.52
CY2018 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
11.78
CY2018Q2 us-gaap Goodwill
Goodwill
5942200000 USD
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GoodwillAcquiredDuringPeriod
617800000 USD
CY2019 us-gaap Goodwill Acquired During Period
GoodwillAcquiredDuringPeriod
617800000 USD
CY2019 us-gaap Goodwill Written Off Related To Sale Of Business Unit
GoodwillWrittenOffRelatedToSaleOfBusinessUnit
144300000 USD
CY2019 us-gaap Goodwill Impairment Loss
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97900000 USD
CY2019 us-gaap Goodwill Other Increase Decrease
GoodwillOtherIncreaseDecrease
-6900000 USD
CY2019Q2 us-gaap Goodwill
Goodwill
6310900000 USD
CY2020 us-gaap Goodwill Other Increase Decrease
GoodwillOtherIncreaseDecrease
-6400000 USD
CY2020Q2 us-gaap Goodwill
Goodwill
6304500000 USD
CY2020Q2 us-gaap Goodwill Impaired Accumulated Impairment Loss
GoodwillImpairedAccumulatedImpairmentLoss
242900000 USD
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5301600000 USD
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1802400000 USD
CY2020Q2 us-gaap Finite Lived Intangible Assets Net
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3499200000 USD
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5139500000 USD
CY2019Q2 sjm Accumulated Amortization Impairment Charges And Foreign Currency Exchange Expense For Finite Lived Assets
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1451100000 USD
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3688400000 USD
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8459700000 USD
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2030700000 USD
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6429000000.0 USD
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8460600000 USD
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1741800000 USD
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6718800000 USD
CY2020 us-gaap Adjustment For Amortization
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235300000 USD
CY2019 us-gaap Adjustment For Amortization
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239100000 USD
CY2018 us-gaap Adjustment For Amortization
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204800000 USD
CY2020Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
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238700000 USD
CY2020Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
232800000 USD
CY2020Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
225500000 USD
CY2020Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
220800000 USD
CY2020Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseYearFive
217300000 USD
CY2020Q1 us-gaap Number Of Reporting Units
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6 reporting_unit
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5400000000.0 USD
CY2020Q2 us-gaap Long Term Debt
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CY2019Q2 us-gaap Debt Instrument Face Amount
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5500000000.0 USD
CY2019Q2 us-gaap Long Term Debt
LongTermDebt
5484800000 USD
CY2020Q2 us-gaap Long Term Debt Current
LongTermDebtCurrent
0 USD
CY2019Q2 us-gaap Long Term Debt Current
LongTermDebtCurrent
798500000 USD
CY2020Q2 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
5373300000 USD
CY2019Q2 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
4686300000 USD
CY2020Q2 sjm Percentage Of Principal Amount Thereof At Which Company Can Prepay
PercentageOfPrincipalAmountThereofAtWhichCompanyCanPrepay
1
CY2020 us-gaap Interest Paid
InterestPaid
193400000 USD
CY2019 us-gaap Interest Paid
InterestPaid
213300000 USD
CY2018 us-gaap Interest Paid
InterestPaid
158900000 USD
CY2020 us-gaap Defined Benefit Plans General Information
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when they reach age 55 and have attained 10 years of credited service
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-11700000 USD
CY2020Q2 us-gaap Defined Benefit Plan Expected Amortization Of Prior Service Cost Credit Next Fiscal Year
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-100000 USD
CY2020Q2 sjm Defined Benefit Plan Net Asset Value Of Plan Assets
DefinedBenefitPlanNetAssetValueOfPlanAssets
5100000 USD
CY2019Q2 sjm Defined Benefit Plan Net Asset Value Of Plan Assets
DefinedBenefitPlanNetAssetValueOfPlanAssets
10100000 USD
CY2020Q2 us-gaap Defined Benefit Plan Expected Future Benefit Payments Next Twelve Months
DefinedBenefitPlanExpectedFutureBenefitPaymentsNextTwelveMonths
43700000 USD
CY2020Q2 us-gaap Defined Benefit Plan Expected Future Benefit Payments Year Two
DefinedBenefitPlanExpectedFutureBenefitPaymentsYearTwo
45900000 USD
CY2020Q2 us-gaap Defined Benefit Plan Expected Future Benefit Payments Year Three
DefinedBenefitPlanExpectedFutureBenefitPaymentsYearThree
