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Delaware
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41-0319970
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(State or other jurisdiction of incorporation or organization)
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(I.R.S. Employer Identification No.)
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1 Hormel Place
Austin, Minnesota
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55912-3680
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(Address of principal executive offices)
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(Zip Code)
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Title of each class
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Name of each exchange on which registered
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Common Stock, $0.01465 par value
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New York Stock Exchange
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Large accelerated filer
X
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Accelerated filer
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Non-accelerated filer
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Smaller reporting company
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Emerging growth company
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Fiscal Year Ended
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|||||||
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October 28, 2018
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October 29, 2017
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October 30, 2016
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|||
Perishable
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55.9
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%
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|
53.7
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%
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|
53.1
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%
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Poultry
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|
19.3
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%
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19.1
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%
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|
20.5
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%
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Shelf-stable
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18.5
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%
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20.2
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%
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18.2
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%
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Miscellaneous
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|
6.3
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%
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7.0
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%
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8.2
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%
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Total
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100.0
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%
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100.0
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%
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100.0
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%
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CURRENT OFFICE AND PREVIOUS
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NAME
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AGE
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FIVE YEARS EXPERIENCE
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DATES
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James P. Snee
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51
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Chairman of the Board, President and Chief Executive Officer
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11/20/17 to Present
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President and Chief Executive Officer
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10/31/16 to 11/19/17
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President and Chief Operating Officer
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10/26/15 to 10/30/16
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Group Vice President/President Hormel Foods International Corporation
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10/29/12 to 10/25/15
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James N. Sheehan
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63
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Senior Vice President and Chief Financial Officer
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10/31/16 to Present
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Vice President and Chief Accounting Officer
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05/30/16 to 10/30/16
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Vice President and Controller
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05/01/00 to 05/29/16
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Thomas R. Day
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60
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Executive Vice President (Refrigerated Foods)
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2/12/18 to Present
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Group Vice President (Refrigerated Foods)
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10/28/13 to 2/11/18
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Glenn R. Leitch
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58
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Executive Vice President (Supply Chain)
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12/04/17 to Present
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Group Vice President/President Jennie-O Turkey Store, Inc.
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10/31/11 to 12/03/17
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Deanna T. Brady
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53
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Group Vice President/President Consumer Product Sales
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10/26/15 to Present
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Group Vice President (Foodservice)
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10/28/13 to 10/25/15
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Luis G. Marconi
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52
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Group Vice President (Grocery Products)
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10/31/16 to Present
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Vice President (Grocery Products Marketing)
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03/05/12/to 10/30/16
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James M. Splinter
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56
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Group Vice President (Corporate Strategy)
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10/31/16 to Present
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Group Vice President (Grocery Products)
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11/01/10 to 10/30/16
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Larry L. Vorpahl
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55
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Group Vice President/President Hormel Foods International Corporation
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10/26/15 to Present
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Group Vice President/President Consumer Products Sales
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10/31/05 to 10/25/15
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Mark A. Coffey
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56
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Senior Vice President (Supply Chain and Manufacturing)
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03/28/17 to Present
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Vice President (Supply Chain)
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02/06/17 to 03/27/17
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Vice President (Affiliated Businesses)
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10/31/11 to 02/05/17
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Janet L. Hogan
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54
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Senior Vice President (Human Resources)
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03/28/17 to Present
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Vice President (Human Resources)
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01/18/17 to 03/27/17
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Senior Vice President (Human Resources), ProQuest LLC
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02/02/16 to 01/17/17
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Executive Vice President, Chief Human Resources Officer,
Oshkosh Corporation
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05/02/14 to 02/01/16
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Vice President (Human Resources), Harsco Corporation
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06/01/11 to 05/01/14
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Steven J. Lykken
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48
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Senior Vice President/President Jennie-O Turkey Store, Inc.
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12/04/17 to Present
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President Applegate Farms, Inc.
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04/11/16 to 12/03/17
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Chief Operating Officer Applegate Farms, Inc.
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08/17/15 to 04/10/16
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Senior Vice President Jennie-O Turkey Store, Inc. (Commodity/
Supply Chain)
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06/06/11 to 08/16/15
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Lori J. Marco
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51
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Senior Vice President (External Affairs) and General Counsel
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03/30/15 to Present
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Vice President (External Affairs) and General Counsel
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01/24/11 to 03/29/15
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Kevin L. Myers, Ph.D.
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53
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Senior Vice President (Research and Development and Quality Control)
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03/30/15 to Present
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Vice President (Research and Development)
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10/28/13 to 03/29/15
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Jana L. Haynes
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46
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Vice President and Controller
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05/30/16 to Present
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Director of Investor Relations
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10/28/13 to 05/29/16
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Gary L. Jamison
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53
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Vice President and Treasurer
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5/30/16 to Present
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Vice President and Chief Financial Officer Jennie-O Turkey Store, Inc.
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12/31/12 to 05/29/16
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▪
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food spoilage;
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▪
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food contamination caused by disease-producing organisms or pathogens, such as
Listeria monocytogenes
,
Salmonella
, and pathogenic
E coli
.;
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▪
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food allergens;
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▪
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nutritional and health-related concerns;
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▪
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federal, state, and local food processing controls;
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▪
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consumer product liability claims;
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▪
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product tampering; and
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▪
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the possible unavailability and/or expense of liability insurance.
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▪
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The financial stability of our customers and suppliers may be compromised, which could result in additional bad debts for the Company or non-performance by suppliers; and
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▪
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The value of our investments in debt and equity securities may decline, including most significantly the Company’s trading securities held as part of a rabbi trust to fund supplemental executive retirement plans and deferred income plans, and the Company’s assets held in pension plans.
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▪
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price;
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▪
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product quality and attributes;
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▪
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brand identification;
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▪
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breadth of product line; and
|
▪
|
customer service.
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Location
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|
Principal Segment
(1)
|
|
Approximate Area
(Square Feet,
Unless Noted)
|
|
Owned or
Leased
|
|
Lease
Expiration Date
|
|
Harvest and Processing Plants
|
|
|
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Austin, Minnesota
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|
Refrigerated Foods
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|
1,464,000
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|
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Owned
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|
Grocery Products
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|
|
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|
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|
|
International & Other
|
|
|
|
|
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Barron, Wisconsin
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|
JOTS
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|
425,000
|
|
|
Owned
|
|
|
Faribault, Minnesota
|
|
JOTS
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|
191,000
|
|
|
Owned
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|
|
Melrose, Minnesota
|
|
JOTS
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|
550,000
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|
|
Owned
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|
|
Willmar, Minnesota
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JOTS
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339,000
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|
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Owned
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|
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Processing Plants
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Albert Lea, Minnesota
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|
Refrigerated Foods
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82,000
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Owned
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|
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Algona, Iowa
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|
Refrigerated Foods
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|
154,000
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|
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Owned
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|
|
Alma, Kansas
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|
Refrigerated Foods
|
|
62,000
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|
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Owned
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|
|
Aurora, Illinois
|
|
Grocery Products
|
|
141,000
|
|
|
Owned
|
|
|
Beijing, China
|
|
International & Other
|
|
95,000
|
|
|
80% Owned
|
|
|
Beloit, Wisconsin
|
|
Grocery Products
|
|
341,000
|
|
|
Owned
|
|
|
Browerville, Minnesota
|
|
Refrigerated Foods
|
|
109,000
|
|
|
Owned
|
|
|
Dubuque, Iowa
|
|
Grocery Products
|
|
344,000
|
|
|
Owned
|
|
|
Hayward, California
|
|
Refrigerated Foods
|
|
128,000
|
|
|
Leased
|
|
August 2032
|
Hayward, California
|
|
Refrigerated Foods
|
|
67,000
|
|
|
Leased
|
|
May 2021
|
Location
|
|
Principal Segment
(1)
|
|
Approximate Area
(Square Feet,
Unless Noted)
|
|
Owned or
Leased
|
|
Lease
Expiration Date
|
|
Jiaxing, China
|
|
International & Other
|
|
1,256,000
|
|
|
Owned
|
|
|
Knoxville, Iowa
|
|
Refrigerated Foods
|
|
135,000
|
|
|
Owned
|
|
|
Lathrop, California
|
|
Refrigerated Foods
|
|
88,000
|
|
|
Owned
|
|
|
Little Rock, Arkansas
|
|
Grocery Products
|
|
153,000
|
|
|
Owned
|
|
|
Long Prairie, Minnesota
|
|
Refrigerated Foods
|
|
92,000
|
|
|
Owned
|
|
|
McCook, Illinois
|
|
Refrigerated Foods
|
|
177,000
|
|
|
Owned
|
|
|
Mendota Heights, Minnesota
|
|
Refrigerated Foods
|
|
85,000
|
|
|
Owned
|
|
|
Montevideo, Minnesota
|
|
JOTS
|
|
89,000
|
|
|
Owned
|
|
|
Nevada, Iowa
|
|
Refrigerated Foods
|
|
239,000
|
|
|
Owned
|
|
|
Osceola, Iowa
|
|
Refrigerated Foods
|
|
382,000
|
|
|
Owned
|
|
|
Pelican Rapids, Minnesota
|
|
JOTS
|
|
375,000
|
|
|
Owned
|
|
|
Quakertown, Pennsylvania
|
|
Grocery Products
|
|
13,000
|
|
|
Owned
|
|
|
Rochelle, Illinois
|
|
Refrigerated Foods
|
|
409,000
|
|
|
Owned
|
|
|
|
|
Grocery Products
|
|
|
|
|
|
|
|
Sparta, Wisconsin
|
|
Grocery Products
|
|
397,000
|
|
|
Owned
|
|
|
Tucker, Georgia
|
|
Grocery Products
|
|
259,000
|
|
|
Owned
|
|
|
|
|
Refrigerated Foods
|
|
|
|
|
|
|
|
Vinhedo, Brazil
|
|
International & Other
|
|
422,000
|
|
|
Leased
|
|
June 2024
|
Weifang, China
|
|
International & Other
|
|
117,000
|
|
|
Owned
|
|
|
Wichita, Kansas
|
|
Refrigerated Foods
|
|
247,000
|
|
|
Owned
|
|
|
|
|
|
|
|
|
|
|
|
|
Warehouse/Distribution Centers
|
|
|
|
|
|
|
|
|
|
Austin, Minnesota
|
|
Refrigerated Foods
|
|
72,000
|
|
|
Owned
|
|
|
|
|
Grocery Products
|
|
|
|
|
|
|
|
Beijing, China
|
|
International & Other
|
|
17,000
|
|
|
Leased
|
|
June 2019
|
|
|
|
|
8,000
|
|
|
Leased
|
|
December 2018
|
Dayton, Ohio
|
|
Refrigerated Foods
|
|
141,000
|
|
|
Owned
|
|
|
|
|
Grocery Products
|
|
|
|
|
|
|
|
Eldridge, Iowa
|
|
Grocery Products
|
|
424,000
|
|
|
Leased
|
|
July 2019
|
Hayward, California
|
|
Refrigerated Foods
|
|
41,000
|
|
|
Leased
|
|
May 2021
|
Hayward, California
|
|
Refrigerated Foods
|
|
8,000
|
|
|
Leased
|
|
August 2032
|
Jiaxing, China
|
|
International & Other
|
|
54,000
|
|
|
Leased
|
|
August 2021
|
Osceola, Iowa
|
|
Refrigerated Foods
|
|
235,000
|
|
|
Owned
|
|
|
Sparta, Wisconsin
|
|
Grocery Products
|
|
50,000
|
|
|
Leased
|
|
April 2020
|
Willmar, Minnesota
|
|
JOTS
|
|
123,000
|
|
|
Owned
|
|
|
|
|
|
|
5,000
|
|
|
Leased
|
|
September 2019
|
|
|
|
|
|
|
|
|
|
|
Hog Production Facilities
|
|
|
|
|
|
|
|
|
|
Las Animas, Colorado
|
|
Refrigerated Foods
|
|
815,000
|
|
|
Owned
|
|
|
|
|
|
|
|
|
|
|
|
|
Hatcheries
|
|
|
|
|
|
|
|
|
|
Barron, Wisconsin
|
|
JOTS
|
|
29,000
|
|
|
Owned
|
|
|
Detroit Lakes, Minnesota
|
|
JOTS
|
|
27,000
|
|
|
Owned
|
|
|
Henning, Minnesota
|
|
JOTS
|
|
22,000
|
|
|
Owned
|
|
|
|
|
|
|
|
|
|
|
|
|
Feed Mills
|
|
|
|
|
|
|
|
|
|
Atwater, Minnesota
|
|
JOTS
|
|
19,000
|
|
|
Owned
|
|
|
Barron, Wisconsin
|
|
JOTS
|
|
26,000
|
|
|
Owned
|
|
|
Dawson, Minnesota
|
|
JOTS
|
|
37,000
|
|
|
Owned
|
|
|
Faribault, Minnesota
|
|
JOTS
|
|
25,000
|
|
|
Owned
|
|
|
Henning, Minnesota
|
|
JOTS
|
|
5,000
|
|
|
Owned
|
|
|
Northfield, Minnesota
|
|
JOTS
|
|
17,000
|
|
|
Owned
|
|
|
Perham, Minnesota
|
|
JOTS
|
|
26,000
|
|
|
Owned
|
|
|
Swanville, Minnesota
|
|
JOTS
|
|
29,000
|
|
|
Owned
|
|
|
|
|
|
|
|
|
|
|
|
|
Turkey Farms
|
|
|
|
|
|
|
|
|
|
Minnesota and Wisconsin
|
|
JOTS
|
|
13,700
|
|
(2)
|
Owned
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and Development
|
|
|
|
|
|
|
|
|
|
Austin, Minnesota
|
|
All Segments
|
|
136,000
|
|
|
Owned
|
|
|
Willmar, Minnesota
|
|
JOTS
|
|
10,000
|
|
|
Owned
|
|
|
|
|
|
|
|
|
|
|
|
Location
|
|
Principal Segment
(1)
|
|
Approximate Area
(Square Feet,
Unless Noted)
|
|
Owned or
Leased
|
|
Lease
Expiration Date
|
|
Administrative Offices
|
|
|
|
|
|
|
|
|
|
Austin, Minnesota
|
|
All Segments
|
|
292,000
|
|
|
Owned
|
|
|
Beijing, China
|
|
International & Other
|
|
4,000
|
|
|
Leased
|
|
May 2019
|
Boulder, Colorado
|
|
Grocery Products
|
|
7,000
|
|
|
Leased
|
|
August 2019
|
Bridgewater, New Jersey
|
|
Refrigerated Foods
|
|
29,000
|
|
|
Leased
|
|
January 2024
|
Gainesville, Georgia
|
|
Refrigerated Foods
|
|
5,000
|
|
|
Leased
|
|
November 2019
|
Hayward, California
|
|
Refrigerated Foods
|
|
17,000
|
|
|
Leased
|
|
May 2021
|
Hayward, California
|
|
Refrigerated Foods
|
|
12,000
|
|
|
Leased
|
|
August 2032
|
Las Animas, Colorado
|
|
Refrigerated Foods
|
|
2,000
|
|
|
Leased
|
|
July 2019
|
Moorabbin, Australia
|
|
International & Other
|
|
2,000
|
|
|
Leased
|
|
September 2025
|
Shanghai, China
|
|
International & Other
|
|
22,000
|
|
|
Leased
|
|
October 2023
|
Vinhedo, Brazil
|
|
International & Other
|
|
3,000
|
|
|
Leased
|
|
October 2020
|
Walnut Creek, California
|
|
Grocery Products
|
|
22,000
|
|
|
Leased
|
|
April 2023
|
Willmar, Minnesota
|
|
JOTS
|
|
56,000
|
|
|
Owned
|
|
|
Period
|
|
Total
Number of
Shares
Purchased
|
|
Average
Price Paid
Per Share
|
|
Total Number of
Shares Purchased as
Part of Publicly
Announced Plans or
Programs
(1)
|
|
Maximum Number of
Shares that May Yet
Be Purchased Under
the Plans or
Programs
(1)
|
July 30, 2018 –
September 2, 2018
|
|
-
|
|
-
|
|
-
|
|
9,121,823
|
September 3, 2018 –
September 30, 2018
|
|
-
|
|
-
|
|
-
|
|
9,121,823
|
October 1, 2018 –
October 28, 2018
|
|
54,667
|
|
$39.45
|
|
54,667
|
|
9,067,156
|
Total
|
|
54,667
|
|
$39.45
|
|
54,667
|
|
|
(in thousands, except per share amounts)
|
|
2018
|
|
2017
|
|
2016*
|
|
2015**
|
|
2014**
|
||||||||||
Operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Net Sales
|
|
$
|
9,545,700
|
|
|
$
|
9,167,519
|
|
|
$
|
9,523,224
|
|
|
$
|
9,263,863
|
|
|
$
|
9,316,256
|
|
Net Earnings
|
|
1,012,582
|
|
|
847,103
|
|
|
890,517
|
|
|
687,264
|
|
|
606,026
|
|
|||||
Net Earnings Attributable to
Hormel Foods Corporation
|
|
1,012,140
|
|
|
846,735
|
|
|
890,052
|
|
|
686,088
|
|
|
602,677
|
|
|||||
% of net sales
|
|
10.60
|
%
|
|
9.24
|
%
|
|
9.35
|
%
|
|
7.41
|
%
|
|
6.47
|
%
|
|||||
EBIT(1)
|
|
1,198,479
|
|
|
1,280,101
|
|
|
1,323,430
|
|
|
1,066,144
|
|
|
928,271
|
|
|||||
% of net sales
|
|
12.56
|
%
|
|
13.96
|
%
|
|
13.90
|
%
|
|
11.51
|
%
|
|
9.96
|
%
|
|||||
EBITDA(2)
|
|
1,360,337
|
|
|
1,411,078
|
|
|
1,455,398
|
|
|
1,199,578
|
|
|
1,058,315
|
|
|||||
% of net sales
|
|
14.25
|
%
|
|
15.39
|
%
|
|
15.28
|
%
|
|
12.95
|
%
|
|
11.36
|
%
|
|||||
Return on Invested Capital
(3)
|
|
16.50
|
%
|
|
16.35
|
%
|
|
19.04
|
%
|
|
15.62
|
%
|
|
15.79
|
%
|
|||||
Financial Position
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Total Assets
|
|
$
|
8,142,292
|
|
|
$
|
6,975,908
|
|
|
$
|
6,370,067
|
|
|
$
|
6,139,831
|
|
|
$
|
5,455,619
|
|
Long-term Debt less Current Maturities
|
|
624,840
|
|
|
250,000
|
|
|
250,000
|
|
|
250,000
|
|
|
250,000
|
|
|||||
Hormel Foods Corporation
Shareholders’ Investment
|
|
5,600,811
|
|
|
4,935,907
|
|
|
4,448,006
|
|
|
3,998,198
|
|
|
3,605,678
|
|
|||||
Selected Cash Flow Data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Depreciation and Amortization
|
|
$
|
161,858
|
|
|
$
|
130,977
|
|
|
$
|
131,968
|
|
|
$
|
133,434
|
|
|
$
|
130,044
|
|
Capital Expenditures
|
|
389,607
|
|
|
221,286
|
|
|
255,524
|
|
|
144,063
|
|
|
159,138
|
|
|||||
Acquisitions of Businesses
|
|
857,668
|
|
|
520,463
|
|
|
280,889
|
|
|
770,587
|
|
|
466,204
|
|
|||||
Share Repurchase
|
|
46,898
|
|
|
94,487
|
|
|
87,885
|
|
|
24,928
|
|
|
58,937
|
|
|||||
Dividends Paid
|
|
388,107
|
|
|
346,010
|
|
|
296,493
|
|
|
250,834
|
|
|
203,156
|
|
|||||
Common Stock
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Weighted-Average Shares
Outstanding – Basic
|
|
530,742
|
|
|
528,363
|
|
|
529,290
|
|
|
528,143
|
|
|
527,624
|
|
|||||
Weighted-Average Shares
Outstanding – Diluted
|
|
543,869
|
|
|
539,116
|
|
|
542,473
|
|
|
541,002
|
|
|
540,431
|
|
|||||
Earnings per Share – Basic
|
|
$
|
1.91
|
|
|
$
|
1.60
|
|
|
$
|
1.68
|
|
|
$
|
1.30
|
|
|
$
|
1.14
|
|
Earnings per Share – Diluted
|
|
1.86
|
|
|
1.57
|
|
|
1.64
|
|
|
1.27
|
|
|
1.12
|
|
|||||
Dividends per Share
|
|
0.75
|
|
|
0.68
|
|
|
0.58
|
|
|
0.50
|
|
|
0.40
|
|
|||||
Hormel Foods Corporation
Shareholders’ Investment Per Share
|
|
10.49
|
|
|
9.34
|
|
|
8.42
|
|
|
7.57
|
|
|
6.84
|
|
(in thousands)
|
|
2018
|
|
2017
|
|
2016*
|
|
2015
|
|
2014
|
||||||||||
(1)
EBIT:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Net Earnings Attributable to
Hormel Foods Corporation
|
|
$
|
1,012,140
|
|
|
$
|
846,735
|
|
|
$
|
890,052
|
|
|
$
|
686,088
|
|
|
$
|
602,677
|
|
Plus: Income Tax Expense
|
|
168,702
|
|
|
431,542
|
|
|
426,698
|
|
|
369,879
|
|
|
316,126
|
|
|||||
Plus: Interest Expense
|
|
26,494
|
|
|
12,683
|
|
|
12,871
|
|
|
13,111
|
|
|
12,704
|
|
|||||
Less: Interest and Investment Income
|
|
8,857
|
|
|
10,859
|
|
|
6,191
|
|
|
2,934
|
|
|
3,236
|
|
|||||
EBIT
|
|
$
|
1,198,479
|
|
|
$
|
1,280,101
|
|
|
$
|
1,323,430
|
|
|
$
|
1,066,144
|
|
|
$
|
928,271
|
|
(2)
EBITDA:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
EBIT per (1) above
|
|
1,198,479
|
|
|
1,280,101
|
|
|
1,323,430
|
|
|
1,066,144
|
|
|
928,271
|
|
|||||
Plus: Depreciation and Amortization
|
|
161,858
|
|
|
130,977
|
|
|
131,968
|
|
|
133,434
|
|
|
130,044
|
|
|||||
EBITDA
|
|
$
|
1,360,337
|
|
|
$
|
1,411,078
|
|
|
$
|
1,455,398
|
|
|
$
|
1,199,578
|
|
|
$
|
1,058,315
|
|
(3)
Return on Invested Capital:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
EBIT per (1) above
|
|
1,198,479
|
|
|
1,280,101
|
|
|
1,323,430
|
|
|
1,066,144
|
|
|
928,271
|
|
|||||
X (1 – Effective Tax Rate***)
|
|
85.71
|
%
|
|
66.24
|
%
|
|
67.59
|
%
|
|
64.97
|
%
|
|
65.59
|
%
|
|||||
After-tax EBIT
|
|
$
|
1,027,336
|
|
|
$
|
848,067
|
|
|
$
|
894,506
|
|
|
$
|
692,674
|
|
|
$
|
608,887
|
|
Divided by:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Total Debt
|
|
624,840
|
|
|
250,000
|
|
|
250,000
|
|
|
435,000
|
|
|
250,000
|
|
|||||
Hormel Foods Corporation
Shareholders’ Investment
|
|
5,600,811
|
|
|
4,935,907
|
|
|
4,448,006
|
|
|
3,998,198
|
|
|
3,605,678
|
|
|||||
Total Debt and Shareholders’ Investment
|
|
$
|
6,225,651
|
|
|
$
|
5,185,907
|
|
|
$
|
4,698,006
|
|
|
$
|
4,433,198
|
|
|
$
|
3,855,678
|
|
Return on Invested Capital
|
|
16.50
|
%
|
|
16.35
|
%
|
|
19.04
|
%
|
|
15.62
|
%
|
|
15.79
|
%
|
Segment
|
Business Conducted
|
|
|
Grocery Products
|
This segment consists primarily of the processing, marketing, and sale of shelf-stable food products sold predominantly in the retail market, along with the sale of nutritional and private label shelf-stable products to retail, foodservice, and industrial customers. This segment also includes the results from the Company’s MegaMex Foods, LLC (MegaMex) joint venture.
