$SJM
J M SMUCKER Co

2021 Q4 Form 10-Q Financial Statement

#000009141921000107 Filed on November 23, 2021

View on sec.gov

Income Statement

Concept 2021 Q4 2020 Q4
Revenue $2.050B $2.034B
YoY Change 0.79% 3.89%
Cost Of Revenue $1.339B $1.216B
YoY Change 10.09% 1.0%
Gross Profit $711.5M $818.2M
YoY Change -13.04% 8.51%
Gross Profit Margin 34.71% 40.23%
Selling, General & Admin $347.7M $382.8M
YoY Change -9.17% 5.89%
% of Gross Profit 48.87% 46.79%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $115.9M $113.6M
YoY Change 2.02% 1.97%
% of Gross Profit 16.29% 13.88%
Operating Expenses $347.7M $382.8M
YoY Change -9.17% 5.89%
Operating Profit $311.8M $380.8M
YoY Change -18.12% 15.46%
Interest Expense -$40.30M -$45.10M
YoY Change -10.64% -8.15%
% of Operating Profit -12.92% -11.84%
Other Income/Expense, Net -$2.700M -$32.20M
YoY Change -91.61% 1912.5%
Pretax Income $268.8M $303.5M
YoY Change -11.43% 8.74%
Income Tax $62.80M $72.70M
% Of Pretax Income 23.36% 23.95%
Net Earnings $206.0M $230.8M
YoY Change -10.75% 9.28%
Net Earnings / Revenue 10.05% 11.35%
Basic Earnings Per Share $1.90 $2.02
Diluted Earnings Per Share $1.90 $2.02
COMMON SHARES
Basic Shares Outstanding 108.1M shares 113.7M shares
Diluted Shares Outstanding 108.1M shares 113.7M shares

Balance Sheet

Concept 2021 Q4 2020 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $155.3M $406.0M
YoY Change -61.75% 728.57%
Cash & Equivalents $155.3M $405.6M
Short-Term Investments
Other Short-Term Assets $94.20M $90.70M
YoY Change 3.86% 21.42%
Inventory $1.100B $993.8M
Prepaid Expenses
Receivables $659.1M $577.0M
Other Receivables $0.00 $0.00
Total Short-Term Assets $2.009B $2.067B
YoY Change -2.82% 24.58%
LONG-TERM ASSETS
Property, Plant & Equipment $2.015B $1.956B
YoY Change 3.01% 2.13%
Goodwill $6.022B $6.312B
YoY Change -4.59% -0.03%
Intangibles $5.930B $6.313B
YoY Change -6.06% -4.39%
Long-Term Investments
YoY Change
Other Assets $12.22B $12.91B
YoY Change -5.34% -2.35%
Total Long-Term Assets $14.23B $14.86B
YoY Change -4.24% -1.78%
TOTAL ASSETS
Total Short-Term Assets $2.009B $2.067B
Total Long-Term Assets $14.23B $14.86B
Total Assets $16.24B $16.93B
YoY Change -4.07% 0.83%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.031B $857.2M
YoY Change 20.28% 64.28%
Accrued Expenses $250.7M $294.0M
YoY Change -14.73% 13.51%
Deferred Revenue
YoY Change
Short-Term Debt $320.0M $280.0M
YoY Change 14.29% -14.61%
Long-Term Debt Due $0.00 $957.3M
YoY Change -100.0% 19.74%
Total Short-Term Liabilities $1.891B $2.693B
YoY Change -29.79% 16.57%
LONG-TERM LIABILITIES
Long-Term Debt $4.309B $3.915B
YoY Change 10.07% -14.61%
Other Long-Term Liabilities $309.4M $344.6M
YoY Change -10.21% 12.14%
Total Long-Term Liabilities $6.064B $5.722B
YoY Change 5.98% -10.39%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.891B $2.693B
Total Long-Term Liabilities $6.064B $5.722B
Total Liabilities $7.954B $8.415B
YoY Change -5.47% -3.23%
SHAREHOLDERS EQUITY
Retained Earnings $2.993B $3.011B
YoY Change -0.6% 18.87%
Common Stock $5.537B $5.803B
YoY Change -4.59% 0.37%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares 38.10M shares 32.40M shares
Shareholders Equity $8.286B $8.515B
YoY Change
Total Liabilities & Shareholders Equity $16.24B $16.93B
YoY Change -4.07% 0.83%