45600000 USD
CY2020Q2 us-gaap Defined Benefit Plan Expected Future Benefit Payments Year Four
DefinedBenefitPlanExpectedFutureBenefitPaymentsYearFour
45200000 USD
CY2020Q2 us-gaap Defined Benefit Plan Expected Future Benefit Payments Year Five
DefinedBenefitPlanExpectedFutureBenefitPaymentsYearFive
45400000 USD
CY2020Q2 us-gaap Defined Benefit Plan Expected Future Benefit Payments Five Fiscal Years Thereafter
DefinedBenefitPlanExpectedFutureBenefitPaymentsFiveFiscalYearsThereafter
213300000 USD
CY2020 sjm Multiemployer Pension Plans Number Of Plans
MultiemployerPensionPlansNumberOfPlans
1 plan
CY2020 us-gaap Multiemployer Plan Contributions By Employer
MultiemployerPlanContributionsByEmployer
2200000 USD
CY2019 us-gaap Multiemployer Plan Contributions By Employer
MultiemployerPlanContributionsByEmployer
2300000 USD
CY2019Q4 sjm Multiemployer Plan Actual Funded Status
MultiemployerPlanActualFundedStatus
0.504
CY2020 us-gaap Amortization Of Deferred Hedge Gains
AmortizationOfDeferredHedgeGains
8100000 USD
CY2019 us-gaap Amortization Of Deferred Hedge Gains
AmortizationOfDeferredHedgeGains
8000000.0 USD
CY2018 us-gaap Amortization Of Deferred Hedge Gains
AmortizationOfDeferredHedgeGains
7800000 USD
CY2020Q2 us-gaap Margin Deposit Assets
MarginDepositAssets
43200000 USD
CY2019Q2 us-gaap Margin Deposit Assets
MarginDepositAssets
40700000 USD
CY2020 us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
-189200000 USD
CY2019 us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
-207900000 USD
CY2018 us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
-174100000 USD
CY2019 sjm Net Gain Loss On Derivative Positions Reclassified From Derivative Gains Losses To Segment Operating Profit
NetGainLossOnDerivativePositionsReclassifiedFromDerivativeGainsLossesToSegmentOperatingProfit
41400000 USD
CY2020Q2 sjm Other Investment Municipal Bond Matured In Fifth Year And Beyond
OtherInvestmentMunicipalBondMaturedInFifthYearAndBeyond
18200000 USD
CY2020Q2 sjm Other Investment Municipal Bond Matured In Third Year
OtherInvestmentMunicipalBondMaturedInThirdYear
0 USD
CY2020 us-gaap Derivative Instruments Not Designated As Hedging Instruments Gain Loss Net
DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsGainLossNet
-29100000 USD
CY2019 us-gaap Derivative Instruments Not Designated As Hedging Instruments Gain Loss Net
DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsGainLossNet
-95600000 USD
CY2018 us-gaap Derivative Instruments Not Designated As Hedging Instruments Gain Loss Net
DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsGainLossNet
600000 USD
CY2020 us-gaap Derivative Instruments Not Designated As Hedging Instruments Gain Loss Net
DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsGainLossNet
-29100000 USD
CY2019 us-gaap Derivative Instruments Not Designated As Hedging Instruments Gain Loss Net
DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsGainLossNet
-95600000 USD
CY2018 us-gaap Derivative Instruments Not Designated As Hedging Instruments Gain Loss Net
DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsGainLossNet
600000 USD
CY2020 sjm Net Gain Loss On Derivative Positions Reclassified From Derivative Gains Losses To Segment Operating Profit
NetGainLossOnDerivativePositionsReclassifiedFromDerivativeGainsLossesToSegmentOperatingProfit
48700000 USD
CY2018 sjm Net Gain Loss On Derivative Positions Reclassified From Derivative Gains Losses To Segment Operating Profit
NetGainLossOnDerivativePositionsReclassifiedFromDerivativeGainsLossesToSegmentOperatingProfit
36700000 USD
CY2020 sjm Net Mark To Market Valuation Of Certain Derivative Positions Recognized In Unallocated Derivative Gains Losses
NetMarkToMarketValuationOfCertainDerivativePositionsRecognizedInUnallocatedDerivativeGainsLosses
19600000 USD
CY2019 sjm Net Mark To Market Valuation Of Certain Derivative Positions Recognized In Unallocated Derivative Gains Losses
NetMarkToMarketValuationOfCertainDerivativePositionsRecognizedInUnallocatedDerivativeGainsLosses
-54200000 USD
CY2018 sjm Net Mark To Market Valuation Of Certain Derivative Positions Recognized In Unallocated Derivative Gains Losses
NetMarkToMarketValuationOfCertainDerivativePositionsRecognizedInUnallocatedDerivativeGainsLosses
37300000 USD
CY2020 sjm Cumulative Net Mark To Market Valuation Of Certain Derivative Positions Recognized In Unallocated Derivative Gains Losses
CumulativeNetMarkToMarketValuationOfCertainDerivativePositionsRecognizedInUnallocatedDerivativeGainsLosses
-32900000 USD
CY2019 sjm Cumulative Net Mark To Market Valuation Of Certain Derivative Positions Recognized In Unallocated Derivative Gains Losses
CumulativeNetMarkToMarketValuationOfCertainDerivativePositionsRecognizedInUnallocatedDerivativeGainsLosses
-52500000 USD
CY2020Q2 sjm Other Investment Municipal Bond Matured In One Year
