These terms and conditions govern your use of the website alphaminr.com and its related services.
These Terms and Conditions (“Terms”) are a binding contract between you and Alphaminr, (“Alphaminr”, “we”, “us” and “service”). You must agree to and accept the Terms. These Terms include the provisions in this document as well as those in the Privacy Policy. These terms may be modified at any time.
Your subscription will be on a month to month basis and automatically renew every month. You may terminate your subscription at any time through your account.
We will provide you with advance notice of any change in fees.
You represent that you are of legal age to form a binding contract. You are responsible for any
activity associated with your account. The account can be logged in at only one computer at a
time.
The Services are intended for your own individual use. You shall only use the Services in a
manner that complies with all laws. You may not use any automated software, spider or system to
scrape data from Alphaminr.
Alphaminr is not a financial advisor and does not provide financial advice of any kind. The service is provided “As is”. The materials and information accessible through the Service are solely for informational purposes. While we strive to provide good information and data, we make no guarantee or warranty as to its accuracy.
TO THE EXTENT PERMITTED BY APPLICABLE LAW, UNDER NO CIRCUMSTANCES SHALL ALPHAMINR BE LIABLE TO YOU FOR DAMAGES OF ANY KIND, INCLUDING DAMAGES FOR INVESTMENT LOSSES, LOSS OF DATA, OR ACCURACY OF DATA, OR FOR ANY AMOUNT, IN THE AGGREGATE, IN EXCESS OF THE GREATER OF (1) FIFTY DOLLARS OR (2) THE AMOUNTS PAID BY YOU TO ALPHAMINR IN THE SIX MONTH PERIOD PRECEDING THIS APPLICABLE CLAIM. SOME STATES DO NOT ALLOW THE EXCLUSION OR LIMITATION OF INCIDENTAL OR CONSEQUENTIAL OR CERTAIN OTHER DAMAGES, SO THE ABOVE LIMITATION AND EXCLUSIONS MAY NOT APPLY TO YOU.
If any provision of these Terms is found to be invalid under any applicable law, such provision shall not affect the validity or enforceability of the remaining provisions herein.
This privacy policy describes how we (“Alphaminr”) collect, use, share and protect your personal information when we provide our service (“Service”). This Privacy Policy explains how information is collected about you either directly or indirectly. By using our service, you acknowledge the terms of this Privacy Notice. If you do not agree to the terms of this Privacy Policy, please do not use our Service. You should contact us if you have questions about it. We may modify this Privacy Policy periodically.
When you register for our Service, we collect information from you such as your name, email address and credit card information.
Like many other websites we use “cookies”, which are small text files that are stored on your computer or other device that record your preferences and actions, including how you use the website. You can set your browser or device to refuse all cookies or to alert you when a cookie is being sent. If you delete your cookies, if you opt-out from cookies, some Services may not function properly. We collect information when you use our Service. This includes which pages you visit.
We use Google Analytics and we use Stripe for payment processing. We will not share the information we collect with third parties for promotional purposes. We may share personal information with law enforcement as required or permitted by law.
Delaware
(State or other jurisdiction of incorporation or organization)
|
|
41-0319970
(I.R.S. Employer Identification No.)
|
1 Hormel Place
Austin, Minnesota
(Address of principal executive offices)
|
|
55912-3680
(Zip Code)
|
Large accelerated filer
X
|
|
Accelerated filer
|
Non-accelerated filer
|
(Do not check if a smaller reporting company)
|
Smaller reporting company
|
|
|
Emerging growth company
|
Class
|
|
Outstanding at June 3, 2018
|
|
||
Common Stock
|
|
$.01465 par value
|
530,506,904
|
|
|
Common Stock Non-Voting
|
|
$.01 par value -0-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
April 29,
2018 |
|
October 29,
2017 |
||||
|
(Unaudited)
|
|
|
|
|||
ASSETS
|
|
|
|
|
|
||
CURRENT ASSETS
|
|
|
|
|
|
||
Cash and cash equivalents
|
$
|
261,571
|
|
|
$
|
444,122
|
|
Accounts receivable
|
551,392
|
|
|
618,351
|
|
||
Inventories
|
1,011,215
|
|
|
921,022
|
|
||
Income taxes receivable
|
2,930
|
|
|
22,346
|
|
||
Prepaid expenses
|
18,534
|
|
|
16,144
|
|
||
Other current assets
|
5,138
|
|
|
4,538
|
|
||
TOTAL CURRENT ASSETS
|
1,850,780
|
|
|
2,026,523
|
|
||
|
|
|
|
||||
GOODWILL
|
2,731,956
|
|
|
2,119,813
|
|
||
|
|
|
|
||||
OTHER INTANGIBLES
|
1,251,296
|
|
|
1,027,014
|
|
||
|
|
|
|
||||
PENSION ASSETS
|
184,030
|
|
|
171,990
|
|
||
|
|
|
|
||||
INVESTMENTS IN AND RECEIVABLES FROM AFFILIATES
|
265,579
|
|
|
242,369
|
|
||
|
|
|
|
||||
OTHER ASSETS
|
192,255
|
|
|
184,948
|
|
||
|
|
|
|
||||
PROPERTY, PLANT AND EQUIPMENT
|
|
|
|
||||
Land
|
52,007
|
|
|
51,249
|
|
||
Buildings
|
900,139
|
|
|
866,855
|
|
||
Equipment
|
1,808,954
|
|
|
1,710,537
|
|
||
Construction in progress
|
226,119
|
|
|
148,064
|
|
||
Less: Allowance for depreciation
|
(1,633,366
|
)
|
|
(1,573,454
|
)
|
||
Net property, plant and equipment
|
1,353,853
|
|
|
1,203,251
|
|
||
|
|
|
|
||||
TOTAL ASSETS
|
$
|
7,829,749
|
|
|
$
|
6,975,908
|
|
|
|
|
|
||||
|
April 29,
2018 |
|
October 29,
2017 |
||||
|
(Unaudited)
|
|
|
||||
LIABILITIES AND SHAREHOLDERS’ INVESTMENT
|
|
|
|
|
|
||
CURRENT LIABILITIES
|
|
|
|
|
|
||
Accounts payable
|
$
|
465,572
|
|
|
$
|
552,714
|
|
Short-term debt
|
185,000
|
|
|
—
|
|
||
Accrued expenses
|
62,635
|
|
|
76,966
|
|
||
Accrued workers compensation
|
25,702
|
|
|
26,585
|
|
||
Accrued marketing expenses
|
127,998
|
|
|
101,573
|
|
||
Employee related expenses
|
180,132
|
|
|
209,562
|
|
||
Taxes payable
|
1,432
|
|
|
525
|
|
||
Interest and dividends payable
|
99,990
|
|
|
90,287
|
|
||
TOTAL CURRENT LIABILITIES
|
1,148,461
|
|
|
1,058,212
|
|
||
|
|
|
|
||||
LONG-TERM DEBT–less current maturities
|
624,763
|
|
|
250,000
|
|
||
|
|
|
|
||||
PENSION AND POST-RETIREMENT BENEFITS
|
535,282
|
|
|
530,249
