2 unchanged sentences
CONSOLIDATED STATEMENTS OF OPERATIONS
−Removed: Quarter Ended
+Added: Quarter Ended Six Months Ended
In thousands, except per share amounts
−Removed: January 26, 2025 January 28, 2024
+Added: April 27, 2025 April 28, 2024 April 27, 2025 April 28, 2024
Net Sales $ 2,898,810 $ 2,887,352 $ 5,887,623 $ 5,884,263
20 unchanged sentences
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
−Removed: Quarter Ended
−Removed: January 26, 2025 January 28, 2024
+Added: Quarter Ended Six Months Ended
+Added: April 27, 2025 April 28, 2024 April 27, 2025 April 28, 2024
Net Earnings $ 179,742 $ 189,207 $ 350,272 $ 407,936
3 unchanged sentences
Derivatives and Hedging
+Added: ( 3,883 ) 11,998 11,979 17,205
Equity Method Investments 1,902 ( 6,444 ) 2,376 ( 3,561 )
3 unchanged sentences
Comprehensive Income (Loss) Attributable to Noncontrolling Interest
+Added: ( 497 ) ( 220 ) ( 987 ) ( 146 )
Comprehensive Income Attributable to Hormel Foods Corporation
4 unchanged sentences
In thousands, except share and per share amounts
−Removed: January 26, 2025 October 27, 2024
+Added: April 27, 2025 October 27, 2024
Cash and Cash Equivalents $ 669,688 $ 741,881
1 unchanged sentence
Accounts Receivable (Net of Allowance for Doubtful Accounts of
−Removed: $ 3,703 at January 26, 2025, and $ 3,712 at October 27, 2024)
+Added: $ 3,664 at April 27, 2025, and $ 3,712 at October 27, 2024)
743,981 817,908
37 unchanged sentences
Common Stock, Par Value $ 0.01465 a Share — Authorized 1,600,000,000 Shares;
−Removed: Shares Issued as of January 26, 2025:
+Added: Shares Issued as of April 27, 2025:
Shares Issued as of October 27, 2024:
9 unchanged sentences
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ INVESTMENT
−Removed: Quarter Ended January 28, 2024
+Added: Quarter Ended April 28, 2024
Hormel Foods Corporation Shareholders
Comprehensive
−Removed: Income (Loss) Non-
+Added: Income (Loss) Non-controlling
Shareholders’
1 unchanged sentence
Shares Amount Shares Amount
−Removed: Balance at October 29, 2023 546,599 $ 8,007 — $ — $ 506,179 $ 7,492,952 $ ( 272,252 ) $ 4,100 $ 7,738,985
+Added: Balance at January 28, 2024 547,596 $ 8,021 — $ — $ 529,715 $ 7,557,157 $ ( 250,783 ) $ 4,455 $ 7,848,566
Net Earnings (Loss)
4 unchanged sentences
Stock-based Compensation Expense
+Added: 52 1 10,559 10,561
Exercise of Stock Options/Restricted Shares
2 unchanged sentences
300 ( 155,278 ) ( 154,977 )
−Removed: Balance at January 28, 2024 547,596 $ 8,021 — $ — $ 529,715 $ 7,557,157 $ ( 250,783 ) $ 4,455 $ 7,848,566
−Removed: Quarter Ended January 26, 2025
+Added: Balance at April 28, 2024 548,030 $ 8,028 — $ — $ 549,130 $ 7,591,157 $ ( 262,325 ) $ 10,462 $ 7,896,452
+Added: Quarter Ended April 27, 2025
Hormel Foods Corporation Shareholders
9 unchanged sentences
Shares Amount Shares Amount
−Removed: Balance at October 27, 2024 548,605 $ 8,037 — $ — $ 571,178 $ 7,677,537 $ ( 263,331 ) $ 10,590 $ 8,004,011
+Added: Balance at January 26, 2025 549,785 $ 8,054 — $ — $ 602,887 $ 7,688,663 $ ( 271,263 ) $ 10,101 $ 8,038,442
Net Earnings (Loss)
3 unchanged sentences
Stock-based Compensation Expense
+Added: 54 1 11,079 11,080
Exercise of Stock Options/Restricted Shares
2 unchanged sentences
379 ( 159,987 ) ( 159,609 )
−Removed: Balance at January 26, 2025 549,785 $ 8,054 — $ — $ 602,887 $ 7,688,663 $ ( 271,263 ) $ 10,101 $ 8,038,442
+Added: Balance at April 27, 2025 549,888 $ 8,056 — $ — $ 614,189 $ 7,708,693 $ ( 298,601 ) $ 9,604 $ 8,041,941
See Notes to the Consolidated Financial Statements
HORMEL FOODS CORPORATION