|
|
|
Refrigerated Foods
|
This segment consists primarily of the processing, marketing, and sale of branded and unbranded pork, beef, chicken, and turkey products for retail, foodservice, deli, and commercial customers.
|
|
|
Jennie-O Turkey Store
|
This segment consists primarily of the processing, marketing, and sale of branded and unbranded turkey products for retail, foodservice, and commercial customers.
|
|
|
International & Other
|
This segment includes Hormel Foods International, which manufactures, markets, and sells Company products internationally. This segment also includes the results from the Company’s international joint ventures and royalty arrangements.
|
|
|
Fourth Quarter Ended
|
|
Year Ended
|
||||||||||||||||
(in thousands, except per share
amounts)
|
|
October 28, 2018
|
|
October 29, 2017
|
|
% Change
|
|
October 28, 2018
|
|
October 29, 2017
|
|
% Change
|
||||||||
Net earnings
|
|
$
|
261,406
|
|
|
$
|
218,154
|
|
|
19.8
|
|
$
|
1,012,140
|
|
|
$
|
846,735
|
|
|
19.5
|
Diluted earnings per share
|
|
0.48
|
|
|
0.41
|
|
|
17.1
|
|
1.86
|
|
|
1.57
|
|
|
18.5
|
|
|
Fourth Quarter Ended
|
|
Year Ended
|
||||||||||||||||||
(in thousands)
|
|
October 28, 2018
|
|
October 29, 2017
|
|
% Change
|
|
October 28, 2018
|
|
October 29, 2017
|
|
% Change
|
||||||||||
Volume (lbs.)
|
|
1,265,292
|
|
|
1,275,270
|
|
|
(0.8
|
)
|
|
4,798,178
|
|
|
4,770,485
|
|
|
0.6
|
|
||||
Organic volume(1)
|
|
1,232,728
|
|
|
1,275,270
|
|
|
(3.3
|
)
|
|
4,622,170
|
|
|
4,690,031
|
|
|
(1.4
|
)
|
||||
Net sales
|
|
$
|
2,524,697
|
|
|
$
|
2,492,608
|
|
|
1.3
|
|
|
$
|
9,545,700
|
|
|
$
|
9,167,519
|
|
|
4.1
|
|
Organic net sales(1)
|
|
2,407,405
|
|
|
2,492,608
|
|
|
(3.4
|
)
|
|
8,984,841
|
|
|
9,067,288
|
|
|
(0.9
|
)
|
|
|
FY 2018
|
|
FY 2017
|
|
|
|||||||||
(in thousands)
|
|
Reported
(GAAP)
|
|
Acquisitions
|
|
Organic
(Non-GAAP)
|
|
Reported
(GAAP)
|
|
Organic
% change
|
|||||
Grocery Products
|
|
350,399
|
|
|
—
|
|
|
350,399
|
|
|
366,485
|
|
|
(4.4
|
)
|
Refrigerated Foods
|
|
558,843
|
|
|
(22,757
|
)
|
|
536,086
|
|
|
547,196
|
|
|
(2.0
|
)
|
Jennie-O Turkey Store
|
|
260,450
|
|
|
—
|
|
|
260,450
|
|
|
270,175
|
|
|
(3.6
|
)
|
International & Other
|
|
95,600
|
|
|
(9,807
|
)
|
|
85,793
|
|
|
91,414
|
|
|
(6.1
|
)
|
Total Volume
|
|
1,265,292
|
|
|
(32,564
|
)
|
|
1,232,728
|
|
|
1,275,270
|
|
|
(3.3
|
)
|
|
|
FY 2018
|
|
FY 2017
|
|
|
|||||||||||||
(in thousands)
|
|
Reported
(GAAP)
|
|
Acquisitions
|
|
Organic
(Non-GAAP)
|
|
Reported
(GAAP)
|
|
Organic
% change
|
|||||||||
Grocery Products
|
|
$
|
658,845
|
|
|
$
|
—
|
|
|
$
|
658,845
|
|
|
$
|
685,961
|
|
|
(4.0
|
)
|
Refrigerated Foods
|
|
1,232,650
|
|
|
(102,262
|
)
|
|
1,130,388
|
|
|
1,166,661
|
|
|
(3.1
|
)
|
||||
Jennie-O Turkey Store
|
|
466,811
|
|
|
—
|
|
|
466,811
|
|
|
484,856
|
|
|
(3.7
|
)
|
||||
International & Other
|
|
166,391
|
|
|
(15,030
|
)
|
|
151,361
|
|
|
155,130
|
|
|
(2.4
|
)
|
||||
Total Net Sales
|
|
$
|
2,524,697
|
|
|
$
|
(117,292
|
)
|
|
$
|
2,407,405
|
|
|
$
|
2,492,608
|
|
|
(3.4
|
)
|
|
|
FY 2018
|
|
FY 2017
|
|
|
|||||||||||||||
(in thousands)
|
Reported
(GAAP)
|
|
Acquisitions
|
|
Organic
(Non-GAAP)
|
|
Reported
(GAAP)
|
|
Divestitures
|
|
Organic
(Non-GAAP)
|
|
Organic
% change
|
||||||||
Grocery Products
|
|
1,345,904
|
|
|
—
|
|
|
1,345,904
|
|
|
1,374,665
|
|
|
—
|
|
|
1,374,665
|
|
|
(2.1
|
)
|
Refrigerated Foods
|
|
2,199,994
|
|
|
(130,301
|
)
|
|
2,069,693
|
|
|
2,180,407
|
|
|
(80,454
|
)
|
|
2,099,953
|
|
|
(1.4
|
)
|
Jennie-O Turkey Store
|
|
894,590
|
|
|
—
|
|
|
894,590
|
|
|
890,518
|
|
|
—
|
|
|
890,518
|
|
|
0.5
|
|
International & Other
|
|
357,690
|
|
|
(45,707
|
)
|
|
311,983
|
|
|
324,895
|
|
|
—
|
|
|
324,895
|
|
|
(4.0
|
)
|
Total Volume
|
|
4,798,178
|
|
|
(176,008
|
)
|
|
4,622,170
|
|
|
4,770,485
|
|
|
(80,454
|
)
|
|
4,690,031
|
|
|
(1.4
|
)
|
|
|
FY 2018
|
|
FY 2017
|
|
|
|||||||||||||||||||||
(in thousands)
|
|
Reported
(GAAP)
|
|
Acquisitions
|
|
Organic
(Non-GAAP)
|
|
Reported
(GAAP)
|
|
Divestitures
|
|
Organic
(Non-GAAP)
|
|
Organic
% change
|
|||||||||||||
Grocery Products
|
|
$
|
2,521,992
|
|
|
$
|
—
|
|
|
$
|
2,521,992
|
|
|
$
|
2,555,613
|
|
|
$
|
—
|
|
|
$
|
2,555,613
|
|
|
(1.3
|
)
|
Refrigerated Foods
|
|
4,771,836
|
|
|
(485,960
|
)
|
|
4,285,876
|
|
|
4,403,732
|
|
|
(100,231
|
)
|
|
4,303,501
|
|
|
(0.4
|
)
|
||||||
Jennie-O Turkey Store
|
|
1,627,433
|
|
|
—
|
|
|
1,627,433
|
|
|
1,663,160
|
|
|
—
|
|
|
1,663,160
|
|
|
(2.1
|
)
|
||||||
International & Other
|
|
624,439
|
|
|
(74,899
|
)
|
|
549,540
|
|
|
545,014
|
|
|
—
|
|
|
545,014
|
|
|
0.8
|
|
||||||
Total Net Sales
|
|
$
|
9,545,700
|
|
|
$
|
(560,859
|
)
|
|
$
|
8,984,841
|
|
|
$
|
9,167,519
|
|
|
$
|
(100,231
|
)
|
|
$
|
9,067,288
|
|
|
(0.9
|
)
|
|
FY 2018
|
|||||
|
Grocery Products
|
|||||
|
4th Quarter
|
Full Year
|
||||
Non-GAAP Adjusted Segment Profit
|
$
|
98,861
|
|
$
|
380,029
|
|
Cytosport Impairment
|
(17,279
|
)
|
(17,279
|
)
|
||
GAAP Segment Profit
|
$
|
81,582
|
|
$
|
362,750
|
|
|
|
|
||||
|
Total Company
|
|||||
|
4th Quarter
|
Full Year
|
||||
Non-GAAP Adjusted Diluted EPS
|
$
|
0.51
|
|
$
|
1.89
|
|
Cytosport Impairment
|
(0.03
|
)
|
(0.03
|
)
|
||
GAAP Diluted EPS
|
$
|
0.48
|
|
$
|
1.86
|
|
|
|
Fourth Quarter Ended
|
|
Year Ended
|
||||||||||||||||
|
|
October 28,
|
|
October 29,
|
|
|
|
October 28,
|
|
October 29,
|
|
|
||||||||
(in thousands)
|
|
2018
|
|
2017
|
|
% Change
|
|
2018
|
|
2017
|
|
% Change
|
||||||||
Cost of products sold
|
|
$
|
1,987,301
|
|
|
$
|
1,981,054
|
|
|
0.3
|
|
$
|
7,550,267
|
|
|
$
|
7,164,356
|
|
|
5.4
|
|
|
Fourth Quarter Ended
|
|
Year Ended
|
|||||||||||||||||
|
|
October 28,
|
|
October 29,
|
|
|
|
October 28,
|
|
October 29,
|
|
|
|||||||||
(in thousands)
|
|
2018
|
|
2017
|
|
% Change
|
|
2018
|
|
2017
|
|
% Change
|
|||||||||
Gross profit
|
|
$
|
537,396
|
|
|
$
|
511,554
|
|
|
5.1
|
|
$
|
1,995,433
|
|
|
$
|
2,003,163
|
|
|
(0.4
|
)
|
Percentage of net sales
|
|
21.3
|
%
|
|
20.5
|
%
|
|
|
|
20.9
|
%
|
|
21.9
|
%
|
|
|
|
|
|
Fourth Quarter Ended
|
|
Year Ended
|
||||||||||||||||
|
|
October 28,
|
|
October 29,
|
|
|
|
October 28,
|
|
October 29,
|
|
|
||||||||
(in thousands)
|
|
2018
|
|
2017
|
|
% Change
|
|
2018
|
|
2017
|
|
% Change
|
||||||||
SG&A
|
|
$
|
204,537
|
|
|
$
|
194,218
|
|
|
5.3
|
|
$
|
838,205
|
|
|
$
|
762,104
|
|
|
10.0
|
Percentage of net sales
|
|
8.1
|
%
|
|
7.8
|
%
|
|
|
|
8.8
|
%
|
|
8.3
|
%
|
|
|
|
|
Fourth Quarter Ended
|
|
Year Ended
|
|||||||||||||||||
|
|
October 28,
|
|
October 29,
|
|
|
|
October 28,
|
|
October 29,
|
|
|
|||||||||
(in thousands)
|
|
2018
|
|
2017
|
|
% Change
|
|
2018
|
|
2017
|
|
% Change
|
|||||||||
Equity in earnings of affiliates
|
|
$
|
8,814
|
|
|
$
|
12,214
|
|
|
(27.8
|
)
|
|
$
|
58,972
|
|
|
$
|
39,590
|
|
|
49.0
|
(in thousands)
|
Investments/Receivables
|
||
Country
|
|
|
|
United States
|
$
|
205,148
|
|
Foreign
|
68,005
|
|
|
Total
|
$
|
273,153
|
|
|
|
Fourth Quarter Ended
|
|
Year Ended
|
||||||||
|
|
October 28,
|
|
October 29,
|
|
October 28,
|
|
October 29,
|
||||
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||
Effective tax rate %
|
|
18.7
|
%
|
|
33.8
|
%
|
|
14.3
|
%
|
|
33.7
|
%
|
|
|
Fourth Quarter Ended
|
|
Year Ended
|
||||||||||||||||||
|
|
October 28,
|
|
October 29,
|
|
|
|
October 28,
|
|
October 29,
|
|
|
||||||||||
(in thousands)
|
|
2018
|
|
2017
|
|
% Change
|
|
2018
|
|
2017
|
|
% Change
|
||||||||||
Net Sales
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Grocery Products
|
|
$
|
658,845
|
|
|
$
|
685,961
|
|
|
(4.0
|
)
|
|
$
|
2,521,992
|
|
|
$
|
2,555,613
|
|
|
(1.3
|
)
|
Refrigerated Foods
|
|
1,232,650
|
|
|
1,166,661
|
|
|
5.7
|
|
|
4,771,836
|
|
|
4,403,732
|
|
|
8.4
|
|
||||
Jennie-O Turkey Store
|
|
466,811
|
|
|
484,856
|
|
|
(3.7
|
)
|
|
1,627,433
|
|
|
1,663,160
|
|
|
(2.1
|
)
|
||||
International & Other
|
|
166,391
|
|
|
155,130
|
|
|
7.3
|
|
|
624,439
|
|
|
545,014
|
|
|
14.6
|
|
||||
Total Net Sales
|
|
$
|
2,524,697
|
|
|
$
|
2,492,608
|
|
|
1.3
|
|
|
$
|
9,545,700
|
|
|
$
|
9,167,519
|
|
|
4.1
|
|
Segment Operating Profit
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Grocery Products
|
|
$
|
81,582
|
|
|
$
|
104,848
|
|
|
(22.2
|
)
|
|
$
|
362,750
|
|
|
$
|
387,637
|
|
|
(6.4
|
)
|
Refrigerated Foods
|
|
181,988
|
|
|
145,613
|
|
|
25.0
|
|
|
617,626
|
|
|
587,929
|
|
|
5.1
|
|
||||
Jennie-O Turkey Store
|
|
48,829
|
|
|
70,370
|
|
|
(30.6
|
)
|
|
175,684
|
|
|
247,322
|
|
|
(29.0
|
)
|
||||
International & Other
|
|
24,802
|
|
|
23,113
|
|
|
7.3
|
|
|
88,953
|
|
|
85,304
|
|
|
4.3
|
|
||||
Total Segment Operating Profit
|
|
337,201
|
|
|
343,944
|
|
|
(2.0
|
)
|
|
1,245,013
|
|
|
1,308,192
|
|
|
(4.8
|
)
|
||||
Net interest and investment
(income) expense
|
|
2,890
|
|
|
(639
|
)
|
|
552.3
|
|
|
17,637
|
|
|
1,824
|
|
|
866.9
|
|
||||
General corporate expense
|
|
12,897
|
|
|
14,783
|
|
|
(12.8
|
)
|
|
46,534
|
|
|
28,091
|
|
|
65.7
|
|
||||
Noncontrolling interest
|
|
90
|
|
|
209
|
|
|
(56.9
|
)
|
|
442
|
|
|
368
|
|
|
20.1
|
|
||||
Earnings Before Income Taxes
|
|
$
|
321,504
|
|
|
$
|
330,009
|
|
|
(2.6
|
)
|
|
$
|
1,181,284
|
|
|
$
|
1,278,645
|
|
|
(7.6
|
)
|
|
|
Fourth Quarter Ended
|
|
Year Ended
|
||||||||||||||||||
|
|
October 28,
|
|
October 29,
|
|
|
|
October 28,
|
|
October 29,
|
|
|
||||||||||
(in thousands)
|
|
2018
|
|
2017
|
|
% Change
|
|
2018
|
|
2017
|
|
% Change
|
||||||||||
Volume (lbs.)