OtherInvestmentMunicipalBondMaturedInOneYear
1000000.0 USD
CY2020Q2 sjm Other Investment Municipal Bond Matured In Second Year
OtherInvestmentMunicipalBondMaturedInSecondYear
1500000 USD
CY2020Q2 sjm Other Investment Municipal Bond Matured In Fourth Year
OtherInvestmentMunicipalBondMaturedInFourthYear
3500000 USD
CY2020Q2 us-gaap Finance Lease Liability Payments Due Year Three
FinanceLeaseLiabilityPaymentsDueYearThree
1000000.0 USD
CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
22700000 USD
CY2020 us-gaap Goodwill And Intangible Asset Impairment
GoodwillAndIntangibleAssetImpairment
52400000 USD
CY2019 us-gaap Goodwill And Intangible Asset Impairment
GoodwillAndIntangibleAssetImpairment
205100000 USD
CY2019 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
97900000 USD
CY2019 us-gaap Impairment Of Intangible Assets Indefinitelived Excluding Goodwill
ImpairmentOfIntangibleAssetsIndefinitelivedExcludingGoodwill
107200000 USD
CY2020Q2 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
148400000 USD
CY2020Q2 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
36500000 USD
CY2020Q2 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
120000000.0 USD
CY2020Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
156500000 USD
CY2020Q2 us-gaap Finance Lease Liability
FinanceLeaseLiability
5700000 USD
CY2020 us-gaap Operating Lease Cost
OperatingLeaseCost
51700000 USD
CY2020 us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
2800000 USD
CY2020 us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
200000 USD
CY2020 us-gaap Variable Lease Cost
VariableLeaseCost
22900000 USD
CY2020 us-gaap Short Term Lease Cost
ShortTermLeaseCost
35200000 USD
CY2020 us-gaap Sublease Income
SubleaseIncome
4300000 USD
CY2020 us-gaap Lease Cost
LeaseCost
108500000 USD
CY2020 us-gaap Operating Lease Payments
OperatingLeasePayments
50800000 USD
CY2020 us-gaap Finance Lease Interest Payment On Liability
FinanceLeaseInterestPaymentOnLiability
200000 USD
CY2020 us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
2800000 USD
CY2020 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
57000000.0 USD
CY2020 us-gaap Right Of Use Asset Obtained In Exchange For Finance Lease Liability
RightOfUseAssetObtainedInExchangeForFinanceLeaseLiability
2600000 USD
CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
40300000 USD
CY2020Q2 us-gaap Finance Lease Liability Payments Due Next Twelve Months
FinanceLeaseLiabilityPaymentsDueNextTwelveMonths
2300000 USD
CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
36800000 USD
CY2020Q2 us-gaap Finance Lease Liability Payments Due Year Two
FinanceLeaseLiabilityPaymentsDueYearTwo
1700000 USD
CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
34200000 USD
CY2020Q2 us-gaap Finance Lease Liability Payments Due Year Four
FinanceLeaseLiabilityPaymentsDueYearFour
700000 USD
CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
14700000 USD
CY2020Q2 us-gaap Finance Lease Liability Payments Due Year Five
FinanceLeaseLiabilityPaymentsDueYearFive
300000 USD
CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
19800000 USD
CY2020Q2 us-gaap Finance Lease Liability Payments Due After Year Five
FinanceLeaseLiabilityPaymentsDueAfterYearFive
0 USD
CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
168500000 USD
CY2020Q2 us-gaap Finance Lease Liability Payments Due
FinanceLeaseLiabilityPaymentsDue
6000000.0 USD
CY2020Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
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12000000.0 USD
CY2020Q2 us-gaap Finance Lease Liability Undiscounted Excess Amount
FinanceLeaseLiabilityUndiscountedExcessAmount
300000 USD
CY2020Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
156500000 USD
CY2020Q2 us-gaap Finance Lease Liability
FinanceLeaseLiability
5700000 USD
CY2020Q2 us-gaap Operating Leases Future Minimum Payments Due Current
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43000000.0 USD
CY2020Q2 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
36700000 USD
CY2020Q2 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
30500000 USD
CY2020Q2 us-gaap Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
24800000 USD
CY2020Q2 us-gaap Operating Leases Future Minimum Payments Due In Five Years
OperatingLeasesFutureMinimumPaymentsDueInFiveYears
12300000 USD
CY2020Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
4781736 shares
CY2020Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P4Y8M12D
CY2020Q2 us-gaap Finance Lease Weighted Average Remaining Lease Term1
FinanceLeaseWeightedAverageRemainingLeaseTerm1
P3Y4M24D
CY2020Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.031
CY2020Q2 us-gaap Finance Lease Weighted Average Discount Rate Percent
FinanceLeaseWeightedAverageDiscountRatePercent
0.029
CY2020 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.201
CY2020 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.028
CY2020 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.019
CY2020 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y
CY2020Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
489055 shares
CY2019Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
400000 shares
CY2019Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
113.24
CY2020 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
193831 shares
CY2020 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
121.93
CY2020 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
62750 shares
CY2020 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
111.66
CY2020 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
42026 shares
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<div><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%;">Note 16: Contingencies</span></div><div><span><br/></span></div><div><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;">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, including certain lawsuits related to the alleged price-fixing of shelf stable tuna products prior to 2011 by a business previously owned by, but divested prior to our acquisition of, Big Heart, the significant majority of which we settled and paid during the second half of 2019. While we cannot predict with certainty the ultimate results of these proceedings or potential settlements associated with these matters, we have accrued losses for certain contingent liabilities that we have determined are probable and reasonably estimable at April 30, 2020. Based on the information known to date, with the exception of the </span></div><div><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;">matter discussed below, 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.</span></div><div><span><br/></span></div><div style="margin-bottom:12pt;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;">On May 9, 2011, CERT filed a lawsuit in the Superior Court of the State of California, County of Los Angeles, against us and additional defendants who manufacture, package, distribute, or sell packaged coffee. The lawsuit is CERT v. Brad Barry LLC, et al., and was a tag along to a 2010 lawsuit against companies selling “ready-to-drink” coffee based on the same claims. Both cases have since been consolidated and now include nearly eighty defendants, which constitute the great majority of the coffee industry in California. The Plaintiff alleges that we and the other defendants failed to provide warnings for our coffee products of exposure to the chemical acrylamide as required under Proposition 65. The Plaintiff seeks equitable relief, including providing warnings to consumers of coffee products, as well as civil penalties in the amount of the statutory maximum of $2,500.00 per day per violation of Proposition 65. The Plaintiff asserts that every consumed cup of coffee, absent a compliant warning, is equivalent to a violation under Proposition 65. </span></div><div><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;">As part of a joint defense group organized to defend against the lawsuit, we dispute the claims of the Plaintiff. Acrylamide is not added to coffee but is inherently present in all coffee in small amounts (measured in parts per billion) as a byproduct of the coffee bean roasting process. We have asserted multiple affirmative defenses. Trial of the first phase of the case commenced on September 8, 2014, and was limited to three affirmative defenses shared by all defendants. On </span></div><div style="margin-bottom:12pt;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;">September 1, 2015, the trial court issued a final ruling adverse to the defendants on all Phase 1 defenses. Trial of the second phase of the case commenced in the fall of calendar year 2017. On March 28, 2018, the trial court issued a proposed ruling adverse to the defendants on the Phase 2 defense, our last remaining defense to liability. The trial court finalized and affirmed its Phase 2 ruling on May 7, 2018, and therefore, the trial on the third phase regarding remedies issues was scheduled to commence on October 15, 2018. The trial did not proceed on the scheduled date as further described below.