J.M. Smucker Files 2024 10-K

TL;DR

Smucker's 2024 10-K is in. All the deets on jams, jellies, and coffee.

AI Summary

The J.M. Smucker Co. filed its 10-K for the fiscal year ending April 30, 2024, detailing its financial performance and operations. The company, headquartered in Orrville, Ohio, operates within the canned, fruit, vegetable, preserves, jams, and jellies sector. This filing provides a comprehensive overview of its business, financial statements, and risk factors for investors.

Why It Matters

This 10-K filing provides crucial financial and operational details for The J.M. Smucker Co., enabling investors and analysts to assess the company's performance and future outlook.

Risk Assessment

Risk Level: medium — As a publicly traded company in the food industry, J.M. Smucker faces inherent risks related to market competition, consumer demand, supply chain disruptions, and regulatory changes.

Key Players & Entities

• J M SMUCKER Co (company) — Filer
• 20240430 (date) — Fiscal Year End
• 0000091419-24-000054 (filing_id) — Accession Number
• OH (state) — State of Incorporation
• 3306823000 (phone_number) — Business Phone

FAQ

Key Financial Figures

• $43 — ip, these brands generated net sales of $43.8, $61.6, and $62.7 in 2024, 2023, and
• $61 — se brands generated net sales of $43.8, $61.6, and $62.7 in 2024, 2023, and 2022, r
• $62.7 — enerated net sales of $43.8, $61.6, and $62.7 in 2024, 2023, and 2022, respectively,
• $24 — ale Snacks brand generated net sales of $24.1, $48.4, and $47.4 in 2024, 2023, and
• $48 — cks brand generated net sales of $24.1, $48.4, and $47.4 in 2024, 2023, and 2022, r
• $47.4 — enerated net sales of $24.1, $48.4, and $47.4 in 2024, 2023, and 2022, respectively,
• $1.5 billion — ip, these brands generated net sales of $1.5 billion and $1.4 billion in 2023 and 2022, resp
• $1.4 billion — generated net sales of $1.5 billion and $1.4 billion in 2023 and 2022, respectively, primari
• $106.7 — , the businesses generated net sales of $106.7 in 2022, primarily included in the U.S.
• $62.3 — ip, the business generated net sales of $62.3 in 2022, included in the U.S. Retail Pe

Filing Documents

• sjm-20240430.htm (10-K) — 2825KB
• sjm43024-10xkex1040.htm (EX-10.40) — 79KB
• sjm43024-10xkex1041.htm (EX-10.41) — 83KB
• sjm43024-10xkex1042.htm (EX-10.42) — 82KB
• sjm43024-10xkex1056.htm (EX-10.56) — 76KB
• sjm43024-10xkex19.htm (EX-19) — 104KB
• sjm43024-10kex21.htm (EX-21) — 16KB
• sjm43024-10kex23.htm (EX-23) — 13KB
• sjm43024-10kex24.htm (EX-24) — 42KB
• sjm43024-10kex311.htm (EX-31.1) — 11KB
• sjm43024-10kex312.htm (EX-31.2) — 11KB
• sjm43024-10kex32.htm (EX-32) — 7KB
• sjm43024-10xkex97.htm (EX-97) — 47KB
• image.jpg (GRAPHIC) — 11KB
• sjm-20240430_g1.jpg (GRAPHIC) — 64KB
• 0000091419-24-000054.txt ( ) — 17364KB
• sjm-20240430.xsd (EX-101.SCH) — 90KB
• sjm-20240430_cal.xml (EX-101.CAL) — 144KB
• sjm-20240430_def.xml (EX-101.DEF) — 646KB
• sjm-20240430_lab.xml (EX-101.LAB) — 1265KB
• sjm-20240430_pre.xml (EX-101.PRE) — 971KB
• sjm-20240430_htm.xml (XML) — 3103KB

Risk Factors 10

Item 1A. Risk Factors 10

Unresolved Staff Comments 24

Item 1B. Unresolved Staff Comments 24

Cybersecurity 25

Item 1C. Cybersecurity 25

Properties 26

Item 2. Properties 26

Legal Proceedings 26

Item 3. Legal Proceedings 26

Mine Safety Disclosures 26

Item 4. Mine Safety Disclosures 26 PART II.

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 27

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 27

[Reserved] 28

Item 6. [Reserved] 28

Management's Discussion and Analysis of Financial Condition and Results of Operations 28

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 28

Quantitative and Qualitative Disclosures About Market Risk 44

Item 7A. Quantitative and Qualitative Disclosures About Market Risk 44

Financial Statements and Supplementary Data 46

Item 8. Financial Statements and Supplementary Data 46

Changes in and Disagreements with Accountants on Accounting and Financial Disclosures 89

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosures 89

Controls and Procedures 89

Item 9A. Controls and Procedures 89

Other Information 90

Item 9B. Other Information 90 PART III.

Directors, Executive Officers and Corporate Governance 90

Item 10. Directors, Executive Officers and Corporate Governance 90

Executive Compensation 90

Item 11. Executive Compensation 90

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 90

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 90

Certain Relationships and Related Transactions, and Director Independence 90

Item 13. Certain Relationships and Related Transactions, and Director Independence 90

Principal Accountant Fees and Services 90

Item 14. Principal Accountant Fees and Services 90 PART IV.

Exhibits and Financial Statement Schedules 91

Item 15. Exhibits and Financial Statement Schedules 91 Signatures 94 PART I (Dollars and shares in millions, unless otherwise noted, except per share data)

Business

Item 1. Business. The Company: The J. M. Smucker Company ("Company," "registrant," "we," "us," or "our"), often referred to as Smucker's (a registered trademark), was established in 1897 and incorporated in Ohio in 1921. We operate principally in one industry, the manufacturing and marketing of branded food and beverage products on a worldwide basis, although the majority of our sales are in the United States ("U.S."). Operations outside the U.S. are principally in Canada, although our products are exported to other countries as well. Net sales outside the U.S., subject to foreign currency translation, represented 5 percent of consolidated net sales for 2024. Our branded food and beverage products include a strong portfolio of trusted, iconic, market-leading brands that are sold to consumers primarily through retail outlets in North America. On November 7, 2023, we completed a cash and stock transaction to acquire Hostess Brands, Inc. ("Hostess Brands"), a manufacturer and marketer of sweet baked goods brands, including Hostess Donettes , Twinkies , CupCakes , DingDongs , Zingers , CoffeeCakes , HoHos , Mini Muffins , and Fruit Pies , and the Voortman cookie brand, which resulted in a new reportable segment for 2024, Sweet Baked Snacks. We have four reportable segments: U.S. Retail Coffee, U.S. Retail Frozen Handheld and Spreads, and U.S. Retail Pet Foods (the "U.S. retail market segments") and Sweet Baked Snacks. These segments in total comprised 85 percent of consolidated net sales in 2024 and represent a major portion of our strategic focus – the sale of branded food and beverage products with leadership positions to consumers through retail outlets in North America. Additionally, we sell products both domestically and in foreign countries through retail channels and foodservice distributors and operators through the Sweet Baked Snacks segment and the combined International and Away From Home operating segments. During 2024, the historical U.S. Retail Consumer

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View this 10-K filing on SEC EDGAR