|
|
||
|
|
|
|
||||
OTHER LONG-TERM LIABILITIES
|
104,185
|
|
|
99,340
|
|
||
|
|
|
|
||||
DEFERRED INCOME TAXES
|
125,425
|
|
|
98,410
|
|
||
|
|
|
|
||||
SHAREHOLDERS’ INVESTMENT
|
|
|
|
||||
Preferred stock, par value $.01 a share–
|
|
|
|
||||
authorized 160,000,000 shares; issued–none
|
|
|
|
|
|
||
Common stock, non-voting, par value $.01
|
|
|
|
||||
a share–authorized 400,000,000 shares; issued–none
|
|
|
|
|
|
||
Common stock, par value $.01465 a share–
|
7,766
|
|
|
7,741
|
|
||
authorized 1,600,000,000 shares;
|
|
|
|
||||
issued 530,132,619 shares April 29, 2018
|
|
|
|
||||
issued 528,423,605 shares October 29, 2017
|
|
|
|
||||
Additional paid-in capital
|
10,971
|
|
|
13,670
|
|
||
Accumulated other comprehensive loss
|
(235,753
|
)
|
|
(248,075
|
)
|
||
Retained earnings
|
5,504,221
|
|
|
5,162,571
|
|
||
HORMEL FOODS CORPORATION SHAREHOLDERS’ INVESTMENT
|
5,287,205
|
|
|
4,935,907
|
|
||
NONCONTROLLING INTEREST
|
4,428
|
|
|
3,790
|
|
||
TOTAL SHAREHOLDERS’ INVESTMENT
|
5,291,633
|
|
|
4,939,697
|
|
||
|
|
|
|
||||
TOTAL LIABILITIES AND SHAREHOLDERS’ INVESTMENT
|
$
|
7,829,749
|
|
|
$
|
6,975,908
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
April 29,
2018 |
|
April 30,
2017 |
|
April 29,
2018 |
|
April 30,
2017 |
||||||||
Net sales
|
$
|
2,330,568
|
|
|
$
|
2,187,309
|
|
|
$
|
4,661,861
|
|
|
$
|
4,467,536
|
|
Cost of products sold
|
1,833,882
|
|
|
1,700,389
|
|
|
3,662,996
|
|
|
3,428,336
|
|
||||
GROSS PROFIT
|
496,686
|
|
|
486,920
|
|
|
998,865
|
|
|
1,039,200
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Selling, general and administrative
|
203,799
|
|
|
181,009
|
|
|
422,921
|
|
|
391,226
|
|
||||
Equity in earnings of affiliates
|
13,486
|
|
|
10,121
|
|
|
37,017
|
|
|
23,420
|
|
||||
|
|
|
|
|
|
|
|
||||||||
OPERATING INCOME
|
306,373
|
|
|
316,032
|
|
|
612,961
|
|
|
671,394
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Other income and expense:
|
|
|
|
|
|
|
|
||||||||
Interest and investment (expense) income
|
(2,489
|
)
|
|
2,818
|
|
|
817
|
|
|
5,267
|
|
||||
Interest expense
|
(7,001
|
)
|
|
(3,023
|
)
|
|
(11,730
|
)
|
|
(6,049
|
)
|
||||
|
|
|
|
|
|
|
|
||||||||
EARNINGS BEFORE INCOME TAXES
|
296,883
|
|
|
315,827
|
|
|
602,048
|
|
|
670,612
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Provision for income taxes
|
59,361
|
|
|
104,941
|
|
|
61,315
|
|
|
224,423
|
|
||||
|
|
|
|
|
|
|
|
||||||||
NET EARNINGS
|
237,522
|
|
|
210,886
|
|
|
540,733
|
|
|
446,189
|
|
||||
Less: Net earnings attributable to noncontrolling interest
|
138
|
|
|
(40
|
)
|
|
242
|
|
|
116
|
|
||||
NET EARNINGS ATTRIBUTABLE TO HORMEL FOODS CORPORATION
|
$
|
237,384
|
|
|
$
|
210,926
|
|
|
$
|
540,491
|
|
|
$
|
446,073
|
|
|
|
|
|
|
|
|
|
||||||||
NET EARNINGS PER SHARE:
|
|
|
|
|
|
|
|
||||||||
BASIC
|
$
|
0.45
|
|
|
$
|
0.40
|
|
|
$
|
1.02
|
|
|
$
|
0.84
|
|
DILUTED
|
$
|
0.44
|
|
|
$
|
0.39
|
|
|
$
|
1.00
|
|
|
$
|
0.83
|
|
|
|
|
|
|
|
|
|
||||||||
WEIGHTED-AVERAGE SHARES OUTSTANDING:
|
|
|
|
|
|
|
|
||||||||
BASIC
|
529,799
|
|
|
528,712
|
|
|
529,626
|
|
|
528,649
|
|
||||
DILUTED
|
542,811
|
|
|
539,635
|
|
|
543,146
|
|
|
539,850
|
|
||||
|
|
|
|
|
|
|
|
||||||||
DIVIDENDS DECLARED PER SHARE:
|
$
|
0.1875
|
|
|
$
|
0.1700
|
|
|
$
|
0.3750
|
|
|
$
|
0.3400
|
|
|
|
|
|
|
|
|
|
||||||||
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
April 29,
2018 |
|
April 30,
2017 |
|
April 29,
2018 |
|
April 30,
2017 |
||||||||
NET EARNINGS
|
$
|
237,522
|
|
|
$
|
210,886
|
|
|
$
|
540,733
|
|
|
$
|
446,189
|
|
Other comprehensive income (loss), net of tax:
|
|
|
|
|
|
|
|
||||||||
Foreign currency translation
|
4,796
|
|
|
907
|
|
|
9,008
|
|
|
(7,180
|
)
|
||||
Pension and other benefits
|
2,487
|
|
|
3,314
|
|
|
4,973
|
|
|
6,647
|
|
||||
Deferred hedging
|
(613
|
)
|
|
(1,184
|
)
|
|
(1,263
|
)
|
|
(2,507
|
)
|
||||
TOTAL OTHER COMPREHENSIVE INCOME (LOSS)
|
6,670
|
|
|
3,037
|
|
|
12,718
|
|
|
(3,040
|
)
|
||||
COMPREHENSIVE INCOME
|
244,192
|
|
|
213,923
|
|
|
553,451
|
|
|
443,149
|
|
||||
Less: Comprehensive income (loss) attributable to noncontrolling interest
|
385
|
|
|
8
|
|
|
638
|
|
|
(76
|
)
|
||||
COMPREHENSIVE INCOME ATTRIBUTABLE TO HORMEL FOODS CORPORATION
|
$
|
243,807
|
|
|
$
|
213,915
|
|
|
$
|
552,813
|
|
|
$
|
443,225
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Hormel Foods Corporation Shareholders
|
|
|
|
|
||||||||||||||||||||||
|
Common
Stock
|
|
Treasury
Stock
|
|
Additional
Paid-in
Capital
|
|
Retained
Earnings
|
|
Accumulated
Other
Comprehensive
Income (Loss)
|
|
Non-
controlling
Interest
|
|
Total
Shareholders’
Investment
|
||||||||||||||
Balance at October 30, 2016
|
$
|
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
|
|
|
(94,487
|
)
|
|
|
|
|
|
|
|
|
|
(94,487
|
)
|
||||||||||||
Stock-based compensation expense
|
1
|
|
|
|
|
15,590
|
|
|
|
|
|
|
|
|
15,591
|
|
|||||||||||
Exercise of stock options/restricted shares
|
38
|
|
|
|
|
30,827
|
|
|
|
|
|
|
|
|
30,865
|
|
|||||||||||
Shares retired
|
(40
|
)
|
|
94,487
|
|
|
(32,747
|
)
|
|
(61,700
|
)
|
|
|
|
|
|
—
|
|
|||||||||
Declared cash dividends – $0.68 per share
|
|
|
|
|
|
|
(359,031
|
)
|
|
|
|
|
|
(359,031
|
)
|
||||||||||||
Balance at October 29, 2017
|
$
|
7,741
|
|
|
$
|
—
|
|
|
$
|
13,670
|
|
|
$
|
5,162,571
|
|
|
$
|
(248,075
|
)
|
|
$
|
3,790
|
|
|
$
|
4,939,697
|
|
Net earnings
|
|
|
|
|
|
|
540,491
|
|
|
|
|
242
|
|
|
540,733
|
|
|||||||||||
Other comprehensive income
|
|
|
|
|
|
|
|
|
12,322
|
|
|
396
|
|
|
12,718
|
|
|||||||||||
Purchases of common stock
|
|
|
(44,741
|
)
|
|
|
|
|
|
|
|
|
|
(44,741
|
)
|
||||||||||||
Stock-based compensation expense
|
1
|
|
|
|
|
11,390
|
|
|
|
|
|
|
|
|
11,391
|
|
|||||||||||
Exercise of stock options/restricted shares
|
43
|
|
|
|
|
30,633
|
|
|
|
|
|
|
|
|
30,676
|
|
|||||||||||
Shares retired
|
(19
|
)
|
|
44,741
|
|
|
(44,722
|
)
|
|
|
|
|
|
|
|
|
—
|
|
|||||||||
Declared cash dividends – $0.375 per share
|
|
|
|
|
|
|
(198,841
|
)
|
|
|
|
|
|
(198,841
|
)
|
||||||||||||
Balance at April 29, 2018
|
$
|
7,766
|
|
|
$
|
—
|
|
|
$
|
10,971
|
|
|
$
|
5,504,221
|
|
|
$
|
(235,753
|
)
|
|
$
|
4,428
|
|
|
$
|
5,291,633
|
|
|