Cashflow Statement

Concept 2021 Q4 2020 Q4
OPERATING ACTIVITIES
Net Income $206.0M $230.8M
YoY Change -10.75% 9.28%
Depreciation, Depletion And Amortization $115.9M $113.6M
YoY Change 2.02% 1.97%
Cash From Operating Activities $165.1M $378.7M
YoY Change -56.4% 69.06%
INVESTING ACTIVITIES
Capital Expenditures -$59.20M -$52.40M
YoY Change 12.98% -17.35%
Acquisitions
YoY Change
Other Investing Activities -$3.800M $700.0K
YoY Change -642.86% -93.81%
Cash From Investing Activities -$63.00M -$51.70M
YoY Change 21.86% -0.77%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -115.5M -318.5M
YoY Change -63.74% 84.53%
NET CHANGE
Cash From Operating Activities 165.1M 378.7M
Cash From Investing Activities -63.00M -51.70M
Cash From Financing Activities -115.5M -318.5M
Net Change In Cash -13.40M 8.500M
YoY Change -257.65% -1314.29%
FREE CASH FLOW
Cash From Operating Activities $165.1M $378.7M
Capital Expenditures -$59.20M -$52.40M
Free Cash Flow $224.3M $431.1M
YoY Change -47.97% 50.0%

