What changed in this filing

/stocks — the workspaceLOADING

Item 8. Financial Statements and Supplementary Data

2025-12-05 compared with 2024-12-05 · 469 added, 377 removed, 1198 unchanged (41% of the section changed)

9 unchanged sentences

The audit was conducted in accordance with the standards of the U.S.

Public Company Accounting Oversight Board and includes a review of the Company’s accounting and financial controls and tests of transactions.

Public Company Accounting Oversight Board and includes an evaluation of the Company’s accounting and financial controls and tests of transactions.

The Audit Committee of the Board of Directors, composed solely of outside directors, meets periodically with the independent auditors, management, and the internal auditors to assure that each is carrying out its responsibilities.

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The Company’s internal control system is designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles.

Under the supervision, and with the participation of management, including the Chief Executive Officer and Chief Financial Officer, we conducted an evaluation of the effectiveness of our internal control over financial reporting based on the framework in Internal Control - Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework).

Under the supervision, and with the participation of management, including the Interim Chief Executive Officer and Chief Financial Officer, we conducted an evaluation of the effectiveness of our internal control over financial reporting based on the framework in Internal Control - Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework).

Based on our evaluation under the framework in Internal Control - Integrated Framework , we concluded that our internal control over financial reporting was effective as of October 26, 2025.

Our internal control over financial reporting as of October 26, 2025, has been audited by Ernst & Young LLP, an independent registered public accounting firm, as stated in their report which is included herein.

Snee /s/ Jacinth C.

Chairman of the Board, Executive Vice President

President and Chief Executive Officer and Chief Financial Officer

Report of Independent Registered Public Accounting Firm

/s/ Jeffrey M.

Interim Chief Executive Officer

Interim Chief Financial Officer and Controller

Report of Ind ependent Registered Public Accounting Firm

To the Shareholders and the Board of Directors of Hormel Foods Corporation

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We believe that our audits provide a reasonable basis for our opinion .

Critical Audit Matter

The critical audit matter communicated below is a matter arising from the current period audit of the financial statements that was communicated or required to be communicated to the audit committee and that:

(1) relates to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective or complex judgments.

The communication of the critical audit matter does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the account or disclosure to which it relates.

Critical Audit Matters

The critical audit matters communicated below are matters arising from the current period audit of the financial statements that were communicated or required to be communicated to the audit committee and that:

(1) relate to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective or complex judgments.

The communication of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matters below, providing separate opinions on the critical audit matters or on the accounts or disclosures to which they relate.

Valuation of Pension Plan Assets

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We confirmed the completeness of the investments and ownership interest directly with the fund managers.

We performed a hindsight analysis comparing the fair value of the investments using the most recently available financial statements of the fund to management’s recorded value as of the date of the audited financial statements of the fund.

We performed a hindsight analysis comparing the fair value of the investments using the most recently available financial statements of the fund to the unaudited fair value recorded by the funds as of the same measurement date.

We rolled forward the fair value of certain investments from the date of the audited financial statements of the funds to the measurement date by predicting income from the date of the audited financial statements to the measurement date using a relevant benchmark return and evaluating activity (e.g.

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Additionally, we inspected the trust statement for observable transactions near year end to compare to the estimated fair value.

Indefinite-lived Intangible Asset Impairment Analysis of Planters Trade Name

Description of the Matter At October 26, 2025, the Company’s indefinite-lived intangible asset balance was $1.56 billion, which includes the Planters trade name.

As described in Note C, the company recorded an impairment charge of $59.1 million related to the Planters trade name asset during fiscal year 2025.

As disclosed in Note A to the consolidated financial statements, the Company’s indefinite-lived intangibles assets are tested for impairment annually, in the fourth quarter, or when indicators of impairment are identified.

The Company performed a quantitative assessment which involved determining the fair value of the Planters trade name asset and comparing that amount to the asset’s carrying amount.

Auditing the Company's measurement of the fair value of the Planters trade name asset was complex due to the significant estimation required in determining the fair value of the asset.

The fair value estimate was sensitive to significant assumptions including forecasted sales growth, royalty rate, and discount rate.

Elements of these significant assumptions are forward-looking and could be affected by future economic and market conditions.

How We Addressed the Matter in Our Audit We obtained an understanding, evaluated the design and tested the operating effectiveness of controls that address the Company’s quantitative impairment assessment of the Planters indefinite-lived intangible trade name, which encompassed testing controls over management’s review of the valuation model, the significant assumptions used to develop the fair value estimate, and the completeness and accuracy of the data used in the fair value estimate.

To test the estimated fair value of the Planters trade name, we performed audit procedures that included, among others, assessing the valuation methodology, evaluating the significant assumptions discussed above, and testing the completeness and accuracy of the underlying data used by the Company in its analysis.

We compared the significant assumptions used by management to current industry and economic trends as well as historical results.

We assessed the historical accuracy of management’s estimates and performed sensitivity analyses of significant assumptions to evaluate the changes in the fair value of the asset that would result from changes in the assumptions.

We involved our valuation specialists to assist in evaluation of the valuation methodology and the reasonableness of the significant assumptions discussed above.

/s/ Ernst & Young LLP

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Goodwill and Intangible Impairment

70,751 — 28,383

Operating Income 718,603 1,067,932 1,072,046

Interest and Investment Income 48,396 14,828 28,012

Interest Income

24,227 40,172 23,501

Interest Expense 78,038 80,894 73,402

Other Income (Expense), Net

( 1,344 ) 8,224 ( 8,673 )

Earnings Before Income Taxes 663,449 1,035,434 1,013,472

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Short-term Marketable Securities 32,909 24,742

Accounts Receivable (Net of Allowance for Doubtful Accounts of $ 3,712

at October 27, 2024 and $ 3,557 at October 29, 2023)

Accounts Receivable (Net of Allowance of $ 3,743 and $ 3,712 , respectively)

784,812 817,908

4 unchanged sentences

Goodwill 4,924,087 4,923,487

Other Intangibles 1,732,705 1,757,171

Intangible Assets

1,647,297 1,732,705

Pension Assets 211,826 205,964

2 unchanged sentences

Other Assets 431,500 411,889

Property, Plant, and Equipment

Land 75,159 74,626

Buildings 1,503,519 1,458,354

Equipment 2,905,058 2,781,730

Construction in Progress 228,726 195,665

Allowance for Depreciation ( 2,517,734 ) ( 2,344,557 )

Net Property, Plant, and Equipment 2,194,728 2,165,818

Property, Plant, and Equipment, Net

2,238,770 2,194,728

Total Assets $ 13,393,119 $ 13,434,729

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Long-term Debt Less Current Maturities 2,850,778 2,850,944

Pension and Post-retirement Benefits 379,891 349,268

Pension and Postretirement Benefits 358,984 379,891

Deferred Income Taxes 661,349 589,366

1 unchanged sentence

Shareholders’ Investment

Preferred Stock, Par Value $ 0.01 a Share — Authorized 160,000,000 Shares;

Preferred Stock, Par Value $ 0.01 a Share —

Authorized 160,000,000 Shares;

Issued — None

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Common Stock, Par Value $ 0.01465 a Share — Authorized 1,600,000,000 Shares;

Issued 548,605,305 Shares October 27, 2024

Issued 546,599,420 Shares October 29, 2023

Issued 550,107,260 and 548,605,305 Shares, respectively

Additional Paid-in Capital 620,069 571,178

16 unchanged sentences

(Loss) ( 16,691 ) ( 183 ) ( 16,874 )

Purchases of Common Stock ( 310 ) ( 12,303 ) ( 12,303 )

Stock-based Compensation

Expense 44 — 24,077 24,077

Exercise of Stock Options/

Restricted Shares 3,787 55 79,871 79,927

Exercise of Stock-based

Compensation Awards,

Net of Withholding Taxes

629 9 12,009 12,018

Shares Retired ( 310 ) ( 5 ) 310 12,303 ( 277 ) ( 12,021 ) —

Declared Dividends —

7 unchanged sentences

(Loss) 8,921 389 9,310

Purchases of Common Stock ( 310 ) ( 12,303 ) ( 12,303 )

Contribution from

Noncontrolling Interest

Stock-based Compensation

Expense 54 1 23,231 23,233

Exercise of Stock Options/

Restricted Shares 629 9 12,009 12,018

Shares Retired ( 310 ) ( 5 ) 310 12,303 ( 277 ) ( 12,021 ) —

Exercise of Stock-based

Compensation Awards,

Net of Withholding Taxes

1,951 28 40,685 40,713

Declared Dividends —

11 unchanged sentences

Expense 45 1 25,601 25,602

Exercise of Stock Options/

Restricted Shares 1,951 28 40,685 40,713

Exercise of Stock-based

Compensation Awards,

Net of Withholding Taxes

1,457 21 22,035 22,056

Declared Dividends —

22 unchanged sentences

Goodwill and Intangible Impairment

70,751 — 28,383

Loss (Gain) on Sale of Business

10,800 ( 4,399 ) —

Other Non-cash, Net

4 unchanged sentences

Decrease (Increase) in Prepaid Expenses and Other Assets ( 18,599 ) 13,143 ( 68,666 )

Increase (Decrease) in Pension and Post-retirement Benefits 24,350 18,272 ( 29,392 )

Increase (Decrease) in Pension and Postretirement Benefits 31,760 24,350 18,272

Increase (Decrease) in Accounts Payable and Accrued Expenses ( 69,325 ) ( 27,200 ) ( 140,519 )

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Share Repurchase — — ( 12,303 )

Proceeds from Exercise of Stock Options 40,713 12,018 79,827

Proceeds from Stock-based Compensation Plans, Net of Withholding Taxes

22,056 40,713 12,018

Proceeds from Noncontrolling Interest 4,969 6,508 —

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The preparation of financial statements in conformity with U.S.

generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes.

generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes.

Actual results could differ from those estimates.

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The Company’s fiscal year ends on the last Sunday in October.

Fiscal years 2024, 2023, and 2022 consisted of 52 weeks.

Fiscal year 2025 will consist of 52 weeks.

Reportable Segments:

As of October 30, 2022, the Company had four operating and reportable segments:

Grocery Products, Refrigerated Foods, Jennie-O Turkey Store, and International and Other.

At the beginning of fiscal 2023, the Company transitioned to a new strategic operating model, which aligns its businesses to be more agile, consumer and customer focused, and market driven.

Effective on October 31, 2022, the Company operates with the following three operating and reportable segments:

Retail, Foodservice, and International, which are consistent with how the Company’s chief operating decision maker assesses performance and allocates resources.

This change had no impact on the consolidated results of operations, financial position, shareholders’ investment, or cash flows.

Prior period segment results have been retrospectively recast to reflect the new reportable segments.

Fiscal 2025, 2024, and 2023 consisted of 52 weeks.

Fiscal 2026 will consist of 52 weeks.

Reclassifications:

Certain prior year amounts have been reclassified to conform to the current year presentation.

• Consolidated Statements of Operations:

Interest and Investment Income has been separated into Interest Income and Other Income (Expense), Net.

• Consolidated Statements of Financial Position:

The major classes of Property, Plant, and Equipment are now disclosed in Note F - Property, Plant, and Equipment.

• Consolidated Statements of Cash Flows:

The prior year Loss (Gain) on Sale of Business, previously included in Other Non-cash, Net, is now presented separately.

Cash and Cash Equivalents:

The Company considers all investments with an original maturity of three months or less on their acquisition date to be cash equivalents.

The Company’s cash equivalents as of October 27, 2024 and October 29, 2023, consisted primarily of bank deposits, money market funds rated AAA, or other highly liquid investment accounts.

The Company’s cash equivalents as of October 26, 2025, and October 27, 2024, consisted primarily of bank deposits, money market funds, or other highly liquid investment accounts.

The net asset value (NAV) of the Company’s money market funds is based on the market value of the securities in the portfolio.

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The three levels are defined as follows:

Observable inputs based on quoted prices (unadjusted) in active markets for identical assets or liabilities.

Observable inputs, other than those included in Level 1, based on quoted prices for similar assets and liabilities in active markets, or quoted prices for identical assets and liabilities in inactive markets.