</span></div><div style="margin-bottom:12pt;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;">On June 15, 2018, the state agency responsible for administering the Proposition 65 program, the California Office of Environmental Health Hazard Assessment (“OEHHA”), issued a proposed regulation clarifying that cancer warnings are not required for coffee under Proposition 65. The California Court of Appeals granted defendants’ requests to stay the trial on remedies until a final determination was made on OEHHA’s proposed regulation. During the interim period, the California Office of Administrative Law approved the proposed regulation on June 3, 2019, and the regulation went into effect on October 1, 2019. In response to CERT’s objection, the defendants amended their answer to raise the regulation as a complete defense to the claims. CERT unsuccessfully challenged the defendants’ right to assert the regulation as an affirmative defense but continues to challenge the validity of the regulation. During the third quarter of 2020, CERT filed several motions seeking judgment in its favor as a matter of law, and the defendants also filed their own motion. The hearing on the motions has been pushed back until at least July 22, 2020, due to COVID-19. This past quarter, CERT issued discovery requests seeking information regarding acrylamide in coffee flavorings, thereby introducing a new theory into the lawsuit, over the objection of the defendants. </span></div><div style="margin-bottom:12pt;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;">At this stage of the proceedings, prior to and without knowing whether the regulation will stand as a defense or the trial on remedies issues will move forward in light of the challenge, we are unable to predict or reasonably estimate the potential loss or effect on our operations. Accordingly, no loss contingency has been recorded for this matter as of April 30, 2020, as the likelihood of loss is not considered probable or estimable. The trial court has discretion to impose zero penalties against us or to impose significant statutory penalties if the case proceeds. Significant labeling or warning requirements that could potentially be imposed by the trial court may increase our costs and adversely affect sales of our coffee products, as well as involve substantial expense and operational disruption, which could have a material adverse impact on our financial position, results of operations, or cash flows. Furthermore, a future appellate court decision could reverse the earlier trial court rulings should the regulation be held invalid. The outcome and the financial impact of settlement, the trial, or the appellate court rulings of the case, if any, cannot be predicted at this time.</span></div>
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CY2019Q4 us-gaap Net Income Loss
NetIncomeLoss
211200000 USD
CY2020Q1 us-gaap Net Income Loss
NetIncomeLoss
187400000 USD
CY2020Q2 us-gaap Net Income Loss
NetIncomeLoss
226300000 USD
CY2019Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.36
CY2019Q4 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.85
CY2020Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.64
CY2020Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.98
CY2019Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.36
CY2019Q4 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.85
CY2020Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.64
CY2020Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.98
CY2019Q3 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.88
CY2019Q4 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.88
CY2020Q1 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.88
CY2020Q2 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.88
CY2018Q3 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
1902500000 USD
CY2018Q4 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
2021500000 USD
CY2019Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
2011900000 USD
CY2019Q2 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
1902100000 USD
CY2018Q3 us-gaap Gross Profit
GrossProfit
678200000 USD
CY2018Q4 us-gaap Gross Profit
GrossProfit
771300000 USD
CY2019Q1 us-gaap Gross Profit
GrossProfit
773800000 USD
CY2019Q2 us-gaap Gross Profit
GrossProfit
692400000 USD
CY2018Q3 us-gaap Net Income Loss
NetIncomeLoss
133000000.0 USD
CY2018Q4 us-gaap Net Income Loss
NetIncomeLoss
188500000 USD
CY2019Q1 us-gaap Net Income Loss
NetIncomeLoss
121400000 USD
CY2019Q2 us-gaap Net Income Loss
NetIncomeLoss
71500000 USD
CY2018Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.17
CY2018Q4 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.66
CY2019Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.07
CY2019Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.63
CY2018Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.17
CY2018Q4 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.66
CY2019Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.07
CY2019Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.63
CY2018Q3 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.85
CY2018Q4 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.85
CY2019Q1 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.85
CY2019Q2 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.85

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