+Added: CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ INVESTMENT
+Added: Six Months Ended April 28, 2024
+Added: Hormel Foods Corporation Shareholders
+Added: Stock Treasury
+Added: Stock Additional
+Added: Capital Retained
+Added: Earnings Accumulated
+Added: Comprehensive
+Added: Income (Loss) Non-controlling
+Added: Shareholders’
+Added: In thousands, except per share amounts
+Added: Shares Amount Shares Amount
+Added: Balance at October 29, 2023 546,599 $ 8,007 — $ — $ 506,179 $ 7,492,952 $ ( 272,252 ) $ 4,100 $ 7,738,985
+Added: Net Earnings (Loss)
+Added: 408,140 ( 204 ) 407,936
+Added: Other Comprehensive Income (Loss) 9,927 59 9,985
+Added: Contribution from Noncontrolling Interest 6,508 6,508
+Added: Stock-based Compensation Expense 52 1 15,004 15,005
+Added: Exercise of Stock Options/Restricted Shares 1,378 20 27,439 27,459
+Added: Declared Dividends – $ 0.5650 per Share
+Added: 509 ( 309,935 ) ( 309,426 )
+Added: Balance at April 28, 2024 548,030 $ 8,028 — $ — $ 549,130 $ 7,591,157 $ ( 262,325 ) $ 10,462 $ 7,896,452
+Added: Six Months Ended April 27, 2025
+Added: Hormel Foods Corporation Shareholders
+Added: Stock Treasury
+Added: Stock Additional
+Added: Capital Retained
+Added: Earnings Accumulated
+Added: Comprehensive
+Added: Income (Loss) Non-
+Added: Interest Total
+Added: Shareholders’
+Added: In thousands, except per share amounts
+Added: Shares Amount Shares Amount
+Added: Balance at October 27, 2024 548,605 $ 8,037 — $ — $ 571,178 $ 7,677,537 $ ( 263,331 ) $ 10,590 $ 8,004,011
+Added: Net Earnings (Loss)
+Added: 350,592 ( 320 ) 350,272
+Added: Other Comprehensive Income (Loss) ( 35,270 ) ( 666 ) ( 35,936 )
+Added: Stock-based Compensation Expense 54 1 16,534 16,535
+Added: Exercise of Stock Options/Restricted Shares 1,228 18 25,823 25,841
+Added: Declared Dividends – $ 0.5800 per Share
+Added: 654 ( 319,436 ) ( 318,782 )
+Added: Balance at April 27, 2025 549,888 $ 8,056 — $ — $ 614,189 $ 7,708,693 $ ( 298,601 ) $ 9,604 $ 8,041,941
+Added: See Notes to the Consolidated Financial Statements
+Added: HORMEL FOODS CORPORATION
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
−Removed: Quarter Ended
−Removed: January 26, 2025 January 28, 2024
+Added: Six Months Ended
+Added: April 27, 2025 April 28, 2024
Operating Activities
27 unchanged sentences
Financing Activities
+Added: Proceeds from Long-term Debt — 497,765
+Added: Payment of Debt Issuance Costs
Repayments of Long-term Debt and Finance Leases ( 4,245 ) ( 4,520 )
54 unchanged sentences
On October 18, 2024, the Company sold its equity interests in Hormel Health Labs, LLC (Hormel Health Labs) and related assets to Lyons Health Labs Holdco, LLC for $ 24.5 million.
−Removed: The divestiture resulted in a pre-tax gain of $ 3.9 million, net of transaction costs, which was recognized in Selling, General, and Administrative.
+Added: The divestiture resulted in a pre-tax gain of $ 3.9 million, net of
+Added: transaction costs, which was recognized in Selling, General, and Administrative.
Results of operations for Hormel Health Labs were reflected within the Foodservice segment through the date of divestiture.
1 unchanged sentence
The divestiture resulted in a pre-tax loss of $ 11.3 million, including transaction costs, which was recognized in Selling, General, and Administrative.
−Removed: Results of operations were primarily reflected within the Retail segment through the date of divestiture.
+Added: Results of operations for Mountain Prairie, LLC were primarily reflected within the Retail segment through the date of divestiture.
