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<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" -->
<!-- Begin Block Tagged Note 1 - us-gaap:OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock-->
<div align="left" style="font-family: Helvetica,Arial,sans-serif">
<!-- xbrl,ns -->
<!-- xbrl,nx -->
<div align="center" style="font-size: 10pt; margin-top: 0pt">
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">Note A — <u>Basis of Presentation</u>
</div>
<div style="font-family: Helvetica,Arial,sans-serif">
<div align="left" style="font-size: 10pt; margin-top: 6pt">The accompanying unaudited condensed consolidated financial statements have been prepared in
accordance with generally accepted accounting principles in the U.S. for interim financial
information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly,
they do not include all of the information and footnotes required by generally accepted accounting
principles in the U.S. for complete financial statements. In the opinion of management, all
adjustments considered necessary for a fair presentation have been included.
<font style="font-size: 10pt; helvetica,arial,sans-serif"> Certain prior year
amounts have been reclassified to conform to current year
classifications.</font>
</div>
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">Operating results for the three-month period ended July 31, 2010, are not necessarily indicative of
the results that may be expected for the year ending April 30, 2011. For further information,
reference is made to the consolidated financial statements and footnotes included in the Company’s
Annual Report on Form 10-K for the year ended April 30, 2010.
</div>
</div>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" -->
<!-- Begin Block Tagged Note 2 - us-gaap:ScheduleOfNewAccountingPronouncementsAndChangesInAccountingPrinciplesTextBlock-->
<div align="left" style="font-family: Helvetica,Arial,sans-serif">
<div align="left" style="font-size: 10pt; margin-top: 6pt">Note B — <u>Recently Issued Accounting Standards</u>
</div>
<div style="font-family: Helvetica,Arial,sans-serif">
<div align="left" style="font-size: 10pt; margin-top: 6pt">In January 2010, the Financial Accounting Standards Board issued Accounting Standards Update
2010-06, <i>Improving Disclosures about Fair Value Measurements </i>(“ASU 2010-06”)<i>, </i>which requires
additional disclosures about fair value measurements including transfers in and out of different
levels of the fair value hierarchy and a higher level of disaggregation for different types of
financial instruments. These disclosure requirements were effective April 30, 2010, for the
Company. In addition, for the reconciliation of Level 3 fair value measurements, ASU 2010-06
requires information about purchases, sales, issuances, and settlements to be presented separately.
These disclosure requirements will be effective May 1, 2011, for the Company. The Company is
currently assessing the impact, if any, on the consolidated financial statements.
</div>
</div>
</div>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" -->
<!-- Begin Block Tagged Note 3 - us-gaap:RestructuringAndRelatedActivitiesDisclosureTextBlock-->
<div align="left" style="font-family: Helvetica,Arial,sans-serif">
<div align="left" style="font-size: 10pt; margin-top: 6pt">Note C — <u>Restructuring</u>
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">During 2010, the Company announced its plan to restructure certain operations as part of its
ongoing efforts to enhance the long-term strength and profitability of its leading brands. The
initiative is a long-term investment to optimize production capacity and lower the overall cost
structure and includes capital investments for a new state-of-the-art food manufacturing facility
in Orrville, Ohio, and consolidation of all coffee production in New Orleans, Louisiana. The plan
calls for the closing of four of the Company’s plants — Memphis, Tennessee; Ste. Marie, Quebec;
Sherman, Texas; and Kansas City, Missouri. Upon completion, the restructuring will result in the
reduction of approximately 700 full-time positions.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">The Company expects to incur restructuring costs of approximately $190.0 million, of which $33.3
million has been incurred through July 31, 2010, since the announcement of the plan. The balance
of the costs will be incurred over the next four fiscal years as the facilities are closed.
</div>
<!-- Folio -->
<!-- /Folio -->
</div>
<!-- PAGEBREAK -->
<div style="font-family: Helvetica,Arial,sans-serif">
<div style="font-family: Helvetica,Arial,sans-serif">
<div align="left" style="font-size: 10pt; margin-top: 6pt">The following table summarizes the restructuring activity, including the reserves established and
the total amount expected to be incurred.
</div>
<div align="center">
<table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<tr valign="bottom">
<td width="32%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2">Site Preparation</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2"> </td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2">Long-Lived</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2">Employee</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2">and Equipment</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2">Production</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2"> </td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2">Asset Charges</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2">Separation</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2">Relocation</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2">Start-up</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2">Other Costs</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2">Total</td>
<td> </td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr style="font-size: 1px">
<td colspan="25" align="left" style="border-top: 1px solid #000000"> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Total expected restructuring charge
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">90,000</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">47,000</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">22,000</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">21,000</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">10,000</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">190,000</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td colspan="25" align="left" style="border-top: 3px double #000000"> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Balance at May 1, 2009
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">—</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Charge to expense
</div></td>
<td> </td>
<td> </td>
<td align="right">3,870</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1,139</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">407</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">16</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">279</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">5,711</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Cash payments
</div></td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(50</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(407</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(16</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(279</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(752</td>
<td nowrap="nowrap">)</td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Noncash utilization
</div></td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(3,870</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(3,870</td>
<td nowrap="nowrap">)</td>
</tr>
<tr style="font-size: 1px">
<td colspan="25" align="left" style="border-top: 1px solid #000000"> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Balance at April 30, 2010
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">1,089</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">1,089</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Charge to expense
</div></td>
<td> </td>
<td> </td>
<td align="right">9,453</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">16,748</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1,268</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">61</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">27</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">27,557</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Cash payments
</div></td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(10,342</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(1,268</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(61</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(27</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(11,698</td>
<td nowrap="nowrap">)</td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Noncash utilization
</div></td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(9,453</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(3,785</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(13,238</td>
<td nowrap="nowrap">)</td>
</tr>
<tr style="font-size: 1px">
<td colspan="25" align="left" style="border-top: 1px solid #000000"> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Balance at July 31, 2010
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">3,710</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">3,710</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td colspan="25" align="left" style="border-top: 3px double #000000"> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Remaining expected restructuring charge
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">76,677</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">29,113</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">20,325</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">20,923</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">9,694</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">156,732</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td colspan="25" align="left" style="border-top: 3px double #000000"> </td>
</tr>
<!-- End Table Body -->
</table>
</div>
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">Approximately $9,453 of the total restructuring charges of $27,557 in the three months ended
July 31, 2010, were reported in cost of products sold in the accompanying Condensed Statements of
Consolidated Income, while the remaining charges were reported in other restructuring costs. The
restructuring costs classified as cost of products sold include primarily accelerated depreciation
related to property, plant, and equipment that will be used at the affected production facilities
until the facilities close or are sold.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">Expected employee separation costs include severance, retention bonuses, and pension costs.
Severance costs and retention bonuses are being recognized over the estimated future service period
of the affected employees. The obligation related to employee separation costs is included in
other current liabilities in the Condensed Consolidated Balance Sheets. For information on the
impact of the restructuring plan on defined benefit pension and other postretirement benefit plans,
see Note I — Pensions and Other Postretirement Benefits.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">Other costs include miscellaneous expenditures associated with the Company’s restructuring
initiative and are expensed as incurred. These costs include professional fees and other costs
related to closing the facilities.
</div>
</div>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" -->
<!-- Begin Block Tagged Note 4 - us-gaap:DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock-->
<div style="font-family: Helvetica,Arial,sans-serif">
<div align="left" style="font-size: 10pt; margin-top: 6pt">Note D — <u>Share-Based Payments</u>
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">The Company provides for equity-based incentives to be awarded to key employees and nonemployee
directors. These incentives are administered through various plans, and currently consist of
restricted shares, restricted stock units, deferred stock units, performance units, and stock
options.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">Compensation expense related to share-based awards was $5,392 and $6,412 for the three months ended
July 31, 2010 and 2009, respectively. Of the total compensation expense for share-based awards
recorded, $1,052 and $1,859 was included in merger and integration costs in
the Condensed Statements of Consolidated Income for the three months ended July 31, 2010 and 2009,
respectively. The related tax benefit recognized was $1,688 and $2,254 for the three months ended
July 31, 2010 and 2009, respectively.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">As of July 31, 2010, total compensation cost related to nonvested share-based awards not yet
recognized was approximately $47,382. The weighted-average period over which this amount is
expected to be recognized is approximately 3.2 years.
</div>
<!-- Folio -->
<!-- /Folio -->
</div>
<!-- PAGEBREAK -->
<div style="font-family: Helvetica,Arial,sans-serif">
</div>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" -->
<!-- Begin Block Tagged Note 5 - us-gaap:ScheduleOfStockByClassTextBlock-->
<div style="font-family: Helvetica,Arial,sans-serif">
<div align="left" style="font-size: 10pt; margin-top: 6pt">Note E — <u>Common Shares</u>
</div>
<div style="font-family: Helvetica,Arial,sans-serif">
<div align="left" style="font-size: 10pt; margin-top: 6pt">The following table sets forth common share information.
</div>
<div align="center">
<table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<tr valign="bottom">
<td width="76%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2">July 31, 2010</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2">April 30, 2010</td>
<td> </td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr style="font-size: 1px">
<td colspan="9" align="left" style="border-top: 1px solid #000000"> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Common shares authorized
</div></td>
<td> </td>
<td> </td>
<td align="right">150,000,000</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">150,000,000</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Common shares outstanding
</div></td>
<td> </td>
<td> </td>
<td align="right">119,500,209</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">119,119,152</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Treasury shares
</div></td>
<td> </td>
<td> </td>
<td align="right">9,103,956</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">9,485,013</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td colspan="9" align="left" style="border-top: 3px double #000000"> </td>
</tr>
<!-- End Table Body -->
</table>
</div>
</div>
</div>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" -->
<!-- Begin Block Tagged Note 6 - us-gaap:SegmentReportingDisclosureTextBlock-->
<div style="font-family: Helvetica,Arial,sans-serif">
<div align="left" style="font-size: 10pt; margin-top: 6pt">Note F — <u>Reportable Segments</u>
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">The Company operates in one industry: the manufacturing and marketing of food products. The
Company has four reportable segments: U.S. Retail Coffee Market, U.S. Retail Consumer Market, U.S.
