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 24 Results of Operations 24 Overview 24 Consolidated Results 25 Segment Results 27 Related Party Transactions 29 Non-GAAP Measures 29 Liquidity and Capital Resources 32 Critical Accounting Estimates 34 Forward-looking Statements 34 Item 3. Quantitative and Qualitative Disclosures About Market Risk 35 Item 4. Controls and Procedures 35 PART II - OTHER INFORMATION 36 Item 1. Legal Proceedings 36 Item 1A. Risk Factors 36 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 36 Item 3. Defaults Upon Senior Securities 36 Item 4. Mine Safety Disclosures 36 Item 5. Other Information 36 Item 6. Exhibits 37