Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Apr. 30, 2015 | Jun. 15, 2015 | Oct. 31, 2014 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | J M SMUCKER Co | ||
Entity Central Index Key | 91,419 | ||
Document Type | 10-K | ||
Document Period End Date | Apr. 30, 2015 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Current Fiscal Year End Date | --04-30 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Public Float | $ 9,803,675,128 | ||
Entity Common Stock, Shares Outstanding | 119,666,585 |
Statements of Consolidated Inco
Statements of Consolidated Income - USD ($) $ in Millions | 12 Months Ended | ||
Apr. 30, 2015 | Apr. 30, 2014 | Apr. 30, 2013 | |
Income Statement [Abstract] | |||
Net sales | $ 5,692.7 | $ 5,610.6 | $ 5,897.7 |
Cost of products sold | 3,724 | 3,579.6 | 3,870.1 |
Gross Profit | 1,968.7 | 2,031 | 2,027.6 |
Selling, distribution, and administrative expenses | 1,031.3 | 988.8 | 973.9 |
Amortization | 110.9 | 98.9 | 96.8 |
Other special project costs | 56.6 | 25.6 | 49.5 |
Other operating income - net | (2.1) | (1.3) | (3) |
Operating Income | 772 | 919 | 910.4 |
Interest expense - net | (79.9) | (79.4) | (93.4) |
Other debt costs | (173.3) | 0 | 0 |
Other income - net | 4.2 | 10.1 | 0.3 |
Income Before Income Taxes | 523 | 849.7 | 817.3 |
Income taxes | 178.1 | 284.5 | 273.1 |
Net Income | $ 344.9 | $ 565.2 | $ 544.2 |
Earnings per common share: | |||
Net Income | $ 3.33 | $ 5.42 | $ 5 |
Net Income - Assuming Dilution | 3.33 | 5.42 | 5 |
Dividends Declared per Common Share | $ 2.56 | $ 2.32 | $ 2.08 |
Statements of Consolidated Comp
Statements of Consolidated Comprehensive Income - USD ($) $ in Millions | 12 Months Ended | ||
Apr. 30, 2015 | Apr. 30, 2014 | Apr. 30, 2013 | |
Statements of Consolidated Comprehensive Income [Abstract] | |||
Net income | $ 344.9 | $ 565.2 | $ 544.2 |
Other comprehensive (loss) income: | |||
Foreign currency translation adjustments | (34) | (29.8) | (5.5) |
Cash flow hedging derivative activity, net of tax | (20.5) | 26.5 | 8 |
Pension and other postretirement benefit plans activity, net of tax | (3.6) | 29.4 | 2.9 |
Available-for-sale securities activity, net of tax | (0.1) | (1.1) | 2 |
Total Other Comprehensive (Loss) Income | (58.2) | 25 | 7.4 |
Comprehensive Income | $ 286.7 | $ 590.2 | $ 551.6 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Apr. 30, 2015 | Apr. 30, 2014 |
Current Assets | ||
Cash and cash equivalents | $ 125.6 | $ 153.5 |
Trade receivables, less allowance for doubtful accounts | 430.1 | 309.4 |
Inventories: | ||
Finished products | 815 | 571.5 |
Raw materials | 348.6 | 359.5 |
Total Inventories | 1,163.6 | 931 |
Other current assets | 333 | 145.2 |
Total Current Assets | 2,052.3 | 1,539.1 |
Property, Plant, and Equipment | ||
Land and land improvements | 113.7 | 99.7 |
Buildings and fixtures | 666.3 | 516 |
Machinery and equipment | 1,783.8 | 1,384 |
Construction in progress | 135.3 | 163.9 |
Property, Plant, and Equipment, Gross | 2,699.1 | 2,163.6 |
Accumulated depreciation | (1,020.8) | (898) |
Total Property, Plant, and Equipment | 1,678.3 | 1,265.6 |
Other Noncurrent Assets | ||
Goodwill | 6,009.8 | 3,098.2 |
Other intangible assets - net | 6,950.3 | 3,024.3 |
Other noncurrent assets | 191.9 | 133 |
Total Other Noncurrent Assets | 13,152 | 6,255.5 |
Total Assets | 16,882.6 | 9,060.2 |
Current Liabilities | ||
Accounts payable | 402.8 | 289.2 |
Accrued compensation | 100.4 | 57.3 |
Accrued trade marketing and merchandising | 104.9 | 58.5 |
Dividends payable | 76.5 | 59 |
Current portion of long-term debt | 0 | 100 |
Short-term borrowings | 226 | 243.2 |
Other current liabilities | 112 | 78.6 |
Total Current Liabilities | 1,022.6 | 885.8 |
Noncurrent Liabilities | ||
Long-term debt | 5,944.9 | 1,873.1 |
Defined benefit pensions | 188.9 | 135.7 |
Other postretirement benefits | 74.6 | 58.5 |
Deferred income taxes | 2,473.3 | 1,020.7 |
Other noncurrent liabilities | 91.4 | 56.8 |
Total Noncurrent Liabilities | 8,773.1 | 3,144.8 |
Total Liabilities | 9,795.7 | 4,030.6 |
Shareholders' Equity | ||
Serial preferred shares - no par value: Authorized - 6,000,000 shares; outstanding - none | 0 | 0 |
Common shares - no par value: Authorized - 300,000,000 shares; outstanding - 119,577,333 at April 30, 2015, and 101,697,400 at April 30, 2014 (net of 26,920,397 and 26,907,765 treasury shares, respectively), at stated value | 29.9 | 25.4 |
Additional capital | 6,007.7 | 3,965.8 |
Retained income | 1,159.2 | 1,091 |
Amount due from ESOP Trust | (0.1) | (1) |
Accumulated other comprehensive loss | (109.8) | (51.6) |
Total Shareholders' Equity | 7,086.9 | 5,029.6 |
Total Liabilities and Shareholders' Equity | $ 16,882.6 | $ 9,060.2 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - shares | Apr. 30, 2015 | Apr. 30, 2014 |
Consolidated Balance Sheets [Abstract] | ||
Serial preferred shares, no par value, shares authorized | 6,000,000 | 6,000,000 |
Serial preferred shares, no par value, shares outstanding | 0 | 0 |
Common shares, no par value, shares authorized | 300,000,000 | 300,000,000 |
Common shares, no par value, shares outstanding | 119,577,333 | 101,697,400 |
Treasury shares, shares outstanding | 26,920,397 | 26,907,765 |
Statements of Consolidated Cash
Statements of Consolidated Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||
Apr. 30, 2015 | Apr. 30, 2014 | Apr. 30, 2013 | |
Operating Activities | |||
Net income | $ 344.9 | $ 565.2 | $ 544.2 |
Adjustments to reconcile net income to net cash provided by operations: | |||
Depreciation | 157.5 | 157.5 | 154.1 |
Amortization | 110.9 | 98.9 | 96.8 |
Share-based compensation expense | 23.5 | 22.9 | 21.3 |
Other restructuring activities | 0 | 0 | (0.7) |
Loss on sale of assets - net | 6 | 3 | 4.8 |
Gain on sale of marketable securities | 0 | (3.7) | 0 |
Other noncash adjustments | (12) | (0.2) | 0.1 |
Make-whole payments included in financing activities | 163.3 | 0 | 0 |
Defined benefit pension contributions | (15.7) | (9.4) | (40) |
Deferred income tax expense (benefit) | 7.7 | (8) | (15.6) |
Changes in assets and liabilities, net of effect from businesses acquired: | |||
Trade receivables | 21.8 | 6.1 | 33.2 |
Inventories | 25.3 | 15.4 | 15.2 |
Other current assets | 74.1 | (26.9) | 4.6 |
Accounts payable | (25.4) | 3.3 | 11.2 |
Accrued liabilities | (140.3) | 9.1 | (6.7) |
Proceeds from settlement of interest rate swaps - net | 53.5 | 0 | 0 |
Income and other taxes | (41.6) | (9.5) | 3.5 |
Other - net | (20.3) | 32.3 | 29.8 |
Net Cash Provided by Operating Activities | 733.2 | 856 | 855.8 |
Investing Activities | |||
Businesses acquired, net of cash acquired | (1,320.5) | (101.8) | 0 |
Additions to property, plant, and equipment | (247.7) | (279.5) | (206.5) |
Sales and maturities of marketable securities | 0 | 10 | 0 |
Proceeds from disposal of property, plant, and equipment | 2.6 | 10.7 | 3.3 |
Other - net | (30.1) | (9.7) | 17.6 |
Net Cash Used for Investing Activities | (1,595.7) | (370.3) | (185.6) |
Financing Activities | |||
Short-term (repayments) borrowings - net | (22.4) | 248.4 | 0 |
Proceeds from long-term debt | 5,382.5 | 0 | 0 |
Repayments of long-term debt, including make-whole payments | (4,193.9) | (50) | (50) |
Quarterly dividends paid | (254) | (238) | (222.8) |
Purchase of treasury shares | (24.3) | (508.5) | (364.2) |
Proceeds from stock option exercises | 0.8 | 0.5 | 2.2 |
Other - net | (25.5) | (27.9) | (6.2) |
Net Cash Provided by (Used for) Financing Activities | 863.2 | (575.5) | (641) |
Effect of exchange rate changes on cash | (28.6) | (13.1) | (2.5) |
Net (decrease) increase in cash and cash equivalents | (27.9) | (102.9) | 26.7 |
Cash and cash equivalents at beginning of year | 153.5 | 256.4 | 229.7 |
Cash and Cash Equivalents at End of Year | $ 125.6 | $ 153.5 | $ 256.4 |
Statements of Consolidated Shar
Statements of Consolidated Shareholders' Equity - USD ($) $ in Millions | Total | Common Shares Outstanding | Common Shares | Additional Capital | Retained Income | Amount Due from ESOP Trust | Accumulated Other Comprehensive Loss |
Statements of Consolidated Shareholders' Equity [Abstract] | |||||||
Comprehensive Income | $ 551.6 | ||||||
Balance at Apr. 30, 2012 | 5,163.4 | $ 27.6 | $ 4,261.2 | $ 961.2 | $ (2.6) | $ (84) | |
Balance, Shares at Apr. 30, 2012 | 110,284,715 | ||||||
Net income | 544.2 | 544.2 | |||||
Other comprehensive (loss) income | 7.4 | 7.4 | |||||
Purchase of treasury shares | (364.2) | (1) | (158.5) | (204.7) | |||
Purchase of treasury shares, shares | (4,062,682) | ||||||
Stock plans | 22.4 | 22.4 | |||||
Stock plans, Shares | 264,902 | ||||||
Cash dividends declared | (225.2) | (225.2) | |||||
Other | 0.8 | 0.8 | |||||
Balance at Apr. 30, 2013 | 5,148.8 | 26.6 | 4,125.1 | 1,075.5 | (1.8) | (76.6) | |
Balance, Shares at Apr. 30, 2013 | 106,486,935 | ||||||
Statements of Consolidated Shareholders' Equity [Abstract] | |||||||
Comprehensive Income | 590.2 | ||||||
Net income | 565.2 | 565.2 | |||||
Other comprehensive (loss) income | 25 | 25 | |||||
Purchase of treasury shares | (508.5) | (1.3) | (199) | (308.2) | |||
Purchase of treasury shares, shares | (5,072,158) | ||||||
Stock plans | 39.8 | 0.1 | 39.7 | ||||
Stock plans, Shares | 282,623 | ||||||
Cash dividends declared | (241.6) | (241.6) | |||||
Other | 0.9 | 0.1 | 0.8 | ||||
Balance at Apr. 30, 2014 | $ 5,029.6 | 25.4 | 3,965.8 | 1,091 | (1) | (51.6) | |
Balance, Shares at Apr. 30, 2014 | 101,697,400 | 101,697,400 | |||||
Statements of Consolidated Shareholders' Equity [Abstract] | |||||||
Comprehensive Income | $ 286.7 | ||||||
Net income | 344.9 | 344.9 | |||||
Other comprehensive (loss) income | (58.2) | (58.2) | |||||
Purchase of treasury shares | (24.3) | (0.1) | (19.2) | (5) | |||
Purchase of treasury shares, shares | (225,262) | ||||||
Stock plans | 30.2 | 0.1 | 30.1 | ||||
Stock plans, Shares | 212,630 | ||||||
Issuance of shares for acquisition | 2,035.5 | 4.5 | 2,031 | ||||
Issuance of shares for acquisition, shares | 17,892,565 | ||||||
Cash dividends declared | (271.5) | (271.5) | |||||
Other | 0.7 | (0.2) | 0.9 | ||||
Balance at Apr. 30, 2015 | $ 7,086.9 | $ 29.9 | $ 6,007.7 | $ 1,159.2 | $ (0.1) | $ (109.8) | |
Balance, Shares at Apr. 30, 2015 | 119,577,333 | 119,577,333 |
Statements of Consolidated Sha8
Statements of Consolidated Shareholders' Equity (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | ||
Apr. 30, 2015 | Apr. 30, 2014 | Apr. 30, 2013 | |
Additional Capital | |||
Tax benefit of stock plans | $ 5.9 | $ 7.3 | $ 2.9 |
Accounting Policies
Accounting Policies | 12 Months Ended |
Apr. 30, 2015 | |
Accounting Policies [Abstract] | |
Accounting Policies | NOTE 1 ACCOUNTING POLICIES Principles of Consolidation: The consolidated financial statements include the accounts of the Company, its wholly-owned subsidiaries, and its majority-owned investments, if any. Intercompany transactions and accounts are eliminated in consolidation. Use of Estimates: The preparation of consolidated financial statements in conformity with U.S. generally accepted accounting principles (“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: allowances for doubtful trade receivables, estimates of future cash flows associated with assets, 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 and other assumptions for defined benefit pension and other postretirement benefit expenses. Actual results could differ from these estimates. Cash and Cash Equivalents: We consider all short-term, highly-liquid investments with a maturity of three months or less when purchased to be cash equivalents. Revenue Recognition: We recognize revenue, net of estimated returns and allowances, when all of the following criteria have been met: a valid customer order with a determinable price has been received; the product has been shipped and title has transferred to the customer; there is no further significant obligation to assist in the resale of the product; and collectability is reasonably assured. Trade marketing and merchandising programs are classified as a reduction of sales. A provision for estimated returns and allowances is recognized as a reduction of sales at the time revenue is recognized. Shipping and Handling Costs: Transportation costs included in cost of products sold relate to the costs incurred to ship our products. Distribution costs are included in selling, distribution, and administrative expenses and relate to the warehousing costs incurred to store our products. Trade Marketing and Merchandising Programs: In order to support our products, various promotional activities are conducted through retail trade, distributors, or directly with consumers, including in-store display and product placement programs, feature price discounts, coupons, and other similar activities. We regularly review and revise, when we deem necessary, estimates of costs for these promotional programs based on estimates of what will be redeemed by retail trade, distributors, or consumers. These estimates are made using various techniques, including historical data on performance of similar promotional programs. Differences between estimated expenditures and actual performance are recognized as a change in estimate in a subsequent period. As the total promotional expenditures, including amounts classified as a reduction of sales, represented 29 percent, 27 percent, and 25 percent of net sales in 2015, 2014, and 2013, respectively, the possibility exists of materially different reported results if factors such as the level and success of the promotional programs or other conditions differ from expectations. Advertising Expense: Advertising costs are expensed as incurred. Advertising expense was $107.0, $124.7, and $131.6 in 2015, 2014, and 2013, respectively. Research and Development Costs: Research and development costs are expensed as incurred and are included in selling, distribution, and administrative expense in the Statements of Consolidated Income. Total research and development expense was $32.5, $24.3, and $24.7 in 2015, 2014, and 2013, respectively. Share-Based Payments: Share-based compensation expense, excluding stock options issued in 2015, is recognized on a straight-line basis over the requisite service period, which includes a one-year performance period plus the defined forfeiture period, which is typically four years of service or the attainment of a defined age and years of service. For options granted in 2015, compensation expense is recognized ratably over the service period for each vesting tranche from the grant date through the end of the requisite service period if it is probable that the performance criteria will be met. The options will vest over a period of one to three years, dependent on continued service of the option holder, as well as the achievement of the performance objectives established on the grant date. For further discussion on the stock options issued in 2015, see Note 10: Share-Based Payments. The following table summarizes amounts related to share-based payments. Year Ended April 30, 2015 2014 2013 Share-based compensation expense included in selling, distribution, and administrative expenses $ 22.3 $ 22.1 $ 20.5 Share-based compensation expense included in other special project costs 1.2 0.8 0.8 Total share-based compensation expense $ 23.5 $ 22.9 $ 21.3 Related income tax benefit $ 8.0 $ 7.7 $ 7.1 As of April 30, 2015, total unrecognized share-based compensation cost related to nonvested share-based awards was $48.9. The weighted-average period over which this amount is expected to be recognized is 2.5 years. Corporate income tax benefits realized upon exercise or vesting of an award in excess of that previously recognized in earnings, referred to as excess tax benefits, are presented in the Statements of Consolidated Cash Flows as a financing activity. Realized excess tax benefits are credited to additional capital in the Consolidated Balance Sheets. Realized shortfall tax benefits, amounts which are less than those previously recognized in earnings, are first offset against the cumulative balance of excess tax benefits, if any, and then charged directly to income tax expense. For 2015, 2014, and 2013, the excess tax benefits realized upon exercise or vesting of share-based compensation were $5.9, $7.3, and $2.9, respectively. Defined Contribution Plans: We offer employee savings plans for domestic and Canadian employees. Our contributions under these plans are based on a specified percentage of employee contributions. Charges to operations for these plans in 2015, 2014, and 2013 were $21.1, $20.1, and $18.6, respectively. For information on our defined benefit plans, see Note 7: Pensions and Other Postretirement Benefits. Income Taxes: We account for income taxes using the liability method. Accordingly, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in the applicable tax rate is recognized in income or expense in the period that the change is enacted. A valuation allowance is established when it is more likely than not that all or a portion of a deferred tax asset will not be realized. A tax benefit is recognized when it is more likely than not to be sustained. We account for the financial statement recognition and measurement criteria of a tax position taken or expected to be taken in a tax return under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 740, Income Taxes In accordance with the requirements of FASB ASC 740, uncertain tax positions have been classified in the Consolidated Balance Sheets as noncurrent, except to the extent payment is expected within one year. We recognize net interest and penalties related to unrecognized tax benefits in income tax expense. Trade Receivables: In the normal course of business, we extend credit to customers. Trade receivables, less allowances, reflects the net realizable value of receivables and approximates fair value. We evaluate our trade receivables and establish an allowance for doubtful accounts based on a combination of factors. When aware that a specific customer has been impacted by circumstances such as bankruptcy filings or deterioration in the customer’s operating results or financial position, potentially making it unable to meet its financial obligations, we record a specific reserve for bad debt to reduce the related receivable to the amount we reasonably believe is collectible. We also record reserves for bad debt for all other customers based on a variety of factors, including the length of time the receivables are past due, historical collection experience, and an evaluation of current and projected economic conditions at the balance sheet date. Trade receivables are charged off against the allowance after we determine that the potential for recovery is remote. At April 30, 2015 and 2014, the allowance for doubtful accounts was $1.0 and $0.9, respectively. We believe there is no concentration of risk with any single customer whose failure or nonperformance would materially affect results other than as discussed in Note 3: Reportable Segments. Inventories: Inventories are stated at the lower of cost or market. Cost for all inventories is determined using the first-in, first-out method applied on a consistent basis. The cost of finished products and work-in-process inventory includes materials, direct labor, and overhead. Work-in-process is included in finished products in the Consolidated Balance Sheets and was $81.5 and $62.1 at April 30, 2015 and 2014, respectively. Derivative Financial Instruments: We account for derivative instruments in accordance with FASB ASC 815, Derivatives and Hedging Effective May 1, 2014, we elected to no longer qualify commodity derivatives or instruments used to manage foreign currency exchange exposures for hedge accounting treatment and, as a result, the derivative gains and losses are immediately recognized in earnings. Prior to 2015, certain of our derivative instruments met the hedge criteria and were accounted for as cash flow hedges. The mark-to-market gains and losses on qualifying hedges were deferred and included as a component of accumulated other comprehensive loss to the extent effective, and reclassified to cost of products sold in the period during which the hedged transaction affected earnings. The deferred net gains included in accumulated other comprehensive loss, net of tax, were $18.3 at April 30, 2014. Although we no longer perform the assessments required to achieve hedge accounting for derivative positions, we believe all of our commodity derivatives are economic hedges of our risk exposure. We utilize derivative instruments to manage changes in the fair value and cash flows of our debt. Interest rate swaps mitigate the risk associated with the underlying hedged item. At the inception of the contract, the instrument is evaluated and documented for hedge accounting treatment. If the contract is designated as a cash flow hedge, the mark-to-market gains or losses on the swap are deferred and included as a component of accumulated other comprehensive loss to the extent effective, and reclassified to interest expense in the period during which the hedged transaction affects earnings. If the contract is designated as a fair value hedge, the swap is recognized at fair value on the balance sheet, and changes in the fair value are recognized in interest expense. Generally, changes in the fair value of the derivative are equal to changes in the fair value of the underlying debt and have no net impact on earnings. Property, Plant, and Equipment: Property, plant, and equipment is recognized at cost and is depreciated on a straight-line basis over the estimated useful life of the asset (3 to 20 years for machinery and equipment, 1 to 7 years for capitalized software costs, and 5 to 40 years for buildings, fixtures, and improvements). We lease certain land, buildings, and equipment for varying periods of time, with renewal options. Rent expense in 2015, 2014, and 2013 totaled $67.1, $60.6, and $59.2, respectively. As of April 30, 2015, our minimum operating lease obligations were as follows: $43.1 in 2016, $40.5 in 2017, $36.0 in 2018, $27.1 in 2019, and $22.0 in 2020. In accordance with FASB ASC 360, Property, Plant, and Equipment Goodwill and Other Intangible Assets: Goodwill is the excess of the purchase price paid over the estimated fair value of the net assets of a business acquired. In accordance with FASB ASC 350, Intangibles – Goodwill and Other, Marketable Securities and Other Investments: We maintain funds for the payment of benefits associated with nonqualified retirement plans. These funds include investments considered to be available-for-sale marketable securities. At April 30, 2015 and 2014, the fair value of these investments was $48.4 and $55.4, respectively, and was included in other noncurrent assets in the Consolidated Balance Sheets. Included in accumulated other comprehensive loss at April 30, 2015 and 2014, were unrealized pre-tax gains of $5.2 and $5.3, respectively. Equity Method Investments: Investments in common stock of entities other than our subsidiaries are accounted for under the equity method in accordance with FASB ASC 323, Investments – Equity Method and Joint Ventures We have a 25 percent equity interest in Guilin Seamild Biologic Technology Development Co., Ltd. (“Seamild”), a privately-owned manufacturer and marketer of oats products in China. The initial investment in Seamild in 2013 was $35.9 and is included in other noncurrent assets in the Consolidated Balance Sheets. The value of our investment in Seamild did not change significantly and did not have a material impact on the International, Foodservice, and Natural Foods segment or the consolidated financial statements for the years ended April 30, 2015 and 2014. As part of the Big Heart Pet Brands (“Big Heart”) acquisition, we acquired a 50 percent equity interest in Natural Blend Vegetable Dehydration LLC (“Natural Blend”) and a 20 percent equity interest in Mountain Country Foods, LLC (“Mountain Country Foods”). Natural Blend is a privately-owned producer and supplier of dehydrated sweet potato products to Big Heart co-manufacturers. Mountain Country Foods is a privately-owned co-manufacturer of Big Heart pet products. Our initial investments in Natural Blend of $10.6 and Mountain Country Foods of $19.1 were recorded at a preliminary fair value as required under purchase accounting and are included in other noncurrent assets in the Consolidated Balance Sheets. The value of these investments did not have a material impact on the U.S. Retail Pet Foods segment or the consolidated financial statements for the year ended April 30, 2015. For additional information related to the acquisition, see Note 2: Acquisitions. Foreign Currency Translation: Assets and liabilities of foreign subsidiaries are translated using the exchange rates in effect at the balance sheet dates, while income and expenses are translated using average rates. Translation adjustments are reported as a component of shareholders’ equity in accumulated other comprehensive loss. Included in accumulated other comprehensive loss at April 30, 2015 and 2014, was a foreign currency loss of $2.3 and a gain of $31.7, respectively. Recently Issued Accounting Standards: In April 2015, the FASB issued Accounting Standards Update (“ASU”) 2015-03, Interest – Imputation of Interest (Subtopic 835-30) Simplifying the Presentation of Debt Issuance Costs In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606) Risks and Uncertainties: The raw materials we use are primarily commodities, agricultural-based products, and packaging materials. The principal packaging materials we use are glass, plastic, metal cans, caps, carton board, and corrugate. Green coffee, peanuts, edible oils, sweeteners, milk, wheat, corn, poultry meal, soybean meal, and other ingredients are obtained from various suppliers. The availability, quality, and cost of many of these commodities have fluctuated, and may continue to fluctuate over time. Green coffee is sourced solely from foreign countries and its supply and price are subject to high volatility due to factors such as weather, global supply and demand, pest damage, speculative influences, and political and economic conditions in the source countries. Raw materials are generally available from numerous sources, although we have elected to source certain plastic packaging materials and finished goods from single sources of supply pursuant to long-term contracts. While availability may vary from year to year, we believe that we will continue to be able to obtain adequate supplies and that alternatives to single-sourced materials are available. We have not historically encountered significant shortages of key raw materials. We consider our relationships with key material suppliers to be good. Of our total employees, 28 percent are covered by union contracts at 10 manufacturing locations. The contracts vary in term, with three contracts expiring in 2016, representing 11 percent of our total employees. We insure our business and assets in each country against insurable risks, to the extent that we deem appropriate, based upon an analysis of the relative risks and costs. |
Acquisitions
Acquisitions | 12 Months Ended |
Apr. 30, 2015 | |
Acquisitions [Abstract] | |
Acquisitions | NOTE 2 ACQUISITIONS On March 23, 2015, we completed the acquisition of Big Heart, a leading producer, distributor, and marketer of premium-quality, branded pet food and pet snacks in the U.S., through the acquisition of Blue Acquisition Group, Inc. (“BAG”), Big Heart’s parent company. As a result of the acquisition, the assets and liabilities of BAG are now held by a direct wholly-owned subsidiary of the Company. The total consideration paid in connection with the acquisition was $5.9 billion, as set forth below, which included the issuance of 17.9 million of our common shares to BAG’s shareholders, valued at $2.0 billion based on the average stock price of our common shares on March 23, 2015. After the closing of the transaction, we had approximately 120.0 million common shares outstanding. We assumed $2.6 billion in debt, including Big Heart’s senior secured term loan and senior notes, and we paid an additional $1.2 billion in cash, which is subject to a working capital adjustment. As part of the transaction, new debt of $5.4 billion was borrowed, consisting of a $1.8 billion bank term loan and $3.7 billion in long-term notes, and Big Heart’s debt obligations and our existing private placement Senior Notes were paid off. Shares issued $ 2,035.5 Assumed debt from Big Heart 2,630.2 Cash consideration, net of cash acquired 1,240.0 Total purchase price $ 5,905.7 The transaction was accounted for under the acquisition method of accounting and, accordingly, the results of Big Heart’s operations, including $244.5 in revenue and an operating loss of $26.0, are included in our consolidated financial statements from the date of acquisition. Total one-time costs related to the acquisition are expected to be approximately $225.0, of which approximately $150.0 are expected to be cash charges. The one-time costs consist primarily of employee-related costs, outside service and consulting costs, and other costs directly related to the acquisition. These one-time costs are anticipated to be incurred primarily over the next three years, with one-half of the costs expected to be recognized in 2016. We incurred costs of $36.0 to date that were directly related to the merger and integration of Big Heart, and the majority of these charges were reported in other special project costs in the Statement of Consolidated Income. Due to the nature of these costs, they were expensed as incurred. The Big Heart purchase price was preliminarily allocated to the underlying assets acquired and liabilities assumed based upon their estimated fair values at the date of acquisition. We determined the estimated fair values based on independent appraisals, discounted cash flow analyses, quoted market prices, and estimates made by management. The purchase price exceeded the estimated fair value of the net identifiable tangible and intangible assets acquired and, as such, the excess was allocated to goodwill. The following table summarizes the preliminary fair values of the assets acquired and liabilities assumed at the acquisition date. Assets acquired: Trade receivables $ 142.0 Inventories 257.7 Other current assets 210.7 Property, plant, and equipment 324.0 Intangible assets 4,009.8 Goodwill 2,871.2 Other noncurrent assets 38.0 Total assets acquired $ 7,853.4 Liabilities assumed: Current liabilities $ 398.9 Deferred tax liabilities 1,464.0 Other noncurrent liabilities 84.8 Total liabilities assumed $ 1,947.7 Net assets acquired $ 5,905.7 As a result of the acquisition, we recognized a total of $2.9 billion of goodwill, of which $91.5 is deductible for tax purposes. Goodwill represents the value we expect to achieve through the implementation of operational synergies and growth opportunities across our segments. The final allocation of goodwill to our reporting units was not complete as of April 30, 2015, due to the timing of the acquisition, but will be complete by the end of 2016. Certain estimated values for the acquisition, including goodwill, intangible assets, property, plant, and equipment, contingent liabilities, and income taxes, are not yet finalized. The purchase price was preliminarily allocated based on information available at the acquisition date and is subject to change as we complete our analysis of the fair values at the date of acquisition during the measurement period not to exceed one year as permitted under FASB ASC 805, Business Combinations. The purchase price was preliminarily allocated to the identifiable intangible assets acquired as follows: Intangible assets with finite lives: Customer relationships (25-year useful life) $ 2,289.8 Trademarks (15-year useful life) 257.0 Intangible assets with indefinite lives: Trademarks 1,463.0 Total intangible assets $ 4,009.8 Big Heart’s results of operations are included in our consolidated financial statements from the date of the transaction. Had the transaction occurred on May 1, 2013, unaudited pro forma consolidated results for the years ended April 30, 2015 and 2014, would have been as follows: Year Ended April 30, 2015 2014 Net sales $ 7,732.5 $ 7,800.7 Net income 541.8 547.7 Net income per common share – assuming dilution 4.53 4.48 The unaudited pro forma consolidated results are based on our historical financial statements and those of Big Heart, and do not necessarily indicate the results of operations that would have resulted had the acquisition been completed at the beginning of the applicable period presented. The most significant pro forma adjustments relate to the elimination of acquisition-related costs incurred prior to the close of the transaction, amortization of intangible assets, depreciation of property, plant, and equipment, elimination of other debt costs discussed in Note 6: Debt and Financing Arrangements, and higher interest expense associated with the bank term loan and long-term notes. Of these adjustments, the elimination of acquisition-related costs and other debt costs of $108.3 and $173.3, respectively, are nonrecurring. The unaudited pro forma consolidated results do not give effect to the synergies of the acquisition and are not indicative of the results of operations in future periods. In addition to the Big Heart acquisition, on September 2, 2014, we completed the acquisition of Sahale Snacks, Inc. (“Sahale”), a privately-held manufacturer and marketer of premium, branded nut and fruit snacks for $80.5 in cash consideration, net of a working capital adjustment. As a result, Sahale became a wholly-owned subsidiary of the Company. The purchase price was allocated to the underlying assets acquired and liabilities assumed based upon their estimated fair values at the date of acquisition. The purchase price allocation included total intangible assets of $30.4. The purchase price exceeded the estimated fair value of the net identifiable tangible and intangible assets acquired and, as a result, the excess was allocated to goodwill. Preliminary valuations resulted in Sahale goodwill of $47.9, and the entire amount was assigned to the U.S. Retail Consumer Foods segment. Sahale goodwill is preliminary as of April 30, 2015, pending the finalization of our tax basis. The results of operations of Sahale are included in the consolidated financial statements from the date of the transaction and did not have a material impact on the year ended April 30, 2015. During 2014, we completed two acquisitions for aggregate net cash consideration of $101.8, net of working capital adjustments. Enray Inc. (“Enray”), a leading manufacturer and marketer of premium organic, gluten-free ancient grain products, was acquired in August 2013. Silocaf of New Orleans, Inc. (“Silocaf”), a strategic investment related to our green coffee supply chain, was acquired in September 2013. The purchase price for each business acquired was allocated to the underlying assets acquired and liabilities assumed based upon their estimated fair values at the date of acquisition. The purchase price allocations included intangible assets of $37.6 in total for Enray and Silocaf. The purchase price for both Enray and Silocaf exceeded the estimated fair value of the net identifiable tangible and intangible assets acquired and as a result, the excess was allocated to goodwill. Valuations resulted in Enray goodwill of $29.3, which was assigned to the International, Foodservice, and Natural Foods segment, and Silocaf goodwill of $22.8, which was assigned to the U.S. Retail Coffee segment. The results of operations for both of the acquired businesses are included in the consolidated financial statements from the dates of the transactions and did not have a material impact on the years ended April 30, 2015 and 2014. |
Reportable Segments
Reportable Segments | 12 Months Ended |
Apr. 30, 2015 | |
Segment Reporting [Abstract] | |
Reportable Segments | NOTE 3 REPORTABLE SEGMENTS We operate in one industry: the manufacturing and marketing of food products. We have four reportable segments: U.S. Retail Coffee, U.S. Retail Consumer Foods, U.S. Retail Pet Foods, and International, Foodservice, and Natural Foods. The U.S. Retail Coffee segment primarily represents the domestic sales of Folgers and Dunkin’ Donuts branded coffee; the U.S. Retail Consumer Foods segment primarily includes domestic sales of Crisco, Jif, Smucker’s, and Pillsbury branded products; the U.S. Retail Pet Foods segment primarily includes domestic sales of Meow Mix, Milk-Bone, Kibbles ’n Bits, Natural Balance, 9Lives, Pup-Peroni, Gravy Train, and Nature’s Recipe branded products; and the International, Foodservice, and Natural Foods segment is comprised of products distributed domestically and in foreign countries through retail channels, foodservice distributors and operators (e.g., restaurants, lodging, schools and universities, health care operators), and natural foods stores and distributors. Pet food and pet snacks sales outside of the U.S. retail market segment are reflected in International, Foodservice, and Natural Foods. 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 operating expenses such as corporate administrative expenses and, effective May 1, 2014, unallocated gains and losses on commodity and foreign currency exchange derivative activities. 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. Prior year segment results have been modified to exclude the unrealized gains and losses on commodity and foreign currency exchange derivatives to conform to the new definition. As disclosed in Note 2: Acquisitions, we acquired Big Heart in a cash and stock transaction on March 23, 2015. The transaction resulted in a new reportable segment for 2015. There was no impact to our historical reportable segments, as there were no changes to the internal way we managed and reported those segments for 2015. However, we are in the process of finalizing our internal financial reporting structure and the impact on reportable segments for 2016 as a result of recent leadership changes. All historical information will be retroactively conformed to the new presentation once it is finalized. Year Ended April 30, 2015 2014 2013 Net sales: U.S. Retail Coffee $ 2,076.1 $ 2,161.7 $ 2,306.5 U.S. Retail Consumer Foods 2,104.8 2,172.6 2,214.8 U.S. Retail Pet Foods 239.1 — — International, Foodservice, and Natural Foods 1,272.7 1,276.3 1,376.4 Total net sales $ 5,692.7 $ 5,610.6 $ 5,897.7 Segment profit (loss): U.S. Retail Coffee $ 549.2 $ 639.8 $ 603.8 U.S. Retail Consumer Foods 432.9 393.0 413.9 U.S. Retail Pet Foods (15.3) — — International, Foodservice, and Natural Foods 166.7 167.8 196.7 Total segment profit $ 1,133.5 $ 1,200.6 $ 1,214.4 Interest expense - net (79.9) (79.4) (93.4) Other debt costs (173.3) — — Unallocated derivative (losses) gains (24.5) 5.3 6.6 Cost of products sold - special project costs (6.2) (9.4) (11.5) Other special project costs (56.6) (25.6) (49.5) Corporate administrative expenses (274.2) (251.9) (249.6) Other income - net 4.2 10.1 0.3 Income before income taxes $ 523.0 $ 849.7 $ 817.3 Assets: U.S. Retail Coffee $ 4,854.0 $ 4,885.6 $ 4,882.4 U.S. Retail Consumer Foods 2,846.0 2,684.1 2,618.2 U.S. Retail Pet Foods 7,611.8 — — International, Foodservice, and Natural Foods 1,327.2 1,248.9 1,201.3 Unallocated (A) 243.6 241.6 322.2 Total assets $ 16,882.6 $ 9,060.2 $ 9,024.1 Depreciation, amortization, and impairment charges: U.S. Retail Coffee $ 102.7 $ 99.9 $ 100.7 U.S. Retail Consumer Foods 54.1 52.9 47.1 U.S. Retail Pet Foods 14.3 — — International, Foodservice, and Natural Foods 66.0 67.4 63.7 Unallocated (B) 31.3 36.2 39.4 Total depreciation, amortization, and impairment charges $ 268.4 $ 256.4 $ 250.9 Additions to property, plant, and equipment: U.S. Retail Coffee $ 56.7 $ 50.7 $ 46.5 U.S. Retail Consumer Foods 113.2 138.8 85.1 U.S. Retail Pet Foods 19.4 — — International, Foodservice, and Natural Foods 58.4 90.0 74.9 Total additions to property, plant, and equipment $ 247.7 $ 279.5 $ 206.5 (A) Primarily represents unallocated cash and cash equivalents and corporate-held investments. (B) Primarily represents unallocated corporate administrative expense, mainly depreciation and software amortization. The following table presents certain geographical information. Year Ended April 30, 2015 2014 2013 Net sales: United States $ 5,188.5 $ 5,092.0 $ 5,355.9 International: Canada $ 413.8 $ 437.2 $ 459.5 All other international 90.4 81.4 82.3 Total international $ 504.2 $ 518.6 $ 541.8 Total net sales $ 5,692.7 $ 5,610.6 $ 5,897.7 Assets: United States $ 16,407.0 $ 8,638.6 $ 8,577.7 International: Canada $ 362.1 $ 257.7 $ 396.3 All other international 113.5 163.9 50.1 Total international $ 475.6 $ 421.6 $ 446.4 Total assets $ 16,882.6 $ 9,060.2 $ 9,024.1 Long-lived assets (excluding goodwill and other intangible assets): United States $ 1,815.0 $ 1,343.2 $ 1,227.0 International: Canada $ 14.3 $ 16.5 $ 20.6 All other international 40.9 38.9 39.0 Total international $ 55.2 $ 55.4 $ 59.6 Total long-lived assets (excluding goodwill and other intangible assets) $ 1,870.2 $ 1,398.6 $ 1,286.6 The following table presents product category sales as a percentage of consolidated net sales. Year Ended April 30, 2015 2014 2013 Coffee 44 % 46 % 48 % Peanut butter 13 13 13 Fruit spreads 6 6 6 Shortening and oils 6 6 6 Baking mixes and frostings 5 6 6 Canned milk 4 5 4 Flour and baking ingredients 4 4 4 Juices and beverages 3 3 3 Frozen handheld 3 3 3 Pet food 3 — — Portion control 2 2 2 Toppings and syrups 1 2 2 Pet snacks 1 — — Other 5 4 3 Total product sales 100 % 100 % 100 % Sales to Wal-Mart Stores, Inc. and subsidiaries amounted to 28 percent of net sales in 2015, 27 percent of net sales in 2014, and 26 percent of net sales in 2013. These sales are primarily included in our U.S. retail market segments. No other customer exceeded 10 percent of net sales for any year. Trade receivables at April 30, 2015 and 2014, included amounts due from Wal-Mart Stores, Inc. and subsidiaries of $122.6 and $76.6, respectively. |
Earnings per Share
Earnings per Share | 12 Months Ended |
Apr. 30, 2015 | |
Earnings Per Share [Abstract] | |
Earnings per Share | NOTE 4 EARNINGS PER SHARE The following table sets forth the computation of net income per common share and net income per common share – assuming dilution under the two-class method. Year Ended April 30, 2015 2014 2013 Net income $ 344.9 $ 565.2 $ 544.2 Net income allocated to participating securities 2.2 4.5 4.7 Net income allocated to common stockholders $ 342.7 $ 560.7 $ 539.5 Weighted-average common shares outstanding 103,038,271 103,504,121 107,881,519 Dilutive effect of stock options 5,283 14,346 23,256 Weighted-average common shares outstanding – assuming dilution 103,043,554 103,518,467 107,904,775 Net income per common share $ 3.33 $ 5.42 $ 5.00 Net income per common share – assuming dilution $ 3.33 $ 5.42 $ 5.00 |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Apr. 30, 2015 | |
Goodwill and Other Intangible Assets [Abstract] | |
Goodwill and Other Intangible Assets | NOTE 5 GOODWILL AND OTHER INTANGIBLE ASSETS A summary of changes in goodwill during the years ended April 30, 2015 and 2014, by reportable segment is as follows: U.S. Retail U.S. Retail U.S. Retail International, Total Balance at May 1, 2013 $ 1,720.3 $ 1,034.6 $ — $ 298.0 $ 3,052.9 Acquisitions 22.8 — — 29.3 52.1 Other — (2.4) — (4.4) (6.8) Balance at April 30, 2014 $ 1,743.1 $ 1,032.2 $ — $ 322.9 $ 3,098.2 Acquisitions (0.3) 47.9 2,810.3 60.9 2,918.8 Other 0.1 (2.5) — (4.8) (7.2) Balance at April 30, 2015 $ 1,742.9 $ 1,077.6 $ 2,810.3 $ 379.0 $ 6,009.8 The amounts classified as other represent foreign currency exchange for the years ended April 30, 2015 and 2014. The following table summarizes our other intangible assets and related accumulated amortization and impairment charges, including foreign currency exchange. April 30, 2015 April 30, 2014 Acquisition Accumulated Net Acquisition Accumulated Net Finite-lived intangible assets subject to amortization: Customer and contractual relationships $ 3,733.9 $ 477.9 $ 3,256.0 $ 1,436.2 $ 392.6 $ 1,043.6 Patents and technology 169.0 74.8 94.2 164.5 61.9 102.6 Trademarks 328.0 47.6 280.4 70.0 36.5 33.5 Total intangible assets subject to amortization $ 4,230.9 $ 600.3 $ 3,630.6 $ 1,670.7 $ 491.0 $ 1,179.7 Indefinite-lived intangible assets not subject to amortization: Trademarks $ 3,338.0 $ 18.3 $ 3,319.7 $ 1,858.9 $ 14.3 $ 1,844.6 Total other intangible assets $ 7,568.9 $ 618.6 $ 6,950.3 $ 3,529.6 $ 505.3 $ 3,024.3 Amortization expense for finite-lived intangible assets was $110.3, $98.7, and $96.6 in 2015, 2014, and 2013, respectively. The weighted-average useful lives of the customer and contractual relationships, patents and technology, and trademarks are 23 years, 13 years, and 15 years, respectively. The weighted-average useful life of total finite-lived intangible assets is 22 years. Based on the amount of intangible assets subject to amortization at April 30, 2015, including the amortization for Big Heart based on the preliminary purchase price allocation, the estimated amortization expense is $212.2 for 2016, $211.5 for 2017, $209.1 for 2018, $208.9 for 2019, and $207.4 for 2020. We review goodwill and other indefinite-lived intangible assets at least annually for impairment. The annual impairment review was performed as of February 1, 2015. Goodwill impairment is tested at the reporting unit level. At February 1, 2015, we had six reporting units. No goodwill impairment was recognized as a result of the annual evaluation performed as of February 1, 2015. The estimated fair value of each reporting unit and material other indefinite-lived intangible asset was substantially in excess of its carrying value as of the annual test date. An immaterial nonrecurring fair value adjustment was recognized in 2015 and included in amortization on the Statement of Consolidated Income. |
Debt and Financing Arrangements
Debt and Financing Arrangements | 12 Months Ended |
Apr. 30, 2015 | |
Debt and Financing Arrangements [Abstract] | |
Debt and Financing Arrangements | NOTE 6 DEBT AND FINANCING ARRANGEMENTS In April 2015, the FASB issued ASU 2015-03, Interest – Imputation of Interest (Subtopic 835-30) Simplifying the Presentation of Debt Issuance Costs Long-term debt consists of the following: April 30, 2015 April 30, 2014 Principal Outstanding Carrying Amount Principal Carrying 4.78% Senior Notes due June 1, 2014 $ — $ — $ 100.0 $ 100.0 6.12% Senior Notes due November 1, 2015 — — 24.0 24.0 6.63% Senior Notes due November 1, 2018 — — 376.0 391.4 3.50% Senior Notes due October 15, 2021 750.0 796.0 750.0 758.8 5.55% Senior Notes due April 1, 2022 — — 300.0 299.2 4.50% Senior Notes due June 1, 2025 — — 400.0 399.7 1.75% Senior Notes due March 15, 2018 500.0 496.9 — — 2.50% Senior Notes due March 15, 2020 500.0 494.3 — — 3.00% Senior Notes due March 15, 2022 400.0 395.3 — — 3.50% Senior Notes due March 15, 2025 1,000.0 991.9 — — 4.25% Senior Notes due March 15, 2035 650.0 641.8 — — 4.38% Senior Notes due March 15, 2045 600.0 583.8 — — Term Loan Credit Agreement due March 23, 2020 1,550.0 1,544.9 — — Total long-term debt $ 5,950.0 $ 5,944.9 $ 1,950.0 $ 1,973.1 Current portion of long-term debt — — 100.0 100.0 Total long-term debt, less current portion $ 5,950.0 $ 5,944.9 $ 1,850.0 $ 1,873.1 On June 1, 2014, we repaid $100.0 related to the 4.78 percent Senior Notes as scheduled. On March 2, 2015, we entered into a $3.8 billion 364-day senior unsecured Bridge Term Loan Credit Agreement (“Bridge Loan”) as committed financing for the Big Heart acquisition as disclosed in Note 2: Acquisitions. No balances were drawn against this facility as alternate permanent financing was obtained to finance the acquisition. Included in other debt costs on the Statement of Consolidated Income at April 30, 2015, was $21.5 related to financing fees associated with the Bridge Loan. This facility was terminated on March 20, 2015. Also on March 2, 2015, we entered into a senior unsecured delayed-draw Term Loan Credit Agreement (“Term Loan”) with a syndicate of banks and an available commitment amount of $1.8 billion. The full amount of the Term Loan was drawn on March 23, 2015, to partially finance the Big Heart acquisition. The Term Loan included $5.2 of capitalized debt issuance costs to be amortized to interest expense over the time for which the debt is outstanding. Borrowings under the Term Loan bear interest on the prevailing U.S. Prime Rate or London Interbank Offered Rate (“LIBOR”), based on our election, and is payable either on a quarterly basis or at the end of the borrowing term. The weighted-average interest rate on the Term Loan at April 30, 2015, was 1.53 percent. The Term Loan requires quarterly amortization payments of 2.5 percent of the original principal amount starting in the third quarter of 2016. Voluntary prepayments are permitted without premium or penalty and are applied to the schedule of required quarterly minimum payment obligations in direct order of maturity. As of April 30, 2015, we have prepaid $200.0 on the Term Loan, and therefore no additional payments are required until January 31, 2017. On March 20, 2015, we completed an offering of $3.7 billion in Senior Notes due beginning March 15, 2018 through March 15, 2045. The Senior Notes included $46.4 of capitalized debt issuance costs and offering discounts to be amortized to interest expense over the time for which the debt is outstanding. As part of the Big Heart acquisition, we assumed $1.7 billion in debt related to Big Heart’s senior secured term loan agreement and $0.9 billion in debt related to their 7.625 percent senior notes. We repaid these obligations upon completion of the acquisition. The proceeds from the offering, along with the Term Loan, were used to partially finance the Big Heart acquisition, pay off the debt assumed as part of the Big Heart acquisition, and prepay our privately placed Senior Notes. The prepayment of our Senior Notes resulted in a principal prepayment of $1.1 billion and $163.3 of related make-whole payments. Other debt costs of $173.3 on the Statement of Consolidated Income consist primarily of make-whole payments and Bridge Loan financing fees, offset by the write-off of the remaining fair value interest rate swap gain. All of our Senior Notes outstanding at April 30, 2015, are unsecured and interest is paid semiannually. There are no required scheduled principal payments on our Senior Notes. We may prepay at any time all or part of the Senior Notes at 100 percent of the principal amount thereof, together with the accrued and unpaid interest, and any applicable make-whole amount. In February 2015, we entered into a series of forward-starting interest rate swaps to partially hedge the risk of an increase in the benchmark interest rate during the period leading up to the anticipated issuance of our long-term Senior Notes. The interest rate swaps were designated as cash flow hedges with an aggregate notional amount of $1.1 billion. On March 12, 2015, in conjunction with the pricing of the series of Senior Notes, we terminated the interest rate swaps prior to maturity. The termination resulted in a net loss of $4.0, which will be amortized over the life of the remaining debt. For additional information, see Note 8: Derivative Financial Instruments. During the second quarter of 2015, we entered into a commercial paper program under which we can issue short-term, unsecured commercial paper not to exceed $1.0 billion at any time. The commercial paper program is backed by our revolving credit facility and reduces what we can borrow under the revolving credit facility by the amount of commercial paper outstanding. Commercial paper will be used as a continuing source of short-term financing for general corporate purposes. As of April 30, 2015, we had $226.0 of short-term borrowings outstanding, all of which were issued under our commercial paper program at a weighted-average interest rate of 0.45 percent. We have available a $1.5 billion revolving credit facility with a group of 11 banks that matures in September 2018. Borrowings under the revolving credit facility bear interest based on the prevailing U.S. Prime Rate, Canadian Base Rate, LIBOR, or Canadian Dealer Offered Rate, based on our election. Interest is payable either on a quarterly basis or at the end of the borrowing term. During 2015, we amended this credit facility to alter the financial covenant restrictions and provide financial flexibility for the Big Heart acquisition. At April 30, 2015, we did not have a balance outstanding under the revolving credit facility. During 2014, we entered into an interest rate swap, with a notional amount of $750.0, on the 3.50 percent Senior Notes due October 15, 2021, converting the Senior Notes from a fixed- to a variable-rate basis. The interest rate swap was designated as a fair value hedge of the underlying debt obligation. On January 16, 2015, we terminated the interest rate swap agreement prior to maturity. As a result of the early termination, we received $58.1 in cash, which included $4.6 of accrued and prepaid interest and a $53.5 benefit that is deferred as a component of the carrying value of the long-term debt and will be recognized ratably as a reduction to future interest expense over the remaining life of the related debt. At April 30, 2015, the remaining benefit of $51.3 was recorded as an increase in the long-term debt balance. The fair value adjustment of the interest rate swap at April 30, 2014, was $14.9 and was also recorded as an increase in the long-term debt balance. For additional information, see Note 8: Derivative Financial Instruments. Interest paid totaled $92.3, $83.3, and $97.7 in 2015, 2014, and 2013, respectively. This differs from interest expense due to the timing of payments, amortization of fair value swap adjustments, effect of the interest rate swap, amortization of debt issuance costs, and capitalized interest. Our debt instruments contain certain financial covenant restrictions, including a leverage ratio and an interest coverage ratio. We are in compliance with all covenants. |
Pensions and Other Postretireme
Pensions and Other Postretirement Benefits | 12 Months Ended |
Apr. 30, 2015 | |
Pensions and Other Postretirement Benefits [Abstract] | |
Pensions and Other Postretirement Benefits | NOTE 7 PENSIONS AND OTHER POSTRETIREMENT BENEFITS We have defined benefit pension plans covering certain U.S. and Canadian employees, including the recently acquired pension and other postretirement plans of Big Heart, as discussed in Note 2: Acquisitions. Pension benefits are based on the employee’s years of service and compensation levels. Our plans are funded in conformity with the funding requirements of applicable government regulations. In addition to providing pension benefits, we sponsor several unfunded postretirement plans that provide health care and life insurance benefits to certain retired U.S. and Canadian employees. These plans are contributory, with retiree contributions adjusted periodically, and contain other cost-sharing features, such as deductibles and coinsurance. Covered employees generally are eligible for these benefits when they reach age 55 and have attained 10 years of credited service. During 2013, a portion of our terminated pension participants received lump-sum cash settlements in order to reduce our future pension obligation and administrative costs. The charges related to the lump-sum cash settlements are included below in settlement loss and were reported in other special project costs in the Statement of Consolidated Income for the year ended April 30, 2013. The lump-sum offerings in 2013 concluded the pension settlement special project cost activities. The following table summarizes the components of net periodic benefit cost and the change in accumulated other comprehensive loss related to the defined benefit pension and other postretirement plans. Defined Benefit Pension Plans Other Postretirement Benefits Year Ended April 30, 2015 2014 2013 2015 2014 2013 Service cost $ 9.0 $ 8.7 $ 8.8 $ 2.3 $ 2.3 $ 2.5 Interest cost 23.2 21.8 23.9 2.4 2.3 3.0 Expected return on plan assets (25.6) (25.4) (25.3) — — — Amortization of prior service cost (credit) 1.0 1.2 1.0 (1.1) (1.1) (0.4) Amortization of net actuarial loss (gain) 10.0 13.2 13.1 (0.1) — — Settlement loss 3.5 — 6.7 — — — Net periodic benefit cost $ 21.1 $ 19.5 $ 28.2 $ 3.5 $ 3.5 $ 5.1 Other changes in plan assets and benefit liabilities recognized in accumulated other comprehensive loss before income taxes: Prior service (cost) credit arising during the year $ (0.3) $ — $ (4.0) $ — $ 1.7 $ 9.6 Net actuarial (loss) gain arising during the year (23.7) 19.3 (20.5) 1.6 7.5 (4.5) Amortization of prior service cost (credit) 1.0 1.2 1.0 (1.1) (1.1) (0.4) Amortization of net actuarial loss (gain) 10.0 13.2 13.1 (0.1) — — Curtailment loss — — 2.0 — — — Settlement loss 3.5 — 6.7 — — — Foreign currency translation 2.7 2.9 0.9 — — — Net change for year $ (6.8) $ 36.6 $ (0.8) $ 0.4 $ 8.1 $ 4.7 Weighted-average assumptions used in determining net periodic benefit costs: U.S. plans: Discount rate 4.42 % 3.99 % 4.70 % 4.27 % 3.80 % 4.70 % Expected return on plan assets 6.72 6.75 7.00 — — — Rate of compensation increase 4.13 4.13 4.12 — — — Canadian plans: Discount rate 4.11 % 3.65 % 4.20 % 4.10 % 3.70 % 4.20 % Expected return on plan assets 5.64 5.78 6.17 — — — Rate of compensation increase 3.00 3.00 4.00 — — — We amortize gains and losses for our postretirement plans over the average expected future period of vested service. For plans that consist of less than five percent of participants that are active, average life expectancy is used instead of the average expected useful service period. We use a measurement date of April 30 to determine defined benefit pension and other postretirement benefit plans’ assets and benefit obligations. The following table sets forth the combined status of the plans as recognized in the Consolidated Balance Sheets. Defined Benefit Pension Plans Other Postretirement Benefits April 30, 2015 2014 2015 2014 Change in benefit obligation: Benefit obligation at beginning of year $ 542.3 $ 575.7 $ 58.5 $ 67.1 Service cost 9.0 8.7 2.3 2.3 Interest cost 23.2 21.8 2.4 2.3 Amendments 0.3 — — (1.7) Actuarial loss (gain) 39.8 (19.7) (1.6) (7.5) Participant contributions 0.1 0.1 0.7 1.2 Benefits paid (31.8) (34.2) (4.4) (3.5) Foreign currency translation adjustments (10.6) (10.1) (1.1) (1.1) Settlement (8.6) — — — Acquisition 176.7 — 18.9 — Other adjustments — — 0.1 (0.6) Benefit obligation at end of year $ 740.4 $ 542.3 $ 75.8 $ 58.5 Change in plan assets: Fair value of plan assets at beginning of year $ 402.1 $ 410.7 $ — $ — Actual return on plan assets 41.7 25.0 — — Company contributions 15.7 9.4 3.7 2.3 Participant contributions 0.1 0.1 0.7 1.2 Benefits paid (31.8) (34.2) (4.4) (3.5) Settlement (8.6) — — — Acquisition 141.1 — — — Foreign currency translation adjustments (10.3) (8.9) — — Fair value of plan assets at end of year $ 550.0 $ 402.1 $ — $ — Funded status of the plans $ (190.4) $ (140.2) $ (75.8) $ (58.5) Defined benefit pensions $ (188.9) $ (135.7) $ — $ — Other noncurrent assets 2.0 — — — Accrued compensation (3.5) (4.5) (1.2) — Postretirement benefits other than pensions — — (74.6) (58.5) Net benefit liability $ (190.4) $ (140.2) $ (75.8) $ (58.5) The following table summarizes amounts recognized in accumulated other comprehensive loss in the Consolidated Balance Sheets, before income taxes. Defined Benefit Pension Plans Other Postretirement Benefits April 30, 2015 2014 2015 2014 Net actuarial (loss) gain $ (174.2) $ (166.7) $ 6.9 $ 5.3 Prior service (cost) credit (4.2) (4.9) 10.3 11.5 Total recognized in accumulated other comprehensive loss $ (178.4) $ (171.6) $ 17.2 $ 16.8 During 2016, we expect to recognize amortization of net actuarial losses and prior service credit of $10.7 and $0.5, respectively, in net periodic benefit cost. The following table sets forth the weighted-average assumptions used in determining the benefit obligations. Defined Benefit Pension Plans Other Postretirement Benefits April 30, 2015 2014 2015 2014 U.S. plans: Discount rate 4.01 % 4.45 % 3.97 % 4.30 % Rate of compensation increase 4.06 4.13 — — Canadian plans: Discount rate 3.51 % 4.11 % 3.50 % 4.10 % Rate of compensation increase 3.00 3.00 — — For 2016, the assumed health care trend rates are 7.5 percent and 5.0 percent for the U.S. and Canadian plans, respectively. The rate for participants under age 65 is assumed to decrease to 5.0 percent in 2026 and 4.5 percent in 2017 for the U.S. and Canadian plans, respectively. The health care cost trend rate assumption impacts the amount of the other postretirement benefits obligation and periodic other postretirement benefits cost reported. A one percentage point annual change in the assumed health care cost trend rate would have the following effect as of April 30, 2015: One Percentage Point Increase Decrease Effect on total service and interest cost components $ 0.1 $ 0.1 Effect on benefit obligation 2.5 2.3 The following table sets forth selective information pertaining to our Canadian pension and other postretirement benefit plans, which is included in the consolidated information presented on pages 65 and 66. Defined Benefit Pension Plans Other Postretirement Benefits Year Ended April 30, 2015 2014 2015 2014 Benefit obligation at end of year $ 104.4 $ 113.3 $ 10.9 $ 11.4 Fair value of plan assets at end of year 104.1 105.6 — — Funded status of the plans $ (0.3) $ (7.7) $ (10.9) $ (11.4) Components of net periodic benefit cost: Service cost $ 0.4 $ 0.5 $ — $ — Interest cost 4.3 4.2 0.4 0.5 Expected return on plan assets (5.6) (5.8) — — Amortization of net actuarial loss 0.9 1.3 — — Net periodic benefit cost $ — $ 0.2 $ 0.4 $ 0.5 Changes in plan assets: Company contributions $ 5.1 $ 5.4 $ 0.7 $ 0.8 Participant contributions 0.1 0.1 — — Benefits paid (8.4) (8.6) (0.7) (0.8) Actual return on plan assets 11.9 10.6 — — Foreign currency translation (10.3) (8.9) — — The following table sets forth additional information related to our defined benefit pension plans. April 30, 2015 2014 Accumulated benefit obligation for all pension plans $ 691.8 $ 507.3 Plans with an accumulated benefit obligation in excess of plan assets: Accumulated benefit obligation $ 481.6 $ 507.3 Fair value of plan assets 337.8 402.1 Plans with a projected benefit obligation in excess of plan assets: Projected benefit obligation $ 669.3 $ 542.3 Fair value of plan assets 477.3 402.1 We employ a total return on investment approach for the defined benefit pension plans’ assets. A mix of equity, fixed-income, and alternative investments is used to maximize the long-term rate of return on assets for the level of risk. In determining the expected long-term rate of return on the defined benefit pension plans’ assets, we consider the historical rates of return, the nature of investments, the asset allocation, and expectations of future investment strategies. The actual rate of return was 11.6 percent and 6.9 percent for the years ended April 30, 2015 and 2014, respectively. The following tables summarize the fair value of the major asset classes for the U.S. and Canadian defined benefit pension plans and the levels within the fair value hierarchy in which the fair value measurements fall. Quoted Prices in Significant Significant Fair Value at Cash and cash equivalents (A) $ 4.6 $ — $ — $ 4.6 Equity securities: U.S. (B) 105.0 45.5 — 150.5 International (C) 81.0 24.5 — 105.5 Fixed-income securities: Bonds (D) 151.3 — — 151.3 Fixed income (E) 44.1 68.5 — 112.6 Other types of investments (F) — 7.0 18.5 25.5 Total financial assets measured at fair value $ 386.0 $ 145.5 $ 18.5 $ 550.0 Quoted Prices in Significant Significant Fair Value at Cash and cash equivalents (A) $ 2.0 $ — $ — $ 2.0 Equity securities: U.S. (B) 91.0 16.4 — 107.4 International (C) 72.3 12.4 — 84.7 Fixed-income securities: Bonds (D) 148.2 — — 148.2 Fixed income (E) 44.8 — — 44.8 Other types of investments (F) — — 15.0 15.0 Total financial assets measured at fair value $ 358.3 $ 28.8 $ 15.0 $ 402.1 (A) This category includes money market holdings with maturities of three months or less and are classified as Level 1 assets. Based on the short-term nature of these assets, carrying value approximates fair value. (B) This category is invested primarily in a diversified portfolio of common stocks and index funds that invest in U.S. stocks with market capitalization ranges similar to those found in the S&P 500 Index and/or the various Russell Indexes and are traded on active exchanges. The Level 1 assets are valued using quoted market prices for identical securities in active markets. The Level 2 assets are pooled or common collective trust funds that consist of equity securities traded on active exchanges. (C) This category is invested primarily in common stocks and other equity securities traded on active exchanges whose issuers are located outside the U.S. The fund invests primarily in developed countries, but may also invest in emerging markets. The Level 1 assets are valued using quoted market prices for identical securities in active markets. The Level 2 assets are pooled or common collective trust funds that consist of equity securities traded on active exchanges. (D) This category is comprised of bond funds, which seek to duplicate the return characteristics of high-quality corporate bonds with a duration range of 10 to 13 years. The Level 1 assets are valued using quoted market prices for identical securities in active markets. (E) This category is comprised of fixed-income funds that invest primarily in government-related bonds of non-U.S. issuers and include investments in the Canadian market as well as emerging markets. The Level 1 assets are valued using quoted market prices for identical securities in active markets. Contained within the Level 2 assets is a Core Plus pool of funds investing primarily in high-yield, emerging market debt and global bonds, as well as an international bond fund which invests in fixed-income securities denominated in currencies other than U.S. dollars. The Level 2 assets are pooled or common collective trust funds that consist of fixed-income securities traded on active exchanges. (F) This category is comprised of a global alpha collective trust fund, a private limited investment partnership, and a private equity fund in 2015. In 2014, the category was comprised only of the private equity fund. The global alpha collective trust fund is comprised of U.S. and global equity and fixed-income securities inclusive of derivatives within the asset mix. This collective trust fund is classified as a Level 2 asset, whereby the underlying securities are valued utilizing quoted market prices for identical securities in active markets. The private investment limited partnership is classified as a Level 3 asset. The investments in the partnership are valued at estimated fair value based on audited financial statements received from the general partner. The private equity fund consists primarily of limited partnership interests in corporate finance and venture capital funds. The private equity fund is classified as a Level 3 asset and is valued based on the fund’s net asset value (“NAV”). NAV is calculated based on the estimated fair value of the underlying investment funds within the portfolio and is corroborated by our review. The private equity fund and private investment limited partnership cannot be redeemed and the return of principal is based on the liquidation of the underlying assets. The following table presents a rollforward of activity for Level 3 assets. 2015 2014 Balance at May 1, $ 15.0 $ 15.0 Big Heart pension assets acquired 2.8 — Actual return on plan assets still held at reporting date 0.7 — Balance at April 30, $ 18.5 $ 15.0 The current investment policy is to invest 50 percent of assets in both equity securities and fixed-income securities. Included in equity securities were 317,552 of our common shares at April 30, 2015. The total market value of these shares was $36.8 at April 30, 2015. We paid dividends of $0.8 on these shares during 2015. We expect to contribute approximately $3.5 to the defined benefit pension plans in 2016. We expect the following payments to be made from the defined benefit pension and other postretirement benefit plans: $49.9 in 2016, $51.0 in 2017, $56.6 in 2018, $53.5 in 2019, $60.2 in 2020, and $304.0 in 2021 through 2025. As a result of the Big Heart acquisition we now participate in one multi-employer pension plan, the Bakery and Confectionery Union and Industry International Pension Fund (“Bakery and Confectionery Union Fund”) (52-6118572), which provides defined benefits to certain union employees. During 2015, a total of $1.7 was contributed to the plan, of which $0.1 was contributed since acquisition and was recognized in the Statement of Consolidated Income. The risks of participating in multi-employer pension plans are different from the risks of participating in single-employer pension plans in the following respects: the assets contributed to the multi-employer plan by one employer may be used to provide benefits to employees of other participating employers; if a participating employer stops contributing to the plan, the unfunded obligations of the plan allocable to the withdrawing employer may be the responsibility of the remaining participating employers; and, if we stop participating in the multi-employer pension plan, we may be required to pay the plan an amount based on our allocable share of the underfunded status of the plan, referred to as a withdrawal liability. The Pension Protection Act of 2006 ranks the funded status of multi-employer pension plans depending upon a plan’s current and projected funding. A plan is in the Red Zone (Critical) if it has a current funded percentage less than 65 percent. A plan is in the Yellow Zone (Endangered) if it has a current funded percentage of less than 80 percent, or projects a credit balance deficit within seven years. A plan is in the Green Zone (Healthy) if it has a current funded percentage greater than 80 percent and does not have a projected credit balance deficit within seven years. The zone status is based on the plan’s year end, not our fiscal year end. The zone status is based on information that we received from the plan and is certified by the plan’s actuary. During calendar year 2014, the Bakery and Confectionery Union Fund was in Red Zone status. Although the current funding status as of calendar year 2014 was 65.1 percent, the plan’s actuary concluded that the funding status is more likely than not to fall below 65 percent within the next five years and has classified the Bakery and Confectionery Union Fund in Red Zone status. A funding improvement plan or rehabilitation plan has been implemented. |
Derivative Financial Instrument
Derivative Financial Instruments | 12 Months Ended |
Apr. 30, 2015 | |
Derivative Financial Instruments [Abstract] | |
Derivative Financial Instruments | NOTE 8 DERIVATIVE FINANCIAL INSTRUMENTS We are exposed to market risks, such as changes in commodity prices, foreign currency exchange rates, and interest rates. To manage the volatility related to these exposures, we enter into various derivative transactions. We have policies in place that define acceptable instrument types we may enter into and establish controls to limit our market risk exposure. Commodity Price Management: We enter into commodity futures and options contracts to manage the price volatility and reduce the variability of future cash flows related to anticipated inventory purchases of key raw materials, notably green coffee, edible oils, corn, and wheat. We also enter into commodity futures and options contracts to manage price risk for energy input costs, including natural gas and diesel fuel. Our derivative instruments generally have maturities of less than one year. Effective May 1, 2014, we elected to no longer qualify commodity derivatives for hedge accounting treatment and, as a result, the derivative gains and losses are immediately recognized in earnings. Prior to 2015, certain of our derivative instruments met the hedge criteria and were accounted for as cash flow hedges. The mark-to-market gains and losses on qualifying hedges were deferred and included as a component of accumulated other comprehensive loss to the extent effective, and reclassified to cost of products sold in the period during which the hedged transaction affected earnings. Cash flows related to qualifying hedges are classified consistently with the cash flows from the hedged item in the Statements of Consolidated Cash Flows. Although we no longer perform the assessments required to achieve hedge accounting for derivative positions, we believe all of our commodity derivatives are economic hedges of our risk exposure. The commodities hedged have a high inverse correlation to price changes of the derivative commodity instrument. Thus, we would expect that over time any gain or loss in the estimated fair value of the derivatives would generally be offset by an increase or decrease in the estimated fair value of the underlying exposures. Foreign Currency Exchange Rate Hedging: We utilize foreign currency forwards and options contracts to manage the effect of foreign currency exchange fluctuations on future cash payments in Canada, primarily related to purchases of certain raw materials and finished goods. The contracts generally have maturities of less than one year. Effective May 1, 2014, we elected to no longer qualify instruments used to manage foreign currency exchange exposures for hedge accounting treatment. Prior to 2015, instruments used to manage foreign currency exchange exposures did not qualify for hedge accounting treatment and the change in value of these instruments was immediately recognized in cost of products sold. Interest Rate Hedging: We utilize derivative instruments to manage changes in the fair value of our debt. Interest rate swaps mitigate the risk associated with the underlying hedged item. At the inception of the contract, the instrument is evaluated and documented for hedge accounting treatment. If the contract is designated as a cash flow hedge, the mark-to-market gains or losses on the swap are deferred and included as a component of accumulated other comprehensive loss to the extent effective, and reclassified to interest expense in the period during which the hedged transaction affects earnings. If the contract is designated as a fair value hedge, the swap would be recognized at fair value on the balance sheet and changes in the fair value would be recognized in interest expense. Generally, changes in the fair value of the derivative are equal to changes in the fair value of the underlying debt and have no impact on earnings. On February 24, 2015, we entered into a series of forward-starting interest rate swaps to hedge a portion of the interest rate risk related to our anticipated issuance of Senior Notes. The notional hedged amount was $1.1 billion, with expected maturity tenors of 10, 20, and 30 years. The swap agreements were designated as cash flow hedges, where changes in fair value are recorded in other comprehensive (loss) income. On March 12, 2015, in conjunction with the pricing of the Senior Notes, we terminated the interest rate swaps prior to maturity. The termination resulted in a net loss of $4.0, which will be amortized over the life of the remaining debt as an increase to interest expense and approximately $0.2 per year will be recognized beginning in 2026 through 2045. For additional information, see Note 6: Debt and Financing Arrangements. During 2014, we entered into an interest rate swap on the 3.50 percent Senior Notes due October 15, 2021, which was designated as a fair value hedge and used to hedge against the changes in the fair value of the debt. We received cash flows from the counterparty at a fixed rate and paid the counterparty variable rates based on LIBOR. On January 16, 2015, we terminated the interest rate swap on the 3.50 percent Senior Notes prior to maturity. As a result of the early termination, we received $58.1 in cash, which included $4.6 of accrued and prepaid interest. The remaining benefit was deferred and will be recognized over the remaining life of the underlying debt as a reduction of future interest expense and will be recognized as follows: $7.4 in 2016, $7.6 in 2017, $7.8 in 2018, $8.0 in 2019, $8.1 in 2020, $8.4 in 2021, and $4.0 in 2022. For additional information, see Note 6: Debt and Financing Arrangements. The following table sets forth the gross fair value of derivative instruments recognized in the Consolidated Balance Sheets. April 30, 2015 April 30, 2014 Other Other Other Other Other Other Other Derivatives designated as hedging instruments: Commodity contracts $ — $ — $ — $ — $ 23.4 $ 10.9 $ — Interest rate contract — — — — 18.0 — 3.1 Total derivatives designated as hedging instruments $ — $ — $ — $ — $ 41.4 $ 10.9 $ 3.1 Derivatives not designated as hedging instruments: Commodity contracts $ 6.4 $ 23.9 $ 0.2 $ 3.8 $ 11.6 $ 5.8 $ — Foreign currency exchange contracts 4.8 1.0 — — 1.4 0.7 — Total derivatives not designated as hedging instruments $ 11.2 $ 24.9 $ 0.2 $ 3.8 $ 13.0 $ 6.5 $ — Total derivative instruments $ 11.2 $ 24.9 $ 0.2 $ 3.8 $ 54.4 $ 17.4 $ 3.1 We have elected to not offset fair value amounts recognized for our exchange-traded commodity derivative instruments and our cash margin accounts executed with the same counterparty that are generally subject to enforceable netting agreements. We are required to maintain cash margin accounts in connection with funding the settlement of our open positions. At April 30, 2015 and 2014, we maintained cash margin account balances of $38.2 and $8.1, respectively, included in other current assets in the Consolidated Balance Sheets. The change in the cash margin account balances is included in other – net, investing activities in the Statements of Consolidated Cash Flows. In the event of default and immediate net settlement of all of our open positions with individual counterparties, all of our derivative liabilities would be fully offset by either our derivative asset positions or margin accounts based on the net asset or liability position with our individual counterparties. The following table presents information on pre-tax commodity contract net gains and losses recognized on derivatives designated as cash flow hedges prior to May 1, 2014, and pre-tax losses related to the termination of interest rate swaps. Year Ended April 30, 2015 2014 (Losses) gains recognized in other comprehensive (loss) income (effective portion) $ (4.0) $ 21.0 Gains (losses) reclassified from accumulated other comprehensive loss to cost of products sold (effective portion) 29.1 (20.3) Losses reclassified from accumulated other comprehensive loss to interest expense (effective portion) (0.6) (0.6) Change in accumulated other comprehensive loss $ (32.5) $ 41.9 Gains recognized in cost of products sold (ineffective portion) $ — $ 1.4 Losses recognized in interest expense (ineffective portion) $ (0.1) $ — Due to our election to no longer qualify commodity derivatives for hedge accounting treatment, there was no remaining balance in accumulated other comprehensive loss at April 30, 2015. Included as a component of accumulated other comprehensive loss at April 30, 2014, was a deferred pre-tax net gain of $29.1 related to commodity contracts. The related tax expense recognized in accumulated other comprehensive loss was $10.8 at April 30, 2014. Also included as a component of accumulated other comprehensive loss at April 30, 2015 and 2014, were deferred pre-tax losses of $8.2 and $4.8, respectively, related to the termination of interest rate swaps. The related tax benefit recognized in accumulated other comprehensive loss was $2.9 and $1.7 at April 30, 2015 and 2014, respectively. Approximately $0.6 of the pre-tax loss will be recognized over the next 12 months. The following table presents the net gains and losses recognized in cost of products sold on derivatives not designated as qualified hedging instruments. Year Ended April 30, 2015 2014 (Losses) gains on commodity contracts $ (48.5) $ 5.2 Gains on foreign exchange contracts 8.8 3.3 Total (losses) gains recognized in costs of products sold $ (39.7) $ 8.5 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. The following table presents the activity in unallocated derivative gains and losses. Year Ended April 30, 2015 2014 Net (losses) gains on mark-to-market valuation of unallocated derivative positions $ (39.7) $ 8.5 Net losses (gains) on derivative positions reclassified to segment operating profit 15.2 (3.2) Net mark-to-market valuation of certain derivative positions recognized in unallocated (losses) gains $ (24.5) $ 5.3 The net cumulative unallocated derivative losses at April 30, 2015, was $20.4, including net realized losses of $13.9. The following table presents the gross contract notional value of outstanding derivative contracts. Year Ended April 30, 2015 2014 Commodity contracts $ 640.6 $ 790.3 Foreign currency exchange contracts 136.4 158.1 Interest rate contract — 750.0 |
Other Financial Instruments and
Other Financial Instruments and Fair Value Measurements | 12 Months Ended |
Apr. 30, 2015 | |
Other Financial Instruments and Fair Value Measurements [Abstract] | |
Other Financial Instruments and Fair Value Measurements | NOTE 9 OTHER FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS Financial instruments, other than derivatives, that potentially subject us to significant concentrations of credit risk consist principally of cash investments, short-term borrowings, and trade receivables. The carrying value of these financial instruments approximates fair value. With respect to trade receivables, we believe there is no concentration of risk with any single customer whose failure or nonperformance would materially affect our results other than as discussed in Note 3: Reportable Segments. We do not require collateral from our customers. Our other financial instruments, with the exception of long-term debt, are recognized at estimated fair value in the Consolidated Balance Sheets. The following table provides information on the carrying amount and fair value of our financial instruments. April 30, 2015 April 30, 2014 Carrying Fair Value Carrying Fair Value Other investments $ 48.4 $ 48.4 $ 55.4 $ 55.4 Derivative financial instruments - net (17.3) (17.3) 33.9 33.9 Long-term debt (5,944.9) (6,011.3) (1,973.1) (2,239.1) Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Valuation techniques are based on observable and unobservable inputs. Observable inputs reflect readily obtainable data from independent sources, while unobservable inputs reflect our market assumptions. The following tables summarize the fair values and the levels within the fair value hierarchy in which the fair value measurements fall for our financial instruments. Quoted Prices in Significant Significant Fair Value at April 30, 2015 Other investments: (A) Equity mutual funds $ 9.7 $ — $ — $ 9.7 Municipal obligations — 37.9 — 37.9 Money market funds 0.8 — — 0.8 Derivatives: (B) Commodity contracts - net (12.4) (8.7) — (21.1) Foreign currency exchange contracts - net (0.2) 4.0 — 3.8 Long-term debt (C) (4,459.0) (1,552.3) — (6,011.3) Total financial instruments measured at fair value $ (4,461.1) $ (1,519.1) $ — $ (5,980.2) Quoted Prices in Significant Significant Fair Value at Other investments: (A) Equity mutual funds $ 12.0 $ — $ — $ 12.0 Municipal obligations — 34.4 — 34.4 Money market funds 9.0 — — 9.0 Derivatives: (B) Commodity contracts - net 13.5 4.8 — 18.3 Foreign currency exchange contracts - net — 0.7 — 0.7 Interest rate contract - net — 14.9 — 14.9 Long-term debt (C) (772.0) (1,467.1) — (2,239.1) Total financial instruments measured at fair value $ (737.5) $ (1,412.3) $ — $ (2,149.8) (A) Other investments consist of funds maintained for the payment of benefits associated with nonqualified retirement plans. The funds include equity securities listed in active markets, municipal obligations valued by a third party using valuation techniques that utilize inputs that are derived principally from or corroborated by observable market data, and money market funds with maturities of three months or less. Based on the short-term nature of these money market funds, carrying value approximates fair value. As of April 30, 2015, our municipal obligations are scheduled to mature as follows: $0.9 in 2016, $1.3 in 2017, $1.1 in 2018, $3.0 in 2019, and the remaining $31.6 in 2020 and beyond. For additional information, see Marketable Securities and Other Investments in Note 1: Accounting Policies. (B) Level 1 commodity contract and foreign currency exchange derivatives are valued using quoted market prices for identical instruments in active markets. Level 2 commodity contract and foreign currency exchange derivatives are valued using quoted prices for similar assets or liabilities in active markets. The Level 2 interest rate contract derivative is valued using the income approach, observable Level 2 market expectations at the measurement date, and standard valuation techniques to convert future amounts to a single discounted present value. Level 2 inputs for the interest rate contract are limited to quoted prices for similar assets or liabilities in active markets and inputs other than quoted prices that are observable for the asset or liability. For additional information, see Note 8: Derivative Financial Instruments. (C) Long-term debt is comprised of $750.0 in public Senior Notes and the $3.7 billion Senior Notes issued in 2015 classified as Level 1 and the Term Loan classified as Level 2 in 2015. Long-term debt is comprised of public Senior Notes classified as Level 1 and private Senior Notes classified as Level 2 in 2014. The public Senior Notes are traded in an active secondary market and valued using quoted prices. The value of the private Senior Notes and Term Loan are based on the net present value of each interest and principal payment calculated, utilizing an interest rate derived from a fair market yield curve for private Senior Notes or an estimated yield curve obtained from independent pricing sources for similar types of term loan borrowing arrangements. For additional information, see Note 6: Debt and Financing Arrangements. |
Share-Based Payments
Share-Based Payments | 12 Months Ended |
Apr. 30, 2015 | |
Share-Based Payments [Abstract] | |
Share-Based Payments | NOTE 10 SHARE-BASED PAYMENTS We provide for equity-based incentives to be awarded to key employees and non-employee directors. Currently, these incentives consist of restricted shares, restricted stock units (which may also be referred to as deferred stock units), performance units, and stock options. These awards are administered primarily through the 2010 Equity and Incentive Compensation Plan approved by our shareholders in August 2010. Awards under this plan may be in the form of stock options, stock appreciation rights, restricted shares, restricted stock units, performance shares, performance units, incentive awards, and other share-based awards. Awards under this plan may be granted to our non-employee directors, consultants, officers, and other employees. Deferred stock units granted to non-employee directors vest immediately and, along with dividends credited on those deferred stock units, are paid out in the form of common shares upon termination of service as a non-employee director. At April 30, 2015, there were 5,820,288 shares available for future issuance under this plan. Under the 2010 Equity and Incentive Compensation Plan, we have the option to settle share-based awards by issuing common shares from treasury, issuing new Company common shares, or issuing a combination of common shares from treasury and new Company common shares. Stock Options: During 2015, we granted 955,000 stock options under the 2010 Equity and Incentive Compensation Plan. The options vest over a period of one to three years dependent on the continued service of the option holder, as well as the achievement of performance objectives established on the grant date. The exercise price of all options granted is equal to the market value of the shares on the date of grant. All options granted during 2015 have a contractual term of 10 years. The fair value of each option is estimated on the date of grant using a Black-Scholes option-pricing model with the following weighted-average assumptions for stock options granted: 2015 Expected volatility (%) 25.0 % Dividend Yield (%) 2.2 % Risk-free interest rate (%) 1.5 % Expected life of stock option (years) 5.6 Expected volatility was calculated in accordance with the provisions of FASB ASC 718, Compensation – Stock Compensation The following table is a summary of our option activity. Number Weighted-Average Outstanding at May 1, 2014 33,667 $ 44.50 Granted 955,000 112.59 Exercised 31,667 44.29 Outstanding at April 30, 2015 957,000 $ 112.45 Exercisable at April 30, 2015 2,000 $ 47.78 The average remaining contractual term for options outstanding and exercisable at April 30, 2015, are 9.9 and 0.3 years, respectively. The aggregate intrinsic value of options outstanding and exercisable at April 30, 2015, are $3.3 and $0.1, respectively. The options granted in 2015 have a weighted-average grant date fair value of $21.68 per option. No options were granted in 2014 and 2013. The total intrinsic value of options exercised was $1.9, $0.8, and $3.4 for 2015, 2014, and 2013, respectively. The closing market price of our common stock on the last trading day of 2015 was $115.92 per share. For options granted during 2015, compensation cost will be recognized ratably over the service period for each vesting tranche from the grant date through the end of the requisite service period to the extent the performance objectives are likely to be achieved. Compensation cost for stock option awards totaled $1.2 for the year ended April 30, 2015, and was included in other special project costs in the Statement of Consolidated Income. No compensation cost was incurred during 2014 and 2013. The tax benefit related to the stock option expense for 2015 was $0.4. At April 30, 2015, we had $18.5 of total unrecognized compensation expense, net of estimated forfeitures, related to stock options that will be recognized over a weighted-average period of 2.0 years. Cash received from option exercises for the years ended April 30, 2015, 2014, and 2013 was $0.8, $0.5, and $2.2, respectively. Other Equity Awards: The following table is a summary of our restricted shares, deferred stock units, and performance units. Restricted Shares Weighted-Average Performance Weighted-Average Outstanding at May 1, 2014 839,188 $ 76.54 101,020 $ 104.91 Granted 109,091 104.82 75,848 111.41 Converted 101,020 104.91 (101,020) 104.91 Vested (416,328) 68.59 — — Forfeited (36,082) 90.65 — — Outstanding at April 30, 2015 596,889 $ 91.21 75,848 $ 111.41 The weighted-average grant date fair value of equity awards other than stock options that vested in 2015, 2014, and 2013 was $28.6, $20.8, and $11.8, respectively. The vesting date fair value of equity awards other than stock options that vested in 2015, 2014, and 2013 was $43.4, $40.2, and $15.4, respectively. The weighted-average grant date fair value of restricted shares and deferred stock units is the average of the high and the low share price on the date of grant. The weighted-average conversion date fair value of performance units is the average of the high and the low share price on the date of conversion to restricted shares. The following table summarizes the weighted-average fair values of the equity awards granted in 2015, 2014, and 2013. Year Ended April 30, Restricted Shares Weighted-Average Performance Weighted-Average 2015 109,091 $ 104.82 75,848 $ 111.41 2014 167,134 101.08 101,020 104.91 2013 109,770 76.37 106,666 100.54 The performance units column represents the number of restricted shares received by certain executive officers, subsequent to year end, upon conversion of the performance units earned during the year. Restricted shares and deferred stock units generally vest four years from the date of grant or upon the attainment of a defined age and years of service, subject to certain retention requirements. |
Income Taxes
Income Taxes | 12 Months Ended |
Apr. 30, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | NOTE 11 INCOME TAXES Income before income taxes is as follows: Year Ended April 30, 2015 2014 2013 Domestic $ 500.7 $ 827.4 $ 791.9 Foreign 22.3 22.3 25.4 Income before income taxes $ 523.0 $ 849.7 $ 817.3 The components of the provision for income taxes are as follows: Year Ended April 30, 2015 2014 2013 Current: Federal $ 147.8 $ 265.4 $ 262.1 Foreign 4.7 4.2 6.1 State and local 17.9 22.9 20.5 Deferred: Federal 2.3 (13.9) (15.6) Foreign 0.5 2.4 0.9 State and local 4.9 3.5 (0.9) Total income tax expense $ 178.1 $ 284.5 $ 273.1 A reconciliation of the statutory federal income tax rate and the effective income tax rate is as follows: Year Ended April 30, Percent of Pretax Income 2015 2014 2013 Statutory federal income tax rate 35.0 % 35.0 % 35.0 % State and local income taxes 2.4 1.9 1.8 Domestic manufacturing deduction (2.9) (3.0) (3.1) Other items – net (0.4) (0.4) (0.3) Effective income tax rate 34.1 % 33.5 % 33.4 % Income taxes paid $ 199.3 $ 294.4 $ 279.2 We are a voluntary participant in the Compliance Assurance Process (“CAP”) program offered by the Internal Revenue Service (“IRS”) and are currently under a CAP examination for the tax year ended April 30, 2015. Through the contemporaneous exchange of information with the IRS, this program is designed to identify and resolve tax positions with the IRS prior to the filing of a tax return, which allows us to remain current with our IRS examinations. The IRS has completed the CAP examinations for tax years ended April 30, 2012, 2013, and 2014. Tax years prior to 2012 are no longer subject to U.S. federal tax examination. With limited exceptions, we are no longer subject to examination for state and local jurisdictions for tax years prior to 2011 and for tax years prior to 2008 for foreign jurisdictions. BAG has been notified that the IRS will examine its federal income tax returns for the fiscal year ending April 27, 2014, and the period ending March 22, 2015. Deferred income taxes reflect the tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax reporting. Significant components of our deferred tax assets and liabilities are as follows: April 30, 2015 2014 Deferred tax liabilities: Intangible assets $ 2,499.4 $ 1,028.7 Property, plant, and equipment 158.0 94.5 Other 9.6 19.4 Total deferred tax liabilities $ 2,667.0 $ 1,142.6 Deferred tax assets: Post-employment and other employee benefits $ 143.4 $ 103.3 Tax credit and loss carryforwards 44.8 — Intangible assets 22.1 7.6 Inventory 11.6 — Property, plant, and equipment 19.4 — Other 32.9 29.8 Total deferred tax assets $ 274.2 $ 140.7 Valuation allowance (4.2) — Total deferred tax assets, less allowance $ 270.0 $ 140.7 Net deferred tax liability $ 2,397.0 $ 1,001.9 The following table summarizes domestic loss and credit carryforwards at April 30, 2015. Related Tax Deferred Valuation Expiration Date Tax carryforwards: Federal loss carryforwards $ 104.6 $ 36.6 $ 4.2 2035 State loss carryforwards 119.4 5.9 — 2020 to 2035 Federal tax credit carryforwards — 0.5 — 2035 State tax credit carryforwards — 1.8 — 2021 Total tax carryforwards $ 224.0 $ 44.8 $ 4.2 We evaluate the realizability of deferred tax assets for each of the jurisdictions in which we operate. The total valuation allowance increased by $4.2 related to a federal capital loss carryforward recorded with the Big Heart acquisition. Deferred income taxes have not been provided on approximately $248.6 of undistributed earnings of foreign subsidiaries since these amounts are considered to be permanently reinvested. Any additional taxes payable on the earnings of foreign subsidiaries, if remitted, would be partially offset by domestic tax deductions or tax credits for foreign taxes paid. It is not practical to estimate the amount of additional taxes that might be payable on such undistributed earnings. Our unrecognized tax benefits as of April 30, 2015, 2014, and 2013, were $45.0, $29.1, and $29.7, respectively. Of the unrecognized tax benefits, $32.2, $19.5, and $20.6 would affect the effective tax rate, if recognized, as of April 30, 2015, 2014, and 2013, respectively. Our accrual for tax-related net interest and penalties totaled $3.4 as of April 30, 2015, and $2.0 as of April 30, 2014 and 2013. Interest charged to earnings totaled $0.7, $0.1, and $0.3 during 2015, 2014, and 2013, respectively. Within the next 12 months, it is reasonably possible that we could decrease our unrecognized tax benefits by an estimated $2.1, primarily as a result of the expiration of statute of limitation periods. A reconciliation of our unrecognized tax benefits is as follows: 2015 2014 2013 Balance at May 1, $ 29.1 $ 29.7 $ 24.0 Increases: Current year tax positions 2.4 5.1 4.8 Prior year tax positions 1.2 0.1 2.5 Acquired businesses 13.4 — — Decreases: Prior year tax positions 0.4 1.6 0.2 Settlement with tax authorities — 1.5 1.0 Expiration of statute of limitations periods 0.7 2.7 0.4 Balance at April 30, $ 45.0 $ 29.1 $ 29.7 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 12 Months Ended |
Apr. 30, 2015 | |
Accumulated Other Comprehensive (Loss) Income [Abstract] | |
Accumulated Other Comprehensive Loss | NOTE 12 ACCUMULATED OTHER COMPREHENSIVE LOSS The components of accumulated other comprehensive loss, including the reclassification adjustments for items that are reclassified from accumulated other comprehensive loss to net income, are shown below. Foreign Unrealized (A) Pension (B) Unrealized (C) Accumulated Balance at May 1, 2012 $ 67.0 $ (19.2) $ (134.3) $ 2.5 $ (84.0 Reclassification adjustments — 40.1 20.4 — 60.5 Current period (charge) credit (5.5) (27.5) (16.5) 3.1 (46.4) Income tax expense — (4.6) (1.0) (1.1) (6.7) Balance at April 30, 2013 $ 61.5 $ (11.2) $ (131.4) $ 4.5 $ (76.6) Reclassification adjustments — 20.9 13.3 (3.7) 30.5 Current period (charge) credit (29.8) 21.0 31.4 1.9 24.5 Income tax (expense) benefit — (15.4) (15.3) 0.7 (30.0) Balance at April 30, 2014 $ 31.7 $ 15.3 $ (102.0) $ 3.4 $ (51.6) Reclassification adjustments — (28.5) 9.8 — (18.7) Current period charge (34.0) (4.0) (16.2) (0.1) (54.3) Income tax benefit — 12.0 2.8 — 14.8 Balance at April 30, 2015 $ (2.3) $ (5.2) $ (105.6) $ 3.3 $ (109.8) (A) Of the total reclassification adjustments from accumulated other comprehensive loss, $29.1 of income and $20.3 and $39.6 of expense were reclassified to cost of products sold related to commodity derivatives during 2015, 2014, and 2013, respectively. An additional $0.6 during 2015 and 2014, and $0.5 during 2013 was reclassified to interest expense related to the interest rate swap. At April 30, 2015, the remaining balance in accumulated other comprehensive loss related entirely to the interest rate swap. (B) Amortization of net losses was reclassified from accumulated other comprehensive loss to selling, distribution, and administrative expenses. (C) The gain on the sale of marketable securities was reclassified from accumulated other comprehensive loss to other income – net during 2014. |
Restructuring
Restructuring | 12 Months Ended |
Apr. 30, 2015 | |
Restructuring [Abstract] | |
Restructuring | NOTE 13 RESTRUCTURING During 2010, we announced plans to restructure our coffee and fruit spreads operations as part of our ongoing efforts to enhance the long-term strength and profitability of our leading brands. Since then, we expanded our restructuring plan to include the Canadian pickle and condiments operations and the capacity expansion of our peanut butter business. Pickle and condiments production was transitioned to third-party manufacturers during 2012. The consolidation of coffee production in New Orleans, Louisiana, related to these restructuring initiatives is complete, and the transitioned retail and foodservice fruit spreads volume is being produced at our new facility in Orrville, Ohio. All of the impacted facilities have been closed, resulting in the reduction of 850 full-time positions as anticipated. We have incurred total restructuring costs of $263.8 through April 30, 2015. As of April 30, 2015, all restructuring activities related to the approved plans were complete. The following table summarizes the restructuring activity, including the liabilities recorded and the total amount incurred. Long-Lived Employee Site Preparation Production Other Costs Total Total restructuring charge $ 102.7 $ 64.0 $ 45.5 $ 42.2 $ 9.4 $ 263.8 Balance at May 1, 2012 $ — $ 8.8 $ — $ — $ — $ 8.8 Charge to expense 8.2 3.4 13.4 10.8 3.0 38.8 Cash payments — (4.5) (13.4) (10.8) (3.0) (31.7) Noncash utilization (8.2) — — — — (8.2) Balance at April 30, 2013 $ — $ 7.7 $ — $ — $ — $ 7.7 Charge to expense 2.7 2.6 7.2 7.2 1.1 20.8 Cash payments — (8.4) (7.2) (7.2) (1.1) (23.9) Noncash utilization (2.7) (0.2) — — — (2.9) Balance at April 30, 2014 $ — $ 1.7 $ — $ — $ — $ 1.7 Charge to expense 0.1 0.5 5.3 8.4 1.1 15.4 Cash payments — (1.7) (5.3) (8.4) (1.1) (16.5) Noncash utilization (0.1) — — — — (0.1) Balance at April 30, 2015 $ — $ 0.5 $ — $ — $ — $ 0.5 During the years ended April 30, 2015, 2014, and 2013, total restructuring charges of $15.4, $20.8, and $38.8, respectively, were reported in the Statements of Consolidated Income. Of the total restructuring charges, $1.1, $5.1, and $10.0 were reported in cost of products sold in the years ended April 30, 2015, 2014, and 2013, respectively. The remaining charges were reported in other special project costs. The restructuring costs classified as cost of products sold primarily include long-lived asset charges for accelerated depreciation related to property, plant, and equipment that had been used at the affected production facilities prior to closure. Employee separation costs include severance, retention bonuses, and pension costs. Severance costs and retention bonuses are recognized over the estimated future service period of the affected employees. Other costs include professional fees, costs related to closing the facilities, and miscellaneous expenditures associated with the restructuring initiative and are expensed as incurred. |
Contingencies
Contingencies | 12 Months Ended |
Apr. 30, 2015 | |
Loss Contingency [Abstract] | |
Contingencies | NOTE 14 CONTINGENCIES 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. We cannot predict with certainty the ultimate results of these proceedings or reasonably determine a range of potential loss. Our policy is to accrue costs for contingent liabilities when such liabilities are probable and amounts can be reasonably estimated. Based on the information known to date, 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. On October 9, 2013, Big Heart entered into a Purchase Agreement with Del Monte Pacific Limited and its subsidiary, Del Monte Foods Consumer Products, Inc. (which changed its name to Del Monte Foods, Inc.) (“DMFI”). Big Heart sold to DMFI the interests of certain subsidiaries related to Big Heart’s consumer products business and generally all assets and liabilities primarily related to the consumer products business for a purchase price of $1.7 billion, subject to a post-closing working capital adjustment. In connection with the closing of the transaction, Big Heart received approximately $110.0 in incremental proceeds representing the preliminary working capital adjustment subject to a true-up in accordance with the terms of the Purchase Agreement. Big Heart made a claim of $16.3 for the working capital adjustment related to the sale of the consumer products business. In June 2014, Big Heart received a notice of disagreement from DMFI disputing the $16.3 working capital adjustment, as well as the incremental preliminary working capital adjustment of approximately $110.0 paid by DMFI at closing. Pursuant to the terms of the Purchase Agreement, the working capital dispute has been submitted to a mutually agreed upon independent certified public accounting firm of national recognition in the U.S. We believe that the working capital adjustment presented to DMFI is appropriate and is in accordance with the terms of the Purchase Agreement, and we plan to vigorously defend Big Heart’s position. However, we cannot currently predict the ultimate outcome of this dispute and have not recorded a receivable or liability as part of the Big Heart acquisition, but are continuing to evaluate the impact on the opening balance sheet. |
Guarantor and Non-Guarantor Fin
Guarantor and Non-Guarantor Financial Information | 12 Months Ended |
Apr. 30, 2015 | |
Guarantor and Non Guarantor Financial Information [Abstract] | |
Guarantor and Non-Guarantor Financial Information | NOTE 15 GUARANTOR AND NON-GUARANTOR FINANCIAL INFORMATION Our 3.50 percent Senior Notes due October 15, 2021, are fully and unconditionally guaranteed, on a joint and several basis, by J.M. Smucker LLC and The Folgers Coffee Company (the “subsidiary guarantors”), which are 100 percent wholly-owned subsidiaries of the Company. A subsidiary guarantor will be released from its obligations under the indenture governing the notes (a) if we exercise our legal or covenant defeasance option or if our obligations under the indenture are discharged in accordance with the terms of the indenture or (b) upon delivery of an officer’s certificate to the trustee that the subsidiary guarantor does not guarantee our obligations under any of our other primary senior indebtedness and that any other guarantees of such primary senior indebtedness of the subsidiary guarantor have been released other than through discharges as a result of payment by such guarantor on such guarantees. Condensed consolidating financial statements for the Company, the subsidiary guarantors, and the other subsidiaries of the Company that are not guaranteeing the indebtedness under the 3.50 percent Senior Notes (the “non-guarantor subsidiaries”) are provided below. The principal elimination entries relate to investments in subsidiaries and intercompany balances and transactions, including transactions with our 100 percent wholly-owned subsidiary guarantors and non-guarantor subsidiaries. We have accounted for investments in subsidiaries using the equity method. CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME Year Ended April 30, 2015 The J. M. Smucker Subsidiary Non-Guarantor Eliminations Consolidated Net sales $ 2,998.0 $ 1,184.0 $ 6,622.4 $ (5,111.7) $ 5,692.7 Cost of products sold 2,457.8 1,080.0 5,301.6 (5,115.4) 3,724.0 Gross Profit 540.2 104.0 1,320.8 3.7 1,968.7 Selling, distribution, and administrative expenses and other special project costs 234.9 53.8 799.2 — 1,087.9 Amortization 4.2 — 106.7 — 110.9 Other operating expense (income) - net 0.3 (2.4) — — (2.1) Operating Income 300.5 52.6 414.9 3.7 772.0 Interest (expense) income - net (80.7) 1.2 (0.4 — (79.9) Other debt costs (173.3) — — — (173.3) Other income - net 0.6 0.1 3.5 — 4.2 Equity in net earnings of subsidiaries 312.6 131.4 52.7 (496.7) — Income Before Income Taxes 360.0 185.3 470.7 (493.0) 523.0 Income taxes 15.1 0.4 162.6 — 178.1 Net Income $ 344.9 $ 184.9 $ 308.1 $ (493.0) $ 344.9 Other comprehensive loss, net of tax (58.2) (18.5) (43.3) 61.8 (58.2) Comprehensive Income $ 286.7 $ 166.4 $ 264.8 $ (431.2) $ 286.7 CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME Year Ended April 30, 2014 The J. M. Smucker Subsidiary Non-Guarantor Eliminations Consolidated Net sales $ 3,162.8 $ 1,278.8 $ 6,601.3 $ (5,432.3) $ 5,610.6 Cost of products sold 2,573.6 1,166.0 5,268.5 (5,428.5) 3,579.6 Gross Profit 589.2 112.8 1,332.8 (3.8) 2,031.0 Selling, distribution, and administrative expenses and other special project costs 197.1 47.5 769.8 — 1,014.4 Amortization 4.2 — 94.7 — 98.9 Other operating (income) expense - net (1.3) 0.9 (0.9) — (1.3) Operating Income 389.2 64.4 469.2 (3.8) 919.0 Interest (expense) income - net (80.8) 1.2 (1.5) 1.7 (79.4) Other income (expense) - net 10.8 — 1.0 (1.7 10.1 Equity in net earnings of subsidiaries 345.1 141.4 64.4 (550.9) — Income Before Income Taxes 664.3 207.0 533.1 (554.7) 849.7 Income taxes 99.1 0.4 185.0 — 284.5 Net Income $ 565.2 $ 206.6 $ 348.1 $ (554.7) $ 565.2 Other comprehensive income, net of tax 25.0 27.4 6.0 (33.4) 25.0 Comprehensive Income $ 590.2 $ 234.0 $ 354.1 $ (588.1) $ 590.2 CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME Year Ended April 30, 2013 The J. M. Smucker Subsidiary Non-Guarantor Eliminations Consolidated Net sales $ 4,447.6 $ 1,296.4 $ 5,430.3 $ (5,276.6) $ 5,897.7 Cost of products sold 3,957.3 1,190.6 4,015.0 (5,292.8) 3,870.1 Gross Profit 490.3 105.8 1,415.3 16.2 2,027.6 Selling, distribution, and administrative expenses and other special project costs 199.0 42.9 781.5 — 1,023.4 Amortization 4.8 — 92.0 — 96.8 Other operating (income) expense - net (2.7) (2.2) 1.9 — (3.0) Operating Income 289.2 65.1 539.9 16.2 910.4 Interest (expense) income - net (94.4) 1.2 (0.2) — (93.4) Other income (expense) - net 0.7 1.1 (1.5) — 0.3 Equity in net earnings of subsidiaries 408.6 156.7 66.4 (631.7) — Income Before Income Taxes 604.1 224.1 604.6 (615.5) 817.3 Income taxes 59.9 0.4 212.8 — 273.1 Net Income $ 544.2 $ 223.7 $ 391.8 $ (615.5) $ 544.2 Other comprehensive income, net of tax 7.4 9.0 4.1 (13.1) 7.4 Comprehensive Income $ 551.6 $ 232.7 $ 395.9 $ (628.6) $ 551.6 CONDENSED CONSOLIDATING BALANCE SHEETS April 30, 2015 The J. M. Smucker Subsidiary Non-Guarantor Eliminations Consolidated ASSETS Current Assets Cash and cash equivalents $ 7.1 $ — $ 118.5 $ — $ 125.6 Inventories — 180.3 979.6 3.7 1,163.6 Other current assets 427.4 4.8 343.5 (12.6) 763.1 Total Current Assets 434.5 185.1 1,441.6 (8.9) 2,052.3 Property, Plant, and Equipment-Net 258.0 591.3 829.0 — 1,678.3 Investments in Subsidiaries 14,610.4 4,179.7 272.4 (19,062.5) — Intercompany Receivable — 305.2 133.1 (438.3) — Other Noncurrent Assets Goodwill 1,082.0 — 4,927.8 — 6,009.8 Other intangible assets-net 501.1 — 6,449.2 — 6,950.3 Other noncurrent assets 55.6 10.5 125.8 — 191.9 Total Other Noncurrent Assets 1,638.7 10.5 11,502.8 — 13,152.0 Total Assets $ 16,941.6 $ 5,271.8 $ 14,178.9 $ (19,509.7) $ 16,882.6 LIABILITIES AND SHAREHOLDERS’ EQUITY Current Liabilities $ 484.0 $ 82.6 $ 468.6 $ (12.6) $ 1,022.6 Noncurrent Liabilities Long-term debt 5,944.9 — — — 5,944.9 Deferred income taxes 106.9 — 2,366.4 — 2,473.3 Intercompany payable 3,080.2 — — (3,080.2) — Other noncurrent liabilities 238.7 15.2 101.0 — 354.9 Total Noncurrent Liabilities 9,370.7 15.2 2,467.4 (3,080.2) 8,773.1 Total Liabilities 9,854.7 97.8 2,936.0 (3,092.8) 9,795.7 Total Shareholders’ Equity 7,086.9 5,174.0 11,242.9 (16,416.9) 7,086.9 Total Liabilities and Shareholders’ Equity $ 16,941.6 $ 5,271.8 $ 14,178.9 $ (19,509.7) $ 16,882.6 CONDENSED CONSOLIDATING BALANCE SHEETS April 30, 2014 The J. M. Smucker Subsidiary Non-Guarantor Eliminations Consolidated ASSETS Current Assets Cash and cash equivalents $ 6.8 $ — $ 146.7 $ — $ 153.5 Inventories — 173.3 761.4 (3.7) 931.0 Other current assets 360.2 9.9 94.6 (10.1) 454.6 Total Current Assets 367.0 183.2 1,002.7 (13.8) 1,539.1 Property, Plant, and Equipment - Net 233.6 551.1 480.9 — 1,265.6 Investments in Subsidiaries 8,367.6 4,063.3 237.9 (12,668.8) — Intercompany Receivable — 315.5 1,132.2 (1,447.7) — Other Noncurrent Assets Goodwill 1,082.0 — 2,016.2 — 3,098.2 Other intangible assets - net 505.5 — 2,518.8 — 3,024.3 Other noncurrent assets 58.5 11.1 63.4 — 133.0 Total Other Noncurrent Assets 1,646.0 11.1 4,598.4 — 6,255.5 Total Assets $ 10,614.2 $ 5,124.2 $ 7,452.1 $ (14,130.3) $ 9,060.2 LIABILITIES AND SHAREHOLDERS’ EQUITY Current Liabilities $ 590.7 $ 103.8 $ 201.4 $ (10.1) $ 885.8 Noncurrent Liabilities Long-term debt 1,873.1 — — — 1,873.1 Deferred income taxes 107.6 — 913.1 — 1,020.7 Intercompany payable 2,792.9 — — (2,792.9) — Other noncurrent liabilities 220.3 12.8 17.9 — 251.0 Total Noncurrent Liabilities 4,993.9 12.8 931.0 (2,792.9) 3,144.8 Total Liabilities 5,584.6 116.6 1,132.4 (2,803.0) 4,030.6 Total Shareholders’ Equity 5,029.6 5,007.6 6,319.7 (11,327.3) 5,029.6 Total Liabilities and Shareholders’ Equity $ 10,614.2 $ 5,124.2 $ 7,452.1 $ (14,130.3) $ 9,060.2 CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS Year Ended April 30, 2015 The J. M. Smucker Subsidiary Non-Guarantor Eliminations Consolidated Net Cash Provided by Operating Activities $ 239.2 $ 87.8 $ 406.2 $ — $ 733.2 Investing Activities Businesses acquired, net of cash acquired (1,240.0) — (80.5) — (1,320.5) Additions to property, plant, and equipment (56.3) (93.3) (98.1) — (247.7) Proceeds from disposal of property, plant, and equipment — 1.1 1.5 — 2.6 Equity investments in subsidiaries (2,715.3) — — 2,715.3 — Repayments from (disbursements of) intercompany loans — 10.2 (297.5) 287.3 — Other - net — (5.8) (24.3) — (30.1) Net Cash (Used for) Provided by Investing Activities (4,011.6) (87.8) (498.9) 3,002.6 (1,595.7) Financing Activities Short-term repayments - net (5.3) — (17.1) — (22.4) Proceeds from long-term debt 5,382.5 — — — 5,382.5 Repayments of long-term debt, including make-whole payments (1,580.8) — (2,613.1) — (4,193.9) Quarterly dividends paid (254.0) — — — (254.0) Purchase of treasury shares (24.3) — — — (24.3) Proceeds from stock option exercises 0.8 — — — 0.8 Investments in subsidiaries — — 2,715.3 (2,715.3) — Intercompany payable 287.3 — — (287.3) — Other - net (33.5) — 8.0 — (25.5) Net Cash Provided by (Used for) Financing Activities 3,772.7 — 93.1 (3,002.6) 863.2 Effect of exchange rate changes on cash — — (28.6) — (28.6) Net decrease in cash and cash equivalents 0.3 — (28.2) — (27.9) Cash and cash equivalents at beginning of year 6.8 — 146.7 — 153.5 Cash and Cash Equivalents at End of Year $ 7.1 $ — $ 118.5 $ — $ 125.6 ( ) Denotes use of cash CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS Year Ended April 30, 2014 The J. M. Smucker Subsidiary Non-Guarantor Eliminations Consolidated Net Cash Provided by Operating Activities $ 297.8 $ 168.5 $ 389.7 $ — $ 856.0 Investing Activities Businesses acquired, net of cash acquired — — (101.8) — (101.8) Additions to property, plant, and equipment (31.1) (163.2) (85.2) — (279.5) Sales and maturities of marketable securities 10.0 — — — 10.0 Proceeds from disposal of property, plant, and equipment — 0.6 10.1 — 10.7 Equity investments in subsidiaries (108.9) (17.1) — 126.0 — Repayments from (disbursements of) intercompany loans — 9.3 (283.0) 273.7 — Other - net (3.2) 0.2 (6.7) — (9.7) Net Cash (Used for) Provided by Investing Activities (133.2) (170.2) (466.6) 399.7 (370.3) Financing Activities Short-term borrowing - net 248.4 — — — 248.4 Repayments of long-term debt (50.0) — — — (50.0) Quarterly dividends paid (238.0) — — — (238.0) Purchase of treasury shares (508.5) — — — (508.5) Proceeds from stock option exercises 0.5 — — — 0.5 Investments in subsidiaries — — 126.0 (126.0) — Intercompany payable 273.7 — — (273.7) — Other - net 8.1 1.7 (37.7) — (27.9) Net Cash (Used for) Provided by Financing Activities (265.8) 1.7 88.3 (399.7) (575.5) Effect of exchange rate changes on cash — — (13.1) — (13.1) Net decrease in cash and cash equivalents (101.2) — (1.7) — (102.9) Cash and cash equivalents at beginning of year 108.0 — 148.4 — 256.4 Cash and Cash Equivalents at End of Year $ 6.8 $ — $ 146.7 $ — $ 153.5 ( ) Denotes use of cash CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS Year Ended April 30, 2013 The J. M. Smucker Subsidiary Non-Guarantor Eliminations Consolidated Net Cash Provided by Operating Activities $ 201.7 $ 46.4 $ 607.7 $ — $ 855.8 Investing Activities Additions to property, plant, and equipment (33.6) (103.1) (69.8) — (206.5) Proceeds from disposal of property, plant, and equipment — 0.1 3.2 — 3.3 Equity investments in subsidiaries (3.7) (174.2) — 177.9 — Repayments from (disbursements of) intercompany loans — 227.4 (693.6) 466.2 — Other - net (9.5) 3.4 23.7 — 17.6 Net Cash (Used for) Provided by Investing Activities (46.8) (46.4) (736.5) 644.1 (185.6) Financing Activities Repayments of long-term debt (50.0) — — — (50.0) Quarterly dividends paid (222.8) — — — (222.8) Purchase of treasury shares (364.2) — — — (364.2) Proceeds from stock option exercises 2.2 — — — 2.2 Investments in subsidiaries 9.9 — 168.0 (177.9) — Intercompany payable 466.2 — — (466.2) — Other - net 3.5 — (9.7) — (6.2) Net Cash (Used for) Provided by Financing Activities (155.2) — 158.3 (644.1) (641.0) Effect of exchange rate changes on cash — — (2.5) — (2.5) Net (decrease) increase in cash and cash equivalents (0.3) — 27.0 — 26.7 Cash and cash equivalents at beginning of year 108.3 — 121.4 — 229.7 Cash and Cash Equivalents at End of Year $ 108.0 $ — $ 148.4 $ — $ 256.4 ( ) Denotes use of cash |
Common Shares
Common Shares | 12 Months Ended |
Apr. 30, 2015 | |
Common Shares [Abstract] | |
Common Shares | NOTE 16 COMMON SHARES Voting: The Amended Articles of Incorporation (“Articles”) provide that each holder of a common share outstanding is entitled to one vote on each matter submitted to a vote of the shareholders, except for the following specific matters: • any matter that relates to or would result in the dissolution or liquidation of the Company; • the adoption of any amendment to the Articles or Amended Regulations, or the adoption of amended Articles, other than the adoption of any amendment or amended Articles that increases the number of votes to which holders of our common shares are entitled or expands the matters to which time-phased voting applies; • any proposal or other action to be taken by our shareholders relating to the Rights Agreement, dated as of May 20, 2009, between the Company and Computershare Trust Company, N.A. or any successor plan; • any matter relating to any stock option plan, stock purchase plan, executive compensation plan, executive benefit plan, or other similar plan, arrangement, or agreement; • the adoption of any agreement or plan of or for the merger, consolidation, or majority share acquisition of us or any of our subsidiaries with or into any other person, whether domestic or foreign, corporate or noncorporate, or the authorization of the lease, sale, exchange, transfer, or other disposition of all, or substantially all, of our assets; • any matter submitted to our shareholders pursuant to Article Fifth (which relates to procedures applicable to certain business combinations) or Article Seventh (which relates to procedures applicable to certain proposed acquisitions of specified percentages of our outstanding common shares) of the Articles, as they may be further amended, or any issuance of our common shares for which shareholder approval is required by applicable stock exchange rules; and • any matter relating to the issuance of our common shares or the repurchase of our common shares that the Board of Directors (“Board”) determines is required or appropriate to be submitted to our shareholders under the Ohio Revised Code or applicable stock exchange rules. On the matters listed above, common shares are entitled to 10 votes per share if they meet the requirements set forth in the Articles. Common shares which would be entitled to 10 votes per share must meet one of the following criteria: • common shares for which there has not been a change in beneficial ownership in the past four years; or • common shares received through our various equity plans that have not been sold or otherwise transferred. In the event of a change in beneficial ownership, the new owner of that common share will be entitled to only one vote with respect to that share on all matters until four years pass without a further change in beneficial ownership of the share. Shareholders’ Rights Plan: Pursuant to a Shareholders’ Rights Plan adopted by the Board on May 20, 2009, one share purchase right is associated with each of our outstanding common shares. Under the plan, the rights will initially trade together with our common shares and will not be exercisable. In the absence of further action by the directors, the rights generally will become exercisable and allow the holder to acquire our common shares at a discounted price if a person or group acquires 10 percent or more of our outstanding common shares. Rights held by persons who exceed the applicable threshold will be void. Shares held by members of the Smucker family are not subject to the threshold. If exercisable, each right entitles the shareholder to buy one common share at a discounted price. Under certain circumstances, the rights will entitle the holder to buy shares in an acquiring entity at a discounted price. The plan also includes an exchange option. In general, if the rights become exercisable, the directors may, at their option, effect an exchange of part or all of the rights, other than rights that have become void, for common shares. Under this option, we would issue one common share for each right, in each case subject to adjustment in certain circumstances. The directors may, at their option, redeem all rights for $0.001 per right, generally at any time prior to the rights becoming exercisable. The rights will expire June 3, 2019, unless earlier redeemed, exchanged, or amended by the directors. In connection with the Big Heart acquisition, we and the rights agent entered into an amendment to the plan providing that neither the approval, execution, delivery, or performance of the merger agreement or the shareholders agreement entered into in connection with the transaction will in any way give rise to any provision of the plan becoming effective, and that none of Blue Holdings I, L.P., the controlling stockholder of BAG, or any of its affiliates will be deemed to be an acquiring person for purposes of the plan. Repurchase Programs: We did not repurchase any shares in 2015 and at April 30, 2015, had approximately 10.0 million common shares available for repurchase under the Board’s authorizations. We do not expect to repurchase any of these shares in the near term due to our focus on debt repayment. We repurchased 4.9 million common shares for $495.0 in 2014 and 4.0 million common shares for $359.4 in 2013. |
Accounting Policies (Policies)
Accounting Policies (Policies) | 12 Months Ended |
Apr. 30, 2015 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | Principles of Consolidation: The consolidated financial statements include the accounts of the Company, its wholly-owned subsidiaries, and its majority-owned investments, if any. Intercompany transactions and accounts are eliminated in consolidation. |
Use of Estimates | Use of Estimates: The preparation of consolidated financial statements in conformity with U.S. generally accepted accounting principles (“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: allowances for doubtful trade receivables, estimates of future cash flows associated with assets, 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 and other assumptions for defined benefit pension and other postretirement benefit expenses. Actual results could differ from these estimates. |
Cash and Cash Equivalents | Cash and Cash Equivalents: We consider all short-term, highly-liquid investments with a maturity of three months or less when purchased to be cash equivalents. |
Revenue Recognition | Revenue Recognition: We recognize revenue, net of estimated returns and allowances, when all of the following criteria have been met: a valid customer order with a determinable price has been received; the product has been shipped and title has transferred to the customer; there is no further significant obligation to assist in the resale of the product; and collectability is reasonably assured. Trade marketing and merchandising programs are classified as a reduction of sales. A provision for estimated returns and allowances is recognized as a reduction of sales at the time revenue is recognized. |
Shipping and Handling Costs | Shipping and Handling Costs: Transportation costs included in cost of products sold relate to the costs incurred to ship our products. Distribution costs are included in selling, distribution, and administrative expenses and relate to the warehousing costs incurred to store our products. |
Trade Marketing and Merchandising Programs | Trade Marketing and Merchandising Programs: In order to support our products, various promotional activities are conducted through retail trade, distributors, or directly with consumers, including in-store display and product placement programs, feature price discounts, coupons, and other similar activities. We regularly review and revise, when we deem necessary, estimates of costs for these promotional programs based on estimates of what will be redeemed by retail trade, distributors, or consumers. These estimates are made using various techniques, including historical data on performance of similar promotional programs. Differences between estimated expenditures and actual performance are recognized as a change in estimate in a subsequent period. As the total promotional expenditures, including amounts classified as a reduction of sales, represented 29 percent, 27 percent, and 25 percent of net sales in 2015, 2014, and 2013, respectively, the possibility exists of materially different reported results if factors such as the level and success of the promotional programs or other conditions differ from expectations. |
Advertising Expense | Advertising Expense: Advertising costs are expensed as incurred. Advertising expense was $107.0, $124.7, and $131.6 in 2015, 2014, and 2013, respectively. |
Research and Development Costs | Research and Development Costs: Research and development costs are expensed as incurred and are included in selling, distribution, and administrative expense in the Statements of Consolidated Income. Total research and development expense was $32.5, $24.3, and $24.7 in 2015, 2014, and 2013, respectively. |
Share-Based Payments | Share-Based Payments: Share-based compensation expense, excluding stock options issued in 2015, is recognized on a straight-line basis over the requisite service period, which includes a one-year performance period plus the defined forfeiture period, which is typically four years of service or the attainment of a defined age and years of service. For options granted in 2015, compensation expense is recognized ratably over the service period for each vesting tranche from the grant date through the end of the requisite service period if it is probable that the performance criteria will be met. The options will vest over a period of one to three years, dependent on continued service of the option holder, as well as the achievement of the performance objectives established on the grant date. For further discussion on the stock options issued in 2015, see Note 10: Share-Based Payments. The following table summarizes amounts related to share-based payments. Year Ended April 30, 2015 2014 2013 Share-based compensation expense included in selling, distribution, and administrative expenses $ 22.3 $ 22.1 $ 20.5 Share-based compensation expense included in other special project costs 1.2 0.8 0.8 Total share-based compensation expense $ 23.5 $ 22.9 $ 21.3 Related income tax benefit $ 8.0 $ 7.7 $ 7.1 As of April 30, 2015, total unrecognized share-based compensation cost related to nonvested share-based awards was $48.9. The weighted-average period over which this amount is expected to be recognized is 2.5 years. Corporate income tax benefits realized upon exercise or vesting of an award in excess of that previously recognized in earnings, referred to as excess tax benefits, are presented in the Statements of Consolidated Cash Flows as a financing activity. Realized excess tax benefits are credited to additional capital in the Consolidated Balance Sheets. Realized shortfall tax benefits, amounts which are less than those previously recognized in earnings, are first offset against the cumulative balance of excess tax benefits, if any, and then charged directly to income tax expense. For 2015, 2014, and 2013, the excess tax benefits realized upon exercise or vesting of share-based compensation were $5.9, $7.3, and $2.9, respectively. |
Defined Contribution Plans | Defined Contribution Plans: We offer employee savings plans for domestic and Canadian employees. Our contributions under these plans are based on a specified percentage of employee contributions. Charges to operations for these plans in 2015, 2014, and 2013 were $21.1, $20.1, and $18.6, respectively. For information on our defined benefit plans, see Note 7: Pensions and Other Postretirement Benefits. |
Income Taxes | Income Taxes: We account for income taxes using the liability method. Accordingly, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in the applicable tax rate is recognized in income or expense in the period that the change is enacted. A valuation allowance is established when it is more likely than not that all or a portion of a deferred tax asset will not be realized. A tax benefit is recognized when it is more likely than not to be sustained. We account for the financial statement recognition and measurement criteria of a tax position taken or expected to be taken in a tax return under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 740, Income Taxes In accordance with the requirements of FASB ASC 740, uncertain tax positions have been classified in the Consolidated Balance Sheets as noncurrent, except to the extent payment is expected within one year. We recognize net interest and penalties related to unrecognized tax benefits in income tax expense. |
Trade Receivables | Trade Receivables: In the normal course of business, we extend credit to customers. Trade receivables, less allowances, reflects the net realizable value of receivables and approximates fair value. We evaluate our trade receivables and establish an allowance for doubtful accounts based on a combination of factors. When aware that a specific customer has been impacted by circumstances such as bankruptcy filings or deterioration in the customer’s operating results or financial position, potentially making it unable to meet its financial obligations, we record a specific reserve for bad debt to reduce the related receivable to the amount we reasonably believe is collectible. We also record reserves for bad debt for all other customers based on a variety of factors, including the length of time the receivables are past due, historical collection experience, and an evaluation of current and projected economic conditions at the balance sheet date. Trade receivables are charged off against the allowance after we determine that the potential for recovery is remote. At April 30, 2015 and 2014, the allowance for doubtful accounts was $1.0 and $0.9, respectively. We believe there is no concentration of risk with any single customer whose failure or nonperformance would materially affect results other than as discussed in Note 3: Reportable Segments. |
Inventories | Inventories: Inventories are stated at the lower of cost or market. Cost for all inventories is determined using the first-in, first-out method applied on a consistent basis. The cost of finished products and work-in-process inventory includes materials, direct labor, and overhead. Work-in-process is included in finished products in the Consolidated Balance Sheets and was $81.5 and $62.1 at April 30, 2015 and 2014, respectively. |
Derivative Financial Instruments | Derivative Financial Instruments: We account for derivative instruments in accordance with FASB ASC 815, Derivatives and Hedging Effective May 1, 2014, we elected to no longer qualify commodity derivatives or instruments used to manage foreign currency exchange exposures for hedge accounting treatment and, as a result, the derivative gains and losses are immediately recognized in earnings. Prior to 2015, certain of our derivative instruments met the hedge criteria and were accounted for as cash flow hedges. The mark-to-market gains and losses on qualifying hedges were deferred and included as a component of accumulated other comprehensive loss to the extent effective, and reclassified to cost of products sold in the period during which the hedged transaction affected earnings. The deferred net gains included in accumulated other comprehensive loss, net of tax, were $18.3 at April 30, 2014. Although we no longer perform the assessments required to achieve hedge accounting for derivative positions, we believe all of our commodity derivatives are economic hedges of our risk exposure. We utilize derivative instruments to manage changes in the fair value and cash flows of our debt. Interest rate swaps mitigate the risk associated with the underlying hedged item. At the inception of the contract, the instrument is evaluated and documented for hedge accounting treatment. If the contract is designated as a cash flow hedge, the mark-to-market gains or losses on the swap are deferred and included as a component of accumulated other comprehensive loss to the extent effective, and reclassified to interest expense in the period during which the hedged transaction affects earnings. If the contract is designated as a fair value hedge, the swap is recognized at fair value on the balance sheet, and changes in the fair value are recognized in interest expense. Generally, changes in the fair value of the derivative are equal to changes in the fair value of the underlying debt and have no net impact on earnings. |
Property, Plant, and Equipment | Property, Plant, and Equipment: Property, plant, and equipment is recognized at cost and is depreciated on a straight-line basis over the estimated useful life of the asset (3 to 20 years for machinery and equipment, 1 to 7 years for capitalized software costs, and 5 to 40 years for buildings, fixtures, and improvements). We lease certain land, buildings, and equipment for varying periods of time, with renewal options. Rent expense in 2015, 2014, and 2013 totaled $67.1, $60.6, and $59.2, respectively. As of April 30, 2015, our minimum operating lease obligations were as follows: $43.1 in 2016, $40.5 in 2017, $36.0 in 2018, $27.1 in 2019, and $22.0 in 2020. In accordance with FASB ASC 360, Property, Plant, and Equipment |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets: Goodwill is the excess of the purchase price paid over the estimated fair value of the net assets of a business acquired. In accordance with FASB ASC 350, Intangibles – Goodwill and Other, |
Marketable Securities and Other Investments | Marketable Securities and Other Investments: We maintain funds for the payment of benefits associated with nonqualified retirement plans. These funds include investments considered to be available-for-sale marketable securities. At April 30, 2015 and 2014, the fair value of these investments was $48.4 and $55.4, respectively, and was included in other noncurrent assets in the Consolidated Balance Sheets. Included in accumulated other comprehensive loss at April 30, 2015 and 2014, were unrealized pre-tax gains of $5.2 and $5.3, respectively. |
Equity Method Investments | Equity Method Investments: Investments in common stock of entities other than our subsidiaries are accounted for under the equity method in accordance with FASB ASC 323, Investments – Equity Method and Joint Ventures We have a 25 percent equity interest in Guilin Seamild Biologic Technology Development Co., Ltd. (“Seamild”), a privately-owned manufacturer and marketer of oats products in China. The initial investment in Seamild in 2013 was $35.9 and is included in other noncurrent assets in the Consolidated Balance Sheets. The value of our investment in Seamild did not change significantly and did not have a material impact on the International, Foodservice, and Natural Foods segment or the consolidated financial statements for the years ended April 30, 2015 and 2014. As part of the Big Heart Pet Brands (“Big Heart”) acquisition, we acquired a 50 percent equity interest in Natural Blend Vegetable Dehydration LLC (“Natural Blend”) and a 20 percent equity interest in Mountain Country Foods, LLC (“Mountain Country Foods”). Natural Blend is a privately-owned producer and supplier of dehydrated sweet potato products to Big Heart co-manufacturers. Mountain Country Foods is a privately-owned co-manufacturer of Big Heart pet products. Our initial investments in Natural Blend of $10.6 and Mountain Country Foods of $19.1 were recorded at a preliminary fair value as required under purchase accounting and are included in other noncurrent assets in the Consolidated Balance Sheets. The value of these investments did not have a material impact on the U.S. Retail Pet Foods segment or the consolidated financial statements for the year ended April 30, 2015. For additional information related to the acquisition, see Note 2: Acquisitions. |
Foreign Currency Translation | Foreign Currency Translation: Assets and liabilities of foreign subsidiaries are translated using the exchange rates in effect at the balance sheet dates, while income and expenses are translated using average rates. Translation adjustments are reported as a component of shareholders’ equity in accumulated other comprehensive loss. Included in accumulated other comprehensive loss at April 30, 2015 and 2014, was a foreign currency loss of $2.3 and a gain of $31.7, respectively. |
Recently Issued Accounting Standards | Recently Issued Accounting Standards: In April 2015, the FASB issued Accounting Standards Update (“ASU”) 2015-03, Interest – Imputation of Interest (Subtopic 835-30) Simplifying the Presentation of Debt Issuance Costs In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606) |
Risks and Uncertainties | Risks and Uncertainties: The raw materials we use are primarily commodities, agricultural-based products, and packaging materials. The principal packaging materials we use are glass, plastic, metal cans, caps, carton board, and corrugate. Green coffee, peanuts, edible oils, sweeteners, milk, wheat, corn, poultry meal, soybean meal, and other ingredients are obtained from various suppliers. The availability, quality, and cost of many of these commodities have fluctuated, and may continue to fluctuate over time. Green coffee is sourced solely from foreign countries and its supply and price are subject to high volatility due to factors such as weather, global supply and demand, pest damage, speculative influences, and political and economic conditions in the source countries. Raw materials are generally available from numerous sources, although we have elected to source certain plastic packaging materials and finished goods from single sources of supply pursuant to long-term contracts. While availability may vary from year to year, we believe that we will continue to be able to obtain adequate supplies and that alternatives to single-sourced materials are available. We have not historically encountered significant shortages of key raw materials. We consider our relationships with key material suppliers to be good. Of our total employees, 28 percent are covered by union contracts at 10 manufacturing locations. The contracts vary in term, with three contracts expiring in 2016, representing 11 percent of our total employees. We insure our business and assets in each country against insurable risks, to the extent that we deem appropriate, based upon an analysis of the relative risks and costs. |
Accounting Policies (Tables)
Accounting Policies (Tables) | 12 Months Ended |
Apr. 30, 2015 | |
Accounting Policies [Abstract] | |
Share based payments | Year Ended April 30, 2015 2014 2013 Share-based compensation expense included in selling, distribution, and administrative expenses $ 22.3 $ 22.1 $ 20.5 Share-based compensation expense included in other special project costs 1.2 0.8 0.8 Total share-based compensation expense $ 23.5 $ 22.9 $ 21.3 Related income tax benefit $ 8.0 $ 7.7 $ 7.1 |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Apr. 30, 2015 | |
Acquisitions [Abstract] | |
Components of business acquisition purchase price | Shares issued $ 2,035.5 Assumed debt from Big Heart 2,630.2 Cash consideration, net of cash acquired 1,240.0 Total purchase price $ 5,905.7 |
Estimated fair values of the assets acquired and liabilities assumed | Assets acquired: Trade receivables $ 142.0 Inventories 257.7 Other current assets 210.7 Property, plant, and equipment 324.0 Intangible assets 4,009.8 Goodwill 2,871.2 Other noncurrent assets 38.0 Total assets acquired $ 7,853.4 Liabilities assumed: Current liabilities $ 398.9 Deferred tax liabilities 1,464.0 Other noncurrent liabilities 84.8 Total liabilities assumed $ 1,947.7 Net assets acquired $ 5,905.7 |
The purchase price allocated to the identifiable intangible assets | Intangible assets with finite lives: Customer relationships (25-year useful life) $ 2,289.8 Trademarks (15-year useful life) 257.0 Intangible assets with indefinite lives: Trademarks 1,463.0 Total intangible assets $ 4,009.8 |
Business acquisition pro forma information | Year Ended April 30, 2015 2014 Net sales $ 7,732.5 $ 7,800.7 Net income 541.8 547.7 Net income per common share – assuming dilution 4.53 4.48 |
Reportable Segments (Tables)
Reportable Segments (Tables) | 12 Months Ended |
Apr. 30, 2015 | |
Segment Reporting [Abstract] | |
Income and assets by segment | Year Ended April 30, 2015 2014 2013 Net sales: U.S. Retail Coffee $ 2,076.1 $ 2,161.7 $ 2,306.5 U.S. Retail Consumer Foods 2,104.8 2,172.6 2,214.8 U.S. Retail Pet Foods 239.1 — — International, Foodservice, and Natural Foods 1,272.7 1,276.3 1,376.4 Total net sales $ 5,692.7 $ 5,610.6 $ 5,897.7 Segment profit (loss): U.S. Retail Coffee $ 549.2 $ 639.8 $ 603.8 U.S. Retail Consumer Foods 432.9 393.0 413.9 U.S. Retail Pet Foods (15.3) — — International, Foodservice, and Natural Foods 166.7 167.8 196.7 Total segment profit $ 1,133.5 $ 1,200.6 $ 1,214.4 Interest expense - net (79.9) (79.4) (93.4) Other debt costs (173.3) — — Unallocated derivative (losses) gains (24.5) 5.3 6.6 Cost of products sold - special project costs (6.2) (9.4) (11.5) Other special project costs (56.6) (25.6) (49.5) Corporate administrative expenses (274.2) (251.9) (249.6) Other income - net 4.2 10.1 0.3 Income before income taxes $ 523.0 $ 849.7 $ 817.3 Assets: U.S. Retail Coffee $ 4,854.0 $ 4,885.6 $ 4,882.4 U.S. Retail Consumer Foods 2,846.0 2,684.1 2,618.2 U.S. Retail Pet Foods 7,611.8 — — International, Foodservice, and Natural Foods 1,327.2 1,248.9 1,201.3 Unallocated (A) 243.6 241.6 322.2 Total assets $ 16,882.6 $ 9,060.2 $ 9,024.1 |
Segmental information related to depreciation, amortization, and impairment charges, and property, plant, and equipment additions | Depreciation, amortization, and impairment charges: U.S. Retail Coffee $ 102.7 $ 99.9 $ 100.7 U.S. Retail Consumer Foods 54.1 52.9 47.1 U.S. Retail Pet Foods 14.3 — — International, Foodservice, and Natural Foods 66.0 67.4 63.7 Unallocated (B) 31.3 36.2 39.4 Total depreciation, amortization, and impairment charges $ 268.4 $ 256.4 $ 250.9 Additions to property, plant, and equipment: U.S. Retail Coffee $ 56.7 $ 50.7 $ 46.5 U.S. Retail Consumer Foods 113.2 138.8 85.1 U.S. Retail Pet Foods 19.4 — — International, Foodservice, and Natural Foods 58.4 90.0 74.9 Total additions to property, plant, and equipment $ 247.7 $ 279.5 $ 206.5 (A) Primarily represents unallocated cash and cash equivalents and corporate-held investments. (B) Primarily represents unallocated corporate administrative expense, mainly depreciation and software amortization. |
Segmental information related to net sales and assets by geographic location | Year Ended April 30, 2015 2014 2013 Net sales: United States $ 5,188.5 $ 5,092.0 $ 5,355.9 International: Canada $ 413.8 $ 437.2 $ 459.5 All other international 90.4 81.4 82.3 Total international $ 504.2 $ 518.6 $ 541.8 Total net sales $ 5,692.7 $ 5,610.6 $ 5,897.7 Assets: United States $ 16,407.0 $ 8,638.6 $ 8,577.7 International: Canada $ 362.1 $ 257.7 $ 396.3 All other international 113.5 163.9 50.1 Total international $ 475.6 $ 421.6 $ 446.4 Total assets $ 16,882.6 $ 9,060.2 $ 9,024.1 Long-lived assets (excluding goodwill and other intangible assets): United States $ 1,815.0 $ 1,343.2 $ 1,227.0 International: Canada $ 14.3 $ 16.5 $ 20.6 All other international 40.9 38.9 39.0 Total international $ 55.2 $ 55.4 $ 59.6 Total long-lived assets (excluding goodwill and other intangible assets) $ 1,870.2 $ 1,398.6 $ 1,286.6 |
Product sales information | Year Ended April 30, 2015 2014 2013 Coffee 44 % 46 % 48 % Peanut butter 13 13 13 Fruit spreads 6 6 6 Shortening and oils 6 6 6 Baking mixes and frostings 5 6 6 Canned milk 4 5 4 Flour and baking ingredients 4 4 4 Juices and beverages 3 3 3 Frozen handheld 3 3 3 Pet food 3 — — Portion control 2 2 2 Toppings and syrups 1 2 2 Pet snacks 1 — — Other 5 4 3 Total product sales 100 % 100 % 100 % |
Earnings per Share (Tables)
Earnings per Share (Tables) | 12 Months Ended |
Apr. 30, 2015 | |
Earnings Per Share [Abstract] | |
Computation of earnings per common share, basic and diluted | Year Ended April 30, 2015 2014 2013 Net income $ 344.9 $ 565.2 $ 544.2 Net income allocated to participating securities 2.2 4.5 4.7 Net income allocated to common stockholders $ 342.7 $ 560.7 $ 539.5 Weighted-average common shares outstanding 103,038,271 103,504,121 107,881,519 Dilutive effect of stock options 5,283 14,346 23,256 Weighted-average common shares outstanding – assuming dilution 103,043,554 103,518,467 107,904,775 Net income per common share $ 3.33 $ 5.42 $ 5.00 Net income per common share – assuming dilution $ 3.33 $ 5.42 $ 5.00 |
Goodwill and Other Intangible30
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Apr. 30, 2015 | |
Goodwill and Other Intangible Assets [Abstract] | |
Summary of changes in the company's goodwill | U.S. Retail U.S. Retail U.S. Retail International, Total Balance at May 1, 2013 $ 1,720.3 $ 1,034.6 $ — $ 298.0 $ 3,052.9 Acquisitions 22.8 — — 29.3 52.1 Other — (2.4) — (4.4) (6.8) Balance at April 30, 2014 $ 1,743.1 $ 1,032.2 $ — $ 322.9 $ 3,098.2 Acquisitions (0.3) 47.9 2,810.3 60.9 2,918.8 Other 0.1 (2.5) — (4.8) (7.2) Balance at April 30, 2015 $ 1,742.9 $ 1,077.6 $ 2,810.3 $ 379.0 $ 6,009.8 |
Other intangible assets and related accumulated amortization, impairment charges, and foreign currency exchange | April 30, 2015 April 30, 2014 Acquisition Accumulated Net Acquisition Accumulated Net Finite-lived intangible assets subject to amortization: Customer and contractual relationships $ 3,733.9 $ 477.9 $ 3,256.0 $ 1,436.2 $ 392.6 $ 1,043.6 Patents and technology 169.0 74.8 94.2 164.5 61.9 102.6 Trademarks 328.0 47.6 280.4 70.0 36.5 33.5 Total intangible assets subject to amortization $ 4,230.9 $ 600.3 $ 3,630.6 $ 1,670.7 $ 491.0 $ 1,179.7 Indefinite-lived intangible assets not subject to amortization: Trademarks $ 3,338.0 $ 18.3 $ 3,319.7 $ 1,858.9 $ 14.3 $ 1,844.6 Total other intangible assets $ 7,568.9 $ 618.6 $ 6,950.3 $ 3,529.6 $ 505.3 $ 3,024.3 |
Debt and Financing Arrangemen31
Debt and Financing Arrangements (Tables) | 12 Months Ended |
Apr. 30, 2015 | |
Debt and Financing Arrangements [Abstract] | |
Long-term debt | April 30, 2015 April 30, 2014 Principal Outstanding Carrying Amount Principal Carrying 4.78% Senior Notes due June 1, 2014 $ — $ — $ 100.0 $ 100.0 6.12% Senior Notes due November 1, 2015 — — 24.0 24.0 6.63% Senior Notes due November 1, 2018 — — 376.0 391.4 3.50% Senior Notes due October 15, 2021 750.0 796.0 750.0 758.8 5.55% Senior Notes due April 1, 2022 — — 300.0 299.2 4.50% Senior Notes due June 1, 2025 — — 400.0 399.7 1.75% Senior Notes due March 15, 2018 500.0 496.9 — — 2.50% Senior Notes due March 15, 2020 500.0 494.3 — — 3.00% Senior Notes due March 15, 2022 400.0 395.3 — — 3.50% Senior Notes due March 15, 2025 1,000.0 991.9 — — 4.25% Senior Notes due March 15, 2035 650.0 641.8 — — 4.38% Senior Notes due March 15, 2045 600.0 583.8 — — Term Loan Credit Agreement due March 23, 2020 1,550.0 1,544.9 — — Total long-term debt $ 5,950.0 $ 5,944.9 $ 1,950.0 $ 1,973.1 Current portion of long-term debt — — 100.0 100.0 Total long-term debt, less current portion $ 5,950.0 $ 5,944.9 $ 1,850.0 $ 1,873.1 |
Pensions and Other Postretire32
Pensions and Other Postretirement Benefits (Tables) | 12 Months Ended |
Apr. 30, 2015 | |
Pensions and Other Postretirement Benefits [Abstract] | |
Net periodic benefit cost | Defined Benefit Pension Plans Other Postretirement Benefits Year Ended April 30, 2015 2014 2013 2015 2014 2013 Service cost $ 9.0 $ 8.7 $ 8.8 $ 2.3 $ 2.3 $ 2.5 Interest cost 23.2 21.8 23.9 2.4 2.3 3.0 Expected return on plan assets (25.6) (25.4) (25.3) — — — Amortization of prior service cost (credit) 1.0 1.2 1.0 (1.1) (1.1) (0.4) Amortization of net actuarial loss (gain) 10.0 13.2 13.1 (0.1) — — Settlement loss 3.5 — 6.7 — — — Net periodic benefit cost $ 21.1 $ 19.5 $ 28.2 $ 3.5 $ 3.5 $ 5.1 |
Net change for the year in accumulated OCI before taxes | Other changes in plan assets and benefit liabilities recognized in accumulated other comprehensive loss before income taxes: Prior service (cost) credit arising during the year $ (0.3) $ — $ (4.0) $ — $ 1.7 $ 9.6 Net actuarial (loss) gain arising during the year (23.7) 19.3 (20.5) 1.6 7.5 (4.5) Amortization of prior service cost (credit) 1.0 1.2 1.0 (1.1) (1.1) (0.4) Amortization of net actuarial loss (gain) 10.0 13.2 13.1 (0.1) — — Curtailment loss — — 2.0 — — — Settlement loss 3.5 — 6.7 — — — Foreign currency translation 2.7 2.9 0.9 — — — Net change for year $ (6.8) $ 36.6 $ (0.8) $ 0.4 $ 8.1 $ 4.7 |
Weighted-average assumptions used in determining net periodic benefit costs | Weighted-average assumptions used in determining net periodic benefit costs: U.S. plans: Discount rate 4.42 % 3.99 % 4.70 % 4.27 % 3.80 % 4.70 % Expected return on plan assets 6.72 6.75 7.00 — — — Rate of compensation increase 4.13 4.13 4.12 — — — Canadian plans: Discount rate 4.11 % 3.65 % 4.20 % 4.10 % 3.70 % 4.20 % Expected return on plan assets 5.64 5.78 6.17 — — — Rate of compensation increase 3.00 3.00 4.00 — — — |
Combined status of the plans | Defined Benefit Pension Plans Other Postretirement Benefits April 30, 2015 2014 2015 2014 Change in benefit obligation: Benefit obligation at beginning of year $ 542.3 $ 575.7 $ 58.5 $ 67.1 Service cost 9.0 8.7 2.3 2.3 Interest cost 23.2 21.8 2.4 2.3 Amendments 0.3 — — (1.7) Actuarial loss (gain) 39.8 (19.7) (1.6) (7.5) Participant contributions 0.1 0.1 0.7 1.2 Benefits paid (31.8) (34.2) (4.4) (3.5) Foreign currency translation adjustments (10.6) (10.1) (1.1) (1.1) Settlement (8.6) — — — Acquisition 176.7 — 18.9 — Other adjustments — — 0.1 (0.6) Benefit obligation at end of year $ 740.4 $ 542.3 $ 75.8 $ 58.5 Change in plan assets: Fair value of plan assets at beginning of year $ 402.1 $ 410.7 $ — $ — Actual return on plan assets 41.7 25.0 — — Company contributions 15.7 9.4 3.7 2.3 Participant contributions 0.1 0.1 0.7 1.2 Benefits paid (31.8) (34.2) (4.4) (3.5) Settlement (8.6) — — — Acquisition 141.1 — — — Foreign currency translation adjustments (10.3) (8.9) — — Fair value of plan assets at end of year $ 550.0 $ 402.1 $ — $ — Funded status of the plans $ (190.4) $ (140.2) $ (75.8) $ (58.5) Defined benefit pensions $ (188.9) $ (135.7) $ — $ — Other noncurrent assets 2.0 — — — Accrued compensation (3.5) (4.5) (1.2) — Postretirement benefits other than pensions — — (74.6) (58.5) Net benefit liability $ (190.4) $ (140.2) $ (75.8) $ (58.5) |
Amounts recognized in accumulated other comprehensive income (loss) before taxes | Defined Benefit Pension Plans Other Postretirement Benefits April 30, 2015 2014 2015 2014 Net actuarial (loss) gain $ (174.2) $ (166.7) $ 6.9 $ 5.3 Prior service (cost) credit (4.2) (4.9) 10.3 11.5 Total recognized in accumulated other comprehensive loss $ (178.4) $ (171.6) $ 17.2 $ 16.8 |
Assumptions used in determining the benefit obligations | Defined Benefit Pension Plans Other Postretirement Benefits April 30, 2015 2014 2015 2014 U.S. plans: Discount rate 4.01 % 4.45 % 3.97 % 4.30 % Rate of compensation increase 4.06 4.13 — — Canadian plans: Discount rate 3.51 % 4.11 % 3.50 % 4.10 % Rate of compensation increase 3.00 3.00 — — |
One-percentage point annual change in the assumed health care cost | One Percentage Point Increase Decrease Effect on total service and interest cost components $ 0.1 $ 0.1 Effect on benefit obligation 2.5 2.3 |
Company's Canadian pension and other postretirement benefit plans | Defined Benefit Pension Plans Other Postretirement Benefits Year Ended April 30, 2015 2014 2015 2014 Benefit obligation at end of year $ 104.4 $ 113.3 $ 10.9 $ 11.4 Fair value of plan assets at end of year 104.1 105.6 — — Funded status of the plans $ (0.3) $ (7.7) $ (10.9) $ (11.4) Components of net periodic benefit cost: Service cost $ 0.4 $ 0.5 $ — $ — Interest cost 4.3 4.2 0.4 0.5 Expected return on plan assets (5.6) (5.8) — — Amortization of net actuarial loss 0.9 1.3 — — Net periodic benefit cost $ — $ 0.2 $ 0.4 $ 0.5 Changes in plan assets: Company contributions $ 5.1 $ 5.4 $ 0.7 $ 0.8 Participant contributions 0.1 0.1 — — Benefits paid (8.4) (8.6) (0.7) (0.8) Actual return on plan assets 11.9 10.6 — — Foreign currency translation (10.3) (8.9) — — |
Benefit obligations in excess of fair value of plan assets | April 30, 2015 2014 Accumulated benefit obligation for all pension plans $ 691.8 $ 507.3 Plans with an accumulated benefit obligation in excess of plan assets: Accumulated benefit obligation $ 481.6 $ 507.3 Fair value of plan assets 337.8 402.1 Plans with a projected benefit obligation in excess of plan assets: Projected benefit obligation $ 669.3 $ 542.3 Fair value of plan assets 477.3 402.1 |
Major asset classes for the U.S. and Canadian defined benefit pension plans and fair value hierarchy levels | Quoted Prices in Significant Significant Fair Value at Cash and cash equivalents (A) $ 4.6 $ — $ — $ 4.6 Equity securities: U.S. (B) 105.0 45.5 — 150.5 International (C) 81.0 24.5 — 105.5 Fixed-income securities: Bonds (D) 151.3 — — 151.3 Fixed income (E) 44.1 68.5 — 112.6 Other types of investments (F) — 7.0 18.5 25.5 Total financial assets measured at fair value $ 386.0 $ 145.5 $ 18.5 $ 550.0 Quoted Prices in Significant Significant Fair Value at Cash and cash equivalents (A) $ 2.0 $ — $ — $ 2.0 Equity securities: U.S. (B) 91.0 16.4 — 107.4 International (C) 72.3 12.4 — 84.7 Fixed-income securities: Bonds (D) 148.2 — — 148.2 Fixed income (E) 44.8 — — 44.8 Other types of investments (F) — — 15.0 15.0 Total financial assets measured at fair value $ 358.3 $ 28.8 $ 15.0 $ 402.1 (A) This category includes money market holdings with maturities of three months or less and are classified as Level 1 assets. Based on the short-term nature of these assets, carrying value approximates fair value. (B) This category is invested primarily in a diversified portfolio of common stocks and index funds that invest in U.S. stocks with market capitalization ranges similar to those found in the S&P 500 Index and/or the various Russell Indexes and are traded on active exchanges. The Level 1 assets are valued using quoted market prices for identical securities in active markets. The Level 2 assets are pooled or common collective trust funds that consist of equity securities traded on active exchanges. (C) This category is invested primarily in common stocks and other equity securities traded on active exchanges whose issuers are located outside the U.S. The fund invests primarily in developed countries, but may also invest in emerging markets. The Level 1 assets are valued using quoted market prices for identical securities in active markets. The Level 2 assets are pooled or common collective trust funds that consist of equity securities traded on active exchanges. (D) This category is comprised of bond funds, which seek to duplicate the return characteristics of high-quality corporate bonds with a duration range of 10 to 13 years. The Level 1 assets are valued using quoted market prices for identical securities in active markets. (E) This category is comprised of fixed-income funds that invest primarily in government-related bonds of non-U.S. issuers and include investments in the Canadian market as well as emerging markets. The Level 1 assets are valued using quoted market prices for identical securities in active markets. Contained within the Level 2 assets is a Core Plus pool of funds investing primarily in high-yield, emerging market debt and global bonds, as well as an international bond fund which invests in fixed-income securities denominated in currencies other than U.S. dollars. The Level 2 assets are pooled or common collective trust funds that consist of fixed-income securities traded on active exchanges. (F) This category is comprised of a global alpha collective trust fund, a private limited investment partnership, and a private equity fund in 2015. In 2014, the category was comprised only of the private equity fund. The global alpha collective trust fund is comprised of U.S. and global equity and fixed-income securities inclusive of derivatives within the asset mix. This collective trust fund is classified as a Level 2 asset, whereby the underlying securities are valued utilizing quoted market prices for identical securities in active markets. The private investment limited partnership is classified as a Level 3 asset. The investments in the partnership are valued at estimated fair value based on audited financial statements received from the general partner. The private equity fund consists primarily of limited partnership interests in corporate finance and venture capital funds. The private equity fund is classified as a Level 3 asset and is valued based on the fund’s net asset value (“NAV”). NAV is calculated based on the estimated fair value of the underlying investment funds within the portfolio and is corroborated by our review. The private equity fund and private investment limited partnership cannot be redeemed and the return of principal is based on the liquidation of the underlying assets. |
Roll Forward of activity for Level 3 assets | 2015 2014 Balance at May 1, $ 15.0 $ 15.0 Big Heart pension assets acquired 2.8 — Actual return on plan assets still held at reporting date 0.7 — Balance at April 30, $ 18.5 $ 15.0 |
Derivative Financial Instrume33
Derivative Financial Instruments (Tables) | 12 Months Ended |
Apr. 30, 2015 | |
Derivative Financial Instruments [Abstract] | |
Fair value of derivative instruments | April 30, 2015 April 30, 2014 Other Other Other Other Other Other Other Derivatives designated as hedging instruments: Commodity contracts $ — $ — $ — $ — $ 23.4 $ 10.9 $ — Interest rate contract — — — — 18.0 — 3.1 Total derivatives designated as hedging instruments $ — $ — $ — $ — $ 41.4 $ 10.9 $ 3.1 Derivatives not designated as hedging instruments: Commodity contracts $ 6.4 $ 23.9 $ 0.2 $ 3.8 $ 11.6 $ 5.8 $ — Foreign currency exchange contracts 4.8 1.0 — — 1.4 0.7 — Total derivatives not designated as hedging instruments $ 11.2 $ 24.9 $ 0.2 $ 3.8 $ 13.0 $ 6.5 $ — Total derivative instruments $ 11.2 $ 24.9 $ 0.2 $ 3.8 $ 54.4 $ 17.4 $ 3.1 |
Commodity contracts gains and losses recognized on derivatives designated as cash flow hedges | Year Ended April 30, 2015 2014 (Losses) gains recognized in other comprehensive (loss) income (effective portion) $ (4.0) $ 21.0 Gains (losses) reclassified from accumulated other comprehensive loss to cost of products sold (effective portion) 29.1 (20.3) Losses reclassified from accumulated other comprehensive loss to interest expense (effective portion) (0.6) (0.6) Change in accumulated other comprehensive loss $ (32.5) $ 41.9 Gains recognized in cost of products sold (ineffective portion) $ — $ 1.4 Losses recognized in interest expense (ineffective portion) $ (0.1) $ — |
Net realized and unrealized gains and losses recognized in cost of products of sold on derivatives not designated as qualified hedging instruments | Year Ended April 30, 2015 2014 (Losses) gains on commodity contracts $ (48.5) $ 5.2 Gains on foreign exchange contracts 8.8 3.3 Total (losses) gains recognized in costs of products sold $ (39.7) $ 8.5 |
Schedule of unallocated derivative (losses) gains | Year Ended April 30, 2015 2014 Net (losses) gains on mark-to-market valuation of unallocated derivative positions $ (39.7) $ 8.5 Net losses (gains) on derivative positions reclassified to segment operating profit 15.2 (3.2) Net mark-to-market valuation of certain derivative positions recognized in unallocated (losses) gains $ (24.5) $ 5.3 |
Outstanding derivative contracts | Year Ended April 30, 2015 2014 Commodity contracts $ 640.6 $ 790.3 Foreign currency exchange contracts 136.4 158.1 Interest rate contract — 750.0 |
Other Financial Instruments a34
Other Financial Instruments and Fair Value Measurements (Tables) | 12 Months Ended |
Apr. 30, 2015 | |
Other Financial Instruments and Fair Value Measurements [Abstract] | |
Carrying amount and fair value of financial instruments | April 30, 2015 April 30, 2014 Carrying Fair Value Carrying Fair Value Other investments $ 48.4 $ 48.4 $ 55.4 $ 55.4 Derivative financial instruments - net (17.3) (17.3) 33.9 33.9 Long-term debt (5,944.9) (6,011.3) (1,973.1) (2,239.1) |
Financial assets (liabilities) measured at fair value on a recurring basis | Quoted Prices in Significant Significant Fair Value at April 30, 2015 Other investments: (A) Equity mutual funds $ 9.7 $ — $ — $ 9.7 Municipal obligations — 37.9 — 37.9 Money market funds 0.8 — — 0.8 Derivatives: (B) Commodity contracts - net (12.4) (8.7) — (21.1) Foreign currency exchange contracts - net (0.2) 4.0 — 3.8 Long-term debt (C) (4,459.0) (1,552.3) — (6,011.3) Total financial instruments measured at fair value $ (4,461.1) $ (1,519.1) $ — $ (5,980.2) Quoted Prices in Significant Significant Fair Value at Other investments: (A) Equity mutual funds $ 12.0 $ — $ — $ 12.0 Municipal obligations — 34.4 — 34.4 Money market funds 9.0 — — 9.0 Derivatives: (B) Commodity contracts - net 13.5 4.8 — 18.3 Foreign currency exchange contracts - net — 0.7 — 0.7 Interest rate contract - net — 14.9 — 14.9 Long-term debt (C) (772.0) (1,467.1) — (2,239.1) Total financial instruments measured at fair value $ (737.5) $ (1,412.3) $ — $ (2,149.8) (A) Other investments consist of funds maintained for the payment of benefits associated with nonqualified retirement plans. The funds include equity securities listed in active markets, municipal obligations valued by a third party using valuation techniques that utilize inputs that are derived principally from or corroborated by observable market data, and money market funds with maturities of three months or less. Based on the short-term nature of these money market funds, carrying value approximates fair value. As of April 30, 2015, our municipal obligations are scheduled to mature as follows: $0.9 in 2016, $1.3 in 2017, $1.1 in 2018, $3.0 in 2019, and the remaining $31.6 in 2020 and beyond. For additional information, see Marketable Securities and Other Investments in Note 1: Accounting Policies. (B) Level 1 commodity contract and foreign currency exchange derivatives are valued using quoted market prices for identical instruments in active markets. Level 2 commodity contract and foreign currency exchange derivatives are valued using quoted prices for similar assets or liabilities in active markets. The Level 2 interest rate contract derivative is valued using the income approach, observable Level 2 market expectations at the measurement date, and standard valuation techniques to convert future amounts to a single discounted present value. Level 2 inputs for the interest rate contract are limited to quoted prices for similar assets or liabilities in active markets and inputs other than quoted prices that are observable for the asset or liability. For additional information, see Note 8: Derivative Financial Instruments. (C) Long-term debt is comprised of $750.0 in public Senior Notes and the $3.7 billion Senior Notes issued in 2015 classified as Level 1 and the Term Loan classified as Level 2 in 2015. Long-term debt is comprised of public Senior Notes classified as Level 1 and private Senior Notes classified as Level 2 in 2014. The public Senior Notes are traded in an active secondary market and valued using quoted prices. The value of the private Senior Notes and Term Loan are based on the net present value of each interest and principal payment calculated, utilizing an interest rate derived from a fair market yield curve for private Senior Notes or an estimated yield curve obtained from independent pricing sources for similar types of term loan borrowing arrangements. For additional information, see Note 6: Debt and Financing Arrangements. |
Share-Based Payments (Tables)
Share-Based Payments (Tables) | 12 Months Ended |
Apr. 30, 2015 | |
Share-Based Payments [Abstract] | |
Weighted average Black-Scholes assumptions for stock options granted | 2015 Expected volatility (%) 25.0 % Dividend Yield (%) 2.2 % Risk-free interest rate (%) 1.5 % Expected life of stock option (years) 5.6 |
Summary of the Company's stock option activity and related information | Number Weighted-Average Outstanding at May 1, 2014 33,667 $ 44.50 Granted 955,000 112.59 Exercised 31,667 44.29 Outstanding at April 30, 2015 957,000 $ 112.45 Exercisable at April 30, 2015 2,000 $ 47.78 |
Summary of restricted shares, deferred shares, deferred stock units, and performance units | Restricted Shares Weighted-Average Performance Weighted-Average Outstanding at May 1, 2014 839,188 $ 76.54 101,020 $ 104.91 Granted 109,091 104.82 75,848 111.41 Converted 101,020 104.91 (101,020) 104.91 Vested (416,328) 68.59 — — Forfeited (36,082) 90.65 — — Outstanding at April 30, 2015 596,889 $ 91.21 75,848 $ 111.41 |
Weighted-average grant date fair values of the equity awards | Year Ended April 30, Restricted Shares Weighted-Average Performance Weighted-Average 2015 109,091 $ 104.82 75,848 $ 111.41 2014 167,134 101.08 101,020 104.91 2013 109,770 76.37 106,666 100.54 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Apr. 30, 2015 | |
Income Tax Disclosure [Abstract] | |
Income (loss) before income taxes | Year Ended April 30, 2015 2014 2013 Domestic $ 500.7 $ 827.4 $ 791.9 Foreign 22.3 22.3 25.4 Income before income taxes $ 523.0 $ 849.7 $ 817.3 |
Components of the provision for income taxes | Year Ended April 30, 2015 2014 2013 Current: Federal $ 147.8 $ 265.4 $ 262.1 Foreign 4.7 4.2 6.1 State and local 17.9 22.9 20.5 Deferred: Federal 2.3 (13.9) (15.6) Foreign 0.5 2.4 0.9 State and local 4.9 3.5 (0.9) Total income tax expense $ 178.1 $ 284.5 $ 273.1 |
Reconciliation of the statutory federal income tax rate and the effective income tax rate | Year Ended April 30, Percent of Pretax Income 2015 2014 2013 Statutory federal income tax rate 35.0 % 35.0 % 35.0 % State and local income taxes 2.4 1.9 1.8 Domestic manufacturing deduction (2.9) (3.0) (3.1) Other items – net (0.4) (0.4) (0.3) Effective income tax rate 34.1 % 33.5 % 33.4 % Income taxes paid $ 199.3 $ 294.4 $ 279.2 |
Deferred tax assets and liabilities | April 30, 2015 2014 Deferred tax liabilities: Intangible assets $ 2,499.4 $ 1,028.7 Property, plant, and equipment 158.0 94.5 Other 9.6 19.4 Total deferred tax liabilities $ 2,667.0 $ 1,142.6 Deferred tax assets: Post-employment and other employee benefits $ 143.4 $ 103.3 Tax credit and loss carryforwards 44.8 — Intangible assets 22.1 7.6 Inventory 11.6 — Property, plant, and equipment 19.4 — Other 32.9 29.8 Total deferred tax assets $ 274.2 $ 140.7 Valuation allowance (4.2) — Total deferred tax assets, less allowance $ 270.0 $ 140.7 Net deferred tax liability $ 2,397.0 $ 1,001.9 |
Summary of operating loss and tax credit carryforwards | Related Tax Deferred Valuation Expiration Date Tax carryforwards: Federal loss carryforwards $ 104.6 $ 36.6 $ 4.2 2035 State loss carryforwards 119.4 5.9 — 2020 to 2035 Federal tax credit carryforwards — 0.5 — 2035 State tax credit carryforwards — 1.8 — 2021 Total tax carryforwards $ 224.0 $ 44.8 $ 4.2 |
Reconciliation of unrecognized tax benefits | 2015 2014 2013 Balance at May 1, $ 29.1 $ 29.7 $ 24.0 Increases: Current year tax positions 2.4 5.1 4.8 Prior year tax positions 1.2 0.1 2.5 Acquired businesses 13.4 — — Decreases: Prior year tax positions 0.4 1.6 0.2 Settlement with tax authorities — 1.5 1.0 Expiration of statute of limitations periods 0.7 2.7 0.4 Balance at April 30, $ 45.0 $ 29.1 $ 29.7 |
Accumulated Other Comprehensi37
Accumulated Other Comprehensive Income (Loss) (Tables) | 12 Months Ended |
Apr. 30, 2015 | |
Accumulated Other Comprehensive (Loss) Income [Abstract] | |
Components of accumulated other comprehensive (loss) income | Foreign Unrealized (A) Pension (B) Unrealized (C) Accumulated Balance at May 1, 2012 $ 67.0 $ (19.2) $ (134.3) $ 2.5 $ (84.0 Reclassification adjustments — 40.1 20.4 — 60.5 Current period (charge) credit (5.5) (27.5) (16.5) 3.1 (46.4) Income tax expense — (4.6) (1.0) (1.1) (6.7) Balance at April 30, 2013 $ 61.5 $ (11.2) $ (131.4) $ 4.5 $ (76.6) Reclassification adjustments — 20.9 13.3 (3.7) 30.5 Current period (charge) credit (29.8) 21.0 31.4 1.9 24.5 Income tax (expense) benefit — (15.4) (15.3) 0.7 (30.0) Balance at April 30, 2014 $ 31.7 $ 15.3 $ (102.0) $ 3.4 $ (51.6) Reclassification adjustments — (28.5) 9.8 — (18.7) Current period charge (34.0) (4.0) (16.2) (0.1) (54.3) Income tax benefit — 12.0 2.8 — 14.8 Balance at April 30, 2015 $ (2.3) $ (5.2) $ (105.6) $ 3.3 $ (109.8) (A) Of the total reclassification adjustments from accumulated other comprehensive loss, $29.1 of income and $20.3 and $39.6 of expense were reclassified to cost of products sold related to commodity derivatives during 2015, 2014, and 2013, respectively. An additional $0.6 during 2015 and 2014, and $0.5 during 2013 was reclassified to interest expense related to the interest rate swap. At April 30, 2015, the remaining balance in accumulated other comprehensive loss related entirely to the interest rate swap. (B) Amortization of net losses was reclassified from accumulated other comprehensive loss to selling, distribution, and administrative expenses. (C) The gain on the sale of marketable securities was reclassified from accumulated other comprehensive loss to other income – net during 2014. |
Restructuring (Tables)
Restructuring (Tables) | 12 Months Ended |
Apr. 30, 2015 | |
Restructuring [Abstract] | |
Restructuring and related charges | Long-Lived Employee Site Preparation Production Other Costs Total Total restructuring charge $ 102.7 $ 64.0 $ 45.5 $ 42.2 $ 9.4 $ 263.8 Balance at May 1, 2012 $ — $ 8.8 $ — $ — $ — $ 8.8 Charge to expense 8.2 3.4 13.4 10.8 3.0 38.8 Cash payments — (4.5) (13.4) (10.8) (3.0) (31.7) Noncash utilization (8.2) — — — — (8.2) Balance at April 30, 2013 $ — $ 7.7 $ — $ — $ — $ 7.7 Charge to expense 2.7 2.6 7.2 7.2 1.1 20.8 Cash payments — (8.4) (7.2) (7.2) (1.1) (23.9) Noncash utilization (2.7) (0.2) — — — (2.9) Balance at April 30, 2014 $ — $ 1.7 $ — $ — $ — $ 1.7 Charge to expense 0.1 0.5 5.3 8.4 1.1 15.4 Cash payments — (1.7) (5.3) (8.4) (1.1) (16.5) Noncash utilization (0.1) — — — — (0.1) Balance at April 30, 2015 $ — $ 0.5 $ — $ — $ — $ 0.5 |
Guarantor and Non-Guarantor F39
Guarantor and Non-Guarantor Financial Information (Tables) | 12 Months Ended |
Apr. 30, 2015 | |
Guarantor and Non Guarantor Financial Information [Abstract] | |
CONDENSED STATEMENTS OF CONSOLIDATED INCOME AND COMPREHENSIVE INCOME | CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME Year Ended April 30, 2015 The J. M. Smucker Subsidiary Non-Guarantor Eliminations Consolidated Net sales $ 2,998.0 $ 1,184.0 $ 6,622.4 $ (5,111.7) $ 5,692.7 Cost of products sold 2,457.8 1,080.0 5,301.6 (5,115.4) 3,724.0 Gross Profit 540.2 104.0 1,320.8 3.7 1,968.7 Selling, distribution, and administrative expenses and other special project costs 234.9 53.8 799.2 — 1,087.9 Amortization 4.2 — 106.7 — 110.9 Other operating expense (income) - net 0.3 (2.4) — — (2.1) Operating Income 300.5 52.6 414.9 3.7 772.0 Interest (expense) income - net (80.7) 1.2 (0.4 — (79.9) Other debt costs (173.3) — — — (173.3) Other income - net 0.6 0.1 3.5 — 4.2 Equity in net earnings of subsidiaries 312.6 131.4 52.7 (496.7) — Income Before Income Taxes 360.0 185.3 470.7 (493.0) 523.0 Income taxes 15.1 0.4 162.6 — 178.1 Net Income $ 344.9 $ 184.9 $ 308.1 $ (493.0) $ 344.9 Other comprehensive loss, net of tax (58.2) (18.5) (43.3) 61.8 (58.2) Comprehensive Income $ 286.7 $ 166.4 $ 264.8 $ (431.2) $ 286.7 CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME Year Ended April 30, 2014 The J. M. Smucker Subsidiary Non-Guarantor Eliminations Consolidated Net sales $ 3,162.8 $ 1,278.8 $ 6,601.3 $ (5,432.3) $ 5,610.6 Cost of products sold 2,573.6 1,166.0 5,268.5 (5,428.5) 3,579.6 Gross Profit 589.2 112.8 1,332.8 (3.8) 2,031.0 Selling, distribution, and administrative expenses and other special project costs 197.1 47.5 769.8 — 1,014.4 Amortization 4.2 — 94.7 — 98.9 Other operating (income) expense - net (1.3) 0.9 (0.9) — (1.3) Operating Income 389.2 64.4 469.2 (3.8) 919.0 Interest (expense) income - net (80.8) 1.2 (1.5) 1.7 (79.4) Other income (expense) - net 10.8 — 1.0 (1.7 10.1 Equity in net earnings of subsidiaries 345.1 141.4 64.4 (550.9) — Income Before Income Taxes 664.3 207.0 533.1 (554.7) 849.7 Income taxes 99.1 0.4 185.0 — 284.5 Net Income $ 565.2 $ 206.6 $ 348.1 $ (554.7) $ 565.2 Other comprehensive income, net of tax 25.0 27.4 6.0 (33.4) 25.0 Comprehensive Income $ 590.2 $ 234.0 $ 354.1 $ (588.1) $ 590.2 CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME Year Ended April 30, 2013 The J. M. Smucker Subsidiary Non-Guarantor Eliminations Consolidated Net sales $ 4,447.6 $ 1,296.4 $ 5,430.3 $ (5,276.6) $ 5,897.7 Cost of products sold 3,957.3 1,190.6 4,015.0 (5,292.8) 3,870.1 Gross Profit 490.3 105.8 1,415.3 16.2 2,027.6 Selling, distribution, and administrative expenses and other special project costs 199.0 42.9 781.5 — 1,023.4 Amortization 4.8 — 92.0 — 96.8 Other operating (income) expense - net (2.7) (2.2) 1.9 — (3.0) Operating Income 289.2 65.1 539.9 16.2 910.4 Interest (expense) income - net (94.4) 1.2 (0.2) — (93.4) Other income (expense) - net 0.7 1.1 (1.5) — 0.3 Equity in net earnings of subsidiaries 408.6 156.7 66.4 (631.7) — Income Before Income Taxes 604.1 224.1 604.6 (615.5) 817.3 Income taxes 59.9 0.4 212.8 — 273.1 Net Income $ 544.2 $ 223.7 $ 391.8 $ (615.5) $ 544.2 Other comprehensive income, net of tax 7.4 9.0 4.1 (13.1) 7.4 Comprehensive Income $ 551.6 $ 232.7 $ 395.9 $ (628.6) $ 551.6 |
CONDENSED CONSOLIDATED BALANCE SHEETS | CONDENSED CONSOLIDATING BALANCE SHEETS April 30, 2015 The J. M. Smucker Subsidiary Non-Guarantor Eliminations Consolidated ASSETS Current Assets Cash and cash equivalents $ 7.1 $ — $ 118.5 $ — $ 125.6 Inventories — 180.3 979.6 3.7 1,163.6 Other current assets 427.4 4.8 343.5 (12.6) 763.1 Total Current Assets 434.5 185.1 1,441.6 (8.9) 2,052.3 Property, Plant, and Equipment-Net 258.0 591.3 829.0 — 1,678.3 Investments in Subsidiaries 14,610.4 4,179.7 272.4 (19,062.5) — Intercompany Receivable — 305.2 133.1 (438.3) — Other Noncurrent Assets Goodwill 1,082.0 — 4,927.8 — 6,009.8 Other intangible assets-net 501.1 — 6,449.2 — 6,950.3 Other noncurrent assets 55.6 10.5 125.8 — 191.9 Total Other Noncurrent Assets 1,638.7 10.5 11,502.8 — 13,152.0 Total Assets $ 16,941.6 $ 5,271.8 $ 14,178.9 $ (19,509.7) $ 16,882.6 LIABILITIES AND SHAREHOLDERS’ EQUITY Current Liabilities $ 484.0 $ 82.6 $ 468.6 $ (12.6) $ 1,022.6 Noncurrent Liabilities Long-term debt 5,944.9 — — — 5,944.9 Deferred income taxes 106.9 — 2,366.4 — 2,473.3 Intercompany payable 3,080.2 — — (3,080.2) — Other noncurrent liabilities 238.7 15.2 101.0 — 354.9 Total Noncurrent Liabilities 9,370.7 15.2 2,467.4 (3,080.2) 8,773.1 Total Liabilities 9,854.7 97.8 2,936.0 (3,092.8) 9,795.7 Total Shareholders’ Equity 7,086.9 5,174.0 11,242.9 (16,416.9) 7,086.9 Total Liabilities and Shareholders’ Equity $ 16,941.6 $ 5,271.8 $ 14,178.9 $ (19,509.7) $ 16,882.6 CONDENSED CONSOLIDATING BALANCE SHEETS April 30, 2014 The J. M. Smucker Subsidiary Non-Guarantor Eliminations Consolidated ASSETS Current Assets Cash and cash equivalents $ 6.8 $ — $ 146.7 $ — $ 153.5 Inventories — 173.3 761.4 (3.7) 931.0 Other current assets 360.2 9.9 94.6 (10.1) 454.6 Total Current Assets 367.0 183.2 1,002.7 (13.8) 1,539.1 Property, Plant, and Equipment - Net 233.6 551.1 480.9 — 1,265.6 Investments in Subsidiaries 8,367.6 4,063.3 237.9 (12,668.8) — Intercompany Receivable — 315.5 1,132.2 (1,447.7) — Other Noncurrent Assets Goodwill 1,082.0 — 2,016.2 — 3,098.2 Other intangible assets - net 505.5 — 2,518.8 — 3,024.3 Other noncurrent assets 58.5 11.1 63.4 — 133.0 Total Other Noncurrent Assets 1,646.0 11.1 4,598.4 — 6,255.5 Total Assets $ 10,614.2 $ 5,124.2 $ 7,452.1 $ (14,130.3) $ 9,060.2 LIABILITIES AND SHAREHOLDERS’ EQUITY Current Liabilities $ 590.7 $ 103.8 $ 201.4 $ (10.1) $ 885.8 Noncurrent Liabilities Long-term debt 1,873.1 — — — 1,873.1 Deferred income taxes 107.6 — 913.1 — 1,020.7 Intercompany payable 2,792.9 — — (2,792.9) — Other noncurrent liabilities 220.3 12.8 17.9 — 251.0 Total Noncurrent Liabilities 4,993.9 12.8 931.0 (2,792.9) 3,144.8 Total Liabilities 5,584.6 116.6 1,132.4 (2,803.0) 4,030.6 Total Shareholders’ Equity 5,029.6 5,007.6 6,319.7 (11,327.3) 5,029.6 Total Liabilities and Shareholders’ Equity $ 10,614.2 $ 5,124.2 $ 7,452.1 $ (14,130.3) $ 9,060.2 |
CONDENSED STATEMENTS OF CONSOLIDATED CASH FLOWS | CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS Year Ended April 30, 2015 The J. M. Smucker Subsidiary Non-Guarantor Eliminations Consolidated Net Cash Provided by Operating Activities $ 239.2 $ 87.8 $ 406.2 $ — $ 733.2 Investing Activities Businesses acquired, net of cash acquired (1,240.0) — (80.5) — (1,320.5) Additions to property, plant, and equipment (56.3) (93.3) (98.1) — (247.7) Proceeds from disposal of property, plant, and equipment — 1.1 1.5 — 2.6 Equity investments in subsidiaries (2,715.3) — — 2,715.3 — Repayments from (disbursements of) intercompany loans — 10.2 (297.5) 287.3 — Other - net — (5.8) (24.3) — (30.1) Net Cash (Used for) Provided by Investing Activities (4,011.6) (87.8) (498.9) 3,002.6 (1,595.7) Financing Activities Short-term repayments - net (5.3) — (17.1) — (22.4) Proceeds from long-term debt 5,382.5 — — — 5,382.5 Repayments of long-term debt, including make-whole payments (1,580.8) — (2,613.1) — (4,193.9) Quarterly dividends paid (254.0) — — — (254.0) Purchase of treasury shares (24.3) — — — (24.3) Proceeds from stock option exercises 0.8 — — — 0.8 Investments in subsidiaries — — 2,715.3 (2,715.3) — Intercompany payable 287.3 — — (287.3) — Other - net (33.5) — 8.0 — (25.5) Net Cash Provided by (Used for) Financing Activities 3,772.7 — 93.1 (3,002.6) 863.2 Effect of exchange rate changes on cash — — (28.6) — (28.6) Net decrease in cash and cash equivalents 0.3 — (28.2) — (27.9) Cash and cash equivalents at beginning of year 6.8 — 146.7 — 153.5 Cash and Cash Equivalents at End of Year $ 7.1 $ — $ 118.5 $ — $ 125.6 ( ) Denotes use of cash CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS Year Ended April 30, 2014 The J. M. Smucker Subsidiary Non-Guarantor Eliminations Consolidated Net Cash Provided by Operating Activities $ 297.8 $ 168.5 $ 389.7 $ — $ 856.0 Investing Activities Businesses acquired, net of cash acquired — — (101.8) — (101.8) Additions to property, plant, and equipment (31.1) (163.2) (85.2) — (279.5) Sales and maturities of marketable securities 10.0 — — — 10.0 Proceeds from disposal of property, plant, and equipment — 0.6 10.1 — 10.7 Equity investments in subsidiaries (108.9) (17.1) — 126.0 — Repayments from (disbursements of) intercompany loans — 9.3 (283.0) 273.7 — Other - net (3.2) 0.2 (6.7) — (9.7) Net Cash (Used for) Provided by Investing Activities (133.2) (170.2) (466.6) 399.7 (370.3) Financing Activities Short-term borrowing - net 248.4 — — — 248.4 Repayments of long-term debt (50.0) — — — (50.0) Quarterly dividends paid (238.0) — — — (238.0) Purchase of treasury shares (508.5) — — — (508.5) Proceeds from stock option exercises 0.5 — — — 0.5 Investments in subsidiaries — — 126.0 (126.0) — Intercompany payable 273.7 — — (273.7) — Other - net 8.1 1.7 (37.7) — (27.9) Net Cash (Used for) Provided by Financing Activities (265.8) 1.7 88.3 (399.7) (575.5) Effect of exchange rate changes on cash — — (13.1) — (13.1) Net decrease in cash and cash equivalents (101.2) — (1.7) — (102.9) Cash and cash equivalents at beginning of year 108.0 — 148.4 — 256.4 Cash and Cash Equivalents at End of Year $ 6.8 $ — $ 146.7 $ — $ 153.5 ( ) Denotes use of cash CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS Year Ended April 30, 2013 The J. M. Smucker Subsidiary Non-Guarantor Eliminations Consolidated Net Cash Provided by Operating Activities $ 201.7 $ 46.4 $ 607.7 $ — $ 855.8 Investing Activities Additions to property, plant, and equipment (33.6) (103.1) (69.8) — (206.5) Proceeds from disposal of property, plant, and equipment — 0.1 3.2 — 3.3 Equity investments in subsidiaries (3.7) (174.2) — 177.9 — Repayments from (disbursements of) intercompany loans — 227.4 (693.6) 466.2 — Other - net (9.5) 3.4 23.7 — 17.6 Net Cash (Used for) Provided by Investing Activities (46.8) (46.4) (736.5) 644.1 (185.6) Financing Activities Repayments of long-term debt (50.0) — — — (50.0) Quarterly dividends paid (222.8) — — — (222.8) Purchase of treasury shares (364.2) — — — (364.2) Proceeds from stock option exercises 2.2 — — — 2.2 Investments in subsidiaries 9.9 — 168.0 (177.9) — Intercompany payable 466.2 — — (466.2) — Other - net 3.5 — (9.7) — (6.2) Net Cash (Used for) Provided by Financing Activities (155.2) — 158.3 (644.1) (641.0) Effect of exchange rate changes on cash — — (2.5) — (2.5) Net (decrease) increase in cash and cash equivalents (0.3) — 27.0 — 26.7 Cash and cash equivalents at beginning of year 108.3 — 121.4 — 229.7 Cash and Cash Equivalents at End of Year $ 108.0 $ — $ 148.4 $ — $ 256.4 ( ) Denotes use of cash |
Accounting Policies (Details)
Accounting Policies (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Apr. 30, 2015 | Apr. 30, 2014 | Apr. 30, 2013 | |
Share based payments | |||
Share-based compensation expense included in selling, distribution, and administrative expenses | $ 22.3 | $ 22.1 | $ 20.5 |
Share-based compensation expense included in other special project costs | 1.2 | 0.8 | 0.8 |
Total share-based compensation expense | 23.5 | 22.9 | 21.3 |
Related income tax benefit | $ 8 | $ 7.7 | $ 7.1 |
Accounting Policies (Details Te
Accounting Policies (Details Textual) $ in Millions | 12 Months Ended | |||
Apr. 30, 2015USD ($)FacilityContractReportingUnits | Apr. 30, 2014USD ($) | Apr. 30, 2013USD ($) | Apr. 30, 2012USD ($) | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Accumulated other comprehensive (loss) income | $ (109.8) | $ (51.6) | $ (76.6) | $ (84) |
Accounting Policies (Additional Textual) [Abstract] | ||||
Company's total promotional expenditures, including amounts classified as a reduction of net sales, represented approximately in percentage of net sales | 29.00% | 27.00% | 25.00% | |
Advertising expense | $ 107 | $ 124.7 | $ 131.6 | |
Research and development costs | $ 32.5 | 24.3 | 24.7 | |
Requisite performance period for share-based payments | 1 year | |||
Requisite service period for share-based payments | 4 years | |||
Compensation cost related to nonvested share-based awards not yet recognized | $ 48.9 | |||
Weighted-average period of recognition | 2 years 6 months | |||
Excess tax benefits realized upon exercise or vesting of share-based compensation | $ 5.9 | 7.3 | 2.9 | |
Charges for defined contribution plans | 21.1 | 20.1 | 18.6 | |
Allowance for doubtful accounts | 1 | 0.9 | ||
Work-in-process inventory | 81.5 | 62.1 | ||
Minimum operating lease obligations in 2016 | 43.1 | |||
Minimum operating lease obligations in 2017 | 40.5 | |||
Minimum operating lease obligations in 2018 | 36 | |||
Minimum operating lease obligations in 2019 | 27.1 | |||
Minimum operating lease obligations in 2020 | 22 | |||
Rent expense | 67.1 | 60.6 | 59.2 | |
Fair value of funds for the payment of benefits associated with nonqualified retirement plans included in other noncurrent assets | 48.4 | 55.4 | ||
Unrealized pre-tax gains included in accumulated other comprehensive loss on available-for-sale securities | $ 5.2 | 5.3 | ||
Number of union contracts expiring in 2016 | Contract | 3 | |||
Facilities covered by union contracts | Facility | 10 | |||
Cash and cash equivalents maturity period | Three months or less | |||
The period under which uncertain tax positions are considered short term | 1 year | |||
Deferred net gains recognized in accumulated other comprehensive loss | 18.3 | |||
Number of reporting units | ReportingUnits | 6 | |||
Foreign Currency Translation Adjustment [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Accumulated other comprehensive (loss) income | $ (2.3) | $ 31.7 | $ 61.5 | $ 67 |
Machinery and equipment [Member] | Maximum [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Estimated useful life of assets | 20 years | |||
Machinery and equipment [Member] | Minimum [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Estimated useful life of assets | 3 years | |||
Capitalized software costs [Member] | Maximum [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Estimated useful life of assets | 7 years | |||
Capitalized software costs [Member] | Minimum [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Estimated useful life of assets | 1 year | |||
Buildings, fixtures, and improvements [Member] | Maximum [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Estimated useful life of assets | 40 years | |||
Buildings, fixtures, and improvements [Member] | Minimum [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Estimated useful life of assets | 5 years | |||
Seamild [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Percentage of equity interest acquired | 25.00% | |||
Equity method investment | $ 35.9 | |||
Natural Blend [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Percentage of equity interest acquired | 50.00% | |||
Equity method investment | $ 10.6 | |||
Mountain Country Foods [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Percentage of equity interest acquired | 20.00% | |||
Equity method investment | $ 19.1 | |||
Unionized Employees [Member] | Number of Employees, Total [Member] | ||||
Concentration Risk [Line Items] | ||||
Percentage of concentration risk | 28.00% | |||
Unionized Employees Subject to Union Contracts Expiring within One Year | Number of Employees, Total [Member] | ||||
Concentration Risk [Line Items] | ||||
Percentage of concentration risk | 11.00% | |||
2015 Options [Member] | Maximum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Requisite service and performance period for share based payments | 3 years | |||
2015 Options [Member] | Minimum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Requisite service and performance period for share based payments | 1 year |
Acquisitions (Details)
Acquisitions (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Apr. 30, 2015 | Apr. 30, 2014 | Apr. 30, 2013 | Mar. 23, 2015 | |
Business Acquisition [Line Items] | ||||
Cash consideration, net of cash acquired | $ 1,320.5 | $ 101.8 | $ 0 | |
Big Heart [Member] | ||||
Business Acquisition [Line Items] | ||||
Shares issued | $ 2,035.5 | |||
Assumed debt from Big Heart | $ 2,630.2 | |||
Cash consideration, net of cash acquired | 1,240 | |||
Total purchase price | $ 5,905.7 |
Acquisitions (Details 1)
Acquisitions (Details 1) - USD ($) $ in Millions | Apr. 30, 2015 | Mar. 23, 2015 | Apr. 30, 2014 | Apr. 30, 2013 |
Assets acquired: | ||||
Intangible assets | $ 37.6 | |||
Goodwill | $ 6,009.8 | $ 3,098.2 | $ 3,052.9 | |
Big Heart [Member] | ||||
Assets acquired: | ||||
Trade receivables | $ 142 | |||
Inventories | 257.7 | |||
Other current assets | 210.7 | |||
Property, plant, and equipment | 324 | |||
Intangible assets | 4,009.8 | |||
Goodwill | 2,871.2 | |||
Other noncurrent assets | 38 | |||
Total assets acquired | 7,853.4 | |||
Liabilities assumed: | ||||
Current liabilities | 398.9 | |||
Deferred tax liabilities | 1,464 | |||
Other noncurrent liabilities | 84.8 | |||
Total liabilities assumed | 1,947.7 | |||
Net assets acquired | $ 5,905.7 |
Acquisitions (Details 2)
Acquisitions (Details 2) - USD ($) $ in Millions | 12 Months Ended | ||
Apr. 30, 2015 | Mar. 23, 2015 | Apr. 30, 2014 | |
The purchase price allocated to the identifiable intangible assets | |||
Total intangible assets | $ 37.6 | ||
Finite-Lived Intangible Asset, Useful Life | 22 years | ||
Trademarks [Member] | |||
The purchase price allocated to the identifiable intangible assets | |||
Finite-Lived Intangible Asset, Useful Life | 15 years | ||
Big Heart [Member] | |||
The purchase price allocated to the identifiable intangible assets | |||
Total intangible assets | $ 4,009.8 | ||
Big Heart [Member] | Customer relationships [Member] | |||
The purchase price allocated to the identifiable intangible assets | |||
Intangible assets with finite lives | 2,289.8 | ||
Finite-Lived Intangible Asset, Useful Life | 25 years | ||
Big Heart [Member] | Trademarks [Member] | |||
The purchase price allocated to the identifiable intangible assets | |||
Intangible assets with finite lives | 257 | ||
Intangible assets with indefinite lives | $ 1,463 | ||
Finite-Lived Intangible Asset, Useful Life | 15 years |
Acquisitions (Details 3)
Acquisitions (Details 3) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | 12 Months Ended | ||
Apr. 30, 2015 | Apr. 30, 2015 | Apr. 30, 2014 | Apr. 30, 2013 | |
Business Acquisition, Pro Forma Information [Abstract] | ||||
Net sales | $ 5,692.7 | $ 5,610.6 | $ 5,897.7 | |
Net Income | $ 344.9 | $ 565.2 | $ 544.2 | |
Net income per common share - assuming dilution | $ 3.33 | $ 5.42 | $ 5 | |
Big Heart [Member] | ||||
Business Acquisition, Pro Forma Information [Abstract] | ||||
Net sales | $ 244.5 | $ 7,732.5 | $ 7,800.7 | |
Net Income | $ 541.8 | $ 547.7 | ||
Net income per common share - assuming dilution | $ 4.53 | $ 4.48 |
Acquisitions (Details Textual)
Acquisitions (Details Textual) $ in Millions | 1 Months Ended | 12 Months Ended | |||||
Apr. 30, 2015USD ($)shares | Apr. 30, 2015USD ($)shares | Apr. 30, 2014USD ($)Acquisitionshares | Apr. 30, 2013USD ($) | Mar. 23, 2015USD ($)shares | Mar. 20, 2015USD ($) | Mar. 02, 2015USD ($) | |
Acquisitions (Textual) [Abstract] | |||||||
Goodwill, acquired during period | $ 2,918.8 | $ 52.1 | |||||
Long-term debt | $ 5,944.9 | 5,944.9 | 1,873.1 | ||||
Total intangible assets, excluding goodwill, from acquisitions | 37.6 | ||||||
Net sales | 5,692.7 | 5,610.6 | $ 5,897.7 | ||||
Operating income (loss) | 772 | $ 919 | 910.4 | ||||
Acquisition related costs expensed during the period | 36 | ||||||
Number of businesses acquired | Acquisition | 2 | ||||||
Debt instrument face amount | $ 3,700 | ||||||
Cash payments for acquisitions | $ 1,320.5 | $ 101.8 | 0 | ||||
Acquisitions (Additional Textual) [Abstract] | |||||||
Common shares outstanding | shares | 119,577,333 | 119,577,333 | 101,697,400 | 120,000,000 | |||
Other Debt Costs | $ 173.3 | $ 0 | 0 | ||||
Senior Notes [Member] | |||||||
Acquisitions (Textual) [Abstract] | |||||||
Debt instrument face amount | $ 3,700 | ||||||
Term Loan Credit Agreement due March 23, 2020 [Member] | |||||||
Acquisitions (Textual) [Abstract] | |||||||
Debt instrument face amount | $ 1,550 | 1,550 | 0 | $ 1,800 | |||
U.S. Retail Coffee [Member] | |||||||
Acquisitions (Textual) [Abstract] | |||||||
Goodwill, acquired during period | (0.3) | 22.8 | |||||
Net sales | 2,076.1 | 2,161.7 | 2,306.5 | ||||
International, Foodservice, and Natural Foods [Member] | |||||||
Acquisitions (Textual) [Abstract] | |||||||
Goodwill, acquired during period | 60.9 | 29.3 | |||||
Net sales | 1,272.7 | 1,276.3 | 1,376.4 | ||||
U S Retail Consumer Foods [Member] | |||||||
Acquisitions (Textual) [Abstract] | |||||||
Goodwill, acquired during period | 47.9 | 0 | |||||
U.S. Retail Pet Foods [Member] | |||||||
Acquisitions (Textual) [Abstract] | |||||||
Goodwill, acquired during period | 2,810.3 | 0 | |||||
Net sales | 239.1 | 0 | $ 0 | ||||
Big Heart [Member] | |||||||
Acquisitions (Textual) [Abstract] | |||||||
Goodwill deductible for tax purpose | 91.5 | $ 91.5 | |||||
Shares issued to shareholders of acquiree | shares | 17,900,000 | ||||||
Long-term debt | 5,400 | $ 5,400 | |||||
Business acquisition transaction costs | $ 225 | ||||||
One-time costs to be recognized over three years with one half expected to be recognized in 2016 | These one-time costs are anticipated to be incurred primarily over the next three years, with one-half of the costs expected to be recognized in 2016. | ||||||
Total intangible assets, excluding goodwill, from acquisitions | 4,009.8 | ||||||
Payments for acquisition related costs | $ 150 | ||||||
Net sales | 244.5 | $ 7,732.5 | 7,800.7 | ||||
Operating income (loss) | (26) | ||||||
Acquisition fair value measurement period | 1 year | ||||||
Business acquisition consideration given | $ 5,905.7 | ||||||
Value of shares issued to shareholders of acquiree | 2,035.5 | ||||||
Business acquisition debt assumed | $ 2,630.2 | ||||||
Cash payments for acquisitions | 1,240 | ||||||
Big Heart [Member] | U.S. Retail Pet Foods [Member] | |||||||
Acquisitions (Textual) [Abstract] | |||||||
Goodwill, acquired during period | 2,900 | ||||||
Sahale [Member] | |||||||
Acquisitions (Textual) [Abstract] | |||||||
Total intangible assets, excluding goodwill, from acquisitions | $ 30.4 | 30.4 | |||||
Cash payments for acquisitions | 80.5 | ||||||
Sahale [Member] | U S Retail Consumer Foods [Member] | |||||||
Acquisitions (Textual) [Abstract] | |||||||
Goodwill, acquired during period | 47.9 | ||||||
Enray [Member] | International, Foodservice, and Natural Foods [Member] | |||||||
Acquisitions (Textual) [Abstract] | |||||||
Goodwill, acquired during period | 29.3 | ||||||
Silocaf [Member] | U.S. Retail Coffee [Member] | |||||||
Acquisitions (Textual) [Abstract] | |||||||
Goodwill, acquired during period | $ 22.8 | ||||||
Acquisition Related Cost [Member] | |||||||
Acquisitions (Textual) [Abstract] | |||||||
Business acquisition proforma adjustment | $ 108.3 |
Reportable Segments (Details)
Reportable Segments (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Apr. 30, 2015 | Apr. 30, 2014 | Apr. 30, 2013 | ||
Net sales: | ||||
Net sales | $ 5,692.7 | $ 5,610.6 | $ 5,897.7 | |
Segment profit: | ||||
Segment profit | 1,133.5 | 1,200.6 | 1,214.4 | |
Assets: | ||||
Assets | 16,882.6 | 9,060.2 | 9,024.1 | |
Depreciation, amortization, and impairment charges: | ||||
Depreciation, amortization, and impairment charges | 268.4 | 256.4 | 250.9 | |
Additions to property, plant and equipment: | ||||
Additions to property, plant and equipment | 247.7 | 279.5 | 206.5 | |
Interest expense - net | (79.9) | (79.4) | (93.4) | |
Other debt costs | (173.3) | 0 | 0 | |
Unallocated derivative (losses) gains | (24.5) | 5.3 | 6.6 | |
Cost of products sold - special project costs | (6.2) | (9.4) | (11.5) | |
Other special project costs | (56.6) | (25.6) | (49.5) | |
Corporate administrative expenses | (274.2) | (251.9) | (249.6) | |
Other income - net | 4.2 | 10.1 | 0.3 | |
Income Before Income Taxes | 523 | 849.7 | 817.3 | |
U.S. Retail Coffee [Member] | ||||
Net sales: | ||||
Net sales | 2,076.1 | 2,161.7 | 2,306.5 | |
Segment profit: | ||||
Segment profit | 549.2 | 639.8 | 603.8 | |
Assets: | ||||
Assets | 4,854 | 4,885.6 | 4,882.4 | |
Depreciation, amortization, and impairment charges: | ||||
Depreciation, amortization, and impairment charges | 102.7 | 99.9 | 100.7 | |
Additions to property, plant and equipment: | ||||
Additions to property, plant and equipment | 56.7 | 50.7 | 46.5 | |
U.S. Retail Consumer Foods [Member] | ||||
Net sales: | ||||
Net sales | 2,104.8 | 2,172.6 | 2,214.8 | |
Segment profit: | ||||
Segment profit | 432.9 | 393 | 413.9 | |
Assets: | ||||
Assets | 2,846 | 2,684.1 | 2,618.2 | |
Depreciation, amortization, and impairment charges: | ||||
Depreciation, amortization, and impairment charges | 54.1 | 52.9 | 47.1 | |
Additions to property, plant and equipment: | ||||
Additions to property, plant and equipment | 113.2 | 138.8 | 85.1 | |
U.S. Retail Pet Foods [Member] | ||||
Net sales: | ||||
Net sales | 239.1 | 0 | 0 | |
Segment profit: | ||||
Segment profit | (15.3) | 0 | 0 | |
Assets: | ||||
Assets | 7,611.8 | 0 | 0 | |
Depreciation, amortization, and impairment charges: | ||||
Depreciation, amortization, and impairment charges | 14.3 | 0 | 0 | |
Additions to property, plant and equipment: | ||||
Additions to property, plant and equipment | 19.4 | 0 | 0 | |
International, Foodservice, and Natural Foods [Member] | ||||
Net sales: | ||||
Net sales | 1,272.7 | 1,276.3 | 1,376.4 | |
Segment profit: | ||||
Segment profit | 166.7 | 167.8 | 196.7 | |
Assets: | ||||
Assets | 1,327.2 | 1,248.9 | 1,201.3 | |
Depreciation, amortization, and impairment charges: | ||||
Depreciation, amortization, and impairment charges | 66 | 67.4 | 63.7 | |
Additions to property, plant and equipment: | ||||
Additions to property, plant and equipment | 58.4 | 90 | 74.9 | |
Unallocated [Member] | ||||
Assets: | ||||
Assets | [1] | 243.6 | 241.6 | 322.2 |
Depreciation, amortization, and impairment charges: | ||||
Depreciation, amortization, and impairment charges | [2] | $ 31.3 | $ 36.2 | $ 39.4 |
[1] | Primarily represents unallocated cash and cash equivalents and corporate-held investments. | |||
[2] | Primarily represents unallocated corporate administrative expense, mainly depreciation and software amortization. |
Reportable Segments (Details 1)
Reportable Segments (Details 1) - USD ($) $ in Millions | 12 Months Ended | ||
Apr. 30, 2015 | Apr. 30, 2014 | Apr. 30, 2013 | |
Net sales: | |||
Net sales | $ 5,692.7 | $ 5,610.6 | $ 5,897.7 |
Assets: | |||
Assets | 16,882.6 | 9,060.2 | 9,024.1 |
Segment Reporting Information [Line Items] | |||
Total long-lived assets (excluding goodwill and other intangible assets) | 1,870.2 | 1,398.6 | 1,286.6 |
United States [Member] | |||
Net sales: | |||
Net sales | 5,188.5 | 5,092 | 5,355.9 |
Assets: | |||
Assets | 16,407 | 8,638.6 | 8,577.7 |
Long-lived assets (excluding goodwill and other intangible assets): | |||
Long-lived assets | 1,815 | 1,343.2 | 1,227 |
Canada [Member] | |||
Net sales: | |||
Net sales | 413.8 | 437.2 | 459.5 |
Assets: | |||
Assets | 362.1 | 257.7 | 396.3 |
Long-lived assets (excluding goodwill and other intangible assets): | |||
Long-lived assets | 14.3 | 16.5 | 20.6 |
All other international [Member] | |||
Net sales: | |||
Net sales | 90.4 | 81.4 | 82.3 |
Assets: | |||
Assets | 113.5 | 163.9 | 50.1 |
Long-lived assets (excluding goodwill and other intangible assets): | |||
Long-lived assets | 40.9 | 38.9 | 39 |
Total international [Member] | |||
Net sales: | |||
Net sales | 504.2 | 518.6 | 541.8 |
Assets: | |||
Assets | 475.6 | 421.6 | 446.4 |
Long-lived assets (excluding goodwill and other intangible assets): | |||
Long-lived assets | $ 55.2 | $ 55.4 | $ 59.6 |
Reportable Segments (Details 2)
Reportable Segments (Details 2) | 12 Months Ended | ||
Apr. 30, 2015 | Apr. 30, 2014 | Apr. 30, 2013 | |
Product Sales Information | |||
Total product sales | 100.00% | 100.00% | 100.00% |
Coffee [Member] | |||
Product Sales Information | |||
Total product sales | 44.00% | 46.00% | 48.00% |
Peanut butter [Member] | |||
Product Sales Information | |||
Total product sales | 13.00% | 13.00% | 13.00% |
Fruit spreads [Member] | |||
Product Sales Information | |||
Total product sales | 6.00% | 6.00% | 6.00% |
Shortening and oils [Member] | |||
Product Sales Information | |||
Total product sales | 6.00% | 6.00% | 6.00% |
Baking mixes and frostings [Member] | |||
Product Sales Information | |||
Total product sales | 5.00% | 6.00% | 6.00% |
Canned milk [Member] | |||
Product Sales Information | |||
Total product sales | 4.00% | 5.00% | 4.00% |
Flour and baking ingredients [Member] | |||
Product Sales Information | |||
Total product sales | 4.00% | 4.00% | 4.00% |
Juices and beverages [Member] | |||
Product Sales Information | |||
Total product sales | 3.00% | 3.00% | 3.00% |
Frozen handheld [Member] | |||
Product Sales Information | |||
Total product sales | 3.00% | 3.00% | 3.00% |
Pet food [Member] | |||
Product Sales Information | |||
Total product sales | 3.00% | 0.00% | 0.00% |
Portion control [Member] | |||
Product Sales Information | |||
Total product sales | 2.00% | 2.00% | 2.00% |
Toppings and syrups [Member] | |||
Product Sales Information | |||
Total product sales | 1.00% | 2.00% | 2.00% |
Pet snacks [Member] | |||
Product Sales Information | |||
Total product sales | 1.00% | 0.00% | 0.00% |
Other [Member] | |||
Product Sales Information | |||
Total product sales | 5.00% | 4.00% | 3.00% |
Reportable Segments (Details Te
Reportable Segments (Details Textual) $ in Millions | 12 Months Ended | ||
Apr. 30, 2015USD ($)SegmentIndustry | Apr. 30, 2014USD ($) | Apr. 30, 2013 | |
Concentration Risk [Line Items] | |||
Trade receivables, less allowance for doubtful accounts | $ 430.1 | $ 309.4 | |
Reportable Segments (Textual) [Abstract] | |||
Number of reportable segments | Segment | 4 | ||
Number of industries in which Company operates | Industry | 1 | ||
Major Customer [Member] | Sales [Member] | |||
Concentration Risk [Line Items] | |||
Percentage of concentration risk | 10.00% | 10.00% | 10.00% |
Wal-Mart Major Customer [Member] | |||
Concentration Risk [Line Items] | |||
Trade receivables, less allowance for doubtful accounts | $ 122.6 | $ 76.6 | |
Wal-Mart Major Customer [Member] | Sales [Member] | |||
Concentration Risk [Line Items] | |||
Percentage of concentration risk | 28.00% | 27.00% | 26.00% |
Earnings per Share (Details)
Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Apr. 30, 2015 | Apr. 30, 2014 | Apr. 30, 2013 | |
Net income allocated to common stockholders | |||
Net income | $ 344.9 | $ 565.2 | $ 544.2 |
Net income allocated to participating securities | 2.2 | 4.5 | 4.7 |
Net income allocated to common stockholders | $ 342.7 | $ 560.7 | $ 539.5 |
Weighted-average common shares, basic and diluted | |||
Weighted-average common shares outstanding | 103,038,271 | 103,504,121 | 107,881,519 |
Dilutive effect of stock options | 5,283 | 14,346 | 23,256 |
Weighted-average common shares outstanding - assuming dilution | 103,043,554 | 103,518,467 | 107,904,775 |
Computation of net income per common share | |||
Net income per common share | $ 3.33 | $ 5.42 | $ 5 |
Net income per common share - assuming dilution | $ 3.33 | $ 5.42 | $ 5 |
Goodwill and Other Intangible52
Goodwill and Other Intangible Assets (Details) - USD ($) $ in Millions | 12 Months Ended | |
Apr. 30, 2015 | Apr. 30, 2014 | |
Summary of changes in the company's goodwill | ||
Goodwill, Beginning Balance | $ 3,098.2 | $ 3,052.9 |
Acquisitions | 2,918.8 | 52.1 |
Other | (7.2) | (6.8) |
Goodwill, Ending Balance | 6,009.8 | 3,098.2 |
U.S. Retail Coffee [Member] | ||
Summary of changes in the company's goodwill | ||
Goodwill, Beginning Balance | 1,743.1 | 1,720.3 |
Acquisitions | (0.3) | 22.8 |
Other | 0.1 | 0 |
Goodwill, Ending Balance | 1,742.9 | 1,743.1 |
U.S. Retail Consumer Foods [Member] | ||
Summary of changes in the company's goodwill | ||
Goodwill, Beginning Balance | 1,032.2 | 1,034.6 |
Acquisitions | 47.9 | 0 |
Other | (2.5) | (2.4) |
Goodwill, Ending Balance | 1,077.6 | 1,032.2 |
U.S. Retail Pet Foods [Member] | ||
Summary of changes in the company's goodwill | ||
Goodwill, Beginning Balance | 0 | 0 |
Acquisitions | 2,810.3 | 0 |
Other | 0 | 0 |
Goodwill, Ending Balance | 2,810.3 | 0 |
International, Foodservice, and Natural Foods [Member] | ||
Summary of changes in the company's goodwill | ||
Goodwill, Beginning Balance | 322.9 | 298 |
Acquisitions | 60.9 | 29.3 |
Other | (4.8) | (4.4) |
Goodwill, Ending Balance | $ 379 | $ 322.9 |
Goodwill and Other Intangible53
Goodwill and Other Intangible Assets (Details 1) - USD ($) $ in Millions | 12 Months Ended | |
Apr. 30, 2015 | Apr. 30, 2014 | |
Finite-lived intangible assets subject to amortization: | ||
Finite-lived intangible assets subject to amortization Acquisition Cost | $ 4,230.9 | $ 1,670.7 |
Finite-lived intangible assets subject to amortization Accumulated Amortization / Impairment Charges / Foreign Currency Exchange | 600.3 | 491 |
Finite-lived intangible assets subject to amortization, Net | 3,630.6 | 1,179.7 |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | ||
Intangible Assets Acquisition Cost | 7,568.9 | 3,529.6 |
Total other intangible assets Accumulated Amortization / Impairment charges / Foreign currency exchange | 618.6 | 505.3 |
Intangible Assets, Net (Excluding Goodwill) | 6,950.3 | 3,024.3 |
Trademarks [Member] | ||
Indefinite-lived intangible assets not subject to amortization: | ||
Indefinite-lived intangible assets not subject to amortization Acquisition Cost | 3,338 | 1,858.9 |
Indefinite-lived intangible assets not subject to amortization Accumulated Amortization / Impairment Charges / Foreign Currency Exchange | 18.3 | 14.3 |
Indefinite-lived intangible assets not subject to amortization, Net | 3,319.7 | 1,844.6 |
Customer and contractual relationships [Member] | ||
Finite-lived intangible assets subject to amortization: | ||
Finite-lived customer relationships gross | 3,733.9 | 1,436.2 |
Finite-lived intangible assets subject to amortization Accumulated Amortization / Impairment Charges / Foreign Currency Exchange | 477.9 | 392.6 |
Finite-lived intangible assets subject to amortization, Net | 3,256 | 1,043.6 |
Patents and technology [Member] | ||
Finite-lived intangible assets subject to amortization: | ||
Finite-lived patents gross | 169 | 164.5 |
Finite-lived intangible assets subject to amortization Accumulated Amortization / Impairment Charges / Foreign Currency Exchange | 74.8 | 61.9 |
Finite-lived intangible assets subject to amortization, Net | 94.2 | 102.6 |
Trademarks [Member] | ||
Finite-lived intangible assets subject to amortization: | ||
Finite-lived trademarks gross | 328 | 70 |
Finite-lived intangible assets subject to amortization Accumulated Amortization / Impairment Charges / Foreign Currency Exchange | 47.6 | 36.5 |
Finite-lived intangible assets subject to amortization, Net | $ 280.4 | $ 33.5 |
Goodwill and Other Intangible54
Goodwill and Other Intangible Assets (Details Textual) $ in Millions | 12 Months Ended | ||
Apr. 30, 2015USD ($)ReportingUnits | Apr. 30, 2014USD ($) | Apr. 30, 2013USD ($) | |
Goodwill and Other intangible assets (Textual) [Abstract] | |||
Weighted-average useful life of the finite-lived intangible assets | 22 years | ||
Goodwill And Other Intangible Assets (Additional Textual) [Abstract] | |||
Amortization expense for finite-lived intangible assets | $ 110.3 | $ 98.7 | $ 96.6 |
Estimated amortization expense for 2016 | 212.2 | ||
Estimated amortization expense for 2017 | 211.5 | ||
Estimated amortization expense for 2018 | 209.1 | ||
Estimated amortization expense for 2019 | 208.9 | ||
Estimated amortization expense for 2020 | $ 207.4 | ||
Number of reporting units | ReportingUnits | 6 | ||
Customer and Contractual Relationships [Member] | |||
Goodwill and Other intangible assets (Textual) [Abstract] | |||
Weighted-average useful life of the finite-lived intangible assets | 23 years | ||
Trademarks [Member] | |||
Goodwill and Other intangible assets (Textual) [Abstract] | |||
Weighted-average useful life of the finite-lived intangible assets | 15 years | ||
Patents And Technology [Member] | |||
Goodwill and Other intangible assets (Textual) [Abstract] | |||
Weighted-average useful life of the finite-lived intangible assets | 13 years |
Debt and Financing Arrangemen55
Debt and Financing Arrangements (Details) - USD ($) $ in Millions | Apr. 30, 2015 | Mar. 20, 2015 | Mar. 02, 2015 | Apr. 30, 2014 |
Debt and Financing Arrangements [Abstract] | ||||
Total long-term debt | $ 5,944.9 | $ 1,973.1 | ||
Current portion of long-term debt | 0 | 100 | ||
Total long-term debt, less current portion | 5,944.9 | 1,873.1 | ||
Long-term debt | ||||
Debt instrument face amount | $ 3,700 | |||
Senior Notes [Member] | ||||
Long-term debt | ||||
Debt instrument face amount | $ 3,700 | |||
4.78% Senior Notes due June 1, 2014 [Member] | ||||
Long-term debt | ||||
Company issued Senior Notes | $ 0 | 100 | ||
Interest rate on notes | 4.78% | |||
Debt instrument face amount | $ 0 | 100 | ||
6.12% Senior Notes due November 1, 2015 [Member] | ||||
Long-term debt | ||||
Company issued Senior Notes | $ 0 | 24 | ||
Interest rate on notes | 6.12% | |||
Debt instrument face amount | $ 0 | 24 | ||
6.63% Senior Notes due November 1, 2018 [Member] | ||||
Long-term debt | ||||
Company issued Senior Notes | $ 0 | 391.4 | ||
Interest rate on notes | 6.63% | |||
Debt instrument face amount | $ 0 | 376 | ||
3.50% Senior Notes due October 15, 2021 [Member] | ||||
Long-term debt | ||||
Interest rate on notes | 3.50% | |||
Debt instrument face amount | $ 750 | 750 | ||
Notes Payable, Noncurrent | 796 | 758.8 | ||
5.55% Senior Notes due April 1, 2022 [Member] | ||||
Long-term debt | ||||
Company issued Senior Notes | $ 0 | 299.2 | ||
Interest rate on notes | 5.55% | |||
Debt instrument face amount | $ 0 | 300 | ||
4.50% Senior Notes due June 1, 2025 [Member] | ||||
Long-term debt | ||||
Company issued Senior Notes | $ 0 | 399.7 | ||
Interest rate on notes | 4.50% | |||
Debt instrument face amount | $ 0 | 400 | ||
1.75% Senior Notes due March 15, 2018 {Member] | ||||
Long-term debt | ||||
Company issued Senior Notes | $ 496.9 | 0 | ||
Interest rate on notes | 1.75% | |||
Debt instrument face amount | $ 500 | 0 | ||
2.50% Senior Notes due March 15, 2020 [Member] | ||||
Long-term debt | ||||
Company issued Senior Notes | $ 494.3 | 0 | ||
Interest rate on notes | 2.50% | |||
Debt instrument face amount | $ 500 | 0 | ||
3.00% Senior Notes due March 15, 2022 [Member] | ||||
Long-term debt | ||||
Company issued Senior Notes | $ 395.3 | 0 | ||
Interest rate on notes | 3.00% | |||
Debt instrument face amount | $ 400 | 0 | ||
3.50% Senior Notes due March 15, 2025 [Member] | ||||
Long-term debt | ||||
Company issued Senior Notes | $ 991.9 | 0 | ||
Interest rate on notes | 3.50% | |||
Debt instrument face amount | $ 1,000 | 0 | ||
4.25% Senior Notes due March 15, 2035 [Member] | ||||
Long-term debt | ||||
Company issued Senior Notes | $ 641.8 | 0 | ||
Interest rate on notes | 4.25% | |||
Debt instrument face amount | $ 650 | 0 | ||
4.38% Senior Notes due March 15, 2045 [Member] | ||||
Long-term debt | ||||
Company issued Senior Notes | $ 583.8 | 0 | ||
Interest rate on notes | 4.38% | |||
Debt instrument face amount | $ 600 | 0 | ||
Term Loan Credit Agreement due March 23, 2020 [Member] | ||||
Long-term debt | ||||
Debt instrument face amount | 1,550 | $ 1,800 | 0 | |
Term loan credit agreement carrying value | 1,544.9 | 0 | ||
Total Long Term Debt [Member] | ||||
Long-term debt | ||||
Debt instrument face amount | 5,950 | 1,950 | ||
Current Portion Of Long Term Debt [Member] | ||||
Long-term debt | ||||
Debt instrument face amount | 0 | 100 | ||
Total Long Term Debt Less Current Portion [Member] | ||||
Long-term debt | ||||
Debt instrument face amount | $ 5,950 | $ 1,850 |
Debt and Financing Arrangemen56
Debt and Financing Arrangements (Details Textual) - Types of Financial Instruments [Domain] $ in Millions | 12 Months Ended | |||||
Apr. 30, 2015USD ($)Bank | Apr. 30, 2014USD ($) | Apr. 30, 2013USD ($) | Mar. 20, 2015USD ($) | Mar. 02, 2015USD ($) | Feb. 02, 2015USD ($) | |
Debt and Financing Arrangements (Textual) [Abstract] | ||||||
Repayment of long-term debt | $ 4,193.9 | $ 50 | $ 50 | |||
Capitalized debt issuance costs | 46.4 | 6.7 | ||||
Other debt costs | 173.3 | 0 | 0 | |||
Debt instrument face amount | $ 3,700 | |||||
Debt assumed and repaid in acquisition | $ 1,700 | |||||
Debt and Financing Arrangements (Additional Textual) [Abstract] | ||||||
Number of banks | Bank | 11 | |||||
Revolving credit facility maximum borrowing capacity | $ 1,500 | |||||
Percentage of the principal amount thereof which company can prepay | 100.00% | |||||
Interest paid | $ 92.3 | 83.3 | $ 97.7 | |||
Commercial paper, borrowing capacity | 1,000 | |||||
Commercial paper, amount outstanding | 226 | |||||
Senior Notes [Member] | ||||||
Debt and Financing Arrangements (Textual) [Abstract] | ||||||
Repayment of long-term debt | 1,100 | |||||
Debt instrument face amount | $ 3,700 | |||||
Make-whole payments on long-term debt | 163.3 | |||||
4.78% Senior Notes due June 1, 2014 [Member] | ||||||
Debt and Financing Arrangements (Textual) [Abstract] | ||||||
Repayment of long-term debt | $ 100 | |||||
Interest rate on notes | 4.78% | |||||
Debt instrument face amount | $ 0 | 100 | ||||
3.50% Senior Notes due October 15, 2021 [Member] | ||||||
Debt and Financing Arrangements (Textual) [Abstract] | ||||||
Interest rate on notes | 3.50% | |||||
Debt instrument face amount | $ 750 | 750 | ||||
Term Loan Credit Agreement due March 23, 2020 [Member] | ||||||
Debt and Financing Arrangements (Textual) [Abstract] | ||||||
Repayment of long-term debt | 200 | |||||
Capitalized debt issuance costs | 5.2 | |||||
Debt instrument face amount | $ 1,550 | 0 | $ 1,800 | |||
Weighted average interest rate on long-term debt | 1.53% | |||||
Percent of principal to be paid quarterly | 2.50% | |||||
Long-term Debt [Member] | ||||||
Debt and Financing Arrangements (Textual) [Abstract] | ||||||
Increase to long-term debt related to termination of interest rate swap | $ 51.3 | |||||
Commercial Paper [Member] | ||||||
Debt and Financing Arrangements (Textual) [Abstract] | ||||||
Commercial paper weighted-average interest rate | 0.45% | |||||
Cash Flow Hedging [Member] | ||||||
Outstanding derivative contracts | ||||||
Gain (loss) on early termination agreement | $ (4) | |||||
Fair Value Hedging [Member] | ||||||
Outstanding derivative contracts | ||||||
Gain (loss) on early termination agreement | 58.1 | |||||
Interest rate contract [Member] | ||||||
Outstanding derivative contracts | ||||||
Gross contract notional amount | 0 | $ 750 | $ 1,100 | |||
Interest receivable | 4.6 | |||||
Deferred gain on discontinuation of interest rate fair value hedge | 53.5 | |||||
Fair value adjustment of the interest rate swap | $ 14.9 | |||||
Big Heart [Member] | Senior Notes [Member] | ||||||
Debt and Financing Arrangements (Textual) [Abstract] | ||||||
Interest rate on notes | 7.625% | |||||
Debt assumed and repaid in acquisition | $ 900 | |||||
Big Heart [Member] | Bridge Loan [Member] | ||||||
Debt and Financing Arrangements (Textual) [Abstract] | ||||||
Bridge loan | $ 3,800 | |||||
Bridge loan term | 364 days | |||||
Other debt costs | $ 21.5 |
Pensions and Other Postretire57
Pensions and Other Postretirement Benefits (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Apr. 30, 2015 | Apr. 30, 2014 | Apr. 30, 2013 | |
Defined Benefit Pension Plans [Member] | |||
Components of net periodic benefit cost: | |||
Service cost | $ 9 | $ 8.7 | $ 8.8 |
Interest cost | 23.2 | 21.8 | 23.9 |
Expected return on plan assets | (25.6) | (25.4) | (25.3) |
Amortization of prior service cost (credit) | 1 | 1.2 | 1 |
Amortization of net actuarial loss (gain) | 10 | 13.2 | 13.1 |
Settlement loss | 3.5 | 0 | 6.7 |
Net periodic benefit cost | 21.1 | 19.5 | 28.2 |
Other Postretirement Benefits [Member] | |||
Components of net periodic benefit cost: | |||
Service cost | 2.3 | 2.3 | 2.5 |
Interest cost | 2.4 | 2.3 | 3 |
Expected return on plan assets | 0 | 0 | 0 |
Amortization of prior service cost (credit) | (1.1) | (1.1) | (0.4) |
Amortization of net actuarial loss (gain) | (0.1) | 0 | 0 |
Settlement loss | 0 | 0 | 0 |
Net periodic benefit cost | $ 3.5 | $ 3.5 | $ 5.1 |
Pensions and Other Postretire58
Pensions and Other Postretirement Benefits (Details 1) - USD ($) $ in Millions | 12 Months Ended | ||
Apr. 30, 2015 | Apr. 30, 2014 | Apr. 30, 2013 | |
Defined Benefit Pension Plans [Member] | |||
Other changes in plan assets and benefit liabilities recognized in accumulated other comprehensive loss before income taxes: | |||
Prior service (cost) credit arising during the year | $ (0.3) | $ 0 | $ (4) |
Net actuarial (loss) gain arising during the year | (23.7) | 19.3 | (20.5) |
Amortization of prior service cost (credit) | 1 | 1.2 | 1 |
Amortization of net actuarial loss (gain) | 10 | 13.2 | 13.1 |
Curtailment loss | 0 | 0 | 2 |
Settlement loss | 3.5 | 0 | 6.7 |
Foreign currency translation | 2.7 | 2.9 | 0.9 |
Net change for year | (6.8) | 36.6 | (0.8) |
Other Postretirement Benefits [Member] | |||
Other changes in plan assets and benefit liabilities recognized in accumulated other comprehensive loss before income taxes: | |||
Prior service (cost) credit arising during the year | 0 | 1.7 | 9.6 |
Net actuarial (loss) gain arising during the year | 1.6 | 7.5 | (4.5) |
Amortization of prior service cost (credit) | (1.1) | (1.1) | (0.4) |
Amortization of net actuarial loss (gain) | (0.1) | 0 | 0 |
Curtailment loss | 0 | 0 | 0 |
Settlement loss | 0 | 0 | 0 |
Foreign currency translation | 0 | 0 | 0 |
Net change for year | $ 0.4 | $ 8.1 | $ 4.7 |
Pensions and Other Postretire59
Pensions and Other Postretirement Benefits (Details 2) | 12 Months Ended | ||
Apr. 30, 2015 | Apr. 30, 2014 | Apr. 30, 2013 | |
U. S. Defined Benefit Plans [Member] | |||
Weighted-average assumptions used in determining net periodic benefit costs: | |||
Discount rate | 4.42% | 3.99% | 4.70% |
Expected return on plan assets | 6.72% | 6.75% | 7.00% |
Rate of compensation increase | 4.13% | 4.13% | 4.12% |
U. S. Other Postretirement Benefit Plans [Member] | |||
Weighted-average assumptions used in determining net periodic benefit costs: | |||
Discount rate | 4.27% | 3.80% | 4.70% |
Expected return on plan assets | 0.00% | 0.00% | 0.00% |
Rate of compensation increase | 0.00% | 0.00% | 0.00% |
Canadian Defined Benefit Plans [Member] | |||
Weighted-average assumptions used in determining net periodic benefit costs: | |||
Discount rate | 4.11% | 3.65% | 4.20% |
Expected return on plan assets | 5.64% | 5.78% | 6.17% |
Rate of compensation increase | 3.00% | 3.00% | 4.00% |
Canadian Other Postretirement Benefit Plans [Member] | |||
Weighted-average assumptions used in determining net periodic benefit costs: | |||
Discount rate | 4.10% | 3.70% | 4.20% |
Expected return on plan assets | 0.00% | 0.00% | 0.00% |
Rate of compensation increase | 0.00% | 0.00% | 0.00% |
Pensions and Other Postretire60
Pensions and Other Postretirement Benefits (Details 3) - USD ($) $ in Millions | 12 Months Ended | ||
Apr. 30, 2015 | Apr. 30, 2014 | Apr. 30, 2013 | |
Changes in plan assets: | |||
Company contributions | $ 15.7 | $ 9.4 | $ 40 |
Defined benefit pensions | (188.9) | (135.7) | |
Postretirement benefits other than pensions | (74.6) | (58.5) | |
Defined Benefit Pension Plans [Member] | |||
Change in benefit obligation: | |||
Benefit obligation at beginning of year | 542.3 | 575.7 | |
Service cost | 9 | 8.7 | 8.8 |
Interest cost | 23.2 | 21.8 | 23.9 |
Amendments | 0.3 | 0 | |
Actuarial loss (gain) | 39.8 | (19.7) | |
Participant contributions | 0.1 | 0.1 | |
Benefits paid | (31.8) | (34.2) | |
Foreign currency translation adjustments | (10.6) | (10.1) | |
Settlement | (8.6) | 0 | |
Acquisition | 176.7 | 0 | |
Other adjustments | 0 | 0 | |
Benefit obligation at end of year | 740.4 | 542.3 | 575.7 |
Changes in plan assets: | |||
Fair value of plan assets at beginning of year | 402.1 | 410.7 | |
Actual return on plan assets | 41.7 | 25 | |
Company contributions | 15.7 | 9.4 | |
Participant contributions | 0.1 | 0.1 | |
Benefits paid | (31.8) | (34.2) | |
Settlement | (8.6) | 0 | |
Acquisition | 141.1 | 0 | |
Foreign currency translation adjustments | (10.3) | (8.9) | |
Fair value of plan assets at end of year | 550 | 402.1 | 410.7 |
Funded status of the plans | (190.4) | (140.2) | |
Defined benefit pensions | (188.9) | (135.7) | |
Other noncurrent assets | 2 | 0 | |
Accrued compensation | (3.5) | (4.5) | |
Postretirement benefits other than pensions | 0 | 0 | |
Net benefit liability | (190.4) | (140.2) | |
Other Postretirement Benefits [Member] | |||
Change in benefit obligation: | |||
Benefit obligation at beginning of year | 58.5 | 67.1 | |
Service cost | 2.3 | 2.3 | 2.5 |
Interest cost | 2.4 | 2.3 | 3 |
Amendments | 0 | (1.7) | |
Actuarial loss (gain) | (1.6) | (7.5) | |
Participant contributions | 0.7 | 1.2 | |
Benefits paid | (4.4) | (3.5) | |
Foreign currency translation adjustments | (1.1) | (1.1) | |
Settlement | 0 | 0 | |
Acquisition | 18.9 | 0 | |
Other adjustments | 0.1 | (0.6) | |
Benefit obligation at end of year | 75.8 | 58.5 | 67.1 |
Changes in plan assets: | |||
Fair value of plan assets at beginning of year | 0 | 0 | |
Actual return on plan assets | 0 | 0 | |
Company contributions | 3.7 | 2.3 | |
Participant contributions | 0.7 | 1.2 | |
Benefits paid | (4.4) | (3.5) | |
Settlement | 0 | 0 | |
Acquisition | 0 | 0 | |
Foreign currency translation adjustments | 0 | 0 | |
Fair value of plan assets at end of year | 0 | 0 | $ 0 |
Funded status of the plans | (75.8) | (58.5) | |
Defined benefit pensions | 0 | 0 | |
Other noncurrent assets | 0 | 0 | |
Accrued compensation | (1.2) | 0 | |
Postretirement benefits other than pensions | (74.6) | (58.5) | |
Net benefit liability | $ (75.8) | $ (58.5) |
Pensions and Other Postretire61
Pensions and Other Postretirement Benefits (Details 4) - USD ($) $ in Millions | 12 Months Ended | |
Apr. 30, 2015 | Apr. 30, 2014 | |
Defined Benefit Pension Plans [Member] | ||
Accumulated other comprehensive income (loss) | ||
Net actuarial (loss) gain | $ (174.2) | $ (166.7) |
Prior service (cost) credit | (4.2) | (4.9) |
Total recognized in accumulated other comprehensive loss | (178.4) | (171.6) |
Other Postretirement Benefits [Member] | ||
Accumulated other comprehensive income (loss) | ||
Net actuarial (loss) gain | 6.9 | 5.3 |
Prior service (cost) credit | 10.3 | 11.5 |
Total recognized in accumulated other comprehensive loss | 17.2 | $ 16.8 |
One-percentage point annual change in the assumed health care cost trend rate | ||
Effect on total service and interest cost components, increase | 0.1 | |
Effect on total service and interest cost components, decrease | 0.1 | |
Effect on benefit obligation, increase | 2.5 | |
Effect on benefit obligation, decrease | $ 2.3 | |
U. S. Defined Benefit Plans [Member] | ||
Weighted-average assumptions used in determining benefit obligation | ||
Discount rate | 4.01% | 4.45% |
Rate of compensation increase | 4.06% | 4.13% |
U. S. Other Postretirement Benefit Plans [Member] | ||
Weighted-average assumptions used in determining benefit obligation | ||
Discount rate | 3.97% | 4.30% |
Rate of compensation increase | 0.00% | 0.00% |
Canadian Defined Benefit Plans [Member] | ||
Weighted-average assumptions used in determining benefit obligation | ||
Discount rate | 3.51% | 4.11% |
Rate of compensation increase | 3.00% | 3.00% |
Canadian Other Postretirement Benefit Plans [Member] | ||
Weighted-average assumptions used in determining benefit obligation | ||
Discount rate | 3.50% | 4.10% |
Rate of compensation increase | 0.00% | 0.00% |
Pensions and Other Postretire62
Pensions and Other Postretirement Benefits (Details 5) - USD ($) $ in Millions | 12 Months Ended | ||
Apr. 30, 2015 | Apr. 30, 2014 | Apr. 30, 2013 | |
Changes in plan assets: | |||
Company contributions | $ 15.7 | $ 9.4 | $ 40 |
Canadian Defined Benefit Plans [Member] | |||
Company's Canadian pension and other postretirement benefit plans | |||
Benefit obligation at end of year | 104.4 | 113.3 | |
Fair value of plan assets at end of year | 104.1 | 105.6 | |
Funded status of the plans | (0.3) | (7.7) | |
Components of net periodic benefit cost: | |||
Service cost | 0.4 | 0.5 | |
Interest cost | 4.3 | 4.2 | |
Expected return on plan assets | (5.6) | (5.8) | |
Amortization of net actuarial loss (gain) | 0.9 | 1.3 | |
Net periodic benefit cost | 0 | 0.2 | |
Changes in plan assets: | |||
Company contributions | 5.1 | 5.4 | |
Participant contributions | 0.1 | 0.1 | |
Benefits paid | (8.4) | (8.6) | |
Actual return on plan assets | 11.9 | 10.6 | |
Foreign currency translation | (10.3) | (8.9) | |
Canadian Other Postretirement Benefit Plans [Member] | |||
Company's Canadian pension and other postretirement benefit plans | |||
Benefit obligation at end of year | 10.9 | 11.4 | |
Fair value of plan assets at end of year | 0 | 0 | |
Funded status of the plans | (10.9) | (11.4) | |
Components of net periodic benefit cost: | |||
Service cost | 0 | 0 | |
Interest cost | 0.4 | 0.5 | |
Expected return on plan assets | 0 | 0 | |
Amortization of net actuarial loss (gain) | 0 | 0 | |
Net periodic benefit cost | 0.4 | 0.5 | |
Changes in plan assets: | |||
Company contributions | 0.7 | 0.8 | |
Participant contributions | 0 | 0 | |
Benefits paid | (0.7) | (0.8) | |
Actual return on plan assets | 0 | 0 | |
Foreign currency translation | $ 0 | $ 0 |
Pensions and Other Postretire63
Pensions and Other Postretirement Benefits (Details 6) - Defined Benefit Pension Plans [Member] - USD ($) $ in Millions | Apr. 30, 2015 | Apr. 30, 2014 |
Additional information related to the Company's defined benefit pension plans | ||
Accumulated benefit obligation for all pension plans | $ 691.8 | $ 507.3 |
Plans with an accumulated benefit obligation in excess of plan assets: | ||
Accumulated benefit obligation | 481.6 | 507.3 |
Fair value of plan assets | 337.8 | 402.1 |
Plans with a projected benefit obligation in excess of plan assets: | ||
Projected benefit obligation | 669.3 | 542.3 |
Fair value of plan assets | $ 477.3 | $ 402.1 |
Pensions and Other Postretire64
Pensions and Other Postretirement Benefits (Details 7) - USD ($) $ in Millions | Apr. 30, 2015 | Apr. 30, 2014 | Apr. 30, 2013 | |
Significant Unobservable Inputs (Level 3) [Member] | ||||
Major asset classes for the U.S. and Canadian defined benefit pension plans and levels fair value measurements | ||||
Total financial assets measured at fair value | $ 18.5 | $ 15 | $ 15 | |
Defined Benefit Pension Plans [Member] | ||||
Major asset classes for the U.S. and Canadian defined benefit pension plans and levels fair value measurements | ||||
Total financial assets measured at fair value | 550 | 402.1 | $ 410.7 | |
Defined Benefit Pension Plans [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||||
Major asset classes for the U.S. and Canadian defined benefit pension plans and levels fair value measurements | ||||
Total financial assets measured at fair value | 386 | 358.3 | ||
Defined Benefit Pension Plans [Member] | Significant Observable Inputs (Level 2) [Member] | ||||
Major asset classes for the U.S. and Canadian defined benefit pension plans and levels fair value measurements | ||||
Total financial assets measured at fair value | 145.5 | 28.8 | ||
Defined Benefit Pension Plans [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||||
Major asset classes for the U.S. and Canadian defined benefit pension plans and levels fair value measurements | ||||
Total financial assets measured at fair value | 18.5 | 15 | ||
Defined Benefit Pension Plans [Member] | Cash and cash equivalents [Member] | ||||
Major asset classes for the U.S. and Canadian defined benefit pension plans and levels fair value measurements | ||||
Total financial assets measured at fair value | [1] | 4.6 | 2 | |
Defined Benefit Pension Plans [Member] | Cash and cash equivalents [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||||
Major asset classes for the U.S. and Canadian defined benefit pension plans and levels fair value measurements | ||||
Total financial assets measured at fair value | [1] | 4.6 | 2 | |
Defined Benefit Pension Plans [Member] | Cash and cash equivalents [Member] | Significant Observable Inputs (Level 2) [Member] | ||||
Major asset classes for the U.S. and Canadian defined benefit pension plans and levels fair value measurements | ||||
Total financial assets measured at fair value | [1] | 0 | 0 | |
Defined Benefit Pension Plans [Member] | Cash and cash equivalents [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||||
Major asset classes for the U.S. and Canadian defined benefit pension plans and levels fair value measurements | ||||
Total financial assets measured at fair value | [1] | 0 | 0 | |
Defined Benefit Pension Plans [Member] | U.S. Equity Securities [Member] | ||||
Major asset classes for the U.S. and Canadian defined benefit pension plans and levels fair value measurements | ||||
Total financial assets measured at fair value | [2] | 150.5 | 107.4 | |
Defined Benefit Pension Plans [Member] | U.S. Equity Securities [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||||
Major asset classes for the U.S. and Canadian defined benefit pension plans and levels fair value measurements | ||||
Total financial assets measured at fair value | [2] | 105 | 91 | |
Defined Benefit Pension Plans [Member] | U.S. Equity Securities [Member] | Significant Observable Inputs (Level 2) [Member] | ||||
Major asset classes for the U.S. and Canadian defined benefit pension plans and levels fair value measurements | ||||
Total financial assets measured at fair value | [2] | 45.5 | 16.4 | |
Defined Benefit Pension Plans [Member] | U.S. Equity Securities [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||||
Major asset classes for the U.S. and Canadian defined benefit pension plans and levels fair value measurements | ||||
Total financial assets measured at fair value | [2] | 0 | 0 | |
Defined Benefit Pension Plans [Member] | International Equity Securities [Member] | ||||
Major asset classes for the U.S. and Canadian defined benefit pension plans and levels fair value measurements | ||||
Total financial assets measured at fair value | [3] | 105.5 | 84.7 | |
Defined Benefit Pension Plans [Member] | International Equity Securities [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||||
Major asset classes for the U.S. and Canadian defined benefit pension plans and levels fair value measurements | ||||
Total financial assets measured at fair value | [3] | 81 | 72.3 | |
Defined Benefit Pension Plans [Member] | International Equity Securities [Member] | Significant Observable Inputs (Level 2) [Member] | ||||
Major asset classes for the U.S. and Canadian defined benefit pension plans and levels fair value measurements | ||||
Total financial assets measured at fair value | [3] | 24.5 | 12.4 | |
Defined Benefit Pension Plans [Member] | International Equity Securities [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||||
Major asset classes for the U.S. and Canadian defined benefit pension plans and levels fair value measurements | ||||
Total financial assets measured at fair value | [3] | 0 | 0 | |
Defined Benefit Pension Plans [Member] | Bonds [Member] | ||||
Major asset classes for the U.S. and Canadian defined benefit pension plans and levels fair value measurements | ||||
Total financial assets measured at fair value | [4] | 151.3 | 148.2 | |
Defined Benefit Pension Plans [Member] | Bonds [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||||
Major asset classes for the U.S. and Canadian defined benefit pension plans and levels fair value measurements | ||||
Total financial assets measured at fair value | [4] | 151.3 | 148.2 | |
Defined Benefit Pension Plans [Member] | Bonds [Member] | Significant Observable Inputs (Level 2) [Member] | ||||
Major asset classes for the U.S. and Canadian defined benefit pension plans and levels fair value measurements | ||||
Total financial assets measured at fair value | [4] | 0 | 0 | |
Defined Benefit Pension Plans [Member] | Bonds [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||||
Major asset classes for the U.S. and Canadian defined benefit pension plans and levels fair value measurements | ||||
Total financial assets measured at fair value | [4] | 0 | 0 | |
Defined Benefit Pension Plans [Member] | Fixed income [Member] | ||||
Major asset classes for the U.S. and Canadian defined benefit pension plans and levels fair value measurements | ||||
Total financial assets measured at fair value | [5] | 112.6 | 44.8 | |
Defined Benefit Pension Plans [Member] | Fixed income [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||||
Major asset classes for the U.S. and Canadian defined benefit pension plans and levels fair value measurements | ||||
Total financial assets measured at fair value | [5] | 44.1 | 44.8 | |
Defined Benefit Pension Plans [Member] | Fixed income [Member] | Significant Observable Inputs (Level 2) [Member] | ||||
Major asset classes for the U.S. and Canadian defined benefit pension plans and levels fair value measurements | ||||
Total financial assets measured at fair value | [5] | 68.5 | 0 | |
Defined Benefit Pension Plans [Member] | Fixed income [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||||
Major asset classes for the U.S. and Canadian defined benefit pension plans and levels fair value measurements | ||||
Total financial assets measured at fair value | [5] | 0 | 0 | |
Defined Benefit Pension Plans [Member] | Other Investments [Member] | ||||
Major asset classes for the U.S. and Canadian defined benefit pension plans and levels fair value measurements | ||||
Total financial assets measured at fair value | [6] | 25.5 | 15 | |
Defined Benefit Pension Plans [Member] | Other Investments [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||||
Major asset classes for the U.S. and Canadian defined benefit pension plans and levels fair value measurements | ||||
Total financial assets measured at fair value | [6] | 0 | 0 | |
Defined Benefit Pension Plans [Member] | Other Investments [Member] | Significant Observable Inputs (Level 2) [Member] | ||||
Major asset classes for the U.S. and Canadian defined benefit pension plans and levels fair value measurements | ||||
Total financial assets measured at fair value | [6] | 7 | 0 | |
Defined Benefit Pension Plans [Member] | Other Investments [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||||
Major asset classes for the U.S. and Canadian defined benefit pension plans and levels fair value measurements | ||||
Total financial assets measured at fair value | [6] | $ 18.5 | $ 15 | |
[1] | This category includes money market holdings with maturities of three months or less and are classified as Level 1 assets. Based on the short-term nature of these assets, carrying value approximates fair value. | |||
[2] | This category is invested primarily in a diversified portfolio of common stocks and index funds that invest in U.S. stocks with market capitalization ranges similar to those found in the S&P 500 Index and/or the various Russell Indexes and are traded on active exchanges. The Level 1 assets are valued using quoted market prices for identical securities in active markets. The Level 2 assets are pooled or common collective trust funds that consist of equity securities traded on active exchanges. | |||
[3] | This category is invested primarily in common stocks and other equity securities traded on active exchanges whose issuers are located outside the U.S. The fund invests primarily in developed countries, but may also invest in emerging markets. The Level 1 assets are valued using quoted market prices for identical securities in active markets. The Level 2 assets are pooled or common collective trust funds that consist of equity securities traded on active exchanges. | |||
[4] | This category is comprised of bond funds, which seek to duplicate the return characteristics of high-quality corporate bonds with a duration range of 10 to 13 years. The Level 1 assets are valued using quoted market prices for identical securities in active markets. | |||
[5] | This category is comprised of fixed-income funds that invest primarily in government-related bonds of non-U.S. issuers and include investments in the Canadian market as well as emerging markets. The Level 1 assets are valued using quoted market prices for identical securities in active markets. Contained within the Level 2 assets is a Core Plus pool of funds investing primarily in high-yield, emerging market debt and global bonds, as well as an international bond fund which invests in fixed-income securities denominated in currencies other than U.S. dollars. The Level 2 assets are pooled or common collective trust funds that consist of fixed-income securities traded on active exchanges. | |||
[6] | This category is comprised of a global alpha collective trust fund, a private limited investment partnership, and a private equity fund in 2015. In 2014, the category was comprised only of the private equity fund. The global alpha collective trust fund is comprised of U.S. and global equity and fixed-income securities inclusive of derivatives within the asset mix. This collective trust fund is classified as a Level 2 asset, whereby the underlying securities are valued utilizing quoted market prices for identical securities in active markets. The private investment limited partnership is classified as a Level 3 asset. The investments in the partnership are valued at estimated fair value based on audited financial statements received from the general partner. The private equity fund consists primarily of limited partnership interests in corporate finance and venture capital funds. The private equity fund is classified as a Level 3 asset and is valued based on the funds net asset value (NAV). NAV is calculated based on the estimated fair value of the underlying investment funds within the portfolio and is corroborated by our review. The private equity fund and private investment limited partnership cannot be redeemed and the return of principal is based on the liquidation of the underlying assets. |
Pensions and Other Postretire65
Pensions and Other Postretirement Benefits (Details 8) - Significant Unobservable Inputs (Level 3) [Member] - USD ($) $ in Millions | 12 Months Ended | |
Apr. 30, 2015 | Apr. 30, 2014 | |
Changes in plan assets: | ||
Fair value of plan assets at beginning of year | $ 15 | $ 15 |
Big Heart pension assets acquired | 2.8 | 0 |
Actual return on plan assets still held at reporting date | 0.7 | 0 |
Fair value of plan assets at end of year | $ 18.5 | $ 15 |
Pensions and Other Postretire66
Pensions and Other Postretirement Benefits (Details Textual) $ in Millions | 12 Months Ended | ||
Apr. 30, 2015USD ($)MultiemployerPensionPlansshares | Apr. 30, 2014USD ($) | Apr. 30, 2013USD ($) | |
Schedule of defined benefit plans disclosures (Textual) [Abstract] | |||
Company contributions | $ 15.7 | $ 9.4 | $ 40 |
Pensions and Other Postretirement Benefits (Additional Textual) [Abstract] | |||
Eligibility condition for covered employees to avail the benefits of unfunded, defined postretirement plans that provide health care and life insurance benefits | when they reach age 55 and have attained 10 years of credited service | ||
Expected amount to be recognized during 2016 of amortization of net actuarial losses in net periodic benefit cost | $ 10.7 | ||
Expected amount to be recognized during 2016 in prior service cost as net periodic benefit cost | $ 0.5 | ||
Money market holdings maturity period | Three months or less | ||
Corporate bonds range | 10 to 13 years | ||
Market value of company's common shares included in equity securities | $ 36.8 | ||
Dividends paid on company's common shares included in equity securities | 0.8 | ||
Expected benefit payments for the defined benefit pension and other postretirement in 2016 | 49.9 | ||
Expected benefit payments for the defined benefit pension and other postretirement in 2017 | 51 | ||
Expected benefit payments for the defined benefit pension and other postretirement in 2018 | 56.6 | ||
Expected benefit payments for the defined benefit pension and other postretirement in 2019 | 53.5 | ||
Expected benefit payments for the defined benefit pension and other postretirement in 2020 | 60.2 | ||
Expected benefit payments for the defined benefit pension and other postretirement in 2021 through 2025 | $ 304 | ||
Annual change in the assumed health care cost | One-percentage point | ||
Multiemployer plan actual funded status | 65.10% | ||
Funded status zone | Red | ||
Number of multiemployer pension plans | MultiemployerPensionPlans | 1 | ||
Company's common shares included in equity securities | shares | 317,552 | ||
Limit of active participants under which average life expectancy will be used to amortize gains and losses | 5.00% | ||
Multiemployer Plans, Pension [Member] | |||
Schedule of defined benefit plans disclosures (Textual) [Abstract] | |||
Plan Tax ID | 526,118,572 | ||
Red Zone [Member] | |||
Schedule of defined benefit plans disclosures (Textual) [Abstract] | |||
Funded Status | Less than 65 percent | ||
Yellow Zone [Member] | |||
Schedule of defined benefit plans disclosures (Textual) [Abstract] | |||
Funded Status | Between 65 and less than 80 percent | ||
The J. M. Smucker Company [Member] | |||
Schedule of defined benefit plans disclosures (Textual) [Abstract] | |||
Multiemployer plan contributions | $ 0.1 | ||
GreenZoneMember | |||
Schedule of defined benefit plans disclosures (Textual) [Abstract] | |||
Funded Status | At least 80 percent | ||
Big Heart [Member] | The J. M. Smucker Company [Member] | |||
Schedule of defined benefit plans disclosures (Textual) [Abstract] | |||
Multiemployer plan contributions | $ 1.7 | ||
Equity Securities [Member] | |||
Schedule of defined benefit plans disclosures (Textual) [Abstract] | |||
Approximate percentage of assets to be invested in company's current investment policy | 50.00% | ||
Fixed - Income Securities [Member] | |||
Schedule of defined benefit plans disclosures (Textual) [Abstract] | |||
Approximate percentage of assets to be invested in company's current investment policy | 50.00% | ||
Defined Benefit Pension Plans [Member] | |||
Schedule of defined benefit plans disclosures (Textual) [Abstract] | |||
Expected amount to be contributed by the Company to the defined benefit pension plans in 2016 | $ 3.5 | ||
Actual return on plan assets | 41.7 | $ 25 | |
Company contributions | $ 15.7 | $ 9.4 | |
Defined benefit plan actual rate of return on plan assets | 11.60% | 6.90% | |
U. S. Other Postretirement Benefit Plans [Member] | |||
Schedule of defined benefit plans disclosures (Textual) [Abstract] | |||
Assumed health care trend rate for next fiscal year | 7.50% | ||
U. S. Other Postretirement Benefit Plans [Member] | U.S. plans in 2026 [Member] | |||
Schedule of defined benefit plans disclosures (Textual) [Abstract] | |||
Assumed health care trend rate for participants under age 65 | 5.00% | ||
Canadian Other Postretirement Benefit Plans [Member] | |||
Schedule of defined benefit plans disclosures (Textual) [Abstract] | |||
Assumed health care trend rate for next fiscal year | 5.00% | ||
Actual return on plan assets | $ 0 | $ 0 | |
Company contributions | $ 0.7 | $ 0.8 | |
Canadian Other Postretirement Benefit Plans [Member] | Canadian plans in 2017 [Member] | |||
Schedule of defined benefit plans disclosures (Textual) [Abstract] | |||
Assumed health care trend rate for participants under age 65 | 4.50% |
Derivative Financial Instrume67
Derivative Financial Instruments (Details) - USD ($) $ in Millions | Apr. 30, 2015 | Apr. 30, 2014 |
Other Current Assets [Member] | ||
Fair value of derivative instruments [Line Items] | ||
Derivatives Instruments, Assets | $ 11.2 | $ 54.4 |
Other Current Assets [Member] | Designated as hedging instruments [Member] | ||
Fair value of derivative instruments [Line Items] | ||
Derivatives Instruments, Assets | 0 | 41.4 |
Other Current Assets [Member] | Not designated as hedging instruments [Member] | ||
Fair value of derivative instruments [Line Items] | ||
Derivatives Instruments, Assets | 11.2 | 13 |
Other Current Assets [Member] | Commodity contracts [Member] | Designated as hedging instruments [Member] | ||
Fair value of derivative instruments [Line Items] | ||
Derivatives Instruments, Assets | 0 | 23.4 |
Other Current Assets [Member] | Commodity contracts [Member] | Not designated as hedging instruments [Member] | ||
Fair value of derivative instruments [Line Items] | ||
Derivatives Instruments, Assets | 6.4 | 11.6 |
Other Current Assets [Member] | Interest rate contract [Member] | Designated as hedging instruments [Member] | ||
Fair value of derivative instruments [Line Items] | ||
Derivatives Instruments, Assets | 0 | 18 |
Other Current Assets [Member] | Foreign currency exchange contracts [Member] | Not designated as hedging instruments [Member] | ||
Fair value of derivative instruments [Line Items] | ||
Derivatives Instruments, Assets | 4.8 | 1.4 |
Other Current Liabilities [Member] | ||
Fair value of derivative instruments [Line Items] | ||
Derivatives Instruments, Liabilities | 24.9 | 17.4 |
Other Current Liabilities [Member] | Designated as hedging instruments [Member] | ||
Fair value of derivative instruments [Line Items] | ||
Derivatives Instruments, Liabilities | 0 | 10.9 |
Other Current Liabilities [Member] | Not designated as hedging instruments [Member] | ||
Fair value of derivative instruments [Line Items] | ||
Derivatives Instruments, Liabilities | 24.9 | 6.5 |
Other Current Liabilities [Member] | Commodity contracts [Member] | Designated as hedging instruments [Member] | ||
Fair value of derivative instruments [Line Items] | ||
Derivatives Instruments, Liabilities | 0 | 10.9 |
Other Current Liabilities [Member] | Commodity contracts [Member] | Not designated as hedging instruments [Member] | ||
Fair value of derivative instruments [Line Items] | ||
Derivatives Instruments, Liabilities | 23.9 | 5.8 |
Other Current Liabilities [Member] | Interest rate contract [Member] | Designated as hedging instruments [Member] | ||
Fair value of derivative instruments [Line Items] | ||
Derivatives Instruments, Liabilities | 0 | 0 |
Other Current Liabilities [Member] | Foreign currency exchange contracts [Member] | Not designated as hedging instruments [Member] | ||
Fair value of derivative instruments [Line Items] | ||
Derivatives Instruments, Liabilities | 1 | 0.7 |
Other Noncurrent Assets [Member] | ||
Fair value of derivative instruments [Line Items] | ||
Derivatives Instruments, Assets | 0.2 | |
Other Noncurrent Assets [Member] | Designated as hedging instruments [Member] | ||
Fair value of derivative instruments [Line Items] | ||
Derivatives Instruments, Assets | 0 | |
Other Noncurrent Assets [Member] | Not designated as hedging instruments [Member] | ||
Fair value of derivative instruments [Line Items] | ||
Derivatives Instruments, Assets | 0.2 | |
Other Noncurrent Assets [Member] | Commodity contracts [Member] | Designated as hedging instruments [Member] | ||
Fair value of derivative instruments [Line Items] | ||
Derivatives Instruments, Assets | 0 | |
Other Noncurrent Assets [Member] | Commodity contracts [Member] | Not designated as hedging instruments [Member] | ||
Fair value of derivative instruments [Line Items] | ||
Derivatives Instruments, Assets | 0.2 | |
Other Noncurrent Assets [Member] | Interest rate contract [Member] | Designated as hedging instruments [Member] | ||
Fair value of derivative instruments [Line Items] | ||
Derivatives Instruments, Assets | 0 | |
Other Noncurrent Assets [Member] | Foreign currency exchange contracts [Member] | Not designated as hedging instruments [Member] | ||
Fair value of derivative instruments [Line Items] | ||
Derivatives Instruments, Assets | 0 | |
Other Noncurrent Liabilities [Member] | ||
Fair value of derivative instruments [Line Items] | ||
Derivatives Instruments, Liabilities | 3.8 | 3.1 |
Other Noncurrent Liabilities [Member] | Designated as hedging instruments [Member] | ||
Fair value of derivative instruments [Line Items] | ||
Derivatives Instruments, Liabilities | 0 | 3.1 |
Other Noncurrent Liabilities [Member] | Not designated as hedging instruments [Member] | ||
Fair value of derivative instruments [Line Items] | ||
Derivatives Instruments, Liabilities | 3.8 | 0 |
Other Noncurrent Liabilities [Member] | Commodity contracts [Member] | Designated as hedging instruments [Member] | ||
Fair value of derivative instruments [Line Items] | ||
Derivatives Instruments, Liabilities | 0 | 0 |
Other Noncurrent Liabilities [Member] | Commodity contracts [Member] | Not designated as hedging instruments [Member] | ||
Fair value of derivative instruments [Line Items] | ||
Derivatives Instruments, Liabilities | 3.8 | 0 |
Other Noncurrent Liabilities [Member] | Interest rate contract [Member] | Designated as hedging instruments [Member] | ||
Fair value of derivative instruments [Line Items] | ||
Derivatives Instruments, Liabilities | 0 | 3.1 |
Other Noncurrent Liabilities [Member] | Foreign currency exchange contracts [Member] | Not designated as hedging instruments [Member] | ||
Fair value of derivative instruments [Line Items] | ||
Derivatives Instruments, Liabilities | $ 0 | $ 0 |
Derivative Financial Instrume68
Derivative Financial Instruments (Details 1) - USD ($) $ in Millions | 12 Months Ended | ||
Apr. 30, 2015 | Apr. 30, 2014 | Apr. 30, 2013 | |
Cash flow hedging derivative instruments gain (loss) | |||
(Losses) gains recognized in other comprehensive (loss) income (effective portion) | $ (4) | $ 21 | |
Change in accumulated other comprehensive loss | (32.5) | 41.9 | |
Cash Flow Hedging [Member] | Commodity Contracts [Member] | Cost of Products Sold [Member] | |||
Cash flow hedging derivative instruments gain (loss) | |||
Gains (losses) reclassified from accumulated other comprehensive loss to earnings (effective portion) | 29.1 | (20.3) | $ (39.6) |
Gains (losses) recognized in earnings (ineffective portion) | 0 | 1.4 | |
Cash Flow Hedging [Member] | Interest Rate Contract [Member] | Interest Expense [Member] | |||
Cash flow hedging derivative instruments gain (loss) | |||
Gains (losses) recognized in earnings (ineffective portion) | (0.1) | 0 | |
Fair Value Hedging [Member] | Interest Rate Contract [Member] | Interest Expense [Member] | |||
Cash flow hedging derivative instruments gain (loss) | |||
Gains (losses) reclassified from accumulated other comprehensive loss to earnings (effective portion) | $ (0.6) | $ (0.6) | $ (0.5) |
Derivative Financial Instrume69
Derivative Financial Instruments (Details 2) - USD ($) $ in Millions | 12 Months Ended | |
Apr. 30, 2015 | Apr. 30, 2014 | |
Gains and losses recognized in cost of products sold on derivatives not designated as qualified hedging instruments | ||
Total gains (losses) recognized in cost of products sold | $ (39.7) | $ 8.5 |
Commodity Contracts [Member] | ||
Gains and losses recognized in cost of products sold on derivatives not designated as qualified hedging instruments | ||
Total gains (losses) recognized in cost of products sold | (48.5) | 5.2 |
Foreign currency exchange contracts [Member] | ||
Gains and losses recognized in cost of products sold on derivatives not designated as qualified hedging instruments | ||
Total gains (losses) recognized in cost of products sold | $ 8.8 | $ 3.3 |
Derivative Financial Instrume70
Derivative Financial Instruments (Details 3) - USD ($) $ in Millions | 12 Months Ended | ||
Apr. 30, 2015 | Apr. 30, 2014 | Apr. 30, 2013 | |
Unallocated Derivative Gains (Losses) | |||
Net (losses) gains on mark-to-market valuation of unallocated derivative positions | $ (39.7) | $ 8.5 | |
Net losses (gains) on derivative positions reclassified to segment operating profit | 15.2 | (3.2) | |
Net mark-to-market valuation of certain derivative positions recognized in unallocated derivative (losses) gains | $ (24.5) | $ 5.3 | $ 6.6 |
Derivative Financial Instrume71
Derivative Financial Instruments (Details 4) - USD ($) $ in Millions | Apr. 30, 2015 | Feb. 02, 2015 | Apr. 30, 2014 |
Commodity contracts [Member] | |||
Outstanding derivative contracts | |||
Gross contract notional amount | $ 640.6 | $ 790.3 | |
Foreign currency exchange contracts [Member] | |||
Outstanding derivative contracts | |||
Gross contract notional amount | 136.4 | 158.1 | |
Interest rate contract [Member] | |||
Outstanding derivative contracts | |||
Gross contract notional amount | $ 0 | $ 1,100 | $ 750 |
Derivative Financial Instrume72
Derivative Financial Instruments (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Apr. 30, 2015 | Feb. 02, 2015 | Apr. 30, 2014 | |
Derivative Financial Instruments (Additional Textual) [Abstract] | |||
Cash margin accounts related to derivative instruments recognized | $ 38.2 | $ 8.1 | |
Amortization of loss on contract termination to be recognized in interest expense in years 2026 through 2045 | 0.2 | ||
Cumulative realized net mark to market valuation of certain derivative positions recognized in unallocated derivative gains (losses) | 13.9 | ||
Cumulative net mark to market valuation of certain derivative positions recognized in unallocated derivative gains losses | (20.4) | ||
Cash Flow Hedging [Member] | |||
Derivative Financial Instruments (Textual) [Abstract] | |||
Gain (loss) on early termination agreement | (4) | ||
Fair Value Hedging [Member] | |||
Derivative Financial Instruments (Textual) [Abstract] | |||
Gain (loss) on early termination agreement | $ 58.1 | ||
Minimum [Member] | |||
Derivative Financial Instruments (Textual) [Abstract] | |||
Expected maturity tenor | 10 years | ||
Mid Range [Member] | |||
Derivative Financial Instruments (Textual) [Abstract] | |||
Expected maturity tenor | 20 years | ||
Maximum [Member] | |||
Derivative Financial Instruments (Textual) [Abstract] | |||
Expected maturity tenor | 30 years | ||
3.50% Senior Notes due October 15, 2021 [Member] | |||
Debt Instrument [Line Items] | |||
Interest rate on notes | 3.50% | ||
Foreign currency exchange contracts [Member] | |||
Derivative Financial Instruments (Textual) [Abstract] | |||
Derivative instrument maturity | 1 year | ||
Derivative Financial Instruments (Additional Textual) [Abstract] | |||
Gross contract notional amount | $ 136.4 | 158.1 | |
Interest rate contract [Member] | |||
Derivative Financial Instruments (Textual) [Abstract] | |||
Interest receivable | 4.6 | ||
Derivative Financial Instruments (Additional Textual) [Abstract] | |||
Gross contract notional amount | 0 | $ 1,100 | 750 |
Interest rate contract [Member] | Cash Flow Hedging [Member] | |||
Derivative Financial Instruments (Textual) [Abstract] | |||
Deferred pre-tax net gain (loss) included in accumulated other comprehensive loss | (8.2) | (4.8) | |
Tax impact related to deferred losses and gains on cash flow hedges included in accumulated other comprehensive loss | 2.9 | 1.7 | |
Effective portion of the hedge loss reclassified to interest expense over the next twelve months | $ (0.6) | ||
Commodity contracts [Member] | |||
Derivative Financial Instruments (Textual) [Abstract] | |||
Derivative instrument maturity | 1 year | ||
Derivative Financial Instruments (Additional Textual) [Abstract] | |||
Gross contract notional amount | $ 640.6 | 790.3 | |
Commodity contracts [Member] | Cash Flow Hedging [Member] | |||
Derivative Financial Instruments (Textual) [Abstract] | |||
Deferred pre-tax net gain (loss) included in accumulated other comprehensive loss | 0 | 29.1 | |
Tax impact related to deferred losses and gains on cash flow hedges included in accumulated other comprehensive loss | 0 | $ (10.8) | |
Fiscal Year Two Thousand Sixteen [Member] | |||
Derivative Financial Instruments (Textual) [Abstract] | |||
Amortization of deferred gain on early termination agreement | 7.4 | ||
Fiscal Year Two Thousand Seventeen [Member] | |||
Derivative Financial Instruments (Textual) [Abstract] | |||
Amortization of deferred gain on early termination agreement | 7.6 | ||
Fiscal Year Two Thousand Eighteen [Member] | |||
Derivative Financial Instruments (Textual) [Abstract] | |||
Amortization of deferred gain on early termination agreement | 7.8 | ||
Fiscal Year Two Thousand Nineteen [Member] | |||
Derivative Financial Instruments (Textual) [Abstract] | |||
Amortization of deferred gain on early termination agreement | 8 | ||
Fiscal Year Two Thousand Twenty [Member] | |||
Derivative Financial Instruments (Textual) [Abstract] | |||
Amortization of deferred gain on early termination agreement | 8.1 | ||
Fiscal Year Two Thousand Twenty One [Member] | |||
Derivative Financial Instruments (Textual) [Abstract] | |||
Amortization of deferred gain on early termination agreement | 8.4 | ||
Fiscal Year Two Thousand Twenty Two [Member] | |||
Derivative Financial Instruments (Textual) [Abstract] | |||
Amortization of deferred gain on early termination agreement | $ 4 |
Other Financial Instruments a73
Other Financial Instruments and Fair Value Measurements (Details) - USD ($) $ in Millions | Apr. 30, 2015 | Apr. 30, 2014 |
Carrying amount and fair value of financial instruments | ||
Other investments | $ 48.4 | $ 55.4 |
Long-term debt | (5,944.9) | (1,973.1) |
Carrying Amount [Member] | ||
Carrying amount and fair value of financial instruments | ||
Other investments | 48.4 | 55.4 |
Derivatives financial instruments - net | (17.3) | 33.9 |
Long-term debt | (5,944.9) | (1,973.1) |
Fair Value [Member] | ||
Carrying amount and fair value of financial instruments | ||
Other investments | 48.4 | 55.4 |
Derivatives financial instruments - net | (17.3) | 33.9 |
Long-term debt | $ (6,011.3) | $ (2,239.1) |
Other Financial Instruments a74
Other Financial Instruments and Fair Value Measurements (Details 1) - USD ($) $ in Millions | Apr. 30, 2015 | Apr. 30, 2014 | |
Financial assets (liabilities) measured at fair value on a recurring basis | |||
Other investments | [1] | $ 9.7 | $ 12 |
Municipal obligations [Member] | |||
Financial assets (liabilities) measured at fair value on a recurring basis | |||
Other investments | [1] | 37.9 | 34.4 |
Money Market Funds [Member] | |||
Financial assets (liabilities) measured at fair value on a recurring basis | |||
Other investments | [1] | 0.8 | 9 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Equity mutual funds [Member] | |||
Financial assets (liabilities) measured at fair value on a recurring basis | |||
Other investments | [1] | 9.7 | 12 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Municipal obligations [Member] | |||
Financial assets (liabilities) measured at fair value on a recurring basis | |||
Other investments | [1] | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Money Market Funds [Member] | |||
Financial assets (liabilities) measured at fair value on a recurring basis | |||
Other investments | [1] | 0.8 | 9 |
Significant Observable Inputs (Level 2) [Member] | Equity mutual funds [Member] | |||
Financial assets (liabilities) measured at fair value on a recurring basis | |||
Other investments | [1] | 0 | 0 |
Significant Observable Inputs (Level 2) [Member] | Municipal obligations [Member] | |||
Financial assets (liabilities) measured at fair value on a recurring basis | |||
Other investments | [1] | 37.9 | 34.4 |
Significant Observable Inputs (Level 2) [Member] | Money Market Funds [Member] | |||
Financial assets (liabilities) measured at fair value on a recurring basis | |||
Other investments | [1] | 0 | 0 |
Significant Unobservable Inputs (Level 3) [Member] | Equity mutual funds [Member] | |||
Financial assets (liabilities) measured at fair value on a recurring basis | |||
Other investments | [1] | 0 | 0 |
Significant Unobservable Inputs (Level 3) [Member] | Municipal obligations [Member] | |||
Financial assets (liabilities) measured at fair value on a recurring basis | |||
Other investments | [1] | 0 | 0 |
Significant Unobservable Inputs (Level 3) [Member] | Money Market Funds [Member] | |||
Financial assets (liabilities) measured at fair value on a recurring basis | |||
Other investments | [1] | 0 | 0 |
Fair value measurements recurring [Member] | |||
Financial assets (liabilities) measured at fair value on a recurring basis | |||
Long-term debt | [2] | (6,011.3) | (2,239.1) |
Total financial instruments measured at fair value | (5,980.2) | (2,149.8) | |
Fair value measurements recurring [Member] | Commodity contracts - net [Member] | |||
Financial assets (liabilities) measured at fair value on a recurring basis | |||
Derivatives | [3] | (21.1) | 18.3 |
Fair value measurements recurring [Member] | Foreign currency exchange contracts - net [Member] | |||
Financial assets (liabilities) measured at fair value on a recurring basis | |||
Derivatives | [3] | 3.8 | 0.7 |
Fair value measurements recurring [Member] | Interest rate contract - net [Member] | |||
Financial assets (liabilities) measured at fair value on a recurring basis | |||
Derivatives | [3] | 0 | 14.9 |
Fair value measurements recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||
Financial assets (liabilities) measured at fair value on a recurring basis | |||
Long-term debt | [2] | (4,459) | (772) |
Total financial instruments measured at fair value | (4,461.1) | (737.5) | |
Fair value measurements recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Commodity contracts - net [Member] | |||
Financial assets (liabilities) measured at fair value on a recurring basis | |||
Derivatives | [3] | (12.4) | 13.5 |
Fair value measurements recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Foreign currency exchange contracts - net [Member] | |||
Financial assets (liabilities) measured at fair value on a recurring basis | |||
Derivatives | [3] | (0.2) | 0 |
Fair value measurements recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Interest rate contract - net [Member] | |||
Financial assets (liabilities) measured at fair value on a recurring basis | |||
Derivatives | [3] | 0 | 0 |
Fair value measurements recurring [Member] | Significant Observable Inputs (Level 2) [Member] | |||
Financial assets (liabilities) measured at fair value on a recurring basis | |||
Long-term debt | [2] | (1,552.3) | (1,467.1) |
Total financial instruments measured at fair value | (1,519.1) | (1,412.3) | |
Fair value measurements recurring [Member] | Significant Observable Inputs (Level 2) [Member] | Commodity contracts - net [Member] | |||
Financial assets (liabilities) measured at fair value on a recurring basis | |||
Derivatives | [3] | (8.7) | 4.8 |
Fair value measurements recurring [Member] | Significant Observable Inputs (Level 2) [Member] | Foreign currency exchange contracts - net [Member] | |||
Financial assets (liabilities) measured at fair value on a recurring basis | |||
Derivatives | [3] | 4 | 0.7 |
Fair value measurements recurring [Member] | Significant Observable Inputs (Level 2) [Member] | Interest rate contract - net [Member] | |||
Financial assets (liabilities) measured at fair value on a recurring basis | |||
Derivatives | [3] | 0 | 14.9 |
Fair value measurements recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Financial assets (liabilities) measured at fair value on a recurring basis | |||
Long-term debt | [2] | 0 | 0 |
Total financial instruments measured at fair value | 0 | 0 | |
Fair value measurements recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Commodity contracts - net [Member] | |||
Financial assets (liabilities) measured at fair value on a recurring basis | |||
Derivatives | [3] | 0 | 0 |
Fair value measurements recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Foreign currency exchange contracts - net [Member] | |||
Financial assets (liabilities) measured at fair value on a recurring basis | |||
Derivatives | [3] | 0 | 0 |
Fair value measurements recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Interest rate contract - net [Member] | |||
Financial assets (liabilities) measured at fair value on a recurring basis | |||
Derivatives | [3] | $ 0 | $ 0 |
[1] | Other investments consist of funds maintained for the payment of benefits associated with nonqualified retirement plans. The funds include equity securities listed in active markets, municipal obligations valued by a third party using valuation techniques that utilize inputs that are derived principally from or corroborated by observable market data, and money market funds with maturities of three months or less. Based on the short-term nature of these money market funds, carrying value approximates fair value. As of April 30, 2015, our municipal obligations are scheduled to mature as follows: $0.9 in 2016, $1.3 in 2017, $1.1 in 2018, $3.0 in 2019, and the remaining $31.6 in 2020 and beyond. For additional information, see Marketable Securities and Other Investments in Note 1: Accounting Policies. | ||
[2] | Long-term debt is comprised of $750.0 in public Senior Notes and the $3.7 billion Senior Notes issued in 2015 classified as Level 1 and the Term Loan classified as Level 2 in 2015. Long-term debt is comprised of public Senior Notes classified as Level 1 and private Senior Notes classified as Level 2 in 2014. The public Senior Notes are traded in an active secondary market and valued using quoted prices. The value of the private Senior Notes and Term Loan are based on the net present value of each interest and principal payment calculated, utilizing an interest rate derived from a fair market yield curve for private Senior Notes or an estimated yield curve obtained from independent pricing sources for similar types of term loan borrowing arrangements. For additional information, see Note 6: Debt and Financing Arrangements. | ||
[3] | Level 1 commodity contract and foreign currency exchange derivatives are valued using quoted market prices for identical instruments in active markets. Level 2 commodity contract and foreign currency exchange derivatives are valued using quoted prices for similar assets or liabilities in active markets. The Level 2 interest rate contract derivative is valued using the income approach, observable Level 2 market expectations at the measurement date, and standard valuation techniques to convert future amounts to a single discounted present value. Level 2 inputs for the interest rate contract are limited to quoted prices for similar assets or liabilities in active markets and inputs other than quoted prices that are observable for the asset or liability. For additional information, see Note 8: Derivative Financial Instruments. |
Other Financial Instruments a75
Other Financial Instruments and Fair Value Measurements (Details Textual) - USD ($) $ in Millions | 12 Months Ended | |||
Apr. 30, 2015 | Mar. 20, 2015 | Feb. 02, 2015 | Apr. 30, 2014 | |
Other Financial Instruments and Fair Value Measurements (Textual) [Abstract] | ||||
Company's Municipal bond mature in 2016 | $ 0.9 | |||
Company's Municipal bond mature in 2017 | 1.3 | |||
Company's Municipal bond mature in 2018 | 1.1 | |||
Company's Municipal bond mature in 2019 | 3 | |||
Company's Municipal bond mature in 2020 and beyond | $ 31.6 | |||
Money market funds maturity period | Three months of less | |||
Debt Instrument, Face Amount | $ 3,700 | |||
Interest rate contract [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gross contract notional amount | $ 0 | $ 1,100 | $ 750 |
Share-Based Payments (Details)
Share-Based Payments (Details) - 12 months ended Apr. 30, 2015 | Total |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Expected volatility (%) | 25.00% |
Dividend yield (%) | 2.20% |
Risk-free interest rate (%) | 1.50% |
Expected life of stock option (years) | 5 years 7 months |
Share-Based Payments (Details 1
Share-Based Payments (Details 1) - Apr. 30, 2015 - $ / shares | Total |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Outstanding at May 1, 2014, number of options | 33,667 |
Outstanding at May 1, 2014, weighted average exercise price | $ 44.50 |
Granted, number of options | 955,000 |
Granted, weighted average exercise price | $ 112.59 |
Exercised, number of options | 31,667 |
Exercised, weighted average exercise price | $ 44.29 |
Outstanding at April 30, 2015, number of options | 957,000 |
Outstanding at April 30, 2015, weighted average exercise price | $ 112.45 |
Exercisable at April 30, 2015, number of options | 2,000 |
Exercisable at April 30, 2015, weighted average exercise price | $ 47.78 |
Share-Based Payments (Details 2
Share-Based Payments (Details 2) - $ / shares | 12 Months Ended | ||
Apr. 30, 2015 | Apr. 30, 2014 | Apr. 30, 2013 | |
Restricted Shares and Deferred Stock Units [Member] | |||
Summary of the Company's Restricted shares Deferred stock units and performance units | |||
Beginning Balance, Restricted Shares and Deferred Stock Units and Performance Units | 839,188 | ||
Beginning Balance, Weighted Average Grant Date Fair Value, in USD per share | $ 76.54 | ||
Granted Restricted Shares and Deferred Stock Units and Performance Units | 109,091 | 167,134 | 109,770 |
Granted Weighted Average Grant Date Fair Value, in USD per share | $ 104.82 | $ 101.08 | $ 76.37 |
Converted Restricted Shares and Deferred Stock Units and Performance Units | 101,020 | ||
Converted Weighted Average Grant Date Fair Value, in USD per share | $ 104.91 | ||
Vested Restricted Shares and Deferred Stock Units and Performance Units | (416,328) | ||
Vested Weighted Average Grant Date Fair Value, in USD per share | $ 68.59 | ||
Forfeited Restricted Shares and Deferred Stock Units and Performance Units | (36,082) | ||
Forfeited Weighted Average Grant Date Fair Value, in USD per share | $ 90.65 | ||
Ending Balance, Restricted Shares and Deferred Stock Units and Performance Units | 596,889 | 839,188 | |
Ending Balance, Weighted Average Grant Date Fair Value, in USD per share | $ 91.21 | $ 76.54 | |
Performance Units [Member] | |||
Summary of the Company's Restricted shares Deferred stock units and performance units | |||
Beginning Balance, Restricted Shares and Deferred Stock Units and Performance Units | 101,020 | ||
Beginning Balance, Weighted Average Conversion Date Fair Value, in USD per share | $ 104.91 | ||
Granted Restricted Shares and Deferred Stock Units and Performance Units | 75,848 | 101,020 | 106,666 |
Granted Weighted Average Conversion Date Fair Value, in USD per share | $ 111.41 | $ 104.91 | $ 100.54 |
Converted Restricted Shares and Deferred Stock Units and Performance Units | (101,020) | ||
Converted Weighted Average Conversion Date Fair Value, in USD per share | $ 104.91 | ||
Vested Restricted Shares and Deferred Stock Units and Performance Units | 0 | ||
Vested Weighted Average Conversion Date Fair Value, in USD per share | $ 0 | ||
Forfeited Restricted Shares and Deferred Stock Units and Performance Units | 0 | ||
Forfeited Weighted Average Conversion Date Fair Value, in USD per Share | $ 0 | ||
Ending Balance, Restricted Shares and Deferred Stock Units and Performance Units | 75,848 | 101,020 | |
Ending Balance, Weighted Average Conversion Date Fair Value, in USD per share | $ 111.41 | $ 104.91 |
Share-Based Payments (Details 3
Share-Based Payments (Details 3) - $ / shares | 12 Months Ended | ||
Apr. 30, 2015 | Apr. 30, 2014 | Apr. 30, 2013 | |
Restricted Shares And Deferred Stock Units [Member] | |||
Weighted-average grant date fair values of the equity awards | |||
Granted Restricted Shares and Deferred Stock Units and Performance Units | 109,091 | 167,134 | 109,770 |
Granted Weighted Average Grant Date Fair Value, in USD per share | $ 104.82 | $ 101.08 | $ 76.37 |
Performance Units [Member] | |||
Weighted-average grant date fair values of the equity awards | |||
Granted Restricted Shares and Deferred Stock Units and Performance Units | 75,848 | 101,020 | 106,666 |
Granted Weighted Average Conversion Date Fair Value, in USD per share | $ 111.41 | $ 104.91 | $ 100.54 |
Share-Based Payments (Details T
Share-Based Payments (Details Textual) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Apr. 30, 2015 | Apr. 30, 2014 | Apr. 30, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Compensation costs for stock options | $ 23.5 | $ 22.9 | $ 21.3 |
Related income tax benefit | $ 8 | 7.7 | 7.1 |
Weighted-average period of recognition | 2 years 6 months | ||
Intrinsic value of options exercised | $ 1.9 | 0.8 | 3.4 |
Restricted stock, vesting period (in Years) | 4 years | ||
Fair value of equity awards other than stock options vesting | $ 43.4 | 40.2 | 15.4 |
Options granted in period gross | 955,000 | ||
Outstanding at April 30, 2015, average remaining contractual term | 9 years 11 months | ||
Outstanding at April 30, 2015, aggregate intrinsic value | $ 3.3 | ||
Exercisable at April 30, 2015, average remaining contractual term | 4 months | ||
Exercisable at April 30, 2015, aggregate intrinsic value | $ 0.1 | ||
Closing market price | $ 115.92 | ||
Unrecognized compensation expense | $ 18.5 | ||
Cash received from option exercises | $ 0.8 | 0.5 | 2.2 |
Shares available for future issuance | 5,820,288 | ||
Equity instruments other than options vested in period weighted average grant date fair value total value | $ 28.6 | $ 20.8 | $ 11.8 |
2015 Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Option contractual term | 10 years | ||
Weighted average fair value of stock options granted | $ 21.68 | ||
2015 Options [Member] | Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Requisite service and performance period for share based payments | 1 year | ||
2015 Options [Member] | Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Requisite service and performance period for share based payments | 3 years | ||
Employee Stock Option [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Compensation costs for stock options | $ 1.2 | ||
Related income tax benefit | $ 0.4 | ||
Weighted-average period of recognition | 2 years |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Apr. 30, 2015 | Apr. 30, 2014 | Apr. 30, 2013 | |
Income (loss) before income taxes | |||
Domestic | $ 500.7 | $ 827.4 | $ 791.9 |
Foreign | 22.3 | 22.3 | 25.4 |
Income Before Income Taxes | $ 523 | $ 849.7 | $ 817.3 |
Income Taxes (Details 1)
Income Taxes (Details 1) - USD ($) $ in Millions | 12 Months Ended | ||
Apr. 30, 2015 | Apr. 30, 2014 | Apr. 30, 2013 | |
Current: | |||
Federal | $ 147.8 | $ 265.4 | $ 262.1 |
Foreign | 4.7 | 4.2 | 6.1 |
State and local | 17.9 | 22.9 | 20.5 |
Deferred: | |||
Federal | 2.3 | (13.9) | (15.6) |
Foreign | 0.5 | 2.4 | 0.9 |
State and local | 4.9 | 3.5 | (0.9) |
Total income tax expense | $ 178.1 | $ 284.5 | $ 273.1 |
Income Taxes (Details 2)
Income Taxes (Details 2) - USD ($) $ in Millions | 12 Months Ended | ||
Apr. 30, 2015 | Apr. 30, 2014 | Apr. 30, 2013 | |
Percent of Pretax Income | |||
Statutory federal income tax rate | 35.00% | 35.00% | 35.00% |
State and local income taxes | 2.40% | 1.90% | 1.80% |
Domestic manufacturing deduction | (2.90%) | (3.00%) | (3.10%) |
Other items - net | (0.40%) | (0.40%) | (0.30%) |
Effective income tax rate | 34.10% | 33.50% | 33.40% |
Income taxes paid | $ 199.3 | $ 294.4 | $ 279.2 |
Income Taxes (Details 3)
Income Taxes (Details 3) - USD ($) $ in Millions | Apr. 30, 2015 | Apr. 30, 2014 |
Deferred tax liabilities: | ||
Intangible assets | $ 2,499.4 | $ 1,028.7 |
Property, plant, and equipment | 158 | 94.5 |
Other | 9.6 | 19.4 |
Total deferred tax liabilities | 2,667 | 1,142.6 |
Deferred tax assets: | ||
Post-employment and other employee benefits | 143.4 | 103.3 |
Tax credit and loss carryforwards | 44.8 | 0 |
Intangible assets | 22.1 | 7.6 |
Inventory | 11.6 | 0 |
Property, plant, and equipment | 19.4 | 0 |
Other | 32.9 | 29.8 |
Total deferred tax assets | 274.2 | 140.7 |
Valuation allowance for deferred tax assets | (4.2) | 0 |
Total deferred tax assets, less allowance | 270 | 140.7 |
Net deferred tax liability | $ 2,397 | $ 1,001.9 |
Income Taxes (Details 4)
Income Taxes (Details 4) - Apr. 30, 2015 - USD ($) $ in Millions | Total |
Schedule Of Tax Carryforwards [Line Items] | |
Related tax deduction on operating loss and tax credit carryforwards | $ 224 |
Deferred tax asset on operating loss and tax credit carryforwards | 44.8 |
Valuation allowance on operating loss and tax credit carryforwards | 4.2 |
Federal [Member] | |
Schedule Of Tax Carryforwards [Line Items] | |
Related tax deduction on operating loss carryforward | 104.6 |
Related tax deduction on tax credit carryforward | 0 |
Deferred tax asset related to an operating loss carryforward | 36.6 |
Deferred tax assets related to tax carryforwards | 0.5 |
Valuation allowance on operating loss carryforward | 4.2 |
Valuation allowance on tax credit carryforward | $ 0 |
Expiration date on operating loss carryforward | Apr. 30, 2035 |
Expiration date on tax credit carryforward | Apr. 30, 2035 |
State [Member] | |
Schedule Of Tax Carryforwards [Line Items] | |
Related tax deduction on operating loss carryforward | $ 119.4 |
Related tax deduction on tax credit carryforward | 0 |
Deferred tax asset related to an operating loss carryforward | 5.9 |
Deferred tax assets related to tax carryforwards | 1.8 |
Valuation allowance on operating loss carryforward | 0 |
Valuation allowance on tax credit carryforward | $ 0 |
Expiration date on tax credit carryforward | Apr. 30, 2021 |
State [Member] | Maximum [Member] | |
Schedule Of Tax Carryforwards [Line Items] | |
Expiration date on operating loss carryforward | Apr. 30, 2035 |
State [Member] | Minimum [Member] | |
Schedule Of Tax Carryforwards [Line Items] | |
Expiration date on operating loss carryforward | Apr. 30, 2020 |
Income Taxes (Details 5)
Income Taxes (Details 5) - USD ($) $ in Millions | 12 Months Ended | ||
Apr. 30, 2015 | Apr. 30, 2014 | Apr. 30, 2013 | |
Reconciliation of unrecognized tax benefits | |||
Balance at May 1, | $ 29.1 | $ 29.7 | $ 24 |
Increases: | |||
Current year tax positions | 2.4 | 5.1 | 4.8 |
Prior year tax positions | 1.2 | 0.1 | 2.5 |
Acquired businesses | 13.4 | 0 | 0 |
Decreases: | |||
Prior year tax positions | 0.4 | 1.6 | 0.2 |
Settlement with tax authorities | 0 | 1.5 | 1 |
Expiration of statute of limitations periods | 0.7 | 2.7 | 0.4 |
Balance at April 30, | $ 45 | $ 29.1 | $ 29.7 |
Income Taxes (Details Textual)
Income Taxes (Details Textual) - USD ($) $ in Millions | 12 Months Ended | |||
Apr. 30, 2015 | Apr. 30, 2014 | Apr. 30, 2013 | Apr. 30, 2012 | |
Income Taxes (Additional Textual) [Abstract] | ||||
Undistributed earnings of foreign subsidiaries on which deferred income taxes not provided | $ 248.6 | |||
Time period over which it is reasonably possible that the Company could decrease its unrecognized tax benefits | 12 months | |||
Amount unrecognized tax benefit could decrease in next 12 months | $ 2.1 | |||
Company's unrecognized tax benefits | 45 | $ 29.1 | $ 29.7 | $ 24 |
Unrecognized tax benefits that would affect the effective tax rate | 32.2 | 19.5 | 20.6 | |
Tax-related net interest and penalties | 3.4 | 2 | 2 | |
Interest charged to earnings | 0.7 | $ 0.1 | $ 0.3 | |
Federal [Member] | ||||
Schedule Of Tax Carryforwards [Line Items] | ||||
Valuation allowance on operating loss carryforward | $ 4.2 |
Accumulated Other Comprehensi88
Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Apr. 30, 2015 | Apr. 30, 2014 | Apr. 30, 2013 | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Accumulated Other Comprehensive (Loss) Income, Beginning Balance | $ (51.6) | $ (76.6) | $ (84) | |
Reclassification adjustments | (18.7) | 30.5 | 60.5 | |
Current period (charge) credit | (54.3) | 24.5 | (46.4) | |
Income tax benefit (expense) | 14.8 | (30) | (6.7) | |
Accumulated Other Comprehensive (Loss) Income, Ending Balance | (109.8) | (51.6) | (76.6) | |
Foreign Currency Translation Adjustment [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Accumulated Other Comprehensive (Loss) Income, Beginning Balance | 31.7 | 61.5 | 67 | |
Reclassification adjustments | 0 | 0 | 0 | |
Current period (charge) credit | (34) | (29.8) | (5.5) | |
Income tax benefit (expense) | 0 | 0 | 0 | |
Accumulated Other Comprehensive (Loss) Income, Ending Balance | (2.3) | 31.7 | 61.5 | |
Unrealized (Loss) Gain on Cash Flow Hedging Derivatives [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Accumulated Other Comprehensive (Loss) Income, Beginning Balance | [1] | 15.3 | (11.2) | (19.2) |
Reclassification adjustments | [1] | (28.5) | 20.9 | 40.1 |
Current period (charge) credit | [1] | (4) | 21 | (27.5) |
Income tax benefit (expense) | [1] | 12 | (15.4) | (4.6) |
Accumulated Other Comprehensive (Loss) Income, Ending Balance | [1] | (5.2) | 15.3 | (11.2) |
Pension and Other Postretirement Liabilities [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Accumulated Other Comprehensive (Loss) Income, Beginning Balance | [2] | (102) | (131.4) | (134.3) |
Reclassification adjustments | [2] | 9.8 | 13.3 | 20.4 |
Current period (charge) credit | [2] | (16.2) | 31.4 | (16.5) |
Income tax benefit (expense) | [2] | 2.8 | (15.3) | (1) |
Accumulated Other Comprehensive (Loss) Income, Ending Balance | [2] | (105.6) | (102) | (131.4) |
Unrealized Gain On Available-for-Sale Securities [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Accumulated Other Comprehensive (Loss) Income, Beginning Balance | [3] | 3.4 | 4.5 | 2.5 |
Reclassification adjustments | [3] | 0 | (3.7) | 0 |
Current period (charge) credit | [3] | (0.1) | 1.9 | 3.1 |
Income tax benefit (expense) | [3] | 0 | 0.7 | (1.1) |
Accumulated Other Comprehensive (Loss) Income, Ending Balance | [3] | 3.3 | 3.4 | 4.5 |
Interest rate contract [Member] | Fair Value Hedging [Member] | Interest Expense [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gains (losses) reclassified from accumulated other comprehensive loss to earnings (effective portion) | (0.6) | (0.6) | (0.5) | |
Commodity contracts [Member] | Cash Flow Hedging [Member] | Cost of Products Sold [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gains (losses) reclassified from accumulated other comprehensive loss to earnings (effective portion) | $ 29.1 | $ (20.3) | $ (39.6) | |
[1] | Of the total reclassification adjustments from accumulated other comprehensive loss, $29.1 of income and $20.3 and $39.6 of expense were reclassified to cost of products sold related to commodity derivatives during 2015, 2014, and 2013, respectively. An additional $0.6 during 2015 and 2014, and $0.5 during 2013 was reclassified to interest expense related to the interest rate swap. At April 30, 2015, the remaining balance in accumulated other comprehensive loss related entirely to the interest rate swap. | |||
[2] | Amortization of net losses was reclassified from accumulated other comprehensive loss to selling, distribution, and administrative expenses. | |||
[3] | The gain on the sale of marketable securities was reclassified from accumulated other comprehensive loss to other income net during 2014. |
Restructuring (Details)
Restructuring (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Apr. 30, 2015 | Apr. 30, 2014 | Apr. 30, 2013 | |
Restructuring and Related Charges: | |||
Total restructuring charge | $ 263.8 | ||
Beginning Balance | 1.7 | $ 7.7 | $ 8.8 |
Charge to expense | 15.4 | 20.8 | 38.8 |
Cash payments | (16.5) | (23.9) | (31.7) |
Noncash utilization | (0.1) | (2.9) | (8.2) |
Ending Balance | 0.5 | 1.7 | 7.7 |
Long-Lived Asset Charges [Member] | |||
Restructuring and Related Charges: | |||
Total restructuring charge | 102.7 | ||
Beginning Balance | 0 | 0 | 0 |
Charge to expense | 0.1 | 2.7 | 8.2 |
Cash payments | 0 | 0 | 0 |
Noncash utilization | (0.1) | (2.7) | (8.2) |
Ending Balance | 0 | 0 | 0 |
Employee Separation [Member] | |||
Restructuring and Related Charges: | |||
Total restructuring charge | 64 | ||
Beginning Balance | 1.7 | 7.7 | 8.8 |
Charge to expense | 0.5 | 2.6 | 3.4 |
Cash payments | (1.7) | (8.4) | (4.5) |
Noncash utilization | 0 | (0.2) | 0 |
Ending Balance | 0.5 | 1.7 | 7.7 |
Site Preparation and Equipment Relocation [Member] | |||
Restructuring and Related Charges: | |||
Total restructuring charge | 45.5 | ||
Beginning Balance | 0 | 0 | 0 |
Charge to expense | 5.3 | 7.2 | 13.4 |
Cash payments | (5.3) | (7.2) | (13.4) |
Noncash utilization | 0 | 0 | 0 |
Ending Balance | 0 | 0 | 0 |
Production Start-up [Member] | |||
Restructuring and Related Charges: | |||
Total restructuring charge | 42.2 | ||
Beginning Balance | 0 | 0 | 0 |
Charge to expense | 8.4 | 7.2 | 10.8 |
Cash payments | (8.4) | (7.2) | (10.8) |
Noncash utilization | 0 | 0 | 0 |
Ending Balance | 0 | 0 | 0 |
Other Costs [Member] | |||
Restructuring and Related Charges: | |||
Total restructuring charge | 9.4 | ||
Beginning Balance | 0 | 0 | 0 |
Charge to expense | 1.1 | 1.1 | 3 |
Cash payments | (1.1) | (1.1) | (3) |
Noncash utilization | 0 | 0 | 0 |
Ending Balance | $ 0 | $ 0 | $ 0 |
Restructuring (Details Textual)
Restructuring (Details Textual) $ in Millions | 12 Months Ended | ||
Apr. 30, 2015USD ($)Position | Apr. 30, 2014USD ($) | Apr. 30, 2013USD ($) | |
Restructuring (Textual) [Abstract] | |||
Restructuring costs incurred announcement-to-date | $ 263.8 | ||
Reduction in positions due to restructuring | Position | 850 | ||
Total restructuring charges | $ 15.4 | $ 20.8 | $ 38.8 |
Cost of products sold - restructuring and merger and integration | $ 1.1 | $ 5.1 | $ 10 |
Contingencies (Details Textual)
Contingencies (Details Textual) - Apr. 30, 2015 - Big Heart [Member] - USD ($) $ in Millions | Total |
Loss Contingencies [Line Items] | |
Business acquisition consideration given | $ 5,905.7 |
Pending Litigation [Member] | |
Loss Contingencies [Line Items] | |
Business acquisition consideration given | 1,700 |
Initial working capital adjustment received currently in dispute | 110 |
Estimate of possible loss | $ 16.3 |
Guarantor and Non-Guarantor F92
Guarantor and Non-Guarantor Financial Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Apr. 30, 2015 | Apr. 30, 2014 | Apr. 30, 2013 | |
Condensed Statements of Consolidated Income and Comprehensive Income | |||
Net sales | $ 5,692.7 | $ 5,610.6 | $ 5,897.7 |
Cost of products sold | 3,724 | 3,579.6 | 3,870.1 |
Gross Profit | 1,968.7 | 2,031 | 2,027.6 |
Selling, distribution, and administrative expenses and other special project costs | 1,087.9 | 1,014.4 | 1,023.4 |
Amortization | 110.9 | 98.9 | 96.8 |
Other operating income - net | (2.1) | (1.3) | (3) |
Operating Income | 772 | 919 | 910.4 |
Interest (expense) income - net | (79.9) | (79.4) | (93.4) |
Other debt costs | (173.3) | 0 | 0 |
Other income (expense) - net | 4.2 | 10.1 | 0.3 |
Equity in net earnings of subsidiaries | 0 | 0 | 0 |
Income Before Income Taxes | 523 | 849.7 | 817.3 |
Income taxes | 178.1 | 284.5 | 273.1 |
Net Income | 344.9 | 565.2 | 544.2 |
Other comprehensive income, net of tax | (58.2) | 25 | 7.4 |
Comprehensive Income | 286.7 | 590.2 | 551.6 |
Eliminations [Member] | |||
Condensed Statements of Consolidated Income and Comprehensive Income | |||
Net sales | (5,111.7) | (5,432.3) | (5,276.6) |
Cost of products sold | (5,115.4) | (5,428.5) | (5,292.8) |
Gross Profit | 3.7 | (3.8) | 16.2 |
Selling, distribution, and administrative expenses and other special project costs | 0 | 0 | 0 |
Amortization | 0 | 0 | 0 |
Other operating income - net | 0 | 0 | 0 |
Operating Income | 3.7 | (3.8) | 16.2 |
Interest (expense) income - net | 0 | 1.7 | 0 |
Other debt costs | 0 | ||
Other income (expense) - net | 0 | (1.7) | 0 |
Equity in net earnings of subsidiaries | (496.7) | (550.9) | (631.7) |
Income Before Income Taxes | (493) | (554.7) | (615.5) |
Income taxes | 0 | 0 | 0 |
Net Income | (493) | (554.7) | (615.5) |
Other comprehensive income, net of tax | 61.8 | (33.4) | (13.1) |
Comprehensive Income | (431.2) | (588.1) | (628.6) |
The J.M. Smucker Company (Parent) [Member] | |||
Condensed Statements of Consolidated Income and Comprehensive Income | |||
Net sales | 2,998 | 3,162.8 | 4,447.6 |
Cost of products sold | 2,457.8 | 2,573.6 | 3,957.3 |
Gross Profit | 540.2 | 589.2 | 490.3 |
Selling, distribution, and administrative expenses and other special project costs | 234.9 | 197.1 | 199 |
Amortization | 4.2 | 4.2 | 4.8 |
Other operating income - net | 0.3 | (1.3) | (2.7) |
Operating Income | 300.5 | 389.2 | 289.2 |
Interest (expense) income - net | (80.7) | (80.8) | (94.4) |
Other debt costs | (173.3) | ||
Other income (expense) - net | 0.6 | 10.8 | 0.7 |
Equity in net earnings of subsidiaries | 312.6 | 345.1 | 408.6 |
Income Before Income Taxes | 360 | 664.3 | 604.1 |
Income taxes | 15.1 | 99.1 | 59.9 |
Net Income | 344.9 | 565.2 | 544.2 |
Other comprehensive income, net of tax | (58.2) | 25 | 7.4 |
Comprehensive Income | 286.7 | 590.2 | 551.6 |
Subsidiary Guarantors [Member] | |||
Condensed Statements of Consolidated Income and Comprehensive Income | |||
Net sales | 1,184 | 1,278.8 | 1,296.4 |
Cost of products sold | 1,080 | 1,166 | 1,190.6 |
Gross Profit | 104 | 112.8 | 105.8 |
Selling, distribution, and administrative expenses and other special project costs | 53.8 | 47.5 | 42.9 |
Amortization | 0 | 0 | 0 |
Other operating income - net | (2.4) | 0.9 | (2.2) |
Operating Income | 52.6 | 64.4 | 65.1 |
Interest (expense) income - net | 1.2 | 1.2 | 1.2 |
Other debt costs | 0 | ||
Other income (expense) - net | 0.1 | 0 | 1.1 |
Equity in net earnings of subsidiaries | 131.4 | 141.4 | 156.7 |
Income Before Income Taxes | 185.3 | 207 | 224.1 |
Income taxes | 0.4 | 0.4 | 0.4 |
Net Income | 184.9 | 206.6 | 223.7 |
Other comprehensive income, net of tax | (18.5) | 27.4 | 9 |
Comprehensive Income | 166.4 | 234 | 232.7 |
Non-Guarantor Subsidiaries [Member] | |||
Condensed Statements of Consolidated Income and Comprehensive Income | |||
Net sales | 6,622.4 | 6,601.3 | 5,430.3 |
Cost of products sold | 5,301.6 | 5,268.5 | 4,015 |
Gross Profit | 1,320.8 | 1,332.8 | 1,415.3 |
Selling, distribution, and administrative expenses and other special project costs | 799.2 | 769.8 | 781.5 |
Amortization | 106.7 | 94.7 | 92 |
Other operating income - net | 0 | (0.9) | 1.9 |
Operating Income | 414.9 | 469.2 | 539.9 |
Interest (expense) income - net | (0.4) | (1.5) | (0.2) |
Other debt costs | 0 | ||
Other income (expense) - net | 3.5 | 1 | (1.5) |
Equity in net earnings of subsidiaries | 52.7 | 64.4 | 66.4 |
Income Before Income Taxes | 470.7 | 533.1 | 604.6 |
Income taxes | 162.6 | 185 | 212.8 |
Net Income | 308.1 | 348.1 | 391.8 |
Other comprehensive income, net of tax | (43.3) | 6 | 4.1 |
Comprehensive Income | $ 264.8 | $ 354.1 | $ 395.9 |
Guarantor and Non-Guarantor F93
Guarantor and Non-Guarantor Financial Information (Details 1) - USD ($) $ in Millions | Apr. 30, 2015 | Apr. 30, 2014 | Apr. 30, 2013 | Apr. 30, 2012 |
Current Assets | ||||
Cash and cash equivalents | $ 125.6 | $ 153.5 | $ 256.4 | $ 229.7 |
Inventories | 1,163.6 | 931 | ||
Other current assets | 763.1 | 454.6 | ||
Total Current Assets | 2,052.3 | 1,539.1 | ||
Property, Plant, and Equipment - Net | 1,678.3 | 1,265.6 | ||
Investments in Subsidiaries | 0 | 0 | ||
Intercompany Receivable | 0 | 0 | ||
Other Noncurrent Assets | ||||
Goodwill | 6,009.8 | 3,098.2 | 3,052.9 | |
Other intangible assets - net | 6,950.3 | 3,024.3 | ||
Other noncurrent assets | 191.9 | 133 | ||
Total Other Noncurrent Assets | 13,152 | 6,255.5 | ||
Total Assets | 16,882.6 | 9,060.2 | 9,024.1 | |
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||
Current Liabilities | 1,022.6 | 885.8 | ||
Noncurrent Liabilities | ||||
Long-term debt | 5,944.9 | 1,873.1 | ||
Deferred income taxes | 2,473.3 | 1,020.7 | ||
Intercompany payable | 0 | 0 | ||
Other noncurrent liabilities | 354.9 | 251 | ||
Total Noncurrent Liabilities | 8,773.1 | 3,144.8 | ||
Total Liabilities | 9,795.7 | 4,030.6 | ||
Total Shareholders' Equity | 7,086.9 | 5,029.6 | 5,148.8 | 5,163.4 |
Total Liabilities and Shareholders' Equity | 16,882.6 | 9,060.2 | ||
Eliminations [Member] | ||||
Current Assets | ||||
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Inventories | 3.7 | (3.7) | ||
Other current assets | (12.6) | (10.1) | ||
Total Current Assets | (8.9) | (13.8) | ||
Property, Plant, and Equipment - Net | 0 | 0 | ||
Investments in Subsidiaries | (19,062.5) | (12,668.8) | ||
Intercompany Receivable | (438.3) | (1,447.7) | ||
Other Noncurrent Assets | ||||
Goodwill | 0 | 0 | ||
Other intangible assets - net | 0 | 0 | ||
Other noncurrent assets | 0 | 0 | ||
Total Other Noncurrent Assets | 0 | 0 | ||
Total Assets | (19,509.7) | (14,130.3) | ||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||
Current Liabilities | (12.6) | (10.1) | ||
Noncurrent Liabilities | ||||
Long-term debt | 0 | 0 | ||
Deferred income taxes | 0 | 0 | ||
Intercompany payable | (3,080.2) | (2,792.9) | ||
Other noncurrent liabilities | 0 | 0 | ||
Total Noncurrent Liabilities | (3,080.2) | (2,792.9) | ||
Total Liabilities | (3,092.8) | (2,803) | ||
Total Shareholders' Equity | (16,416.9) | (11,327.3) | ||
Total Liabilities and Shareholders' Equity | (19,509.7) | (14,130.3) | ||
The J.M. Smucker Company (Parent) [Member] | ||||
Current Assets | ||||
Cash and cash equivalents | 7.1 | 6.8 | 108 | 108.3 |
Inventories | 0 | 0 | ||
Other current assets | 427.4 | 360.2 | ||
Total Current Assets | 434.5 | 367 | ||
Property, Plant, and Equipment - Net | 258 | 233.6 | ||
Investments in Subsidiaries | 14,610.4 | 8,367.6 | ||
Intercompany Receivable | 0 | 0 | ||
Other Noncurrent Assets | ||||
Goodwill | 1,082 | 1,082 | ||
Other intangible assets - net | 501.1 | 505.5 | ||
Other noncurrent assets | 55.6 | 58.5 | ||
Total Other Noncurrent Assets | 1,638.7 | 1,646 | ||
Total Assets | 16,941.6 | 10,614.2 | ||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||
Current Liabilities | 484 | 590.7 | ||
Noncurrent Liabilities | ||||
Long-term debt | 5,944.9 | 1,873.1 | ||
Deferred income taxes | 106.9 | 107.6 | ||
Intercompany payable | 3,080.2 | 2,792.9 | ||
Other noncurrent liabilities | 238.7 | 220.3 | ||
Total Noncurrent Liabilities | 9,370.7 | 4,993.9 | ||
Total Liabilities | 9,854.7 | 5,584.6 | ||
Total Shareholders' Equity | 7,086.9 | 5,029.6 | ||
Total Liabilities and Shareholders' Equity | 16,941.6 | 10,614.2 | ||
Subsidiary Guarantors [Member] | ||||
Current Assets | ||||
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Inventories | 180.3 | 173.3 | ||
Other current assets | 4.8 | 9.9 | ||
Total Current Assets | 185.1 | 183.2 | ||
Property, Plant, and Equipment - Net | 591.3 | 551.1 | ||
Investments in Subsidiaries | 4,179.7 | 4,063.3 | ||
Intercompany Receivable | 305.2 | 315.5 | ||
Other Noncurrent Assets | ||||
Goodwill | 0 | 0 | ||
Other intangible assets - net | 0 | 0 | ||
Other noncurrent assets | 10.5 | 11.1 | ||
Total Other Noncurrent Assets | 10.5 | 11.1 | ||
Total Assets | 5,271.8 | 5,124.2 | ||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||
Current Liabilities | 82.6 | 103.8 | ||
Noncurrent Liabilities | ||||
Long-term debt | 0 | 0 | ||
Deferred income taxes | 0 | 0 | ||
Intercompany payable | 0 | 0 | ||
Other noncurrent liabilities | 15.2 | 12.8 | ||
Total Noncurrent Liabilities | 15.2 | 12.8 | ||
Total Liabilities | 97.8 | 116.6 | ||
Total Shareholders' Equity | 5,174 | 5,007.6 | ||
Total Liabilities and Shareholders' Equity | 5,271.8 | 5,124.2 | ||
Non-Guarantor Subsidiaries [Member] | ||||
Current Assets | ||||
Cash and cash equivalents | 118.5 | 146.7 | $ 148.4 | $ 121.4 |
Inventories | 979.6 | 761.4 | ||
Other current assets | 343.5 | 94.6 | ||
Total Current Assets | 1,441.6 | 1,002.7 | ||
Property, Plant, and Equipment - Net | 829 | 480.9 | ||
Investments in Subsidiaries | 272.4 | 237.9 | ||
Intercompany Receivable | 133.1 | 1,132.2 | ||
Other Noncurrent Assets | ||||
Goodwill | 4,927.8 | 2,016.2 | ||
Other intangible assets - net | 6,449.2 | 2,518.8 | ||
Other noncurrent assets | 125.8 | 63.4 | ||
Total Other Noncurrent Assets | 11,502.8 | 4,598.4 | ||
Total Assets | 14,178.9 | 7,452.1 | ||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||
Current Liabilities | 468.6 | 201.4 | ||
Noncurrent Liabilities | ||||
Long-term debt | 0 | 0 | ||
Deferred income taxes | 2,366.4 | 913.1 | ||
Intercompany payable | 0 | 0 | ||
Other noncurrent liabilities | 101 | 17.9 | ||
Total Noncurrent Liabilities | 2,467.4 | 931 | ||
Total Liabilities | 2,936 | 1,132.4 | ||
Total Shareholders' Equity | 11,242.9 | 6,319.7 | ||
Total Liabilities and Shareholders' Equity | $ 14,178.9 | $ 7,452.1 |
Guarantor and Non-Guarantor F94
Guarantor and Non-Guarantor Financial Information (Details 2) - USD ($) $ in Millions | 12 Months Ended | ||
Apr. 30, 2015 | Apr. 30, 2014 | Apr. 30, 2013 | |
Condensed Statements of Consolidated Cash Flows | |||
Net Cash Provided by (Used for) Operating Activities | $ 733.2 | $ 856 | $ 855.8 |
INVESTING ACTIVITIES | |||
Businesses acquired, net of cash acquired | (1,320.5) | (101.8) | 0 |
Additions to property, plant, and equipment | (247.7) | (279.5) | (206.5) |
Sales and maturities of marketable securities | 0 | 10 | 0 |
Proceeds from disposal of property, plant, and equipment | 2.6 | 10.7 | 3.3 |
Equity investments in subsidiaries | 0 | 0 | 0 |
Repayments from (disbursements of) intercompany loans | 0 | 0 | 0 |
Other - net | (30.1) | (9.7) | 17.6 |
Net Cash Used for Investing Activities | (1,595.7) | (370.3) | (185.6) |
FINANCING ACTIVITIES | |||
Short-term (repayments) borrowings - net | (22.4) | 248.4 | 0 |
Proceeds from long-term debt | 5,382.5 | 0 | 0 |
Repayments of long-term debt, including make-whole payments | (4,193.9) | (50) | (50) |
Quarterly dividends paid | (254) | (238) | (222.8) |
Purchase of treasury shares | (24.3) | (508.5) | (364.2) |
Proceeds from stock option exercises | 0.8 | 0.5 | 2.2 |
Investments in subsidiaries | 0 | 0 | 0 |
Intercompany payable | 0 | 0 | 0 |
Other - net | (25.5) | (27.9) | (6.2) |
Net Cash Provided by (Used for) Financing Activities | 863.2 | (575.5) | (641) |
Effect of exchange rate changes on cash | (28.6) | (13.1) | (2.5) |
Net (decrease) increase in cash and cash equivalents | (27.9) | (102.9) | 26.7 |
Cash and cash equivalents at beginning of year | 153.5 | 256.4 | 229.7 |
Cash and Cash Equivalents at End of Year | 125.6 | 153.5 | 256.4 |
Eliminations [Member] | |||
Condensed Statements of Consolidated Cash Flows | |||
Net Cash Provided by (Used for) Operating Activities | 0 | 0 | 0 |
INVESTING ACTIVITIES | |||
Businesses acquired, net of cash acquired | 0 | 0 | |
Additions to property, plant, and equipment | 0 | 0 | 0 |
Sales and maturities of marketable securities | 0 | ||
Proceeds from disposal of property, plant, and equipment | 0 | 0 | 0 |
Equity investments in subsidiaries | 2,715.3 | 126 | 177.9 |
Repayments from (disbursements of) intercompany loans | 287.3 | 273.7 | 466.2 |
Other - net | 0 | 0 | 0 |
Net Cash Used for Investing Activities | 3,002.6 | 399.7 | 644.1 |
FINANCING ACTIVITIES | |||
Short-term (repayments) borrowings - net | 0 | 0 | |
Proceeds from long-term debt | 0 | ||
Repayments of long-term debt, including make-whole payments | 0 | 0 | 0 |
Quarterly dividends paid | 0 | 0 | 0 |
Purchase of treasury shares | 0 | 0 | 0 |
Proceeds from stock option exercises | 0 | 0 | 0 |
Investments in subsidiaries | (2,715.3) | (126) | (177.9) |
Intercompany payable | (287.3) | (273.7) | (466.2) |
Other - net | 0 | 0 | 0 |
Net Cash Provided by (Used for) Financing Activities | (3,002.6) | (399.7) | (644.1) |
Effect of exchange rate changes on cash | 0 | 0 | 0 |
Net (decrease) increase in cash and cash equivalents | 0 | 0 | 0 |
Cash and cash equivalents at beginning of year | 0 | 0 | 0 |
Cash and Cash Equivalents at End of Year | 0 | 0 | 0 |
The J.M. Smucker Company (Parent) [Member] | |||
Condensed Statements of Consolidated Cash Flows | |||
Net Cash Provided by (Used for) Operating Activities | 239.2 | 297.8 | 201.7 |
INVESTING ACTIVITIES | |||
Businesses acquired, net of cash acquired | (1,240) | 0 | |
Additions to property, plant, and equipment | (56.3) | (31.1) | (33.6) |
Sales and maturities of marketable securities | 10 | ||
Proceeds from disposal of property, plant, and equipment | 0 | 0 | 0 |
Equity investments in subsidiaries | (2,715.3) | (108.9) | (3.7) |
Repayments from (disbursements of) intercompany loans | 0 | 0 | 0 |
Other - net | 0 | (3.2) | (9.5) |
Net Cash Used for Investing Activities | (4,011.6) | (133.2) | (46.8) |
FINANCING ACTIVITIES | |||
Short-term (repayments) borrowings - net | (5.3) | 248.4 | |
Proceeds from long-term debt | 5,382.5 | ||
Repayments of long-term debt, including make-whole payments | (1,580.8) | (50) | (50) |
Quarterly dividends paid | (254) | (238) | (222.8) |
Purchase of treasury shares | (24.3) | (508.5) | (364.2) |
Proceeds from stock option exercises | 0.8 | 0.5 | 2.2 |
Investments in subsidiaries | 0 | 0 | 9.9 |
Intercompany payable | 287.3 | 273.7 | 466.2 |
Other - net | (33.5) | 8.1 | 3.5 |
Net Cash Provided by (Used for) Financing Activities | 3,772.7 | (265.8) | (155.2) |
Effect of exchange rate changes on cash | 0 | 0 | 0 |
Net (decrease) increase in cash and cash equivalents | 0.3 | (101.2) | (0.3) |
Cash and cash equivalents at beginning of year | 6.8 | 108 | 108.3 |
Cash and Cash Equivalents at End of Year | 7.1 | 6.8 | 108 |
Subsidiary Guarantors [Member] | |||
Condensed Statements of Consolidated Cash Flows | |||
Net Cash Provided by (Used for) Operating Activities | 87.8 | 168.5 | 46.4 |
INVESTING ACTIVITIES | |||
Businesses acquired, net of cash acquired | 0 | 0 | |
Additions to property, plant, and equipment | (93.3) | (163.2) | (103.1) |
Sales and maturities of marketable securities | 0 | ||
Proceeds from disposal of property, plant, and equipment | 1.1 | 0.6 | 0.1 |
Equity investments in subsidiaries | 0 | (17.1) | (174.2) |
Repayments from (disbursements of) intercompany loans | 10.2 | 9.3 | 227.4 |
Other - net | (5.8) | 0.2 | 3.4 |
Net Cash Used for Investing Activities | (87.8) | (170.2) | (46.4) |
FINANCING ACTIVITIES | |||
Short-term (repayments) borrowings - net | 0 | 0 | |
Proceeds from long-term debt | 0 | ||
Repayments of long-term debt, including make-whole payments | 0 | 0 | 0 |
Quarterly dividends paid | 0 | 0 | 0 |
Purchase of treasury shares | 0 | 0 | 0 |
Proceeds from stock option exercises | 0 | 0 | 0 |
Investments in subsidiaries | 0 | 0 | 0 |
Intercompany payable | 0 | 0 | 0 |
Other - net | 0 | 1.7 | 0 |
Net Cash Provided by (Used for) Financing Activities | 0 | 1.7 | 0 |
Effect of exchange rate changes on cash | 0 | 0 | 0 |
Net (decrease) increase in cash and cash equivalents | 0 | 0 | 0 |
Cash and cash equivalents at beginning of year | 0 | 0 | 0 |
Cash and Cash Equivalents at End of Year | 0 | 0 | 0 |
Non-Guarantor Subsidiaries [Member] | |||
Condensed Statements of Consolidated Cash Flows | |||
Net Cash Provided by (Used for) Operating Activities | 406.2 | 389.7 | 607.7 |
INVESTING ACTIVITIES | |||
Businesses acquired, net of cash acquired | (80.5) | (101.8) | |
Additions to property, plant, and equipment | (98.1) | (85.2) | (69.8) |
Sales and maturities of marketable securities | 0 | ||
Proceeds from disposal of property, plant, and equipment | 1.5 | 10.1 | 3.2 |
Equity investments in subsidiaries | 0 | 0 | 0 |
Repayments from (disbursements of) intercompany loans | (297.5) | (283) | (693.6) |
Other - net | (24.3) | (6.7) | 23.7 |
Net Cash Used for Investing Activities | (498.9) | (466.6) | (736.5) |
FINANCING ACTIVITIES | |||
Short-term (repayments) borrowings - net | (17.1) | 0 | |
Proceeds from long-term debt | 0 | ||
Repayments of long-term debt, including make-whole payments | (2,613.1) | 0 | 0 |
Quarterly dividends paid | 0 | 0 | 0 |
Purchase of treasury shares | 0 | 0 | 0 |
Proceeds from stock option exercises | 0 | 0 | 0 |
Investments in subsidiaries | 2,715.3 | 126 | 168 |
Intercompany payable | 0 | 0 | 0 |
Other - net | 8 | (37.7) | (9.7) |
Net Cash Provided by (Used for) Financing Activities | 93.1 | 88.3 | 158.3 |
Effect of exchange rate changes on cash | (28.6) | (13.1) | (2.5) |
Net (decrease) increase in cash and cash equivalents | (28.2) | (1.7) | 27 |
Cash and cash equivalents at beginning of year | 146.7 | 148.4 | 121.4 |
Cash and Cash Equivalents at End of Year | $ 118.5 | $ 146.7 | $ 148.4 |
Guarantor and Non-Guarantor F95
Guarantor and Non-Guarantor Financial Information (Details Textual) - 3.50% Senior Notes due October 15, 2021 [Member] | Apr. 30, 2015 |
Guarantor and Non Guarantor Financial Information (Textual) [Abstract] | |
Interest rate on notes | 3.50% |
Percentage ownership of wholly-owned subsidiaries | 100.00% |
Common Shares (Details)
Common Shares (Details) | 12 Months Ended | ||
Apr. 30, 2015USD ($)VotesRightsyrshares | Apr. 30, 2014USD ($)shares | Apr. 30, 2013USD ($)shares | |
Common shares (Additional Textual) [Abstract] | |||
Number of votes each holder of a common share outstanding is entitled | Votes | 1 | ||
Number of votes per share | Votes | 10 | ||
Number of years there has not been a change in beneficial ownership | yr | 4 | ||
Number of votes per share after change in beneficial ownership | Votes | 1 | ||
Number of years required to pass after change in beneficial ownership | yr | 4 | ||
Number of share purchase rights | Rights | 1 | ||
Minimum percentage of outstanding common shares held by persons or group | 10.00% | ||
Number of shares shareholder can purchase at discounted price | 1 | ||
Number of common shares issued for each right as part of exchange option | 1 | ||
Value to redeem per right | $ | $ 0.001 | ||
Shares repurchased during period | 0 | 4,900,000 | 4,000,000 |
Purchase amount for shares repurchased | $ | $ 0 | $ 495,000,000 | $ 359,400,000 |
Shares remaining for repurchase | 10,000,000 |