NOTE C - GOODWILL AND INTANGIBLE ASSETS
−Removed: The change in the carrying amount of goodwill for the three months ended January 26, 2025, is:
+Added: The change in the carrying amount of goodwill for the six months ended April 27, 2025, is:
In thousands Retail Foodservice International Total
2 unchanged sentences
Foreign Currency Translation — — ( 2,852 ) ( 2,852 )
−Removed: Balance at January 26, 2025
+Added: Balance at April 27, 2025
$ 2,916,796 $ 1,748,355 $ 255,484 $ 4,920,635
1 unchanged sentence
The intangible assets by type are:
−Removed: January 26, 2025 October 27, 2024
+Added: April 27, 2025 October 27, 2024
In thousands Gross
16 unchanged sentences
Amortization expense on intangible assets is as follows:
−Removed: Quarter Ended
−Removed: In thousands January 26, 2025 January 28, 2024
+Added: Quarter Ended Six Months Ended
+Added: In thousands April 27, 2025 April 28, 2024 April 27, 2025 April 28, 2024
Amortization Expense $ 3,588 $ 3,978 $ 7,418 $ 8,442
4 unchanged sentences
Equity in Earnings of Affiliates consists of:
−Removed: Quarter Ended
−Removed: % Owned January 26, 2025 January 28, 2024
+Added: Quarter Ended Six Months Ended
+Added: % Owned April 27, 2025 April 28, 2024 April 27, 2025 April 28, 2024
MegaMex Foods, LLC (1)
2 unchanged sentences
Various ( 25 - 45 %)
+Added: 6,877 6,894 13,685 14,894
Total Equity in Earnings of Affiliates
3 unchanged sentences
Distributions received from equity method investees consists of:
−Removed: Quarter Ended
−Removed: January 26, 2025 January 28, 2024
+Added: Quarter Ended Six Months Ended
+Added: April 27, 2025 April 28, 2024 April 27, 2025 April 28, 2024
Dividends $ 6,250 $ 10,000 $ 26,144 $ 25,731
The Company recognized basis differences of $ 324.8 million upon the purchase of a minority interest in PT Garudafood Putra Putri Jaya Tbk (Garudafood) and $ 21.3 million associated with the formation of MegaMex Foods, LLC.
−Removed: As of January 26, 2025, basis differences of $ 307.8 million, which includes the impact of foreign currency translation, and $ 8.2 million were remaining for Garudafood and MegaMex Foods, LLC, respectively.
+Added: As of April 27, 2025, basis differences of $ 298.4 million, which includes the impact of foreign currency translation, and $ 8.0 million were remaining for Garudafood and MegaMex Foods, LLC, respectively.
The basis differences associated with definite-lived assets are being amortized through Equity in Earnings of Affiliates over the associated useful lives.
−Removed: Based on quoted market prices, the fair value of the common stock held in Garudafood was $ 273.1 million as of January 24, 2025.
+Added: Based on quoted market prices, the fair value of the common stock held in Garudafood was $ 242.2 million as of April 25, 2025.
NOTE E - INVENTORIES
Principal components of inventories are:
−Removed: January 26, 2025 October 27, 2024
+Added: April 27, 2025 October 27, 2024
Finished Products $ 1,035,774 $ 881,295
11 unchanged sentences
therefore, the related gains or losses are reported in Accumulated Other Comprehensive Loss (AOCL) and reclassified into earnings, through Cost of Products Sold, in the periods in which the hedged transactions affect earnings.
−Removed: typically does not hedge its grain, natural gas, or diesel fuel exposure beyond two fiscal years and its lean hog exposure beyond one fiscal year.
+Added: The Company typically does not hedge its grain, natural gas, or diesel fuel exposure beyond two fiscal years and its lean hog exposure beyond one fiscal year.
Fair Value Commodity Hedges:
6 unchanged sentences
The total notional amount of the Company’s locks was $ 1.25 billion.
−Removed: In the third quarter of fiscal 2021, the associated unsecured senior notes were issued with a tenor of seven and thirty years and both locks were lifted (See Note K - Long-term Debt and Other Borrowing Arrangements).
+Added: In the third quarter of fiscal 2021, the associated unsecured senior notes were issued with a tenor of seven and thirty years and both locks were lifted (See Note K - Long-term Debt and Other Borrowing
+Added: Arrangements).
Mark-to-market gains and losses on these instruments were deferred as a component of AOCL.
8 unchanged sentences
The Company holds certain futures and swap contracts to manage the Company’s exposure to fluctuations in grain and pork commodity markets for which it has not applied hedge accounting.
−Removed: Activity related to derivatives not designated for hedge accounting was immaterial to the consolidated financial statements during the quarters ended January 26, 2025, and January 28, 2024.
+Added: Activity related to derivatives not designated for hedge accounting was immaterial to the consolidated financial statements during the quarter and six months ended April 27, 2025, and April 28, 2024.
The Company’s outstanding contracts related to its commodity hedging programs include:
−Removed: January 26, 2025 October 27, 2024
+Added: April 27, 2025 October 27, 2024
Corn 30.7 bushels
3 unchanged sentences
The gross fair values of the Company’s derivative instruments designated as hedges are:
−Removed: January 26, 2025 October 27, 2024
+Added: April 27, 2025 October 27, 2024
Gross Fair Value of Commodity Contracts
4 unchanged sentences
$ 13,396 $ — $ 8,066 $ —
−Removed: (1) Per the terms of the Company's master netting arrangements, the gross fair value of the Company's commodity contracts was offset by the obligation to return net cash collateral of $ 0.6 million (including cash of $ 0.4 million and $ 0.3 million of realized loss) as of January 26, 2025 and the right to reclaim net cash collateral of $ 10.9 million (including cash of $ 26.5 million and $ 15.6 million of realized loss) as of October 27, 2024.
