18 unchanged sentences
hog production operations.
−Removed: The International segment is comprised mainly of our meat processing and distribution operations in Poland, Romania and the United Kingdom, our interests in meat processing operations, mainly in Western Europe and Mexico, our hog production operations located in Poland and Romania and our interests in hog production operations in Mexico.
+Added: The International segment is comprised mainly of our meat processing and distribution operations in Poland, Romania and the United Kingdom, our interests in meat processing operations in Mexico, our hog production operations located in Poland and Romania, our interests in hog production operations in Mexico and our former investment in Campofrío Food Group (CFG).
The Corporate segment provides management and administrative services to support our other segments.
−Removed: Financial Statements and Supplementary Data-Note 15 — Reportable Segments " for additional information about changes to our reportable segments during the current year.
On September 26, 2013 (the Merger Date), pursuant to the Agreement and Plan of Merger dated May 28, 2013 (the Merger Agreement) with WH Group Limited, formerly Shuanghui International Holdings Limited, a corporation formed under the laws of the Cayman Islands hereinafter referred to as WH Group, the Company merged with Sun Merger Sub, Inc., a Virginia corporation and wholly owned subsidiary of WH Group (Merger Sub), in a transaction hereinafter referred to as the Merger.
4 unchanged sentences
With our shared expertise and leadership, we expect to continue to work on accelerating a global expansion strategy as part of WH Group.
−Removed: On January 16, 2014, the Company elected to change its fiscal year end from the 52 or 53 week period which previously ended on the Sunday nearest to April 30 to the 52 or 53 week period which ends on the Sunday nearest to December 31.
+Added: On January 16, 2014, the Company elected to change its fiscal year from the 52 or 53 week period which previously ended on the Sunday nearest to April 30 to the 52 or 53 week period which ends on the Sunday nearest to December 31.
The change became effective at the end of the period ended December 29, 2013.
−Removed: Unless otherwise noted, all references to “2014” in this report are to the twelve months ended December 28, 2014 .
+Added: Unless otherwise noted, all references to "2015" and "2014" in this report are to the 53 week period ended January 3, 2016 and the 52 week period ended December 28, 2014 , respectively.
DESCRIPTION OF SEGMENTS
19 unchanged sentences
We market our domestic packaged meats products under a number of labels including the following core brand names:
−Removed: Smithfield, Farmland, John Morrell, Gwaltney, Armour, Eckrich, Margherita, Carando, Kretschmar, Cook’s, Curly's and Healthy Ones.
+Added: Smithfield, Farmland, John Morrell, Gwaltney, Armour, Eckrich, Margherita, Carando, Kretschmar, Cook’s, Curly's, Healthy Ones and Nathan's Famous.
We also sell a substantial quantity of packaged meats as private-label products.
13 unchanged sentences
Twelve Months Ended
+Added: January 3, 2016
December 28, 2014
1 unchanged sentence
April 28, 2013
−Removed: April 29, 2012
Internal hog sales
2 unchanged sentences
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−Removed: Consists primarily of grains, feed and gains (losses) on derivatives.
+Added: Consists primarily of grains.
We own certain genetic lines of breeding stock, under the name Smithfield Premium Genetics (SPG).
−Removed: The Hog Production segment makes extensive use of these genetic lines, with approximately 894,000 SPG breeding sows.
+Added: The Hog Production segment makes extensive use of these genetic lines.
In addition, we have sublicensed some of these rights to some of our strategic hog production partners.
6 unchanged sentences
In 2015 , approximately 81% of our market hogs were finished on contract farms.
+Added: Hog production competitiveness
+Added: Our Hog Production segment competes in a highly competitive marketplace in which only the best and most competitive firms can expect to make a reasonable and regular profit.
+Added: We consider our hog production business a leader in this field.
+Added: Therefore, we expect it to consistently outperform the overall industry.
+Added: Feed makes up more than 65% of the production cost of hogs.
+Added: In many cases, our hogs are produced in regions having higher cost grains.
+Added: This location disadvantage could, in the absence of extra efforts, result in our hog production business being inherently disadvantaged as compared to other producers.
+Added: To that end, we take an active role in the physical markets for grain and other feed ingredients throughout the world.
+Added: These efforts range from buying lower cost corn from local farmers around any of our feed mills to importing grain or soybean meal from South America.
+Added: In doing so, we work to procure and deliver the highest quality grains and ingredients at the lowest possible cost.
+Added: These activities provide significant benefit to the overall cost competitiveness of our hogs.
+Added: These benefits show as lower feed cost and improved animal performance.
+Added: We consider this effort and our capabilities in this area to be a competitive advantage.
+Added: We regularly and consistently use the futures market to lock the value associated with ongoing purchase arrangements of lower cost or higher value alternative ingredients and grains.
