What changed in this filing

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Item 1. Business

2021-06-17 compared with 2020-06-19 · 152 added, 88 removed, 141 unchanged (63% of the section changed)

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Our branded food and beverage products include a strong portfolio of trusted, iconic, market-leading brands that are sold to consumers through retail outlets in North America.

On May 14, 2018, we acquired the equity of Ainsworth Pet Nutrition, LLC (“Ainsworth”) in an all-cash transaction, which was funded by debt and valued at $1.9 billion.

Ainsworth was a leading producer, distributor, and marketer of premium pet food and pet snacks, predominantly within the U.S.

On January 29, 2021, we sold the Natural Balance ® premium pet food business to Nexus Capital Management LP (“Nexus”).

The transaction included pet food products sold under the Natural Balance brand, certain trademarks and licensing agreements, and select employees who supported the Natural Balance business.

Under our ownership, the business generated net sales of $156.7, $222.8, and $274.2 in 2021, 2020, and 2019, respectively, included in the U.S.

Retail Pet Foods segment.

For additional information, refer to Note 4:

Divestitures.

On December 1, 2020, we sold the Crisco ® oils and shortening business to B&G Foods, Inc.

(“B&G Foods”).

The transaction included oils and shortening products sold under the Crisco brand, primarily in the U.S.

and Canada, certain trademarks and licensing agreements, dedicated manufacturing and warehouse facilities located in Cincinnati, Ohio, and approximately 160 employees who supported the Crisco business.

Under our ownership, the business generated net sales of $198.9, $269.2, and $258.5 in 2021, 2020, and 2019, respectively, primarily included in the U.S.

Retail Consumer Foods segment.

For additional information, refer to Note 4:

Divestitures.

On August 31, 2018, we sold our U.S.

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retail channels under the Pillsbury ® , Martha White ® , Hungry Jack ® , White Lily ® , and Jim Dandy ® brands, along with all relevant trademarks and licensing agreements, and our manufacturing facility in Toledo, Ohio.

This business generated net sales of approximately $370.0 million in 2018.

This business generated net sales of $105.9 in 2019, primarily included in the U.S.

Retail Consumer Foods segment.

The transaction did not include our baking business in Canada.

For additional information, refer to Note 4:

We have four reportable segments:

Divestitures.

On May 14, 2018, we acquired the outstanding equity of Ainsworth Pet Nutrition, LLC (“Ainsworth”) in an all-cash transaction, which was funded by debt and valued at $1.9 billion.

Ainsworth was a leading producer, distributor, and marketer of premium pet food and pet snacks, predominantly within the U.S.

The majority of Ainsworth’s sales were generated by the Rachael Ray ® Nutrish ® brand within the premium pet food category.

Results of the Ainsworth acquisition are primarily included in the U.S.

Retail Pet Foods segment.

For additional information, refer to Note 2:

We have three reportable segments:

Retail Pet Foods, U.S.

Retail Coffee, U.S.

Retail Consumer Foods, and International and Away From Home.

Retail Coffee, and U.S.

Retail Consumer Foods.

Effective during the first quarter of 2021, the presentation of International and Away From Home represents a combination of all other operating segments that are not individually reportable.

As a result of leadership changes, these operating segments are being managed and reported separately and no longer represent a reportable segment for segment reporting purposes.

Segment results for prior periods have not been modified, as the combination of these operating segments represents the previously reported International and Away From Home reportable segment.

retail market segments in total comprised 88 percent of 2021 consolidated net sales and represent a major portion of our strategic focus – the sale of branded food and beverage products with leadership positions to consumers through retail outlets in North America.

The International and Away From Home segment represents sales outside of the U.S.

International and Away From Home represents sales outside of the U.S.

retail market segments.

Principal Products:

Our principal products as of April 30, 2020, are coffee, dog food, cat food, pet snacks, peanut butter, fruit spreads, frozen handheld products, shortening and oils, portion control products, juices and beverages, and baking mixes and ingredients.

Our principal products as of April 30, 2021, are coffee, dog food, cat food, pet snacks, peanut butter, frozen handheld products, fruit spreads, juices and beverages, portion control products, and baking mixes and ingredients.