+Added: (1) Per the terms of the Company’s master netting arrangements, the gross fair value of the Company’s commodity contracts was offset by the right to reclaim net cash collateral of $ 5.3 million (including cash of $ 5.6 million and $ 0.2 million of realized loss) as of April 27, 2025, and the right to reclaim net cash collateral of $ 10.9 million (including cash of $ 26.5 million and $ 15.6 million of realized loss) as of October 27, 2024.
(2) The Company’s commodity contracts are reflected in Prepaid Expenses and Other Current Assets.
3 unchanged sentences
of Financial Position
−Removed: January 26, 2025 October 27, 2024
+Added: April 27, 2025 October 27, 2024
Commodity Contracts
3 unchanged sentences
Accumulated Other Comprehensive Loss Impact:
−Removed: As of January 26, 2025, the Company included in AOCL pre-tax hedging gains of $ 12.4 million on commodity contracts and gains of $ 11.3 million related to interest rate settled positions.
+Added: As of April 27, 2025, the Company included in AOCL pre-tax hedging gains of $ 7.5 million on commodity contracts and gains of $ 11.0 million related to interest rate settled positions.
The Company expects to recognize the majority of the gains on commodity contracts over the next twelve months.
1 unchanged sentence
The pre-tax gains (losses) recognized in AOCL related to the Company’s derivative instruments are:
−Removed: Quarter Ended
−Removed: In thousands January 26, 2025 January 28, 2024
+Added: Quarter Ended Six Months Ended
+Added: In thousands April 27, 2025 April 28, 2024 April 27, 2025 April 28, 2024
Commodity Contracts
1 unchanged sentence
Excluded Component (1)
+Added: ( 96 ) 657 ( 183 ) 1,813
(1) Represents the time value of commodity options excluded from the assessment of effectiveness for which the difference between changes in fair value and periodic amortization is recorded in AOCL.
2 unchanged sentences
Statements of Operations
−Removed: Quarter Ended
−Removed: In thousands January 26, 2025 January 28, 2024
+Added: Quarter Ended Six Months Ended
+Added: In thousands April 27, 2025 April 28, 2024 April 27, 2025 April 28, 2024
Commodity Contracts
2 unchanged sentences
Interest Rate Contracts Interest Expense
+Added: 247 247 494 494
See Note H - Accumulated Other Comprehensive Loss for the after-tax impact of these gains or losses on Net Earnings.
1 unchanged sentence
The effect on the Consolidated Statements of Operations for pre-tax gains (losses) related to the Company’s derivative instruments are:
−Removed: Quarter Ended
−Removed: January 26, 2025 January 28, 2024
+Added: Quarter Ended Six Months Ended
+Added: April 27, 2025 April 28, 2024 April 27, 2025 April 28, 2024
Net Earnings Attributable to Hormel Foods Corporation $ 180,017 $ 189,278 $ 350,592 $ 408,140
4 unchanged sentences
Gain (Loss) on Commodity Futures (1)
+Added: ( 571 ) 1,033 1,133 4,628
Total Gain (Loss) on Commodity Contracts (2)
4 unchanged sentences
Amortization of Loss Due to Discontinuance of Fair Value Hedge (3)
+Added: — ( 3,125 ) — ( 6,250 )
Total Gain (Loss) on Interest Rate Contracts (4)
1 unchanged sentence
Total Gain (Loss) Recognized in Earnings $ ( 1,860 ) $ ( 10,849 ) $ ( 2,259 ) $ ( 22,890 )
−Removed: (1) Represents gains or losses on commodity contracts designated as fair value hedges that were closed during the quarters ended January 26, 2025, and January 28, 2024, which were offset by a corresponding gain or loss on the underlying hedged purchase commitment.
+Added: (1) Represents gains or losses on commodity contracts designated as fair value hedges that were closed during the quarter and six months ended April 27, 2025, and April 28, 2024, which were offset by a corresponding gain or loss on the underlying hedged purchase commitment.
Additional gains or losses related to changes in the fair value of open commodity contracts, along with the offsetting gain or loss on the hedged purchase commitment, are also marked-to-market through earnings with no impact on a net basis.