+Added: These derivatives are used effectively to keep our grains and feed ingredients appropriately indexed to market prices.
International Segment
−Removed: The International segment includes our meat processing and distribution operations in Poland, Romania and the United Kingdom, our interests in meat processing operations, mainly in Western Europe and Mexico, our hog production operations located in Poland and Romania and our interests in hog production operations in Mexico.
−Removed: Our international meat processing operations produce a wide variety of fresh pork, beef, poultry and packaged meats products, including cooked hams, sausages, hot dogs, bacon and canned meats.
−Removed: Our interests in international meat processing operations include a 37% stake in Campofrío Food Group (CFG), a leading European packaged meats company headquartered in Madrid, Spain, and one of the largest worldwide with annual sales of approximately $2.6 billion .
+Added: The International segment includes our meat processing and distribution operations in Poland, Romania and the United Kingdom, our interests in meat processing operations in Mexico, our hog production operations located in Poland and Romania, our interests in hog production operations in Mexico, and our former investment in CFG.
+Added: Our international meat processing operations produce a wide variety of fresh pork, poultry and packaged meats products, including cooked hams, sausages, hot dogs, bacon and canned meats.
The following table shows the percentages of International segment revenues derived from packaged meats, fresh meats and hog production for the periods indicated:
2 unchanged sentences
Twelve Months Ended
+Added: January 3, 2016
December 28, 2014
1 unchanged sentence
April 28, 2013
−Removed: April 29, 2012
Packaged meats
70 unchanged sentences
We conduct continuous research and development activities to develop new products and to improve existing products and processes.
−Removed: We incurred expenses on company-sponsored research and development activities of $75.3 million , $55.1 million , $80.9 million and $75.9 million in 2014 , the eight months ended December 29, 2013 , the twelve months ended April 28, 2013 and the twelve months ended April 29, 2012 , respectively.
+Added: We incurred expenses on company-sponsored research and development activities of $78.5 million , $75.3 million , $55.1 million and $80.9 million in 2015 , 2014 , the eight months ended December 29, 2013 and the twelve months ended April 28, 2013 , respectively.
FINANCIAL INFORMATION ABOUT SEGMENTS
45 unchanged sentences
Beginning in early 2011, when GHG emissions standards for light-duty vehicles took effect, permits issued under the Clean Air Act permitting programs for large stationary sources of air pollution, the Prevention of Significant Deterioration (PSD) and the Title V Operating Permit Programs, must address GHGs.
−Removed: In April 2012, EPA issued the GHG Tailoring Rule to ensure that only the largest sources of GHGs, those responsible for 70 percent of the GHG pollution from stationary sources, would require air permits.
+Added: In April 2012, EPA issued the GHG Tailoring Rule to ensure that only the largest sources of GHGs, those responsible for 70% of the GHG pollution from stationary sources, would require air permits.
As in virtually every industry, GHG emissions occur at several points across our operations, including production, transportation and processing.
17 unchanged sentences
The judgment and decree generally required that PSF pay penalties to settle past alleged regulatory violations, utilize new technologies to reduce nitrogen in the material that it applies to farm fields and research, and develop and implement “Next Generation Technology” for environmental controls at certain of its Missouri farm operations.
−Removed: PSF has successfully completed the measures called for in the state judgment and the state court terminated the judgment in the fall of 2012.
+Added: PSF successfully completed the measures called for in the state judgment and the state court terminated the judgment in the fall of 2012.
PSF has also completed a number of the measures called for in the federal consent decree, but is unable to predict at this time when it will complete the remaining consent decree obligations or when the consent decree will be terminated.
32 unchanged sentences
We remain on track to finish conversion to group housing for all sows on company-owned farms by the end of 2017.
−Removed: Our hog production operations in Poland and Romania completed their conversions to group housing facilities a number of years ago.
+Added: Worldwide, we have pledged to convert all company sow farms by 2022.
+Added: Our hog production operations in Poland and Romania completed their conversions to group housing facilities a number of years ago, and our joint ventures in Mexico are currently working toward the 2022 goal.
In January 2014, we announced the recommendation that all of our contract sow growers join with us in converting their facilities to group housing systems for pregnant sows.
1 unchanged sentence
Growers who commit to convert to group housing will receive contract extensions upon completion of the conversion.
−Removed: The following table shows the approximate number of our employees and the approximate number of employees covered by collective bargaining agreements or that are members of labor unions in each segment, as of December 28, 2014 :
+Added: The following table shows the approximate number of our employees and the approximate number of employees covered by collective bargaining agreements or that are members of labor unions in each segment, as of January 3, 2016 :
Employees Covered by Collective Bargaining Agreements (1)
22 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.