Retail Oils and Baking Market, and Special Markets. The U.S. Retail Coffee Market segment
represents the domestic sales of <i>Folgers®</i>, <i>Dunkin’ Donuts®, </i>and <i>Millstone® </i>branded coffee to retail
customers; the U.S. Retail Consumer Market segment primarily includes domestic sales of <i>Smucker’s®</i>,
<i>Jif®</i>, and <i>Hungry Jack® </i>branded products; the U.S. Retail Oils and Baking Market segment includes
domestic sales of <i>Crisco®</i>, <i>Pillsbury®</i>, <i>Eagle Brand®</i>, and <i>Martha White® </i>branded products; and the
Special Markets segment is comprised of the Canada, foodservice, natural foods, and international
strategic business areas. Special Markets segment products are distributed domestically and in
foreign countries through retail channels, foodservice distributors and operators (e.g.,
restaurants, schools and universities, health care operations), and health and natural foods stores
and distributors.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">While the Company’s four reportable segments remain the same for 2011, the calculation of segment
profit has been modified to include intangible asset amortization and impairment charges related to
segment assets, along with certain other items in each of the segments. These items were
previously considered corporate expenses and were not allocated to the segments. This change more
accurately aligns the segment financial results with the responsibilities of segment management,
most notably in the area of intangible assets. Fiscal 2010 segment profit has been recalculated to
be consistent with the current methodology.
</div>
<!-- Folio -->
<!-- /Folio -->
</div>
<!-- PAGEBREAK -->
<div style="font-family: Helvetica,Arial,sans-serif">
<div style="font-family: Helvetica,Arial,sans-serif">
<div align="left" style="font-size: 10pt; margin-top: 6pt">The following table sets forth reportable segment information.
</div>
<div align="center">
<table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<tr valign="bottom">
<td width="76%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="6">Three Months Ended</td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td style="border-bottom: 1px solid #000000"> </td>
<td style="border-bottom: 1px solid #000000"> </td>
<td nowrap="nowrap" align="center" colspan="6" style="border-bottom: 1px solid #000000">July 31,</td>
<td style="border-bottom: 1px solid #000000"> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2">2010</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2">2009</td>
<td> </td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr style="font-size: 1px">
<td colspan="9" align="left" style="border-top: 1px solid #000000"> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Net sales:
</div></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">U.S. Retail Coffee Market
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">393,570</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">366,229</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">U.S. Retail Consumer Market
</div></td>
<td> </td>
<td> </td>
<td align="right">279,275</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">291,002</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">U.S. Retail Oils and Baking Market
</div></td>
<td> </td>
<td> </td>
<td align="right">173,871</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">194,416</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">Special Markets
</div></td>
<td> </td>
<td> </td>
<td align="right">200,596</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">199,879</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td colspan="9" align="left" style="border-top: 1px solid #000000"> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Total net sales
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">1,047,312</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">1,051,526</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td colspan="9" align="left" style="border-top: 3px double #000000"> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Segment profit:
</div></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">U.S. Retail Coffee Market
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">111,882</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">111,167</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">U.S. Retail Consumer Market
</div></td>
<td> </td>
<td> </td>
<td align="right">71,417</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">66,123</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">U.S. Retail Oils and Baking Market
</div></td>
<td> </td>
<td> </td>
<td align="right">22,587</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">25,680</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">Special Markets
</div></td>
<td> </td>
<td> </td>
<td align="right">34,872</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">26,694</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td colspan="9" align="left" style="border-top: 1px solid #000000"> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Total segment profit
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">240,758</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">229,664</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td colspan="9" align="left" style="border-top: 3px double #000000"> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">Interest income
</div></td>
<td> </td>
<td> </td>
<td align="right">433</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1,371</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Interest expense
</div></td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(16,539</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(18,951</td>
<td nowrap="nowrap">)</td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">Share-based compensation expense
</div></td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(4,340</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(4,553</td>
<td nowrap="nowrap">)</td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Merger and integration costs
</div></td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(2,656</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(16,476</td>
<td nowrap="nowrap">)</td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">Cost of products sold — restructuring
</div></td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(9,453</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Other restructuring costs
</div></td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(18,104</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">Corporate administrative expenses
</div></td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(41,038</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(39,801</td>
<td nowrap="nowrap">)</td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Other income (expense)
</div></td>
<td> </td>
<td> </td>
<td align="right">693</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(20</td>
<td nowrap="nowrap">)</td>
</tr>
<tr style="font-size: 1px">
<td colspan="9" align="left" style="border-top: 1px solid #000000"> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Income before income taxes
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">149,754</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">151,234</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td colspan="9" align="left" style="border-top: 3px double #000000"> </td>
</tr>
<!-- End Table Body -->
</table>
</div>
</div>
</div>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" -->
<!-- Begin Block Tagged Note 7 - us-gaap:DebtDisclosureTextBlock-->
<div style="font-family: Helvetica,Arial,sans-serif">
<div align="left" style="font-size: 10pt; margin-top: 6pt">Note G — <u>Debt and Financing Arrangements</u>
</div>
<div style="font-family: Helvetica,Arial,sans-serif">
<div align="left" style="font-size: 10pt; margin-top: 6pt">Long-term debt consists of the following:
</div>
<div align="center">
<table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<tr valign="bottom">
<td width="76%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2">July 31, 2010</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2">April 30, 2010</td>
<td> </td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr style="font-size: 1px">
<td colspan="9" align="left" style="border-top: 1px solid #000000"> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">7.94% Series C Senior Notes due September 1, 2010
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">10,000</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">10,000</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">4.78% Senior Notes due June 1, 2014
</div></td>
<td> </td>
<td> </td>
<td align="right">100,000</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">100,000</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">6.12% Senior Notes due November 1, 2015
</div></td>
<td> </td>
<td> </td>
<td align="right">24,000</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">24,000</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">6.63% Senior Notes due November 1, 2018
</div></td>
<td> </td>
<td> </td>
<td align="right">376,000</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">376,000</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">5.55% Senior Notes due April 1, 2022
</div></td>
<td> </td>
<td> </td>
<td align="right">400,000</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">400,000</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">4.50% Senior Notes due June 1, 2025
</div></td>
<td> </td>
<td> </td>
<td align="right">400,000</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td colspan="9" align="left" style="border-top: 1px solid #000000"> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Total long-term debt
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">1,310,000</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">910,000</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Current portion of long-term debt
</div></td>
<td> </td>
<td> </td>
<td align="right">10,000</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">10,000</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td colspan="9" align="left" style="border-top: 1px solid #000000"> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Total long-term debt less current portion
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">1,300,000</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">900,000</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td colspan="9" align="left" style="border-top: 3px double #000000"> </td>
</tr>
<!-- End Table Body -->
</table>
</div>
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">On June 15, 2010, the Company issued $400.0 million in 4.50 percent Senior Notes with a final
maturity on June 1, 2025. The Senior Notes have a 12-year average maturity. Proceeds from the
Senior Notes issuance will be used for general corporate purposes.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">All of the Company’s Senior Notes are unsecured and interest is paid semiannually.
Prepayments are required on the 5.55 percent Senior Notes, the first of which is $50.0 million on
April 1, 2013, and on the 4.50 percent Senior Notes, the first of which is $100.0 million on June
1, 2020.
</div>
<!-- Folio -->
<!-- /Folio -->
</div>
<!-- PAGEBREAK -->
<div style="font-family: Helvetica,Arial,sans-serif">
<div align="left" style="font-size: 10pt; margin-top: 6pt">The Company has available an unsecured $400.0 million revolving credit facility with a group of
five banks maturing on October 29, 2012, and an unsecured $180.0 million revolving credit facility
with a group of three banks maturing on January 31, 2011. Interest on the revolving credit
facilities is based on prevailing U.S. Prime, Canadian Base Rate, London Interbank Offered Rate, or
Canadian Dealer Offered Rate, as determined by the Company, and is payable either on a quarterly
basis or at the end of the borrowing term. At July 31, 2010, the Company did not have a balance
outstanding under either revolving credit facility.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">The Company’s debt instruments contain certain financial covenant restrictions including
consolidated net worth, leverage ratios, and an interest coverage ratio. The Company is in
compliance with all covenants.
</div>
</div>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" -->
<!-- Begin Block Tagged Note 8 - us-gaap:EarningsPerShareTextBlock-->
<div style="font-family: Helvetica,Arial,sans-serif">
<div align="left" style="font-size: 10pt; margin-top: 6pt">Note H — <u>Earnings per Share</u>
</div>
<div style="font-family: Helvetica,Arial,sans-serif">
<div align="left" style="font-size: 10pt; margin-top: 6pt">The following tables set forth the computation of earnings per common share and earnings per common
share — assuming dilution.
</div>
<div align="center">
<table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<tr valign="bottom">
<td width="76%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td style="border-bottom: 1px solid #000000"> </td>
<td style="border-bottom: 1px solid #000000"> </td>
<td nowrap="nowrap" align="center" colspan="6" style="border-bottom: 1px solid #000000">Three Months Ended July 31,</td>
<td style="border-bottom: 1px solid #000000"> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2">2010</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2">2009</td>
<td> </td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr style="font-size: 1px">
<td colspan="9" align="left" style="border-top: 1px solid #000000"> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Computation of net income per share:
</div></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Net income
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">102,881</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">98,063</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td colspan="9" align="left" style="border-top: 0px solid #000000"> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">Net income allocated to participating securities
</div></td>
<td> </td>
<td> </td>
<td align="right">987</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">834</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td colspan="9" align="left" style="border-top: 1px solid #000000"> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Net income allocated to common stockholders
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">101,894</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">97,229</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td colspan="9" align="left" style="border-top: 3px double #000000"> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">Weighted-average common shares outstanding
</div></td>
<td> </td>
<td> </td>
<td align="right">118,156,815</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">117,654,929</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td colspan="9" align="left" style="border-top: 1px solid #000000"> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Net income per common share
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">0.86</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">0.83</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td colspan="9" align="left" style="border-top: 3px double #000000"> </td>
</tr>
<!-- End Table Body -->
</table>
</div>
</div>
<div style="font-family: Helvetica,Arial,sans-serif">
<div align="center">
<table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<tr valign="bottom">
<td width="76%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td style="border-bottom: 1px solid #000000"> </td>
<td style="border-bottom: 1px solid #000000"> </td>
<td nowrap="nowrap" align="center" colspan="6" style="border-bottom: 1px solid #000000">Three Months Ended July 31,</td>
<td style="border-bottom: 1px solid #000000"> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td nowrap="nowrap" align="right" colspan="3">2010</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2">2009</td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr style="font-size: 1px">
<td colspan="9" align="left" style="border-top: 1px solid #000000"> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Computation of net income per share — assuming dilution:
</div></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Net income
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">102,881</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">98,063</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">Net income allocated to participating securities
</div></td>
<td> </td>
<td> </td>
<td align="right">986</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">834</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td colspan="9" align="left" style="border-top: 1px solid #000000"> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Net income allocated to common stockholders
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">101,895</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">97,229</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td colspan="9" align="left" style="border-top: 3px double #000000"> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">Weighted-average common shares outstanding
</div></td>
<td> </td>
<td> </td>
<td align="right">118,156,815</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">117,654,929</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Dilutive effect of stock options
</div></td>
<td> </td>
<td> </td>
<td align="right">139,564</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">81,591</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td colspan="9" align="left" style="border-top: 1px solid #000000"> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">Weighted-average common shares outstanding — assuming dilution
</div></td>
<td> </td>
<td> </td>
<td align="right">118,296,379</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">117,736,520</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td colspan="9" align="left" style="border-top: 3px double #000000"> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Net income per common share — assuming dilution
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">0.86</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">0.83</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td colspan="9" align="left" style="border-top: 3px double #000000"> </td>
</tr>
<!-- End Table Body -->
</table>
</div>
</div>
<div style="font-family: Helvetica,Arial,sans-serif">
<div align="left" style="font-size: 10pt; margin-top: 6pt">The following table reconciles the weighted-average common shares used in the basic and
diluted earnings per share disclosures to the total weighted-average shares outstanding.