Unobservable inputs that reflect an entity’s own assumptions about what inputs a market participant would use in pricing the asset or liability based on the best information available in the circumstances.

See additional discussion regarding the Company’s fair value measurements in Note F - Derivatives and Hedging, Note G - Pension and Other Post-Retirement Benefits, and Note I - Fair Value Measurements.

Compensation:

Level 1 Observable inputs based on quoted prices (unadjusted) in active markets for identical assets or liabilities.

Level 2 Observable inputs, other than those included in Level 1, based on quoted prices for similar assets and liabilities in active markets, or quoted prices for identical assets and liabilities in inactive markets.

Level 3 Unobservable inputs that reflect an entity’s own assumptions about what inputs a market participant would use in pricing the asset or liability based on the best information available in the circumstances.

See additional discussion regarding the Company’s fair value measurements in Note G - Derivatives and Hedging, Note H - Pension and Other Postretirement Benefits, and Note J - Fair Value Measurements.

Deferred Compensation and Other Trading Securities:

The Company maintains a rabbi trust to fund certain supplemental executive retirement plans and deferred compensation plans.

The rabbi trust is reflected in Other Assets and deferred compensation liabilities in Other Long-term Liabilities on the Consolidated Statements of Financial Position.

The securities held by the trust are classified as trading securities.

Therefore, unrealized gains and losses associated with these investments are included in Interest and Investment Income on the Consolidated Statements of Operations.

The Company also has corporate-owned life insurance policies on

certain participants in the deferred compensation plans.

The cash surrender value of these policies is included in Other Assets on the Consolidated Statements of Financial Position.

The rabbi trust is reflected in Other Assets and deferred compensation liabilities in Other Long-term Liabilities.

The assets held by the rabbi trust are classified as trading securities.

Therefore, unrealized gains and losses associated with these investments are included in Other Income (Expense), Net .

Inventories are stated at the lower of cost or net realizable value.

Cost is determined principally under the average cost method.

Adjustments to the Company’s lower of cost or net realizable value inventory reserve are reflected in Cost of Products Sold in the Consolidated Statements of Operations.

Adjustments to the Company’s lower of cost or net realizable value inventory reserve are reflected in Cost of Products Sold.

Property, Plant, and Equipment:

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Impairment of Long-lived Assets and Definite-lived Intangible Assets:

Definite-lived intangible assets are amortized over their estimated useful lives.

The Company reviews long-lived assets and definite-lived intangible assets for impairment annually, or more frequently when events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable.

If impairment indicators are present and the estimated future undiscounted cash flows are less than the carrying value of the assets and any related goodwill, the carrying value is reduced to the estimated fair value.

The Company recorded no material impairment charges for long-lived or definite-lived assets in fiscal years 2024, 2023, or 2022.

Long-lived and definite-lived intangible assets are amortized over their estimated useful lives.

If impairment indicators are present and the estimated future undiscounted cash flows are less than the carrying value of the assets, the carrying value is reduced to the estimated fair value.

During the fourth quarter of fiscal 2025, the Company completed its annual impairment testing of long-lived assets by performing qualitative assessments.

The Company recorded no material impairment charges for long-lived assets in fiscal years 2025, 2024, or 2023.

See additional discussion regarding the Company’s definite-lived intangible asset impairment testing in Note C - Goodwill and Intangible Assets.

Goodwill and Other Indefinite-Lived Intangibles:

3 unchanged sentences

Goodwill and indefinite-lived intangible assets are tested annually for impairment during the fourth quarter or more frequently if impairment indicators arise.

See additional discussion regarding the Company’s goodwill and intangible assets in Note C - Goodwill and Intangible Assets.

Goodwill and intangible impairment charges, when applicable, are reflected as Goodwill and Intangible Impairment in the Consolidated Statements of Operations and Consolidated Statements of Cash Flows.

The impairment charges are reflected in the segment with primary ownership of the asset.

See additional discussion regarding the Company’s goodwill and indefinite-lived intangible assets in Note C - Goodwill and Intangible Assets.

In conducting the annual impairment test for goodwill, the Company has the option to first assess qualitative factors to determine whether it is more likely than not (> 50 percent likelihood) the fair value of any reporting unit is less than its carrying amount.

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In conducting a qualitative assessment, the Company analyzes actual and projected growth trends for net sales, gross margin, and segment profit for each reporting unit, as well as historical performance versus plan and the results of prior quantitative tests.

Additionally, the Company assesses factors that may impact the business’s financial results such as macroeconomic conditions and the related impact, market-related exposures, plans to market for sale all or a portion of the business, competitive changes, new or discontinued product lines, and changes in key personnel.

If performed, the quantitative goodwill impairment test is performed at the reporting unit level.

Additionally, the Company assesses factors that may impact the reporting unit’s financial results such as

macroeconomic conditions and the related impact, market-related exposures, plans to market for sale all or a portion of the business, competitive changes, new or discontinued product lines, and changes in key personnel.

If completed, the quantitative goodwill impairment test is performed at the reporting unit level.

First, the fair value of each reporting unit is compared to its corresponding carrying value, including goodwill.

The fair value of each reporting unit is

estimated using discounted cash flow valuations (Level 3), which incorporate assumptions regarding future growth rates, terminal values, and discount rates.

The fair value of each reporting unit is estimated using discounted cash flow valuations (Level 3), which incorporate assumptions regarding future growth rates, terminal values, and discount rates.

The estimates and assumptions used consider historical performance and are consistent with the assumptions used in determining future profit plans for each reporting unit, which are approved by the Company’s Board of Directors.

1 unchanged sentence

An impairment loss will be recognized for the amount by which the reporting unit’s carrying amount exceeds its fair value, not to exceed the carrying amount of goodwill in that reporting unit.

As a result of organizational changes in the first quarter of fiscal 2023, the Company conducted an assessment of its operating segments and reporting units.

Based on this analysis, goodwill was reallocated using the relative fair value approach.

Prior to the goodwill reallocation, an impairment assessment was performed which indicated no impairment to the Company’s reporting units.

Subsequent to the goodwill reallocation, the Company completed quantitative impairment testing on each new reporting unit.

The fair value of each reporting unit exceeded its carrying amount;

therefore, no impairment charges were recorded.

During the fourth quarter of fiscal 2024, the Company completed its annual goodwill impairment tests by performing qualitative assessments.

No impairment charges were recorded as a result of the annual assessments in fiscal years 2024, 2023, and 2022.

Indefinite-Lived Intangibles

5 unchanged sentences

If performed, the quantitative impairment test compares the fair value and carrying amount of the indefinite-lived intangible asset.

The fair value of indefinite-lived intangible assets is primarily determined on the basis of estimated discounted value using the relief from royalty method (Level 3), which incorporates assumptions regarding future sales projections, discount rates and royalty rates.

If the carrying amount exceeds fair value, the indefinite-lived intangible asset is considered impaired, and an impairment charge is recorded for the difference.

Even if not required, the Company may elect to perform the quantitative test in order to gain further assurance in the qualitative assessment.

During the fourth quarter of fiscal 2024, 2023, and 2022, the Company completed its annual indefinite-lived asset impairment tests by performing qualitative assessments.

In fiscal 2023, the qualitative assessment determined the Justin ’ s ® trade name was more likely than not impaired, and the Company performed a quantitative impairment test.

As a result of the quantitative impairment test, a $ 28.4 million intangible asset impairment charge was recorded for the Justin ’ s ® trade name.

No other impairment charges were recorded as a result of the assessments in fiscal years 2024, 2023, and 2022.

Pension and Other Post-retirement Benefits:

The Company has elected to use the corridor approach to recognize expenses related to its defined benefit pension and other post-retirement benefit plans.

Pension and Other Postretirement Benefits:

The Company has elected to use the corridor approach to recognize expenses related to its defined benefit pension and other postretirement benefit plans.

Under the corridor approach, actuarial gains or losses resulting from experience and changes in assumptions are deferred and amortized over future periods.

For the defined benefit pension plans, the unrecognized gains and losses are amortized when the net gain or loss exceeds 10 percent of the greater of the projected benefit obligation or the fair value of plan assets at the beginning of the year.

For the other post-retirement plans, the unrecognized gains and losses are amortized when the net gain or loss exceeds 10 percent of the accumulated pension benefit obligation at the beginning of the year.

For the other postretirement plans, the unrecognized gains and losses are amortized when the net gain or loss exceeds 10 percent of the accumulated pension benefit obligation at the beginning of the year.

For plans with primarily active participants, net gains or losses in excess of the corridor are amortized over the average remaining service period of participating employees expected to receive benefits under those plans.

For plans with primarily inactive participants, net gains or losses in excess of the corridor are amortized over the average remaining life of the participants receiving benefits under those plans.

These non-service cost components of net pension and postretirement benefit cost are recorded within Other Income (Expense), Net.

Contingent Liabilities:

8 unchanged sentences

Amounts in the Consolidated Statements of Operations are translated at the average monthly exchange rate.

Translation adjustments resulting from fluctuations in exchange rates are recorded as a component of Accumulated Other Comprehensive Loss within Shareholders’ Investment.

Translation adjustments resulting from fluctuations in exchange rates are recorded as a component of Accumulated Other Comprehensive Loss.

When calculating foreign currency translation, the Company has deemed its foreign investments to be permanent in nature and has not provided for taxes on currency translation adjustments arising from converting the investment in a foreign currency to U.S.

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Hedge accounting is used for cash flow and fair value hedging programs that qualify in accordance with ASC 815, Derivatives and Hedging .

The Company has determined its designated hedging programs to be highly effective in offsetting the changes in fair value or cash flows generated by the items hedged.

The Company has determined its designated hedging programs to be highly effective in offsetting the

changes in fair value or cash flows generated by the items hedged.

Effectiveness testing is performed on a quarterly basis to ascertain a high level of effectiveness for cash flow and fair value hedging programs.

2 unchanged sentences

The Company nets the derivative assets and liabilities for each of its commodity hedging programs, including cash collateral when a master netting arrangement exists between the Company and the counterparty to the derivative contract.

The amount or timing of cash collateral balances may impact the classification of the commodity derivative on the Consolidated Statements of Financial Position.

The cash flow impacts from the derivative instruments are primarily included in Operating Activities in the Consolidated Statements of Cash Flows.

Additional information on hedging activities is presented in Note F - Derivatives and Hedging.

The amount and timing of cash collateral balances may impact the classification of the commodity derivative on the Consolidated Statements of Financial Position.

The net balance for commodity derivatives is included in Prepaid Expenses and Other Current Assets or Accounts Payable, as appropriate.

The cash flow impacts from the derivative instruments are included in Operating Activities in the Consolidated Statements of Cash Flows.

Equity Method Investments:

The Company has a number of investments for which its voting interests are in excess of 20 percent but not greater than 50 percent and for which there are no other indicators of control.

The Company accounts for such investments under the equity method of accounting and its underlying share of each investee’s equity, along with any balances due to or from affiliates, is reported on the Consolidated Statements of Financial Position as part of Investments in Affiliates.

The Company records its interest in the net earnings of its equity method investments, along with adjustments for unrealized profits on intra-entity transactions and amortization of basis differences, within Equity in Earnings of Affiliates in the Consolidated Statements of Operations.

The Company accounts for such investments under the equity method of accounting and its underlying share of each investee’s equity, along with any balances due to or from affiliates and the effect of foreign currency translation on the carrying value, is reported in Investments in Affiliates.

The Company records its interest in the net earnings of its equity method investments, along with adjustments for unrealized profits on intra-entity transactions, within Equity in Earnings of Affiliates.

Basis differences associated with definite-lived assets are amortized through Equity in Earnings of Affiliates over the associated useful lives.

Financial results for certain entities are reported on a 30- to 90-day lag.

The Company regularly monitors and evaluates the fair value of its equity method investments.

If events and circumstances, such as ongoing or projected decreases in earnings or significant business disruptions, indicate that a decline in the fair value of these assets has occurred and is other than temporary, the Company records a charge in Equity in Earnings of Affiliates in the Consolidated Statements of Operations.

The Company did no t record an impairment charge on any of its equity method investments in fiscal 2024 or 2022.

In fiscal 2023, the Company recorded a $ 7.0 million impairment related to a corporate venturing investment.