Product sales information for the years 2021, 2020, and 2019 is included within Note 5:

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retail market segments, our products are primarily sold through a combination of direct sales and brokers to food retailers, club stores, discount and dollar stores, food wholesalers, online retailers, pet specialty stores, natural foods stores and distributors, drug stores, military commissaries, and mass merchandisers.

In the International and Away From Home segment, our products are distributed domestically and in foreign countries through retail channels and foodservice distributors and operators (e.g., health care operators, restaurants, lodging, hospitality, offices, K-12, colleges and universities, and convenience stores).

In International and Away From Home, our products are distributed domestically and in foreign countries through retail channels and foodservice distributors and operators (e.g., health care operators, restaurants, lodging, hospitality, offices, K-12, colleges and universities, and convenience stores).

Sources and Availability of Raw Materials:

The raw materials used in each of our segments are primarily commodities and agricultural-based products.

Green coffee, peanuts, animal protein meals, oils and fats, sweeteners, grains, fruit, and other ingredients are obtained from various suppliers.

The raw materials used in each of our segments are primarily commodities, agricultural-based products, and packaging materials.

Green coffee, peanuts, protein meals, oils and fats, grains, sweeteners, fruit, and other ingredients are obtained from various suppliers.

The availability, quality, and costs of many of these commodities have fluctuated, and may continue to fluctuate, over time.

Basis, futures, options, and fixed price contracts are used to manage price volatility for a significant portion of our commodity costs.

Futures, options, basis, and fixed price contracts are used to manage price volatility for a significant portion of our commodity costs.

Green coffee, along with certain other raw materials, is sourced solely from foreign countries and its supply and price is subject to high volatility due to factors such as weather, global supply and demand, plant disease, investor speculation, and political and economic conditions in the source countries.

We source peanuts, animal protein meals, and oils and fats mainly from North America.

We source peanuts, protein meals, and oils and fats mainly from North America.

The principal packaging materials we use are plastic, glass, metal cans, caps, carton board, and corrugate.

For additional information on the commodities we purchase, see “Commodities Overview” within Management’s Discussion and Analysis of Financial Condition and Results of Operations.

Raw materials are generally available from numerous sources, although we have elected to source certain plastic packaging materials from single sources of supply pursuant to long-term contracts.

Raw materials are generally available from numerous sources, although we have elected to source certain plastic packaging materials and finished goods, such as K-Cup ® pods and our Pup-Peroni ® dog snacks, from single sources of supply pursuant to long-term contracts.

While availability may vary year-to-year, we believe that we will continue to obtain adequate supplies and that alternatives to single-sourced materials are available.

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Primary Reportable Segment Major Trademark

Retail Pet Foods Rachael Ray ® Nutrish ® , Meow Mix ® , Milk-Bone ® , Kibbles ‘n Bits ® , 9Lives ® , Natural Balance ® , Pup-Peroni ® , and Nature’s Recipe ®

Retail Coffee Folgers ® , Dunkin’ Donuts ® , and Café Bustelo ®

Retail Consumer Foods Jif ®, , Smucker’s ® , Uncrustables ® , and Crisco ®

International and Away From Home Folgers and Smucker’s

Dunkin’ TM and Dunkin’ Donuts are trademarks of DD IP Holder LLC used under two licenses (the “Dunkin’ Licenses”) for packaged coffee products, including K-Cup ® pods, sold in retail channels such as grocery stores, mass merchandisers, club stores, and drug stores.

All references to Dunkin’ in this Annual Report on Form 10-K are deemed to include the Dunkin’ and Dunkin’ Donuts trademarks.

The Dunkin’ Licenses do not pertain to Dunkin’ coffee or other products for sale in Dunkin’ restaurants.

The terms of the Dunkin’ Licenses include the payment of royalties to an affiliate of DD IP Holder LLC and other financial commitments by the Company.

The Dunkin’ Licenses are in effect until January 1, 2039.

Retail Pet Foods Rachael Ray Nutrish , Meow Mix ® , Milk-Bone ® , 9Lives ® , Kibbles ‘n Bits ® , Pup-Peroni , and Nature’s Recipe ®

Retail Coffee Folgers ® , Dunkin’ TM , and Café Bustelo ®

Retail Consumer Foods Jif ® , Smucker’s ® , and Uncrustables ®

Folgers and Smucker’s

(A) Represents the combined International and Away From Home operating segments.