</div>
<div align="center">
<table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<tr valign="bottom">
<td width="76%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td style="border-bottom: 1px solid #000000"> </td>
<td style="border-bottom: 1px solid #000000"> </td>
<td nowrap="nowrap" align="center" colspan="6" style="border-bottom: 1px solid #000000">Three Months Ended July 31,</td>
<td style="border-bottom: 1px solid #000000"> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2">2010</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2">2009</td>
<td> </td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr style="font-size: 1px">
<td colspan="9" align="left" style="border-top: 1px solid #000000"> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Weighted-average common shares outstanding
</div></td>
<td> </td>
<td> </td>
<td align="right">118,156,815</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">117,654,929</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Weighted-average participating shares outstanding
</div></td>
<td> </td>
<td> </td>
<td align="right">1,144,111</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1,009,724</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td colspan="9" align="left" style="border-top: 1px solid #000000"> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Total weighted-average shares outstanding
</div></td>
<td> </td>
<td> </td>
<td align="right">119,300,926</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">118,664,653</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Dilutive effect of stock options
</div></td>
<td> </td>
<td> </td>
<td align="right">139,564</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">81,591</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td colspan="9" align="left" style="border-top: 1px solid #000000"> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Total weighted-average shares outstanding — assuming dilution
</div></td>
<td> </td>
<td> </td>
<td align="right">119,440,490</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">118,746,244</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td colspan="9" align="left" style="border-top: 3px double #000000"> </td>
</tr>
<!-- End Table Body -->
</table>
</div>
</div>
<!-- Folio -->
<!-- /Folio -->
</div>
<!-- PAGEBREAK -->
<div style="font-family: Helvetica,Arial,sans-serif">
</div>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" -->
<!-- Begin Block Tagged Note 9 - us-gaap:PensionAndOtherPostretirementBenefitsDisclosureTextBlock-->
<div style="font-family: Helvetica,Arial,sans-serif">
<div align="left" style="font-size: 10pt; margin-top: 6pt">Note I — <u>Pensions and Other Postretirement Benefits</u>
</div>
<div style="font-family: Helvetica,Arial,sans-serif">
<div align="left" style="font-size: 10pt; margin-top: 6pt">The components of the Company’s net periodic benefit cost for defined benefit pension and other
postretirement benefit plans are shown below.
</div>
<div align="center">
<table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<tr valign="bottom">
<td width="52%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td style="border-bottom: 1px solid #000000"> </td>
<td style="border-bottom: 1px solid #000000"> </td>
<td nowrap="nowrap" align="center" colspan="14" style="border-bottom: 1px solid #000000">Three Months Ended July 31,</td>
<td style="border-bottom: 1px solid #000000"> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td style="border-bottom: 1px solid #000000"> </td>
<td style="border-bottom: 1px solid #000000"> </td>
<td nowrap="nowrap" align="right" colspan="6" style="border-bottom: 1px solid #000000">Defined Benefit Pension Plans</td>
<td style="border-bottom: 1px solid #000000"> </td>
<td style="border-bottom: 1px solid #000000"> </td>
<td nowrap="nowrap" align="right" colspan="6" style="border-bottom: 1px solid #000000">Other Postretirement Benefits</td>
<td style="border-bottom: 1px solid #000000"> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2">2010</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2">2009</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2">2010</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2">2009</td>
<td> </td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr style="font-size: 1px">
<td colspan="17" align="left" style="border-top: 1px solid #000000"> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Service cost
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">1,858</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">1,410</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">405</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">494</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Interest cost
</div></td>
<td> </td>
<td> </td>
<td align="right">6,346</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">6,097</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">690</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">643</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Expected return on plan assets
</div></td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(6,657</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(5,641</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Recognized net actuarial loss (gain)
</div></td>
<td> </td>
<td> </td>
<td align="right">1,727</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1,547</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(134</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(261</td>
<td nowrap="nowrap">)</td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Termination benefit cost
</div></td>
<td> </td>
<td> </td>
<td align="right">7,462</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">2,413</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Curtailment
</div></td>
<td> </td>
<td> </td>
<td align="right">3,910</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Other
</div></td>
<td> </td>
<td> </td>
<td align="right">288</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">307</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(122</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(122</td>
<td nowrap="nowrap">)</td>
</tr>
<tr style="font-size: 1px">
<td colspan="17" align="left" style="border-top: 1px solid #000000"> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Net periodic benefit cost
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">14,934</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">3,720</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">3,252</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">754</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td colspan="17" align="left" style="border-top: 3px double #000000"> </td>
</tr>
<!-- End Table Body -->
</table>
</div>
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">Upon completion of the restructuring plan discussed in Note C — Restructuring, approximately 700
full-time positions will be reduced. The Company has included the estimated impact of the planned
reductions in measuring the net periodic benefit cost of the defined benefit pension and other
postretirement benefit plans for the three months ended July 31, 2010. The Company recognized a charge for termination
benefits of $7,462 and $2,413 for defined benefit pension and other postretirement benefit plans,
respectively, and a curtailment charge of $3,910 for defined benefit pension plans related to the
planned reductions during the three months ended July 31, 2010.
</div>
</div>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" -->
<!-- Begin Block Tagged Note 10 - us-gaap:ComprehensiveIncomeNoteTextBlock-->
<div style="font-family: Helvetica,Arial,sans-serif">
<div align="left" style="font-size: 10pt; margin-top: 6pt">Note J — <u>Comprehensive Income</u>
</div>
<div style="font-family: Helvetica,Arial,sans-serif">
<div align="left" style="font-size: 10pt; margin-top: 6pt">The following table summarizes the components of comprehensive income.
</div>
<div align="center">
<table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<tr valign="bottom">
<td width="76%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="6">Three Months Ended</td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td style="border-bottom: 1px solid #000000"> </td>
<td style="border-bottom: 1px solid #000000"> </td>
<td nowrap="nowrap" align="center" colspan="6" style="border-bottom: 1px solid #000000">July 31,</td>
<td style="border-bottom: 1px solid #000000"> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2">2010</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2">2009</td>
<td> </td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr style="font-size: 1px">
<td colspan="9" align="left" style="border-top: 1px solid #000000"> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Net income
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">102,881</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">98,063</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Other comprehensive income:
</div></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">Foreign currency translation adjustments
</div></td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(3,608</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">25,751</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Unrealized (loss) gain on available-for-sale securities
</div></td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(1,397</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">565</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">Unrealized gain (loss) on cash flow hedging derivatives
</div></td>
<td> </td>
<td> </td>
<td align="right">8,968</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(244</td>
<td nowrap="nowrap">)</td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Unrealized loss on pension and other postretirement liabilities
</div></td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(300</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">Income tax expense
</div></td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(2,863</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(98</td>
<td nowrap="nowrap">)</td>
</tr>
<tr style="font-size: 1px">
<td colspan="9" align="left" style="border-top: 1px solid #000000"> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Comprehensive income
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">103,681</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">124,037</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td colspan="9" align="left" style="border-top: 3px double #000000"> </td>
</tr>
<!-- End Table Body -->
</table>
</div>
</div>
</div>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" -->
<!-- Begin Block Tagged Note 11 - us-gaap:CommitmentsAndContingenciesDisclosureTextBlock-->
<div style="font-family: Helvetica,Arial,sans-serif">
<div align="left" style="font-size: 10pt; margin-top: 6pt">Note K — <u>Commitments and Contingencies</u>
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">The Company, like other food manufacturers, is from time to time subject to various administrative,
regulatory, and other legal proceedings arising in the ordinary course of business. The Company is
a defendant in a variety of legal proceedings, some of which involve claims for damages in
unspecified amounts. The Company cannot predict with certainty the results of these proceedings or
reasonably determine a range of potential loss. The Company’s policy is to accrue costs for
contingent liabilities when such liabilities are probable and amounts can be reasonably estimated.
Based on information known to date, the Company does not believe the final outcome of these
proceedings will have a material adverse effect on the Company’s financial position, results of
operations, or cash flows.
</div>
<!-- Folio -->
<!-- /Folio -->
</div>
<!-- PAGEBREAK -->
<div style="font-family: Helvetica,Arial,sans-serif">
</div>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" -->
<!-- Begin Block Tagged Note 12 - us-gaap:DerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlock-->
<div style="font-family: Helvetica,Arial,sans-serif">
<div align="left" style="font-size: 10pt; margin-top: 6pt">Note L — <u>Derivative Financial Instruments</u>
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">The Company is exposed to market risks, such as changes in foreign currency exchange rates and
commodity pricing. To manage the volatility relating to these exposures, the Company enters into
various derivative transactions. By policy, the Company historically has not entered into
derivative financial instruments for trading purposes or for speculation.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">Commodity Price Management. The Company enters 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 green coffee, edible oils, flour, milk, corn, and corn sweetener. The
Company also enters into commodity futures and options to manage price risk for energy input costs,
including natural gas and diesel fuel. The derivative instruments generally have maturities of
less than one year.