See additional information pertaining to the Company’s equity method investments in Note D - Investments in Affiliates.

The Company uses the cumulative earnings approach to determine the cash flow presentation of distributions from equity method investments.

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Distributions in excess of the cumulative equity in earnings are deemed to be returns of the investment and classified as Investing Activities in the Consolidated Statements of Cash Flows.

The Company regularly monitors and evaluates the fair value of its equity method investments.

If events and circumstances, such as ongoing or projected decreases in earnings or significant business disruptions, indicate that a decline in the fair value of these assets has occurred and is other than temporary, the Company records an impairment charge in Equity in Earnings of Affiliates and reduces the carrying value in Investments in Affiliates.

See additional information pertaining to the Company’s equity method investments in Note D - Investments in Affiliates.

Revenue Recognition:

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Revenue is recognized at the net consideration the Company expects to receive in exchange for the goods.

The amount of net consideration recognized includes estimates of variable consideration, including costs for trade promotion programs, consumer incentives, and allowances and discounts associated with distressed or potentially unsaleable products.

The amount of net consideration recognized includes estimates of variable consideration, including costs for trade promotion programs, consumer incentives, allowances and discounts associated with distressed or potentially unsaleable products, returns, and other costs.

A majority of the Company’s revenue is short-term in nature with shipments within one year from order date.

2 unchanged sentences

The Company does not have significant deferred revenue or unbilled receivable balances as a result of transactions with customers.

Costs to obtain contracts with a duration of one year or less are expensed and included in the Consolidated Statements of Operations.

Costs to obtain contracts with a duration of one year or less are expensed and included in Selling, General, and Administrative.

The Company promotes products through advertising, consumer incentives, and trade promotions.

1 unchanged sentence

Customer trade promotion and consumer incentive activities are recorded as a reduction to revenue and a corresponding accrued liability based on amounts estimated as variable consideration.

The Company discloses revenue by reportable segment and class of similar product in Note P - Segment Reporting.

The Company discloses revenue by reportable segment and class of similar product in Note Q - Segment Reporting.

Allowance for Doubtful Accounts:

1 unchanged sentence

Advertising Expenses:

Advertising costs are included in Selling, General, and Administrative expenses in the Consolidated Statements of Operations and expensed when incurred.

Advertising costs are included in Selling, General, and Administrative and expensed when incurred.

Advertising expenses include all media advertising but exclude the costs associated with samples, demonstrations, and market research.

Advertising costs for fiscal years 2024, 2023, and 2022 were $ 163.3 million, $ 160.1 million, and $ 157.3 million, respectively.

Advertising costs for fiscal 2025, 2024, and 2023 were $ 147.9 million, $ 163.3 million, and $ 160.1 million, respectively.

Shipping and Handling Costs:

The Company’s shipping and handling expenses are included in Cost of Products Sold in the Consolidated Statements of Operations.

The Company’s shipping and handling expenses are included in Cost of Products Sold.

Research and Development Expenses:

Research and development costs are expensed as incurred and are primarily included in Selling, General, and Administrative expenses in the Consolidated Statements of Operations.

Research and development expenses incurred for fiscal years 2024, 2023, and 2022 were $ 36.1 million, $ 33.7 million, and $ 34.7 million, respectively.

Research and development costs are expensed as incurred and are primarily included in Selling, General, and Administrative.

Research and development expenses incurred for fiscal 2025, 2024, and 2023 were $ 35.2 million, $ 36.1 million, and $ 33.7 million, respectively.

Income Taxes:

2 unchanged sentences

Changes in enacted tax rates are reflected in the tax provision as they occur.

The Company has elected to treat global intangible low-taxed income (GILTI) as a period cost.

In accordance with ASC 740, Income Taxes , the Company recognizes a tax position in its financial statements when it is more likely than not that the position will be sustained upon examination based on the technical merits of the position.

That position is then measured at the largest amount of benefit that is greater than 50 percent likely of being realized upon ultimate settlement.

Unrecognized tax benefits, including interest and penalties, are primarily recorded in Other Long-term Liabilities.

Stock-based Compensation:

1 unchanged sentence

The Company recognizes stock-based compensation expense ratably over the shorter of the vesting period or the grantee’s retirement eligibility date.

These costs are primarily included in Selling, General, and Administrative expenses in the Consolidated Statements of Operations.

These costs are primarily included in Selling, General, and Administrative.

The Company estimates forfeitures at the time of grant based on historical experience and revises in subsequent periods if actual forfeitures differ.

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The timing and amount of repurchase transactions under the repurchase authorization depend on market conditions as well as corporate and regulatory considerations.

For additional share repurchases information, see Part II, Item 5 - Market for Registrants’ Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.

Supplemental Cash Flow Information:

Non-cash Investment Activities presented in the Consolidated Statements of Cash Flows primarily consist of unrealized gains or losses on the Company’s rabbi trust.

Changes in the value of these investments are presented in Interest and Investment Income in the Consolidated Statements of Operations.

Reclassifications:

Certain reclassifications of previously reported amounts have been made to conform to the current year presentation.

The reclassifications had no impact on the Consolidated Statements of Operations, Consolidated Statements of Comprehensive Income, Consolidated Statements of Financial Position, Consolidated Statements of Shareholders' Investment, or Consolidated Statements of Cash Flows.

Changes in the value of these investments are presented in Other Income (Expense), Net.

Accounting Changes and Recent Accounting Pronouncements:

New Accounting Pronouncements Recently Adopted

In November 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2023-07, Segment Reporting (Topic 280):

Improvements to Reportable Segment Disclosures .

The ASU is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant expenses.

The ASU requires disclosures to include significant segment expenses that are regularly provided to the chief operating decision maker (CODM), a description of other segment items by reportable segment, and allows the disclosure of additional measures of a segment’s profit or loss used by the CODM when deciding how to allocate resources.

The ASU also requires all annual disclosures currently required by Topic 280 to be included in interim periods.

The Company adopted ASU 2023-07 in fiscal 2025.

Refer to Note Q - Segment Reporting for the updated disclosures.

No new accounting standards were adopted during fiscal 2024.

No new accounting standards were adopted during fiscal 2023.

In December 2019, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2019-12, Income Taxes - Simplifying the Accounting for Income Taxes (Topic 740).

The updated guidance simplifies the accounting for income taxes by removing certain exceptions in Topic 740 and clarifying and amending existing guidance.

The amendments are effective for fiscal years beginning after December 15, 2020, with early adoption permitted.

The Company adopted the provisions of this new accounting standard at the beginning of fiscal 2022 and adoption did not have a material impact on its Consolidated Financial Statements.

New Accounting Pronouncements Not Yet Adopted

In November 2023, the FASB issued ASU 2023-07 Segment Reporting (Topic 280):

Improvements to Reportable Segment Disclosures.

The update is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant expenses.

The ASU requires disclosures to include significant segment expenses that are regularly provided to the chief operating decision maker (CODM), a description of other segment items by reportable segment, and any additional measures of a segment’s profit or loss used by the CODM when deciding how to allocate resources.

The ASU also requires all annual disclosures currently required by Topic 280 to be included in interim periods.

The update is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024.

Early adoption is permitted and requires retrospective application to all prior periods presented in the financial statements.

The Company is currently assessing the impact of adopting the updated provisions.

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740):

Improvements to Income Tax Disclosures.

The update is intended to enhance transparency and decision usefulness of income tax disclosures.

This ASU updates income tax disclosure requirements by requiring specific categories and greater disaggregation within the rate reconciliation and disaggregation of income taxes paid by jurisdiction.

The update is effective for fiscal years beginning after December 15, 2024, with early adoption permitted.

The update is intended to enhance transparency and decision usefulness of annual income tax disclosures.

The ASU updates income tax disclosure requirements by requiring specific categories and greater disaggregation within the rate reconciliation and disaggregation of income taxes paid by jurisdiction.

The ASU is effective for the Company's fiscal year ending October 25, 2026.

The Company is currently assessing the impact of adopting the updated provisions.

In March 2024, the SEC adopted a final rule under SEC Release Nos.

33-11275 and 34-99678, The Enhancement and Standardization of Climate-Related Disclosures for Investors , to enhance and standardize climate-related disclosures.

The rule will require companies to disclose material Scope 1 and Scope 2 greenhouse gas emissions;

climate-related risks, governance, and oversight;

and the financial effects of severe weather events and other natural conditions.

These disclosures are required to be phased in starting with annual reporting periods beginning in 2025;

however, this rule has been stayed pending the outcome of legal challenges.

The Company is assessing the impact of adoption on our Consolidated Financial Statements and related disclosures in the event that the stay is lifted.

In November 2024, the FASB issued ASU 2024-03 Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40):

Disaggregation of Income Statement Expenses.

Subsequently, in January 2025, the FASB issued ASU 2025-01 Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40):

Clarifying the Effective Dat e.

The new guidance is intended to provide investors more detailed disclosures around specific types of expenses.

The new disclosures require certain details for expenses presented on the face of the Consolidated Statements of Operations as well as selling expenses to be presented in the notes to the financial statements.

The update is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted.

As clarified by ASU 2025-01, the guidance is effective for the Company's fiscal year ending October 29, 2028, and subsequent interim periods thereafter.

The disclosure updates are required to be applied prospectively with the option for retrospective application.

The Company is currently assessing the impact and timing of adopting the updated provisions.

The Company is currently assessing the impact of adopting the updated guidance.

In September 2025, the FASB issued ASU 2025-06 Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40):

Targeted Improvements to the Accounting for Internal-Use Software.

The new guidance is intended to modernize the accounting for internal-use software costs and better align recognition practices.

The update introduces principles-based criteria entities must consider to begin capitalizing costs based on management authorization and project completion probability.

The guidance is effective for the Company's fiscal year ending October 28, 2029, and subsequent interim periods thereafter, with early adoption permitted.

Several transition approaches are available including prospective, retrospective, and a modified transition approach.

The Company is currently assessing the impact, transition approach, and timing of adoption.

Recently issued accounting standards or pronouncements not disclosed have been excluded as they are currently not relevant to the Company.

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Divestitures:

On October 18, 2024, the Company completed the sale of its equity interests in Hormel Health Labs, LLC (Hormel Health Labs) and related assets to Lyons Health Labs Holdco, LLC.

The preliminary purchase price was $ 25.0 million, pending final working capital adjustments.

The divestiture resulted in a pre-tax gain of $ 3.9 million, which was recognized in Selling, General and Administrative on the Consolidated Statements of Operations.

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.

The divestiture resulted in a pre-tax gain of $ 3.9 million, net of 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.

On November 18, 2024, the Company sold its equity interests in a non-core sow operation, Mountain Prairie, LLC, and related assets to Chaparral Ranches, LLC for $ 13.6 million.

The divestiture resulted in a pre-tax loss of $ 11.3 million, including transaction costs, which was recognized in Selling, General, and Administrative.

Results of operations for Mountain Prairie, LLC were primarily reflected within the Retail segment through the date of divestiture.

Subsequent to the end of the fiscal year, the Company announced a definitive agreement to sell a 51 % controlling position in the Justin’s ® business to Forward Consumer Partners, LLC based on a preliminary enterprise value of $ 125 million.

The transaction is subject to customary closing conditions and is expected to be completed during the first quarter of fiscal 2026.

Goodwill and Intangible Assets

The change in the carrying amount of goodwill for the fiscal years ended October 26, 2025, and October 27, 2024, is:

In thousands Grocery

Products Refrigerated

Foods Jennie-O

Turkey Store Retail Foodservice International Total

In thousands Retail Foodservice International Total

Balance at October 29, 2023

$ 2,916,796 $ 1,750,594 $ 261,074 $ 4,928,464

Goodwill Reallocation ( 2,398,354 ) ( 2,094,421 ) ( 176,628 ) 2,916,796 1,750,594 2,013 —

Goodwill Sold

— ( 2,239 ) — ( 2,239 )

Foreign Currency Translation — — ( 2,738 ) ( 2,738 )

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$ 2,916,796 $ 1,748,355 $ 258,336 $ 4,923,487

Goodwill Sold

— — — — ( 2,239 ) — ( 2,239 )

Foreign Currency Translation — — 600 600

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$ 2,916,796 $ 1,748,355 $ 258,936 $ 4,924,087

Goodwill was reallocated as of October 31, 2022, due to organizational changes as described in Note A - Summary of Significant Accounting Policies.