|
|
350,399
|
|
|
366,485
|
|
|
(4.4
|
)
|
|
1,345,904
|
|
|
1,374,665
|
|
|
(2.1
|
)
|
||||
Net sales
|
|
$
|
658,845
|
|
|
$
|
685,961
|
|
|
(4.0
|
)
|
|
$
|
2,521,992
|
|
|
$
|
2,555,613
|
|
|
(1.3
|
)
|
Segment profit
|
|
81,582
|
|
|
104,848
|
|
|
(22.2
|
)
|
|
362,750
|
|
|
387,637
|
|
|
(6.4
|
)
|
|
|
Fourth Quarter Ended
|
|
Year Ended
|
||||||||||||||||
|
|
October 28,
|
|
October 29,
|
|
|
|
October 28,
|
|
October 29,
|
|
|
||||||||
(in thousands)
|
|
2018
|
|
2017
|
|
% Change
|
|
2018
|
|
2017
|
|
% Change
|
||||||||
Volume (lbs.)
|
|
558,843
|
|
|
547,196
|
|
|
2.1
|
|
2,199,994
|
|
|
2,180,407
|
|
|
0.9
|
||||
Net sales
|
|
$
|
1,232,650
|
|
|
$
|
1,166,661
|
|
|
5.7
|
|
$
|
4,771,836
|
|
|
$
|
4,403,732
|
|
|
8.4
|
Segment profit
|
|
181,988
|
|
|
145,613
|
|
|
25.0
|
|
617,626
|
|
|
587,929
|
|
|
5.1
|
|
|
Fourth Quarter Ended
|
|
Year Ended
|
||||||||||||||||||
|
|
October 28,
|
|
October 30,
|
|
|
|
October 28,
|
|
October 30,
|
|
|
||||||||||
(in thousands)
|
|
2018
|
|
2017
|
|
% Change
|
|
2018
|
|
2017
|
|
% Change
|
||||||||||
Volume (lbs.)
|
|
260,450
|
|
|
270,175
|
|
|
(3.6
|
)
|
|
894,590
|
|
|
890,518
|
|
|
0.5
|
|
||||
Net sales
|
|
$
|
466,811
|
|
|
$
|
484,856
|
|
|
(3.7
|
)
|
|
$
|
1,627,433
|
|
|
$
|
1,663,160
|
|
|
(2.1
|
)
|
Segment profit
|
|
48,829
|
|
|
70,370
|
|
|
(30.6
|
)
|
|
175,684
|
|
|
247,322
|
|
|
(29.0
|
)
|
|
|
Fourth Quarter Ended
|
|
Year Ended
|
||||||||||||||||
|
|
October 28,
|
|
October 29,
|
|
|
|
October 28,
|
|
October 29,
|
|
|
||||||||
(in thousands)
|
|
2018
|
|
2017
|
|
% Change
|
|
2018
|
|
2017
|
|
% Change
|
||||||||
Volume (lbs.)
|
|
95,600
|
|
|
91,414
|
|
|
4.6
|
|
357,690
|
|
|
324,895
|
|
|
10.1
|
||||
Net sales
|
|
$
|
166,391
|
|
|
$
|
155,130
|
|
|
7.3
|
|
$
|
624,439
|
|
|
$
|
545,014
|
|
|
14.6
|
Segment profit
|
|
24,802
|
|
|
23,113
|
|
|
7.3
|
|
88,953
|
|
|
85,304
|
|
|
4.3
|
|
|
Fourth Quarter Ended
|
|
Year Ended
|
||||||||||||
|
|
October 28,
|
|
October 29,
|
|
October 28,
|
|
October 29,
|
||||||||
(in thousands)
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Interest and investment income
|
|
$
|
3,439
|
|
|
$
|
4,216
|
|
|
$
|
8,857
|
|
|
$
|
10,859
|
|
Interest expense
|
|
(6,329
|
)
|
|
(3,577
|
)
|
|
(26,494
|
)
|
|
(12,683
|
)
|
||||
General corporate expense
|
|
(12,897
|
)
|
|
(14,783
|
)
|
|
(46,534
|
)
|
|
(28,091
|
)
|
||||
Noncontrolling interest
|
|
90
|
|
|
209
|
|
|
442
|
|
|
368
|
|
|
|
Fourth Quarter Ended
|
|
Year Ended
|
||||||||||||||||||
(in thousands, except per share
amounts)
|
|
October 29,
2017
|
|
October 30,
2016
|
|
% Change
|
|
October 29,
2017
|
|
October 30,
2016
|
|
% Change
|
||||||||||
Net earnings
|
|
$
|
218,154
|
|
|
$
|
243,940
|
|
|
(10.6
|
)
|
|
$
|
846,735
|
|
|
$
|
890,052
|
|
|
(4.9
|
)
|
Diluted earnings per share
|
|
0.41
|
|
|
0.45
|
|
|
(8.9
|
)
|
|
1.57
|
|
|
1.64
|
|
|
(4.3
|
)
|
|
|
Fourth Quarter Ended
|
|
Year Ended
|
||||||||||||||||||
(in thousands)
|
|
October 29,
2017
|
|
October 30,
2016
|
|
% Change
|
|
October 29,
2017
|
|
October 30,
2016
|
|
% Change
|
||||||||||
Volume (lbs.)
|
|
1,275,270
|
|
|
1,420,986
|
|
|
(10.3
|
)
|
|
4,770,485
|
|
|
5,192,027
|
|
|
(8.1
|
)
|
||||
Organic volume(1)
|
|
1,250,659
|
|
|
1,231,044
|
|
|
1.6
|
|
|
4,658,990
|
|
|
4,588,581
|
|
|
1.5
|
|
||||
Net sales
|
|
$
|
2,492,608
|
|
|
$
|
2,627,941
|
|
|
(5.1
|
)
|
|
$
|
9,167,519
|
|
|
$
|
9,523,224
|
|
|
(3.7
|
)
|
Organic net sales(1)
|
|
2,439,006
|
|
|
2,325,779
|
|
|
4.9
|
|
|
8,970,540
|
|
|
8,710,616
|
|
|
3.0
|
|
|
|
FY 2017
|
|
FY 2016
|
|||||||||||||||||||||||
(in thousands)
|
|
Reported
(GAAP)
|
|
Acquisitions
|
|
Divestitures
|
|
Organic
(Non-GAAP)
|
|
Reported
(GAAP)
|
|
Divestitures
|
|
53rd
Week
|
|
Organic
(Non-GAAP)
|
|
Organic
% change
|
|||||||||
Grocery Products
|
|
366,485
|
|
|
—
|
|
|
—
|
|
|
366,485
|
|
|
385,439
|
|
|
—
|
|
|
(27,531
|
)
|
|
357,908
|
|
|
2.4
|
|
Refrigerated Foods
|
|
547,196
|
|
|
(16,727
|
)
|
|
—
|
|
|
530,469
|
|
|
658,506
|
|
|
(95,246
|
)
|
|
(40,233
|
)
|
|
523,027
|
|
|
1.4
|
|
Jennie-O Turkey Store
|
|
270,175
|
|
|
—
|
|
|
—
|
|
|
270,175
|
|
|
291,587
|
|
|
—
|
|
|
(20,828
|
)
|
|
270,759
|
|
|
(0.2
|
)
|
International & Other
|
|
91,414
|
|
|
(7,884
|
)
|
|
—
|
|
|
83,530
|
|
|
85,454
|
|
|
—
|
|
|
(6,104
|
)
|
|
79,350
|
|
|
5.3
|
|
Total Volume
|
|
1,275,270
|
|
|
(24,611
|
)
|
|
—
|
|
|
1,250,659
|
|
|
1,420,986
|
|
|
(95,246
|
)
|
|
(94,696
|
)
|
|
1,231,044
|
|
|
1.6
|
|
|
|
FY 2017
|
|
FY 2016
|
|||||||||||||||||||||||||||||||
(in thousands)
|
|
Reported
(GAAP)
|
|
Acquisitions
|
|
Divestitures
|
|
Organic
(Non-GAAP)
|
|
Reported
(GAAP)
|
|
Divestitures
|
|
53rd
Week
|
|
Organic
(Non-GAAP)
|
|
Organic
% change
|
|||||||||||||||||
Grocery Products
|
|
$
|
685,961
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
685,961
|
|
|
$
|
708,398
|
|
|
$
|
—
|
|
|
$
|
(50,600
|
)
|
|
$
|
657,798
|
|
|
4.3
|
|
Refrigerated Foods
|
|
1,166,661
|
|
|
(44,450
|
)
|
|
—
|
|
|
1,122,211
|
|
|
1,237,276
|
|
|
(123,256
|
)
|
|
(79,573
|
)
|
|
1,034,447
|
|
|
8.5
|
|
||||||||
Jennie-O Turkey Store
|
|
484,856
|
|
|
—
|
|
|
—
|
|
|
484,856
|
|
|
541,409
|
|
|
—
|
|
|
(38,672
|
)
|
|
502,737
|
|
|
(3.6
|
)
|
||||||||
International & Other
|
|
155,130
|
|
|
(9,152
|
)
|
|
—
|
|
|
145,978
|
|
|
140,858
|
|
|
—
|
|
|
(10,061
|
)
|
|
130,797
|
|
|
11.6
|
|
||||||||
Total Net Sales
|
|
$
|
2,492,608
|
|
|
$
|
(53,602
|
)
|
|
$
|
—
|
|
|
$
|
2,439,006
|
|
|
$
|
2,627,941
|
|
|
$
|
(123,256
|
)
|
|
$
|
(178,906
|
)
|
|
$
|
2,325,779
|
|
|
4.9
|
|
|
|
FY 2017
|
|
FY 2016
|
||||||||||||||||||||||
(in thousands)
|
|
Reported
(GAAP)
|
|
Acquisitions
|
|
Divestitures
|
|
Organic (Non-GAAP)
|
|
Reported
(GAAP)
|
|
Divestitures
|
|
53rd
Week
|
|
Organic
(Non-GAAP)
|
|
Organic
% change
|
||||||||
Grocery Products
|
|
1,374,665
|
|
|
(6,430
|
)
|
|
—
|
|
|
1,368,235
|
|
|
1,489,469
|
|
|
(133,733
|
)
|
|
(27,531
|
)
|
|
1,328,205
|
|
|
3.0
|
Refrigerated Foods
|
|
2,180,407
|
|
|
(16,727
|
)
|
|
(80,454
|
)
|
|
2,083,226
|
|
|
2,493,358
|
|
|
(375,017
|
)
|
|
(40,233
|
)
|
|
2,078,108
|
|
|
0.2
|
Jennie-O Turkey Store
|
|
890,518
|
|
|
—
|
|
|
—
|
|
|
890,518
|
|
|
902,073
|
|
|
—
|
|
|
(20,828
|
)
|
|
881,245
|
|
|
1.1
|
International & Other
|
|
324,895
|
|
|
(7,884
|
)
|
|
—
|
|
|
317,011
|
|
|
307,127
|
|
|
—
|
|
|
(6,104
|
)
|
|
301,023
|
|
|
5.3
|
Total Volume
|
|
4,770,485
|
|
|
(31,041
|
)
|
|
(80,454
|
)
|
|
4,658,990
|
|
|
5,192,027
|
|
|
(508,750
|
)
|
|
(94,696
|
)
|
|
4,588,581
|
|
|
1.5
|
|
|
FY 2017
|
|
FY 2016
|
|||||||||||||||||||||||||||||||
(in thousands)
|
|
Reported
(GAAP)
|
|
Acquisitions
|
|
Divestitures
|
|
Organic
(Non-GAAP)
|
|
Reported
(GAAP)
|
|
Divestitures
|
|
53rd
Week
|
|
Organic
(Non-GAAP)
|
|
Organic
% change
|
|||||||||||||||||
Grocery Products
|
|
$
|
2,555,613
|
|
|
$
|
(43,146
|
)
|
|
$
|
—
|
|
|
$
|
2,512,467
|
|
|
$
|
2,623,890
|
|
|
$
|
(140,084
|
)
|
|
$
|
(50,600
|
)
|
|
$
|
2,433,206
|
|
|
3.3
|
|
Refrigerated Foods
|
|
4,403,732
|
|
|
(44,450
|
)
|
|
(100,231
|
)
|
|
4,259,051
|
|
|
4,647,173
|
|
|
(493,618
|
)
|
|
(79,573
|
)
|
|
4,073,982
|
|
|
4.5
|
|
||||||||
Jennie-O Turkey Store
|
|
1,663,160
|
|
|
—
|
|
|
—
|
|
|
1,663,160
|
|
|
1,740,968
|
|
|
—
|
|
|
(38,672
|
)
|
|
1,702,296
|
|
|
(2.3
|
)
|
||||||||
International & Other
|
|
545,014
|
|
|
(9,152
|
)
|
|
—
|
|
|
535,862
|
|
|
511,193
|
|
|
—
|
|
|
(10,061
|
)
|
|
501,132
|
|
|
6.9
|
|
||||||||
Total Net Sales
|
|
$
|
9,167,519
|
|
|
$
|
(96,748
|
)
|
|
$
|
(100,231
|
)
|
|
$
|
8,970,540
|
|
|
$
|
9,523,224
|
|
|
$
|
(633,702
|
)
|
|
$
|
(178,906
|
)
|
|
$
|
8,710,616
|
|
|
3.0
|
|
|
|
Fourth Quarter Ended
|
|
Year Ended
|
||||||||||||||||||
|
|
October 29,
|
|
October 30,
|
|
|
|
October 29,
|
|
October 30,
|
|
|
||||||||||
(in thousands)
|
|
2017
|
|
2016
|
|
% Change
|
|
2017
|
|
2016
|
|
% Change
|
||||||||||
Cost of products sold
|
|
$
|
1,981,054
|
|
|
$
|
2,029,421
|
|
|
(2.4
|
)
|
|
$
|
7,164,356
|
|
|
$
|
7,365,049
|
|
|
(2.7
|
)
|
|
|
Fourth Quarter Ended
|
|
Year Ended
|
||||||||||||||||||
|
|
October 29,
|
|
October 30,
|
|
|
|
October 29,
|
|
October 30,
|
|
|
||||||||||
(in thousands)
|
|
2017
|
|
2016
|
|
% Change
|
|
2017
|
|
2016
|
|
% Change
|
||||||||||
Gross profit
|
|
$
|
511,554
|
|
|
$
|
598,520
|
|
|
(14.5
|
)
|
|
$
|
2,003,163
|
|
|
$
|
2,158,175
|
|
|
(7.2
|
)
|
Percentage of net sales
|
|
20.5
|
%
|
|
22.8
|
%
|
|
|
|
|
21.8
|
%
|
|
22.7
|
%
|
|
|
|
|
|
Fourth Quarter Ended
|
|
Year Ended
|
||||||||||||||||||
|
|
October 29,
|
|
October 30,
|
|
|
|
October 29,
|
|
October 30,
|
|
|
||||||||||
(in thousands)
|
|
2017
|
|
2016
|
|
% Change
|
|
2017
|
|
2016
|
|
% Change
|
||||||||||
SG&A
|
|
$
|
194,218
|
|
|
$
|
244,006
|
|
|
(20.4
|
)
|
|
$
|
762,104
|
|
|
$
|
871,974
|
|
|
(12.6
|
)
|
Percentage of net sales
|
|
7.8
|
%
|
|
9.3
|
%
|
|
|
|
|
8.3
|
%
|
|
9.2
|
%
|
|
|
|
|
|
Fourth Quarter Ended
|
|
Year Ended
|
||||||||||||||||||
|
|
October 29,
|
|
October 30,
|
|
|
|
October 29,
|
|
October 30,
|
|
|
||||||||||
(in thousands)
|
|
2017
|
|
2016
|
|
% Change
|
|
2017
|
|
2016
|
|
% Change
|
||||||||||
Equity in earnings of affiliates
|
|
$
|
12,214
|
|
|
$
|
11,236
|
|
|
8.7
|
|
|
$
|
39,590
|
|
|
$
|
38,685
|
|
|
2.3
|
|
(in thousands)
|
Investments/Receivables
|
||
Country
|
|
|
|
United States
|
$
|
177,657
|
|
Foreign
|
64,712
|
|
|
Total
|
$
|
242,369
|
|
|
|
Fourth Quarter Ended
|
|
Year Ended
|
||||||||
|
|
October 29,
|
|
October 30,
|
|
October 29,
|
|
October 30,
|
||||
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||
Effective tax rate %
|
|
33.8
|
%
|
|
33.0
|
%
|
|
33.7
|
%
|
|
32.4
|
%
|
|
|
Fourth Quarter Ended
|
|
Year Ended
|
||||||||||||||||||
|
|
October 29,
|
|
October 30,
|
|
|
|
October 29,
|
|
October 30,
|
|
|
||||||||||
(in thousands)
|
|
2017
|
|
2016
|
|
% Change
|
|
2017
|
|
2016
|
|
% Change
|
||||||||||
Net Sales
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Grocery Products
|
|
$
|
685,961
|
|
|
$
|
708,398
|
|
|
(3.2
|
)
|
|
$
|
2,555,613
|
|
|
$
|
2,623,890
|
|
|
(2.6
|
)
|
Refrigerated Foods
|
|
1,166,661
|
|
|
1,237,276
|
|
|
(5.7
|
)
|
|
4,403,732
|
|
|
4,647,173
|
|
|
(5.2
|
)
|
||||
Jennie-O Turkey Store
|
|
484,856
|
|
|
541,409
|
|
|
(10.4
|
)
|
|
1,663,160
|
|
|
1,740,968
|
|
|
(4.5
|
)
|
||||
International & Other
|
|
155,130
|
|
|
140,858
|
|
|
10.1
|
|
|
545,014
|
|
|
511,193
|
|
|
6.6
|
|
||||
Total Net Sales
|
|
$
|
2,492,608
|
|
|
$
|
2,627,941
|
|
|
(5.1
|
)
|
|
$
|
9,167,519
|
|
|
$
|
9,523,224
|
|
|
(3.7
|
)
|
Segment Operating Profit
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Grocery Products
|
|
$
|
104,848
|
|
|
$
|
102,916
|
|
|
1.9
|
|
|
$
|
387,637
|
|
|
$
|
379,378
|
|
|
2.2
|
|
Refrigerated Foods
|
|
145,613
|
|
|
168,040
|
|
|
(13.3
|
)
|
|
587,929
|
|
|
585,652
|
|
|
0.4
|
|
||||
Jennie-O Turkey Store
|
|
70,370
|
|
|
92,299
|
|
|
(23.8
|
)
|
|
247,322
|
|
|
329,427
|
|
|
(24.9
|
)
|
||||
International & Other
|
|
23,113
|
|
|
19,570
|
|
|
18.1
|
|
|
85,304
|
|
|
78,409
|
|
|
8.8
|
|
||||
Total Segment Operating Profit
|
|
343,944
|
|
|
382,825
|
|
|
(10.2
|
)
|
|
1,308,192
|
|
|
1,372,866
|
|
|
(4.7
|
)
|
||||
Net interest and investment
(income) expense
|
|
(639
|
)
|
|
1,017
|
|
|
(162.8
|
)
|
|
1,824
|
|
|
6,680
|
|
|
(72.7
|
)
|
||||
General corporate expense
|
|
14,783
|
|
|
17,325
|
|
|
(14.7
|
)
|
|
28,091
|
|
|
49,436
|
|
|
(43.2
|
)
|
||||
Noncontrolling interest
|
|
209
|
|
|
250
|
|
|
(16.4
|
)
|
|
368
|
|
|
465
|
|
|
(20.9
|
)
|
||||
Earnings Before Income Taxes
|
|
$
|
330,009
|
|
|
$
|
364,733
|
|
|
(9.5
|
)
|
|
$
|
1,278,645
|
|
|
$
|
1,317,215
|
|
|
(2.9
|
)
|
|
|
Fourth Quarter Ended
|
|
Year Ended
|
||||||||||||||||||
|
|
October 29,
|
|
October 30,
|
|
|
|
October 29,
|
|
October 30,
|
|
|
||||||||||
(in thousands)
|
|
2017
|
|
2016
|
|
% Change
|
|
2017
|
|
2016
|
|
% Change
|
||||||||||
Volume (lbs.)