</div>
<div style="font-family: Helvetica,Arial,sans-serif">
<div align="left" style="font-size: 10pt; margin-top: 6pt">Certain of the derivative instruments associated with the Company’s U.S. Retail Oils and Baking
Market and U.S. Retail Coffee Market segments meet the hedge criteria according to Financial
Accounting Standards Board Accounting Standards Codification 815, <i>Derivatives and Hedging </i>(“ASC
815”), and are accounted for as cash flow hedges. The mark-to-market gains or losses on qualifying
hedges are deferred and included as a component of other comprehensive income to the extent
effective, and reclassified to cost of products sold in the period during which the hedged
transaction affects earnings. In order to qualify as a hedge of commodity price risk, it must be
demonstrated that the changes in the fair value of the commodity’s futures contracts are highly
effective in hedging price risks associated with the commodity purchased. Hedge effectiveness is
measured at inception and on a monthly basis.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">The mark-to-market gains or losses on nonqualifying and ineffective portions of hedges are
recognized in cost of products sold immediately.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">Foreign Currency Exchange Rate Hedging. The Company utilizes foreign currency forwards and options
contracts to manage the effect of foreign currency exchange fluctuations on future cash payments
primarily related to purchases of certain raw materials, finished goods, and fixed assets. The
contracts generally have maturities of less than one year. At the inception of the contract, the
derivative is evaluated and documented for ASC 815 accounting treatment. If the contract qualifies
for hedge accounting treatment, to the extent the hedge is deemed effective, the associated
mark-to-market gains and losses are deferred and included as a component of other comprehensive
income. These gains or losses are reclassified to earnings in the period the contract is executed.
The ineffective portion of these contracts is immediately recognized in earnings. Instruments
currently used to manage foreign currency exchange exposures do not meet the requirements for hedge
accounting treatment and the change in value of these instruments is immediately recognized in cost
of products sold.
</div>
</div>
<!-- Folio -->
<!-- /Folio -->
</div>
<!-- PAGEBREAK -->
<div style="font-family: Helvetica,Arial,sans-serif">
<div style="font-family: Helvetica,Arial,sans-serif">
<div align="left" style="font-size: 10pt; margin-top: 6pt">The following table sets forth the fair value of derivative instruments recognized in the Condensed
Consolidated Balance Sheet.
</div>
<div align="center">
<table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<tr valign="bottom">
<td width="52%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td style="border-bottom: 1px solid #000000"> </td>
<td style="border-bottom: 1px solid #000000"> </td>
<td nowrap="nowrap" align="center" colspan="6" style="border-bottom: 1px solid #000000">July 31, 2010</td>
<td style="border-bottom: 1px solid #000000"> </td>
<td style="border-bottom: 1px solid #000000"> </td>
<td nowrap="nowrap" align="center" colspan="6" style="border-bottom: 1px solid #000000">April 30, 2010</td>
<td style="border-bottom: 1px solid #000000" colspan="2"> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2">Other</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2">Other</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2">Other</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2">Other</td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2">Current Assets</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2">Current Liabilities</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2">Current Assets</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2">Current Liabilities</td>
<td> </td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr style="font-size: 1px">
<td colspan="17" align="left" style="border-top: 1px solid #000000"> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Derivatives
designated as hedging instruments:
</div></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Commodity contracts
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">6,252</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">1,874</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">9</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Derivatives
not designated as hedging instruments:
</div></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Commodity contracts
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">9,095</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">1,632</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">2,414</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">599</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">Foreign currency exchange contracts
</div></td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">210</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">830</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td colspan="17" align="left" style="border-top: 1px solid #000000"> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Total derivatives not designated as hedging
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">9,095</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">1,842</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">2,414</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">1,429</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td colspan="17" align="left" style="border-top: 3px double #000000"> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Total derivatives instruments
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">15,347</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">1,842</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">4,288</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">1,438</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td colspan="17" align="left" style="border-top: 3px double #000000"> </td>
</tr>
<!-- End Table Body -->
</table>
</div>
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">The Company has elected to not offset fair value amounts recognized for derivative instruments
and its cash margin accounts executed with the same counterparty. The Company maintained cash
margin accounts of $5,855 and $5,714 at July 31, 2010 and April 30, 2010, respectively, that are
included in other current assets in the Condensed Consolidated Balance Sheets.
</div>
<div style="font-family: Helvetica,Arial,sans-serif">
<div align="left" style="font-size: 10pt; margin-top: 6pt">The following table presents information on gains and losses recognized on derivatives designated
as cash flow hedging relationships, all of which hedge commodity price risk.
</div>
<div align="center">
<table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<tr valign="bottom">
<td width="76%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="6">Three Months Ended</td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td style="border-bottom: 1px solid #000000"> </td>
<td style="border-bottom: 1px solid #000000"> </td>
<td nowrap="nowrap" align="center" colspan="6" style="border-bottom: 1px solid #000000">July 31,</td>
<td style="border-bottom: 1px solid #000000"> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2">2010</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2">2009</td>
<td> </td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr style="font-size: 1px">
<td colspan="9" align="left" style="border-top: 1px solid #000000"> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Gain recognized in other comprehensive income (effective portion)
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">8,931</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">732</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">(Loss) gain reclassified from accumulated other comprehensive loss
to cost of products sold (effective portion)
</div></td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(37</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">976</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td colspan="9" align="left" style="border-top: 1px solid #000000"> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Change in accumulated other comprehensive loss
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">8,968</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left">$</td>
<td align="right">(244</td>
<td nowrap="nowrap">)</td>
</tr>
<tr style="font-size: 1px">
<td colspan="9" align="left" style="border-top: 3px double #000000"> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Gain recognized in cost of products sold (ineffective portion)
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">171</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">43</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td colspan="9" align="left" style="border-top: 1px solid #000000"> </td>
</tr>
<!-- End Table Body -->
</table>
</div>
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">Included as a component in accumulated other comprehensive loss in the Condensed Consolidated
Balance Sheets at July 31, 2010 and April 30, 2010, were deferred gains of $12,096 and $3,128,
respectively. The related tax impact recognized in accumulated other comprehensive loss was $4,393
and $1,134 at July 31, 2010 and April 30, 2010, respectively. The entire amount of the deferred
gain included in accumulated other comprehensive loss at July 31, 2010, is expected to be
recognized in earnings within one year as the related commodity is utilized.
</div>
<div style="font-family: Helvetica,Arial,sans-serif">
<div align="left" style="font-size: 10pt; margin-top: 6pt">The following table presents the gains and losses recognized in cost of products sold on
derivatives not designated as qualified hedging instruments.
</div>
<div align="center">
<table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<tr valign="bottom">
<td width="76%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="6">Three Months Ended</td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td style="border-bottom: 1px solid #000000"> </td>
<td style="border-bottom: 1px solid #000000"> </td>
<td nowrap="nowrap" align="center" colspan="6" style="border-bottom: 1px solid #000000">July 31,</td>
<td style="border-bottom: 1px solid #000000"> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2">2010</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2">2009</td>
<td> </td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr style="font-size: 1px">
<td colspan="9" align="left" style="border-top: 1px solid #000000"> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Gain (loss) on commodity contracts
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">4,393</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left">$</td>
<td align="right">(604</td>
<td nowrap="nowrap">)</td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Gain (loss) on foreign currency exchange contracts
</div></td>
<td> </td>
<td> </td>
<td align="right">477</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(5,518</td>
<td nowrap="nowrap">)</td>
</tr>
<tr style="font-size: 1px">
<td colspan="9" align="left" style="border-top: 1px solid #000000"> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Total
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">4,870</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left">$</td>
<td align="right">(6,122</td>
<td nowrap="nowrap">)</td>
</tr>
<tr style="font-size: 1px">
<td colspan="9" align="left" style="border-top: 3px double #000000"> </td>
</tr>
<!-- End Table Body -->
</table>
</div>
</div>
<!-- Folio -->
<!-- /Folio -->
</div>
<!-- PAGEBREAK -->
<div style="font-family: Helvetica,Arial,sans-serif">
<div style="font-family: Helvetica,Arial,sans-serif">
<div align="left" style="font-size: 10pt; margin-top: 6pt">The following table presents the gross contract notional value of outstanding derivative
contracts at July 31, 2010 and April 30, 2010.
</div>
<div align="center">
<table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<tr valign="bottom">
<td width="76%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2">July 31, 2010</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2">April 30, 2010</td>
<td> </td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr style="font-size: 1px">
<td colspan="9" align="left" style="border-top: 1px solid #000000"> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Commodity contracts
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">495,813</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">323,351</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Foreign currency exchange contracts
</div></td>
<td> </td>
<td> </td>
<td align="right">42,755</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">45,295</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td colspan="9" align="left" style="border-top: 3px double #000000"> </td>
</tr>
<!-- End Table Body -->
</table>
</div>
</div>
</div>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" -->
<!-- Begin Block Tagged Note 13 - us-gaap:FairValueDisclosuresTextBlock-->
<div style="font-family: Helvetica,Arial,sans-serif">
<div align="left" style="font-size: 10pt; margin-top: 6pt">Note M — <u>Other Financial Instruments and Fair Value Measurements</u>
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">Financial instruments, other than derivatives, that potentially subject the Company to significant
concentrations of credit risk consist principally of marketable securities and trade receivables.
The Company’s marketable securities are in debt securities. Under the Company’s investment policy,
it may invest in securities deemed to be investment grade at the time of purchase. The Company
determines the appropriate categorization of debt securities at the time of purchase and
reevaluates such designation at each balance sheet date.
</div>
<div style="font-family: Helvetica,Arial,sans-serif">
<div align="left" style="font-size: 10pt; margin-top: 6pt">The fair value of the Company’s financial instruments, other than certain of its fixed-rate
long-term debt, approximates their carrying amounts. The following table provides information on
the carrying amount and fair value of the Company’s financial instruments.