The goodwill sold during fiscal 2024 was due to the divestiture of Hormel Health Labs.

Intangible Assets:

The carrying amounts for indefinite-lived intangible assets are:

In thousands October 27, 2024 October 29, 2023

Brands/Trade Names/Trademarks

$ 1,629,582 $ 1,636,807

Other Intangibles 184 184

Foreign Currency Translation ( 6,655 ) ( 5,893 )

Total Indefinite-lived Intangible Assets

$ 1,623,112 $ 1,631,098

The decrease in fiscal 2024 was primarily due to the trademarks associated with the divestiture of Hormel Health Labs.

The gross carrying amount and accumulated amortization for definite-lived intangible assets are:

The Company's intangible assets by type are:

October 26, 2025 October 27, 2024

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Amount Accumulated

Amortization Net

Amount Accumulated

Amortization Net

Definite-lived Intangible Assets

Customer Relationships $ 134,328 $ ( 78,565 ) $ 55,763 $ 168,239 $ ( 93,536 ) $ 74,703

$ 168,239 $ ( 93,536 ) $ 168,239 $ ( 82,658 )

Other Intangibles 59,241 ( 20,107 ) 59,241 ( 15,857 )

Other Definite-lived Intangibles 59,445 ( 24,620 ) 34,824 59,241 ( 20,107 ) 39,134

Trade Names/Trademarks 6,210 ( 6,210 ) — 6,210 ( 5,996 ) 214

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Total Definite-lived Intangible Assets $ 199,982 $ ( 113,872 ) $ 86,111 $ 233,690 $ ( 124,097 ) $ 109,593

$ 233,690 $ ( 124,097 ) $ 234,020 $ ( 107,947 )

Indefinite-lived Intangible Assets

Brands/Trade Names/Trademarks $ 1,567,623 $ 1,629,582

Other Indefinite-lived Intangibles — 184

Foreign Currency Translation ( 6,437 ) ( 6,655 )

Total Indefinite-lived Intangible Assets 1,561,186 1,623,112

Total Intangible Assets $ 1,647,297 $ 1,732,705

Amortization expense on intangible assets for the last three fiscal years is as follows:

In thousands Amortization Expense

In thousands Amortization

2025 $ 14,854

2 unchanged sentences

2026 $ 12,428

During the fourth quarter of fiscal years 2024, 2023, and 2022, the Company completed required annual impairment tests of indefinite-lived intangible assets and goodwill.

In fiscal 2023, an impairment was indicated for the Justin’s ® trade name, resulting in an impairment charge of $ 28.4 million.

The expense was reflected in the Retail segment and included in Goodwill and Intangible Impairment in the Consolidated Statements of Operations.

No other impairment was indicated.

Impairment Testing:

During the fourth quarter of fiscal 2025, 2024, and 2023, the Company completed its annual impairment tests of goodwill, indefinite-lived intangible assets, and definite-lived intangible assets.

Useful lives of intangible assets were also reviewed during this process with no material changes identified.

See Note A - Summary of Significant Accounting Policies for additional information on the Company's impairment testing procedures.

During the fourth quarter of fiscal 2025, the Company elected to complete its annual goodwill impairment tests by performing quantitative assessments.

No goodwill impairment was indicated in the annual assessments in fiscal 2025, 2024, and 2023.

Indefinite-lived Intangible Assets

During the fourth quarter of fiscal 2025, the Company elected to complete its annual indefinite-lived intangible impairment tests by performing quantitative assessments.

The assessments indicated an impairment for the Planters ® trade name, resulting in a n impairment charge of $ 59.1 million in the Retail segment, which reduced the remaining carrying value to $ 615.9 million.

Since the production disruption in fiscal 2024, the Company has monitored the brand’s impairment status through quarterly qualitative assessments.

While the brand has shown signs of recovery, including operational stabilization and improved revenue, the updated projections provided in the fourth quarter of fiscal 2025 reflect long-term revenue growth lagging previous expectations leading to the impairment.

Additionally in the fourth quarter of fiscal 2025, impairment was indicated for the Chi-Chi's ® trade name, resulting in an impairment charge of $ 2.9 million in the Retail segment, which reduced the remaining carrying value to $ 13.1 million .

The impairment was driven by lower long-term forecasts influenced by recent performance trends.

In fiscal 2023, qualitative assessments indicated that the Justin’s ® trade name was more likely than not impaired, prompting a quantitative impairment test.

As a result of the quantitative impairment test, an impairment charge was recognized in the Retail segment of $ 28.4 million.

No other indefinite-lived intangible impairments were indicated in the fiscal 2025, 2024, and 2023 assessments.

Definite-lived Intangible Assets

During the fourth quarter of fiscal 2025, the Company completed its annual definite-lived intangible asset impairment tests by performing qualitative assessments.

The assessment indicated impairment of a private label customer relationship acquired in the purchase of Columbus Manufacturing, Inc., which resulted in an impairment charge of $ 8.8 million in the Retail segment, and representing the full carrying value of the asset.

The impairment was driven by recent performance results and the Company's intent to shift strategic focus to Columbus ® branded products.

No other definite-lived intangible impairments were indicated in fiscal 2025, 2024, or 2023.

Investments in Affiliates

Equity in Earnings of Affiliates consists of:

In thousands % Owned

Fiscal Year Ended

October 27, 2024 October 29, 2023 October 30, 2022

MegaMex Foods, LLC (1)

50 % $ 24,784 $ 40,501 $ 19,861

Other Equity Method Investments (2)

Various ( 25 - 45 %)

26,304 2,253 7,324

Total Equity in Earnings of Affiliates

$ 51,088 $ 42,754 $ 27,185

(1) MegaMex Foods, LLC is reflected in the Retail segment.

(2) Other Equity Method Investments are primarily reflected in the International segment but also include corporate venturing investments.

As of October 26, 2025, the Company's equity method investments include:

Ownership Percentage

MegaMex Foods

The Purefoods-Hormel Company, Inc.

International 40 %

PT Garudafood Putra Putri Jaya Tbk.

International 30 %

Okinawa Hormel LTD

International 26 %

Corporate Venturing Investments

Equity in Earnings:

The Company's share of earnings from its equity method investments is presented in the Consolidated Statements of Operations as Equity in Earnings of Affiliates and further disclosed in Note Q - Segment Reporting.

Equity in earnings from corporate venturing investments is not included in any of the reportable segments' measure of segment profit.

Distributions:

Distributions received from equity method investees consists of:

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October 26, 2025 October 27, 2024 October 29, 2023

Distributions

$ 50,097 $ 46,055 $ 38,160

On December 15, 2022, the Company purchased from various minority shareholders a 29 % common stock interest in PT Garudafood Putra Putri Jaya Tbk (Garudafood), a food and beverage company in Indonesia.

On April 12, 2023, the Company purchased additional shares increasing the ownership interest to approximately 30 %.

This investment expanded the Company’s presence in Southeast Asia to support the global execution of the entertaining and snacking strategy.

The Company has the ability to exercise significant influence, but not control, over Garudafood;

therefore, the investment is accounted for under the equity method.

The Company obtained its Garudafood interest for an aggregate purchase price of $ 425.8 million, including associated transaction costs.

The transactions were funded using the Company’s cash on hand.

Based on a third-party valuation, the Company’s basis difference between the fair value of the investment and proportionate share of the carrying value of Garudafood’s net assets is $ 324.8 million.

The basis difference related to inventory, property, plant and equipment, and certain intangible assets is being amortized through Equity in Earnings of Affiliates over the associated useful lives.

As of October 27, 2024, the remaining basis difference was $ 328.1 million, which includes the impact of foreign currency translation.

Basis Difference:

The initial and unamortized basis differences as of October 26, 2025, are:

Initial Basis Difference Unamortized Basis Difference

Garudafood (1)

$ 324,828 $ 136,362

MegaMex Foods

(1) The Garudafood remaining unamortized basis difference balance includes the impact of foreign currency translation and impairment.

Based on quoted market prices, the fair value of the common stock held in Garudafood was $ 243.9 million as of October 24, 2025.

The Company's other equity method investments do not have readily determinable fair values.

Impairment Charges:

Based on an assessment in the fourth quarter of fiscal 2025 and in connection with the preparation of the Company's consolidated financial statements, the Company initiated an impairment review of its investment in Garudafood and concluded that the decline in fair value was no longer believed to be temporary.

While the investment has provided positive equity in earnings and the Company continues to consider Garudafood a long-term strategic partner, performance has lagged original expectations and the business has experienced a sustained decline in market price.

As a result, the Company recorded a $ 163.7 million impairment charge to reduce the carrying amount to estimated fair value.

Fair value was determined using Garudafood's unadjusted quoted market price, a Level 1 input.

The impairment charge is reflected in Equity in Earnings of Affiliates within the International segment.

The remaining carrying value of the Garudafood investment is $ 247.1 million.

In fiscal 2023, the Company recorded a $ 7.0 million impairment charge related to a corporate venturing investment to recognize a decline in fair value not believed to be temporary.

The impact is reflected in Equity in Earnings of Affiliates on the Consolidated Statements of Operations.

The Company determined that no other-than-temporary impairment existed for any other equity method investments as of October 27, 2024.

The Company recognized a basis difference of $ 21.3 million associated with the formation of MegaMex Foods, LLC, of which $ 8.5 million was remaining as of October 27, 2024.

This difference is being amortized through Equity in Earnings of Affiliates.

The impairment charge is reflected in Equity in Earnings of Affiliates.

The Company determined that no other-than-temporary impairment existed for its other equity method investments as of October 26, 2025.

Principal components of inventories are:

6 unchanged sentences

$ 1,747,279 $ 1,576,300

Property, Plant, and Equipment

Property, plant, and equipment consists of the following:

In thousands October 26, 2025 October 27, 2024

Land $ 74,710 $ 75,159

Buildings 1,537,276 1,503,519

Equipment 3,014,677 2,905,058

Construction in Progress 286,466 228,726

Allowance for Depreciation ( 2,674,359 ) ( 2,517,734 )

Property, Plant, and Equipment, Net

$ 2,238,770 $ 2,194,728

Derivatives and Hedging

9 unchanged sentences

The programs are intended to make the forward priced commodities cost nearly the same as cash market purchases at the date of delivery.

Changes in the fair value of the futures contracts and the gain or loss on the hedged purchase commitment are marked-to-market through earnings and recorded on the Consolidated Statements of Financial Position as a Current Asset and Current Liability, respectively.

Changes in the fair value of the futures contracts and the offsetting gain or loss on the hedged purchase commitment are marked-to-market through earnings and recorded as a Current Asset and Current Liability, respectively.

Gains or losses related to these fair value hedges are recognized through Cost of Products Sold in the periods in which the hedged transactions affect earnings.

2 unchanged sentences

The total notional amount of the Company’s locks was $ 1.25 billion.

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 L - Long-term Debt and Other Borrowing Arrangements).

In the third quarter of fiscal 2021, the associated unsecured senior notes were issued with tenors of seven and 30 years and both locks were lifted (See Note M - Long-term Debt and Other Borrowing Arrangements).

Mark-to-market gains and losses on these instruments were deferred as a component of AOCL.

2 unchanged sentences

In the first quarter of fiscal 2022, the Company entered into an interest rate swap to protect against changes in the fair value of a portion of previously issued senior unsecured notes attributable to the change in the benchmark interest rate.

The hedge specifically designated the last $ 450 million of the $ 950 million aggregate principal amount of its 0.650 % notes due June 2024 (the 2024 Notes).

The hedge specifically designated the last $ 450 million of the $ 950 million aggregate principal amount of the Company's 0.650 % notes due June 2024 (the 2024 Notes).

The Company terminated the swap in the fourth quarter of fiscal 2022.

The loss related to the swap was recorded as a fair value hedging adjustment to the hedged debt and amortized through earnings over the remaining life of the debt.

The loss related to the swap was recorded as a fair value hedging adjustment to the hedged debt and amortized through Interest Expense over the remaining life of the debt.

