$SJM
J M SMUCKER Co

2021 Q1 Form 10-Q Financial Statement

#000009141921000011 Filed on February 25, 2021

View on sec.gov

Income Statement

Concept 2021 Q1 2020 Q1 2019 Q4
Revenue $2.077B $1.972B $1.958B
YoY Change 5.29% -1.97% -3.15%
Cost Of Revenue $1.267B $1.212B $1.204B
YoY Change 4.54% -2.08% -3.71%
Gross Profit $809.4M $760.0M $754.0M
YoY Change 6.5% -1.78% -2.24%
Gross Profit Margin 38.98% 38.53% 38.51%
Selling, General & Admin $371.7M $358.9M $361.5M
YoY Change 3.57% -3.81% -5.47%
% of Gross Profit 45.92% 47.22% 47.94%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $110.5M $112.1M $111.4M
YoY Change -1.43% 1.08% 0.18%
% of Gross Profit 13.65% 14.75% 14.77%
Operating Expenses $371.7M $358.9M $361.5M
YoY Change 3.57% -3.81% -5.47%
Operating Profit $406.2M $289.0M $329.8M
YoY Change 40.55% 32.81% -0.21%
Interest Expense -$43.50M -$45.10M -$49.10M
YoY Change -3.55% -12.6% -8.4%
% of Operating Profit -10.71% -15.61% -14.89%
Other Income/Expense, Net -$1.200M -$1.400M -$1.600M
YoY Change -14.29% -84.09% -78.67%
Pretax Income $361.5M $242.5M $279.1M
YoY Change 49.07% 54.26% 3.6%
Income Tax $100.0M $55.10M $67.90M
% Of Pretax Income 27.66% 22.72% 24.33%
Net Earnings $261.5M $187.4M $211.2M
YoY Change 39.54% 54.37% 12.04%
Net Earnings / Revenue 12.59% 9.5% 10.79%
Basic Earnings Per Share $2.32 $1.64 $1.85
Diluted Earnings Per Share $2.32 $1.64 $1.85
COMMON SHARES
Basic Shares Outstanding 112.1M shares 113.4M shares 113.4M shares
Diluted Shares Outstanding 112.1M shares 113.4M shares 113.4M shares

Balance Sheet

Concept 2021 Q1 2020 Q1 2019 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $502.0M $74.00M $49.00M
YoY Change 578.38% -64.25% -71.35%
Cash & Equivalents $501.5M $74.40M $48.80M
Short-Term Investments
Other Short-Term Assets $74.40M $92.20M $74.70M
YoY Change -19.31% -0.22% -15.02%
Inventory $897.9M $958.8M $1.013B
Prepaid Expenses
Receivables $604.9M $477.3M $522.4M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $2.079B $1.603B $1.659B
YoY Change 29.7% -7.15% -7.16%
LONG-TERM ASSETS
Property, Plant & Equipment $1.938B $1.912B $1.916B
YoY Change 1.37% 3.45% 5.32%
Goodwill $6.017B $6.313B $6.314B
YoY Change -4.69% -1.96% -2.49%
Intangibles $6.099B $6.491B $6.603B
YoY Change -6.04% -3.96% -4.66%
Long-Term Investments
YoY Change
Other Assets $12.41B $13.12B $13.22B
YoY Change -5.4% -1.74% -2.59%
Total Long-Term Assets $14.35B $15.03B $15.13B
YoY Change -4.54% -1.1% -1.66%
TOTAL ASSETS
Total Short-Term Assets $2.079B $1.603B $1.659B
Total Long-Term Assets $14.35B $15.03B $15.13B
Total Assets $16.43B $16.64B $16.79B
YoY Change -1.24% -1.72% -2.23%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $896.7M $575.0M $521.8M
YoY Change 55.95% 10.66% -5.54%
Accrued Expenses $286.0M $240.0M $259.0M
YoY Change 19.17% 105.13% 117.65%
Deferred Revenue
YoY Change
Short-Term Debt $166.0M $310.0M $327.9M
YoY Change -46.45% -38.49% -15.92%
Long-Term Debt Due $755.4M $499.8M $799.5M
YoY Change 51.14% 66.99%
Total Short-Term Liabilities $2.532B $2.077B $2.310B
YoY Change 21.9% 14.37% 61.04%
LONG-TERM LIABILITIES
Long-Term Debt $3.915B $4.583B $4.585B
YoY Change -14.57% -13.29% -22.1%
Other Long-Term Liabilities $347.0M $307.4M $307.3M
YoY Change 12.88% -13.21% 2.67%
Total Long-Term Liabilities $5.685B $6.388B $6.386B
YoY Change -11.0% -9.89% -17.17%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.532B $2.077B $2.310B
Total Long-Term Liabilities $5.685B $6.388B $6.386B
Total Liabilities $8.218B $8.466B $8.696B
YoY Change -2.93% -4.94% -4.9%
SHAREHOLDERS EQUITY
Retained Earnings $2.896B $2.621B $2.533B
YoY Change 10.52% 9.53% 6.99%
Common Stock $5.592B $5.787B $5.782B
YoY Change -3.38% 0.59% 0.55%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares 36.70M shares 32.50M shares 32.40M shares
Shareholders Equity $8.212B $8.170B $8.095B
YoY Change
Total Liabilities & Shareholders Equity $16.43B $16.64B $16.79B
YoY Change -1.24% -1.72% -2.23%

