{"schemaVersion":1,"research":true,"symbol":"sjm","name":"J M SMUCKER Co","topic":"moat","path":"/stock/sjm/moat","status":"published","version":4,"updatedAt":"2026-10-18T14:38:00.847Z","locked":false,"publicFairValue":false,"fairValue":null,"moat":{"verdict":"narrow","summary":"Smucker has a narrow, uneven moat from differentiated brands, supported by repeated Uncrustables demand growth and realized pricing, particularly in coffee. Pricing power is mixed: fiscal 2026 price gains accompanied broad volume/mix declines and gross-profit pressure, while the July 2026 quarter showed pricing and demand growth together. Persistent Sweet Baked Snacks weakness and Hostess impairments demonstrate erosion. Recent profit recovery also reflects costs, derivatives and tariff refunds, limiting evidence of durable pricing strength.","advantages":[{"mechanism":"intangible_assets","claim":"Protected brand identities, combined with demonstrated demand for Uncrustables and realized coffee pricing, support a current brand-based advantage in parts of the portfolio. Management's broader claims of brand leadership are only partially corroborated by operating results.","durability":"Uncrustables volume/mix growth appears across fiscal 2024, 2025, 2026 and the July 2026 quarter. Brand assets can support persistence, but the evidence does not establish exceptional durability or a portfolio-wide advantage.","risks":"Private-label and branded competition, concentrated retail customers without purchase commitments, changing food preferences, and commodity exposure constrain pricing. Sweet Baked Snacks has realized demand and execution problems; Hostess's impaired trademark shows that brand recognition alone does not preserve economic value.","invalidation":"The advantage would be undermined by sustained Uncrustables volume/mix declines across several reporting periods, repeated coffee price reversals accompanied by declining demand, or continued pricing that fails to offset lost demand and input costs after temporary derivative and tariff effects subside. Similar deterioration spreading across the remaining portfolio would invalidate the narrow moat.","competitors":[],"evidenceIds":["e1","e2","e3","e4","e5","e6","e7"],"counterEvidenceIds":["e8","e9","e10","e11","e12","e13","e14","e15","e16","e17","e18"]}],"evidence":[{"id":"e1","sourceId":"filing-1","location":"Business / trademarks","excerpt":"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®,” “That Jif’ing Good®,” “The Only One Cats Ask For By Name®,” the Smucker’s banner, the Uncrustables Round, Crustless Sandwich design, the Crock Jar shape, the Gingham design, the Jif Color Banner design, the Café Bustelo Angelina design, and the Milk-Bone, Meow Mix, and Hostess logos."},{"id":"e2","sourceId":"filing-5","location":"MD&A / fiscal 2024 volume and mix","excerpt":"Favorable volume/mix contributed 5 percentage points to net sales, primarily driven by contract manufacturing sales related to the divested pet food brands, Smucker’s Uncrustables frozen sandwiches, the impact of lapping the Jif peanut butter product recall in the prior year, and coffee products."},{"id":"e3","sourceId":"filing-4","location":"MD&A / fiscal 2025 volume and mix","excerpt":"Volume/mix decreased net sales by 2 percentage points, primarily driven by lower contract manufacturing sales related to the divested pet food brands and decreases for coffee, dog snacks, and sweet baked goods, partially offset by increases for Uncrustables sandwiches and cat food."},{"id":"e4","sourceId":"filing-1","location":"MD&A / fiscal 2026 volume and mix","excerpt":"Volume/mix decreased net sales by 4 percentage points, primarily driven by decreases for coffee, sweet baked goods, dog snacks, peanut butter, and fruit spreads, as well as the lapping of contract manufacturing sales related to the divested pet food brands in the prior year, partially offset by an increase for Uncrustables sandwiches."},{"id":"e5","sourceId":"filing-1","location":"MD&A / fiscal 2026 net price realization","excerpt":"Net price realization contributed 9 percentage points to net sales, primarily driven by higher net pricing for coffee."},{"id":"e6","sourceId":"filing-2","location":"MD&A / July 2026 quarter net price realization","excerpt":"Net price realization contributed 4 percentage points to net sales, primarily driven by higher net pricing for coffee."