Six Months Ended
|
||||||
|
April 29,
2018 |
|
April 30,
2017 |
||||
OPERATING ACTIVITIES
|
|
|
|
|
|
||
Net earnings
|
$
|
540,733
|
|
|
$
|
446,189
|
|
Adjustments to reconcile to net cash provided by operating activities:
|
|
|
|
||||
Depreciation
|
74,081
|
|
|
59,185
|
|
||
Amortization of intangibles
|
6,235
|
|
|
4,143
|
|
||
Equity in earnings of affiliates
|
(37,017
|
)
|
|
(23,420
|
)
|
||
Distribution from equity method investees
|
10,024
|
|
|
12,522
|
|
||
(Benefit) provision for deferred income taxes
|
(74,486
|
)
|
|
11,336
|
|
||
(Gain) loss on property/equipment sales and plant facilities
|
(1,384
|
)
|
|
1,285
|
|
||
Non-cash investment activities
|
(8,451
|
)
|
|
(2,618
|
)
|
||
Stock-based compensation expense
|
11,391
|
|
|
11,861
|
|
||
Changes in operating assets and liabilities, net of acquisitions:
|
|
|
|
||||
Decrease in accounts receivable
|
87,141
|
|
|
40,728
|
|
||
Increase in inventories
|
(59,094
|
)
|
|
(47,792
|
)
|
||
Increase in prepaid expenses and other current assets
|
(3,926
|
)
|
|
(21,790
|
)
|
||
Increase in pension and post-retirement benefits
|
1,525
|
|
|
6,468
|
|
||
Decrease in accounts payable and accrued expenses
|
(122,847
|
)
|
|
(215,253
|
)
|
||
Increase (decrease) in net income taxes payable
|
19,416
|
|
|
(2,292
|
)
|
||
NET CASH PROVIDED BY OPERATING ACTIVITIES
|
443,341
|
|
|
280,552
|
|
||
|
|
|
|
||||
INVESTING ACTIVITIES
|
|
|
|
||||
Proceeds from sale of business
|
—
|
|
|
135,944
|
|
||
Acquisitions of businesses/intangibles
|
(857,673
|
)
|
|
—
|
|
||
Purchases of property/equipment
|
(141,160
|
)
|
|
(76,975
|
)
|
||
Proceeds from sales of property/equipment
|
6,439
|
|
|
1,157
|
|
||
Decrease (increase) in investments, equity in affiliates, and other assets
|
2,906
|
|
|
(1,028
|
)
|
||
Proceeds from company-owned life insurance
|
3,028
|
|
|
5,005
|
|
||
NET CASH (USED IN) PROVIDED BY INVESTING ACTIVITIES
|
(986,460
|
)
|
|
64,103
|
|
||
|
|
|
|
||||
FINANCING ACTIVITIES
|
|
|
|
||||
Net proceeds from short-term debt
|
185,000
|
|
|
—
|
|
||
Proceeds from long-term debt
|
375,000
|
|
|
—
|
|
||
Principal payments on long-term debt
|
(237
|
)
|
|
—
|
|
||
Dividends paid on common stock
|
(189,139
|
)
|
|
(166,507
|
)
|
||
Share repurchase
|
(44,741
|
)
|
|
(49,583
|
)
|
||
Proceeds from exercise of stock options
|
29,978
|
|
|
8,879
|
|
||
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES
|
355,861
|
|
|
(207,211
|
)
|
||
|
|
|
|
||||
EFFECT OF EXCHANGE RATE CHANGES ON CASH
|
4,707
|
|
|
(3,686
|
)
|
||
(DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS
|
(182,551
|
)
|
|
133,758
|
|
||
Cash and cash equivalents at beginning of year
|
444,122
|
|
|
415,143
|
|
||
CASH AND CASH EQUIVALENTS AT END OF QUARTER
|
$
|
261,571
|
|
|
$
|
548,901
|
|
|
Reported April 30, 2017
|
|
ASU 2016-09
|
|
ASU 2016-15
|
|
Adjusted April 30, 2017
|
||||||||
Operating Activities
|
|
|
|
|
|
|
|
||||||||
Equity in earnings of affiliates
|
$
|
(10,898
|
)
|
|
$
|
—
|
|
|
$
|
(12,522
|
)
|
|
$
|
(23,420
|
)
|
Distributions received from equity method investees
|
—
|
|
|
—
|
|
|
12,522
|
|
|
12,522
|
|
||||
Excess tax benefit from stock-based compensation
|
(20,704
|
)
|
|
20,704
|
|
|
—
|
|
|
—
|
|
||||
Decrease in accounts receivable
|
42,036
|
|
|
—
|
|
|
(1,308
|
)
|
|
40,728
|
|
||||
Net Cash Provided by Operating Activities
|
$
|
261,156
|
|
|
$
|
20,704
|
|
|
$
|
(1,308
|
)
|
|
$
|
280,552
|
|
|
|
|
|
|
|
|
|
||||||||
Investing Activities
|
|
|
|
|
|
|
|
||||||||
Decrease in investments, equity in affiliates, and other assets
|
$
|
2,669
|
|
|
$
|
—
|
|
|
$
|
(3,697
|
)
|
|
$
|
(1,028
|
)
|
Proceeds from company-owned life insurance
|
—
|
|
|
—
|
|
|
5,005
|
|
|
5,005
|
|
||||
Net Cash Provided by Investing Activities
|
$
|
62,795
|
|
|
$
|
—
|
|
|
$
|
1,308
|
|
|
$
|
64,103
|
|
|
|
|
|
|
|
|
|
||||||||
Financing Activities
|
|
|
|
|
|
|
|
||||||||
Excess tax benefit from stock-based compensation
|
$
|
20,704
|
|
|
$
|
(20,704
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
Net Cash Used in Financing Activities
|
$
|
(186,507
|
)
|
|
$
|
(20,704
|
)
|
|
$
|
—
|
|
|
$
|
(207,211
|
)
|
(in thousands)
|
|
||
Accounts receivable
|
$
|
21,257
|
|
Inventory
|
29,699
|
|
|
Prepaid and other assets
|
881
|
|
|
Other assets
|
935
|
|
|
Property, plant and equipment
|
83,663
|
|
|
Intangible assets
|
231,964
|
|
|
Goodwill
|
610,836
|
|
|
Current liabilities
|
(21,366
|
)
|
|
Deferred taxes
|
(100,511
|
)
|
|
Purchase price
|
$
|
857,358
|
|
(in thousands)
|
April 29,
2018 |
|
October 29,
2017 |
||||
Finished products
|
$
|
579,438
|
|
|
$
|
511,789
|
|
Raw materials and work-in-process
|
250,963
|
|
|
237,903
|
|
||
Operating supplies
|
121,530
|
|
|
114,098
|
|
||
Maintenance materials and parts
|
59,284
|
|
|
57,232
|
|
||
Total
|
$
|
1,011,215
|
|
|
$
|
921,022
|
|
(in thousands)
|
Grocery
Products
|
|
Refrigerated
Foods
|
|
JOTS
|
|
International
& Other
|
|
Total
|
||||||||||
Balance as of January 28, 2018
|
$
|
882,582
|
|
|
$
|
1,633,188
|
|
|
$
|
203,214
|
|
|
$
|
238,479
|
|
|
$
|
2,957,463
|
|
Purchase adjustments
|
—
|
|
|
(226,057
|
)
|
|
—
|
|
|
550
|
|
|
(225,507
|
)
|
|||||
Balance as of April 29, 2018
|
$
|
882,582
|
|
|
$
|
1,407,131
|
|
|
$
|
203,214
|
|
|
$
|
239,029
|
|
|
$
|
2,731,956
|
|
(in thousands)
|
Grocery
Products
|
|
Refrigerated
Foods
|
|
JOTS
|
|
International
& Other
|
|
Total
|
||||||||||
Balance as of October 29, 2017
|
$
|
882,582
|
|
|
$
|
795,699
|
|
|
$
|
203,214
|
|
|
$
|
238,318
|
|
|
$
|
2,119,813
|
|
Goodwill acquired
|
—
|
|
|
610,836
|
|
|
—
|
|
|
—
|
|
|
610,836
|
|
|||||
Purchase adjustments
|
—
|
|
|
596
|
|
|
—
|
|
|
711
|
|
|
1,307
|
|
|||||
Balance as of April 29, 2018
|
$
|
882,582
|
|
|
$
|
1,407,131
|
|
|
$
|
203,214
|
|
|
$
|
239,029
|
|
|
$
|
2,731,956
|
|
|
April 29, 2018
|
|
October 29, 2017
|
||||||||||||
(in thousands)
|
Gross Carrying
Amount
|
|
Accumulated
Amortization
|
|
Gross Carrying
Amount
|
|
Accumulated
Amortization
|
||||||||
Customer lists/relationships
|
$
|
144,514
|
|
|
$
|
(31,488
|
)
|
|
$
|
115,940
|
|
|
$
|
(25,973
|
)
|
Formulas and recipes
|
—
|
|
|
—
|
|
|
1,950
|
|
|
(1,950
|