Dunkin’ is a trademark of DD IP Holder LLC for packaged coffee products, including K-Cup ® pods, sold in retail channels such as grocery stores, mass merchandisers, club stores, e-commerce, and drug stores.

Information included in this document does not pertain to coffee or other products for sale in Dunkin’ restaurants.

The terms of the Dunkin’ license includes the payment of royalties to an affiliate of DD IP Holder LLC and other financial commitments by the Company.

The Dunkin’ license is in effect until January 1, 2039.

Keurig ® and K-Cup ® are trademarks of Keurig Green Mountain, Inc.

(“Keurig”), used with permission.

We utilize Rachael Ray’s image and likeness and related Rachael Ray trademarks for premium pet food and pet snacks under an exclusive license which expires in 2063.

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Rachael Ray is a trademark of Ray Marks II LLC.

Keurig ® and K-Cup ® are trademarks of Keurig Green Mountain, Inc.

(“Keurig”), used with permission.

In addition, we and our subsidiaries license the use of several other trademarks, none of which are individually material to our business.

Slogans or designs considered to be important trademarks include, without limitation, “ With A Name Like Smucker’s, It Has To Be Good ® , ” “ The Best Part of Wakin’ Up Is Folgers In Your Cup ® , ” “ Choosy Moms Choose Jif ® , ” “ Purely The Finest ® , ” “ The Only One Cats Ask For By Name ® , ” “ Say It With Milk-Bone ® ,” the Smucker’s banner, the Crock Jar shape, the Gingham design, the Jif Color Banner design, the Folgers Mountain Sunrise design , and the Smucker’s Strawberry, Milk-Bone , and 9Lives logos.

Slogans or designs considered to be important trademarks include, without limitation, “ With A Name Like Smucker’s, It Has To Be Good ® , ” “ The Best Part of Wakin’ Up Is Folgers In Your Cup ® , ” “ Choosy Moms Choose Jif ® , ” “ That Jif'ing Good TM , ” “ The Only One Cats Ask For By Name ® , ” the Smucker’s banner, the Crock Jar shape, the Gingham design, the Jif Color Banner design, the Folgers Mountain Sunrise design, the Café Bustelo Angelina design, and the Smucker’s Strawberry, Milk-Bone , Meow Mix , and 9Lives logos.

We own several hundred patents worldwide in addition to proprietary trade secrets, technology, know-how processes, and other intellectual property rights that are not registered.

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Retail Consumer Foods segments have historically been seasonal around the Fall Bake and Holiday period, which generally resulted in higher sales and profits in our second and third quarters.

Our success in promoting and merchandising our coffee and baking brands during the Fall Bake and Holiday period has typically had a significant impact on our results for a fiscal year.

Additionally, the Back to School period and the Spring Holiday season are important promotional periods.

However, as a result of the U.S.

baking business divestiture during 2019, the U.S.

However, as a result of the Crisco and U.S.

baking business divestitures during 2021 and 2019, respectively, the U.S.

Retail Consumer Foods segment has experienced less seasonality.

Additionally, the U.S.

Retail Pet Foods segment, which grew during 2019 as a result of the Ainsworth acquisition, does not experience significant seasonality, further reducing the overall impact of seasonality to the total Company.

Working Capital:

Working capital requirements have historically been greatest during the first half of our fiscal year mainly due to the timing of the buildup of coffee, shortening and oils, and baking inventories necessary to support the Fall Bake and Holiday period and the additional buildup of coffee inventory in advance of the Atlantic hurricane season.

The impact of seasonality on our overall working capital requirements has been partially reduced by the U.S.

Retail Pet Foods segment, which does not experience significant seasonality.

The divestiture of the U.S.

baking business and the acquisition of Ainsworth during 2019 have further reduced the seasonality of our overall working capital requirements.

Retail Pet Foods segment does not experience significant seasonality, further reducing the overall impact of seasonality to the total Company.

Sales to Walmart Inc.

and subsidiaries amounted to 32 percent, 32 percent, and 31 percent of net sales in 2020, 2019, and 2018, respectively.

These sales are primarily included in the U.S.

and subsidiaries amounted to 32 percent of net sales in 2021, 2020, and 2019.

These sales are primarily included in our U.S.

retail market segments.