5 unchanged sentences
Pension Benefits
−Removed: Quarter Ended
−Removed: January 26, 2025 January 28, 2024
+Added: Quarter Ended Six Months Ended
+Added: April 27, 2025 April 28, 2024 April 27, 2025 April 28, 2024
Service Cost $ 11,973 $ 9,023 $ 23,947 $ 18,076
2 unchanged sentences
Amortization of Prior Service Cost (Credit)
+Added: 319 ( 221 ) 639 ( 443 )
Recognized Actuarial Loss (Gain)
+Added: 3,014 3,317 6,027 6,634
Net Periodic Cost
1 unchanged sentence
Post-retirement Benefits
−Removed: Quarter Ended
−Removed: January 26, 2025 January 28, 2024
+Added: Quarter Ended Six Months Ended
+Added: April 27, 2025 April 28, 2024 April 27, 2025 April 28, 2024
Service Cost $ 41 $ 41 $ 83 $ 82
1 unchanged sentence
Amortization of Prior Service Cost (Credit)
+Added: ( 14 ) 2 ( 12 ) 4
Recognized Actuarial Loss (Gain)
9 unchanged sentences
Comprehensive
+Added: Balance at January 26, 2025
+Added: $ ( 97,427 ) $ ( 184,959 ) $ 17,853 $ ( 6,730 ) $ ( 271,263 )
+Added: Unrecognized Gains (Losses) — —
+Added: Gross ( 27,898 ) 73 ( 6,231 ) 81 ( 33,976 )
+Added: Tax Effect — — 1,521 — 1,521
+Added: Reclassification into Net Earnings — — — —
+Added: Gross — 3,279 (1)
+Added: Tax Effect — ( 810 ) ( 252 ) — ( 1,062 )
+Added: Change Net of Tax ( 27,898 ) 2,542 ( 3,883 ) 1,902 ( 27,338 )
+Added: Balance at April 27, 2025
+Added: $ ( 125,326 ) $ ( 182,417 ) $ 13,970 $ ( 4,828 ) $ ( 298,601 )
Balance at October 27, 2024
7 unchanged sentences
Change Net of Tax ( 54,532 ) 4,908 11,979 2,376 ( 35,270 )
−Removed: Balance at January 26, 2025
+Added: Balance at April 27, 2025
$ ( 125,326 ) $ ( 182,417 ) $ 13,970 $ ( 4,828 ) $ ( 298,601 )
11 unchanged sentences
The Company’s financial assets and liabilities carried at fair value on a recurring basis and their level within the fair value hierarchy are presented in the tables below.
−Removed: Fair Value Measurements at January 26, 2025
+Added: Fair Value Measurements at April 27, 2025
Value Quoted Prices
39 unchanged sentences
The cash, U.S.
−Removed: government securities, and money market funds rated AAA held by the portfolio are classified as Level 1.
+Added: government securities, and money market funds held by the portfolio are classified as Level 1.
The current investment portfolio also includes corporate bonds and other asset backed securities for which there is an active, quoted market.
2 unchanged sentences
The Company maintains a rabbi trust to fund certain supplemental executive retirement plans and deferred compensation plans.
−Removed: These funds are 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.
+Added: These funds are managed by a third-party insurance policy, and the funds' values represent their cash surrender value based on the fair value of the underlying investments in the account.
These policies are classified as Level 2.
2 unchanged sentences
The rate is guaranteed for one year at issue and may be reset annually on the policy anniversary, subject to a guaranteed minimum rate.
−Removed: Investments held by the rabbi trust generated gains of $ 2.7 million and $ 11.5 million for the quarters ended January 26, 2025 and January 28, 2024, respectively.
+Added: During the quarter and six months ended April 27, 2025, investments held by the rabbi trust
+Added: generated losses of $ 3.7 million and $ 1.1 million, respectively, compared to gains of $ 2.4 million and $ 13.9 million for the quarter and six months ended April 28, 2024, respectively.
Under the Company’s deferred compensation plans, participants can defer certain types of compensation and elect to receive a return based on the changes in fair value of various investment options, which include equity securities, money market accounts, bond funds, or other portfolios for which there is an active quoted market.
3 unchanged sentences
These liabilities are classified as Level 2.
−Removed: The Company maintains funding in the rabbi trust generally mirroring the investment selections within the deferred compensation plans.
+Added: The Company's funding in the rabbi trust related to deferred compensation plans generally mirrors the investment selections within the plans.
Commodity Derivatives:
9 unchanged sentences
The Company does not carry its long-term debt at fair value on the Consolidated Statements of Financial Position.
−Removed: The fair value of long-term debt, utilizing discounted cash flows (Level 2), was $ 2.4 billion as of January 26, 2025, and $ 2.5 billion as of October 27, 2024.
+Added: The fair value of long-term debt, utilizing discounted cash flows (Level 2), was $ 2.5 billion as of April 27, 2025, and October 27, 2024.
See Note K - Long-term Debt and Other Borrowing Arrangements for additional information.
The Company measures certain nonfinancial assets and liabilities including goodwill, intangible assets, and property, plant, and equipment at fair value on a nonrecurring basis.
−Removed: There were no material fair value remeasurements of nonfinancial assets or liabilities during the quarters ended January 26, 2025, and January 28, 2024.
+Added: There were no material fair value remeasurements of nonfinancial assets or liabilities during the quarter and six months ended April 27, 2025, and April 28, 2024.
NOTE J - COMMITMENTS AND CONTINGENCIES
−Removed: There were no material changes outside the ordinary course of business during the quarter ended January 26, 2025, to the purchase commitments and other commitments and guarantees last disclosed in the Company’s Annual Report on Form 10-K for the fiscal year ended October 27, 2024.