|
|
366,485
|
|
|
385,439
|
|
|
(4.9
|
)
|
|
1,374,665
|
|
|
1,489,469
|
|
|
(7.7
|
)
|
||||
Net sales
|
|
$
|
685,961
|
|
|
$
|
708,398
|
|
|
(3.2
|
)
|
|
$
|
2,555,613
|
|
|
$
|
2,623,890
|
|
|
(2.6
|
)
|
Segment profit
|
|
104,848
|
|
|
102,916
|
|
|
1.9
|
|
|
387,637
|
|
|
379,378
|
|
|
2.2
|
|
|
|
Fourth Quarter Ended
|
|
Year Ended
|
||||||||||||||||||
|
|
October 29,
|
|
October 30,
|
|
|
|
October 29,
|
|
October 30,
|
|
|
||||||||||
(in thousands)
|
|
2017
|
|
2016
|
|
% Change
|
|
2017
|
|
2016
|
|
% Change
|
||||||||||
Volume (lbs.)
|
|
547,196
|
|
|
658,506
|
|
|
(16.9
|
)
|
|
2,180,407
|
|
|
2,493,358
|
|
|
(12.6
|
)
|
||||
Net sales
|
|
$
|
1,166,661
|
|
|
$
|
1,237,276
|
|
|
(5.7
|
)
|
|
$
|
4,403,732
|
|
|
$
|
4,647,173
|
|
|
(5.2
|
)
|
Segment profit
|
|
145,613
|
|
|
168,040
|
|
|
(13.3
|
)
|
|
587,929
|
|
|
585,652
|
|
|
0.4
|
|
|
|
Fourth Quarter Ended
|
|
Year Ended
|
||||||||||||||||||
|
|
October 29,
|
|
October 30,
|
|
|
|
October 29,
|
|
October 30,
|
|
|
||||||||||
(in thousands)
|
|
2017
|
|
2016
|
|
% Change
|
|
2017
|
|
2016
|
|
% Change
|
||||||||||
Volume (lbs.)
|
|
270,175
|
|
|
291,587
|
|
|
(7.3
|
)
|
|
890,518
|
|
|
902,073
|
|
|
(1.3
|
)
|
||||
Net sales
|
|
$
|
484,856
|
|
|
$
|
541,409
|
|
|
(10.4
|
)
|
|
$
|
1,663,160
|
|
|
$
|
1,740,968
|
|
|
(4.5
|
)
|
Segment profit
|
|
70,370
|
|
|
92,299
|
|
|
(23.8
|
)
|
|
247,322
|
|
|
329,427
|
|
|
(24.9
|
)
|
|
|
Fourth Quarter Ended
|
|
Year Ended
|
||||||||||||||||||
|
|
October 29,
|
|
October 30,
|
|
|
|
October 29,
|
|
October 30,
|
|
|
||||||||||
(in thousands)
|
|
2017
|
|
2016
|
|
% Change
|
|
2017
|
|
2016
|
|
% Change
|
||||||||||
Volume (lbs.)
|
|
91,414
|
|
|
85,454
|
|
|
7.0
|
|
|
324,895
|
|
|
307,127
|
|
|
5.8
|
|
||||
Net sales
|
|
$
|
155,130
|
|
|
$
|
140,858
|
|
|
10.1
|
|
|
$
|
545,014
|
|
|
$
|
511,193
|
|
|
6.6
|
|
Segment profit
|
|
23,113
|
|
|
19,570
|
|
|
18.1
|
|
|
85,304
|
|
|
78,409
|
|
|
8.8
|
|
|
|
Fourth Quarter Ended
|
|
Year Ended
|
||||||||||||
|
|
October 29,
|
|
October 30,
|
|
October 29,
|
|
October 30,
|
||||||||
(in thousands)
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Net interest and investment income
|
|
$
|
4,216
|
|
|
$
|
2,271
|
|
|
$
|
10,859
|
|
|
$
|
6,191
|
|
Interest expense
|
|
(3,577
|
)
|
|
(3,288
|
)
|
|
(12,683
|
)
|
|
(12,871
|
)
|
||||
General corporate expense
|
|
(14,783
|
)
|
|
(17,325
|
)
|
|
(28,091
|
)
|
|
(49,436
|
)
|
||||
Noncontrolling interest
|
|
209
|
|
|
250
|
|
|
368
|
|
|
465
|
|
|
|
Payments Due by Periods
|
||||||||||||||||||
Contractual Obligations (in thousands)
|
|
Total
|
|
Less Than
1 Year
|
|
1-3 Years
|
|
3-5 Years
|
|
More Than
5 Years
|
||||||||||
Purchase obligations:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Hog and turkey commitments
(1)
|
|
$
|
2,381,549
|
|
|
$
|
1,013,544
|
|
|
$
|
1,071,379
|
|
|
$
|
278,100
|
|
|
$
|
18,526
|
|
Grain commitments
(1)
|
|
116,100
|
|
|
114,718
|
|
|
1,382
|
|
|
—
|
|
|
—
|
|
|||||
Turkey grow-out contracts
(2)
|
|
151,430
|
|
|
19,522
|
|
|
33,441
|
|
|
28,574
|
|
|
69,893
|
|
|||||
Current and long-term debt
|
|
624,840
|
|
|
—
|
|
|
624,840
|
|
|
—
|
|
|
—
|
|
|||||
Interest payments on long-term debt
(3)
|
|
29,484
|
|
|
14,412
|
|
|
15,072
|
|
|
—
|
|
|
—
|
|
|||||
Leases
|
|
62,470
|
|
|
12,886
|
|
|
15,984
|
|
|
9,754
|
|
|
23,846
|
|
|||||
Other long-term liabilities
(4) (5)
|
|
64,839
|
|
|
6,420
|
|
|
11,919
|
|
|
11,189
|
|
|
35,311
|
|
|||||
Total Contractual Cash Obligations
|
|
$
|
3,430,712
|
|
|
$
|
1,181,502
|
|
|
$
|
1,774,017
|
|
|
$
|
327,617
|
|
|
$
|
147,576
|
|
|
|
/s/ James P. Snee
|
/s/ James N. Sheehan
|
Chairman of the Board,
|
Senior Vice President
|
President, Chief Executive Officer, and Director
|
and Chief Financial Officer
|
|
|
October 28,
|
|
October 29,
|
||||
(in thousands, except share and per share amounts)
|
|
2018
|
|
2017
|
||||
Assets
|
|
|
|
|
|
|
||
Current Assets
|
|
|
|
|
|
|
||
Cash and cash equivalents
|
|
$
|
459,136
|
|
|
$
|
444,122
|
|
Accounts receivable (net of allowance for doubtful accounts of
$4,051 at October 28, 2018, and $4,246 at October 29, 2017) |
|
600,438
|
|
|
618,351
|
|
||
Inventories
|
|
963,527
|
|
|
921,022
|
|
||
Income taxes receivable
|
|
3,995
|
|
|
22,346
|
|
||
Prepaid expenses
|
|
16,342
|
|
|
16,144
|
|
||
Other current assets
|
|
6,662
|
|
|
4,538
|
|
||
Total Current Assets
|
|
2,050,100
|
|
|
2,026,523
|
|
||
|
|
|
|
|
||||
Goodwill
|
|
2,714,116
|
|
|
2,119,813
|
|
||
Other Intangibles
|
|
1,207,219
|
|
|
1,027,014
|
|
||
Pension Assets
|
|
195,153
|
|
|
171,990
|
|
||
Investments In and Receivables From Affiliates
|
|
273,153
|
|
|
242,369
|
|
||
Other Assets
|
|
189,951
|
|
|
184,948
|
|
||
Property, Plant and Equipment
|
|
|
|
|
||||
Land
|
|
50,332
|
|
|
51,249
|
|
||
Buildings
|
|
956,260
|
|
|
866,855
|
|
||
Equipment
|
|
1,863,020
|
|
|
1,710,537
|
|
||
Construction in progress
|
|
332,205
|
|
|
148,064
|
|
||
Less: Allowance for depreciation
|
|
(1,689,217
|
)
|
|
(1,573,454
|
)
|
||
Net Property, Plant and Equipment
|
|
1,512,600
|
|
|
1,203,251
|
|
||
Total Assets
|
|
$
|
8,142,292
|
|
|
$
|
6,975,908
|
|
|
|
|
|
|
||||
Liabilities and Shareholders’ Investment
|
|
|
|
|
||||
Current Liabilities
|
|
|
|
|
||||
Accounts payable
|
|
$
|
618,830
|
|
|
$
|
552,714
|
|
Accrued expenses
|
|
48,298
|
|
|
76,966
|
|
||
Accrued workers compensation
|
|
24,594
|
|
|
26,585
|
|
||
Accrued marketing expenses
|
|
118,887
|
|
|
101,573
|
|
||
Employee related expenses
|
|
224,736
|
|
|
209,562
|
|
||
Taxes payable
|
|
2,490
|
|
|
525
|
|
||
Interest and dividends payable
|
|
101,079
|
|
|
90,287
|
|
||
Total Current Liabilities
|
|
1,138,914
|
|
|
1,058,212
|
|
||
|
|
|
|
|
||||
Long-Term Debt – less current maturities
|
|
624,840
|
|
|
250,000
|
|
||
Pension and Post-Retirement Benefits
|
|
477,557
|
|
|
530,249
|
|
||
Other Long-Term Liabilities
|
|
99,070
|
|
|
99,340
|
|
||
Deferred Income Taxes
|
|
197,093
|
|
|
98,410
|
|
||
Shareholders’ Investment
|
|
|
|
|
||||
Preferred stock, par value $0.01 a share — authorized 160,000,000 shares;
issued — none |
|
|
|
|
|
|
||
Common stock, nonvoting, par value $0.01 a share —
authorized 400,000,000 shares; issued — none |
|
|
|
|
|
|
||
Common stock, par value $0.01465 a share — authorized 1,600,000,000 shares;
issued 534,135,484 shares October 28, 2018 issued 528,423,605 shares October 29, 2017 |
|
7,825
|
|
|
7,741
|
|
||
Additional paid-in capital
|
|
106,528
|
|
|
13,670
|
|
||
Accumulated other comprehensive loss
|
|
(243,498
|
)
|
|
(248,075
|
)
|
||
Retained earnings
|
|
5,729,956
|
|
|
5,162,571
|
|
||
Hormel Foods Corporation Shareholders’ Investment
|
|
5,600,811
|
|
|
4,935,907
|
|
||
Noncontrolling Interest
|
|
4,007
|
|
|
3,790
|
|
||
Total Shareholders’ Investment
|
|
5,604,818
|
|
|
4,939,697
|
|
||
Total Liabilities and Shareholders’ Investment
|
|
$
|
8,142,292
|
|
|
$
|
6,975,908
|
|
|
|
Fiscal Year Ended
|
||||||||||
|
|
October 28,
|
|
October 29,
|
|
October 30,
|
||||||
(in thousands, except per share amounts)
|
|
2018
|
|
2017
|
|
2016*
|
||||||
Net sales
|
|
$
|
9,545,700
|
|
|
$
|
9,167,519
|
|
|
$
|
9,523,224
|
|
Cost of products sold
|
|
7,550,267
|
|
|
7,164,356
|
|
|
7,365,049
|
|
|||
Gross Profit
|
|
1,995,433
|
|
|
2,003,163
|
|
|
2,158,175
|
|
|||
Selling, general and administrative
|
|
838,205
|
|
|
762,104
|
|
|
871,974
|
|
|||
Goodwill/intangible impairment
|
|
17,279
|
|
|
180
|
|
|
991
|
|
|||
Equity in earnings of affiliates
|
|
58,972
|
|
|
39,590
|
|
|
38,685
|
|
|||
Operating Income
|
|
1,198,921
|
|
|
1,280,469
|
|
|
1,323,895
|
|
|||
Other income and expense:
|
|
|
|
|
|
|
||||||
Interest and investment income
|
|
8,857
|
|
|
10,859
|
|
|
6,191
|
|
|||
Interest expense
|
|
(26,494
|
)
|
|
(12,683
|
)
|
|
(12,871
|
)
|
|||
Earnings Before Income Taxes
|
|
1,181,284
|
|
|
1,278,645
|
|
|
1,317,215
|
|
|||
Provision for income taxes
|
|
168,702
|
|
|
431,542
|
|
|
426,698
|
|
|||
Net Earnings
|
|
1,012,582
|
|
|
847,103
|
|
|
890,517
|
|
|||
Less: Net earnings attributable to noncontrolling interest
|
|
442
|
|
|
368
|
|
|
465
|
|
|||
Net Earnings Attributable to Hormel Foods Corporation
|
|
$
|
1,012,140
|
|
|
$
|
846,735
|
|
|
$
|
890,052
|
|
|
|
|
|
|
|
|
||||||
Net Earnings per Share:
|
|
|
|
|
|
|
||||||
Basic
|
|
$
|
1.91
|
|
|
$
|
1.60
|
|
|
$
|
1.68
|
|
Diluted
|
|
$
|
1.86
|
|
|
$
|
1.57
|
|
|
$
|
1.64
|
|
Weighted-Average Shares Outstanding:
|
|
|
|
|
|
|
||||||
Basic
|
|
530,742
|
|
|
528,363
|
|
|
529,290
|
|
|||
Diluted
|
|
543,869
|
|
|
539,116
|
|
|
542,473
|
|
|
|
Fiscal Year Ended
|
||||||||||
|
|
October 28,
|
|
October 29,
|
|
October 30,
|
||||||
(in thousands)
|
|
2018
|
|
2017
|
|
2016*
|
||||||
Net earnings
|
|
$
|
1,012,582
|
|
|
$
|
847,103
|
|
|
$
|
890,517
|
|
Other comprehensive income (loss), net of tax:
|
|
|
|
|
|
|
||||||
Foreign currency translation
|
|
(38,233
|
)
|
|
(1,335
|
)
|
|
(6,718
|
)
|
|||
Pension and other benefits
|
|
44,862
|
|
|
54,077
|
|
|
(69,286
|
)
|
|||
Deferred hedging
|
|
(2,277
|
)
|
|
(4,492
|
)
|
|
5,109
|
|
|||
Total Other Comprehensive Income (Loss)
|
|
4,352
|
|
|
48,250
|
|
|
(70,895
|
)
|
|||
Comprehensive Income
|
|
1,016,934
|
|
|
895,353
|
|
|
819,622
|
|
|||
Less: Comprehensive income attributable to noncontrolling interest
|
|
217
|
|
|
390
|
|
|
205
|
|
|||
Comprehensive Income Attributable to Hormel Foods Corporation
|
|
$
|
1,016,717
|
|
|
$
|
894,963
|
|
|
$
|
819,417
|
|
|
|
Hormel Foods Corporation Shareholders
|
|
|
|
|
||||||||||||||||||||||||||||
(in thousands, except per
|
|
Common Stock
|
|
Treasury Stock
|
|
Additional Paid-In Capital
|
|
Retained Earnings
|
|
Accumulated Other Comprehensive Income (Loss)
|
|
Non-controlling Interest
|
|
Total Shareholders’ Investment
|
||||||||||||||||||||
share amounts)
|
|
Shares
|
|
Amount
|
|
Shares
|
|
Amount
|
|
|
|
|
|
|||||||||||||||||||||
Balance at October 25, 2015*
|
|
528,412
|
|
|
$
|
7,741
|
|
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
4,216,125
|
|
|
$
|
(225,668
|
)
|
|
$
|
3,195
|
|
|
$
|
4,001,393
|
|
Net earnings
|
|
|
|
|
|
|
|
|
|
|
|
890,052
|
|
|
|
|
465
|
|
|
890,517
|
|
|||||||||||||
Other comprehensive loss
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(70,635
|
)
|
|
(260
|
)
|
|
(70,895
|
)
|
|||||||||||||
Purchases of common stock
|
|
|
|
|
|
(2,386
|
)
|
|
(87,885
|
)
|
|
|
|
|
|
|
|
|
|
(87,885
|
)
|
|||||||||||||
Stock-based compensation
expense
|
|
|
|
1
|
|
|
|
|
|
|
17,828
|
|
|
|
|
|
|
|
|
17,829
|
|
|||||||||||||
Exercise of stock options/
restricted shares
|
|
2,458
|
|
|
35
|
|
|
|
|
|
|
7,476
|
|
|
|
|
|
|
|
|
7,511
|
|
||||||||||||
Shares retired
|
|
(2,386
|
)
|
|
(35
|
)
|
|
2,386
|
|
|
87,885
|
|
|
(25,304
|
)
|
|
(62,546
|
)
|
|
|
|
|
|
—
|
|
|||||||||
Declared cash dividends —
$0.58 per share |
|
|
|
|
|
|
|
|
|
|
|
(307,064
|
)
|
|
|
|
|
|
(307,064
|
)
|
||||||||||||||
Balance at October 30, 2016
|
|
528,484
|
|
|
$
|
7,742
|
|
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
4,736,567
|
|
|
$
|
(296,303
|
)
|
|
$
|
3,400
|
|
|
$
|
4,451,406
|
|
Net earnings
|
|
|
|
|
|
|
|
|
|
|
|
846,735
|
|
|
|
|
368
|
|
|
847,103
|
|
|||||||||||||
Other comprehensive income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
48,228
|
|
|
22
|
|
|
48,250
|
|
|||||||||||||
Purchases of common stock
|
|
|
|
|
|
(2,738
|
)
|
|
(94,487
|
)
|
|
|
|
|
|
|
|
|
|
(94,487
|
)
|
|||||||||||||
Stock-based compensation
expense
|
|
|
|
1
|
|
|
|
|
|
|
15,590
|
|
|
|
|
|
|
|
|
15,591
|
|
|||||||||||||
Exercise of stock options/
restricted shares
|
|
2,678
|
|
|
38
|
|
|
|
|
|
|
30,827
|
|
|
|
|
|
|
|
|
30,865
|
|
||||||||||||
Shares retired
|
|
(2,738
|
)
|
|
(40
|
)
|
|
2,738
|
|
|
94,487
|
|
|
(32,747
|
)
|
|
(61,700
|
)
|
|
|
|
|
|
—
|
|
|||||||||
Declared cash dividends —
$0.68 per share |
|
|
|
|
|
|
|
|
|
|
|
(359,031
|
)
|
|
|
|
|
|
(359,031
|
)
|
||||||||||||||
Balance at October 29, 2017
|
|
528,424
|
|
|
$
|
7,741
|
|
|
—
|
|
|
$
|
—
|
|
|
$
|
13,670
|
|
|
$
|
5,162,571
|
|
|
$
|
(248,075
|
)
|
|
$
|
3,790
|
|
|
$
|
4,939,697
|
|
Net earnings
|
|
|
|
|
|
|
|
|
|
|
|
1,012,140
|
|
|
|
|
442
|
|
|
1,012,582
|
|
|||||||||||||
Other comprehensive income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,577
|
|
|
(225
|
)
|
|
4,352
|
|
|||||||||||||
Purchases of common stock
|
|
|
|
|
|
(1,385
|
)
|
|
(46,898
|
)
|
|
|
|
|
|
|
|
|
|
(46,898
|
)
|
|||||||||||||
Stock-based compensation
expense
|
|
|
|
1
|
|
|
|
|
|
|
20,594
|
|
|
|
|
|
|
|
|
20,595
|
|
|||||||||||||
Exercise of stock options/
restricted shares
|
|
7,096
|
|