)
|
||||
Other intangibles
|
7,056
|
|
|
(1,885
|
)
|
|
3,100
|
|
|
(2,044
|
)
|
||||
Total
|
$
|
151,570
|
|
|
$
|
(33,373
|
)
|
|
$
|
120,990
|
|
|
$
|
(29,967
|
)
|
(in millions)
|
|
2018
|
$12.7
|
2019
|
12.8
|
2020
|
12.7
|
2021
|
12.8
|
2022
|
12.5
|
(in thousands)
|
April 29,
2018 |
|
October 29,
2017 |
||||
Brands/tradenames/trademarks
|
$
|
1,132,915
|
|
|
$
|
935,807
|
|
Other intangibles
|
184
|
|
|
184
|
|
||
Total
|
$
|
1,133,099
|
|
|
$
|
935,991
|
|
|
Pension Benefits
|
||||||||||||||
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
(in thousands)
|
April 29,
2018 |
|
April 30,
2017 |
|
April 29,
2018 |
|
April 30,
2017 |
||||||||
Service cost
|
$
|
7,903
|
|
|
$
|
7,564
|
|
|
$
|
15,806
|
|
|
$
|
15,128
|
|
Interest cost
|
14,049
|
|
|
13,566
|
|
|
28,098
|
|
|
27,132
|
|
||||
Expected return on plan assets
|
(24,771
|
)
|
|
(22,734
|
)
|
|
(49,541
|
)
|
|
(45,468
|
)
|
||||
Amortization of prior service cost
|
(617
|
)
|
|
(750
|
)
|
|
(1,234
|
)
|
|
(1,500
|
)
|
||||
Recognized actuarial loss
|
4,540
|
|
|
6,542
|
|
|
9,079
|
|
|
13,083
|
|
||||
Net periodic cost
|
$
|
1,104
|
|
|
$
|
4,188
|
|
|
$
|
2,208
|
|
|
$
|
8,375
|
|
|
Post-retirement Benefits
|
||||||||||||||
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
(in thousands)
|
April 29,
2018 |
|
April 30,
2017 |
|
April 29,
2018 |
|
April 30,
2017 |
||||||||
Service cost
|
$
|
321
|
|
|
$
|
274
|
|
|
$
|
641
|
|
|
$
|
549
|
|
Interest cost
|
2,832
|
|
|
2,871
|
|
|
5,664
|
|
|
5,742
|
|
||||
Amortization of prior service cost
|
(711
|
)
|
|
(1,069
|
)
|
|
(1,421
|
)
|
|
(2,137
|
)
|
||||
Recognized actuarial loss
|
45
|
|
|
599
|
|
|
89
|
|
|
1,227
|
|
||||
Net periodic cost
|
$
|
2,487
|
|
|
$
|
2,675
|
|
|
$
|
4,973
|
|
|
$
|
5,381
|
|
|
|
Volume
|
||
Commodity
|
|
April 29, 2018
|
|
October 29, 2017
|
Corn
|
|
11.5 million bushels
|
|
11.5 million bushels
|
Lean hogs
|
|
1.0 million cwt
|
|
0.3 million cwt
|
|
|
Volume
|
||
Commodity
|
|
April 29, 2018
|
|
October 29, 2017
|
Corn
|
|
5.6 million bushels
|
|
4.1 million bushels
|
Lean hogs
|
|
0.1 million cwt
|
|
0.4 million cwt
|
|
|
Volume
|
||
Commodity
|
|
April 29, 2018
|
|
October 29, 2017
|
Corn
|
|
0.2 million bushels
|
|
—
|
|
|
|
Fair Value
(1)
|
||||||
|
Location on Consolidated
Statements of Financial
Position
|
|
April 29,
2018 |
|
October 29,
2017 |
||||
Asset Derivatives:
|
|
|
|
|
|
||||
Derivatives Designated as Hedges:
|
|
|
|
|
|
|
|
||
Commodity contracts
|
Other current assets
|
|
$
|
(579
|
)
|
|
$
|
326
|
|
|
|
|
|
|
|
||||
Derivatives Not Designated as Hedges:
|
|
|
|
|
|
||||
Commodity contracts
|
Other current assets
|
|
5
|
|
|
—
|
|
||
|
|
|
|
|
|
||||
Total Asset Derivatives
|
|
|
$
|
(574
|
)
|
|
$
|
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)
|
||||||||||||||||||
|
|
Three Months Ended
|
|
|
Three Months Ended
|
|
Three Months Ended
|
|||||||||||||||||||
Cash Flow Hedges:
|
|
April 29, 2018
|
|
April 30, 2017
|
|
|
April 29, 2018
|
|
April 30, 2017
|
|
April 29, 2018
|
|
April 30, 2017
|
|||||||||||||
Commodity contracts
|
|
$
|
(862
|
)
|
|
$
|
(141
|
)
|
|
Cost of products sold
|
|
$
|
(40
|
)
|
|
$
|
1,753
|
|
|
$
|
(271
|
)
|
|
$
|
40
|
|
|
|
|
|
Location on
Consolidated
Statements
of Operations
|
|
Gain/(Loss)
Recognized in
Earnings (Effective
Portion)
(3)
|
|
Gain/(Loss)
Recognized in
Earnings (Ineffective
Portion)
(2) (5)
|
||||||||||||||
|
|
|
|
|
Three Months Ended
|
|
Three Months Ended
|
|||||||||||||||
Fair Value Hedges:
|
|
|
|
|
|
|
April 29, 2018
|
|
April 30, 2017
|
|
April 29, 2018
|
|
April 30, 2017
|
|||||||||
Commodity contracts
|
|
|
|
|
|
Cost of products sold
|
|
$
|
1,224
|
|
|
$
|
(467
|
)
|
|
$
|
(23
|
)
|
|
$
|
1
|
|
|
|
|
|
Location on
Consolidated
Statements
of Operations
|
|
Gain/(Loss)
Recognized
in Earnings
|
|
|
||||||||||
|
|
|
|
|
Three Months Ended
|
|
|
|||||||||||
Derivatives Not
Designated as Hedges:
|
|
|
|
|
|
|
April 29, 2018
|
|
April 30, 2017
|
|
|
|
|
|||||
Commodity contracts
|
|
|
|
|
|
Cost of products sold
|
|
$
|
54
|
|
|
$
|
(9
|
)
|
|
|
|
|
|
|
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)
|
||||||||||||||||||
|
|
Six Months Ended
|
|
|
Six Months Ended
|
|
Six Months Ended
|
|||||||||||||||||||
Cash Flow Hedges:
|
|
April 29, 2018
|
|
April 30, 2017
|
|
|
April 29, 2018
|
|
April 30, 2017
|
|
April 29, 2018
|
|
April 30, 2017
|
|||||||||||||
Commodity contracts
|
|
$
|
(1,249
|
)
|
|
$
|
(787
|
)
|
|
Cost of products sold
|
|
$
|
568
|
|
|
$
|
3,222
|
|
|
$
|
(361
|
)
|
|
$
|
40
|
|
|
|
|
|
Location on
Consolidated
Statements
of Operations
|
|
Gain/(Loss)
Recognized in
Earnings (Effective
Portion)
(3)
|
|
Gain/(Loss)
Recognized in
Earnings (Ineffective
Portion)
(2) (5)
|
||||||||||||||
|
|
|
|
|
Six Months Ended
|
|
Six Months Ended
|
|||||||||||||||
Fair Value Hedges:
|
|
|
|
|
|
|
April 29, 2018
|
|
April 30, 2017
|
|
April 29, 2018
|
|
April 30, 2017
|
|||||||||
Commodity contracts
|
|
|
|
|
|
Cost of products sold
|
|
$
|
1,781
|
|
|
$
|
(591
|
)
|
|
$
|
(272
|
)
|
|
$
|
1
|
|
|
|
|
|
Location on
Consolidated
Statements
of Operations
|
|
Gain/(Loss)
Recognized
in Earnings
|
|
|
||||||||||
|
|
|
|
|
Six Months Ended
|
|
|
|||||||||||
Derivatives Not
Designated as Hedges:
|
|
|
|
|
|
|
April 29, 2018
|
|
April 30, 2017
|
|
|
|
|
|||||
Commodity contracts
|
|
|
|
|
|
Cost of products sold
|
|
$
|
66
|
|
|
$
|
(237
|
)
|
|
|
|
|
(in thousands)
|
Segment
|
|
% Owned
|
|
April 29,
2018 |
|
October 29,
2017 |
||||
MegaMex Foods, LLC
|
Grocery Products
|
|
50%
|
|
$
|
197,204
|
|
|
$
|
177,657
|
|
Foreign Joint Ventures
|
International & Other
|
|
Various (26-40%)
|
|
68,375
|
|
|
64,712
|
|
||
Total
|
|
|
|
|
$
|
265,579
|
|
|
$
|
242,369
|
|
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
(in thousands)
|
Segment
|
|
April 29,
2018 |
|
April 30,
2017 |
|
April 29,
2018 |
|
April 30,
2017 |
||||||||
MegaMex Foods, LLC
|
Grocery Products
|
|
$
|
12,934
|
|
|
$
|
9,116
|
|
|
$
|
32,522
|
|
|
$
|
18,187
|
|
Foreign Joint Ventures
|
International & Other
|
|
552
|
|
|
1,005
|
|
|
4,495
|
|
|
5,233
|
|
||||
Total
|
|
|
$
|
13,486
|
|
|
$
|
10,121
|
|
|
$
|
37,017
|
|
|
$