</div>
<div align="center">
<table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<tr valign="bottom">
<td width="52%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td style="border-bottom: 1px solid #000000"> </td>
<td style="border-bottom: 1px solid #000000"> </td>
<td nowrap="nowrap" align="center" colspan="6" style="border-bottom: 1px solid #000000">July 31, 2010</td>
<td style="border-bottom: 1px solid #000000"> </td>
<td style="border-bottom: 1px solid #000000"> </td>
<td nowrap="nowrap" align="center" colspan="7" style="border-bottom: 1px solid #000000">April 30, 2010</td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2">Carrying Amount</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2">Fair Value</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2">Carrying Amount</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2">Fair Value</td>
<td> </td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr style="font-size: 1px">
<td colspan="17" align="left" style="border-top: 1px solid #000000"> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Marketable securities
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">57,075</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">57,075</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">—</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Other investments and securities
</div></td>
<td> </td>
<td> </td>
<td align="right">33,384</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">33,384</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">34,895</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">34,895</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Derivatives financial instruments, net
</div></td>
<td> </td>
<td> </td>
<td align="right">13,505</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">13,505</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">2,850</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">2,850</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Fixed-rate long-term debt
</div></td>
<td> </td>
<td> </td>
<td align="right">1,310,000</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1,691,099</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">910,000</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1,172,467</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td colspan="17" align="left" style="border-top: 3px double #000000"> </td>
</tr>
<!-- End Table Body -->
</table>
</div>
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">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 the Company’s
market assumptions.
</div>
<!-- Folio -->
<!-- /Folio -->
</div>
<!-- PAGEBREAK -->
<div style="font-family: Helvetica,Arial,sans-serif">
<div style="font-family: Helvetica,Arial,sans-serif">
<div align="left" style="font-size: 10pt; margin-top: 6pt">The following table is a summary of the Company’s financial assets (liabilities) measured at fair
value on a recurring basis.
</div>
<div align="center">
<table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<tr valign="bottom">
<td width="40%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2">Quoted Prices in</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2">Significant</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2">Significant</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2"> </td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2">Active Markets for</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2">Observable</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2">Unobservable</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2"> </td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2">Identical Assets</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2">Inputs</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2">Inputs</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2">Fair Value at</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2">Fair Value at </td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2">(Level 1)</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2">(Level 2)</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2">(Level 3)</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2">July 31, 2010</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2">April 30, 2010</td>
<td> </td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr style="font-size: 1px">
<td colspan="21" align="left" style="border-top: 1px solid #000000"> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Marketable securities: <sup style="font-size: 85%; vertical-align: text-top">(A)</sup>
</div></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Commercial paper
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">48,061</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">48,061</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">—</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">Municipal obligations
</div></td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">9,014</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">9,014</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Other investments: <sup style="font-size: 85%; vertical-align: text-top">(B)</sup>
</div></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">Equity mutual funds
</div></td>
<td> </td>
<td> </td>
<td align="right">10,139</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">10,139</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">11,626</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Municipal obligations
</div></td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">16,570</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">16,570</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">16,753</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">Other investments
</div></td>
<td> </td>
<td> </td>
<td align="right">495</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">6,180</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">6,675</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">6,516</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Derivatives: <sup style="font-size: 85%; vertical-align: text-top">(C)</sup>
</div></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">Commodity contracts, net
</div></td>
<td> </td>
<td> </td>
<td align="right">13,715</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">13,715</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">3,680</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Foreign currency exchange contracts
</div></td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(210</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(210</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(830</td>
<td nowrap="nowrap">)</td>
</tr>
<tr style="font-size: 1px">
<td colspan="21" align="left" style="border-top: 1px solid #000000"> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">Total
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">24,139</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">79,825</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">103,964</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">37,745</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td colspan="21" align="left" style="border-top: 3px double #000000"> </td>
</tr>
<!-- End Table Body -->
</table>
</div>
<div align="left">
<div style="font-size: 3pt; margin-top: 10pt; width: 18%; border-top: 1px solid #ffffff"> 
</div>
</div>
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr>
<td width="3%"></td>
<td width="1%"></td>
<td width="96"></td>
</tr>
<tr valign="top">
<td nowrap="nowrap" align="left"><sup style="font-size: 85%; vertical-align: text-top">(A)</sup></td>
<td> </td>
<td>The Company’s marketable securities consist of commercial paper and
municipal obligations valued by a third party using an evaluated pricing methodology.</td>
</tr>
<tr style="font-size: 3pt">
<td> </td>
</tr>
<tr valign="top">
<td nowrap="nowrap" align="left"><sup style="font-size: 85%; vertical-align: text-top">(B) </sup></td>
<td> </td>
<td>The Company’s 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 and municipal obligations valued by a third party using an
evaluated pricing methodology.</td>
</tr>
<tr style="font-size: 3pt">
<td> </td>
</tr>
<tr valign="top">
<td nowrap="nowrap" align="left"><sup style="font-size: 85%; vertical-align: text-top">(C)</sup></td>
<td> </td>
<td> The Company’s derivatives are valued using quoted market prices. For
additional information, see Note L — Derivative Financial Instruments.</td>
</tr>
</table>
</div>
</div>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" -->
<!-- Begin Block Tagged Note 14 - us-gaap:IncomeTaxDisclosureTextBlock-->
<div style="font-family: Helvetica,Arial,sans-serif">
<div align="left" style="font-size: 10pt; margin-top: 6pt">Note N — <u>Income Taxes</u>
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">During the three-month period ended July 31, 2010, the Company’s effective tax rate decreased to
31.3 percent, compared to 35.2 percent in the three-month period ended July 31, 2009, reflecting
the impact of increased benefits realized from the domestic manufacturing deduction, lower state
income taxes, and a favorable federal income tax determination related to a prior year. During the
three-month period ended July 31, 2010, the effective income tax rate varied from the U.S.
statutory income tax rate primarily due to the domestic manufacturing deduction partially offset by
state income taxes.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">Within the next twelve months, it is reasonably possible that the Company could decrease its
unrecognized tax benefits by an additional $3.0 million, primarily as a result of expiring statute
of limitations periods.
</div>
</div>
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<!-- Begin Block Tagged Accounting Policy: sjm-20100731_note1_accounting_policy_table1 - us-gaap:SignificantAccountingPoliciesTextBlock-->
<div style="font-family: Helvetica,Arial,sans-serif">
<div align="left" style="font-size: 10pt; margin-top: 6pt">The accompanying unaudited condensed consolidated financial statements have been prepared in
accordance with generally accepted accounting principles in the U.S. for interim financial
information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly,
they do not include all of the information and footnotes required by generally accepted accounting
principles in the U.S. for complete financial statements. In the opinion of management, all
adjustments considered necessary for a fair presentation have been included.
</div>
</div>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" -->
<!-- Begin Block Tagged Accounting Policy: sjm-20100731_note1_accounting_policy_table2 - sjm:ReclassificationPolicyTextBlock-->
<font style="font-size: 10pt; helvetica,arial,sans-serif"> Certain prior year
amounts have been reclassified to conform to current year
classifications.</font>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" -->
<!-- Begin Block Tagged Accounting Policy: sjm-20100731_note2_accounting_policy_table1 - sjm:FairValueMeasurementPolicyTextBlock-->
<div style="font-family: Helvetica,Arial,sans-serif">
<div align="left" style="font-size: 10pt; margin-top: 6pt">In January 2010, the Financial Accounting Standards Board issued Accounting Standards Update
2010-06, <i>Improving Disclosures about Fair Value Measurements </i>(“ASU 2010-06”)<i>, </i>which requires
additional disclosures about fair value measurements including transfers in and out of different
levels of the fair value hierarchy and a higher level of disaggregation for different types of
financial instruments. These disclosure requirements were effective April 30, 2010, for the
Company. In addition, for the reconciliation of Level 3 fair value measurements, ASU 2010-06
requires information about purchases, sales, issuances, and settlements to be presented separately.
These disclosure requirements will be effective May 1, 2011, for the Company. The Company is
currently assessing the impact, if any, on the consolidated financial statements.
</div>
</div>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" -->
<!-- Begin Block Tagged Accounting Policy: sjm-20100731_note12_accounting_policy_table1 - us-gaap:DerivativesPolicyTextBlock-->
<div style="font-family: Helvetica,Arial,sans-serif">
<div align="left" style="font-size: 10pt; margin-top: 6pt">Certain of the derivative instruments associated with the Company’s U.S. Retail Oils and Baking
Market and U.S. Retail Coffee Market segments meet the hedge criteria according to Financial
Accounting Standards Board Accounting Standards Codification 815, <i>Derivatives and Hedging </i>(“ASC
815”), and are accounted for as cash flow hedges. The mark-to-market gains or losses on qualifying
hedges are deferred and included as a component of other comprehensive income to the extent
effective, and reclassified to cost of products sold in the period during which the hedged
transaction affects earnings. In order to qualify as a hedge of commodity price risk, it must be
demonstrated that the changes in the fair value of the commodity’s futures contracts are highly
effective in hedging price risks associated with the commodity purchased. Hedge effectiveness is
measured at inception and on a monthly basis.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">The mark-to-market gains or losses on nonqualifying and ineffective portions of hedges are
recognized in cost of products sold immediately.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">Foreign Currency Exchange Rate Hedging. The Company utilizes foreign currency forwards and options
contracts to manage the effect of foreign currency exchange fluctuations on future cash payments
primarily related to purchases of certain raw materials, finished goods, and fixed assets. The
contracts generally have maturities of less than one year. At the inception of the contract, the
derivative is evaluated and documented for ASC 815 accounting treatment. If the contract qualifies
for hedge accounting treatment, to the extent the hedge is deemed effective, the associated
mark-to-market gains and losses are deferred and included as a component of other comprehensive
income. These gains or losses are reclassified to earnings in the period the contract is executed.
The ineffective portion of these contracts is immediately recognized in earnings. Instruments
currently used to manage foreign currency exchange exposures do not meet the requirements for hedge
accounting treatment and the change in value of these instruments is immediately recognized in cost
of products sold.
</div>
</div>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" -->
<!-- Begin Block Tagged Note Table: sjm-20100731_note3_table1 - us-gaap:ScheduleOfRestructuringAndRelatedCostsTextBlock-->
<div style="font-family: Helvetica,Arial,sans-serif">
<div align="left" style="font-size: 10pt; margin-top: 6pt">The following table summarizes the restructuring activity, including the reserves established and
the total amount expected to be incurred.