|
103
|
|
|
|
|
|
|
72,399
|
|
|
|
|
|
|
|
|
72,502
|
|
||||||||||||
Shares retired
|
|
(1,385
|
)
|
|
(20
|
)
|
|
1,385
|
|
|
46,898
|
|
|
(135
|
)
|
|
(46,743
|
)
|
|
|
|
|
|
—
|
|
|||||||||
Declared cash dividends —
$0.75 per share |
|
|
|
|
|
|
|
|
|
|
|
(398,012
|
)
|
|
|
|
|
|
(398,012
|
)
|
||||||||||||||
Balance at October 28, 2018
|
|
534,135
|
|
|
$
|
7,825
|
|
|
—
|
|
|
$
|
—
|
|
|
$
|
106,528
|
|
|
$
|
5,729,956
|
|
|
$
|
(243,498
|
)
|
|
$
|
4,007
|
|
|
$
|
5,604,818
|
|
|
|
Fiscal Year Ended
|
||||||||||
|
|
October 28,
|
|
October 29,
|
|
October 30,
|
||||||
(in thousands)
|
|
2018
|
|
2017
|
|
2016*
|
||||||
Operating Activities
|
|
|
|
|
|
|
||||||
Net earnings
|
|
$
|
1,012,582
|
|
|
$
|
847,103
|
|
|
$
|
890,517
|
|
Adjustments to reconcile to net cash provided by operating activities:
|
|
|
|
|
|
|
||||||
Depreciation
|
|
149,205
|
|
|
122,594
|
|
|
123,581
|
|
|||
Amortization of intangibles
|
|
12,653
|
|
|
8,383
|
|
|
8,387
|
|
|||
Goodwill/intangible impairment
|
|
17,279
|
|
|
180
|
|
|
991
|
|
|||
Equity in earnings of affiliates
|
|
(58,972
|
)
|
|
(39,590
|
)
|
|
(38,685
|
)
|
|||
Distributions received from equity method investees
|
|
30,023
|
|
|
27,521
|
|
|
46,190
|
|
|||
Provision for deferred income taxes
|
|
(7,441
|
)
|
|
62,166
|
|
|
44,327
|
|
|||
(Gain) loss on property/equipment sales and plant facilities
|
|
(2,867
|
)
|
|
322
|
|
|
80
|
|
|||
Gain on insurance proceeds
|
|
—
|
|
|
(3,914
|
)
|
|
—
|
|
|||
Non-cash investment activities
|
|
(7,908
|
)
|
|
(4,864
|
)
|
|
(1,287
|
)
|
|||
Stock-based compensation expense
|
|
20,595
|
|
|
15,591
|
|
|
17,829
|
|
|||
Changes in operating assets and liabilities, net of acquisitions:
|
|
|
|
|
|
|
||||||
Decrease (increase) in accounts receivable
|
|
36,133
|
|
|
(29,717
|
)
|
|
20,904
|
|
|||
(Increase) decrease in inventories
|
|
(8,293
|
)
|
|
41,028
|
|
|
(12,281
|
)
|
|||
(Increase) decrease in prepaid expenses and other current assets
|
|
(4,771
|
)
|
|
(22,459
|
)
|
|
13,235
|
|
|||
(Decrease) increase in pension and post-retirement benefits
|
|
(13,216
|
)
|
|
(13,275
|
)
|
|
(34,510
|
)
|
|||
Increase (decrease) in accounts payable and accrued expenses
|
|
48,376
|
|
|
(2,553
|
)
|
|
(40,783
|
)
|
|||
Increase (decrease) in net income taxes payable
|
|
18,351
|
|
|
25,369
|
|
|
1,525
|
|
|||
Net Cash Provided by Operating Activities
|
|
$
|
1,241,729
|
|
|
$
|
1,033,885
|
|
|
$
|
1,040,020
|
|
Investing Activities
|
|
|
|
|
|
|
||||||
Proceeds from sale of business
|
|
$
|
—
|
|
|
$
|
135,944
|
|
|
110,149
|
|
|
Acquisitions of businesses/intangibles
|
|
(857,668
|
)
|
|
(520,463
|
)
|
|
(280,889
|
)
|
|||
Purchases of property/equipment
|
|
(389,607
|
)
|
|
(221,286
|
)
|
|
(255,524
|
)
|
|||
Proceeds from sales of property/equipment
|
|
9,749
|
|
|
3,754
|
|
|
6,227
|
|
|||
(Increase) decrease in investments, equity in affiliates, and other assets
|
|
(7,546
|
)
|
|
5,095
|
|
|
10,214
|
|
|||
Proceeds from company-owned life insurance
|
|
9,704
|
|
|
5,323
|
|
|
1,349
|
|
|||
Proceeds from insurance recoveries
|
|
—
|
|
|
4,454
|
|
|
—
|
|
|||
Net Cash Used in Investing Activities
|
|
$
|
(1,235,368
|
)
|
|
$
|
(587,179
|
)
|
|
$
|
(408,474
|
)
|
Financing Activities
|
|
|
|
|
|
|
||||||
Principal payments on short-term debt
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(185,000
|
)
|
Proceeds from long-term debt
|
|
375,000
|
|
|
—
|
|
|
—
|
|
|||
Principal payments on long-term debt
|
|
(160
|
)
|
|
—
|
|
|
—
|
|
|||
Dividends paid on common stock
|
|
(388,107
|
)
|
|
(346,010
|
)
|
|
(296,493
|
)
|
|||
Share repurchase
|
|
(46,898
|
)
|
|
(94,487
|
)
|
|
(87,885
|
)
|
|||
Proceeds from exercise of stock options
|
|
71,803
|
|
|
21,726
|
|
|
12,075
|
|
|||
Net Cash Provided by (Used in) Financing Activities
|
|
$
|
11,638
|
|
|
$
|
(418,771
|
)
|
|
$
|
(557,303
|
)
|
Effect of exchange rate changes on cash
|
|
(2,985
|
)
|
|
1,044
|
|
|
(6,339
|
)
|
|||
Increase in Cash and Cash Equivalents
|
|
15,014
|
|
|
28,979
|
|
|
67,904
|
|
|||
Cash and cash equivalents at beginning of year
|
|
444,122
|
|
|
415,143
|
|
|
347,239
|
|
|||
Cash and Cash Equivalents at End of Year
|
|
$
|
459,136
|
|
|
$
|
444,122
|
|
|
$
|
415,143
|
|
(in thousands)
|
Reported October 29, 2017
|
|
ASU 2016-09
|
|
ASU 2016-15
|
|
Adjusted October 29, 2017
|
||||||||
Operating Activities
|
|
|
|
|
|
|
|
||||||||
Equity in earnings of affiliates
|
$
|
(12,069
|
)
|
|
$
|
—
|
|
|
$
|
(27,521
|
)
|
|
$
|
(39,590
|
)
|
Distributions received from equity method investees
|
—
|
|
|
—
|
|
|
27,521
|
|
|
27,521
|
|
||||
Gain on insurance proceeds
|
—
|
|
|
—
|
|
|
(3,914
|
)
|
|
(3,914
|
)
|
||||
Excess tax benefit from stock-based compensation
|
(29,513
|
)
|
|
29,513
|
|
|
—
|
|
|
|
|||||
Increase in accounts receivable
|
(28,091
|
)
|
|
—
|
|
|
(1,626
|
)
|
|
(29,717
|
)
|
||||
Decrease in inventories
|
41,312
|
|
|
—
|
|
|
(284
|
)
|
|
41,028
|
|
||||
Net Cash Provided by Operating Activities
|
1,010,196
|
|
|
29,513
|
|
|
(5,824
|
)
|
|
1,033,885
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Investing Activities
|
|
|
|
|
|
|
|
||||||||
Proceeds from sales of property/equipment
|
4,010
|
|
|
—
|
|
|
(256
|
)
|
|
3,754
|
|
||||
Increase in investments, equity in affiliates, and other assets
|
8,792
|
|
|
—
|
|
|
(3,697
|
)
|
|
5,095
|
|
||||
Proceeds from company-owned life insurance
|
—
|
|
|
—
|
|
|
5,323
|
|
|
5,323
|
|
||||
Proceeds from insurance recoveries
|
—
|
|
|
—
|
|
|
4,454
|
|
|
4,454
|
|
||||
Net Cash Used in Investing Activities
|
(593,003
|
)
|
|
—
|
|
|
5,824
|
|
|
(587,179
|
)
|
||||
|
|
|
|
|
|
|
|
||||||||
Financing Activities
|
|
|
|
|
|
|
|
||||||||
Excess tax benefit from stock-based compensation
|
29,513
|
|
|
(29,513
|
)
|
|
—
|
|
|
—
|
|
||||
Net Cash Used in Financing Activities
|
(389,258
|
)
|
|
(29,513
|
)
|
|
—
|
|
|
(418,771
|
)
|
||||
Effect of Exchange Rate Changes on Cash
|
1,044
|
|
|
—
|
|
|
—
|
|
|
1,044
|
|
||||
Increase in Cash and Cash Equivalents
|
$
|
28,979
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
28,979
|
|
Cash and cash equivalents at beginning of year
|
415,143
|
|
|
—
|
|
|
—
|
|
|
415,143
|
|
||||
Cash and Cash Equivalents at the End of Year
|
$
|
444,122
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
444,122
|
|
(in thousands)
|
Reported October 30, 2016*
|
|
ASU 2016-09
|
|
ASU 2016-15
|
|
Adjusted October 30, 2016*
|
||||||||
Operating Activities
|
|
|
|
|
|
|
|
||||||||
Equity in earnings of affiliates
|
$
|
7,505
|
|
|
$
|
—
|
|
|
$
|
(46,190
|
)
|
|
$
|
(38,685
|
)
|
Distributions received from equity method investees
|
—
|
|
|
—
|
|
|
46,190
|
|
|
46,190
|
|
||||
Excess tax benefit from stock-based compensation
|
(47,657
|
)
|
|
47,657
|
|
|
—
|
|
|
—
|
|
||||
Increase in accounts receivable
|
21,389
|
|
|
—
|
|
|
(485
|
)
|
|
20,904
|
|
||||
Net Cash Provided by Operating Activities
|
992,848
|
|
|
47,657
|
|
|
(485
|
)
|
|
1,040,020
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Investing Activities
|
|
|
|
|
|
|
|
||||||||
Increase in investments, equity in affiliates, and other assets
|
11,078
|
|
|
—
|
|
|
(864
|
)
|
|
10,214
|
|
||||
Proceeds from company-owned life insurance
|
—
|
|
|
—
|
|
|
1,349
|
|
|
1,349
|
|
||||
Net Cash Used in Investing Activities
|
(408,959
|
)
|
|
—
|
|
|
485
|
|
|
(408,474
|
)
|
||||
|
|
|
|
|
|
|
|
||||||||
Financing Activities
|
|
|
|
|
|
|
|
||||||||
Excess tax benefit from stock-based compensation
|
47,657
|
|
|
(47,657
|
)
|
|
—
|
|
|
—
|
|
||||
Net Cash Used in Financing Activities
|
(509,646
|
)
|
|
(47,657
|
)
|
|
—
|
|
|
(557,303
|
)
|
||||
Effect of Exchange Rate Changes on Cash
|
(6,339
|
)
|
|
—
|
|
|
—
|
|
|
(6,339
|
)
|
||||
Increase in Cash and Cash Equivalents
|
$
|
67,904
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
67,904
|
|
Cash and cash equivalents at beginning of year
|
347,239
|
|
|
—
|
|
|
—
|
|
|
347,239
|
|
||||
Cash and Cash Equivalents at the End of Year
|
$
|
415,143
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
415,143
|
|
(in thousands)
|
|
||
Accounts receivable
|
$
|
21,199
|
|
Inventory
|
32,817
|
|
|
Prepaid and other assets
|
881
|
|
|
Other assets
|
936
|
|
|
Property, plant and equipment
|
83,662
|
|
|
Intangible assets
|
223,704
|
|
|
Goodwill
|
610,602
|
|
|
Current liabilities
|
(21,366
|
)
|
|
Deferred taxes
|
(95,077
|
)
|
|
Purchase price
|
$
|
857,358
|
|
(in thousands)
|
|
October 28, 2018
|
|
October 29, 2017
|
||||
Finished products
|
|
$
|
525,628
|
|
|
$
|
511,789
|
|
Raw materials and work-in-process
|
|
247,495
|
|
|
237,903
|
|
||
Operating supplies
|
|
126,644
|
|
|
114,098
|
|
||
Maintenance materials and parts
|
|
63,760
|
|
|
57,232
|
|
||
Total
|
|
$
|
963,527
|
|
|
$
|
921,022
|
|
(in thousands)
|
|
Grocery
Products
|
|
Refrigerated
Foods
|
|
Jennie-O
Turkey Store
|
|
International
& Other
|
|
Total
|
||||||||||
Balance as of October 30, 2016
|
|
$
|
882,582
|
|
|
$
|
584,443
|
|
|
$
|
203,214
|
|
|
$
|
164,258
|
|
|
$
|
1,834,497
|
|
Goodwill acquired
|
|
—
|
|
|
223,082
|
|
|
—
|
|
|
74,060
|
|
|
297,142
|
|
|||||
Goodwill sold
|
|
—
|
|
|
(11,826
|
)
|
|
—
|
|
|
—
|
|
|
(11,826
|
)
|
|||||
Balance as of October 29, 2017
|
|
$
|
882,582
|
|
|
$
|
795,699
|
|
|
$
|
203,214
|
|
|
$
|
238,318
|
|
|
$
|
2,119,813
|
|
Goodwill acquired
|
|
—
|
|
|
610,602
|
|
|
—
|
|
|
—
|
|
|
610,602
|
|
|||||
Foreign currency translation
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(20,224
|
)
|
|
(20,224
|
)
|
|||||
Purchase adjustments
|
|
—
|
|
|
596
|
|
|
—
|
|
|
3,329
|
|
|
3,925
|
|
|||||
Balance as of October 28, 2018
|
|
$
|
882,582
|
|
|
$
|
1,406,897
|
|
|
$
|
203,214
|
|
|
$
|
221,423
|
|
|
$
|
2,714,116
|
|
|
|
October 28, 2018
|
|
October 29, 2017
|
||||||||||||||||||
|
|
Gross
|
|
|
|
Weighted-
|
|
Gross
|
|
|
|
Weighted-
|
||||||||||
|
|
Carrying
|
|
Accumulated
|
|
Avg Life
|
|
Carrying
|
|
Accumulated
|
|
Avg Life
|
||||||||||
(in thousands)
|
|
Amount
|
|
Amortization
|
|
(in Years)
|
|
Amount
|
|
Amortization
|
|
(in Years)
|
||||||||||
Customer lists/relationships
|
|
$
|
137,039
|
|
|
$
|
(36,367
|
)
|
|
12.4
|
|
|
$
|
115,940
|
|
|
$
|
(25,767
|
)
|
|
12.3
|
|
Other intangibles
|
|
6,155
|
|
|
(1,547
|
)
|
|
6.4
|
|
|
3,100
|
|
|
(2,044
|
)
|
|
5.8
|
|
||||
Formulas and recipes
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,950
|
|
|
(1,950
|
)
|
|
10.0
|
|
||||
Foreign currency translation
|
|
—
|
|
|
(2,883
|
)
|
|
—
|
|
|
—
|
|
|
(206
|
)
|
|
—
|
|
||||
Total
|
|
$
|
143,194
|
|
|
$
|
(40,797
|
)
|
|
12.2
|
|
|
$
|
120,990
|
|
|
$
|
(29,967
|
)
|
|
12.1
|
|
(in millions)
|
|
|
|
|
2018
|
|
$
|
12.7
|
|
2017
|
|
8.4
|
|
|
2016
|
|
8.4
|
|
(in millions)
|
|
|
||
2019
|
|
$
|
12.6
|
|
2020
|
|
12.6
|
|
|
2021
|
|
12.7
|
|
|
2022
|
|
12.4
|
|
|
2023
|
|
11.6
|
|
|
|
October 28,
|
|
October 29,
|
||||
(in thousands)
|
|
2018
|
|
2017
|
||||
Brands/tradenames/trademarks
|
|
$
|
1,108,122
|
|
|
$
|
935,816
|
|
Other intangibles
|
|
184
|
|
|
184
|
|
||
Foreign currency translation
|
|
(3,484
|
)
|
|
(9
|
)
|
||
Total
|
|
$
|
1,104,822
|
|
|
$
|
935,991
|
|
Assets held for sale (in thousands)
|
|
||
Current assets
|
$
|
80,861
|
|
Goodwill
|
12,703
|
|
|
Intangibles
|
14,321
|
|
|
Property, plant and equipment
|
74,812
|
|
|
Total assets held for sale
|
$
|
182,697
|
|
Liabilities held for sale (in thousands)
|
|
||
Total current liabilities held for sale
|
$
|
44,066
|
|
(in thousands)
|
|
October 28, 2018
|
|
October 29, 2017
|
||||
Term loan
|
|
$
|
374,840
|
|
|
$
|
—
|
|
Senior unsecured notes, with interest at 4.125%, interest due semi-
annually through April 2021 maturity date |
|
250,000
|
|
|
250,000
|
|
||
Less: current maturities
|
|
—
|
|
|
—
|
|
||
Total
|
|
$
|
624,840
|
|
|
$
|
250,000
|
|
(in millions)
|
|
|
|
|
2018
|
|
$
|
25.6
|
|
2017
|
|
12.7
|
|
|
2016
|
|
12.9
|
|
|
|
Pension Benefits
|
|
Post-retirement Benefits
|
||||||||||||||||||||
(in thousands)
|
|
2018
|
|
2017
|
|
2016
|
|
2018
|
|
2017
|
|
2016
|
||||||||||||
Service cost
|
|
$
|
31,612
|
|
|
$
|
30,256
|
|
|
$
|
26,951
|
|
|
$
|
980
|
|
|
$
|
1,106
|
|
|
$
|
1,297
|
|
Interest cost
|
|
56,196
|
|
|
54,263
|
|
|
55,728
|
|
|
11,169
|
|
|
11,630
|
|
|
13,346
|
|
||||||
Expected return on plan assets
|
|
(99,091
|
)
|
|
(90,936
|
)
|
|
(88,681
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Amortization of prior service cost
|
|
(2,468
|
)
|
|
(3,000
|
)
|
|
(4,120
|
)
|
|
(3,111
|
)
|
|
(4,274
|
)
|
|
(4,282
|
)
|
||||||
Recognized actuarial loss (gain)
|
|
18,166
|
|
|
26,166
|
|
|
20,318
|
|
|
179
|
|
|