In the third quarter of fiscal 2024, the fair value hedging adjustment was completely amortized to correspond with the payment of the 2024 Notes upon maturity.

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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.

Activity related to derivatives not designated for hedge accounting was immaterial to the consolidated financial statements during fiscal years 2024, 2023, and 2022.

Activity related to derivatives not designated for hedge accounting was immaterial to the consolidated financial statements during fiscal 2025, 2024, and 2023.

The Company’s outstanding contracts related to its commodity hedging programs include:

10 unchanged sentences

304 4,243 ( 1,785 ) 12,638

Amounts Recognized on Consolidated Statements of Financial Position (2)

Amounts Recognized in Prepaid Expenses and Other Current Assets

$ 10,166 $ — $ 8,066 $ —

(1) Per the terms of the Company's master netting arrangements, the gross fair value of the Company's commodity contracts were offset by the right to reclaim net cash collateral of $ 10.9 million and $ 32.2 million as of October 27, 2024 and October 29, 2023, respectively.

(2) The Company's commodity contracts are located in Prepaid Expenses and Other Current Assets on the Consolidated Statements of Financial Position.

(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 $ 4.5 million (including cash payable of $ 5.5 million and $ 10.1 million of realized gain) as of October 26, 2025, and the right to reclaim net cash collateral of $ 10.9 million (including cash receivable of $ 26.5 million and $ 15.6 million of realized loss) as of October 27, 2024.

Fair Value Hedge - Assets (Liabilities):

5 unchanged sentences

$ ( 157 ) $ ( 2,902 )

Interest Rate Contracts

Current Maturities of Long-term Debt (2)

— ( 442,549 )

(1) Represents the carrying amount of fair value hedged assets and liabilities, which are offset by other assets included in master netting arrangements described above.

(2) Represents the carrying amount of the hedged portion of the 2024 Notes.

As of October 29, 2023, the carrying amount of the 2024 Notes included a cumulative fair value hedging adjustment of $ 7.5 million from discontinued hedges.

The 2024 Notes were paid on June 3, 2024.

Accumulated Other Comprehensive Loss Impact:

As of October 27, 2024, the Company included in AOCL pre-tax hedging losses of $ 8.8 million on commodity contracts and gains of $ 11.5 million related to interest rate settled positions.

The Company expects to recognize the majority of the losses on commodity contracts over the next twelve months.

As of October 26, 2025, the Company included in AOCL pre-tax hedging gains of $ 5.4 million on commodity contracts and gains of $ 10.5 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.

Gains on interest rate contracts offset the hedged interest payments over the tenor of the associated debt instruments.

The pre-tax gains or (losses) recognized in AOCL related to the Company’s derivative instruments are:

The pre-tax gains (losses) recognized in AOCL related to the Company’s derivative instruments are:

In thousands Fiscal Year Ended

10 unchanged sentences

Interest Rate Contracts Interest Expense 988 988

See Note H - Accumulated Other Comprehensive Loss for the after-tax impact of these gains or losses on Net Earnings.

See Note I - Accumulated Other Comprehensive Loss for the after-tax impact of these gains or losses on Net Earnings.

Consolidated Statements of Operations Impact:

5 unchanged sentences

Gain (Loss) Reclassified from AOCL 5,341 ( 26,445 ) 1,225

( 26,445 ) 1,225 55,350

Amortization of Excluded Component from Options

( 877 ) ( 2,774 ) ( 5,835 )

Gain (Loss) Reclassified from AOCL Due to Discontinuance of Cash Flow Hedges (1)

Fair Value Hedges - Commodity Contracts

6 unchanged sentences

Fair Value Hedge - Interest Rate Contracts

Gain (Loss) on Interest Rate Swap — — 928

Amortization of Loss Due to Discontinuance of Fair Value Hedge (2)

3 unchanged sentences

Total Gain (Loss) Recognized in Earnings $ 7,802 $ ( 29,420 ) $ ( 15,466 )

(1) In fiscal year 2022, the Company discontinued hedge accounting related to corn usage that was deemed no longer probable to occur resulting in the immediate recognition of gains of $ 2.2 million ( 1.0 million bushels).

(1) Represents gains or losses on commodity contracts designated as fair value hedges that were closed during the year, 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.

(3) Total Gain (Loss) on Commodity Contracts is recognized in earnings through Cost of Products Sold.

(2) Represents the fair value hedging adjustment amortized through earnings.

(5) Total Gain (Loss) on Interest Rate Contracts is recognized in earnings through Interest Expense.

Pension and Other Post-retirement Benefits

The Company has several defined benefit plans and defined contribution plans covering most employees.

Benefits for defined benefit pension plans covering certain bargaining unit employees are provided based on stated amounts for each year of service.

Plan benefits covering certain non-bargaining unit hourly and salaried employees are based on final average compensation, age, and years of service for benefits accrued prior to January 1, 2017.

In the fourth quarter of fiscal 2022, an amendment was enacted for the non-bargaining unit employee plan which changed the design from a stable value benefit to a cash balance benefit effective January 1, 2023.

This amendment also called for benefits to be calculated retroactively to January 1, 2017.

The cash balance design establishes hypothetical accounts for employees that are credited with an amount equal to a specified percent of their pay plus interest.

Total costs associated with the Company’s defined contribution benefit plans in fiscal years 2024, 2023, and 2022 were $ 42.5 million, $ 41.0 million, and $ 47.9 million, respectively.

Certain groups of employees are eligible for post-retirement health or welfare benefits.

Pension and Other Postretirement Benefits

The Company maintains several defined benefit pension plans for eligible employees.

Benefits under defined benefit pension plans for certain bargaining unit employees are based on stated amounts for each year of service.

For certain non-bargaining unit hourly and salaried employees, defined benefit plan provisions are determined using one of the following approaches:

(i) a formula based on final average compensation, age, and years of service;

(ii) a cash balance plan design;

or (iii) a combination of both.

The Company sponsors several defined contribution benefit plans for eligible employees.

Total costs associated with the Company’s defined contribution benefit plans in fiscal 2025, 2024, and 2023 were $ 42.7 million, $ 42.5 million, and $ 41.0 million, respectively.

Certain groups of employees are eligible for postretirement health or welfare benefits.

Benefits for retired employees vary for each group depending on respective retirement dates and applicable plan coverage in effect.

1 unchanged sentence

Net periodic cost of defined benefit plans included the following for fiscal years ending:

Pension Benefits Post-retirement Benefits

Pension Benefits Postretirement Benefits

In thousands October 26, 2025 October 27, 2024 October 29, 2023 October 26, 2025 October 27, 2024 October 29, 2023

5 unchanged sentences

Recognized Actuarial Loss (Gain) 12,055 13,268 13,303 ( 160 ) ( 1,265 ) ( 29 )

Special Termination Benefits (1)

12,696 — — — — —

Net Periodic Cost $ 52,878 $ 44,334 $ 37,413 $ 9,903 $ 10,476 $ 12,290

Non-service cost components of net pension and post-retirement benefit cost are presented within Interest and Investment Income in the Consolidated Statements of Operations.

Actuarial gains and losses and any adjustments resulting from plan amendments are deferred and amortized over periods ranging from 8 to 12 years for pension benefits and 13 years for post-retirement benefits.

(1) As part of the corporate restructuring plan, the Company approved a voluntary early retirement program for eligible participants of the non-bargaining unit pension plan.

The program included a one-time benefit enhancement based upon years of service, subject to minimum and maximum limits.

Actuarial gains and losses and any adjustments resulting from plan amendments are deferred and amortized over periods ranging from 8.3 to 10.9 years for pension benefits and from 12.2 to 12.8 years for postretirement benefits.

The following amounts have not been recognized in net periodic pension cost and are included in Accumulated Other Comprehensive Loss:

Pension Benefits Post-retirement Benefits

Pension Benefits Postretirement Benefits

In thousands October 26, 2025 October 27, 2024 October 26, 2025 October 27, 2024

4 unchanged sentences

The following is a reconciliation of the beginning and ending balances of the benefit obligation, fair value of plan assets, and funded status of the plans as of the measurement dates:

Pension Benefits Post-retirement Benefits

Pension Benefits Postretirement Benefits

In thousands October 26, 2025 October 27, 2024 October 26, 2025 October 27, 2024

6 unchanged sentences

Plan Amendments ( 6,545 ) — — ( 654 )

Special Termination Benefits

Participant Contributions — — 1,774 2,001

3 unchanged sentences

(1) Actuarial losses in fiscal 2024 were primarily due to the change in the discount rate assumptions utilized in measuring plan obligations.

Pension Benefits Post-retirement Benefits

Pension Benefits Postretirement Benefits

In thousands October 26, 2025 October 27, 2024 October 26, 2025 October 27, 2024

8 unchanged sentences

Amounts recognized on the Consolidated Statements of Financial Position are as follows:

Pension Benefits Post-retirement Benefits

Pension Benefits Postretirement Benefits

In thousands October 26, 2025 October 27, 2024 October 26, 2025 October 27, 2024

2 unchanged sentences

( 13,143 ) ( 12,501 ) ( 16,316 ) ( 17,115 )

Pension and Post-retirement Benefits ( 205,429 ) ( 181,382 ) ( 174,463 ) ( 167,886 )

Pension and Postretirement Benefits

( 202,742 ) ( 205,429 ) ( 156,242 ) ( 174,463 )

Net Amount Recognized $ ( 4,059 ) $ ( 11,966 ) $ ( 172,558 ) $ ( 191,578 )

8 unchanged sentences

Discount Rate 5.44 % 5.44 %

Rate of Future Compensation Increase (For Plans that Base Benefits on

Final Compensation Level)

Rate of Future Compensation Increase (For Plans that Base Benefits on Final Compensation Level)

4.04 % 4.09 %

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Discount Rate 5.44 % 6.49 % 5.92 %

Rate of Future Compensation Increase (For Plans

that Base Benefits on Final Compensation Level)

Rate of Future Compensation Increase (For Plans that Base Benefits on Final Compensation Level)

4.09 % 4.06 % 3.95 %

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4.50 % 4.98 % 4.42 %

(1) Cash balance plan enacted in the fourth quarter of fiscal 2022.

The expected long-term rate of return on plan assets is based on fair value and developed in consultation with outside advisors.

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In thousands Pension Benefits

Post-retirement Benefits

Postretirement Benefits

2026 $ 110,621 $ 16,741

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Range % Actual % Target

Fixed Income 49.5 40 – 60 47.6 40 – 60

Long Duration Fixed Income

40.5 30 – 50 — 0 – 0

Global Stocks 32.2 20 – 55 33.1 20 – 55

Real Estate 5.6 0 – 10 8.0 0 – 10

Investment Grade Bonds

9.8 0 – 20 — 0 – 0

Private Equity

5.3 0 – 15 6.1 0 – 15

Hedge Funds 1.8 0 – 10 2.1 0 – 10

Real Estate 5.0 0 – 10 5.6 0 – 10

2.7 0 – 5 2.4 0 – 5

Cash and Cash Equivalents 2.7 0 – 5 1.5 0 – 5

Hedge Funds 1.9 0 – 10 1.8 0 – 10

Fixed Income (1)

— 0 – 0 49.5 40 – 60

(1) Fixed Income asset category was replaced by Long Duration Fixed Income and Investment Grade Bonds in fiscal 2025.

The following tables show the categories of defined benefit pension plan assets and the level under which fair values were determined pursuant to the provisions of ASC 820.

Assets measured at fair value using the net asset value (NAV) per share practical expedient are not required to be classified in the fair value hierarchy.

Assets measured at fair value using the NAV per share practical expedient are not required to be classified in the fair value hierarchy.

These amounts are provided to permit reconciliation to the total fair value of plan assets.

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International 45,080 — — 45,080

Real Estate Funds

Domestic 6,249 — — 6,249

Government Issues 175,715 152,721 22,994 —

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Corporate Issues – Foreign 41,088 — 41,088 —

Global Stocks – Mutual Funds

Domestic 8,451 8,451 — —

Plan Assets in Fair Value Hierarchy $ 603,219 $ 161,172 $ 354,760 $ 87,287

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These investments include holdings of mutual funds that are SEC-registered open-end investment companies that pool money from many investors and invests the money in stocks, bonds, short-term money-market instruments, other securities or assets, or some combination of these investments.

