XML 21 R12.htm IDEA: XBRL DOCUMENT
v3.22.0.1

Reportable Segments | 9 Months Ended
--- | ---
Jan. 31, 2022
Segment Reporting [Abstract] |
Reportable Segments | We operate in one industry: the manufacturing and marketing of food and beverage products. We have three reportable segments: U.S. Retail Pet Foods, U.S. Retail Coffee, and U.S. Retail Consumer Foods. The presentation of International and Away From Home represents a combination of all other operating segments that are not individually reportable. The U.S. Retail Pet Foods segment primarily includes the domestic sales of Rachael Ray® Nutrish®, Meow Mix®, Milk-Bone®, 9Lives®, Kibbles ’n Bits®, Pup-Peroni®, and Nature’s Recipe® branded products; the U.S. Retail Coffee segment primarily includes the domestic sales of Folgers®, Dunkin’®, and Café Bustelo® branded coffee; and the U.S. Retail Consumer Foods segment primarily includes the domestic sales of Smucker’s® and Jif® branded products. International and Away From Home includes the sale of products distributed domestically and in foreign countries through retail channels and foodservice distributors and operators (e.g., health care operators, restaurants, lodging, hospitality, offices, K-12, colleges and universities, and convenience stores). Segment profit represents net sales, less direct and allocable operating expenses, and is consistent with the way in which we manage our segments. However, we do not represent that the segments, if operated independently, would report operating profit equal to the segment profit set forth below, as segment profit excludes certain expenses such as amortization expense and impairment charges related to intangible assets, gains and losses on divestitures, the net change in cumulative unallocated gains and losses on commodity and foreign currency exchange derivative activities (“change in net cumulative unallocated derivative gains and losses”), certain divestiture, acquisition, integration, and restructuring costs (“special project costs”), as well as corporate administrative expenses. Commodity and foreign currency exchange derivative gains and losses are reported in unallocated derivative gains and losses outside of segment operating results until the related inventory is sold. At that time, we reclassify the hedge gains and losses from unallocated derivative gains and losses to segment profit, allowing our segments to realize the economic effect of the hedge without experiencing any mark-to-market volatility. We would expect that any gain or loss in the estimated fair value of the derivatives would generally be offset by a change in the estimated fair value of the underlying exposures. The following table reconciles segment profit to income before income taxes.
| Three Months Ended January 31, |  | Nine Months Ended January 31,
| 2022 |  | 2021 |  | 2022 |  | 2021
Net sales: |  |  |  |  |  |  |
U.S. Retail Pet Foods | $ | 696.6 |  |  | $ | 768.6 |  |  | $ | 2,046.2 |  |  | $ | 2,169.9 |
U.S. Retail Coffee | 661.8 |  |  | 625.9 |  |  | 1,850.1 |  |  | 1,791.5 |
U.S. Retail Consumer Foods | 433.1 |  |  | 447.6 |  |  | 1,309.9 |  |  | 1,415.9 |
International and Away From Home | 265.6 |  |  | 234.6 |  |  | 758.9 |  |  | 705.2 |
Total net sales | $ | 2,057.1 |  |  | $ | 2,076.7 |  |  | $ | 5,965.1 |  |  | $ | 6,082.5 |
Segment profit: |  |  |  |  |  |  |
U.S. Retail Pet Foods | $ | 95.7 |  |  | $ | 135.1 |  |  | $ | 275.2 |  |  | $ | 385.3 |
U.S. Retail Coffee | 213.4 |  |  | 210.7 |  |  | 572.5 |  |  | 595.4 |
U.S. Retail Consumer Foods | 99.5 |  |  | 110.9 |  |  | 329.2 |  |  | 377.7 |
International and Away From Home | 34.2 |  |  | 24.5 |  |  | 107.5 |  |  | 94.9 |
Total segment profit | $ | 442.8 |  |  | $ | 481.2 |  |  | $ | 1,284.4 |  |  | $ | 1,453.3 |
Amortization | (55.3) |  |  | (57.0) |  |  | (166.1) |  |  | (176.1) |
Other intangible assets impairment charge | (150.4) |  |  | — |  |  | (150.4) |  |  | — |
Gain on divestitures – net | 9.6 |  |  | 27.2 |  |  | 9.6 |  |  | 27.2 |
Interest expense – net | (39.5) |  |  | (43.5) |  |  | (122.9) |  |  | (134.7) |
Change in net cumulative unallocated derivative gains and losses | (22.4) |  |  | 33.8 |  |  | (37.9) |  |  | 81.5 |
Cost of products sold – special project costs (A) | (6.8) |  |  | — |  |  | (17.5) |  |  | — |
Other special project costs (A) | (2.0) |  |  | (1.7) |  |  | (5.1) |  |  | (1.7) |
Corporate administrative expenses | (64.9) |  |  | (77.3) |  |  | (195.2) |  |  | (236.1) |
Other income (expense) – net | (1.5) |  |  | (1.2) |  |  | (15.3) |  |  | (34.8) |
Income before income taxes | $ | 109.6 |  |  | $ | 361.5 |  |  | $ | 583.6 |  |  | $ | 978.6 |
(A)Special project costs include certain divestiture, acquisition, integration, and restructuring costs, which are recognized in cost of products sold and other special project costs in the Condensed Statements of Consolidated Income. For more information, see Note 3: Integration and Restructuring Costs. The following table presents certain geographical information.
