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noteS to conSolidated Financial StatementS
The J. M. Smucker Company
The following table summarizes state and foreign loss and credit carryforwards at April 30, 2013.
Related Tax Deduction Deferred Tax Asset Expiration Date
Tax carryforwards: State loss carryforwards State tax credit carryforwards Foreign jurisdictional tax credit carryforwards Total tax carryforwards
$1.0 — — $1.0
$0.1 1.3 0.1 $1.5
2014 to 2030 2019 2015
Deferred income taxes have not been provided on approximately $250.0 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, 2013 and 2012, were $29.7 and $24.0, respectively. Of the unrecognized tax benefits, $20.6 and $16.4 would affect the effective tax rate, if recognized, as of April 30, 2013 and 2012, respectively. Our accrual for taxrelated net interest and penalties totaled $2.0 and $1.7 as of April 30, 2013 and 2012, respectively. The amount of tax-related net interest and penalties charged to earnings totaled $0.3 and $0.1 during 2013 and 2012, respectively. Interest credited to earnings totaled $0.5 during 2011. Within the next 12 months, it is reasonably possible that we could decrease our unrecognized tax benefits by an estimated $3.1, primarily as a result of the expiration of statute of limitations periods. A reconciliation of our unrecognized tax benefits is as follows:
2013 2012
Balance at May 1, Increases: Current year tax positions Prior year tax positions Foreign currency translation Decreases: Prior year tax positions Settlement with tax authorities Expiration of statute of limitations periods Balance at April 30,
$24.0 4.8 2.5 — 0.2 1.0 0.4 $29.7
$20.3 3.6 2.1 0.2 — 0.3 1.9 $24.0
72 The J. M. Smucker Company
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