$SJM
J M SMUCKER Co

2022 Q1 Form 10-Q Financial Statement

#000009141922000017 Filed on March 01, 2022

View on sec.gov

Income Statement

Concept 2022 Q1 2021 Q4 2021 Q1
Revenue $2.057B $2.050B $2.077B
YoY Change -0.94% 0.79% 5.29%
Cost Of Revenue $1.374B $1.339B $1.267B
YoY Change 8.42% 10.09% 4.54%
Gross Profit $683.1M $711.5M $809.4M
YoY Change -15.6% -13.04% 6.5%
Gross Profit Margin 33.21% 34.71% 38.98%
Selling, General & Admin $336.0M $347.7M $371.7M
YoY Change -9.6% -9.17% 3.57%
% of Gross Profit 49.19% 48.87% 45.92%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $115.2M $115.9M $110.5M
YoY Change 4.25% 2.02% -1.43%
% of Gross Profit 16.86% 16.29% 13.65%
Operating Expenses $336.0M $347.7M $371.7M
YoY Change -9.6% -9.17% 3.57%
Operating Profit $150.6M $311.8M $406.2M
YoY Change -62.92% -18.12% 40.55%
Interest Expense -$39.50M -$40.30M -$43.50M
YoY Change -9.2% -10.64% -3.55%
% of Operating Profit -26.23% -12.92% -10.71%
Other Income/Expense, Net -$1.500M -$2.700M -$1.200M
YoY Change 25.0% -91.61% -14.29%
Pretax Income $109.6M $268.8M $361.5M
YoY Change -69.68% -11.43% 49.07%
Income Tax $39.90M $62.80M $100.0M
% Of Pretax Income 36.41% 23.36% 27.66%
Net Earnings $69.70M $206.0M $261.5M
YoY Change -73.35% -10.75% 39.54%
Net Earnings / Revenue 3.39% 10.05% 12.59%
Basic Earnings Per Share $0.64 $1.90 $2.32
Diluted Earnings Per Share $0.64 $1.90 $2.32
COMMON SHARES
Basic Shares Outstanding 108.1M shares 108.1M shares 112.1M shares
Diluted Shares Outstanding 108.2M shares 108.1M shares 112.1M shares

Balance Sheet

Concept 2022 Q1 2021 Q4 2021 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $284.3M $155.3M $502.0M
YoY Change -43.37% -61.75% 578.38%
Cash & Equivalents $284.3M $155.3M $501.5M
Short-Term Investments
Other Short-Term Assets $98.60M $94.20M $74.40M
YoY Change 32.53% 3.86% -19.31%
Inventory $1.042B $1.100B $897.9M
Prepaid Expenses
Receivables $563.2M $659.1M $604.9M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $1.988B $2.009B $2.079B
YoY Change -4.35% -2.82% 29.7%
LONG-TERM ASSETS
Property, Plant & Equipment $1.996B $2.015B $1.938B
YoY Change 2.98% 3.01% 1.37%
Goodwill $6.018B $6.022B $6.017B
YoY Change 0.01% -4.59% -4.69%
Intangibles $5.710B $5.930B $6.099B
YoY Change -6.38% -6.06% -6.04%
Long-Term Investments
YoY Change
Other Assets $11.98B $12.22B $12.41B
YoY Change -3.47% -5.34% -5.4%
Total Long-Term Assets $13.98B $14.23B $14.35B
YoY Change -2.6% -4.24% -4.54%
TOTAL ASSETS
Total Short-Term Assets $1.988B $2.009B $2.079B
Total Long-Term Assets $13.98B $14.23B $14.35B
Total Assets $15.97B $16.24B $16.43B
YoY Change -2.82% -4.07% -1.24%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.007B $1.031B $896.7M
YoY Change 12.28% 20.28% 55.95%
Accrued Expenses $248.0M $250.7M $286.0M
YoY Change -13.29% -14.73% 19.17%
Deferred Revenue
YoY Change
Short-Term Debt $94.00M $320.0M $166.0M
YoY Change -43.37% 14.29% -46.45%
Long-Term Debt Due $0.00 $0.00 $755.4M
YoY Change -100.0% -100.0% 51.14%
Total Short-Term Liabilities $1.665B $1.891B $2.532B
YoY Change -34.27% -29.79% 21.9%
LONG-TERM LIABILITIES
Long-Term Debt $4.310B $4.309B $3.915B
YoY Change 10.07% 10.07% -14.57%
Other Long-Term Liabilities $306.7M $309.4M $347.0M
YoY Change -11.61% -10.21% 12.88%
Total Long-Term Liabilities $6.035B $6.064B $5.685B
YoY Change 6.15% 5.98% -11.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.665B $1.891B $2.532B
Total Long-Term Liabilities $6.035B $6.064B $5.685B
Total Liabilities $7.700B $7.954B $8.218B
YoY Change -6.31% -5.47% -2.93%
SHAREHOLDERS EQUITY
Retained Earnings $2.956B $2.993B $2.896B
YoY Change 2.05% -0.6% 10.52%
Common Stock $5.554B $5.537B $5.592B
YoY Change -0.68% -4.59% -3.38%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares 38.00M shares 38.10M shares 36.70M shares
Shareholders Equity $8.267B $8.286B $8.212B
YoY Change
Total Liabilities & Shareholders Equity $15.97B $16.24B $16.43B
YoY Change -2.82% -4.07% -1.24%

Cashflow Statement

Concept 2022 Q1 2021 Q4 2021 Q1
OPERATING ACTIVITIES
Net Income $69.70M $206.0M $261.5M
YoY Change -73.35% -10.75% 39.54%
Depreciation, Depletion And Amortization $115.2M $115.9M $110.5M
YoY Change 4.25% 2.02% -1.43%
Cash From Operating Activities $439.7M $165.1M $486.3M
YoY Change -9.58% -56.4% -6.77%
INVESTING ACTIVITIES
Capital Expenditures -$117.3M -$59.20M -$69.70M
YoY Change 68.29% 12.98% 23.36%
Acquisitions
YoY Change
Other Investing Activities $128.4M -$3.800M $589.7M
YoY Change -78.23% -642.86% -3589.35%
Cash From Investing Activities $11.10M -$63.00M $520.0M
YoY Change -97.87% 21.86% -808.45%
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 -321.6M -115.5M -914.8M
YoY Change -64.84% -63.74% 117.34%
NET CHANGE
Cash From Operating Activities 439.7M 165.1M 486.3M
Cash From Investing Activities 11.10M -63.00M 520.0M
Cash From Financing Activities -321.6M -115.5M -914.8M
Net Change In Cash 129.2M -13.40M 91.50M
YoY Change 41.2% -257.65% 235.16%
FREE CASH FLOW
Cash From Operating Activities $439.7M $165.1M $486.3M
Capital Expenditures -$117.3M -$59.20M -$69.70M
Free Cash Flow $557.0M $224.3M $556.0M
YoY Change 0.18% -47.97% -3.82%

Facts In Submission

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dei Entity Registrant Name
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The J. M. Smucker Company
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OH
dei Entity Tax Identification Number
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One Strawberry Lane
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dei Security12b Title
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us-gaap Amortization Of Intangible Assets
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CY2022Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
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100000 shares
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WeightedAverageNumberDilutedSharesOutstandingAdjustment
0 shares
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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CY2022Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2021Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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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 January 31, 2022. 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, New York, 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 January 31, 2022, 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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