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 Document Period End Date
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dei Entity File Number
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dei Entity Registrant Name
EntityRegistrantName
The J. M. Smucker Company
dei Entity Incorporation State Country Code
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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 City Area Code
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dei Local Phone Number
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dei Security12b Title
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dei Trading Symbol
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CY2021Q2 us-gaap Stockholders Equity
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16240800000 USD
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us-gaap Net Income Loss
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us-gaap Net Income Loss
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us-gaap Depreciation
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us-gaap Depreciation
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110800000 USD
us-gaap Amortization Of Intangible Assets
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119100000 USD
us-gaap Defined Benefit Plan Recognized Net Gain Loss Due To Settlements1
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us-gaap Defined Benefit Plan Recognized Net Gain Loss Due To Settlements1
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us-gaap Share Based Compensation
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us-gaap Gains Losses On Extinguishment Of Debt Before Write Off Of Deferred Debt Issuance Cost
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us-gaap Gains Losses On Extinguishment Of Debt Before Write Off Of Deferred Debt Issuance Cost
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0 USD
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125600000 USD
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140800000 USD
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97500000 USD
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us-gaap Increase Decrease In Accounts Payable
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107500000 USD
us-gaap Increase Decrease In Accrued Liabilities
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us-gaap Increase Decrease In Accrued Liabilities
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65800000 USD
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9400000 USD
us-gaap Increase Decrease In Other Operating Capital Net
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302900000 USD
us-gaap Net Cash Provided By Used In Operating Activities
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787700000 USD
us-gaap Payments To Acquire Property Plant And Equipment
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127200000 USD
us-gaap Payments To Acquire Property Plant And Equipment
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129000000.0 USD
us-gaap Payments For Proceeds From Other Investing Activities
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15800000 USD
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us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Proceeds From Repayments Of Short Term Debt
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us-gaap Proceeds From Issuance Of Long Term Debt
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us-gaap Proceeds From Issuance Of Long Term Debt
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us-gaap Repayments Of Long Term Debt
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500000000.0 USD
us-gaap Payments Of Debt Issuance Costs
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10200000 USD
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
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us-gaap Payments Of Dividends Common Stock
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204100000 USD
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
202400000 USD
us-gaap Payments For Repurchase Of Common Stock
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7500000 USD
us-gaap Payments For Repurchase Of Common Stock
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6200000 USD
us-gaap Proceeds From Stock Options Exercised
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4000000.0 USD
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700000 USD
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600000 USD
us-gaap Proceeds From Payments For Other Financing Activities
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400000 USD
us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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3500000 USD
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
14500000 USD
CY2021Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
334300000 USD
CY2020Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
391100000 USD
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
155300000 USD
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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405600000 USD
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CY2021Q3 us-gaap Net Income Loss
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149700000 USD
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6800000 USD
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9500000 USD
CY2021Q3 us-gaap Common Stock Dividends Per Share Declared
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0.99
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106900000 USD
CY2021Q3 us-gaap Stockholders Equity
StockholdersEquity
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CY2021Q4 us-gaap Net Income Loss
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11100000 USD
CY2021Q4 us-gaap Comprehensive Income Net Of Tax
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217100000 USD
CY2021Q4 us-gaap Treasury Stock Value Acquired Par Value Method
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700000 USD
CY2021Q4 us-gaap Stock Issued During Period Value Share Based Compensation
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6600000 USD
CY2021Q4 us-gaap Common Stock Dividends Per Share Declared
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0.99
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CY2020Q2 us-gaap Stockholders Equity
StockholdersEquity
8190900000 USD
CY2020Q3 us-gaap Net Income Loss
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OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
18100000 USD
CY2020Q3 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
255100000 USD
CY2020Q3 us-gaap Treasury Stock Value Acquired Par Value Method
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4600000 USD
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CY2020Q3 us-gaap Common Stock Dividends Per Share Declared
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CY2021Q4 us-gaap Revenue From Contract With Customer Including Assessed Tax
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2050000000 USD
CY2020Q4 us-gaap Revenue From Contract With Customer Including Assessed Tax
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2034000000 USD
CY2020Q3 us-gaap Stockholders Equity