Shares of these companies are liquid and traded daily on public market exchanges.

These securities are traded through fund managers or brokerage firms with a NAV calculated daily after market close.

Real Estate – Domestic:

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The Company has commitments totaling $ 200.3 million for the investments within the pension plans.

Funding for future capital calls will come from existing pension plan assets and not from additional cash contributions by the Company.

The unfunded commitment balance for each investment category is as follows:

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Unfunded Commitment Balance $ 53,441 $ 44,169

Funding for future capital calls will come from existing pension plan assets and not from additional cash contributions by the Company.

Accumulated Other Comprehensive Loss

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( 2,213 ) (2)

( 8,235 ) (3)

Tax Effect — ( 2,806 ) 501 — ( 2,305 )

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( 4,831 ) (3)

( 8,235 ) (3)

Tax Effect — ( 2,744 ) ( 6,190 ) — ( 8,933 )

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(1) Included in computation of net periodic cost.

See Note G - Pension and Other Post-Retirement Benefits for additional information.

(2) Included in Cost of Products Sold and Interest Expense in the Consolidated Statements of Operations.

See Note F - Derivatives and Hedging for additional information.

(3) Included in Equity in Earnings of Affiliates in the Consolidated Statements of Operations.

See Note H - Pension and Other Postretirement Benefits for additional information.

(2) Included in Cost of Products Sold and Interest Expense.

See Note G - Derivatives and Hedging for additional information.

(3) Included in Equity in Earnings of Affiliates.

Fair Value Measurements

4 unchanged sentences

Assets at Fair Value

Cash and Cash Equivalents

$ 741,881 $ 741,188 $ 693 $ —

Short-term Marketable Securities

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Assets at Fair Value

Cash and Cash Equivalents

$ 736,532 $ 735,387 $ 1,145 $ —

Short-term Marketable Securities

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The following methods and assumptions were used to estimate the fair value of the financial assets and liabilities above:

Cash and Cash Equivalents:

The Company’s cash equivalents considered Level 1 consist primarily of bank deposits, money market funds rated AAA, or other highly liquid investment accounts, and have a maturity date of three months or less.

Cash equivalents considered Level 2 are funds holding agency bonds or securities recognized at amortized cost.

Short-term Marketable Securities:

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The cash, U.S.

government securities, and money market funds rated AAA held by the portfolio are classified as Level 1.

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.

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The Company maintains a rabbi trust to fund certain supplemental executive retirement plans and deferred compensation plans.

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.

These funds are maintained under 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.

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The declared rate on these investments is set based on a formula using the yield of the general account investment portfolio supporting the fund, as 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.

Investments held by the rabbi trust generated gains (losses) of $ 21.6 million, $ 3.2 million, and $( 16.8 ) million for fiscal years 2024, 2023, and 2022, respectively.

The rate is guaranteed for one year at issue and may be reset annually on the policy anniversary, subject to a guaranteed minimum rate.

I nvestments held by the rabbi trust generated gains (losses) of $ 12.8 million, $ 21.6 million, and $ 3.2 million for fiscal 2025, 2024, and 2023, 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.

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These liabilities are classified as Level 2.

The Company maintains funding in the rabbi trust generally mirroring the investment selections within the deferred compensation plans.

The Company's funding in the rabbi trust related to deferred compensation plans generally mirrors the investment selections within the plans.

Commodity Derivatives:

The Company’s commodity derivatives represent futures, swaps, and options contracts used in its hedging or other programs to offset price fluctuations associated with purchases of corn, natural gas, diesel fuel, lean hogs, and pork, and to minimize the price risk assumed when forward-priced contracts are offered to the Company’s commodity suppliers.

The Company’s commodity derivatives represent futures, swaps, and options contracts used in its hedging or other programs to offset price fluctuations associated with purchases of grain, natural gas, diesel fuel, lean hogs, and pork, and to minimize the price risk assumed when forward-priced contracts are offered to the Company’s commodity suppliers.

The Company’s futures and options contracts for corn are traded on the Chicago Board of Trade, while futures contracts for lean hogs are traded on the Chicago Mercantile Exchange.

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All derivatives are reviewed for potential credit risk and risk of nonperformance.

The net balance for commodity derivatives is included in Prepaid Expenses and Other Current Assets or Accounts Payable, as appropriate, on the Consolidated Statements of Financial Position.

As of October 27, 2024, the Company has recognized the right to reclaim net cash collateral of $ 10.9 million from various counterparties (including cash of $ 26.5 million less $ 15.6 million of realized loss).

As of October 29, 2023, the Company had recognized the right to reclaim net cash collateral of $ 32.2 million from various counterparties (including cash of $ 42.6 million less $ 10.4 million of realized loss).

The Company’s financial assets and liabilities include accounts receivable, accounts payable, and other liabilities, for which carrying value approximates fair value.

The Company’s financial assets and liabilities also include cash and cash equivalents, accounts receivable, accounts payable, and other liabilities, for which carrying value approximates fair value due to their short-term maturities.

The Company does not carry its long-term debt at fair value on the Consolidated Statements of Financial Position.

The fair value of long-term debt, utilizing discounted cash flows (Level 2), was $ 2.6 billion as of October 26, 2025, and $ 2.5 billion as of October 27, 2024.

See Note L - Long-term Debt and Other Borrowing Arrangements for additional information.

The Company measures certain nonfinancial assets and liabilities at fair value, which are recognized or disclosed on a nonrecurring basis (e.g., goodwill, intangible assets, and property, plant, and equipment).

During fiscal year 2023, the Company recorded a $ 28.4 million impairment charge on the Justin's ® trade name and a $ 7.0 million impairment charge on a corporate venturing investment.

See Note M - Long-term Debt and Other Borrowing Arrangements for additional information.

Nonrecurring Fair Value Measurements:

The Company may be required to measure certain nonfinancial assets and liabilities including goodwill, intangible assets, equity method investments, and property, plant, and equipment at fair value on a nonrecurring basis.

During fiscal 2025, the Company recorded a $ 163.7 million impairment charge on an equity method investment.

Fair value was determined using the unadjusted quoted market price, a Level 1 input.

During fiscal 2023, the Company recognized a $ 7.0 million impairment charge on a corporate venturing investment, which reduced the investment's carrying value to zero.

During fiscal 2025 and 2023, the Company recorded $ 61.9 million and $ 28.4 million, respectively, in impairment charges on indefinite-lived intangible assets.

Fair value was determined using the relief-from-royalty method, which incorporates unobservable Level 3 inputs such as future sales projections, royalty rates, and discount rates.

Additionally in fiscal 2025, the Company also recorded an $ 8.8 million impairment charge on a definite-lived intangible asset, which reduced the asset’s carrying value to zero.

There were no other material remeasurements of assets or liabilities at fair value on a nonrecurring basis subsequent to their initial recognition during fiscal 2025, 2024, and 2023.

See additional discussion in Note C - Goodwill and Intangible Assets and Note D - Investments in Affiliates.

During fiscal years 2024, 2023, and 2022, there were no other material remeasurements of assets or liabilities at fair value on a nonrecurring basis subsequent to their initial recognition.

Commitments and Contingencies

Purchase Commitments:

To ensure a steady supply of hogs and turkeys and keep the cost of products stable, the Company has entered into contracts with producers for the purchase of hogs and turkeys at formula-based prices over periods up to 9 years and 8 years, respectively.

The Company has also entered into grow-out contracts with independent farmers to raise turkeys for the Company for periods up to 24 years.

Under these arrangements, the Company owns the livestock, feed, and other supplies while the independent farmers provide facilities and labor.

In addition, the Company has contracted for the purchase of corn, soybean meal, feed ingredients, and other raw materials from independent suppliers for periods up to 2 years.

As of October 27, 2024, the Company is committed to make purchases under these contracts, assuming current price levels, for future fiscal years:

In addition, the Company has contracted for the purchase of corn, soybean meal, feed ingredients, and other raw materials from independent suppliers for periods up to two years .

As of October 26, 2025, the Company is committed to make purchases under these contracts, assuming current price levels, for future fiscal years as follows:

2026 $ 1,229,259

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Total $ 3,763,854

Purchases under these contracts for fiscal years 2024, 2023, and 2022 were $ 1.3 billion, $ 1.4 billion, and $ 1.2 billion, respectively.

Purchases under these contracts for fiscal 2025, 2024, and 2023 were $ 1.3 billion, $ 1.3 billion, and $ 1.4 billion, respectively.

Other Commitments and Guarantees:

The Company has commitments of approximately $ 18.0 million related to infrastructure improvements supporting various manufacturing facilities and $ 4.7 million for a media advertising agreement as of October 26, 2025.

The Company has future commitments totaling $ 28.7 million for a corporate aircraft to be delivered in mid-2027.

Subsequent to the end of the fiscal year, the Company entered into a 20-year infrastructure improvement agreement for $ 38.1 million.

As of October 26, 2025, the Company has $ 47.6 million of standby letters of credit issued on its behalf.

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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.

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.

The Company establishes accruals for its potential exposure, as appropriate, for claims against the Company when losses become probable and reasonably estimable.

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Pork Antitrust Litigation

Beginning in June 2018, a series of putative class action complaints were filed against the Company, as well as several other pork-processing companies and a benchmarking service called Agri Stats, in the U.S.

Beginning in June 2018, a series of class action complaints were filed against the Company, as well as several other pork-processing companies and a benchmarking service called Agri Stats, in the U.S.

District Court for the District of Minnesota styled In re Pork Antitrust Litigation (the Pork Antitrust Litigation).

Class Plaintiffs consist of Direct Purchaser Plaintiffs, Commercial and Institutional Indirect Purchaser Plaintiffs, and Consumer Indirect Purchaser Plaintiffs.

The Class Plaintiffs allege, 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.

The complaints on behalf of the putative classes of indirect purchasers also include causes of action under various state unfair competition laws, consumer protection laws, and unjust enrichment common laws.

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.

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.

Since the original filing, certain plaintiffs, including the Offices of the Attorney General in New Mexico and Alaska, have 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 by the Class Plaintiffs, and believes it has valid defenses, to avoid the uncertainty, risk, expense, and distraction of continued litigation involving the Class Plaintiffs, the Company executed settlement agreements providing for payments by the Company to the Direct Purchaser Plaintiffs of $ 4.9 million, the Commercial and Institutional Indirect Purchaser Plaintiffs of $ 2.4 million, and the Consumer Indirect Purchaser Plaintiffs of $ 4.5 million.

The settlement amounts were recorded in Selling, General, and Administrative in the Consolidated Statements of Operations in the second quarter of fiscal 2024 and were paid during the second half of fiscal 2024.

The Company continues to defend against the claims of the Non-Class Direct-Action Plaintiffs.

The Company has not recorded any liability for the non-class matters as it does not believe a loss is probable.

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 in the second quarter of fiscal 2024 and was paid during the second half of fiscal 2024.

For the one Non-Class Direct-Action Plaintiff, the settlement amount of $ 0.2 million was recorded as Accrued Expenses 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 second quarter of fiscal 2025, the U.S.

District Court for the District of Minnesota (Court) granted the Company’s Motion for Summary Judgment and dismissed the Company from the federal litigation.

Certain defendants have challenged the Court's summary judgment decision.

The Company continues to defend against state claims brought by one Non-Class Direct Action Plaintiff.

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.

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Turkey Antitrust Litigation

Beginning in December 2019, a series of putative class action complaints were filed against the Company, as well as several other turkey-processing companies and a benchmarking service called Agri Stats, in the U.S.

Beginning in December 2019, a series of class action complaints were filed against the Company, as well as several other turkey-processing companies and a benchmarking service called Agri Stats, in the U.S.

District Court for the Northern District of Illinois styled In re Turkey Antitrust Litigation .

The plaintiffs allege, among other things, that from at least 2010 to 2017, the defendants conspired and combined to fix, raise, maintain, and stabilize the price of turkey products—including through the use of Agri Stats—in violation of federal antitrust laws.

The complaints on behalf of the classes of indirect purchasers also include causes of action under various state unfair competition laws, consumer protection laws, and unjust enrichment common laws.

