LEGAL PROCEEDINGS
−Removed: The Company is a party to various legal proceedings related to the ongoing operation of its business, including claims both by and against the Company.
−Removed: At any time, such proceedings typically involve claims related to product liability, labeling, contracts, antitrust regulations, intellectual property, competition laws, employment practices, or other actions brought by employees, customers, consumers, competitors or suppliers.
−Removed: The Company establishes accruals for its potential exposure, as appropriate, for claims against the Company when losses become probable and reasonably estimable.
−Removed: However, future developments or settlements are uncertain and may require the Company to change such accruals as proceedings progress.
−Removed: Resolution of any currently known matters, either individually or in the aggregate, is not expected to have a material effect on the Company’s financial condition, results of operations, or liquidity.
−Removed: The Company is a defendant in four sets of antitrust lawsuits broadly targeting the pork and turkey industries.
−Removed: None of these cases involve allegations of bid rigging or other criminal conduct.
−Removed: The Company has not established reserves as it does not believe it will have liability in any of these cases.
+Added: On August 15, 2023, the Company received an unexpected, unfavorable arbitration ruling involving an isolated commercial dispute with a third party.
+Added: Pursuant to the ruling, the arbitrator awarded $59.6 million in damages, plus prejudgment interest of $5.3 million and attorneys’ fees, to the counterparty payable by the Company.
+Added: The pre-tax impact of the adverse arbitration ruling of $68.3 million is reflected in Selling, General, and Administrative expenses in the Consolidated Statements of Operations for fiscal 2023.
+Added: The arbitration award amount was paid in full by the Company in the fourth quarter of fiscal 2023.
+Added: The adverse arbitration ruling is not subject to further appeal or judicial review.
+Added: Standard confidentiality provisions in the arbitration rules prohibit the Company from commenting on the substance of the ruling.
+Added: Information regarding other legal proceedings is available in Note J - Commitments and Contingencies of the Notes to the Consolidated Financial Statements.
MINE SAFETY DISCLOSURES
7 unchanged sentences
Vice President and Chief Accounting Officer, LyondellBasell 04/01/18 to 04/04/21
−Removed: Chief Financial Officer, GE Oil and Gas North America 02/01/16 to 03/31/18
Brady 58 Executive Vice President (Retail) 10/31/22 to Present
3 unchanged sentences
Senior Vice President (Supply Chain and Manufacturing) 03/28/17 to 04/25/21
−Removed: Connor 53 Group Vice President (Retail Sales) 10/31/22 to Present
−Removed: Group Vice President/President Consumer Product Sales 10/28/19 to 10/30/22
−Removed: Vice President (Senior Vice President Consumer Product Sales) 10/31/11 to 10/27/19
−Removed: Frank 46 Group Vice President (Retail Marketing) 10/31/22 to Present
−Removed: Group Vice President (Grocery Products) 11/01/21 to 10/30/22
−Removed: Vice President (Grocery Products Marketing) 03/01/21 to 10/31/21
−Removed: Vice President (Foodservice Marketing) 04/30/18 to 02/28/21
−Removed: President and Chief Executive Officer (MegaMex) 10/28/13 to 04/29/18
−Removed: Lykken 52 Group Vice President (Jennie-O Turkey Store, Inc.) 03/22/21 to Present
−Removed: Senior Vice President/President Jennie-O Turkey Store, Inc.
−Removed: 12/04/17 to 03/21/21
−Removed: President Applegate Farms, LLC 04/11/16 to 12/03/17
Swen Neufeldt 50 Group Vice President (Hormel Foods International Corporation) 06/29/20 to Present
1 unchanged sentence
Ourada 58 Group Vice President (Foodservice) 03/05/18 to Present
−Removed: Vice President (Foodservice Sales) 10/28/13 to 03/04/18
Losness-Larson 58 Senior Vice President (Human Resources) 10/31/22 to Present
Director of Human Resources 10/29/18 to 10/30/22
−Removed: Director of Organizational Development 03/17/14 to 10/28/18
Lilly 52 Senior Vice President and Chief Compliance Officer 10/26/20 to Present
Director of Internal Audit 05/30/16 to 10/25/20
−Removed: Marco 55 Senior Vice President (External Affairs) and General Counsel 03/30/15 to Present
58 Senior Vice President (Research and Development, Quality Control) 03/30/15 to Present
−Removed: Watkins 56 Senior Vice President and Chief Communications Officer 11/01/21 to Present
−Removed: Vice President (Corporate Communications) 04/13/15 to 10/31/21
Kuehneman 52 Vice President and Controller 02/18/22 to Present
1 unchanged sentence
Vice President and CFO (Jennie-O Turkey Store) 05/30/16 to 01/03/21
−Removed: Florence Makope 47 Vice President and Treasurer 07/25/22 to Present
−Removed: Director of Strategy Deployment, Oshkosh Corporation 06/27/21 to 07/01/22
−Removed: Director of International Finance, Oshkosh Corporation 03/25/20 to 06/26/21
−Removed: Treasurer, Plexus Corp.
−Removed: 11/19/17 to 03/27/20
No family relationship exists among the executive officers.
3 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.