</div>
<div align="center">
<table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<tr valign="bottom">
<td width="32%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2">Site Preparation</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2"> </td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2">Long-Lived</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2">Employee</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2">and Equipment</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2">Production</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2"> </td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2">Asset Charges</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2">Separation</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2">Relocation</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2">Start-up</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2">Other Costs</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2">Total</td>
<td> </td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr style="font-size: 1px">
<td colspan="25" align="left" style="border-top: 1px solid #000000"> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Total expected restructuring charge
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">90,000</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">47,000</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">22,000</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">21,000</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">10,000</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">190,000</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td colspan="25" align="left" style="border-top: 3px double #000000"> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Balance at May 1, 2009
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">—</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Charge to expense
</div></td>
<td> </td>
<td> </td>
<td align="right">3,870</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1,139</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">407</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">16</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">279</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">5,711</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Cash payments
</div></td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(50</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(407</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(16</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(279</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(752</td>
<td nowrap="nowrap">)</td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Noncash utilization
</div></td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(3,870</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(3,870</td>
<td nowrap="nowrap">)</td>
</tr>
<tr style="font-size: 1px">
<td colspan="25" align="left" style="border-top: 1px solid #000000"> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Balance at April 30, 2010
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">1,089</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">1,089</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Charge to expense
</div></td>
<td> </td>
<td> </td>
<td align="right">9,453</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">16,748</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1,268</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">61</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">27</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">27,557</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Cash payments
</div></td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(10,342</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(1,268</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(61</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(27</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(11,698</td>
<td nowrap="nowrap">)</td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Noncash utilization
</div></td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(9,453</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(3,785</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(13,238</td>
<td nowrap="nowrap">)</td>
</tr>
<tr style="font-size: 1px">
<td colspan="25" align="left" style="border-top: 1px solid #000000"> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Balance at July 31, 2010
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">3,710</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">3,710</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td colspan="25" align="left" style="border-top: 3px double #000000"> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Remaining expected restructuring charge
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">76,677</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">29,113</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">20,325</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">20,923</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">9,694</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">156,732</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td colspan="25" align="left" style="border-top: 3px double #000000"> </td>
</tr>
<!-- End Table Body -->
</table>
</div>
</div>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" -->
<!-- Begin Block Tagged Note Table: sjm-20100731_note5_table1 - sjm:CommonSharesTextBlock-->
<div style="font-family: Helvetica,Arial,sans-serif">
<div align="left" style="font-size: 10pt; margin-top: 6pt">The following table sets forth common share information.
</div>
<div align="center">
<table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<tr valign="bottom">
<td width="76%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2">July 31, 2010</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2">April 30, 2010</td>
<td> </td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr style="font-size: 1px">
<td colspan="9" align="left" style="border-top: 1px solid #000000"> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Common shares authorized
</div></td>
<td> </td>
<td> </td>
<td align="right">150,000,000</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">150,000,000</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Common shares outstanding
</div></td>
<td> </td>
<td> </td>
<td align="right">119,500,209</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">119,119,152</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Treasury shares
</div></td>
<td> </td>
<td> </td>
<td align="right">9,103,956</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">9,485,013</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td colspan="9" align="left" style="border-top: 3px double #000000"> </td>
</tr>
<!-- End Table Body -->
</table>
</div>
</div>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" -->
<!-- Begin Block Tagged Note Table: sjm-20100731_note6_table1 - us-gaap:ScheduleOfSegmentReportingInformationBySegmentTextBlock-->
<div style="font-family: Helvetica,Arial,sans-serif">
<div align="left" style="font-size: 10pt; margin-top: 6pt">The following table sets forth reportable segment information.
</div>
<div align="center">
<table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<tr valign="bottom">
<td width="76%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="6">Three Months Ended</td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td style="border-bottom: 1px solid #000000"> </td>
<td style="border-bottom: 1px solid #000000"> </td>
<td nowrap="nowrap" align="center" colspan="6" style="border-bottom: 1px solid #000000">July 31,</td>
<td style="border-bottom: 1px solid #000000"> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2">2010</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2">2009</td>
<td> </td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr style="font-size: 1px">
<td colspan="9" align="left" style="border-top: 1px solid #000000"> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Net sales:
</div></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">U.S. Retail Coffee Market
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">393,570</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">366,229</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">U.S. Retail Consumer Market
</div></td>
<td> </td>
<td> </td>
<td align="right">279,275</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">291,002</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">U.S. Retail Oils and Baking Market
</div></td>
<td> </td>
<td> </td>
<td align="right">173,871</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">194,416</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">Special Markets
</div></td>
<td> </td>
<td> </td>
<td align="right">200,596</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">199,879</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td colspan="9" align="left" style="border-top: 1px solid #000000"> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Total net sales
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">1,047,312</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">1,051,526</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td colspan="9" align="left" style="border-top: 3px double #000000"> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Segment profit:
</div></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">U.S. Retail Coffee Market
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">111,882</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">111,167</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">U.S. Retail Consumer Market
</div></td>
<td> </td>
<td> </td>
<td align="right">71,417</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">66,123</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">U.S. Retail Oils and Baking Market
</div></td>
<td> </td>
<td> </td>
<td align="right">22,587</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">25,680</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">Special Markets
</div></td>
<td> </td>
<td> </td>
<td align="right">34,872</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">26,694</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td colspan="9" align="left" style="border-top: 1px solid #000000"> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Total segment profit
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">240,758</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">229,664</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td colspan="9" align="left" style="border-top: 3px double #000000"> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">Interest income
</div></td>
<td> </td>
<td> </td>
<td align="right">433</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1,371</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Interest expense
</div></td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(16,539</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(18,951</td>
<td nowrap="nowrap">)</td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">Share-based compensation expense
</div></td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(4,340</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(4,553</td>
<td nowrap="nowrap">)</td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Merger and integration costs
</div></td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(2,656</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(16,476</td>
<td nowrap="nowrap">)</td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">Cost of products sold — restructuring
</div></td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(9,453</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Other restructuring costs
</div></td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(18,104</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">Corporate administrative expenses
</div></td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(41,038</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(39,801</td>
<td nowrap="nowrap">)</td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Other income (expense)
</div></td>
<td> </td>
<td> </td>
<td align="right">693</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(20</td>
<td nowrap="nowrap">)</td>
</tr>
<tr style="font-size: 1px">
<td colspan="9" align="left" style="border-top: 1px solid #000000"> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Income before income taxes
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">149,754</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">151,234</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td colspan="9" align="left" style="border-top: 3px double #000000"> </td>
</tr>
<!-- End Table Body -->
</table>
</div>
</div>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" -->
<!-- Begin Block Tagged Note Table: sjm-20100731_note7_table1 - us-gaap:LongTermDebtTextBlock-->
<div style="font-family: Helvetica,Arial,sans-serif">
<div align="left" style="font-size: 10pt; margin-top: 6pt">Long-term debt consists of the following:
</div>
<div align="center">
<table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<tr valign="bottom">
<td width="76%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2">July 31, 2010</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2">April 30, 2010</td>
<td> </td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr style="font-size: 1px">
<td colspan="9" align="left" style="border-top: 1px solid #000000"> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">7.94% Series C Senior Notes due September 1, 2010
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">10,000</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">10,000</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">4.78% Senior Notes due June 1, 2014
</div></td>
<td> </td>
<td> </td>
<td align="right">100,000</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">100,000</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">6.12% Senior Notes due November 1, 2015
</div></td>
<td> </td>
<td> </td>
<td align="right">24,000</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">24,000</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">6.63% Senior Notes due November 1, 2018
</div></td>
<td> </td>
<td> </td>
<td align="right">376,000</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">376,000</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">5.55% Senior Notes due April 1, 2022
</div></td>
<td> </td>
<td> </td>
<td align="right">400,000</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">400,000</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">4.50% Senior Notes due June 1, 2025
</div></td>
<td> </td>
<td> </td>
<td align="right">400,000</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td colspan="9" align="left" style="border-top: 1px solid #000000"> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Total long-term debt
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">1,310,000</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">910,000</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Current portion of long-term debt
</div></td>
<td> </td>
<td> </td>
<td align="right">10,000</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">10,000</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td colspan="9" align="left" style="border-top: 1px solid #000000"> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Total long-term debt less current portion
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">1,300,000</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">900,000</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td colspan="9" align="left" style="border-top: 3px double #000000"> </td>
</tr>
<!-- End Table Body -->
</table>
</div>
</div>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" -->
<!-- Begin Block Tagged Note Table: sjm-20100731_note8_table1 - us-gaap:ScheduleOfEarningsPerShareBasicByCommonClassTextBlock-->
<div style="font-family: Helvetica,Arial,sans-serif">
<div align="left" style="font-size: 10pt; margin-top: 6pt">The following tables set forth the computation of earnings per common share and earnings per common
share — assuming dilution.