2,424
|
|
|
1,617
|
|
||||||
Curtailment (gain) charge
|
|
—
|
|
|
—
|
|
|
(4,438
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Net periodic cost
|
|
$
|
4,415
|
|
|
$
|
16,749
|
|
|
$
|
5,758
|
|
|
$
|
9,217
|
|
|
$
|
10,886
|
|
|
$
|
11,978
|
|
|
|
Pension Benefits
|
|
Post-retirement Benefits
|
||||||||||||
(in thousands)
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Unrecognized prior service credit
|
|
$
|
8,097
|
|
|
$
|
10,565
|
|
|
$
|
6,461
|
|
|
$
|
4,585
|
|
Unrecognized actuarial losses
|
|
(336,894
|
)
|
|
(380,114
|
)
|
|
(9,302
|
)
|
|
(30,857
|
)
|
(in thousands)
|
|
Pension
Benefits
|
|
Post-
retirement
Benefits
|
||||
Amortized prior service credit
|
|
$
|
(2,468
|
)
|
|
$
|
(2,937
|
)
|
Recognized actuarial losses
|
|
15,670
|
|
|
—
|
|
|
|
Pension Benefits
|
|
Post-retirement Benefits
|
||||||||||||
(in thousands)
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Change in benefit obligation
|
|
|
|
|
|
|
|
|
||||||||
Benefit obligation at beginning of year
|
|
$
|
1,460,098
|
|
|
$
|
1,394,870
|
|
|
$
|
304,683
|
|
|
$
|
317,472
|
|
Service cost
|
|
31,612
|
|
|
30,256
|
|
|
980
|
|
|
1,106
|
|
||||
Interest cost
|
|
56,196
|
|
|
54,263
|
|
|
11,169
|
|
|
11,630
|
|
||||
Actuarial (gain) loss
|
|
(134,924
|
)
|
|
35,379
|
|
|
(24,515
|
)
|
|
(10,977
|
)
|
||||
Plan amendments
|
|
—
|
|
|
3,483
|
|
|
—
|
|
|
4,986
|
|
||||
Participant contributions
|
|
—
|
|
|
—
|
|
|
2,232
|
|
|
2,661
|
|
||||
Medicare Part D subsidy
|
|
—
|
|
|
—
|
|
|
768
|
|
|
1,355
|
|
||||
Benefits paid
|
|
(62,079
|
)
|
|
(58,153
|
)
|
|
(23,045
|
)
|
|
(23,550
|
)
|
||||
Benefit obligation at end of year
|
|
$
|
1,350,903
|
|
|
$
|
1,460,098
|
|
|
$
|
272,272
|
|
|
$
|
304,683
|
|
|
|
Pension Benefits
|
|
Post-retirement Benefits
|
||||||||||||
(in thousands)
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Change in plan assets
|
|
|
|
|
|
|
|
|
||||||||
Fair value of plan assets at beginning of year
|
|
$
|
1,379,953
|
|
|
$
|
1,232,626
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Actual return on plan assets
|
|
(10,780
|
)
|
|
184,126
|
|
|
—
|
|
|
—
|
|
||||
Participant contributions
|
|
—
|
|
|
—
|
|
|
2,232
|
|
|
2,661
|
|
||||
Employer contributions
|
|
6,286
|
|
|
21,354
|
|
|
20,813
|
|
|
20,889
|
|
||||
Benefits paid
|
|
(62,079
|
)
|
|
(58,153
|
)
|
|
(23,045
|
)
|
|
(23,550
|
)
|
||||
Fair value of plan assets at end of year
|
|
$
|
1,313,380
|
|
|
$
|
1,379,953
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Funded status at end of year
|
|
$
|
(37,523
|
)
|
|
$
|
(80,145
|
)
|
|
$
|
(272,272
|
)
|
|
$
|
(304,683
|
)
|
|
|
Pension Benefits
|
|
Post-retirement Benefits
|
||||||||||||
(in thousands)
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Pension assets
|
|
$
|
195,153
|
|
|
$
|
171,990
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Employee-related expenses
|
|
(6,851
|
)
|
|
(5,957
|
)
|
|
(20,540
|
)
|
|
(20,612
|
)
|
||||
Pension and post-retirement benefits
|
|
(225,825
|
)
|
|
(246,178
|
)
|
|
(251,732
|
)
|
|
(284,071
|
)
|
||||
Net amount recognized
|
|
$
|
(37,523
|
)
|
|
$
|
(80,145
|
)
|
|
$
|
(272,272
|
)
|
|
$
|
(304,683
|
)
|
(in thousands)
|
|
2018
|
|
2017
|
||||
Projected benefit obligation
|
|
$
|
232,676
|
|
|
$
|
252,136
|
|
Accumulated benefit obligation
|
|
227,015
|
|
|
247,687
|
|
||
Fair value of plan assets
|
|
—
|
|
|
—
|
|
|
|
2018
|
|
2017
|
||
Discount rate
|
|
4.55
|
%
|
|
3.91
|
%
|
Rate of future compensation increase (for plans that base benefits on
final compensation level)
|
|
3.96
|
%
|
|
3.95
|
%
|
|
|
2018
|
|
2017
|
|
2016
|
|||
Discount rate
|
|
3.91
|
%
|
|
3.94
|
%
|
|
4.50
|
%
|
Rate of future compensation increase (for plans
that base benefits on final compensation level)
|
|
3.95
|
%
|
|
3.96
|
%
|
|
3.92
|
%
|
Expected long-term return on plan assets
|
|
7.30
|
%
|
|
7.50
|
%
|
|
7.60
|
%
|
|
|
1-Percentage-Point
|
||||||||||||||
|
|
Expense
|
|
Benefit Obligation
|
||||||||||||
(in thousands)
|
|
Increase
|
|
Decrease
|
|
Increase
|
|
Decrease
|
||||||||
Pension benefits
|
|
|
|
|
|
|
|
|
||||||||
Discount rate
|
|
$
|
(11,445
|
)
|
|
$
|
14,215
|
|
|
$
|
(163,270
|
)
|
|
$
|
203,780
|
|
Expected long-term rate of return on plan assets
|
|
(12,849
|
)
|
|
12,849
|
|
|
—
|
|
|
—
|
|
||||
Rate of future compensation increase
|
|
3,421
|
|
|
(2,965
|
)
|
|
5,279
|
|
|
(4,592
|
)
|
||||
Post-retirement benefits
|
|
|
|
|
|
|
|
|
||||||||
Discount rate
|
|
$
|
1,172
|
|
|
$
|
158
|
|
|
$
|
(23,946
|
)
|
|
$
|
28,491
|
|
Health care cost trend rate
|
|
1,290
|
|
|
(1,104
|
)
|
|
26,017
|
|
|
(22,482
|
)
|
(in thousands)
|
|
Pension Benefits
|
|
Post-retirement Benefits
|
||||
2019
|
|
$
|
63,348
|
|
|
$
|
20,999
|
|
2020
|
|
65,640
|
|
|
20,880
|
|
||
2021
|
|
67,796
|
|
|
20,762
|
|
||
2022
|
|
70,275
|
|
|
20,642
|
|
||
2023
|
|
74,272
|
|
|
20,397
|
|
||
2024-2028
|
|
422,443
|
|
|
94,912
|
|
|
|
2018
|
|
2017
|
||||||
Asset Category
|
|
Actual %
|
|
Target
Range %
|
|
Actual %
|
|
Target
Range %
|
||
Large capitalization equity
|
|
13.7
|
|
12-22
|
|
|
22.1
|
|
12-22
|
|
Small capitalization equity
|
|
12.7
|
|
3-13
|
|
|
5.4
|
|
3-13
|
|
International equity
|
|
14.9
|
|
10-20
|
|
|
15.1
|
|
10-20
|
|
Global equity
|
|
12.4
|
|
5-20
|
|
|
12.0
|
|
5-20
|
|
Private equity
|
|
5.8
|
|
0-15
|
|
|
5.4
|
|
0-15
|
|
Total equity securities
|
|
59.5
|
|
50-75
|
|
|
60.0
|
|
50-75
|
|
Fixed income
|
|
33.6
|
|
25-45
|
|
|
33.5
|
|
25-45
|
|
Real estate
|
|
5.7
|
|
0-10
|
|
|
5.0
|
|
0-10
|
|
Cash and cash equivalents
|
|
1.2
|
|
—
|
|
|
1.5
|
|
—
|
|
|
|
Fair Value Measurements as of October 28, 2018
|
||||||||||||||
(in thousands)
|
|
Total
Fair Value
|
|
Quoted Prices
in Active
Markets for
Identical Assets
(Level 1)
|
|
Significant Other
Observable
Inputs
(Level 2)
|
|
Significant
Unobservable
Inputs
(Level 3)
|
||||||||
Plan assets in fair value hierarchy
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Cash equivalents (1)
|
|
$
|
16,129
|
|
|
$
|
16,129
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Large capitalization equity (2)
|
|
|
|
|
|
|
|
|
||||||||
Domestic
|
|
113,086
|
|
|
113,086
|
|
|
—
|
|
|
—
|
|
||||
Foreign
|
|
29,810
|
|
|
29,810
|
|
|
—
|
|
|
—
|
|
||||
Small capitalization equity (3)
|
|
|
|
|
|
|
|
|
||||||||
Domestic
|
|
145,872
|
|
|
145,872
|
|
|
—
|
|
|
—
|
|
||||
Foreign
|
|
21,417
|
|
|
21,417
|
|
|
—
|
|
|
—
|
|
||||
Private equity (4)
|
|
|
|
|
|
|
|
|
||||||||
Domestic
|
|
51,377
|
|
|
—
|
|
|
—
|
|
|
51,377
|
|
||||
International
|
|
24,880
|
|
|
—
|
|
|
—
|
|
|
24,880
|
|
||||
Fixed income (5)
|
|
|
|
|
|
|
|
|
||||||||
US government issues
|
|
157,312
|
|
|
153,566
|
|
|
3,746
|
|
|
—
|
|
||||
Municipal issues
|
|
19,456
|
|
|
—
|
|
|
19,456
|
|
|
—
|
|
||||
Corporate issues – domestic
|
|
222,617
|
|
|
—
|
|
|
222,617
|
|
|
—
|
|
||||
Corporate issues – foreign
|
|
42,513
|
|
|
—
|
|
|
42,513
|
|
|
—
|
|
||||
Plan assets in fair value hierarchy
|
|
$
|
844,469
|
|
|
$
|
479,880
|
|
|
$
|
288,332
|
|
|
$
|
76,257
|
|
|
|
|
|
|
|
|
|
|
||||||||
Plan assets at net asset value
|
|
|
|
|
|
|
|
|
||||||||
Large capitalization equity – domestic (6)
|
|
$
|
37,176
|
|
|
|
|
|
|
|
||||||
International equity – mutual fund (7)
|
|
107,956
|
|
|
|
|
|
|
|
|||||||
International equity – collective trust (8)
|
|
86,641
|
|
|
|
|
|
|
|
|||||||
Global equity – mutual fund (9)
|
|
162,630
|
|
|
|
|
|
|
|
|||||||
Real estate – domestic (10)
|
|
74,508
|
|
|
|
|
|
|
|
|||||||
Plan assets at net asset value
|
|
$
|
468,911
|
|
|
|
|
|
|
|
||||||
Total plan assets at fair value
|
|
$
|
1,313,380
|
|
|
|
|
|
|
|
|
|
Fair Value Measurements as of October 29, 2017
|
||||||||||||||
(in thousands)
|
|
Total
Fair Value
|
|
Quoted Prices
in Active
Markets for
Identical Assets
(Level 1)
|
|
Significant Other
Observable
Inputs
(Level 2)
|
|
Significant
Unobservable
Inputs
(Level 3)
|
||||||||
Plan assets in fair value hierarchy
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Cash equivalents (1)
|
|
$
|
21,653
|
|
|
$
|
21,653
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Large capitalization equity (2)
|
|
|
|
|
|
|
|
|
||||||||
Domestic
|
|
189,536
|
|
|
189,536
|
|
|
—
|
|
|
—
|
|
||||
Foreign
|
|
47,069
|
|
|
47,069
|
|
|
—
|
|
|
—
|
|
||||
Small capitalization equity (3)
|
|
|
|
|
|
|
|
|
||||||||
Domestic
|
|
64,448
|
|
|
64,448
|
|
|
—
|
|
|
—
|
|
||||
Foreign
|
|
9,486
|
|
|
9,486
|
|
|
—
|
|
|
—
|
|
||||
Private equity (4)
|
|
|
|
|
|
|
|
|
||||||||
Domestic
|
|
53,652
|
|
|
—
|
|
|
—
|
|
|
53,652
|
|
||||
International
|
|
20,552
|
|
|
—
|
|
|
—
|
|
|
20,552
|
|
||||
Fixed income (5)
|
|
|
|
|
|
|
|
|
||||||||
US government issues
|
|
159,690
|
|
|
154,977
|
|
|
4,713
|
|
|
—
|
|
||||
Municipal issues
|
|
21,002
|
|
|
—
|
|
|
21,002
|
|
|
—
|
|
||||
Corporate issues – domestic
|
|
228,753
|
|
|
—
|
|
|
228,753
|
|
|
—
|
|
||||
Corporate issues – foreign
|
|
52,610
|
|
|
—
|
|
|
52,610
|
|
|
—
|
|
||||
Plan assets in fair value hierarchy
|
|
$
|
868,451
|
|
|
$
|
487,169
|
|
|
$
|
307,078
|
|
|
$
|
74,204
|
|
|
|
|
|
|
|
|
|
|
||||||||
Plan assets at net asset value
|
|
|
|
|
|
|
|
|
||||||||
Large capitalization equity – domestic (6)
|
|
$
|
68,579
|
|
|
|
|
|
|
|
||||||
International equity – mutual fund (7)
|
|
123,608
|
|
|
|
|
|
|
|
|||||||
International equity – collective trust (8)
|
|
85,317
|
|
|
|
|
|
|
|
|||||||
Global equity – mutual fund (9)
|
|
165,138
|
|
|
|
|
|
|
|
|||||||
Real estate – domestic (10)
|
|
68,860
|
|
|
|
|
|
|
|
|||||||
Plan assets at net asset value
|
|
$
|
511,502
|
|
|
|
|
|
|
|
||||||
Total plan assets at fair value
|
|
$
|
1,379,953
|
|
|
|
|
|
|
|
(in thousands)
|
|
2018
|
|
2017
|
||||
Beginning balance
|
|
$
|
74,204
|
|
|
$
|
68,102
|
|
Purchases, issuances, and settlements (net)
|
|
(14,867
|
)
|
|
(8,630
|
)
|
||
Unrealized gains (losses)
|
|
3,724
|
|
|
(2,251
|
)
|
||
Realized gains
|
|
11,331
|
|
|
15,560
|
|
||
Interest and dividend income
|
|
1,865
|
|
|
1,423
|
|
||
Ending balance
|
|
$
|
76,257
|
|
|
$
|
74,204
|
|
(in thousands)
|
|
2018
|
|
2017
|
||||
Domestic equity
|
|
$
|
677
|
|
|
$
|
1,585
|
|
International equity
|
|
36,142
|
|
|
41,076
|
|
||
Unfunded commitment balance
|
|
$
|
36,819
|
|
|
$
|
42,661
|
|
|
Volume
|
|
Commodity
|
October 28, 2018
|
October 29, 2017
|
Corn
|
16.8 million bushels
|
11.5 million bushels
|
Lean hogs
|
0.4 million cwt
|
0.3 million cwt
|
|
Volume
|
|
Commodity
|
October 28, 2018
|
October 29, 2017
|
Corn
|
6.2 million bushels
|
4.1 million bushels
|
Lean hogs
|
0.2 million cwt
|
0.4 million cwt
|
|
|
|
|
Fair Value
(1)
|
||||||
(in thousands)
|
|
Location on Consolidated
Statements of Financial Position
|
|
October 28, 2018
|
|
October 29, 2017
|
||||
Asset derivatives
|
|
|
|
|
|
|
|
|
||
Derivatives designated as hedges
|
|
|
|
|
|
|
||||
Commodity contracts
|
|
Other current assets
|
|
$
|
(30
|
)
|
|
$
|
326
|
|
Derivatives not designated as hedges
|
|
|
|
|
|
|
||||
Commodity contracts
|
|
Other current assets
|
|
6
|
|
|
—
|
|
||
Total asset derivatives
|
|
|
|
$
|
(24
|
)
|
|
$
|
326
|
|
|
|
Gain/(Loss)
Recognized in AOCL
(Effective Portion)
(1)
|
|
Location on
Consolidated
Statements
of Operations
|
|
Gain/(Loss)
Reclassified from
AOCL into Earnings
(Effective Portion)
(1)
|
|
Gain/(Loss)
Recognized in
Earnings (Ineffective
Portion)
(2) (4)
|
||||||||||||||||||
|
|
Fiscal Year Ended
|
|
|
Fiscal Year Ended
|
|
Fiscal Year Ended
|
|||||||||||||||||||
Cash Flow Hedges:
|
|
October 28, 2018
|
|
October 29, 2017
|
|
|
October 28, 2018
|
|
October 29, 2017
|
|
October 28, 2018
|
|
October 29, 2017
|
|||||||||||||
Commodity contracts
|
|
$
|
(8,634
|
)
|
|
$
|
(1,393
|
)
|
|
Cost of products sold
|
|
$
|
(5,480
|
)
|
|
$
|
5,994
|
|
|
$
|
(177
|
)
|
|
$
|
156
|
|
|
|
|
|
Location on
Consolidated
Statements
of Operations
|
|
Gain/(Loss)
Recognized in
Earnings (Effective
Portion)
(3)
|
|
Gain/(Loss)
Recognized in
Earnings (Ineffective
Portion)
(2) (5)
|
||||||||||||||
|
|
|
|
|
Fiscal Year Ended
|
|
Fiscal Year Ended
|
|||||||||||||||
Fair Value Hedges:
|
|
|
|
|
|
|
October 28, 2018
|
|
October 29, 2017
|
|
October 28, 2018
|
|
October 29, 2017
|
|||||||||
Commodity contracts
|
|
|
|
|
|
Cost of products sold
|
|
$
|
3,572
|
|
|
$
|
(327
|
)
|
|
$
|
(171
|
)
|
|
$
|
267
|
|
|
|
|
|
Location on
Consolidated
Statements
of Operations
|
|
Gain/(Loss)
Recognized
in Earnings
|
|
|
||||||||||
|
|
|
|
|
Fiscal Year Ended
|
|
|
|||||||||||
Derivatives Not Designated as Hedges:
|
|
|
October 28, 2018
|
|
October 29, 2017
|
|
|
|
|
|||||||||
Commodity contracts