No other customer exceeded 10 percent of net sales during 2020, 2019, or 2018.

No other customer exceeded 10 percent of net sales for any year.

During 2021, our top 10 customers, collectively, accounted for approximately 60 percent of consolidated net sales.

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Although the loss of any large customer for an extended length of time could negatively impact our sales and profits, we do not anticipate that this will occur to a significant extent due to strong consumer demand for our brands.

Generally, orders are filled within a few days of receipt, and the backlog of unfilled orders at any particular time has not been material on a historical basis.

Government Business:

No material portion of our business is subject to renegotiation of profits or termination of contracts at the election of the government.

We are the branded market leader in the coffee, dog snacks, peanut butter, fruit spreads, natural shelf stable juices, ice cream toppings, and shortening categories in the U.S.

In Canada, we are the branded market leader in the flour, pickles, fruit spreads, canned milk, shortening, and ice cream toppings categories.

We are the branded market leader in the coffee, dog snacks, peanut butter, fruit spreads, and natural shelf stable juices categories in the U.S.

In Canada, we are the branded market leader in the flour, pickles, fruit spreads, canned milk, and ice cream toppings categories.

Our business is highly competitive as all of our brands compete for retail shelf space with other branded products as well as private label products.

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retail categories, private label held a 12.2 dollar average market share during the 52 weeks ended April 18, 2021, as compared to a 16.4 dollar average market share during the same period in the prior year.

The decrease in average market share is primarily driven by excluding the shortening and oils category in 2021, as a result of the Crisco divestiture.

We believe that both private label and leading brands play an important role in the categories in which we compete, appealing to different consumer segments.

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Retail Pet Foods

Mainstream pet food Meow Mix, Kibbles ‘n Bits, 9Lives, and Nature’s Recipe

Dog Chow (A) , One, Beneful, Cat

Mainstream pet food Meow Mix, 9Lives, and Kibbles ‘n Bits

Dog Chow (A) , Beneful, Cat

Chow (A) , Friskies, Kit & Kaboodle,

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Mars, Incorporated

Premium pet food Rachael Ray Nutrish and Natural Balance

Premium pet food Rachael Ray Nutrish and Nature’s Recipe

Blue Buffalo (A)

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Hill’s Hill’s Pet Nutrition, Inc.

Pro Plan and Merrick

Pro Plan, ONE, and Merrick

Nestlé Purina PetCare Company

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Private Label Brands Various

McCafe Keurig Dr.

McCafé Keurig Dr.

Cafe La Llave F.

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Single serve coffee - K-Cup ®

Dunkin’, Folgers, Café Bustelo , and 1850 TM

Green Mountain Coffee (A) and McCafe

Dunkin’, Folgers, Café Bustelo , and 1850 ®

Green Mountain Coffee (A) , Donut Shop, and McCaf é

Starbucks Nestlé S.A.

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Starbucks (A) and Seattle’s Best Coffee

Peet’s Coffee & Tea JDE Peet’s BV

Peet’s Coffee & Tea JDE Peet’s N.V.

Private Label Brands Various

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Nutella Ferrero SpA

Peter Pan Conagra Brands, Inc.

Peter Pan Post Holding, Inc.

Fruit spreads Smucker’s (A)

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Bonne Maman Andros Foods USA, Inc.

Frozen sandwiches and snacks Smucker’s Uncrustables (A)

& Jelly Minis Hormel Foods Corporation

Hot Pockets Nestlé S.A.

Frozen sandwiches and snacks Smucker’s Uncrustables Hot Pockets (A)

El Monterrey Ruiz Foods

Totino's General Mills, Inc.

Shortening and oils Crisco (B)

Private Label Brands (B)

Wesson Richardson International Ltd.

International and Away From Home

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The Kraft Heinz Company

Foodservice frozen handheld Smucker’s Uncrustables Hot Off the Grill Integrated Food Service

Canada coffee Folgers Tim Hortons (A)

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In certain categories, the market leader is not identified as two or more brands compete for the largest share.

(B) Crisco is the market leader within the shortening category.

In the oils category, private label brands, collectively, maintain the largest share.

Government Regulation:

Our operations are subject to various regulations and laws administered by federal, state, and local government agencies in the U.S., including the Food and Drug Administration, Federal Trade Commission, Departments of Labor and Commerce, and Environmental Protection Agency.