|
23,420
|
|
(in thousands)
|
Foreign
Currency
Translation
|
|
Pension &
Other
Benefits
|
|
Deferred
Gain (Loss) -
Hedging
|
|
Accumulated
Other
Comprehensive
Loss
|
||||||||||
Balance at January 28, 2018
|
$
|
(2,783
|
)
|
|
$
|
(239,989
|
)
|
|
|
$
|
596
|
|
|
|
$
|
(242,176
|
)
|
Unrecognized gains (losses)
|
|
|
|
|
|
|
|
|
|
||||||||
Gross
|
4,549
|
|
|
—
|
|
|
|
(862
|
)
|
|
|
3,687
|
|
||||
Tax effect
|
—
|
|
|
—
|
|
|
|
218
|
|
|
|
218
|
|
||||
Reclassification into net earnings
|
|
|
|
|
|
|
|
|
|
||||||||
Gross
|
—
|
|
|
3,257
|
|
(1)
|
|
40
|
|
(2)
|
|
3,297
|
|
||||
Tax effect
|
—
|
|
|
(770
|
)
|
|
|
(9
|
)
|
|
|
(779
|
)
|
||||
Net of tax amount
|
4,549
|
|
|
2,487
|
|
|
|
(613
|
)
|
|
|
6,423
|
|
||||
Balance at April 29, 2018
|
$
|
1,766
|
|
|
$
|
(237,502
|
)
|
|
|
$
|
(17
|
)
|
|
|
$
|
(235,753
|
)
|
(in thousands)
|
Foreign
Currency
Translation
|
|
Pension &
Other
Benefits
|
|
Deferred
Gain (Loss) -
Hedging
|
|
Accumulated
Other
Comprehensive
Loss
|
||||||||||
Balance at October 29, 2017
|
$
|
(6,846
|
)
|
|
$
|
(242,475
|
)
|
|
|
$
|
1,246
|
|
|
|
$
|
(248,075
|
)
|
Unrecognized gains (losses)
|
|
|
|
|
|
|
|
|
|
||||||||
Gross
|
8,612
|
|
|
—
|
|
|
|
(1,249
|
)
|
|
|
7,363
|
|
||||
Tax effect
|
—
|
|
|
—
|
|
|
|
310
|
|
|
|
310
|
|
||||
Reclassification into net earnings
|
|
|
|
|
|
|
|
|
|
||||||||
Gross
|
—
|
|
|
6,513
|
|
(1)
|
|
(568
|
)
|
(2)
|
|
5,945
|
|
||||
Tax effect
|
—
|
|
|
(1,540
|
)
|
|
|
244
|
|
|
|
(1,296
|
)
|
||||
Net of tax amount
|
8,612
|
|
|
4,973
|
|
|
|
(1,263
|
)
|
|
|
12,322
|
|
||||
Balance at April 29, 2018
|
$
|
1,766
|
|
|
$
|
(237,502
|
)
|
|
|
$
|
(17
|
)
|
|
|
$
|
(235,753
|
)
|
|
Shares
|
|
Weighted-
Average
Exercise Price
|
|
Weighted-
Average
Remaining
Contractual
Term (Years)
|
|
Aggregate
Intrinsic Value
|
|||||
Outstanding at October 29, 2017
|
30,685
|
|
|
$
|
18.08
|
|
|
|
|
|
||
Granted
|
2,334
|
|
|
36.63
|
|
|
|
|
|
|||
Exercised
|
2,934
|
|
|
10.23
|
|
|
|
|
|
|||
Forfeited
|
11
|
|
|
35.31
|
|
|
|
|
|
|||
Expired
|
1
|
|
|
37.76
|
|
|
|
|
|
|||
Outstanding at April 29, 2018
|
30,073
|
|
|
$
|
20.28
|
|
|
4.9
|
|
$
|
492,127
|
|
Exercisable at April 29, 2018
|
24,177
|
|
|
$
|
16.76
|
|
|
4.0
|
|
$
|
478,511
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
April 29,
2018 |
|
April 30,
2017 |
|
April 29,
2018 |
|
April 30,
2017 |
||||||||
Weighted-average grant date fair value
|
$
|
6.49
|
|
|
$
|
7.03
|
|
|
$
|
6.86
|
|
|
$
|
6.41
|
|
Intrinsic value of exercised options
|
$
|
15,512
|
|
|
$
|
9,070
|
|
|
$
|
71,814
|
|
|
$
|
61,088
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||
|
April 29,
2018 |
|
April 30,
2017 |
|
April 29,
2018 |
|
April 30,
2017 |
||||
Risk-free interest rate
|
2.7
|
%
|
|
2.5
|
%
|
|
2.3
|
%
|
|
2.4
|
%
|
Dividend yield
|
2.2
|
%
|
|
1.9
|
%
|
|
2.1
|
%
|
|
2.0
|
%
|
Stock price volatility
|
19.0
|
%
|
|
19.0
|
%
|
|
19.0
|
%
|
|
19.0
|
%
|
Expected option life
|
8 years
|
|
|
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 April 29, 2018
|
52
|
|
|
$
|
34.08
|
|
|
Six Months Ended
|
||||||
|
April 29,
2018 |
|
April 30,
2017 |
||||
Weighted-average grant date fair value
|
$
|
34.08
|
|
|
$
|
35.62
|
|
Fair value of restricted shares granted
|
1,760
|
|
|
2,080
|
|
||
Fair value of shares vested
|
2,053
|
|
|
1,920
|
|
|
Fair Value Measurements at April 29, 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)
|
||||||||
Assets at Fair Value
|
|
|
|
|
|
|
|
|
|
|
|
||||
Cash and cash equivalents
(1)
|
$
|
261,571
|
|
|
$
|
261,571
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Other trading securities
(2)
|
137,499
|
|
|
—
|
|
|
137,499
|
|
|
—
|
|
||||
Commodity derivatives
(3)
|
3,509
|
|
|
3,509
|
|
|
—
|
|
|
—
|
|
||||
Total Assets at Fair Value
|
$
|
402,579
|
|
|
$
|
265,080
|
|
|
$
|
137,499
|
|
|
$
|
—
|
|
Liabilities at Fair Value
|
|
|
|
|
|
|
|
||||||||
Deferred compensation
(2)
|
$
|
61,679
|
|
|
$
|
—
|
|
|
$
|
61,679
|
|
|
$
|
—
|
|
Total Liabilities at Fair Value
|
$
|
61,679
|
|
|
$
|
—
|
|
|
$
|
61,679
|
|
|
$
|
—
|
|
|
Fair Value Measurements at 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)
|
||||||||
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
|
|
|
$
|
—
|
|
(1)
|
The Company’s cash equivalents consist primarily of bank deposits, money market funds rated AAA, or other highly liquid investment accounts. As these investments have a maturity date of three months or less, the carrying value approximates fair value.
|
(2)
|
A majority of the funds held in the rabbi trust relate to the supplemental executive retirement plans and have been invested in fixed income funds managed by a third party. The declared rate on these funds is set based on a formula using the yield of the general account investment portfolio supporting the fund, adjusted for expenses and other charges. The rate is guaranteed for one year at issue, and may be reset annually on the policy anniversary, subject to a guaranteed minimum rate. As the value is based on adjusted market rates, and the fixed rate is only reset on an annual basis, these funds are classified as Level 2. The funds held in the rabbi trust are included in other assets on the Consolidated Statements of Financial Position. The remaining funds held are also managed by a third-party insurance policy, the values of which represent their cash surrender value based on the fair value of the underlying investments in the account and include equity securities, money market accounts, bond funds, or other portfolios for which there is an active quoted market. Therefore these policies are also classified as Level 2. The related deferred compensation liabilities are included in other long-term liabilities on the Consolidated Statements of Financial Position with investment options generally mirroring those funds held by the rabbi trust. Therefore these investment balances are classified as Level 2. The Company also offers a fixed rate investment option to participants. The rate earned on these investments is adjusted annually based on a specified percentage of the I.R.S. Applicable Federal Rates. These balances are classified as Level 2.