|
|
|
|
|
|
Cost of products sold
|
|
$
|
20
|
|
|
$
|
(408
|
)
|
|
|
|
|
(in thousands)
|
|
Segment
|
|
% Owned
|
|
October 28, 2018
|
|
October 29, 2017
|
||||
MegaMex Foods, LLC
|
|
Grocery Products
|
|
50%
|
|
$
|
205,148
|
|
|
$
|
177,657
|
|
Foreign joint ventures
|
|
International & Other
|
|
Various (26 – 40%)
|
|
68,005
|
|
|
64,712
|
|
||
Total
|
|
|
|
|
|
$
|
273,153
|
|
|
$
|
242,369
|
|
(in thousands)
|
|
Segment
|
|
2018
|
|
2017
|
|
2016
|
||||||
MegaMex Foods, LLC
|
|
Grocery Products
|
|
$
|
52,988
|
|
|
$
|
31,357
|
|
|
$
|
30,651
|
|
Foreign joint ventures
|
|
International & Other
|
|
5,984
|
|
|
8,233
|
|
|
8,034
|
|
|||
Total
|
|
|
|
$
|
58,972
|
|
|
$
|
39,590
|
|
|
$
|
38,685
|
|
(in thousands)
|
|
Foreign
Currency
Translation
|
|
Pension &
Other Benefits
|
|
|
Deferred
Gain (Loss)
– Hedging
|
|
|
Accumulated
Other
Comprehensive
Loss
|
||||||||
Balance at October 25, 2015
|
|
$
|
969
|
|
|
$
|
(227,266
|
)
|
|
|
$
|
629
|
|
|
|
$
|
(225,668
|
)
|
Unrecognized gains (losses)
|
|
|
|
|
|
|
|
|
|
|
||||||||
Gross
|
|
(6,458
|
)
|
|
(124,783
|
)
|
|
|
6,852
|
|
|
|
(124,389
|
)
|
||||
Tax effect
|
|
—
|
|
|
47,068
|
|
|
|
(2,792
|
)
|
|
|
44,276
|
|
||||
Reclassification into net earnings
|
|
|
|
|
|
|
|
|
|
|
||||||||
Gross
|
|
—
|
|
|
13,533
|
|
(1)
|
|
1,310
|
|
(2)
|
|
14,843
|
|
||||
Tax effect
|
|
—
|
|
|
(5,104
|
)
|
|
|
(261
|
)
|
|
|
(5,365
|
)
|
||||
Net of tax amount
|
|
(6,458
|
)
|
|
(69,286
|
)
|
|
|
5,109
|
|
|
|
(70,635
|
)
|
||||
Balance at October 30, 2016
|
|
$
|
(5,489
|
)
|
|
$
|
(296,552
|
)
|
|
|
$
|
5,738
|
|
|
|
$
|
(296,303
|
)
|
Unrecognized gains (losses)
|
|
|
|
|
|
|
|
|
|
|
||||||||
Gross
|
|
(1,357
|
)
|
|
65,305
|
|
|
|
(1,393
|
)
|
|
|
62,555
|
|
||||
Tax effect
|
|
—
|
|
|
(24,535
|
)
|
|
|
759
|
|
|
|
(23,776
|
)
|
||||
Reclassification into net earnings
|
|
|
|
|
|
|
|
|
|
|
||||||||
Gross
|
|
—
|
|
|
21,316
|
|
(1)
|
|
(5,994
|
)
|
(2)
|
|
15,322
|
|
||||
Tax effect
|
|
—
|
|
|
(8,009
|
)
|
|
|
2,136
|
|
|
|
(5,873
|
)
|
||||
Net of tax amount
|
|
(1,357
|
)
|
|
54,077
|
|
|
|
(4,492
|
)
|
|
|
48,228
|
|
||||
Balance at October 29, 2017
|
|
$
|
(6,846
|
)
|
|
$
|
(242,475
|
)
|
|
|
$
|
1,246
|
|
|
|
$
|
(248,075
|
)
|
Unrecognized gains (losses)
|
|
|
|
|
|
|
|
|
|
|
||||||||
Gross
|
|
(38,008
|
)
|
|
46,430
|
|
|
|
(8,634
|
)
|
|
|
(212
|
)
|
||||
Tax effect
|
|
—
|
|
|
(11,244
|
)
|
|
|
2,090
|
|
|
|
(9,154
|
)
|
||||
Reclassification into net earnings
|
|
|
|
|
|
|
|
|
|
|
||||||||
Gross
|
|
—
|
|
|
12,766
|
|
(1)
|
|
5,480
|
|
(2)
|
|
18,246
|
|
||||
Tax effect
|
|
—
|
|
|
(3,090
|
)
|
|
|
(1,213
|
)
|
|
|
(4,303
|
)
|
||||
Net of tax amount
|
|
(38,008
|
)
|
|
44,862
|
|
|
|
(2,277
|
)
|
|
|
4,577
|
|
||||
Balance at October 28, 2018
|
|
$
|
(44,854
|
)
|
|
$
|
(197,613
|
)
|
|
|
$
|
(1,031
|
)
|
|
|
$
|
(243,498
|
)
|
(in thousands)
|
|
2018
|
|
2017
|
|
2016
|
||||||
Current
|
|
|
|
|
|
|
||||||
U.S. Federal
|
|
$
|
134,869
|
|
|
$
|
329,707
|
|
|
$
|
341,799
|
|
State
|
|
27,782
|
|
|
32,719
|
|
|
33,753
|
|
|||
Foreign
|
|
13,492
|
|
|
6,950
|
|
|
6,819
|
|
|||
Total current
|
|
176,143
|
|
|
369,376
|
|
|
382,371
|
|
|||
Deferred
|
|
|
|
|
|
|
||||||
U.S. Federal
|
|
(15,573
|
)
|
|
57,533
|
|
|
40,456
|
|
|||
State
|
|
10,975
|
|
|
4,510
|
|
|
3,770
|
|
|||
Foreign
|
|
(2,843
|
)
|
|
123
|
|
|
101
|
|
|||
Total deferred
|
|
(7,441
|
)
|
|
62,166
|
|
|
44,327
|
|
|||
Total provision for income taxes
|
|
$
|
168,702
|
|
|
$
|
431,542
|
|
|
$
|
426,698
|
|
(in thousands)
|
|
October 28, 2018
|
|
October 29, 2017
|
||||
Deferred tax liabilities
|
|
|
|
|
|
|
||
Goodwill and intangible assets
|
|
$
|
(266,709
|
)
|
|
$
|
(298,159
|
)
|
Tax over book depreciation and basis differences
|
|
(117,861
|
)
|
|
(107,076
|
)
|
||
Other, net
|
|
(11,221
|
)
|
|
(18,657
|
)
|
||
Deferred tax assets
|
|
|
|
|
||||
Pension and post-retirement benefits
|
|
75,501
|
|
|
144,392
|
|
||
Employee compensation related liabilities
|
|
64,852
|
|
|
100,311
|
|
||
Marketing and promotional accruals
|
|
22,595
|
|
|
32,011
|
|
||
Other, net
|
|
35,750
|
|
|
48,768
|
|
||
Net deferred tax (liabilities) assets
|
|
$
|
(197,093
|
)
|
|
$
|
(98,410
|
)
|
|
|
2018
|
|
2017
|
|
2016
|
|||
U.S. statutory rate
|
|
23.4
|
%
|
|
35.0
|
%
|
|
35.0
|
%
|
State taxes on income, net of federal tax benefit
|
|
2.6
|
|
|
1.7
|
|
|
2.1
|
|
Domestic production activities deduction
|
|
(1.5
|
)
|
|
(2.4
|
)
|
|
(2.8
|
)
|
Foreign tax credit
|
|
—
|
|
|
—
|
|
|
(0.9
|
)
|
Provisional tax law change
|
|
(6.3
|
)
|
|
—
|
|
|
—
|
|
Equity based compensation
|
|
(3.4
|
)
|
|
—
|
|
|
—
|
|
All other, net
|
|
(0.5
|
)
|
|
(0.6
|
)
|
|
(1.0
|
)
|
Effective tax rate
|
|
14.3
|
%
|
|
33.7
|
%
|
|
32.4
|
%
|
(in thousands)
|
|
|
||
Balance as of October 30, 2016
|
|
$
|
27,389
|
|
Tax positions related to the current period
|
|
|
||
Increases
|
|
3,094
|
|
|
Tax positions related to prior periods
|
|
|
||
Increases
|
|
8,923
|
|
|
Decreases
|
|
(2,388
|
)
|
|
Settlements
|
|
(1,825
|
)
|
|
Decreases related to a lapse of applicable statute of limitations
|
|
(2,396
|
)
|
|
Balance as of October 29, 2017
|
|
$
|
32,797
|
|
Tax positions related to the current period
|
|
|
||
Increases
|
|
3,540
|
|
|
Tax positions related to prior periods
|
|
|
||
Increases
|
|
3,712
|
|
|
Decreases
|
|
(1,874
|
)
|
|
Settlements
|
|
(2,702
|
)
|
|
Decreases related to a lapse of applicable statute of limitations
|
|
(2,356
|
)
|
|
Balance as of October 28, 2018
|
|
$
|
33,117
|
|
|
|
Shares
|
|
Weighted-
Average
Exercise
Price
|
|
Weighted-
Average
Remaining
Contractual
Term
|
|
Aggregate
Intrinsic
Value
|
|||||
Outstanding at October 29, 2017
|
|
30,685
|
|
|
$
|
18.08
|
|
|
|
|
|
||
Granted
|
|
6,272
|
|
|
36.39
|
|
|
|
|
|
|||
Exercised
|
|
6,991
|
|
|
10.27
|
|
|
|
|
||||
Forfeited
|
|
427
|
|
|
36.19
|
|
|
|
|
||||
Expired
|
|
3
|
|
|
37.76
|
|
|
|
|
||||
Outstanding at October 28, 2018
|
|
29,536
|
|
|
$
|
23.55
|
|
|
5.4
|
|
$
|
520,424
|
|
Exercisable at October 28, 2018
|
|
20,121
|
|
|
$
|
18.06
|
|
|
3.9
|
|
$
|
464,982
|
|
|
|
Fiscal Year Ended
|
||||||||||
|
|
October 28,
|
|
October 29,
|
|
October 30,
|
||||||
|
|
2018
|
|
2017
|
|
2016
|
||||||
Weighted-average grant date fair value
|
|
$
|
7.16
|
|
|
$
|
6.41
|
|
|
$
|
7.82
|
|
Intrinsic value of exercised options
|
|
187,486
|
|
|
87,543
|
|
|
135,593
|
|
|
|
Fiscal Year Ended
|
|||||||
|
|
October 28,
|
|
October 29,
|
|
October 30,
|
|||
|
|
2018
|
|
2017
|
|
2016
|
|||
Risk-free interest rate
|
|
2.7
|
%
|
|
2.4
|
%
|
|
2.1
|
%
|
Dividend yield
|
|
2.1
|
%
|
|
2.0
|
%
|
|
1.5
|
%
|
Stock price volatility
|
|
19.0
|
%
|
|
19.0
|
%
|
|
19.0
|
%
|
Expected option life
|
|
8 years
|
|
|
8 years
|
|
|
8 years
|
|
|
|
Shares
|
|
Weighted-
Average
Grant Date
Fair Value
|
|||
Restricted at October 29, 2017
|
|
58
|
|
|
$
|
35.62
|
|
Granted
|
|
52
|
|
|
34.08
|
|
|
Vested
|
|
57
|
|
|
35.62
|
||
Forfeited
|
|
1
|
|
|
35.62
|
||
Restricted at October 28, 2018
|
|
52
|
|
|
$
|
34.08
|
|
|
|
Fiscal Year Ended
|
||||||||||
|
|
October 28,
|
|
October 29,
|
|
October 30,
|
||||||
|
|
2018
|
|
2017
|
|
2016
|
||||||
Weighted-average grant date fair value
|
|
$
|
34.08
|
|
|
$
|
35.62
|
|
|
$
|
41.01
|
|
Fair value of restricted shares granted
|
|
1,760
|
|
|
2,080
|
|
|
1,920
|
|
|||
Fair value of shares vested
|
|
$
|
2,053
|
|
|
$
|
1,920
|
|
|
$
|
1,920
|
|
|
|
Fiscal Year Ended
|
||||||||||
|
|
October 28,
|
|
October 29,
|
|
October 30,
|
||||||
(in thousands)
|
|
2018
|
|
2017
|
|
2016
|
||||||
Stock-based compensation expense recognized
|
|
$
|
20,595
|
|
|
$
|
15,591
|
|
|
$
|
17,829
|
|
Income tax benefit recognized
|
|
(4,943
|
)
|
|
(5,879
|
)
|
|
(6,764
|
)
|
|||
After-tax stock-based compensation expense
|
|
$
|
15,652
|
|
|
$
|
9,712
|
|
|
$
|
11,065
|
|
|
|
Fair Value Measurements at October 28, 2018
|
||||||||||||||
|
|
Total Fair
Value
|
|
Quoted Prices in Active Markets for Identical Assets (Level 1)
|
|
Significant Other Observable Inputs (Level 2)
|
|
Significant Unobservable Inputs (Level 3)
|
||||||||
(in thousands)
|
|
|
|
|
||||||||||||
Assets at fair value
|
|
|
|
|
|
|
|
|
||||||||
Cash and cash equivalents
(1)
|
|
$
|
459,136
|
|
|
$
|
459,136
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Other trading securities
(2)
|
|
137,311
|
|
|
—
|
|
|
137,311
|
|
|
—
|
|
||||
Commodity derivatives
(3)
|
|
4,611
|
|
|
4,611
|
|
|
—
|
|
|
—
|
|
||||
Total assets at fair value
|
|
$
|
601,058
|
|
|
$
|
463,747
|
|
|
$
|
137,311
|
|
|
$
|
—
|
|
Liabilities at fair value
|
|
|
|
|
|
|
|
|
||||||||
Deferred compensation
(2)
|
|
$
|
60,181
|
|
|
$
|
—
|
|
|
$
|
60,181
|
|
|
$
|
—
|
|
Total liabilities at fair value
|
|
$
|
60,181
|
|
|
$
|
—
|
|
|
$
|
60,181
|
|
|
$
|
—
|
|
|
|
Fair Value Measurements at October 29, 2017
|
||||||||||||||
|
|
Total Fair
Value
|
|
Quoted Prices in Active Markets for Identical Assets
(Level 1)
|
|
Significant Other Observable Inputs (Level 2)
|
|
Significant Unobservable Inputs (Level 3)
|
||||||||
(in thousands)
|
|
|
|
|
||||||||||||
Assets at fair value
|
|
|
|
|
|
|
|
|
||||||||
Cash and cash equivalents
(1)
|
|
$
|
444,122
|
|
|
$
|
444,122
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Other trading securities
(2)
|
|
128,530
|
|
|
—
|
|
|
128,530
|
|
|
—
|
|
||||
Commodity derivatives
(3)
|
|
2,821
|
|
|
2,821
|
|
|
—
|
|
|
—
|
|
||||
Total assets at fair value
|
|
$
|
575,473
|
|
|
$
|
446,943
|
|
|
$
|
128,530
|
|
|
$
|
—
|
|
Liabilities at fair value
|
|
|
|
|
|
|
|
|
||||||||
Deferred compensation
(2)
|
|
$
|
62,341
|
|
|
$
|
—
|
|
|
$
|
62,341
|
|
|
$
|
—
|
|
Total liabilities at fair value
|
|
$
|
62,341
|
|
|
$
|
—
|
|
|
$
|
62,341
|
|
|
$
|
—
|
|
(in thousands)
|
|
|
|
2019
|
$
|
1,147,784
|
|
2020
|
697,347
|
|
|
2021
|
408,855
|
|
|
2022
|
195,638
|
|
|
2023
|
111,037
|
|
|
Later Years
|
88,418
|
|
|
Total
|
$
|
2,649,079
|
|
(in thousands)
|
|
|
|
2019
|
$
|
12,886
|
|
2020
|
8,996
|
|
|
2021
|
6,988
|
|
|
2022
|
5,301
|
|
|
2023
|
4,453
|
|
|
Later Years
|
23,846
|
|
|
Total
|
$
|
62,470
|
|
(in thousands)
|
|
2018
|
|
2017
|
|
2016
|
|||
Basic weighted-average shares outstanding
|
|
530,742
|
|
|
528,363
|
|
|
529,290
|
|
Dilutive potential common shares
|
|
13,127
|
|
|
10,753
|
|
|
13,183
|
|
Diluted weighted-average shares outstanding
|
|
543,869
|
|
|
539,116
|
|
|
542,473
|
|
(in thousands)
|
|
2018
|
|
2017
|
|
2016
|
||||||
Net Sales
(to unaffiliated customers)
|
|
|
|
|
|
|
||||||
Grocery Products
|
|
$
|
2,521,992
|
|
|
$
|
2,555,613
|
|
|
$
|
2,623,890
|
|
Refrigerated Foods
|
|
4,771,836
|
|
|
4,403,732
|
|
|
4,647,173
|
|
|||
Jennie-O Turkey Store
|
|
1,627,433
|
|
|
1,663,160
|
|
|
1,740,968
|
|
|||
International & Other
|
|
624,439
|
|
|
545,014
|
|
|
511,193
|
|
|||
Total
|
|
$
|
9,545,700
|
|
|
$
|
9,167,519
|
|
|
$
|
9,523,224
|
|
Intersegment Sales
|
|
|
|
|
|
|
||||||
Grocery Products
|
|
$
|
38
|
|
|
$
|
32
|
|
|
$
|
26
|
|
Refrigerated Foods
|
|
8,591
|
|
|
7,832
|
|
|
11,341
|
|
|||
Jennie-O Turkey Store
|
|
110,753
|
|
|
113,384
|
|
|
120,742
|
|
|||
International & Other
|
|
$
|
—
|
|
|
—
|
|
|
—
|
|
||
Total
|
|
119,382
|
|
|
121,248
|
|
|
132,109
|
|
|||
Intersegment elimination
|
|
(119,382
|
)
|
|
(121,248
|
)
|
|
(132,109
|
)
|
|||
Total
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Segment Net Sales
|
|
|
|
|
|
|
||||||
Grocery Products
|
|
$
|
2,522,030
|
|
|
$
|
2,555,645
|
|
|
$
|
2,623,916
|
|
Refrigerated Foods
|
|
4,780,427
|
|
|
4,411,564
|
|
|
4,658,514
|
|
|||
Jennie-O Turkey Store
|
|
1,738,186
|
|
|
1,776,544
|
|
|
1,861,710
|
|
|||
International & Other
|
|
624,439
|
|
|
545,014
|
|
|
511,193
|
|
|||
Intersegment elimination
|
|
(119,382
|
)
|
|
(121,248
|
)
|
|
(132,109
|
)
|
|||
Total
|
|
$
|
9,545,700
|
|
|
$
|
9,167,519
|
|
|
$
|
9,523,224
|
|
Segment Operating Profit
|
|
|
|
|
|
|
||||||
Grocery Products
|
|
$
|
362,750
|
|
|
$
|
387,637
|
|
|
$
|
379,378
|
|
Refrigerated Foods
|
|
617,626
|
|
|
587,929
|
|
|
585,652
|
|
|||
Jennie-O Turkey Store
|
|
175,684
|
|
|
247,322
|
|
|
329,427
|
|
|||
International & Other
|
|
88,953
|
|
|
85,304
|
|
|
78,409
|
|
|||
Total segment operating profit
|
|
1,245,013
|
|
|
$
|
1,308,192
|
|
|
$
|
1,372,866
|
|
|
Net interest and investment expense (income)
|
|
17,637
|
|
|
1,824
|
|
|
6,680
|
|
|||
General corporate expense
|
|
46,534
|
|
|
28,091
|
|
|
49,436
|
|
|||
Noncontrolling interest
|
|
442
|
|
|
368
|
|
|
465
|
|
|||
Earnings Before Income Taxes
|
|
$
|
1,181,284
|
|
|
$
|
1,278,645
|
|
|
$
|
1,317,215
|
|
Assets
|
|
|
|
|
|
|
|
|
|
|||
Grocery Products