},{"id":"e7","sourceId":"filing-2","location":"MD&A / July 2026 quarter volume and mix","excerpt":"Volume/mix increased net sales by 1 percentage point, primarily driven by increases for Uncrustables sandwiches and coffee, partially offset by decreases for sweet baked goods and peanut butter."},{"id":"e8","sourceId":"filing-1","location":"Business / competition","excerpt":"Competition: Our business is highly competitive as all of our brands compete with other branded products as well as private label products."},{"id":"e9","sourceId":"filing-1","location":"Business / customer concentration","excerpt":"3 Customers: Sales to Walmart Inc. and subsidiaries, including Sam’s Club, amounted to 34 percent of net sales in 2026 and 33 percent of net sales in both 2025 and 2024."},{"id":"e10","sourceId":"filing-1","location":"Risk factors / absence of major-customer purchase commitments","excerpt":"Our customers are generally not contractually obligated to purchase from us as we do not have long-term supply contracts with any of our major customers."},{"id":"e11","sourceId":"filing-1","location":"Risk factors / customer purchasing decisions","excerpt":"These customers make purchase decisions based on a combination of price, promotional support, product quality, consumer demand, customer service performance, their desired inventory levels, and other factors."},{"id":"e12","sourceId":"filing-1","location":"MD&A / fiscal 2026 gross-profit decline","excerpt":"Gross profit decreased $350.2, or 10 percent, in 2026, primarily driven by higher costs, inclusive of commodity costs and tariffs, unfavorable volume/mix, a net unfavorable impact of derivative gains and losses, an increase in special project costs, and the noncomparable impact of divestitures, partially offset by higher net price realization."},{"id":"e13","sourceId":"filing-2","location":"MD&A / July 2026 quarter gross-profit drivers","excerpt":"Gross profit increased $504.9, or 106 percent, in the first three months of 2027, primarily reflecting lower costs, including the net favorable impact of derivative gains and losses, as well as tariff refunds, higher net price realization, and favorable volume/mix."},{"id":"e14","sourceId":"filing-2","location":"MD&A / Sweet Baked Snacks volume and mix","excerpt":"Volume/mix decreased net sales by 8 percentage points, primarily reflecting decreases for snack cakes and breakfast."},{"id":"e15","sourceId":"filing-2","location":"MD&A / Sweet Baked Snacks profit drivers","excerpt":"Segment profit decreased $4.3, primarily reflecting higher costs and unfavorable volume/mix, partially offset by higher net price realization and lower marketing spend."},{"id":"e16","sourceId":"filing-6","location":"Notes / Sweet Baked Snacks goodwill and Hostess trademark impairments","excerpt":"During the third quarter of 2026, we recognized nonrecurring fair value adjustments of $961.7, of which $507.5 and $454.2 related to the goodwill of the Sweet Baked Snacks reporting unit and the Hostess brand indefinite-lived trademark, respectively."},{"id":"e17","sourceId":"filing-6","location":"MD&A / realized Sweet Baked Snacks execution and operating challenges","excerpt":"During the third quarter of 2026, both net sales and segment profit continued to underperform as compared to plan for the Sweet Baked Snacks segment, reflecting sustained challenges in the sweet baked goods category, ongoing executional and operating challenges, and the impact of a dynamic macroeconomic environment, inclusive of continued pressures on consumer discretionary spending and an evolving regulatory environment."},{"id":"e18","sourceId":"filing-1","location":"Business / evolving consumer preferences","excerpt":"Certain evolving consumer trends have contributed to the longer-term decline, such as a heightened focus on health and wellness, an increased desire for fresh foods, and the growing impact of social media and e-commerce on consumer behavior."},{"id":"e19","sourceId":"filing-2","location":"MD&A / Away From Home offsetting price movements","excerpt":"Net price realization was neutral to net sales, as higher net pricing for coffee was mostly offset by lower net pricing for Uncrustables sandwiches and portion control products."},{"id":"e20","sourceId":"filing-2","location":"MD&A / pet-food pricing and dog-snack trade spending","excerpt":"Net price realization was neutral to net sales, as higher net pricing for cat food was mostly offset by higher trade spend for dog snacks."