</div>
<div align="center">
<table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<tr valign="bottom">
<td width="76%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td style="border-bottom: 1px solid #000000"> </td>
<td style="border-bottom: 1px solid #000000"> </td>
<td nowrap="nowrap" align="center" colspan="6" style="border-bottom: 1px solid #000000">Three Months Ended July 31,</td>
<td style="border-bottom: 1px solid #000000"> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2">2010</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2">2009</td>
<td> </td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr style="font-size: 1px">
<td colspan="9" align="left" style="border-top: 1px solid #000000"> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Computation of net income per share:
</div></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Net income
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">102,881</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">98,063</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td colspan="9" align="left" style="border-top: 0px solid #000000"> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">Net income allocated to participating securities
</div></td>
<td> </td>
<td> </td>
<td align="right">987</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">834</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td colspan="9" align="left" style="border-top: 1px solid #000000"> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Net income allocated to common stockholders
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">101,894</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">97,229</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td colspan="9" align="left" style="border-top: 3px double #000000"> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">Weighted-average common shares outstanding
</div></td>
<td> </td>
<td> </td>
<td align="right">118,156,815</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">117,654,929</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td colspan="9" align="left" style="border-top: 1px solid #000000"> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Net income per common share
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">0.86</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">0.83</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td colspan="9" align="left" style="border-top: 3px double #000000"> </td>
</tr>
<!-- End Table Body -->
</table>
</div>
</div>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" -->
<!-- Begin Block Tagged Note Table: sjm-20100731_note8_table2 - us-gaap:ScheduleOfEarningsPerShareDilutedByCommonClassTextBlock-->
<div style="font-family: Helvetica,Arial,sans-serif">
<div align="center">
<table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<tr valign="bottom">
<td width="76%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td style="border-bottom: 1px solid #000000"> </td>
<td style="border-bottom: 1px solid #000000"> </td>
<td nowrap="nowrap" align="center" colspan="6" style="border-bottom: 1px solid #000000">Three Months Ended July 31,</td>
<td style="border-bottom: 1px solid #000000"> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td nowrap="nowrap" align="right" colspan="3">2010</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2">2009</td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr style="font-size: 1px">
<td colspan="9" align="left" style="border-top: 1px solid #000000"> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Computation of net income per share — assuming dilution:
</div></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Net income
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">102,881</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">98,063</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">Net income allocated to participating securities
</div></td>
<td> </td>
<td> </td>
<td align="right">986</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">834</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td colspan="9" align="left" style="border-top: 1px solid #000000"> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Net income allocated to common stockholders
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">101,895</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">97,229</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td colspan="9" align="left" style="border-top: 3px double #000000"> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">Weighted-average common shares outstanding
</div></td>
<td> </td>
<td> </td>
<td align="right">118,156,815</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">117,654,929</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Dilutive effect of stock options
</div></td>
<td> </td>
<td> </td>
<td align="right">139,564</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">81,591</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td colspan="9" align="left" style="border-top: 1px solid #000000"> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">Weighted-average common shares outstanding — assuming dilution
</div></td>
<td> </td>
<td> </td>
<td align="right">118,296,379</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">117,736,520</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td colspan="9" align="left" style="border-top: 3px double #000000"> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Net income per common share — assuming dilution
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">0.86</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">0.83</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td colspan="9" align="left" style="border-top: 3px double #000000"> </td>
</tr>
<!-- End Table Body -->
</table>
</div>
</div>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" -->
<!-- Begin Block Tagged Note Table: sjm-20100731_note8_table3 - sjm:ScheduleOfTotalWeightedAverageSharesOutstandingTextBlock-->
<div style="font-family: Helvetica,Arial,sans-serif">
<div align="left" style="font-size: 10pt; margin-top: 6pt">The following table reconciles the weighted-average common shares used in the basic and
diluted earnings per share disclosures to the total weighted-average shares outstanding.
</div>
<div align="center">
<table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<tr valign="bottom">
<td width="76%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td style="border-bottom: 1px solid #000000"> </td>
<td style="border-bottom: 1px solid #000000"> </td>
<td nowrap="nowrap" align="center" colspan="6" style="border-bottom: 1px solid #000000">Three Months Ended July 31,</td>
<td style="border-bottom: 1px solid #000000"> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2">2010</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2">2009</td>
<td> </td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr style="font-size: 1px">
<td colspan="9" align="left" style="border-top: 1px solid #000000"> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Weighted-average common shares outstanding
</div></td>
<td> </td>
<td> </td>
<td align="right">118,156,815</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">117,654,929</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Weighted-average participating shares outstanding
</div></td>
<td> </td>
<td> </td>
<td align="right">1,144,111</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1,009,724</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td colspan="9" align="left" style="border-top: 1px solid #000000"> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Total weighted-average shares outstanding
</div></td>
<td> </td>
<td> </td>
<td align="right">119,300,926</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">118,664,653</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Dilutive effect of stock options
</div></td>
<td> </td>
<td> </td>
<td align="right">139,564</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">81,591</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td colspan="9" align="left" style="border-top: 1px solid #000000"> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Total weighted-average shares outstanding — assuming dilution
</div></td>
<td> </td>
<td> </td>
<td align="right">119,440,490</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">118,746,244</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td colspan="9" align="left" style="border-top: 3px double #000000"> </td>
</tr>
<!-- End Table Body -->
</table>
</div>
</div>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" -->
<!-- Begin Block Tagged Note Table: sjm-20100731_note9_table1 - us-gaap:ScheduleOfDefinedBenefitPlansDisclosuresTextBlock-->
<div style="font-family: Helvetica,Arial,sans-serif">
<div align="left" style="font-size: 10pt; margin-top: 6pt">The components of the Company’s net periodic benefit cost for defined benefit pension and other
postretirement benefit plans are shown below.
</div>
<div align="center">
<table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<tr valign="bottom">
<td width="52%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td style="border-bottom: 1px solid #000000"> </td>
<td style="border-bottom: 1px solid #000000"> </td>
<td nowrap="nowrap" align="center" colspan="14" style="border-bottom: 1px solid #000000">Three Months Ended July 31,</td>
<td style="border-bottom: 1px solid #000000"> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td style="border-bottom: 1px solid #000000"> </td>
<td style="border-bottom: 1px solid #000000"> </td>
<td nowrap="nowrap" align="right" colspan="6" style="border-bottom: 1px solid #000000">Defined Benefit Pension Plans</td>
<td style="border-bottom: 1px solid #000000"> </td>
<td style="border-bottom: 1px solid #000000"> </td>
<td nowrap="nowrap" align="right" colspan="6" style="border-bottom: 1px solid #000000">Other Postretirement Benefits</td>
<td style="border-bottom: 1px solid #000000"> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2">2010</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2">2009</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2">2010</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2">2009</td>
<td> </td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr style="font-size: 1px">
<td colspan="17" align="left" style="border-top: 1px solid #000000"> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Service cost
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">1,858</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">1,410</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">405</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">494</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Interest cost
</div></td>
<td> </td>
<td> </td>
<td align="right">6,346</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">6,097</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">690</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">643</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Expected return on plan assets
</div></td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(6,657</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(5,641</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Recognized net actuarial loss (gain)
</div></td>
<td> </td>
<td> </td>
<td align="right">1,727</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1,547</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(134</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(261</td>
<td nowrap="nowrap">)</td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Termination benefit cost
</div></td>
<td> </td>
<td> </td>
<td align="right">7,462</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">2,413</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Curtailment
</div></td>
<td> </td>
<td> </td>
<td align="right">3,910</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Other
</div></td>
<td> </td>
<td> </td>
<td align="right">288</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">307</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(122</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(122</td>
<td nowrap="nowrap">)</td>
</tr>
<tr style="font-size: 1px">
<td colspan="17" align="left" style="border-top: 1px solid #000000"> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Net periodic benefit cost
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">14,934</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">3,720</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">3,252</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">754</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td colspan="17" align="left" style="border-top: 3px double #000000"> </td>
</tr>
<!-- End Table Body -->
</table>
</div>
</div>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" -->
<!-- Begin Block Tagged Note Table: sjm-20100731_note10_table1 - sjm:ComponentsOfComprehensiveIncomeTextBlock-->
<div style="font-family: Helvetica,Arial,sans-serif">
<div align="left" style="font-size: 10pt; margin-top: 6pt">The following table summarizes the components of comprehensive income.
</div>
<div align="center">
<table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<tr valign="bottom">
<td width="76%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="6">Three Months Ended</td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td style="border-bottom: 1px solid #000000"> </td>
<td style="border-bottom: 1px solid #000000"> </td>
<td nowrap="nowrap" align="center" colspan="6" style="border-bottom: 1px solid #000000">July 31,</td>
<td style="border-bottom: 1px solid #000000"> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2">2010</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2">2009</td>
<td> </td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr style="font-size: 1px">
<td colspan="9" align="left" style="border-top: 1px solid #000000"> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Net income
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">102,881</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">98,063</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Other comprehensive income:
</div></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">Foreign currency translation adjustments
</div></td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(3,608</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">25,751</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Unrealized (loss) gain on available-for-sale securities
</div></td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(1,397</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">565</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">Unrealized gain (loss) on cash flow hedging derivatives
</div></td>
<td> </td>
<td> </td>
<td align="right">8,968</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(244</td>
<td nowrap="nowrap">)</td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Unrealized loss on pension and other postretirement liabilities
</div></td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(300</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">Income tax expense
</div></td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(2,863</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(98</td>
<td nowrap="nowrap">)</td>
</tr>
<tr style="font-size: 1px">
<td colspan="9" align="left" style="border-top: 1px solid #000000"> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Comprehensive income
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">103,681</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">124,037</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td colspan="9" align="left" style="border-top: 3px double #000000"> </td>
</tr>
<!-- End Table Body -->
</table>
</div>
</div>
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<!-- Begin Block Tagged Note Table: sjm-20100731_note12_table1 - us-gaap:ScheduleOfDerivativeInstrumentsInStatementOfFinancialPositionFairValueTextBlock-->
<div style="font-family: Helvetica,Arial,sans-serif">
<div align="left" style="font-size: 10pt; margin-top: 6pt">The following table sets forth the fair value of derivative instruments recognized in the Condensed
Consolidated Balance Sheet.
</div>
<div align="center">
<table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<tr valign="bottom">
<td width="52%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td style="border-bottom: 1px solid #000000"> </td>
<td style="border-bottom: 1px solid #000000"> </td>
<td nowrap="nowrap" align="center" colspan="6" style="border-bottom: 1px solid #000000">July 31, 2010</td>
<td style="border-bottom: 1px solid #000000"> </td>
<td style="border-bottom: 1px solid #000000"> </td>
<td nowrap="nowrap" align="center" colspan="6" style="border-bottom: 1px solid #000000">April 30, 2010</td>
<td style="border-bottom: 1px solid #000000" colspan="2"> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2">Other</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2">Other</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2">Other</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2">Other</td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2">Current Assets</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2">Current Liabilities</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2">Current Assets</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2">Current Liabilities</td>
<td> </td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr style="font-size: 1px">
<td colspan="17" align="left" style="border-top: 1px solid #000000"> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Derivatives
designated as hedging instruments:
</div></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Commodity contracts
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">6,252</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">1,874</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">9</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Derivatives
not designated as hedging instruments:
</div></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Commodity contracts
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">9,095</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">1,632</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">2,414</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">599</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">Foreign currency exchange contracts
</div></td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">210</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">830</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td colspan="17" align="left" style="border-top: 1px solid #000000"> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Total derivatives not designated as hedging
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">9,095</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">1,842</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">2,414</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">1,429</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td colspan="17" align="left" style="border-top: 3px double #000000"> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Total derivatives instruments
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">15,347</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">1,842</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">4,288</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">1,438</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td colspan="17" align="left" style="border-top: 3px double #000000"> </td>
</tr>
<!-- End Table Body -->
</table>
</div>
</div>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" -->
<!-- Begin Block Tagged Note Table: sjm-20100731_note12_table2 - us-gaap:ScheduleOfDerivativeInstrumentsGainLossInStatementOfFinancialPerformanceTextBlock-->
<div style="font-family: Helvetica,Arial,sans-serif">
<div align="left" style="font-size: 10pt; margin-top: 6pt">The following table presents information on gains and losses recognized on derivatives designated
as cash flow hedging relationships, all of which hedge commodity price risk.