Additionally, we are subject to regulations and laws administered by government agencies in Canada and other countries in which we have operations and our products are sold.

In particular, the manufacturing, marketing, packaging, labeling, transportation, storage, distribution, and sale of food products are each subject to governmental regulation, encompassing such matters as ingredients, pricing, advertising, relations with distributors and retailers, health, safety, data privacy and security, anti-corruption, and the environment.

Additionally, we are subject to tax and securities regulations, accounting and reporting standards, and other financial laws and regulations.

We rely on legal and operational compliance programs, including in-house and outside counsel, to guide our businesses in complying with applicable laws and regulations of the countries in which we do business.

We believe we are in compliance with such laws and regulations and do not expect continued compliance to have a material impact on our capital expenditures, earnings, or competitive position in 2022.

Environmental Matters:

We consider it to be our responsibility as a good corporate citizen to be compliant with environmental regulations and focus on environmental sustainability.

As such, we have public goals related to waste diversion, water usage intensity reduction, greenhouse gas emissions intensity reduction, and packaging recyclability.

In addition, we have implemented and manage a variety of programs across our operations, including energy optimization, the utilization of renewable energy, water conservation, the reuse of resources, and the support of farmers who implement sustainable practices, in support of our commitment to environmental sustainability.

We continue to evaluate and modify our processes on an ongoing basis to further reduce waste and limit our impact on the environment.

Compliance with the provisions of enacted or pending federal, state, and local environmental regulations regarding either the discharge of materials into the environment or the protection of the environment is not expected to have a material effect upon our capital expenditures, earnings, or competitive position in 2021.

At April 30, 2020, we had approximately 7,300 full-time employees worldwide, of which 24 percent, located at nine manufacturing locations, are covered by union contracts.

These contracts vary in term depending on location, with two contracts expiring in 2021, representing 2 percent of our total employees.

We believe our relations with our employees are good.

Compliance with environmental regulations and prioritizing our environmental sustainability efforts are important to us as a good corporate citizen.

As such, we have public goals related to waste diversion, water usage intensity reduction, greenhouse gas emissions intensity reduction, and sustainable packaging.

In addition, we have implemented and manage a variety of programs across our operations, including energy optimization, utilization of renewable energy, water conservation, recycling, and partnerships with farmers who implement sustainable practices, in support of our commitment to environmental sustainability.

We continue to evaluate and modify our processes to further limit our impact on the environment.

Human Capital Management:

Our values and principles are rooted in our Basic Beliefs and serve as the foundation for our strategic and daily decisions.

As demonstrated by our Basic Beliefs of Quality , People , Ethics , Growth , and Independence , we are committed to supporting our employees holistically, both personally and professionally.

With approximately 7,100 full-time employees worldwide, every Smucker employee makes a difference to our Company.

We believe it is critical that we have an inclusive and diverse environment and that we take proactive steps to ensure we meet our employees’ physical, emotional, and financial needs.

In order to hold ourselves accountable, we conduct an employee engagement survey every two to three years to provide an opportunity for open and confidential feedback from our employees and identify opportunities for improvement.

Additionally, we send out pulse surveys as needed to gain additional information based on responses to the larger engagement survey and other topics that may be immediately applicable.

Additional information regarding our human capital management is available in our 2020 Corporate Impact Report that can be found on our website at www.jmsmucker.com/news-stories/corporate-publications/corporate-impact-report.

Information on our website, including our 2020 Corporate Impact Report, is not incorporated by reference into this Annual Report on Form 10-K.

Health and Wellness:

Maintaining a safe and healthy workplace is among our top priorities.

We are diligent in ensuring workforce health and safety through education and training which is provided at all locations.

These efforts resulted in us achieving a total recordable incident rate during 2021 that is four times below the national average.

Further, we have maintained an unwavering commitment to supporting the health and well-being of our employees during the novel coronavirus (“COVID-19”) pandemic.

We have implemented extensive safety and sanitation measures to help ensure employee health and well-being, encouraging remote work for all who are able, and introducing protocols in our manufacturing facilities to allow for appropriate social distancing and protection of our employees.

Additionally, we are paying 100 percent of the cost for employee COVID-19 testing and providing personal leave to individuals who test positive or have to care for a family member who tests positive.