},{"id":"e21","sourceId":"filing-3","location":"Appendix A / fiscal 2026 and 2025 earnings and cash-flow reconciliations","excerpt":"Smucker Company 2026 Proxy Statement 93 Table of Contents APPENDIX A: RECONCILIATION OF ADJUSTED OPERATING INCOME, ADJUSTED EARNINGS PER SHARE, AND FREE CASH FLOW TO THE RELATED GAAP MEASURES Year Ended April 30, (Dollars and shares in millions, except per share data) 2026 2025 Operating income (loss) reconciliation: Operating income (loss) $ 360.2 $ (673.9) Amortization 210.6 219.3 Goodwill impairment charges 507.5 1,661.6 Other intangible assets impairment charges 454.2 320.9 Loss (gain) on divestitures—net — 310.1 Change in net cumulative unallocated derivative gains and losses 58.6 (58.2 ) Cost of products sold—special project costs 66.1 9.1 Other special project costs 21.1 35.8 Adjusted operating income $ 1,678.3 $ 1,824.7 Net income (loss) reconciliation: Net income (loss) $ (138.7 ) $ (1,230.8 ) Income tax expense 76.3 184.0 Amortization 210.6 219.3 Goodwill impairment charges 507.5 1,661.6 Other intangible assets impairment charges 454.2 320.9 Loss (gain) on divestitures—net — 310.1 Change in net cumulative unallocated derivative gains and losses 58.6 (58.2 ) Cost of products sold—special project costs 66.1 9.1 Other special project costs 21.1 35.8 Other expense—special project costs 1.3 — Other infrequently occurring items: Other debt charges (gains)—net (A) — (30.2 ) Pension plan termination settlement charges (B) 34.0 — Adjusted income before income taxes $ 1,291.0 $ 1,421.6 Income taxes, as adjusted 313.2 342.8 Adjusted income $ 977.8 $ 1,078.8 Weighted-average shares outstanding—assuming dilution (C) 106.9 106.6 Adjusted earnings per share—assuming dilution (C) $ 9.15 $ 10.12 Free cash flow reconciliation: Net cash provided by (used for) operating activities $ 1,473.6 $ 1,210.4 Additions to property, plant, and equipment (317.4 ) (393.8 ) Free cash flow $ 1,156.2 $ 816.6 (A) Net other debt charges (gains) includes a net gain on extinguishment of debt as a result of the tender offers completed during fiscal year 2025."},{"id":"e22","sourceId":"filing-2","location":"Statements / July 2026 quarter cash flows","excerpt":"SMUCKER COMPANY CONDENSED STATEMENTS OF CONSOLIDATED CASH FLOWS (Unaudited) Three Months Ended July 31, Dollars in millions 2026 2025 Operating Activities Net income (loss) $ 324.3 $ (43.9) Adjustments to reconcile net income (loss) to net cash provided by (used for) operations: Depreciation 69.6 85.0 Amortization 57.9 50.2 Share-based compensation expense 12.2 9.0 Deferred income tax expense (benefit) (0.4) 24.0 Other noncash adjustments – net 11.4 12.7 Changes in assets and liabilities: Trade receivables 40.1 (24.3) Inventories (61.1) (177.3) Other current assets (13.8) 53.0 Accounts payable 60.9 (33.2) Accrued liabilities (26.0) 76.2 Income and other taxes (31.7) (41.1) Other – net (17.7) (0.9) Net Cash Provided by (Used for) Operating Activities 425.7 (10.6) Investing Activities Additions to property, plant, and equipment (88.4) (84.3) Proceeds from disposal of property, plant, and equipment 0.3 12.9 Collateral received (pledged) for derivative cash margin accounts 2.0 (126.7) Other – net 0.3 0.2 Net Cash Provided by (Used for) Investing Activities (85.8) (197.9) Financing Activities Short-term borrowings (repayments) – net (230.8) 300.6 Quarterly dividends paid (116.8) (114.4) Purchase of treasury shares (5.7) (4.6) Other – net (0.7) (3.6) Net Cash Provided by (Used for) Financing Activities (354.0) 178.0 Effect of exchange rate changes on cash (1.3) (0.1) Net increase (decrease) in cash and cash equivalents (15.4) (30.6) Cash and cash equivalents at beginning of period 58.6 69.9 Cash and Cash Equivalents at End of Period $ 43.2 $ 39.3 ( ) Denotes use of cash See notes to unaudited condensed consolidated financial statements."},{"id":"e23","sourceId":"filing-1","location":"MD&A / fiscal 2026 operating cash-flow drivers","excerpt":"The $263.2 increase in cash provided by operating activities in 2026 was primarily driven by a decrease in cash used for income and other taxes, primarily reflecting the timing of income tax payments and lower taxable income, as well as lower working capital requirements in 2026, partially offset by lower net income (loss) adjusted for noncash items in the current year."