|
|
$
|
2,205,396
|
|
|
$
|
2,215,154
|
|
|
$
|
2,277,913
|
|
Refrigerated Foods
|
|
3,379,612
|
|
|
2,324,749
|
|
|
1,999,821
|
|
|||
Jennie-O Turkey Store
|
|
1,048,716
|
|
|
942,369
|
|
|
882,812
|
|
|||
International & Other
|
|
679,003
|
|
|
675,878
|
|
|
510,904
|
|
|||
Corporate
|
|
829,565
|
|
|
817,758
|
|
|
698,617
|
|
|||
Total
|
|
$
|
8,142,292
|
|
|
$
|
6,975,908
|
|
|
$
|
6,370,067
|
|
Additions to Property, Plant & Equipment
|
|
|
|
|
|
|
||||||
Grocery Products
|
|
$
|
13,042
|
|
|
$
|
16,443
|
|
|
$
|
21,202
|
|
Refrigerated Foods
|
|
220,499
|
|
|
79,836
|
|
|
93,430
|
|
|||
Jennie-O Turkey Store
|
|
131,946
|
|
|
88,063
|
|
|
61,340
|
|
|||
International & Other
|
|
16,513
|
|
|
33,124
|
|
|
44,407
|
|
|||
Corporate
|
|
7,607
|
|
|
3,820
|
|
|
35,145
|
|
|||
Total
|
|
$
|
389,607
|
|
|
$
|
221,286
|
|
|
$
|
255,524
|
|
Depreciation and Amortization
|
|
|
|
|
|
|
||||||
Grocery Products
|
|
$
|
35,217
|
|
|
$
|
37,096
|
|
|
$
|
34,890
|
|
Refrigerated Foods
|
|
70,564
|
|
|
45,911
|
|
|
53,229
|
|
|||
Jennie-O Turkey Store
|
|
33,324
|
|
|
31,611
|
|
|
29,225
|
|
|||
International & Other
|
|
10,755
|
|
|
4,042
|
|
|
3,969
|
|
|||
Corporate
|
|
11,998
|
|
|
12,317
|
|
|
10,655
|
|
|||
Total
|
|
$
|
161,858
|
|
|
$
|
130,977
|
|
|
$
|
131,968
|
|
|
|
Fiscal Year Ended
|
|||||||
|
|
October 28, 2018
|
|
October 29, 2017
|
|
October 30, 2016
|
|||
Perishable
|
|
55.9
|
%
|
|
53.7
|
%
|
|
53.1
|
%
|
Poultry
|
|
19.3
|
%
|
|
19.1
|
%
|
|
20.5
|
%
|
Shelf-stable
|
|
18.5
|
%
|
|
20.2
|
%
|
|
18.2
|
%
|
Miscellaneous
|
|
6.3
|
%
|
|
7.0
|
%
|
|
8.2
|
%
|
Total
|
|
100.0
|
%
|
|
100.0
|
%
|
|
100.0
|
%
|
|
|
Fiscal Year Ended
|
||||||||||
(in thousands)
|
|
October 28, 2018
|
|
October 29, 2017
|
|
October 30, 2016
|
||||||
United States
|
|
$
|
8,957,305
|
|
|
$
|
8,631,325
|
|
|
$
|
9,012,797
|
|
Foreign
|
|
588,395
|
|
|
536,194
|
|
|
510,427
|
|
|||
Total
|
|
$
|
9,545,700
|
|
|
$
|
9,167,519
|
|
|
$
|
9,523,224
|
|
(in thousands, except per share data)
|
|
Net Sales
|
|
Gross
Profit
|
|
Net
Earnings
|
|
Net Earnings
Attributable to
Hormel Foods
Corporation
(1)
|
|
Basic
Earnings
Per Share
|
|
Diluted
Earnings
Per Share
(2)
|
||||||||||||
2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
First quarter
|
|
$
|
2,331,293
|
|
|
$
|
502,179
|
|
|
$
|
303,211
|
|
|
$
|
303,107
|
|
|
$
|
0.57
|
|
|
$
|
0.56
|
|
Second quarter
|
|
2,330,568
|
|
|
496,686
|
|
|
237,522
|
|
|
237,384
|
|
|
0.45
|
|
|
0.44
|
|
||||||
Third quarter
|
|
2,359,142
|
|
|
459,172
|
|
|
210,353
|
|
|
210,243
|
|
|
0.40
|
|
|
0.39
|
|
||||||
Fourth quarter
|
|
2,524,697
|
|
|
537,396
|
|
|
261,496
|
|
|
261,406
|
|
|
0.49
|
|
|
0.48
|
|
||||||
2017
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
First quarter
|
|
$
|
2,280,227
|
|
|
$
|
552,280
|
|
|
$
|
235,303
|
|
|
$
|
235,147
|
|
|
$
|
0.44
|
|
|
$
|
0.44
|
|
Second quarter
|
|
2,187,309
|
|
|
486,920
|
|
|
210,886
|
|
|
210,926
|
|
|
0.40
|
|
|
0.39
|
|
||||||
Third quarter
|
|
2,207,375
|
|
|
452,409
|
|
|
182,551
|
|
|
182,508
|
|
|
0.35
|
|
|
0.34
|
|
||||||
Fourth quarter
|
|
2,492,608
|
|
|
511,554
|
|
|
218,363
|
|
|
218,154
|
|
|
0.41
|
|
|
0.41
|
|
Plan Category
|
|
Number of
Securities to be
Issued Upon
Exercise of
Outstanding
Options, Warrants
and Rights
|
|
Weighted-Average Exercise Price of Outstanding Options, Warrants and Rights
|
|
Number of Securities Remaining Available for Future Issuance
under Equity Compensation
Plans (Excluding Securities Reflected in Column
(a)
)
|
|
|
(a)
|
|
(b)
|
|
(c)
|
Equity compensation plans approved by security holders
|
|
29,535,582
|
|
$23.55
|
|
16,064,059
|
Equity compensation plans not approved by security holders
|
|
—
|
|
—
|
|
-
|
Total
|
|
29,535.582
|
|
$23.55
|
|
16,064,059
|
|
|
|
Additions/(Benefits)
|
|
|
|
|
|||||||||||||||
Classification
|
|
Balance at
Beginning of Period
|
|
Charged to Cost and Expenses
|
|
Charged to Other Accounts Describe
|
|
Deductions-
Describe
|
|
Balance at End of Period
|
||||||||||||
Valuation reserve deduction from assets account:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Fiscal year ended October 28, 2018
Allowance for doubtful accounts receivable
|
|
|
|
|
|
$
|
10
|
|
(1)
|
|
$
|
65
|
|
(4)
|
|
|
||||||
|
$
|
4,246
|
|
|
$
|
79
|
|
|
(262
|
)
|
(3)
|
|
(43
|
)
|
(5)
|
|
$
|
4,051
|
|
|||
Fiscal year ended October 29, 2017
Allowance for doubtful accounts receivable
|
|
|
|
|
|
|
|
|
$
|
677
|
|
(4)
|
|
|
||||||||
|
$
|
4,045
|
|
|
$
|
561
|
|
|
$
|
261
|
|
(2)
|
|
(56
|
)
|
(5)
|
|
$
|
4,246
|
|
||
Fiscal year ended October 30, 2016
Allowance for doubtful accounts receivable
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
$
|
4,086
|
|
|
$
|
611
|
|
|
$
|
—
|
|
|
|
$
|
652
|
|
(4)
|
|
$
|
4,045
|
|
NUMBER
|
|
DESCRIPTION OF DOCUMENT
|
3.1
(1)
|
|
Restated Certificate of Incorporation as amended January 27, 2016. (Incorporated by reference to Exhibit 3.1 to Hormel’s Report on Form 10-K dated December 21, 2016, File No. 001-02402.)
|
|
|
|
3.2
(1)
|
|
Bylaws as amended to date. (Incorporated by reference to Exhibit 3(ii) to Hormel’s Report on Form 8-K dated May 21, 2018, File No. 001-02402.)
|
|
|
|
4.1
(1)
|
|
Indenture dated as of April 1, 2011, between the Company and U.S. Bank National Association. (Incorporated by reference to Exhibit 4.3 to Hormel’s Registration Statement on Form S-3 filed on April 4, 2011, File No. 333-173284.)
|
|
|
|
4.2
(1)
|
|
Form of 4.125% Notes due 2021. (Incorporated by reference to Exhibit 4.1 to Hormel’s Current Report on Form 8-K dated April 11, 2011, File No. 001-02402.)
|
|
|
|
4.3
|
|
Pursuant to Item 601(b)(4)(iii) of Regulation S-K, copies of instruments defining the rights of holders of certain long-term debt are not filed. Hormel agrees to furnish copies thereof to the Securities and Exchange Commission upon request.
|
|
|
|
10.1
(1)(3)
|
|
Hormel Foods Corporation Operators’ Shares Incentive Compensation Plan. (Incorporated by reference to Appendix A to Hormel’s definitive Proxy Statement filed on December 19, 2012, File No. 001-02402.)
|
|
|
|
10.2
(1)(3)
|
|
Hormel Foods Corporation Supplemental Executive Retirement Plan (2007 Restatement). (Incorporated by reference to Exhibit 10.2 to Hormel’s Current Report on Form 8-K dated November 21, 2011, File No. 001-02402.)
|
|
|
|
10.3
(1)(3)
|
|
First Amendment of Hormel Foods Corporation Supplemental Executive Retirement Plan (2007 Restatement). (Incorporated by reference to Exhibit 10.3 to Hormel’s Current Report on Form 8-K dated November 21, 2011, File No. 001-02402.)
|
|
|
|
10.4
(1)(3)
|
|
Second Amendment of Hormel Foods Corporation Supplemental Executive Retirement Plan (2007 Restatement). (Incorporated by reference to Exhibit 10.4 to Hormel’s Current Report on Form 8-K dated November 21, 2011, File No. 001-02402.)
|
|
|
|
10.5
(1)(3)
|
|
Third Amendment of Hormel Foods Corporation Supplemental Executive Retirement Plan (2007 Restatement). (Incorporated by reference to Exhibit 10.5 to Hormel’s Current Report on Form 8-K dated November 21, 2011, File No. 001-02402.)
|
|
|
|
10.6
(1)(3)
|
|
Hormel Foods Corporation 2000 Stock Incentive Plan (Amended 1-31-2006). (Incorporated by reference to Exhibit 10.1 to Hormel’s Current Report on Form 8-K dated January 31, 2006, File No. 001-02402.)
|
|
|
|
10.7
(1)(3)
|
|
Hormel Foods Corporation Executive Deferred Income Plan II (November 21, 2011 Restatement). (Incorporated by reference to Exhibit 10.1 to Hormel’s Current Report on Form 8-K dated November 21, 2011, File No. 001-02402.)
|
|
|
|
10.8
(1)(3)
|
|
Form of Indemnification Agreement for Directors and Officers. (Incorporated by reference to Exhibit 10.1 to Hormel’s Quarterly Report on Form 10-Q for the quarter ended April 29, 2012, File No. 001-02402.)
|
|
|
|
10.10
(1)(3)
|
|
Hormel Foods Corporation 2009 Nonemployee Director Deferred Stock Plan (Plan Adopted November 24, 2008). (Incorporated by reference to Exhibit 10.2 to Hormel’s Quarterly Report on Form 10-Q for the quarter ended January 25, 2009, File No. 001-02402.)
|
|
|
|
10.11
(1)(3)
|
|
Hormel Foods Corporation 2009 Long-Term Incentive Plan. (Incorporated by reference to Appendix A to Hormel’s definitive Proxy Statement filed on December 18, 2013, File No. 001-02402.)
|
|
|
|
10.12
(1)(3)
|
|
Hormel Survivor Income Plan for Executives (1993 Restatement). (Incorporated by reference to Exhibit 10.11 to Hormel’s Annual Report on Form 10-K for the fiscal year ended October 29, 2006, File No. 001-02402.)
|
|
|
|
10.13
(1)
|
|
Underwriting Agreement, dated as of April 4, 2011, by and between the Company and J.P. Morgan Securities LLC and Merrill Lynch, Pierce, Fenner, & Smith Incorporated as representatives of the several underwriters named in Schedule 1 thereto. (Incorporated by reference to Exhibit 1.1 to Hormel’s Current Report on Form 8-K dated April 11, 2011, File No. 001-02402.)
|
|
|
|
10.14
(1)(3)
|
|
Hormel Foods Corporation 2018 Incentive Compensation Plan. (Incorporated by reference to Appendix A to Hormel's Definitive Proxy Statement filed on December 20, 2017, File No. 001-02402.)
|
|
|
|
21.1
(2)
|
|
|
|
|
|
23.1
(2)
|
|
|
|
|
|
NUMBER
|
|
DESCRIPTION OF DOCUMENT
|
24.1
(2)
|
|
|
|
|
|
31.1
(2)
|
|
|
|
|
|
31.2
(2)
|
|
|
|
|
|
32.1
(2)
|
|
|
|
|
|
99.3
(1)
|
|
U.S. $700,000,000 Amended and Restated Credit Agreement, dated as of June 24, 2015, between the Company, Wells Fargo Bank, National Association, as Administrative Agent, and the lenders identified on the signature pages thereof. (Incorporated by reference to Exhibit 99 to Hormel’s Current Report on Form 8-K dated June 24, 2015, File No. 001-02402.)
|
|
|
|
101.INS
(2)
|
|
XBRL Instance Document
|
|
|
|
101.SCH
(2)
|
|
XBRL Taxonomy Extension Schema Document
|
|
|
|
101.CAL
(2)
|
|
XBRL Taxonomy Extension Calculation Linkbase Document
|
|
|
|
101.DEF
(2)
|
|
XBRL Taxonomy Extension Definition Linkbase Document
|
|
|
|
101.LAB
(2)
|
|
XBRL Taxonomy Extension Labels Linkbase Document
|
|
|
|
101.PRE
(2)
|
|
XBRL Taxonomy Extension Presentation Linkbase Document
|
|
|
|
(1)
|
|
Document has previously been filed with the Securities and Exchange Commission and is incorporated herein by reference.
|
(2)
|
|
These exhibits transmitted via EDGAR.
|
(3)
|
|
Management contract or compensatory plan or arrangement.
|
|
HORMEL FOODS CORPORATION
|
|
|
|
|
|
|
|
|
|
By:
|
/s/ JAMES P. SNEE
|
December 7, 2018
|
|
|
|
JAMES P. SNEE, Chairman of the Board,
|
Date
|
|
|
|
President, Chief Executive Officer, and Director
|
|
|
Name
|
|
Date
|
|
Title
|
/s/ JAMES P. SNEE
|
|
11/7/2018
|
|
Chairman of the Board, President, Chief Executive
|
JAMES P. SNEE
|
|
|
|
Officer, and Director
|
|
|
|
|
(Principal Executive Officer)
|
|
|
|
|
|
/s/ JAMES N. SHEEHAN
|
|
11/7/2018
|
|
Senior Vice President and Chief Financial Officer
|
JAMES N. SHEEHAN
|
|
|
|
(Principal Financial Officer)
|
|
|
|
|
|
/s/ JANA L. HAYNES
|
|
11/7/2018
|
|
Vice President and Controller
|
JANA L. HAYNES
|
|
|
|
(Principal Accounting Officer)
|
|
|
|
|
|
/s/ GARY C. BHOJWANI*
|
|
11/7/2018
|
|
Director
|
GARY C. BHOJWANI
|
|
|
|
|
|
|
|
|
|
/s/ TERRELL K. CREWS*
|
|
11/72018
|
|
Director
|
TERRELL K. CREWS
|
|
|
|
|
|
|
|
|
|
/s/ GLENN S. FORBES*
|
|
11/7/2018
|
|
Director
|
GLENN S. FORBES
|
|
|
|
|
|
|
|
|
|
/s/ STEPHEN M. LACY*
|
|
11/7/2018
|
|
Director
|
STEPHEN M. LACY
|
|
|
|
|
|
|
|
|
|
/s/ ELSA A. MURANO*
|
|
11/7/2018
|
|
Director
|
ELSA A. MURANO
|
|
|
|
|
|
|
|
|
|
/s/ ROBERT C. NAKASONE*
|
|
11/7/2018
|
|
Director
|
ROBERT C. NAKASONE
|
|
|
|
|
|
|
|
|
|
/s/ SUSAN K. NESTEGARD*
|
|
11/7/2018
|
|
Director
|
SUSAN K. NESTEGARD
|
|
|
|
|
|
|
|
|
|
/s/ WILLIAM A. NEWLANDS*
|
|
11/7/2018
|
|
Director
|
WILLIAM A. NEWLANDS
|
|
|
|
|
|
|
|
|
|
/s/ DAKOTA A. PIPPINS*
|
|
11/7/2018
|
|
Director
|
DAKOTA A. PIPPINS
|
|
|
|
|
|
|
|
|
|
/s/ CHRISTOPHER J. POLICINSKI*
|
|
11/7/2018
|
|
Director
|
CHRISTOPHER J. POLICINSKI
|
|
|
|
|
|
|
|
|
|
/s/ SALLY J. SMITH*
|
|
11/7/2018
|
|
Director
|
SALLY J. SMITH
|
|
|
|
|
|
|
|
|
|
/s/ STEVEN A. WHITE*
|
|
11/7/2018
|
|
Director
|
STEVEN A. WHITE
|
|
|
|
|
|
|
|
|
|
*By: /s/ JANA L. HAYNES
|
|
11/7/2018
|
|
|
JANA L. HAYNES
|
|
|
|
|
as Attorney-In-Fact
|
|
|
|
|
No information found
* THE VALUE IS THE MARKET VALUE AS OF THE LAST DAY OF THE QUARTER FOR WHICH THE 13F WAS FILED.
FUND | NUMBER OF SHARES | VALUE ($) | PUT OR CALL |
---|
DIRECTORS | AGE | BIO | OTHER DIRECTOR MEMBERSHIPS |
---|
No information found
No Customers Found
Suppliers
Price
Yield
Owner | Position | Direct Shares | Indirect Shares |
---|