Further, during 2021, we have reinforced the importance of self-care and the availability of mental health resources to our employees.

As part of our focus on well-being, we emphasize the need for our employees to embrace healthy lifestyles.

We offer a variety of wellness education opportunities and on-site conveniences, including our wellness facility, fitness center, and Child Development Center, at our corporate headquarters in Orrville, Ohio.

Although some facilities were temporarily closed during 2021 due to the COVID-19 pandemic, we are conducting a phased reopening of these facilities during early 2022.

Diversity and Inclusion:

We believe having an inclusive culture and the expertise of diverse professionals across our business is critical to our success.

Our commitment to inclusion, diversity, and equity is focused around three pillars:

promoting a diverse workforce;

maintaining an inclusive environment for all employees;

• Marketplace:

sharing our efforts with external constituents to support greater cultural awareness and sensitivity in society.

In support of these pillars, we have accelerated our inclusion and diversity efforts by introducing unconscious bias training and developing employee resource groups to encourage empathy and provide support to our employees.

These groups encourage and help employees feel more comfortable bringing their whole selves to work and reinforce our commitment to creating an environment that celebrates the differences that make each of us who we are.

We approach diversity from the top-down, exemplified by our Board of Directors (the “Board”), where 3 of 12 directors are ethnically diverse and 5 of 12 directors are women.

Additionally, 3 of 7 members of our Executive Leadership Team are women, demonstrating our belief that a diverse team with a variety of viewpoints is important and further contributes to a more effective decision-making process and overall greater success.

Further, in 2021, Mark Smucker signed the “CEO Action for Diversity and Inclusion” pledge to publicly demonstrate the importance of ensuring inclusivity in the workplace.

Additionally, we will honor Juneteenth as a Company holiday beginning this calendar year.

We updated our marketing guidelines to clarify our expectations of our social media partners to eliminate hate speech and discriminatory content from their platforms, resulting in us joining the #StopHateForProfit movement.

In June 2020, we committed to providing financial support to non-profit organizations that support education, economic advancement, and justice for minorities.

As part of this campaign, we are partnering with the Akron Urban League, the Urban League of Greater Cleveland, the Equal Justice Initiative, the Human Rights Campaign, and the NAACP Legal Defense and Educational Fund to further our commitment to this cause.

These organizations advocate for inclusion, racial justice, and the advancement of underrepresented people.

To ensure ongoing progress against our commitments, we are evaluating our success through several measures, including reviews of organization health assessments, evaluation of workforce composition and minority representation across all levels of the organization, and successful integration of key programming.

Learning and Development:

We strive to foster an environment of growth for our people.

We support and challenge our employees to increase their knowledge, skills, and capabilities through all phases of their career.

Our Employee Development programs offer foundational instruction on Company culture and provide employees additional learning opportunities throughout their career.

We are committed to providing the tools and resources our employees need to learn, develop, and grow with us, including the introduction of virtual sessions in light of current social distancing guidelines.

A suite of online training and education programs are available to our employees, ranging from role-specific training to education on soft skills and our Company culture.

Our best-in-class “Discovering the Art of Leadership” series, developed in collaboration with Case Western Reserve University, teaches our people managers how to effectively lead teams and develop employees.

We dedicate time to developing and coaching our people managers to provide support to our employees holistically.

This means promoting resonant leadership and the practice of emotional intelligence and mindfulness so our people managers have the knowledge and tools to support the unique needs of each employee.

Compensation and Benefits:

We believe compensating our employees at market competitive rates and with performance-based awards supports the overall well-being of our employees.

Our Total Rewards program offers competitive, comprehensive benefits to meet the unique needs of each employee at each life stage, including insurance coverage options for domestic partners in addition to married couples.

While our approach to paid time off has always been competitive with our industry peers, in 2020, we increased vacation time for employees with less than five years of tenure to three weeks per calendar year.

Further, we increased Company paid parental leave from 2 to 12 weeks, in addition to the up to 12 weeks of short-term disability available to birth mothers.

Additionally, we introduced pet bereavement leave to allow pet parents to take a day of leave following the loss of a pet.

Community and Social Impact:

Supporting the communities where we live and work has been a Company priority since our inception.

Through our many partnerships, we are able to understand the needs and support required within our local communities and leverage these relationships to make the connections necessary to offer this critical assistance.

