2024 Q4 - Annual Report

UNITEDSTATES SECURITIESANDEXCHANGECOMMISSION WASHINGTON,D.C.20549 FORM10-K oANNUALREPORTPURSUANTTOSECTION13OR15(d)OFTHESECURITIESEXCHANGEACTOF1934 ForthefiscalyearendedApril30,2024or ☐TRANSITIONREPORTPURSUANTTOSECTION13OR15(d)OFTHESECURITIESEXCHANGEACTOF1934Forthetransitionperiodfromto Commissionfilenumber001-5111 THEJ.M.SMUCKERCOMPANY (Exactnameofregistrantasspecifiedinitscharter) Ohio34-0538550 (Stateorotherjurisdictionofincorporationororganization) OneStrawberryLane (I.R.S.EmployerIdentificationNo.) Orrville,Ohio44667-0280 (Addressofprincipalexecutiveoffices)(Zipcode) Registrant’stelephonenumber,includingareacode(330)682-3000 Titleofeachclass Tradingsymbol Nameofeachexchangeonwhichregistered Commonshares,noparvalue SJM NewYorkStockExchange SecuritiesregisteredpursuanttoSection12(b)oftheAct: SecuritiesregisteredpursuanttoSection12(g)oftheAct:None Indicatebycheckmarkiftheregistrantisawell-knownseasonedissuer,asdefinedinRule405oftheSecuritiesAct.Yes☒No☐ IndicatebycheckmarkiftheregistrantisnotrequiredtofilereportspursuanttoSection13orSection15(d)oftheAct.Yes☐No☒ Indicatebycheckmarkwhethertheregistrant(1)hasfiledallreportsrequiredtobefiledbySection13or15(d)oftheSecuritiesExchangeActof1934duringthepreceding12months(orforsuchshorterperiodthattheregistrantwasrequiredtofilesuchreports),and(2)hasbeensubjecttosuchfilingrequirementsforthepast90days.Yes☒No☐ IndicatebycheckmarkwhethertheregistranthassubmittedelectronicallyeveryInteractiveDataFilerequiredtobesubmittedpursuanttoRule405ofRegulationS-T(§232.405ofthischapter)duringthepreceding12months(orforsuchshorterperiodthattheregistrantwasrequiredtosubmit suchfiles).Yes☒No☐ Indicatebycheckmarkwhethertheregistrantisalargeacceleratedfiler,anacceleratedfiler,anon-acceleratedfiler,asmallerreportingcompany,oranemerginggrowthcompany.Seethedefinitionsof“largeacceleratedfiler,”“acceleratedfiler,”“smallerreportingcompany,”and“emerginggrowthcompany”inRule12b-2oftheExchangeAct.(Checkone): LargeAcceleratedFiler ☒ Acceleratedfiler ☐ Non-acceleratedfiler ☐ Smallerreportingcompany ☐ Emerginggrowthcompany ☐ Ifanemerginggrowthcompany,indicatebycheckmarkiftheregistranthaselectednottousetheextendedtransitionperiodforcomplyingwithanyneworrevisedfinancialaccountingstandardsprovidedpursuanttoSection13(a)oftheExchangeAct.☐ Indicatebycheckmarkwhethertheregistranthasfiledareportonandattestationtoitsmanagement’sassessmentoftheeffectivenessofitsinternalcontroloverfinancialreportingunderSection404(b)oftheSarbanes-OxleyAct(15U.S.C.7262(b))bytheregisteredpublicaccountingfirmthatpreparedorissueditsauditreport.☒ IfsecuritiesareregisteredpursuanttoSection12(b)oftheAct,indicatebycheckmarkwhetherthefinancialstatementsoftheregistrantincludedinthefilingreflectthecorrectionofanerrortopreviouslyissuedfinancialstatements.☐ Indicatebycheckmarkwhetheranyofthoseerrorcorrectionsarerestatementsthatrequiredarecoveryanalysisofincentive-basedcompensationreceivedbyanyoftheregistrant’sexecutiveofficersduringtherelevantrecoveryperiodpursuantto§240.10D-1(b).☐ Indicatebycheckmarkwhethertheregistrantisashellcompany(asdefinedinRule12b-2oftheExchangeAct).Yes☐No☒TheaggregatemarketvalueofthecommonsharesheldbynonaffiliatesoftheregistrantatOctober31,2023,was$11,160,620,648.AsofJune11,2024,106,195,350commonsharesofTheJ.M.SmuckerCompanywereissuedandoutstanding. DOCUMENTSINCORPORATEDBYREFERENCE Certainsectionsoftheregistrant’sdefinitiveProxyStatementtobefiledinconnectionwithitsAnnualMeetingofShareholderstobeheldonAugust14,2024,areincorporatedbyreferenceintoPartIIIofthisAnnualReportonForm10-K. TABLEOFCONTENTS PARTI. PageNo. Item1. Business 2 Item1A. RiskFactors 10 Item1B. UnresolvedStaffComments 24 Item1C. Cybersecurity 25 Item2. Properties 26 Item3. LegalProceedings 26 Item4. MineSafetyDisclosures 26 PARTII. Securities Item6. [Reserved] 28 Item7. Management’sDiscussionandAnalysisofFinancialConditionandResultsofOperations 28 Item7A. QuantitativeandQualitativeDisclosuresAboutMarketRisk 44 Item8. FinancialStatementsandSupplementaryData 46 Item9. ChangesinandDisagreementswithAccountantsonAccountingandFinancialDisclosures 89 Item9A. ControlsandProcedures 89 Item9B. OtherInformation 90 Item5.MarketforRegistrant’sCommonEquity,RelatedStockholderMattersandIssuerPurchasesofEquity27 PARTIII. Item10. Directors,ExecutiveOfficersandCorporateGovernance 90 Item11. ExecutiveCompensation 90 Item12. SecurityOwnershipofCertainBeneficialOwnersandManagementandRelatedStockholderMatters 90 Item13. CertainRelationshipsandRelatedTransactions,andDirectorIndependence 90 Item14. PrincipalAccountantFeesandServices 90 PARTIV. Item15.ExhibitsandFinancialStatementSchedules91 Signatures94 PARTI (Dollarsandsharesinmillions,unlessotherwisenoted,exceptpersharedata) Item1.Business. TheCompany:TheJ.M.SmuckerCompany(“Company,”“registrant,”“we,”“us,”or“our”),oftenreferredtoasSmucker’s(aregisteredtrademark),wasestablishedin1897andincorporatedinOhioin1921.Weoperateprincipallyinoneindustry,themanufacturingandmarketingofbrandedfoodandbeverageproducts