|
(3)
|
The Company’s commodity derivatives represent futures contracts used in its hedging or other programs to offset price fluctuations associated with purchases of corn and hogs, and to minimize the price risk assumed when forward priced contracts are offered to the Company’s commodity suppliers. The Company’s futures contracts for corn and soybean meal are traded on the Chicago Board of Trade, while futures contracts for lean hogs are traded on the Chicago Mercantile Exchange. These are active markets with quoted prices available, and these contracts are classified as Level 1. All derivatives are reviewed for potential credit risk and risk of nonperformance. The Company nets the derivative assets and liabilities for each of its hedging programs, including cash collateral, when a master netting arrangement exists between the Company and the counterparty to the derivative contract. The net balance for each program is included in other current assets or accounts payable, as appropriate, in the Consolidated Statements of Financial Position. As of
April 29, 2018
, the Company has recognized the right to reclaim net cash collateral of
$4.1 million
from various counterparties (including
$5.7 million
of realized gains offset by cash owed of
$1.6 million
on closed positions). As of
October 29, 2017
, the Company had recognized the right to reclaim net cash collateral of
$2.5 million
from various counterparties (including
$11.0 million
of realized gains offset by cash owed of
$8.5 million
on closed positions).
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||
(in thousands)
|
April 29,
2018 |
|
April 30,
2017 |
|
April 29,
2018 |
|
April 30,
2017 |
||||
Basic weighted-average shares outstanding
|
529,799
|
|
|
528,712
|
|
|
529,626
|
|
|
528,649
|
|
Dilutive potential common shares
|
13,012
|
|
|
10,923
|
|
|
13,520
|
|
|
11,201
|
|
Diluted weighted-average shares outstanding
|
542,811
|
|
|
539,635
|
|
|
543,146
|
|
|
539,850
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
(in thousands)
|
April 29,
2018 |
|
April 30,
2017 |
|
April 29,
2018 |
|
April 30,
2017 |
||||||||
Sales to Unaffiliated Customers
|
|
|
|
|
|
|
|
|
|
|
|
||||
Grocery Products
|
$
|
631,550
|
|
|
$
|
640,419
|
|
|
$
|
1,245,420
|
|
|
$
|
1,250,793
|
|
Refrigerated Foods
|
1,166,967
|
|
|
1,027,486
|
|
|
2,343,423
|
|
|
2,150,525
|
|
||||
Jennie-O Turkey Store
|
371,916
|
|
|
388,237
|
|
|
762,564
|
|
|
809,226
|
|
||||
International & Other
|
160,135
|
|
|
131,167
|
|
|
310,454
|
|
|
256,992
|
|
||||
Total
|
$
|
2,330,568
|
|
|
$
|
2,187,309
|
|
|
$
|
4,661,861
|
|
|
$
|
4,467,536
|
|
|
|
|
|
|
|
|
|
||||||||
Intersegment Sales
|
|
|
|
|
|
|
|
||||||||
Grocery Products
|
$
|
10
|
|
|
$
|
10
|
|
|
$
|
14
|
|
|
$
|
15
|
|
Refrigerated Foods
|
1,386
|
|
|
1,677
|
|
|
3,550
|
|
|
3,816
|
|
||||
Jennie-O Turkey Store
|
25,539
|
|
|
27,560
|
|
|
50,228
|
|
|
55,816
|
|
||||
International & Other
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Total
|
26,935
|
|
|
29,247
|
|
|
53,792
|
|
|
59,647
|
|
||||
Intersegment elimination
|
(26,935
|
)
|
|
(29,247
|
)
|
|
(53,792
|
)
|
|
(59,647
|
)
|
||||
Total
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
||||||||
Net Sales
|
|
|
|
|
|
|
|
||||||||
Grocery Products
|
$
|
631,560
|
|
|
$
|
640,429
|
|
|
$
|
1,245,434
|
|
|
$
|
1,250,808
|
|
Refrigerated Foods
|
1,168,353
|
|
|
1,029,163
|
|
|
2,346,973
|
|
|
2,154,341
|
|
||||
Jennie-O Turkey Store
|
397,455
|
|
|
415,797
|
|
|
812,792
|
|
|
865,042
|
|
||||
International & Other
|
160,135
|
|
|
131,167
|
|
|
310,454
|
|
|
256,992
|
|
||||
Intersegment elimination
|
(26,935
|
)
|
|
(29,247
|
)
|
|
(53,792
|
)
|
|
(59,647
|
)
|
||||
Total
|
$
|
2,330,568
|
|
|
$
|
2,187,309
|
|
|
$
|
4,661,861
|
|
|
$
|
4,467,536
|
|
|
|
|
|
|
|
|
|
||||||||
Segment Operating Profit
|
|
|
|
|
|
|
|
||||||||
Grocery Products
|
$
|
95,651
|
|
|
$
|
108,297
|
|
|
$
|
195,628
|
|
|
$
|
200,673
|
|
Refrigerated Foods
|
154,192
|
|
|
130,194
|
|
|
297,141
|
|
|
304,002
|
|
||||
Jennie-O Turkey Store
|
42,356
|
|
|
63,786
|
|
|
92,230
|
|
|
131,966
|
|
||||
International & Other
|
20,850
|
|
|
19,617
|
|
|
45,505
|
|
|
45,080
|
|
||||
Total segment operating profit
|
313,049
|
|
|
321,894
|
|
|
630,504
|
|
|
681,721
|
|
||||
Net interest and investment expense (income)
|
9,490
|
|
|
205
|
|
|
10,913
|
|
|
782
|
|
||||
General corporate expense
|
6,814
|
|
|
5,822
|
|
|
17,785
|
|
|
10,443
|
|
||||
Noncontrolling interest
|
138
|
|
|
(40
|
)
|
|
242
|
|
|
116
|
|
||||
Earnings Before Income Taxes
|
$
|
296,883
|
|
|
$
|
315,827
|
|
|
$
|
602,048
|
|
|
$
|
670,612
|
|
•
|
The Company delivered record net earnings as a result of strong results in Refrigerated Foods, the impact from three acquisitions, and the benefit from tax reform, more than offsetting increases in freight, a dynamic pork environment, and continued oversupply in the turkey industry.
|
•
|
Refrigerated Foods segment profit increased despite a decline in commodity profits, increases in per-unit freight expenses, and higher advertising expenses. Strong results by the branded retail and foodservice businesses in addition to the inclusion of the Fontanini and Columbus acquisitions supported results.
|
•
|
Grocery Products segment profit decreased due to higher promotional activity and lower volumes at CytoSport and lower earnings from the Company's contract manufacturing business.
|
•
|
JOTS segment profit decreased as a result of lower profits from whole bird and commodity sales and increased freight and advertising expenses.
|
•
|
International & Other segment profit increased on improved profitability in China due to lower raw material costs, but were partially offset by higher advertising expenses and lower branded export margins.
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||||||
(in thousands, except per share amounts)
|
April 29, 2018
|
|
April 30, 2017
|
|
%
Change
|
|
April 29, 2018
|
|
April 30, 2017
|
|
%
Change
|
||||||||
Net earnings
|
$
|
237,384
|
|
|
$
|
210,926
|
|
|
12.5
|
|
$
|
540,491
|
|
|
$
|
446,073
|
|
|
21.2
|
Diluted earnings per share
|
0.44
|
|
|
0.39
|
|
|
12.8
|
|
1.00
|
|
|
0.83
|
|
|
20.5
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||||||||
(in thousands)
|
April 29, 2018
|
|
April 30, 2017
|
|
%
Change
|
|
April 29, 2018
|
|
April 30, 2017
|
|
%
Change
|
||||||||||
Volume (lbs.)
|
1,171,401
|
|
|
1,138,242
|
|
|
2.9
|
|
|
2,361,993
|
|
|
2,383,151
|
|
|
(0.9
|
)
|
||||
Organic volume
(1)
|
1,122,323
|
|
|
1,138,242
|
|
|
(1.4
|
)
|
|
2,268,422
|
|
|
2,302,697
|
|
|
(1.5
|
)
|
||||
Net sales
|
$
|
2,330,568
|
|
|
$
|
2,187,309
|
|
|
6.5
|
|
|
$
|
4,661,861
|
|
|
$
|
4,467,536
|
|
|
4.3
|
|
Organic net sales
(1)
|
2,176,650
|
|
|
2,187,309
|
|
|
(0.5
|
)
|
|
4,375,071
|
|
|
4,367,305
|
|
|
0.2
|
|
Second Quarter
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Volume (lbs.)
