Hormel Foods Corp

Commission File Number: 1-2402 HORMEL FOODS CORPORATION (Exact name of registrant as specified in its charter) Delaware 41-0319970 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.)

1 Hormel Place , Austin , Minnesota 55912-3680 (Address of principal executive offices) (Zip Code)

TABLE OF CONTENTS PART I - FINANCIAL INFORMATION 3 Item 1. Financial Statements 3 Consolidated Statements of Operations 3 Consolidated Statements of Comprehensive Income 4 Consolidated Statements of Financial Position 5 Consolidated Statements of Changes in Shareholders ' Investment 6 Consolidated Condensed Statements of Cash Flows 8 Notes to the Consolidated Financial Statements 9 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 25 Results of Operations 25 Overview 25 Consolidated Results 26 Segment Results 28 Related Party Transactions 30 Non-GAAP Measures 30 Liquidity and Capital Resources 34 Critical Accounting Estimates 36 Forward-looking Statements 37 Item 3. Quantitative and Qualitative Disclosures About Market Risk 37 Item 4. Controls and Procedures 38 PART II - OTHER INFORMATION 38 Item 1. Legal Proceedings 38 Item 1A. Risk Factors 38 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 38 Item 3. Defaults Upon Senior Securities 39 Item 4. Mine Safety Disclosures 39 Item 5. Other Information 39 Item 6. Exhibits 39