With our partners, including the American Red Cross ® , United Way ® , and Habitat for Humanity ® , we have helped support disaster relief efforts with product and financial donations.

We have supported the LeBron James Family Foundation and its work with the I PROMISE School, including helping supply the school’s on-site food pantry, donating funds to the school’s library, and the development of the I PROMISE School’s J.

Smucker Hometown Hall.

In addition to our employees volunteering time and effort to help their neighbors in need, they also engage in environmental sustainability efforts, such as participating in a virtual Earth Day event.

Information about our Executive Officers:

The names, ages as of June 15, 2021, and current positions of our executive officers are listed below.

All executive officers serve at the pleasure of the Board of Directors, with no fixed term of office.

All executive officers serve at the pleasure of the Board, with no fixed term of office.

Name Age Years

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Smucker 51 23 President and Chief Executive Officer (B)

Belgya 59 35 Vice Chair (C)

Brase 52 — Chief Operating Officer (D)

Held 46 7 Chief Strategy and International Officer (E)

Knudsen 50 17 Chief Legal and Compliance Officer and Secretary (F)

Marshall 44 8 Chief Financial Officer (G)

Penrose 47 16 Chief People and Administrative Officer (H)

Tanner 46 17 Chief Marketing and Commercial Officer (I)

Richard Smucker was elected to his present position in May 2016, having served as Chief Executive Officer since August 2011.

Mark Smucker was elected to his present position in May 2016, having served as President and President, Consumer and Natural Foods since April 2015.

Prior to that time, he served as President, U.S.

Retail Coffee since May 2011.

Belgya was elected to his present position in May 2020, having served as Vice Chair and Chief Financial Officer since May 2016.

Prior to that time, he served as Senior Vice President and Chief Financial Officer since October 2009.

Brase 53 1 Chief Operating Officer (C)

Held 47 8 Chief Strategy and International Officer (D)

Knudsen 51 18 Chief Legal and Compliance Officer and Secretary (E)

Marshall 45 9 Chief Financial Officer (F)

Penrose 48 17 Chief People and Administrative Officer (G)

Tanner 47 18 Chief Commercial and Marketing Officer (H)

Richard Smucker was elected to his present position in May 2016, previously serving as Chief Executive Officer since August 2011.

Mark Smucker was elected to his present position in May 2016, previously serving as President and President, Consumer and Natural Foods since April 2015.

Brase was elected to his present position in April 2020, having previously served at The Procter & Gamble Company (“P&G”) for 30 years.

He was the Vice President and General Manager of P&G’s North American Family Care business from April 2016 through March 2020 and, prior to that time, he served as Vice President and General Manager, Global Family Care, Upstream Innovation since January 2015.

He was the Vice President and General Manager of P&G’s North American Family Care business from April 2016 through March 2020.

Held was elected to her present position in November 2019, having served as Senior Vice President, Corporate Strategy, M&A, and International since July 2018.

Prior to that time, she served as Senior Vice President, Strategy and M&A since March 2018, Vice President, Corporate Strategy and Development since May 2016, and Director, Corporate Strategy and Development since February 2013.

Prior to that time, she served as Senior Vice President, Strategy and M&A since March 2018, and Vice President, Corporate Strategy and Development since May 2016.

Knudsen was elected to her present position in November 2019, having served as Senior Vice President, General Counsel and Secretary since May 2016.

Prior to that time, she served as Vice President, General Counsel and Corporate Secretary since August 2010.

Marshall was elected to his present position in May 2020, having served as Senior Vice President and Deputy Chief Financial Officer since November 2019.

Prior to that time, he served as Vice President, Finance since May 2016 and Vice President, Financial Planning and Analysis since June 2014.

Prior to that time, he served as Vice President, Finance since May 2016.

Penrose was elected to her present position in November 2019, having served as Senior Vice President, Human Resources and Corporate Communications since May 2016.

Prior to that time, she served as Vice President, Human Resources since June 2014.

Tanner was elected to his present position in November 2019, having served as Senior Vice President, Growth and Consumer Engagement since May 2016.

Prior to that time, he served as Vice President, Growth and Innovation since January 2016, and Vice President, Pet Food and Snacks Marketing since July 2015.

Available Information:

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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business