| Three Months Ended January 31, |  | Nine Months Ended January 31,
| 2022 |  | 2021 |  | 2022 |  | 2021
Net sales: |  |  |  |  |  |  |
United States | $ | 1,921.8 |  |  | $ | 1,939.5 |  |  | $ | 5,574.2 |  |  | $ | 5,651.4 |
International: |  |  |  |  |  |  |
Canada | $ | 111.9 |  |  | $ | 113.9 |  |  | $ | 326.5 |  |  | $ | 345.3 |
All other international | 23.4 |  |  | 23.3 |  |  | 64.4 |  |  | 85.8 |
Total international | $ | 135.3 |  |  | $ | 137.2 |  |  | $ | 390.9 |  |  | $ | 431.1 |
Total net sales | $ | 2,057.1 |  |  | $ | 2,076.7 |  |  | $ | 5,965.1 |  |  | $ | 6,082.5 |
The following table presents product category information.
| Three Months Ended January 31, |  | Nine Months Ended January 31, |  |
| 2022 |  | 2021 |  | 2022 |  | 2021 |  | Primary Reportable Segment (A)
Coffee | $ | 746.2 |  |  | $ | 693.7 |  |  | $ | 2,077.8 |  |  | $ | 1,989.0 |  |  | U.S. Retail Coffee
Cat food | 243.7 |  |  | 245.2 |  |  | 707.5 |  |  | 697.1 |  |  | U.S. Retail Pet Foods
Pet snacks | 251.5 |  |  | 246.6 |  |  | 697.1 |  |  | 676.1 |  |  | U.S. Retail Pet Foods
Dog food | 219.9 |  |  | 296.5 |  |  | 696.7 |  |  | 852.0 |  |  | U.S. Retail Pet Foods
Peanut butter | 194.6 |  |  | 208.5 |  |  | 606.7 |  |  | 601.2 |  |  | U.S. Retail Consumer Foods
Frozen handheld | 120.2 |  |  | 100.0 |  |  | 380.9 |  |  | 301.8 |  |  | U.S. Retail Consumer Foods
Fruit spreads | 101.6 |  |  | 99.8 |  |  | 282.3 |  |  | 293.3 |  |  | U.S. Retail Consumer Foods
Portion control | 42.4 |  |  | 27.9 |  |  | 117.6 |  |  | 83.0 |  |  | Other (B)
Juices and beverages | 36.0 |  |  | 33.5 |  |  | 105.7 |  |  | 103.8 |  |  | U.S. Retail Consumer Foods
Baking mixes and ingredients | 23.4 |  |  | 21.5 |  |  | 61.3 |  |  | 74.7 |  |  | Other (B)
Shortening and oils | — |  |  | 33.9 |  |  | — |  |  | 193.9 |  |  | U.S. Retail Consumer Foods (C)
Other | 77.6 |  |  | 69.6 |  |  | 231.5 |  |  | 216.6 |  |  | Other (B)
Total net sales | $ | 2,057.1 |  |  | $ | 2,076.7 |  |  | $ | 5,965.1 |  |  | $ | 6,082.5 |  |  |
(A)The primary reportable segment generally represents at least 75 percent of total net sales for each respective product category. (B)Represents the International and Away From Home operating segments, which are combined for segment reporting purposes. (C)During 2021, the net sales within this category were related to the divested Crisco business. For more information, see Note 4: Divestitures.

X
- References No definition available. + Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9031-108599 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
Name: | us-gaap_SegmentReportingDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration