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noteS to conSolidated Financial StatementS
The J. M. Smucker Company
Note 15
guARAnToR And non-guARAnToR finAnCiAl infoRMATion
In October 2011, we filed a registration statement on Form S-3 registering certain securities described therein, including debt securities which are guaranteed by certain of our subsidiaries. We issued $750.0 of 3.50 percent Senior Notes pursuant to the registration statement that 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 consolidated financial information for the Company, the subsidiary guarantors, and the non-guarantor subsidiaries is 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 STaTEMEnTS of ConSolidaTEd inCoME and CoMprEhEnSivE inCoME
The J. M. Smucker Company (Parent)
Year Ended April 30, 2013 Subsidiary Guarantors Non-Guarantor Subsidiaries Eliminations Consolidated
Net sales Cost of products sold Gross Profit Selling, distribution, and administrative expenses, restructuring, merger and integration costs, and other special project costs Amortization Other operating (income) expense – net Operating Income Interest (expense) income – net Other income (expense) – net Equity in net earnings of subsidiaries Income Before Income Taxes Income taxes Net Income Other comprehensive income, net of tax Comprehensive Income
$4,447.6 3,957.3 490.3
$1,296.4 1,190.6 105.8
$5,430.3 4,015.0 1,415.3
$(5,276.6) (5,292.8) 16.2
$5,897.7 3,870.1 2,027.6
199.0 4.8 (2.7) 289.2 (94.4) 0.7 408.6 604.1 59.9 $ 544.2 7.4 $ 551.6
42.9 — (2.2) 65.1 1.2 1.1 156.7 224.1 0.4 $ 223.7 9.0 $ 232.7
781.5 92.0 1.9 539.9 (0.2) (1.5) 66.4 604.6 212.8 $ 391.8 4.1 $ 395.9
— — — 16.2 — — (631.7) (615.5) — $ (615.5) (13.1) $ (628.6)
1,023.4 96.8 (3.0) 910.4 (93.4) 0.3 — 817.3 273.1 $ 544.2 7.4 $ 551.6
2013 Annual Report
73
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