},{"id":"e24","sourceId":"filing-3","location":"Executive compensation / actual three-year EPS and return-on-invested-capital results","excerpt":"Specifically, with respect to the three-fiscal-year period commencing May 1, 2023 and ending April 30, 2026, we achieved adjusted earnings per share of $9.15, representing 87% of the target amount, and return on invested capital of 1.85%, representing 22% of the target amount, which were each below the minimum thresholds for an incentive payout in conjunction with the adjusted earnings per share and return on invested capital portions of the long-term incentive awards."},{"id":"e25","sourceId":"filing-3","location":"Executive compensation / settled performance units with no payout","excerpt":"None of the participants in our long-term incentive program, including our executive officers, received any payout associated with the fiscal year 2024 performance units granted in June 2023 and settled in June 2026."},{"id":"e26","sourceId":"filing-3","location":"Executive compensation / actual short-term incentive payout","excerpt":"Overall, the corporate performance portion of the short-term incentive award paid out at 117% of target for the corporate executive officers."},{"id":"e27","sourceId":"filing-3","location":"Executive compensation / fiscal 2026 performance-unit metrics","excerpt":"For fiscal year 2026, the first award consists of performance units that will generally vest at the end of three years and are based 75% on the achievement of our three-year performance target for adjusted earnings per share and 25% on the achievement of our three-year performance target for average net sales growth, as established by the Compensation Committee at the beginning of the three-year period."},{"id":"e28","sourceId":"filing-3","location":"Audit Committee report / actual committee independence","excerpt":"The J. M. Smucker Company 2026 Proxy Statement 33 Table of Contents REPORT OF THE AUDIT COMMITTEE The Audit Committee Members The Audit Committee is composed of four independent directors, each of whom satisfies the independence requirement of Rule 10A-3 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and the financial literacy criteria required by the listing standards of the NYSE."},{"id":"e29","sourceId":"filing-3","location":"Corporate governance / fiscal 2026 independent-director executive sessions","excerpt":"In fiscal year 2026, the Board held six regularly scheduled executive sessions, as well as four executive sessions following special meetings, in which only the independent directors were present."},{"id":"e30","sourceId":"filing-1","location":"Independent auditor report / effective internal control over financial reporting","excerpt":"In our opinion, The J. M. Smucker Company (the Company) maintained, in all material respects, effective internal control over financial reporting as of April 30, 2026, based on the COSO criteria."},{"id":"e31","sourceId":"filing-1","location":"Signatures / combined chief executive and board chair roles","excerpt":"* Mark T. Smucker Chief Executive Officer, President and Chair of the Board (Principal Executive Officer) June 9, 2026 /s/ Tucker H."},{"id":"e32","sourceId":"filing-3","location":"Governance / auditor tenure exceeding 70 years","excerpt":"BENEFITS OF A LONG-TENURED AUDITOR The Audit Committee considered the tenure of the Independent Auditors and determined that a number of benefits of a long-tenured auditor exist, including: Through more than 70 years of experience with the Company, the Independent Auditors have gained a deep understanding of the Company and its businesses, the industry in which it operates, accounting policies and practices, internal controls over financial reporting, and risks; Efficiencies have been gained in the audit process, resulting in an efficient fee structure that is competitive with our peer companies; and Appointing a new auditor would require a significant amount of management’s time for onboarding activities."},{"id":"e33","sourceId":"filing-3","location":"Director compensation / actual ownership-requirement compliance","excerpt":"All non-employee directors have met or exceeded the ownership requirement, except for Bruce Chung and David Singer, who were elected to the Board effective as of April 15, 2026."},{"id":"e34","sourceId":"filing-3","location":"Director compensation / minimum share ownership requirement","excerpt":"The Board has established a minimum share ownership requirement for non-employee directors equal in value to five times the annual cash retainer paid to each non-employee director."}],"changes":["Retain the previous narrow verdict; the supplied operating evidence continues to support selective brand advantages alongside substantial erosion.","Add explicit management assessments using actual compensation settlements, spending, cash generation and governance disclosures. Missed long-term performance thresholds and Hostess impairments weaken capital-discipline evidence despite cash generation and debt repayments."],"limitations":["Competition passages identify branded and private-label categories without establishing named competitors. Companies named as transaction counterparties, compensation peers or licensing parties are not treated as demonstrated competitors.","Brand leadership and consumer-trust descriptions are issuer assertions. Operating results corroborate selective demand and pricing outcomes but do not establish market-share leadership or a quantified brand premium.","Volume/mix is an indirect demand measure, not a customer-retention rate or pure unit-volume measure; divestiture-related contract manufacturing also affects annual comparisons.","Patent scope, remaining protection, competitor costs, market shares and customer-level repeat purchases are absent. No separate cost, network, switching-cost or efficient-scale moat is established.","The proxy provides actual compensation outcomes and director ownership compliance, but the supplied passages do not establish executive beneficial ownership or full ownership-guideline compliance.","Source dates are filing dates: June 18, 2024; June 18, 2025; February 26, June 9, June 26 and August 26, 2026. July 31, 2026 operating results are fiscal 2027 first-quarter results. Proposed post-meeting board composition is not treated as an accomplished election.","No source text is reproduced; evidence references resolve to the supplied immutable excerpts."],"qualityAssessments":[{"category":"moat","checks":[{"criterion":"structural_advantage","grade":2,"rationale":"Protected brand identities, repeated Uncrustables demand growth and realized coffee pricing support a selective intangible advantage. Broad competitive alternatives and weak portions of the portfolio limit its reach.","evidenceIds":["e1","e2","e3","e4","e5","e6","e7","e8"]},{"criterion":"durability","grade":2,"rationale":"Uncrustables growth across multiple annual periods and the latest quarter supports persistence. Hostess impairments and sustained category weakness demonstrate that durability varies materially by brand.","evidenceIds":["e2","e3","e4","e7","e16","e17"]},{"criterion":"customer_dependency","grade":1,"rationale":"Demand provides some consumer pull, but major customers have no long-term supply commitments and make discretionary purchasing decisions. Walmart accounts for 34% of sales; strong customer dependence on Smucker is not demonstrated.","evidenceIds":["e7","e9","e10","e11"]},{"criterion":"erosion_resilience","grade":1,"rationale":"Latest-quarter demand recovery and continued Uncrustables growth provide offsets, but broad fiscal 2026 volume/mix declines, gross-profit pressure and persistent Sweet Baked Snacks problems show fragile resilience.","evidenceIds":["e4","e7","e12","e14","e16","e17"]}]},{"category":"pricing_power","checks":[{"criterion":"realized_pricing","grade":2,"rationale":"Net pricing contributed nine percentage points to fiscal 2026 sales and four points in the July 2026 quarter, primarily from coffee. Annual demand weakness and latest-quarter price offsets and promotional spending elsewhere show uneven pricing power.","evidenceIds":["e5","e6","e4","e19","e20"]},{"criterion":"retention","grade":2,"rationale":"Assessed indirectly from demand: Uncrustables growth recurs across reporting periods, and latest-quarter coffee demand grew alongside higher pricing. Annual declines across several categories and continued baked-snack weakness prevent a strong retention assessment; no repeat-purchase rates are disclosed.","evidenceIds":["e2","e3","e4","e6","e7","e14"]},{"criterion":"margin_resilience","grade":2,"rationale":"Fiscal 2026 gross profit declined despite price realization, showing incomplete protection from costs and weaker demand. The latest quarter recovered strongly, but lower costs, derivatives and tariff refunds contributed, making resilience mixed rather than demonstrated solely through