The plaintiffs seek treble damages, injunctive relief, pre- and post-judgment interest, costs, and attorneys’ fees.

Since the original filing, certain direct-action plaintiffs have opted out of class treatment and are proceeding with individual direct actions making similar claims, and others may do so in the future.

The defendants' motions for summary judgment are due in January 2026.

The Company has not recorded any liability for these matters as it does not believe a loss is probable.

8 unchanged sentences

(the Poultry Wages Antitrust Litigation).

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.

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.

1 unchanged sentence

Although the Company strongly denies liability, continues to deny the allegations asserted by the plaintiffs, and believes it has valid defenses, to avoid the uncertainty, risk, expense, and distraction of continued litigation, the Company executed a settlement agreement with the plaintiffs on August 20, 2024, to settle this matter for the payment of $ 3.5 million.

The settlement remains subject to Court approval.

The Company recorded the agreed-upon settlement amount in Selling, General, and Administrative in the Consolidated Statements of Operations and in Accrued Expenses on the Consolidated Statements of Financial Position for the third quarter of fiscal 2024.

The agreed-upon settlement amount will be paid following preliminary Court approval.

The Company recorded the agreed-upon settlement amount as Accrued Expenses and in Selling, General, and Administrative during the third quarter of fiscal 2024.

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).

In the operative amended complaint filed in January 2024, 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 beef- and pork-processing plants in violation of federal antitrust laws.

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.

The settlement remains subject to Court approval.

The agreed-upon settlement amount will be paid following preliminary Court approval.

Although the Company strongly denies liability, continues to deny the allegations asserted by the plaintiffs, and believes it has valid defenses, to avoid the uncertainty, risk, expense, and distraction of continued litigation, the Company executed a settlement agreement with the plaintiffs on August 20, 2024, agreeing to pay $ 13.5 million and provide certain data and information.

The Company recorded the agreed-upon settlement amount as Accrued Expenses and in Selling, General, and Administrative during the third quarter of fiscal 2024.

The settlement has been approved by the Court and was paid in the second quarter of fiscal 2025.

Settlement Proceeds

The Company recorded a gain of $ 11.0 million in Selling, General, and Administrative during the fourth quarter of fiscal 2025 in connection with the settlement of a legal matter.

Tax Proceedings:

Two current Company subsidiaries organized in Brazil, Clean Field Comércio de Produtos de Alimentícios LTDA and Omamori Indústria de Alimentos LTDA, the results of which are reported in the International segment, as well as one former subsidiary, Talis Distribuidora de Alimentos LTDA, received tax deficiency notices from the State of São Paulo Tax Authority Office alleging underpayment of ICMS and ICMS-ST taxes, which are similar to value added taxes, for multiple tax years.

The subsidiaries have filed objections to appeal these tax deficiency notices, and the proceedings are in various stages of the administrative review process.

Two current Company subsidiaries organized in Brazil, Clean Field Comércio de Produtos de Alimentícios LTDA and Omamori Indústria de Alimentos LTDA, along with a former subsidiary, Talis Distribuidora de Alimentos LTDA, which are reported in the International segment, have received tax deficiency notices from the State of São Paulo Tax Authority Office alleging underpayment of ICMS and ICMS-ST taxes, which are similar to value added taxes, for multiple tax years.

The subsidiaries have filed objections to appeal these notices, and the proceedings are in various stages of the administrative review process.

Any adverse outcomes at the administrative level are expected to be eligible for further appeal through judicial processes.

The Company has not recognized a loss relating to any of these assessments.

The Company cannot at this time reasonably estimate any reasonably possible loss.

The Company has operating leases for manufacturing facilities, office space, warehouses, transportation equipment, as well as miscellaneous real estate and equipment contracts.

The Company has not recorded any liability relating to these assessments and cannot reasonably estimate any reasonably possible loss at this time.

The Company has operating leases for warehouses, manufacturing facilities, office space, transportation equipment, as well as miscellaneous real estate and equipment contracts.

Finance leases primarily include turkey growing facilities and an aircraft.

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Operating Other Assets $ 163,351 $ 147,698

Finance Net Property, Plant, and Equipment 30,484 37,999

Finance Property, Plant, and Equipment, Net 25,589 30,484

Total Right-of-Use Assets $ 188,940 $ 178,183

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Interest Due Semi-annually through March 2027 Maturity Date

Senior Unsecured Notes with Interest at 0.650 %

Interest Due Semi-annually through June 2024 Maturity Date

500,000 500,000

Unamortized Discount on Senior Notes ( 5,848 ) ( 6,687 )

Unamortized Debt Issuance Costs ( 12,775 ) ( 15,628 )

Interest Rate Swap Liabilities (1)

Finance Lease Liabilities

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Long-term Debt Less Current Maturities $ 2,850,778 $ 2,850,944

(1) See Note F - Derivatives and Hedging for additional information.

(2) See Note K - Leases for additional information.

Senior Unsecured Notes:

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If a change of control triggering event occurs, the Company must offer to purchase the notes at a purchase price equal to 101 % of their principal amount, plus accrued and unpaid interest, if any, to the date of purchase.

On June 3, 2021, the Company issued $ 950.0 million aggregate principal amount of its 0.650 % notes due June 2024 (2024 Notes), $ 750.0 million aggregate principal amount of its 1.700 % notes due June 2028 (2028 Notes), and $ 600.0 million aggregate principal amount of its 3.050 % notes due June 2051 (2051 Notes).

On June 3, 2021, the Company issued $ 750.0 million aggregate principal amount of its 1.700 % notes due June 2028 (2028 Notes) and $ 600.0 million aggregate principal amount of its 3.050 % notes due June 2051 (2051 Notes).

The notes may be redeemed in whole or in part at any time at the applicable redemption price.

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The Company lifted the hedges in conjunction with the issuance of these notes.

See Note F - Derivatives and Hedging for additional information.

If a change of control triggering event occurs, the Company must

offer to purchase the notes at a purchase price equal to 101 % of their principal amount, plus accrued and unpaid interest, if any, to the date of purchase.

The Company repaid the $ 950.0 million 2024 Notes upon maturity on June 3, 2024.

See Note G - Derivatives and Hedging for additional information.

On June 11, 2020, the Company issued senior notes in an aggregate principal amount of $ 1.0 billion due June 2030.

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Unsecured Revolving Credit Facility:

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.

Bank National Association, JPMorgan Chase Bank, N.A.

and BofA Securities, Inc.

as syndication agents and the lenders party thereto.

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., and BofA Securities, Inc., as syndication agents, and the lenders party thereto.

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.

On April 17, 2023, the Company entered into a first amendment (Amendment) to the Company’s $ 750.0 million unsecured revolving credit agreement.

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.

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 .

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 %.

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.

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.

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.

Extensions of credit under the facility may be made in the form of revolving loans, swingline loans, and letters of credit.

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.

As of October 27, 2024, and October 29, 2023, the Company had no outstanding borrowings from this facility.

Extensions of credit under the facility may be made in the form of revolving loans, swing line loans, and letters of credit.

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.

Concurrent with entering into this revolving credit agreement, the Company terminated its existing $ 750.0 million revolving credit facility that was entered into on May 6, 2021.

The Company had no outstanding borrowings from either facility as of October 26, 2025, and October 27, 2024.

Debt Covenants:

The Company is required by certain covenants in its debt agreements to maintain specified levels of financial ratios and financial position.

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.

As of October 26, 2025, the Company was in compliance with all covenants.

Interest Payments:

Total interest paid in the last three fiscal years is as follows:

In millions Interest Payments

Total interest paid on debt and other borrowings in the last three fiscal years is as follows:

Interest Payments

2025 $ 74,579

Stock-based Compensation

The Company issues stock options, restricted stock units, restricted shares, and deferred stock units as part of its stock incentive plans for employees and nonemployee directors.

Stock-based compensation expense for fiscal years 2024, 2023, and 2022, was $ 23.2 million, $ 24.1 million, and $ 24.9 million, respectively.

Stock-based compensation expense for fiscal 2025, 2024, and 2023, was $ 25.6 million, $ 23.2 million, and $ 24.1 million, respectively.

As of October 26, 2025, there was $ 23.2 million of total unrecognized compensation expense from stock-based compensation arrangements granted under the plans.

This compensation is expected to be recognized over a weighted-average period of approximately 1.6 years.

During fiscal years 2024, 2023, and 2022, cash received from stock option exercises was $ 40.7 million, $ 12.0 million, and $ 79.8 million, respectively.

During fiscal 2025, 2024, and 2023, cash received from stock option exercises was $ 22.1 million, $ 40.7 million, and $ 12.0 million, respectively.

Shares issued for option exercises, restricted stock units, restricted shares, and deferred stock units may be either authorized but unissued shares or shares of treasury stock.

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Vested ( 51 ) 31.52

Forfeited ( 9 ) 34.44

Restricted Shares Outstanding at October 26, 2025 57 $ 29.72

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Deferred Stock Units :

Nonemployee directors can elect to receive all or a portion of their annual retainer in the form of non-forfeitable deferred stock units which vest immediately.

Nonemployee directors can elect to receive all or a portion of their annual cash retainer in the form of non-forfeitable deferred stock units which vest immediately.

The deferred stock units accumulate dividend equivalents, which are provided as additional units.

Each deferred stock unit represents the right to receive one share of the Company’s common stock following the completion of the director’s service.

During fiscal 2024, the Company granted 13 thousand units, credited dividend equivalents of 4 thousand units, and distributed 15 thousand units, which had a weighted-average fair value on the grant date of $ 33.22 , $ 32.15 , and $ 18.42 per share, respectively.

As of October 27, 2024, 121 thousand units were outstanding, which had a weighted-average fair value on the grant date of $ 39.51 per share and an aggregate intrinsic fair value of $ 3.7 million.

A reconciliation of the deferred stock units as of October 26, 2025, is:

(in thousands) Weighted-

Deferred Stock Units Outstanding at October 27, 2024 121 $ 39.51

Granted 19 27.49

Dividend Equivalents 5 29.01

Deferred Stock Units Outstanding at October 26, 2025 135 $ 37.14

The weighted-average grant date fair value of deferred stock units granted, the total fair value of deferred stock units granted, and the fair value of shares released are:

Fiscal Year Ended

In thousands, except per share amounts October 26, 2025 October 27, 2024 October 29, 2023

Weighted-average Grant Date Fair Value $ 27.49 $ 33.22 $ 38.93

Fair Value of Deferred Stock Units Granted

Fair Value of Deferred Stock Units Released

The components of the Provision for Income Taxes are as follows:

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Total Provision for Income Taxes $ 185,684 $ 230,803 $ 220,552

The Company has elected to treat global intangible low-taxed income (GILTI) as a period cost.

Deferred Income Taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes.

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Deferred Tax Assets

Pension and Other Post-retirement Benefits 50,078 42,952

Employee Compensation Related Liabilities 70,339 65,958

Pension and Other Postretirement Benefits 43,434 50,078

Employee-related Liabilities 70,803 70,339

Marketing and Promotional Accruals 6,473 9,833

Inventory 8,445 6,853

Other, Net 70,165 84,733

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State Taxes on Income, Net of Federal Tax Benefit 3.6 2.6 2.5

Stock-based Compensation ( 0.1 ) ( 0.1 ) ( 1.5 )

Impairment on Equity Method Investment

Foreign-derived Intangible Income Deduction

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All Other, Net

( 1.6 ) ( 1.3 ) ( 0.4 )

Effective Tax Rate 28.0 % 22.3 % 21.8 %

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Accordingly, no additional income taxes have been provided for withholding tax, state tax, or other taxes.

Total income taxes paid during fiscal years 2024, 2023, and 2022 were $ 186.4 million, $ 205.0 million, and $ 93.1 million, respectively.

Fiscal year 2024 included amounts paid for the purchase of federal transferable energy credits.

The changes in unrecognized tax benefits, excluding interest and penalties, for fiscal years 2024 and 2023 are as follows:

Total income taxes paid during fiscal 2025, 2024, and 2023 were $ 183.5 million, $ 186.4 million, and $ 205.0 million, respectively.

Fiscal 2025 and 2024 included amounts paid for the purchase of federal transferable energy credits.