</div>
<div align="center">
<table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<tr valign="bottom">
<td width="76%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="6">Three Months Ended</td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td style="border-bottom: 1px solid #000000"> </td>
<td style="border-bottom: 1px solid #000000"> </td>
<td nowrap="nowrap" align="center" colspan="6" style="border-bottom: 1px solid #000000">July 31,</td>
<td style="border-bottom: 1px solid #000000"> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2">2010</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2">2009</td>
<td> </td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr style="font-size: 1px">
<td colspan="9" align="left" style="border-top: 1px solid #000000"> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Gain recognized in other comprehensive income (effective portion)
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">8,931</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">732</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">(Loss) gain reclassified from accumulated other comprehensive loss
to cost of products sold (effective portion)
</div></td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(37</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">976</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td colspan="9" align="left" style="border-top: 1px solid #000000"> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Change in accumulated other comprehensive loss
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">8,968</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left">$</td>
<td align="right">(244</td>
<td nowrap="nowrap">)</td>
</tr>
<tr style="font-size: 1px">
<td colspan="9" align="left" style="border-top: 3px double #000000"> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Gain recognized in cost of products sold (ineffective portion)
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">171</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">43</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td colspan="9" align="left" style="border-top: 1px solid #000000"> </td>
</tr>
<!-- End Table Body -->
</table>
</div>
</div>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" -->
<!-- Begin Block Tagged Note Table: sjm-20100731_note12_table3 - sjm:ScheduleOfDerivativeInstrumentsGainLossInCostOfProductsSoldTextBlock-->
<div style="font-family: Helvetica,Arial,sans-serif">
<div align="left" style="font-size: 10pt; margin-top: 6pt">The following table presents the gains and losses recognized in cost of products sold on
derivatives not designated as qualified hedging instruments.
</div>
<div align="center">
<table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<tr valign="bottom">
<td width="76%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="6">Three Months Ended</td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td style="border-bottom: 1px solid #000000"> </td>
<td style="border-bottom: 1px solid #000000"> </td>
<td nowrap="nowrap" align="center" colspan="6" style="border-bottom: 1px solid #000000">July 31,</td>
<td style="border-bottom: 1px solid #000000"> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2">2010</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2">2009</td>
<td> </td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr style="font-size: 1px">
<td colspan="9" align="left" style="border-top: 1px solid #000000"> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Gain (loss) on commodity contracts
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">4,393</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left">$</td>
<td align="right">(604</td>
<td nowrap="nowrap">)</td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Gain (loss) on foreign currency exchange contracts
</div></td>
<td> </td>
<td> </td>
<td align="right">477</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(5,518</td>
<td nowrap="nowrap">)</td>
</tr>
<tr style="font-size: 1px">
<td colspan="9" align="left" style="border-top: 1px solid #000000"> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Total
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">4,870</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left">$</td>
<td align="right">(6,122</td>
<td nowrap="nowrap">)</td>
</tr>
<tr style="font-size: 1px">
<td colspan="9" align="left" style="border-top: 3px double #000000"> </td>
</tr>
<!-- End Table Body -->
</table>
</div>
</div>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" -->
<!-- Begin Block Tagged Note Table: sjm-20100731_note12_table4 - sjm:ScheduleOfOutstandingDerivativeContractsTextBlock-->
<div style="font-family: Helvetica,Arial,sans-serif">
<div align="left" style="font-size: 10pt; margin-top: 6pt">The following table presents the gross contract notional value of outstanding derivative
contracts at July 31, 2010 and April 30, 2010.
</div>
<div align="center">
<table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<tr valign="bottom">
<td width="76%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2">July 31, 2010</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2">April 30, 2010</td>
<td> </td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr style="font-size: 1px">
<td colspan="9" align="left" style="border-top: 1px solid #000000"> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Commodity contracts
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">495,813</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">323,351</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Foreign currency exchange contracts
</div></td>
<td> </td>
<td> </td>
<td align="right">42,755</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">45,295</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td colspan="9" align="left" style="border-top: 3px double #000000"> </td>
</tr>
<!-- End Table Body -->
</table>
</div>
</div>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" -->
<!-- Begin Block Tagged Note Table: sjm-20100731_note13_table1 - us-gaap:FairValueByBalanceSheetGroupingTextBlock-->
<div style="font-family: Helvetica,Arial,sans-serif">
<div align="left" style="font-size: 10pt; margin-top: 6pt">The fair value of the Company’s financial instruments, other than certain of its fixed-rate
long-term debt, approximates their carrying amounts. The following table provides information on
the carrying amount and fair value of the Company’s financial instruments.
</div>
<div align="center">
<table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<tr valign="bottom">
<td width="52%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td style="border-bottom: 1px solid #000000"> </td>
<td style="border-bottom: 1px solid #000000"> </td>
<td nowrap="nowrap" align="center" colspan="6" style="border-bottom: 1px solid #000000">July 31, 2010</td>
<td style="border-bottom: 1px solid #000000"> </td>
<td style="border-bottom: 1px solid #000000"> </td>
<td nowrap="nowrap" align="center" colspan="7" style="border-bottom: 1px solid #000000">April 30, 2010</td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2">Carrying Amount</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2">Fair Value</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2">Carrying Amount</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2">Fair Value</td>
<td> </td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr style="font-size: 1px">
<td colspan="17" align="left" style="border-top: 1px solid #000000"> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Marketable securities
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">57,075</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">57,075</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">—</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Other investments and securities
</div></td>
<td> </td>
<td> </td>
<td align="right">33,384</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">33,384</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">34,895</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">34,895</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Derivatives financial instruments, net
</div></td>
<td> </td>
<td> </td>
<td align="right">13,505</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">13,505</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">2,850</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">2,850</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Fixed-rate long-term debt
</div></td>
<td> </td>
<td> </td>
<td align="right">1,310,000</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1,691,099</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">910,000</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1,172,467</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td colspan="17" align="left" style="border-top: 3px double #000000"> </td>
</tr>
<!-- End Table Body -->
</table>
</div>
</div>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" -->
<!-- Begin Block Tagged Note Table: sjm-20100731_note13_table2 - us-gaap:FairValueMeasurementInputsDisclosureTextBlock-->
<div style="font-family: Helvetica,Arial,sans-serif">
<div align="left" style="font-size: 10pt; margin-top: 6pt">The following table is a summary of the Company’s financial assets (liabilities) measured at fair
value on a recurring basis.
</div>
<div align="center">
<table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<tr valign="bottom">
<td width="40%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2">Quoted Prices in</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2">Significant</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2">Significant</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2"> </td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2">Active Markets for</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2">Observable</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2">Unobservable</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2"> </td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2">Identical Assets</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2">Inputs</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2">Inputs</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2">Fair Value at</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2">Fair Value at </td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2">(Level 1)</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2">(Level 2)</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2">(Level 3)</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2">July 31, 2010</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2">April 30, 2010</td>
<td> </td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr style="font-size: 1px">
<td colspan="21" align="left" style="border-top: 1px solid #000000"> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Marketable securities: <sup style="font-size: 85%; vertical-align: text-top">(A)</sup>
</div></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Commercial paper
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">48,061</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">48,061</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">—</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">Municipal obligations
</div></td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">9,014</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">9,014</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Other investments: <sup style="font-size: 85%; vertical-align: text-top">(B)</sup>
</div></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">Equity mutual funds
</div></td>
<td> </td>
<td> </td>
<td align="right">10,139</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">10,139</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">11,626</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Municipal obligations
</div></td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">16,570</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">16,570</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">16,753</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">Other investments
</div></td>
<td> </td>
<td> </td>
<td align="right">495</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">6,180</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">6,675</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">6,516</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Derivatives: <sup style="font-size: 85%; vertical-align: text-top">(C)</sup>
</div></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">Commodity contracts, net
</div></td>
<td> </td>
<td> </td>
<td align="right">13,715</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">13,715</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">3,680</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Foreign currency exchange contracts
</div></td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(210</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(210</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(830</td>
<td nowrap="nowrap">)</td>
</tr>
<tr style="font-size: 1px">
<td colspan="21" align="left" style="border-top: 1px solid #000000"> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">Total
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">24,139</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">79,825</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">103,964</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">37,745</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td colspan="21" align="left" style="border-top: 3px double #000000"> </td>
</tr>
<!-- End Table Body -->
</table>
</div>
<div align="left">
<div style="font-size: 3pt; margin-top: 10pt; width: 18%; border-top: 1px solid #ffffff"> 
</div>
</div>
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr>
<td width="3%"></td>
<td width="1%"></td>
<td width="96"></td>
</tr>
<tr valign="top">
<td nowrap="nowrap" align="left"><sup style="font-size: 85%; vertical-align: text-top">(A)</sup></td>
<td> </td>
<td>The Company’s marketable securities consist of commercial paper and
municipal obligations valued by a third party using an evaluated pricing methodology.</td>
</tr>
<tr style="font-size: 3pt">
<td> </td>
</tr>
<tr valign="top">
<td nowrap="nowrap" align="left"><sup style="font-size: 85%; vertical-align: text-top">(B) </sup></td>
<td> </td>
<td>The Company’s 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 and municipal obligations valued by a third party using an
evaluated pricing methodology.</td>
</tr>
<tr style="font-size: 3pt">
<td> </td>
</tr>
<tr valign="top">
<td nowrap="nowrap" align="left"><sup style="font-size: 85%; vertical-align: text-top">(C)</sup></td>
<td> </td>
<td> The Company’s derivatives are valued using quoted market prices. For
additional information, see Note L — Derivative Financial Instruments.</td>
</tr>
</table>
</div>
false
--04-30
Q1
2011
2010-07-31
10-Q
0000091419
119504695
Yes
Large Accelerated Filer
6273573475
SMUCKER J M CO
No
Yes
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The Company's derivatives are valued using quoted market prices. For more information, see Note L - Derivative Financial Instruments.
The Company's 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 and municipal obligations valued by a third party using an evaluated pricing methodology.
Amount represents only the portion of the tax impact on accumulated other comprehensive income (loss) that is related to deferred gains and losses on cash flow derivatives.
The Company's marketable securities consist of commercial paper and municipal obligations valued by a third party using an evaluated pricing methodology.