+Added: There were no material changes outside the ordinary course of business during the quarter and six months ended April 27, 2025, to the purchase commitments and other commitments and guarantees last disclosed in the Company’s Annual Report on Form 10-K for the fiscal year ended October 27, 2024.
Legal Proceedings:
2 unchanged sentences
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
−Removed: proceedings progress.
+Added: However, future developments or settlements are uncertain and may require the Company to change such accruals as proceedings progress.
Resolution of any currently known matter, 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.
3 unchanged sentences
The Class Plaintiffs alleged, among other things, that beginning in January 2009, the defendants conspired and combined to fix, raise, maintain, and stabilize the price of pork and pork products—including through the use of Agri Stats—in violation of federal antitrust laws.
+Added: Since the original filing, certain plaintiffs opted out of class treatment and began proceeding with individual direct actions making similar claims (Non-Class Direct-Action Plaintiffs), including claims of violations of state antitrust laws.
The plaintiffs seek treble damages, injunctive relief, pre- and post-judgment interest, costs, and attorneys’ fees.
−Removed: Since the original filing, certain plaintiffs opted out of class treatment and are proceeding with individual direct actions making similar claims (Non-Class Direct-Action Plaintiffs), and others may do so in the future.
Although the Company strongly denies liability, continues to deny the allegations asserted, and believes it has valid defenses, to avoid the uncertainty, risk, expense, and distraction of continued litigation, the Company executed settlement agreements providing for payments by the Company to the Class Plaintiffs and one Non-Class Direct-Action Plaintiff.
For the Class Plaintiffs, the total settlement amount of $ 11.8 million was recorded as Accrued Expenses on the Consolidated Statements of Financial Position in the second quarter of fiscal 2024 and was paid during the second half of fiscal 2024.
−Removed: For the Non-Class Direct-Action Plaintiff, the settlement amount of $ 0.2 million was recorded as Accrued Expenses on the Consolidated Statements of Financial Position in the first quarter of fiscal 2025 and is expected to be paid in fiscal 2025.
+Added: For the one Non-Class Direct-Action Plaintiff, the settlement amount of $ 0.2 million was recorded as Accrued Expenses on the Consolidated Statements of Financial Position in the first quarter of fiscal 2025 and was paid in the second quarter of fiscal 2025.
All settlement amounts were recorded in Selling, General, and Administrative in the Consolidated Statements of Operations.
−Removed: The Company continues to defend against the claims.
−Removed: Except as noted above, the Company has not recorded any liability for these matters as it does not believe a loss is probable.
+Added: In the second quarter of fiscal 2025, the U.S.
+Added: District Court for the District of Minnesota (Court) granted the Company’s Motion for Summary Judgment and dismissed the Company from the federal litigation.
+Added: Certain defendants have challenged the Court's summary judgement decision.
+Added: The Company continues to defend against state claims brought by one Non-Class Direct Action Plaintiff.
+Added: The Company has not recorded any liability for this matter as it does not believe a loss is probable.
The Company cannot reasonably estimate any reasonably possible loss.
17 unchanged sentences
(the Poultry Wages Antitrust Litigation).
−Removed: In the operative amended complaint filed in February 2022, the plaintiffs allege that, since 2000, the defendants directly and through wage surveys and a benchmarking service exchanged information regarding compensation in an effort to depress and fix wages and benefits for employees at poultry-processing plants, feed mills, and hatcheries in violation of federal antitrust laws.
+Added: In the operative amended complaint filed in February 2022, the plaintiffs alleged that, since 2000, the defendants directly and through wage surveys and a benchmarking service exchanged information regarding compensation in an effort to depress and fix wages and benefits for employees at poultry-processing plants, feed mills, and hatcheries in violation of federal antitrust laws.
The complaint sought, among other things, treble monetary damages, punitive damages, restitution, and pre- and post-judgment interest, as well as declaratory and injunctive relief.
2 unchanged sentences
The Company recorded the agreed-upon settlement amount as Accrued Expenses on the Consolidated Statements of Financial Position and in Selling, General, and Administrative in the Consolidated Statements of Operations for the third quarter of fiscal 2024.
−Removed: The Company expects to pay the agreed-upon settlement in the second quarter of fiscal 2025.
+Added: The Company paid the settlement in the second quarter of fiscal 2025.
Red Meat Wages Antitrust Litigation
4 unchanged sentences
(the Red Meat Wages Antitrust Litigation).
−Removed: In the operative amended complaint filed in January 2024, the plaintiffs allege
−Removed: that, since 2000, the defendants directly and through wage surveys and a benchmarking service exchanged information regarding compensation in an effort to depress and fix wages and benefits for employees at beef- and pork-processing plants in violation of federal antitrust laws.
+Added: In the operative amended complaint filed in January 2024, the plaintiffs alleged that, since 2000, the defendants directly and through wage surveys and a benchmarking service exchanged information regarding compensation in an effort to depress and fix wages and benefits for employees at beef- and pork-processing plants in violation of federal antitrust laws.