|
|
FY 2018
|
|
FY 2017
|
|
|
|||||||||||||
(in thousands)
|
|
Reported
(GAAP)
|
|
Acquisitions
|
|
Organic
(Non-GAAP)
|
|
Reported
(GAAP)
|
|
Organic
% Change
|
|||||||||
Grocery Products
|
|
333,398
|
|
|
—
|
|
|
333,398
|
|
|
338,883
|
|
|
(1.6
|
)
|
||||
Refrigerated Foods
|
|
548,319
|
|
|
(38,402
|
)
|
|
509,917
|
|
|
515,490
|
|
|
(1.1
|
)
|
||||
Jennie-O Turkey Store
|
|
197,806
|
|
|
—
|
|
|
197,806
|
|
|
203,557
|
|
|
(2.8
|
)
|
||||
International & Other
|
|
91,878
|
|
|
(10,676
|
)
|
|
81,202
|
|
|
80,312
|
|
|
1.1
|
|
||||
Total Volume
|
|
1,171,401
|
|
|
(49,078
|
)
|
|
1,122,323
|
|
|
1,138,242
|
|
|
(1.4
|
)
|
||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Net Sales
|
|
FY 2018
|
|
FY 2017
|
|
|
|||||||||||||
(in thousands)
|
|
Reported
(GAAP)
|
|
Acquisitions
|
|
Organic
(Non-GAAP)
|
|
Reported
(GAAP)
|
|
Organic
% Change
|
|||||||||
Grocery Products
|
|
$
|
631,550
|
|
|
$
|
—
|
|
|
$
|
631,550
|
|
|
$
|
640,419
|
|
|
(1.4
|
)
|
Refrigerated Foods
|
|
1,166,967
|
|
|
(134,878
|
)
|
|
1,032,089
|
|
|
1,027,486
|
|
|
0.4
|
|
||||
Jennie-O Turkey Store
|
|
371,916
|
|
|
—
|
|
|
371,916
|
|
|
388,237
|
|
|
(4.2
|
)
|
||||
International & Other
|
|
160,135
|
|
|
(19,040
|
)
|
|
141,095
|
|
|
131,167
|
|
|
7.6
|
|
||||
Total Net Sales
|
|
$
|
2,330,568
|
|
|
$
|
(153,918
|
)
|
|
$
|
2,176,650
|
|
|
$
|
2,187,309
|
|
|
(0.5
|
)
|
First Six Months
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Volume (lbs.)
|
|
FY 2018
|
|
FY 2017
|
|
|
|||||||||||||||||||||
(in thousands)
|
|
Reported
(GAAP)
|
|
Acquisitions
|
|
Organic
(Non-GAAP)
|
|
Reported
(GAAP)
|
|
Divestitures
|
|
Organic
(Non-GAAP)
|
|
Organic
% Change
|
|||||||||||||
Grocery Products
|
|
667,615
|
|
|
—
|
|
|
667,615
|
|
|
677,675
|
|
|
—
|
|
|
677,675
|
|
|
(1.5
|
)
|
||||||
Refrigerated Foods
|
|
1,110,814
|
|
|
(70,062
|
)
|
|
1,040,752
|
|
|
1,129,915
|
|
|
(80,454
|
)
|
|
1,049,461
|
|
|
(0.8
|
)
|
||||||
Jennie-O Turkey Store
|
|
406,237
|
|
|
—
|
|
|
406,237
|
|
|
420,200
|
|
|
—
|
|
|
420,200
|
|
|
(3.3
|
)
|
||||||
International & Other
|
|
177,327
|
|
|
(23,509
|
)
|
|
153,818
|
|
|
155,361
|
|
|
—
|
|
|
155,361
|
|
|
(1.0
|
)
|
||||||
Total Volume
|
|
2,361,993
|
|
|
(93,571
|
)
|
|
2,268,422
|
|
|
2,383,151
|
|
|
(80,454
|
)
|
|
2,302,697
|
|
|
(1.5
|
)
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Net Sales
|
|
FY 2018
|
|
FY 2017
|
|
|
|||||||||||||||||||||
(in thousands)
|
|
Reported
(GAAP)
|
|
Acquisitions
|
|
Organic
(Non-GAAP)
|
|
Reported
(GAAP)
|
|
Divestitures
|
|
Organic
(Non-GAAP)
|
|
Organic
% Change
|
|||||||||||||
Grocery Products
|
|
$
|
1,245,420
|
|
|
$
|
—
|
|
|
$
|
1,245,420
|
|
|
$
|
1,250,793
|
|
|
$
|
—
|
|
|
$
|
1,250,793
|
|
|
(0.4
|
)
|
Refrigerated Foods
|
|
2,343,423
|
|
|
(245,895
|
)
|
|
2,097,528
|
|
|
2,150,525
|
|
|
(100,231
|
)
|
|
2,050,294
|
|
|
2.3
|
|
||||||
Jennie-O Turkey Store
|
|
762,564
|
|
|
—
|
|
|
762,564
|
|
|
809,226
|
|
|
—
|
|
|
809,226
|
|
|
(5.8
|
)
|
||||||
International & Other
|
|
310,454
|
|
|
(40,895
|
)
|
|
269,559
|
|
|
256,992
|
|
|
—
|
|
|
256,992
|
|
|
4.9
|
|
||||||
Total Net Sales
|
|
$
|
4,661,861
|
|
|
$
|
(286,790
|
)
|
|
$
|
4,375,071
|
|
|
$
|
4,467,536
|
|
|
$
|
(100,231
|
)
|
|
$
|
4,367,305
|
|
|
0.2
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||||||
(in thousands)
|
April 29, 2018
|
|
April 30, 2017
|
|
%
Change
|
|
April 29, 2018
|
|
April 30, 2017
|
|
%
Change
|
||||||||
Cost of products sold
|
$
|
1,833,882
|
|
|
$
|
1,700,389
|
|
|
7.9
|
|
$
|
3,662,996
|
|
|
$
|
3,428,336
|
|
|
6.8
|
|
Three Months Ended
|
|
Six Months Ended
|
|||||||||||||||||
(in thousands)
|
April 29, 2018
|
|
April 30, 2017
|
|
%
Change
|
|
April 29, 2018
|
|
April 30, 2017
|
|
%
Change
|
|||||||||
Gross profit
|
$
|
496,686
|
|
|
$
|
486,920
|
|
|
2.0
|
|
$
|
998,865
|
|
|
$
|
1,039,200
|
|
|
(3.9
|
)
|
Percentage of net sales
|
21.3
|
%
|
|
22.3
|
%
|
|
|
|
21.4
|
%
|
|
23.3
|
%
|
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||||||
(in thousands)
|
April 29, 2018
|
|
April 30, 2017
|
|
%
Change
|
|
April 29, 2018
|
|
April 30, 2017
|
|
%
Change
|
||||||||
SG&A
|
$
|
203,799
|
|
|
$
|
181,009
|
|
|
12.6
|
|
$
|
422,921
|
|
|
$
|
391,226
|
|
|
8.1
|
Percentage of net sales
|
8.7
|
%
|
|
8.3
|
%
|
|
|
|
9.1
|
%
|
|
8.8
|
%
|
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||||||
(in thousands)
|
April 29, 2018
|
|
April 30, 2017
|
|
%
Change
|
|
April 29, 2018
|
|
April 30, 2017
|
|
%
Change
|
||||||||
Equity in earnings of affiliates
|
$
|
13,486
|
|
|
$
|
10,121
|
|
|
33.2
|
|
$
|
37,017
|
|
|
$
|
23,420
|
|
|
58.1
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||
|
April 29, 2018
|
|
April 30, 2017
|
|
April 29,
2018 |
|
April 30,
2017 |
||||
Effective tax rate
|
20.0
|
%
|
|
33.2
|
%
|
|
10.2
|
%
|
|
33.5
|
%
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||||||||
(in thousands)
|
April 29, 2018
|
|
April 30, 2017
|
|
% Change
|
|
April 29, 2018
|
|
April 30, 2017
|
|
% Change
|
||||||||||
Net Sales
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Grocery Products
|
$
|
631,550
|
|
|
$
|
640,419
|
|
|
(1.4
|
)
|
|
$
|
1,245,420
|
|
|
$
|
1,250,793
|
|
|
(0.4
|
)
|
Refrigerated Foods
|
1,166,967
|
|
|
1,027,486
|
|
|
13.6
|
|
|
2,343,423
|
|
|
2,150,525
|
|
|
9.0
|
|
||||
Jennie-O Turkey Store
|
371,916
|
|
|
388,237
|
|
|
(4.2
|
)
|
|
762,564
|
|
|
809,226
|
|
|
(5.8
|
)
|
||||
International & Other
|
160,135
|
|
|
131,167
|
|
|
22.1
|
|
|
310,454
|
|
|
256,992
|
|
|
20.8
|
|
||||
Total
|
$
|
2,330,568
|
|
|
$
|
2,187,309
|
|
|
6.5
|
|
|
$
|
4,661,861
|
|
|
$
|
4,467,536
|
|
|
4.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Segment Operating Profit
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Grocery Products
|
$
|
95,651
|
|
|
$
|
108,297
|
|
|
(11.7
|
)
|
|
$
|
195,628
|
|
|
$
|
200,673
|
|
|
(2.5
|
)
|
Refrigerated Foods
|
154,192
|
|
|
130,194
|
|
|
18.4
|
|
|
297,141
|
|
|
304,002
|
|
|
(2.3
|
)
|
||||
Jennie-O Turkey Store
|
42,356
|
|
|
63,786
|
|
|
(33.6
|
)
|
|
92,230
|
|
|
131,966
|
|
|
(30.1
|
)
|
||||
International & Other
|
20,850
|
|
|
19,617
|
|
|
6.3
|
|
|
45,505
|
|
|
45,080
|
|
|
0.9
|
|
||||
Total segment operating profit
|
313,049
|
|
|
321,894
|
|
|
(2.7
|
)
|
|
630,504
|
|
|
681,721
|
|
|
(7.5
|
)
|
||||
Net interest and investment expense
|
9,490
|
|
|
205
|
|
|
4,529.3
|
|
|
10,913
|
|
|
782
|
|
|
1,295.5
|
|
||||
General corporate expense
|
6,814
|
|
|
5,822
|
|
|
17.0
|
|
|
17,785
|
|
|
10,443
|
|
|
70.3
|
|
||||
Noncontrolling interest
|
138
|
|
|
(40
|
)
|
|
445.0
|
|
|
242
|
|
|
116
|
|
|
108.6
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Earnings before income taxes
|
$
|
296,883
|
|
|
$
|
315,827
|
|
|
(6.0
|
)
|
|
$
|
602,048
|
|
|
$
|
670,612
|
|
|
(10.2
|
)
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||||||||
(in thousands)
|
April 29, 2018
|
|
April 30, 2017
|
|
%
Change
|
|
April 29, 2018
|
|
April 30, 2017
|
|
%
Change
|
||||||||||
Volume (lbs.)