StockholdersEquity
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CY2020Q4 us-gaap Net Income Loss
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OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
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CY2020Q4 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
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CY2020Q4 us-gaap Treasury Stock Value Acquired Par Value Method
TreasuryStockValueAcquiredParValueMethod
1600000 USD
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9500000 USD
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0.90
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0 USD
CY2020Q4 us-gaap Stockholders Equity
StockholdersEquity
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sjm Number Of Industries In Which Company Operates
NumberOfIndustriesInWhichCompanyOperates
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us-gaap Number Of Reportable Segments
NumberOfReportableSegments
3 Segment
us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
3908000000 USD
us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
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CY2021Q4 sjm Segment Reporting Information Segment Profit
SegmentReportingInformationSegmentProfit
458800000 USD
CY2020Q4 sjm Segment Reporting Information Segment Profit
SegmentReportingInformationSegmentProfit
501800000 USD
sjm Segment Reporting Information Segment Profit
SegmentReportingInformationSegmentProfit
841600000 USD
sjm Segment Reporting Information Segment Profit
SegmentReportingInformationSegmentProfit
972100000 USD
CY2021Q4 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
55400000 USD
CY2020Q4 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
59500000 USD
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
110800000 USD
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
119100000 USD
CY2021Q4 us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
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CY2020Q4 us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
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us-gaap Interest Income Expense Nonoperating Net
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us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
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CY2021Q4 sjm Net Mark To Market Valuation Of Certain Derivative Positions Recognized In Unallocated Derivative Gains Losses
NetMarkToMarketValuationOfCertainDerivativePositionsRecognizedInUnallocatedDerivativeGainsLosses
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CY2020Q4 sjm Net Mark To Market Valuation Of Certain Derivative Positions Recognized In Unallocated Derivative Gains Losses
NetMarkToMarketValuationOfCertainDerivativePositionsRecognizedInUnallocatedDerivativeGainsLosses
31500000 USD
sjm Net Mark To Market Valuation Of Certain Derivative Positions Recognized In Unallocated Derivative Gains Losses
NetMarkToMarketValuationOfCertainDerivativePositionsRecognizedInUnallocatedDerivativeGainsLosses
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47700000 USD
CY2021Q4 us-gaap Other Restructuring Costs
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6100000 USD
CY2020Q4 us-gaap Other Restructuring Costs
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0 USD
us-gaap Other Restructuring Costs
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us-gaap Other Restructuring Costs
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CY2021Q4 us-gaap Restructuring Charges
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CY2020Q4 us-gaap Restructuring Charges
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0 USD
us-gaap Restructuring Charges
RestructuringCharges
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us-gaap Restructuring Charges
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CY2020Q4 us-gaap General And Administrative Expense
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us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
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us-gaap General And Administrative Expense
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us-gaap Undistributed Earnings Loss Allocated To Participating Securities Diluted
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1100000 USD
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
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us-gaap Other Nonoperating Income Expense
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CY2021Q4 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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268800000 USD
CY2020Q4 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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303500000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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474000000.0 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
617100000 USD
CY2021Q4 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
2050000000 USD
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RevenueFromContractWithCustomerIncludingAssessedTax
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us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
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us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
4005800000 USD
CY2021Q4 us-gaap Revenue From Contract With Customer Including Assessed Tax
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2050000000 USD
CY2020Q4 us-gaap Revenue From Contract With Customer Including Assessed Tax
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us-gaap Revenue From Contract With Customer Including Assessed Tax
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3908000000 USD
us-gaap Revenue From Contract With Customer Including Assessed Tax
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4005800000 USD
sjm Percentofproductsalesattributabletoprimaryreportablesegment
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230800000 USD
us-gaap Net Income Loss
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us-gaap Net Income Loss
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600000 USD
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900000 USD
us-gaap Undistributed Earnings Loss Allocated To Participating Securities Diluted
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2000000.0 USD
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205400000 USD
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229900000 USD
us-gaap Net Income Loss Available To Common Stockholders Diluted
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us-gaap Net Income Loss Available To Common Stockholders Diluted
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CY2021Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
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108100000 shares
CY2020Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
113700000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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CY2021Q4 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0 shares
CY2020Q4 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
100000 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0 shares
CY2021Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