The changes in unrecognized tax benefits, excluding interest and penalties, for fiscal 2025 and 2024 are as follows:

Balance as of October 29, 2023

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Balance as of October 26, 2025

Unrecognized tax benefits, including interest and penalties, are recorded in Other Long-term Liabilities on the Consolidated Statements of Financial Position.

If recognized as of October 27, 2024, these benefits would impact the Company’s effective tax rate by $ 15.9 million compared to $ 17.0 million as of October 29, 2023.

Unrecognized tax benefits, if recognized as of October 26, 2025, would impact the Company’s effective tax rate by $ 16.0 million compared to $ 15.9 million as of October 27, 2024.

The Company includes accrued interest and penalties related to uncertain tax positions in Provision for Income Taxes, with immaterial expenses included during fiscal 2025, 2024, and 2023.

The amount of accrued interest and penalties at October 27, 2024 and October 29, 2023, associated with unrecognized tax benefits was $ 2.3 million and $ 2.4 million, respectively.

The amount of accrued interest and penalties, associated with unrecognized tax benefits was $ 2.6 million and $ 2.3 million at October 26, 2025, and October 27, 2024, respectively.

Tax Examinations:

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The IRS concluded its examination of fiscal 2022 in the second quarter of fiscal 2024.

The IRS placed the Company in the Bridge phase of the Compliance Assurance Process (CAP) for fiscal years 2020 and 2023.

The IRS placed the Company in the Bridge phase of the Compliance Assurance Process (CAP) for fiscal 2023 and 2024.

In this phase, the IRS will not accept any disclosures, conduct any reviews, or provide any assurances.

The Company has elected to participate in CAP for fiscal years through 2025.

The Company has elected to participate in CAP through fiscal 2026.

The objective of CAP is to contemporaneously work with the IRS to achieve federal tax compliance and resolve all or most of the issues prior to filing of the tax return.

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The Company is subject to various examinations by foreign tax authorities.

With limited exceptions, the Company is no longer subject to foreign tax examinations for fiscal years prior to 2018 for material jurisdictions.

With limited exceptions, the Company is no longer subject to foreign tax examinations for fiscal years prior to 2018.

See Note K - Commitments and Contingencies for additional information.

Tax Legislation:

The Inflation Reduction Act of 2022 (IRA) was signed into law on August 16, 2022.

The IRA made several changes to the U.S.

tax code, including a 15% corporate minimum tax which applied to the Company beginning in fiscal year 2024 and did not have a material impact on the provision for income taxes or financial statements.

The Organization for Economic Co-operation and Development created a Pillar Two Framework, which generally provides for a minimum effective tax rate of 15%.

The Company is evaluating the potential impact on future fiscal periods, pending legislative adoption by individual countries.

On July 4, 2025, the One Big Beautiful Bill Act (OBBBA) was signed into law.

OBBBA includes income tax provisions such as a permanent extension of certain provisions of the Tax Cuts and Jobs Act, elective deductions for domestic research and development, reinstatement of 100% first-year bonus depreciation, and modifications to the international tax framework.

The Company assessed the provisions of OBBBA and determined the changes were not material to the Company's tax provision for the year ended October 26, 2025, and does not expect a material impact on the Company's consolidated financial statements in future reporting periods.

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.

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 year ended October 26, 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 impact on the Company’s consolidated financial statements in future reporting periods.

Earnings Per Share Data

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Segment Reporting

Segment Results:

The Company develops, processes, and distributes a wide array of food products in a variety of markets.

The Company reports its results in the following three segments:

Retail, Foodservice, and International, which are consistent with how the Company’s chief operating decision maker (CODM) assesses performance and allocates resources.

The Retail segment consists primarily of the processing, marketing, and sale of food products sold predominantly in the retail market in the United States.

This segment also includes the results from the Company’s MegaMex Foods, LLC joint venture.

The Foodservice segment consists primarily of the processing, marketing, and sale of food products for foodservice, convenience store, and commercial customers located in the United States.

The International segment processes, markets, and sells Company products internationally.

This segment also includes the results from the Company’s international joint ventures, international equity method investments, and international royalty arrangements.

Financial measures for each of the Company’s reportable segments are set forth below.

Retail, Foodservice, and International.

The Retail segment consists primarily of the processing, marketing, and sale of food products sold predominantly in retail channels, including grocery stores, mass merchandisers, club stores, natural food chains, drug, dollar and discount chains, and e-commerce providers in the U.S.

This segment also includes the results from the Company’s MegaMex Foods joint venture.

The Foodservice segment consists primarily of the processing, marketing, and sale of food products to distributors and operators across a wide range of providers of food away from home, including restaurants, hospitality, healthcare, K-12, college and universities, and convenience stores in the U.S.

The International segment processes, markets, and sells the Company's products through retail and foodservice channels internationally.

This segment also includes the results from the Company’s international joint ventures, equity method investments, and royalty arrangements, as well as operations in China and Brazil.

The results of each segment are regularly provided to the Company's Interim Chief Executive Officer, who is the chief operating decision maker (CODM).

The CODM primarily uses net sales and segment profit to compare results to the prior year, annual operating plan, and periodic forecasts when evaluating segment performance and allocating resources.

The accounting policies of the segments are generally the same as those presented in Note A - Summary of Significant Accounting Policies .

Intersegment sales are eliminated in consolidation and are not reviewed when evaluating segment performance.

The Company does not allocate deferred compensation, non-recurring expenses associated with the Transform and Modernize initiative, investment income, interest expense, or interest income to its segments when measuring performance.

The Company also retains various other income and expenses at the corporate level.

Segment profit also excludes unallocated general corporate expenses, deferred compensation, non-recurring expenses associated with the Transform and Modernize initiative, corporate restructuring plan costs, and interest and other income and expense.

Equity in Earnings of Affiliates is included in segment profit;

however, earnings attributable to the Company’s corporate venturing investments and noncontrolling interests are excluded.

These items are included below as Net Unallocated Expense and Noncontrolling Interest when reconciling to Earnings Before Income Taxes.

Segment results, including the significant expense categories regularly provided to the CODM, are provided below.

Certain portions of these expenses are retained at the corporate level and are presented in Net Unallocated Expense.

The Company is an integrated enterprise, characterized by substantial intersegment cooperation, cost allocations, and sharing of assets.

Therefore, the Company does not represent that these segments, if operated independently, would report the profit and other financial information shown below.

The Company’s CODM reviews assets at a consolidated level and does not use assets by segment to evaluate performance or allocate resources.

Therefore, the Company does not disclose assets by segment.

In thousands Fiscal Year Ended

October 27, 2024 October 29, 2023 October 30, 2022

Retail $ 7,374,149 $ 7,749,039 $ 7,987,598

Foodservice 3,845,118 3,639,492 3,691,408

International 701,529 721,479 779,799

Total Net Sales

$ 11,920,797 $ 12,110,010 $ 12,458,806

The Company does not represent that these segments, if operated independently, would report the profit and other financial information shown.

Fiscal Year Ended October 26, 2025

In thousands Retail Foodservice International Total

Net Sales $ 7,455,218 $ 3,941,795 $ 709,146

Cost of Products Sold 6,450,868 3,201,478 558,106

Selling, General, and Administrative 539,390 185,743 95,075

Equity in Earnings of Affiliates 31,035 — ( 136,817 )

Goodwill and Intangible Impairment 70,751 — —

Noncontrolling Interest (Earnings) Loss

Segment Profit $ 425,245 $ 554,574 $ ( 80,418 ) $ 899,400

Retail $ 562,768 $ 577,690 $ 721,832

Foodservice 596,292 595,682 547,686

International 92,084 55,234 107,642

Total Segment Profit $ 1,251,144 $ 1,228,606 $ 1,377,161

Net Unallocated Expense 235,519

Noncontrolling Interest ( 407 ) ( 653 ) 239

Noncontrolling Interest Earnings (Loss)

Earnings Before Income Taxes $ 663,449

Fiscal Year Ended October 27, 2024

In thousands Retail Foodservice International Total

Net Sales $ 7,374,149 $ 3,845,118 $ 701,529

Cost of Products Sold 6,296,201 3,056,139 536,028

Selling, General, and Administrative 539,965 192,687 100,512

Equity in Earnings of Affiliates 24,784 — 26,688

Noncontrolling Interest (Earnings) Loss

Segment Profit $ 562,768 $ 596,292 $ 92,084 $ 1,251,144

Net Unallocated Expense 215,304

Noncontrolling Interest Earnings (Loss)

Earnings Before Income Taxes $ 1,035,434

Fiscal Year Ended October 29, 2023

In thousands Retail Foodservice International Total

Net Sales $ 7,749,039 $ 3,639,492 $ 721,479

Cost of Products Sold 6,659,851 2,869,529 578,309

Selling, General, and Administrative 523,616 174,282 98,592

Equity in Earnings of Affiliates 40,501 — 10,004

Goodwill and Intangible Impairment 28,383 — —

Noncontrolling Interest (Earnings) Loss

Segment Profit $ 577,690 $ 595,682 $ 55,234 $ 1,228,606

Net Unallocated Expense 214,482

Noncontrolling Interest Earnings (Loss)

Earnings Before Income Taxes $ 1,013,472

The Company’s CODM reviews assets and capital expenditures at a consolidated level and does not use assets by segment to evaluate performance or allocate resources.

Therefore, the Company does not disclose these measures by segment.

Depreciation and amortization expense is included in the measure of segment profit and disclosed below.

In thousands Fiscal Year Ended

October 26, 2025 October 27, 2024 October 29, 2023

Depreciation and Amortization

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$ 263,901 $ 257,756 $ 253,311

Disaggregated Revenues:

The Company’s products primarily consist of meat and other food products.

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Perishable includes fresh meats, frozen items, refrigerated meal solutions, bacon, sausages, hams, guacamole, and other items that require refrigeration.

Shelf-stable includes canned luncheon meats, nut butters, snack nuts, chili, shelf-stable microwaveable meals, hash, stews, tortillas, salsas, tortilla chips, nutritional food supplements, and other items that do not require refrigeration.

Shelf-stable includes canned luncheon meats, nut butters, snack nuts, chili, shelf-stable microwaveable meals, hash, stews, tortillas, salsas, tortilla chips, and other items that do not require refrigeration.

The Company has a global presence selling its products in all 50 U.S.

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$ 12,106,160 $ 11,920,797 $ 12,110,010

Major Customers:

Sales to Walmart Inc.

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Walmart is a customer for the Company’s Retail and International segments.

Restructuring

The Company is undertaking a corporate restructuring plan designed to reduce administrative expenses, improve efficiencies, and align its workforce to the Company’s future needs, while enabling continued investment in the Company’s growth.

The restructuring includes a voluntary early retirement program for certain groups of employees, the closing of certain open roles, involuntary role reductions, and making select changes to benefit programs.

The Company expects to incur restructuring charges in the range of $ 20.0 million to $ 25.0 million for one-time pension benefits, cash severance payments, other employee benefit costs, and professional fees.

The charges are expected to be primarily recognized in the fourth quarter of fiscal 2025 and the first quarter of fiscal 2026.

Of the estimated charges, the Company expects that approximately $ 8.0 million to $ 10.0 million will be in future cash expenditures during fiscal 2026.

The Company recognized $ 13.3 million of costs associated with restructuring activities during fiscal 2025.

All costs in fiscal 2025 are unallocated corporate expenses which are not included in any of the reportable segments' measure of segment profit.

A summary of these costs by type is as follows:

In thousands Location on Consolidated Statements of Operations Fiscal Year Ended October 26, 2025

Professional Fees

Selling, General, and Administrative $ 594

Pension Benefits

Other Income (Expense), Net 12,696

Total Restructuring Costs $ 13,290

As of October 26, 2025, the Company had accrued $ 0.6 million for ongoing restructuring activities which was recorded as part of Accounts Payable.

These amounts are associated with professional fees and are expected to be paid during fiscal 2026.

The reconciliation of the beginning and ending liability balance showing activity during the year is as follows:

Liability Balance at October 27, 2024

Costs Incurred and Charged to Expense 594

Costs Paid or Otherwise Settled —

Liability Balance at October 26, 2025

CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE

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.

What changed 10-K

Item 8. Financial Statements and Supplementary Data