Hormel Foods Files 2024 Annual Report

Ticker: HRL · Form: 10-K · Filed: Dec 5, 2024 · CIK: 48465

Sentiment: neutral

Topics: annual-report, financials, food-industry

TL;DR

Hormel Foods filed its 2024 10-K. Full financials out.

AI Summary

Hormel Foods Corp. reported its 10-K filing for the fiscal year ending October 27, 2024. The company, headquartered in Austin, MN, operates in the meat packing industry. Key financial details and operational highlights for the fiscal year are detailed within this comprehensive report.

Why It Matters

This filing provides investors and stakeholders with a detailed overview of Hormel Foods' financial performance and strategic positioning for the fiscal year 2024.

Risk Assessment

Risk Level: low — This is a standard annual financial filing for a large, established company.

Key Players & Entities

FAQ

What is Hormel Foods' primary industry classification?

Hormel Foods Corp. is classified under 'MEAT PACKING PLANTS [2011]'.

When did Hormel Foods change its name from HORMEL GEO A & CO?

The company's name change from HORMEL GEO A & CO occurred on July 3, 1992.

What is the SEC file number for Hormel Foods?

The SEC file number for Hormel Foods is 001-02402.

Where is Hormel Foods' business address?

Hormel Foods' business address is 1 HORMEL PL, AUSTIN, MN 55912-3680.

What is the fiscal year end date for Hormel Foods?

Hormel Foods' fiscal year ends on October 27.

Filing Stats: 4,335 words · 17 min read · ~14 pages · Grade level 15.1 · Accepted 2024-12-05 14:40:07

Key Financial Figures

Filing Documents

Risk Factors

Risk Factors 6 Item 1B. U nresolved Staff C omments 12 I tem 1C. C yber s ecurity 12 Item 2.

Properties

Properties 13 Item 3.

Legal Proceedings

Legal Proceedings 14 Item 4. Mine Safety Disclosures 14 PART II Item 5. Market for Registrant ' s Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity Securities 15 Item 6. Reserved 16 Item 7. M anagement ' s Discussion and Analysis of Financial Condition and Results of Operations 16 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 31 Item 8. F inancial Statements and Supplemental Data 32 Item 9. C hanges in and Disagreements with Accountants on Accounting and Financial Disclosure 70 Item 9A.

Controls and Procedures

Controls and Procedures 70 Item 9B. Other Information 70 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 70 PART III Item 10. D irectors, Executive Officers, and Corporate Governance 71 Item 11.

Executive Compensation

Executive Compensation 71 Item 12. S ecurity Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 71 Item 13. C ertain Relationships and Related Transactions, and Director Independence 71 Item 14. P rincipal Accountant Fees and Services 72 PART IV Item 15. E xhibits and Financial Statement Schedules 72 Item 16. F orm 10-K S ummary 74

SIGNATURES

SIGNATURES 75 2 Table of Contents PART I

BUSINESS

Item 1. BUSINESS General Development of Business Hormel Foods Corporation, a Delaware corporation (collectively, the "Company", "we," "us," and "our"), was founded by George A. Hormel in 1891 in Austin, Minnesota, as Geo. A. Hormel & Company. The Company started as a processor of meat and food products and continues in this line of business with emphasis on the manufacturing and distribution of branded, value-added consumer items. The Company builds on its founder's legacy of innovation, quality, and integrity with focus on its purpose statement — Inspired People. Inspired Food. The Company has continually expanded its product portfolio through organic growth and acquisitions. Today, the Company is a global branded food company bringing some of the most trusted and iconic brands to tables across the globe with approximately $12 billion in annual revenue generated from more than 80 countries. Description of Business Segments The Company currently operates with the following three operating and reportable segments: Retail, Foodservice, and International. Retail 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. Foodservice 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. International 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. Net sales to unaffiliated customers, segment profit, and certain other financial information by segment are reported in Note P - Segment Reporting of the Notes to the Consolidated F

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS This report contains "forward-looking" information within the meaning of the federal securities laws. The "forward-looking" information may include statements concerning the Company's outlook for the future as well as other statements of beliefs, future plans, strategies, or anticipated events and similar expressions concerning matters that are not historical facts. The Private Securities Litigation Reform Act of 1995 (the Reform Act) provides a "safe harbor" for forward-looking statements to encourage companies to provide prospective information. The Company is filing this cautionary statement in connection with the Reform Act. When used in the Company's Annual Report to Stockholders, other filings by the Company with the SEC, the Company's press releases, and oral statements made by the Company's representatives, the words or phrases "should result," "believe," "intend," "plan," "are expected to," "targeted," "will continue," "will approximate," "is anticipated," "estimate," "project," or 5 Table of Contents similar expressions are intended to identify forward-looking statements within the meaning of the Reform Act. Such statements are subject to certain risks and uncertainties that could cause actual results to differ materially from historical results and those anticipated or projected. In connection with the "safe harbor" provisions of the Reform Act, the Company is identifying risk factors that could affect financial performance and cause the Company's actual results to differ materially from opinions or statements expressed with respect to future periods. The following discussion of risk factors contains certain cautionary statements regarding the Company's business, which should be considered by investors and others. Such risk factors should be considered in conjunction with any discussions of operations or results by the Company or its representatives, including any forward-looking discussion, as well as comments contai

RISK FACTORS

Item 1A. RISK FACTORS Business and Operational Risks Deterioration of economic conditions could harm the Company's business. The Company's business may be adversely affected by changes in national or global economic conditions, including inflation, interest rates, tax rates, availability of capital, energy availability and costs (including fuel surcharges), political developments, civil unrest, and the effects of governmental initiatives to manage economic conditions. Decreases in consumer spending rates and shifts in consumer product preferences could also negatively impact the Company. Volatility in financial markets and the deterioration of national and global economic conditions could impact the Company's operations as follows: The financial stability of the Company's customers and suppliers may be compromised, which could result in challenges in collecting accounts receivable or non-performance by suppliers. Unfavorable economic conditions may lead customers and consumers to delay or reduce purchases of the Company's products. Customer demand for products may not materialize to levels required to achieve the Company's anticipated financial results or may decline as distributors and retailers seek to reduce inventory positions if there is an economic downturn or economic uncertainty in key markets. The value of the Company's investments in debt and equity securities may decline, including, most significantly, assets held in pension plans and the trading securities held as part of a rabbi trust to fund supplemental executive retirement plans and deferred compensation plans. 6 Table of Contents Future volatility or disruption in the capital and credit markets could impair the Company's liquidity or increase costs of borrowing. The Company may be required to redirect cash flow provided by operations or explore alternative strategies, such as disposing of assets, to fulfill the payment of principal and interest on its indebtedness. The Company has

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