The complaint sought, among other things, treble monetary damages, punitive damages, restitution, and pre- and post-judgment interest, as well as declaratory and injunctive relief.
1 unchanged sentence
The Company recorded the agreed-upon settlement amount as Accrued Expenses on the Consolidated Statements of Financial Position and in Selling, General, and Administrative in the Consolidated Statements of Operations for the third quarter of fiscal 2024.
−Removed: The settlement has been approved by the Court and was paid in February 2025, subsequent to the end of the first quarter.
+Added: The settlement has been approved by the Court and was paid in the second quarter of fiscal 2025.
Tax Proceedings:
5 unchanged sentences
Long-term Debt consists of:
−Removed: January 26, 2025 October 27, 2024
+Added: April 27, 2025 October 27, 2024
Senior Unsecured Notes with Interest at 3.050 %
35 unchanged sentences
Unsecured Revolving Credit Facility:
−Removed: On May 6, 2021, the Company entered into an unsecured revolving credit agreement with Wells Fargo Bank, National Association as administrative agent, swingline lender and issuing lender, U.S.
+Added: On March 25, 2025, the Company entered into an unsecured revolving credit agreement with Wells Fargo Bank, National Association as administrative agent, swing line lender and issuing lender, U.S.
Bank National Association, JPMorgan Chase Bank, N.A.
2 unchanged sentences
The revolving credit agreement provides for an unsecured revolving credit facility with an aggregate principal commitment amount at any time outstanding of up to $ 750.0 million with an uncommitted increase option of an additional $ 375.0 million upon the satisfaction of certain conditions.
−Removed: On April 17, 2023, the Company entered into a first amendment (Amendment) to the Company’s $ 750.0 million unsecured revolving credit agreement.
−Removed: The Amendment provided for, among other things (i) the replacement of London Interbank Offered Rate (LIBOR) with Term Secured Overnight Financing Rate (SOFR) and Daily Simple Singapore Overnight Rate Average (SORA) for the Eurocurrency Rate for U.S.
−Removed: Dollars and Singapore Dollars, including applicable credit spread adjustments and relevant SOFR benchmark provisions, (ii) permitting two one-year extension options to be exercised at any anniversary, (iii) removing the change in debt ratings notice requirement, (iv) shortening the notice period requirements for Base Rate Loans to allow for same day notice, and (v) increasing the number of permitted Interest Periods from 8 to 15 .
−Removed: The unsecured revolving line of credit bears interest, at the Company’s election, at either a Base Rate plus margin of 0.0 % to 0.150 % or the Adjusted Term SOFR, Adjusted Daily Simple Risk-Free Rate (RFR) or Eurocurrency Rate plus margin of 0.575 % to 1.150 %.
+Added: Interest on funds borrowed under the revolving credit agreement will be charged, depending on the applicable currency, at either a risk-free rate, as defined in the revolving credit agreement, (with borrowings in U.S.
+Added: dollars at the Term Secured Overnight Financing Rate) or a Eurocurrency rate for certain foreign currencies or a base rate with respect to U.S.
+Added: dollars to be selected by the Company at the time of borrowing plus an applicable margin of 0.575 % to 1.160 % for Eurocurrency rate loans and 0.0 % to 0.160 % for base rate loans, depending on the Company’s debt rating issued by S&P and Moody’s.
A variable fee of 0.050 % to 0.090 % is paid for the availability of this credit line.
−Removed: Extensions of credit under the facility may be made in the form of revolving loans, swingline loans, and letters of credit.
−Removed: The lending commitments under the agreement are scheduled to expire on May 6, 2026, at which time the Company will be required to pay in full all obligations then outstanding.
−Removed: As of January 26, 2025, and October 27, 2024, the Company had no outstanding borrowings from this facility.
+Added: Extensions of credit under the facility may be made in the form of revolving loans, swing line loans, and letters of credit.
+Added: The lending commitments under the agreement are scheduled to expire on March 25, 2030, at which time the Company will be required to pay in full all obligations then outstanding.
+Added: Concurrent with entering this revolving credit agreement, the Company terminated its existing $ 750.0 million credit facility that was entered into on May 6, 2021.
+Added: The Company had no outstanding borrowings from either facility as of April 27, 2025, and October 27, 2024.
Debt Covenants:
−Removed: The Company is required by certain covenants in its debt agreements to maintain specified levels of financial ratios and financial position.
−Removed: As of January 26, 2025, the Company was in compliance with all covenants.
+Added: The Company is required by certain covenants in its debt agreements to maintain specified levels of financial ratios and financial position, including maintaining a minimum interest coverage ratio.
+Added: As of April 27, 2025, the Company was in compliance with all covenants.
NOTE L - INCOME TAXES
2 unchanged sentences
The deferred tax assets and liabilities are remeasured using enacted tax rates expected to apply to taxable income in the years the related temporary differences are anticipated to reverse.