Cashflow Statement

Concept 2021 Q1 2020 Q1 2019 Q4
OPERATING ACTIVITIES
Net Income $261.5M $187.4M $211.2M
YoY Change 39.54% 54.37% 12.04%
Depreciation, Depletion And Amortization $110.5M $112.1M $111.4M
YoY Change -1.43% 1.08% 0.18%
Cash From Operating Activities $486.3M $521.6M $224.0M
YoY Change -6.77% 23.87% 10.4%
INVESTING ACTIVITIES
Capital Expenditures -$69.70M -$56.50M -$63.40M
YoY Change 23.36% -35.87% -18.51%
Acquisitions
YoY Change
Other Investing Activities $589.7M -$16.90M $11.30M
YoY Change -3589.35% 6.96% -97.11%
Cash From Investing Activities $520.0M -$73.40M -$52.10M
YoY Change -808.45% -29.36% -116.67%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $521.9M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -914.8M -420.9M -172.6M
YoY Change 117.34% 48.94% -67.7%
NET CHANGE
Cash From Operating Activities 486.3M 521.6M 224.0M
Cash From Investing Activities 520.0M -73.40M -52.10M
Cash From Financing Activities -914.8M -420.9M -172.6M
Net Change In Cash 91.50M 27.30M -700.0K
YoY Change 235.16% -21.1% -96.28%
FREE CASH FLOW
Cash From Operating Activities $486.3M $521.6M $224.0M
Capital Expenditures -$69.70M -$56.50M -$63.40M
Free Cash Flow $556.0M $578.1M $287.4M
YoY Change -3.82% 13.53% 2.39%

Facts In Submission

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dei Amendment Flag
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dei Document Fiscal Year Focus
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dei Current Fiscal Year End Date
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dei Document Type
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dei Document Quarterly Report
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dei Entity File Number
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dei Entity Registrant Name
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The J. M. Smucker Company
dei Entity Incorporation State Country Code
EntityIncorporationStateCountryCode
OH
dei Entity Tax Identification Number
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dei Entity Address Address Line1
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One Strawberry Lane
dei Entity Address City Or Town
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dei Entity Address State Or Province
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dei Entity Address Postal Zip Code
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dei City Area Code
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dei Local Phone Number
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682-3000
dei Security12b Title
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dei Trading Symbol
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us-gaap Revenue From Contract With Customer Including Assessed Tax
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us-gaap Amortization Of Intangible Assets
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us-gaap Amortization Of Intangible Assets
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sjm Percentofproductsalesattributabletoprimaryreportablesegment
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us-gaap Net Income Loss
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2021Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
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CY2020Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
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us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
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us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
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CY2020Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2021Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
2.32
CY2020Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.64
us-gaap Earnings Per Share Basic
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6.42
us-gaap Earnings Per Share Basic
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4.85
CY2021Q1 us-gaap Earnings Per Share Diluted
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CY2020Q1 us-gaap Earnings Per Share Diluted
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1.64
us-gaap Earnings Per Share Diluted
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us-gaap Earnings Per Share Diluted
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us-gaap Loss Contingency Disclosures
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<div style="margin-top:12pt"><span style="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 Pet Brands, the significant majority of which were settled and paid during 2019. While we cannot predict with certainty the ultimate results of these proceedings or potential settlements associated with these or other matters, we have accrued losses for certain contingent liabilities that we have determined are probable and reasonably estimable at January 31, 2021. Based on the information known to date, with the exception of the matters discussed below, we do not believe the final outcome of these proceedings would have a material adverse effect on our financial position, results of operations, or cash flows.</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In addition to the legal proceedings discussed above, we are currently a defendant in Council for Education and Research on Toxics (“CERT”) v. Brad Barry LLC, et al., which alleges that we, in addition to nearly eighty other defendants (collectively the “Defendants”) who manufacture, package, distribute, or sell packaged coffee, failed to provide warnings for our coffee products of exposure to the chemical acrylamide as required under California Health and Safety Code Section 25249.5, the California Safe Drinking Water and Toxic Enforcement Act of 1986 (better known as “Proposition 65”). CERT sought equitable relief, including warnings to consumers, as well as civil penalties in the amount of the statutory maximum of $2,500 per day per violation of Proposition 65. In addition, CERT asserted that every consumed cup of coffee, absent a compliant warning, was equivalent to a violation under Proposition 65. In June 2019, the state agency responsible for administering the Proposition 65 program, the California Office of Environmental Health Hazard Assessment (“OEHHA”), approved a regulation clarifying that cancer warnings are not required for coffee under Proposition 65, and in August 2020, the trial court granted the Defendants’ motion for summary judgment based on the regulation. CERT submitted its formal notice to appeal on November 20, 2020. </span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:115%">We are also defendants in nine pending putative class action lawsuits filed in federal courts in California, Florida, Illinois, Missouri, Texas, Washington, and Washington D.C. The plaintiffs in those actions assert claims arising under various state laws for false advertising, consumer protection, deceptive and unfair trade practices, and similar statutes. Their claims are premised on allegations that we have misrepresented the number of servings that can be made from various canisters of </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:115%">Folgers </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:115%">coffee on the packaging for those products. Similar claims have been asserted against certain retailers of our </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:115%">Folgers</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:115%"> coffee products, and indemnity claims have been asserted by such retailers against us. Various other potential plaintiffs have threatened to assert similar claims against us.</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:115%">The outcome and the financial impact of these cases, if any, cannot be predicted at this time. Accordingly, no loss contingency has been recorded for these matters as of January 31, 2021, and the likelihood of loss is not considered probable or estimable. However, if we are required to pay significant damages, our business and financial results could be adversely impacted, and sales of those products could suffer not only in these locations but elsewhere.</span></div>
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4100000 shares

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