108100000 shares
CY2020Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
113700000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
108100000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
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113600000 shares
CY2021Q4 us-gaap Earnings Per Share Basic
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1.90
CY2020Q4 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
2.02
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
3.32
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
4.10
CY2021Q4 us-gaap Earnings Per Share Diluted
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1.90
CY2020Q4 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
2.02
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
3.32
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
4.10
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CY2021Q2 us-gaap Debt Instrument Face Amount
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CY2021Q2 us-gaap Long Term Debt
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CY2021Q4 us-gaap Long Term Debt Current
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CY2021Q4 us-gaap Long Term Debt Noncurrent
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4308800000 USD
CY2021Q2 us-gaap Long Term Debt Noncurrent
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3516800000 USD
CY2021Q4 us-gaap Interest Paid
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CY2020Q4 us-gaap Interest Paid
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76200000 USD
us-gaap Interest Paid
InterestPaid
81800000 USD
us-gaap Interest Paid
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86400000 USD
CY2021Q4 us-gaap Derivative Collateral Obligation To Return Cash
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3200000 USD
CY2021Q2 us-gaap Derivative Collateral Right To Reclaim Cash
DerivativeCollateralRightToReclaimCash
10800000 USD
CY2020Q4 sjm Net Mark To Market Valuation Of Certain Derivative Positions Recognized In Unallocated Derivative Gains Losses
NetMarkToMarketValuationOfCertainDerivativePositionsRecognizedInUnallocatedDerivativeGainsLosses
31500000 USD
sjm Net Mark To Market Valuation Of Certain Derivative Positions Recognized In Unallocated Derivative Gains Losses
NetMarkToMarketValuationOfCertainDerivativePositionsRecognizedInUnallocatedDerivativeGainsLosses
-15500000 USD
CY2021Q4 sjm Other Investment Municipal Bond Matured In Third Year
OtherInvestmentMunicipalBondMaturedInThirdYear
2200000 USD
CY2021Q4 us-gaap Derivative Instruments Not Designated As Hedging Instruments Gain Loss Net
DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsGainLossNet
10700000 USD
CY2020Q4 us-gaap Derivative Instruments Not Designated As Hedging Instruments Gain Loss Net
DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsGainLossNet
13000000.0 USD
us-gaap Derivative Instruments Not Designated As Hedging Instruments Gain Loss Net
DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsGainLossNet
28000000.0 USD
us-gaap Derivative Instruments Not Designated As Hedging Instruments Gain Loss Net
DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsGainLossNet
22100000 USD
CY2021Q4 us-gaap Derivative Instruments Not Designated As Hedging Instruments Gain Loss Net
DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsGainLossNet
10700000 USD
CY2020Q4 us-gaap Derivative Instruments Not Designated As Hedging Instruments Gain Loss Net
DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsGainLossNet
13000000.0 USD
us-gaap Derivative Instruments Not Designated As Hedging Instruments Gain Loss Net
DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsGainLossNet
28000000.0 USD
us-gaap Derivative Instruments Not Designated As Hedging Instruments Gain Loss Net
DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsGainLossNet
22100000 USD
CY2021Q4 sjm Net Gain Loss On Derivative Positions Reclassified From Derivative Gains Losses To Segment Operating Profit
NetGainLossOnDerivativePositionsReclassifiedFromDerivativeGainsLossesToSegmentOperatingProfit
-24000000.0 USD
CY2020Q4 sjm Net Gain Loss On Derivative Positions Reclassified From Derivative Gains Losses To Segment Operating Profit
NetGainLossOnDerivativePositionsReclassifiedFromDerivativeGainsLossesToSegmentOperatingProfit
18500000 USD
sjm Net Gain Loss On Derivative Positions Reclassified From Derivative Gains Losses To Segment Operating Profit
NetGainLossOnDerivativePositionsReclassifiedFromDerivativeGainsLossesToSegmentOperatingProfit
-43500000 USD
sjm Net Gain Loss On Derivative Positions Reclassified From Derivative Gains Losses To Segment Operating Profit
NetGainLossOnDerivativePositionsReclassifiedFromDerivativeGainsLossesToSegmentOperatingProfit
25600000 USD
CY2021Q4 sjm Net Mark To Market Valuation Of Certain Derivative Positions Recognized In Unallocated Derivative Gains Losses
NetMarkToMarketValuationOfCertainDerivativePositionsRecognizedInUnallocatedDerivativeGainsLosses
-13300000 USD
CY2021Q4 us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
-40300000 USD
sjm Net Mark To Market Valuation Of Certain Derivative Positions Recognized In Unallocated Derivative Gains Losses
NetMarkToMarketValuationOfCertainDerivativePositionsRecognizedInUnallocatedDerivativeGainsLosses
47700000 USD
sjm Cumulative Net Mark To Market Valuation Of Certain Derivative Positions Recognized In Unallocated Derivative Gains Losses
CumulativeNetMarkToMarketValuationOfCertainDerivativePositionsRecognizedInUnallocatedDerivativeGainsLosses
45200000 USD
CY2021 sjm Cumulative Net Mark To Market Valuation Of Certain Derivative Positions Recognized In Unallocated Derivative Gains Losses
CumulativeNetMarkToMarketValuationOfCertainDerivativePositionsRecognizedInUnallocatedDerivativeGainsLosses
60700000 USD
CY2020Q4 us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
-45100000 USD
us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
-83400000 USD
us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
-91200000 USD
CY2021Q4 us-gaap Other Nonoperating Income Expense
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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 and 2020. 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 October 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 style="margin-top:12pt"><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 appealed the ruling in November 2020 to the California Court of Appeals for the Second Appellate District, which is currently pending.</span></div><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 are also defendants in a series of putative class action lawsuits that were originally filed in federal courts in California, Florida, Illinois, Missouri, Texas, Washington, and Washington D.C., but have been transferred to the United States District Court for the Western District of Missouri for coordinated pre-trial proceedings. The plaintiffs 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:120%">Folgers</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> coffee on the packaging for those products. </span></div><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%">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 October 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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