−Removed: The Company’s effective tax rate for the quarter ended January 26, 2025, was 21.8 % compared to 23.4 % for the corresponding period a year ago.
−Removed: The Company benefited primarily from the purchase of federal transferable energy tax credits in the first quarter of fiscal 2025.
+Added: The Company’s effective tax rate for the quarter and six months ended April 27, 2025, was 22.0 % and 21.9 %, respectively, compared to 22.5 % and 23.0 %, respectively, for the corresponding periods a year ago.
+Added: The Company benefited primarily from higher federal deductions, the purchase of federal transferable energy tax credits, and favorable state audit settlements in the second quarter and first six months of fiscal 2025.
Unrecognized tax benefits, including interest and penalties, are primarily recorded in Other Long-term Liabilities.
−Removed: If recognized as of January 26, 2025, these benefits would impact the Company’s effective tax rate by $ 16.7 million compared to $ 17.7 million as of January 28, 2024.
−Removed: The Company includes accrued interest and penalties related to uncertain tax positions in Provision for Income Taxes, with immaterial expenses included during the quarters ended January 26, 2025, and January 28, 2024.
−Removed: The amount of accrued interest and penalties associated with unrecognized tax benefits was $ 2.6 million at January 26, 2025, and $ 2.7 million at January 28, 2024.
+Added: If recognized as of April 27, 2025, these benefits would impact the Company’s effective tax rate by $ 16.4 million compared to $ 16.6 million as of April 28, 2024.
+Added: The Company includes accrued interest and penalties related to uncertain tax positions in Provision for Income Taxes, with immaterial expenses included during the quarter ended April 27, 2025, and April 28, 2024.
+Added: The amount of accrued interest and penalties associated with unrecognized tax benefits was $ 2.8 million at April 27, 2025, and $ 2.5 million at April 28, 2024.
Tax Examinations:
8 unchanged sentences
The Company is in various stages of audit by several state taxing authorities on a variety of fiscal years, as far back as 2015.
−Removed: While it is reasonably possible that one or more of these audits may be completed within the next 12 months and the related
−Removed: unrecognized tax benefits may change based on the status of the examinations, as of January 26, 2025, it was not possible to reasonably estimate the effect of any amount of such change to previously recorded uncertain tax positions.
+Added: While it is reasonably possible that one or more of these audits may be completed within the next 12 months and the related unrecognized tax benefits may change based on the status of the examinations, as of April 27, 2025, it was not possible to reasonably estimate the effect of any amount of such change to previously recorded uncertain tax positions.
The Company is subject to various examinations by foreign tax authorities.
2 unchanged sentences
Tax Legislation:
−Removed: The Organization for Economic Cooperation and Development published a framework for Pillar Two of the Global Anti-Base Erosion Rules which was designed to coordinate participating jurisdictions in updating the international tax system to ensure that large multinational companies pay a minimum tax of 15%.
+Added: The Organization for Economic Cooperation and Development published a framework for Pillar Two of the Global Anti-Base Erosion Rules which is designed to coordinate participating jurisdictions in updating the international tax system to ensure that large multinational companies pay a minimum tax of 15%.
Many countries have enacted, or begun the process of enacting, laws based on the Pillar Two framework.
−Removed: The Company considered the applicable tax laws in relevant jurisdictions and concluded the impact of Pillar Two was not material to the tax provision for the quarter ended January 26, 2025.
+Added: The Company considered the applicable tax laws in relevant jurisdictions and concluded the impact of Pillar Two was not material to the Company's tax provision for the quarter and six months ended April 27, 2025.
The Company will continue to evaluate the impact of such legislative changes but does not expect the new tax laws to have a material effect on the Company’s consolidated financial statements in future reporting periods.
3 unchanged sentences
The shares used as the denominator for those computations are as follows:
−Removed: Quarter Ended
−Removed: January 26, 2025 January 28, 2024
+Added: Quarter Ended Six Months Ended
+Added: April 27, 2025 April 28, 2024 April 27, 2025 April 28, 2024
Basic Weighted-average Shares Outstanding
22 unchanged sentences
Therefore, the Company does not represent that these segments, if operated independently, would report the profit and other financial information shown below.
−Removed: Quarter Ended
−Removed: January 26, 2025 January 28, 2024
+Added: Quarter Ended Six Months Ended
+Added: April 27, 2025 April 28, 2024 April 27, 2025 April 28, 2024
Retail $ 1,783,835 $ 1,788,556 $ 3,673,968 $ 3,699,827
12 unchanged sentences
Total revenue contributed by classes of similar products are:
−Removed: Quarter Ended
−Removed: January 26, 2025 January 28, 2024
+Added: Quarter Ended Six Months Ended
+Added: April 27, 2025 April 28, 2024 April 27, 2025 April 28, 2024
Perishable $ 2,076,241 $ 2,029,418 $ 4,228,063 $ 4,135,989
4 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.