|
333,398
|
|
|
338,883
|
|
|
(1.6
|
)
|
|
667,615
|
|
|
677,675
|
|
|
(1.5
|
)
|
||||
Net sales
|
$
|
631,550
|
|
|
$
|
640,419
|
|
|
(1.4
|
)
|
|
$
|
1,245,420
|
|
|
$
|
1,250,793
|
|
|
(0.4
|
)
|
Segment profit
|
95,651
|
|
|
108,297
|
|
|
(11.7
|
)
|
|
195,628
|
|
|
200,673
|
|
|
(2.5
|
)
|
|
Three Months Ended
|
|
Six Months Ended
|
|||||||||||||||||
(in thousands)
|
April 29, 2018
|
|
April 30, 2017
|
|
%
Change
|
|
April 29, 2018
|
|
April 30, 2017
|
|
%
Change
|
|||||||||
Volume (lbs.)
|
548,319
|
|
|
515,490
|
|
|
6.4
|
|
1,110,814
|
|
|
1,129,915
|
|
|
(1.7
|
)
|
||||
Net sales
|
$
|
1,166,967
|
|
|
$
|
1,027,486
|
|
|
13.6
|
|
$
|
2,343,423
|
|
|
$
|
2,150,525
|
|
|
9.0
|
|
Segment profit
|
154,192
|
|
|
130,194
|
|
|
18.4
|
|
297,141
|
|
|
304,002
|
|
|
(2.3
|
)
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||||||||
(in thousands)
|
April 29, 2018
|
|
April 30, 2017
|
|
%
Change
|
|
April 29, 2018
|
|
April 30, 2017
|
|
%
Change
|
||||||||||
Volume (lbs.)
|
197,806
|
|
|
203,557
|
|
|
(2.8
|
)
|
|
406,237
|
|
|
420,200
|
|
|
(3.3
|
)
|
||||
Net sales
|
$
|
371,916
|
|
|
$
|
388,237
|
|
|
(4.2
|
)
|
|
$
|
762,564
|
|
|
$
|
809,226
|
|
|
(5.8
|
)
|
Segment profit
|
42,356
|
|
|
63,786
|
|
|
(33.6
|
)
|
|
92,230
|
|
|
131,966
|
|
|
(30.1
|
)
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||||||
(in thousands)
|
April 29, 2018
|
|
April 30, 2017
|
|
%
Change
|
|
April 29, 2018
|
|
April 30, 2017
|
|
%
Change
|
||||||||
Volume (lbs.)
|
91,878
|
|
|
80,312
|
|
|
14.4
|
|
177,327
|
|
|
155,361
|
|
|
14.1
|
||||
Net sales
|
$
|
160,135
|
|
|
$
|
131,167
|
|
|
22.1
|
|
$
|
310,454
|
|
|
$
|
256,992
|
|
|
20.8
|
Segment profit
|
20,850
|
|
|
19,617
|
|
|
6.3
|
|
45,505
|
|
|
45,080
|
|
|
0.9
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
(in thousands)
|
April 29, 2018
|
|
April 30,
2017 |
|
April 29,
2018 |
|
April 30,
2017 |
||||||||
Interest and investment expense (income)
|
$
|
2,489
|
|
|
$
|
(2,818
|
)
|
|
$
|
(817
|
)
|
|
$
|
(5,267
|
)
|
Interest expense
|
7,001
|
|
|
3,023
|
|
|
11,730
|
|
|
6,049
|
|
||||
General corporate expense
|
6,814
|
|
|
5,822
|
|
|
17,785
|
|
|
10,443
|
|
||||
Noncontrolling interest earnings
|
138
|
|
|
(40
|
)
|
|
242
|
|
|
116
|
|
(a)
|
Disclosure Controls and Procedures.
|
(b)
|
Internal Controls.
|
▪
|
food spoilage;
|
▪
|
food contamination caused by disease-producing organisms or pathogens, such as
Listeria monocytogenes
,
Salmonella
, and pathogenic
E coli
.;
|
▪
|
food allergens;
|
▪
|
nutritional and health-related concerns;
|
▪
|
federal, state, and local food processing controls;
|
▪
|
consumer product liability claims;
|
▪
|
product tampering; and
|
▪
|
the possible unavailability and/or expense of liability insurance.
|
▪
|
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
|
▪
|
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.
|
▪
|
price;
|
▪
|
product quality and attributes;
|
▪
|
brand identification;
|
▪
|
breadth of product line; and
|
▪
|
customer service.
|
Period
|
|
Total
Number of
Shares
Purchased
1
|
|
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
|
||||
January 29, 2018 –
March 4, 2018
|
|
593,014
|
|
|
$
|
32.95
|
|
|
539,014
|
|
|
9,121,823
|
March 5, 2018 – April 1, 2018
|
|
—
|
|
|
—
|
|
|
—
|
|
|
9,121,823
|
|
April 2, 2018 –
April 29, 2018
|
|
—
|
|
|
—
|
|
|
—
|
|
|
9,121,823
|
|
Total
|
|
593,014
|
|
|
$
|
32.95
|
|
|
539,014
|
|
|
|
|
|
|
|
|
|
101.INS
|
XBRL Instance Document
|
|
|
101.SCH
|
XBRL Taxonomy Extension Schema Document
|
|
|
101.CAL
|
XBRL Taxonomy Extension Calculation Linkbase Document
|
|
|
101.DEF
|
XBRL Taxonomy Extension Definition Linkbase Document
|
|
|
101.LAB
|
XBRL Taxonomy Extension Labels Linkbase Document
|
|
|
101.PRE
|
XBRL Taxonomy Extension Presentation Linkbase Document
|
|
|
HORMEL FOODS CORPORATION
|
|
|
(Registrant)
|
|
|
|
|
|
|
Date: June 8, 2018
|
By
|
/s/ JAMES N. SHEEHAN
|
|
|
JAMES N. SHEEHAN
|
|
|
Senior Vice President and Chief Financial Officer
|
|
|
(Principal Financial Officer)
|
|
|
|
Date: June 8, 2018
|
By
|
/s/ JANA L. HAYNES
|
|
|
JANA L. HAYNES
|
|
|
Vice President and Controller
|
|
|
(Principal Accounting Officer)
|
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 |
---|