pricing.","evidenceIds":["e12","e13","e15"]},{"criterion":"contractual_freedom","grade":2,"rationale":"Actual net price increases demonstrate practical repricing ability. However, major customers have no purchase commitments, buying decisions depend partly on price and promotional support, and concentrated retail exposure limits bargaining freedom. Detailed sales-contract pricing terms are absent.","evidenceIds":["e5","e6","e9","e10","e11"]}]},{"category":"strong_management","checks":[{"criterion":"capital_discipline","grade":1,"rationale":"Fiscal 2026 operating cash flow of $1,473.6 million against $317.4 million of capital expenditures and latest-quarter net short-term repayments of $230.8 million provide positive evidence. Nevertheless, major Hostess impairments and three-year ROIC of 1.85% against an 8.25% target show weak investment outcomes. Annual cash-flow improvement also benefited from tax and working-capital timing.","evidenceIds":["e16","e21","e22","e23","e24"]},{"criterion":"incentive_alignment","grade":2,"rationale":"Actual fiscal 2024 performance units settled without payout after missed thresholds, and most established nonemployee directors met ownership requirements. Counterweights include corporate short-term payouts at 117% of target despite weaker annual earnings and fiscal 2026 long-term metrics focused on adjusted EPS and sales rather than ROIC. Executive ownership coverage is incomplete.","evidenceIds":["e24","e25","e26","e27","e33","e34"]},{"criterion":"execution","grade":2,"rationale":"Assessed from operating outcomes: recurring Uncrustables growth, cash generation and latest-quarter recovery are positive. Documented Sweet Baked Snacks execution challenges, ongoing demand declines and impairments offset those achievements. Cost and tariff effects explain part of the recovery.","evidenceIds":["e2","e3","e7","e13","e14","e17","e21","e22"]},{"criterion":"governance","grade":3,"rationale":"An actual independent audit committee, ten independent-director executive sessions during fiscal 2026 and an independent unqualified opinion on effective financial-reporting controls support strong demonstrated oversight processes. Combined CEO/chair roles and auditor tenure exceeding 70 years warrant scrutiny; these processes do not establish exceptional governance or prevent poor investment outcomes.","evidenceIds":["e28","e29","e30","e31","e32"]}]}],"financialAssessments":[],"qualityPolicy":"quality-scores-2","sourcePolicy":"issuer-evidence-4","basisHash":"bf4f2c4d917ea1f67ac0dc01d9986daaeb03dd8d3b0b292f3c0092c75d504832","updatedAt":"2026-10-18T14:38:00.847Z","sources":[{"id":"filing-1","url":"https://www.sec.gov/Archives/edgar/data/91419/000009141926000050/sjm-20260430.htm","publishedAt":"2026-06-09","sha256":"e24df30206b1e3c31842748d387345c8105f4f53b9cbb923959b5059557d7cd5","dateKind":"filed"},{"id":"filing-2","url":"https://www.sec.gov/Archives/edgar/data/91419/000009141926000080/sjm-20260731.htm","publishedAt":"2026-08-26","sha256":"27aa695861ce70a7b250d6a8e7d18a03e57b6e27defa322a4c62cafb7ee9f9c2","dateKind":"filed"},{"id":"filing-3","url":"https://www.sec.gov/Archives/edgar/data/91419/000119312526283858/d227901ddef14a.htm","publishedAt":"2026-06-26","sha256":"5b39f16d2b47b9d770456bc0117a4e87626d3fcd7154057dc2fbae91d72063a0","dateKind":"filed"},{"id":"filing-4","url":"https://www.sec.gov/Archives/edgar/data/91419/000009141925000056/sjm-20250430.htm","publishedAt":"2025-06-18","sha256":"f0f90ee6adb45a7309746e78fbc0216d59f884b222690a42be3a999efd552699","dateKind":"filed"},{"id":"filing-5","url":"https://www.sec.gov/Archives/edgar/data/91419/000009141924000054/sjm-20240430.htm","publishedAt":"2024-06-18","sha256":"e301d4e1c76bce2202f5458c1e2f36904bda5e7d5d70b3784148995e17c2a870","dateKind":"filed"},{"id":"filing-6","url":"https://www.sec.gov/Archives/edgar/data/91419/000009141926000016/sjm-20260131.htm","publishedAt":"2026-02-26","sha256":"17b591824dcb0647a45897f1b9302d20b46899a52713a29b3aab1bc7f32e5136","dateKind":"filed"}],"model":"gpt-6.1-sol","providerId":"codex:4cc451454bebd379d6c327876ee77855b9747e2aea58626edf597bbc3bfa50ac","usage":{"input_tokens":87003,"cached_input_tokens":0,"cache_write_input_tokens":0,"output_tokens":3655,"reasoning_output_tokens":129},"basisSupplement":{"previousHash":"1f2eae93d47cccdc48b81ae80848efa24b4283d1d4feccee6b4caa1478a64c36","checkedAt":"2026-10-18T16:49:32.080Z","rule":"dated 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