Stock-based Compensation Expense (in shares)

[Table of Contents](#ic0f1e00f8fa04a87b8ba424679040b3d_7)  
Consolidated Statements of Changes in Shareholders’ Investment 

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|   |  | Hormel Foods Corporation Shareholders |  |   |  |   |
| (in thousands, except per |  | Common Stock |  | Treasury Stock |  | Additional Paid-In Capital |  | Retained Earnings |  | Accumulated Other Comprehensive Income (Loss) |  | Non-controlling Interest |  | Total Shareholders’ Investment |
|  share amounts) |  | Shares |  | Amount |  | Shares |  | Amount |  |  |  |  |  |
| Balance at October 28, 2018 |  | 534,135  |  |  | $ | 7,825  |  |  | —  |  |  | $ | —  |  |  | $ | 106,528  |  |  | $ | 5,729,956  |  |  | $ | (243,498) |  |  | $ | 4,007  |  |  | $ | 5,604,818  |  |
| Net Earnings |  |  |  |  |  |  |  |  |  |  |  | 978,806  |  |  |  |  | 342  |  |  | 979,148  |  |
| Other Comprehensive Income   (Loss) |  |  |  |  |  |  |  |  |  |  |  |  |  | (102,203) |  |  | (272) |  |  | (102,475) |  |
| Purchases of Common Stock |  |  |  |  |  | (4,309) |  |  | (174,246) |  |  |  |  |  |  |  |  |  |  | (174,246) |  |
| Stock-based Compensation    Expense |  |  |  | 1  |  |  |  |  |  |  | 19,706  |  |  |  |  |  |  |  |  | 19,707  |  |
| Exercise of Stock Options/    Restricted Shares |  | 4,663  |  |  | 67  |  |  |  |  |  |  | 59,974  |  |  |  |  |  |  |  |  | 60,041  |  |
| Shares Retired |  | (4,309) |  |  | (63) |  |  | 4,309  |  |  | 174,246  |  |  | (1,287) |  |  | (172,896) |  |  |  |  |  |  | —  |  |
| Cumulative Effect Adjustment from the Adoption of: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| ASU 2016-16 |  |  |  |  |  |  |  |  |  |  |  | (10,475) |  |  |  |  |  |  | (10,475) |  |
| ASU 2017-12 |  |  |  |  |  |  |  |  |  |  |  | 21  |  |  | (21) |  |  |  |  | —  |  |
| ASU 2018-02 |  |  |  |  |  |  |  |  |  |  |  | 52,342  |  |  | (53,778) |  |  |  |  | (1,436) |  |
| Declared Cash Dividends —    $0.84 per Share |  |  |  |  |  |  |  |  |  |  |  | (449,547) |  |  |  |  |  |  | (449,547) |  |
| Balance at October 27, 2019 |  | 534,489  |  |  | $ | 7,830  |  |  | —  |  |  | $ | —  |  |  | $ | 184,921  |  |  | $ | 6,128,207  |  |  | $ | (399,500) |  |  | $ | 4,077  |  |  | $ | 5,925,535  |  |
| Net Earnings |  |  |  |  |  |  |  |  |  |  |  | 908,082  |  |  |  |  | 272  |  |  | 908,354  |  |
| Other Comprehensive Income   (Loss) |  |  |  |  |  |  |  |  |  |  |  |  |  | 4,250  |  |  | 352  |  |  | 4,602  |  |
| Contribution from    Non-controlling Interest |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 77  |  |  | 77  |  |
| Purchases of Common Stock |  |  |  |  |  | (302) |  |  | (12,360) |  |  |  |  |  |  |  |  |  |  | (12,360) |  |
| Stock-based Compensation    Expense |  |  |  |  |  |  |  |  |  | 22,458  |  |  |  |  |  |  |  |  | 22,458  |  |
| Exercise of Stock Options/    Restricted Shares |  | 5,700  |  |  | 83  |  |  |  |  |  |  | 82,324  |  |  |  |  |  |  |  |  | 82,407  |  |
| Shares Retired |  | (302) |  |  | (4) |  |  | 302  |  |  | 12,360  |  |  | (149) |  |  | (12,207) |  |  |  |  |  |  | —  |  |
| Declared Cash Dividends —  $0.93 per Share |  |  |  |  |  |  |  |  |  |  |  | (500,747) |  |  |  |  |  |  | (500,747) |  |
| Balance at October 25, 2020 |  | 539,887  |  |  | $ | 7,909  |  |  | —  |  |  | $ | —  |  |  | $ | 289,554  |  |  | $ | 6,523,335  |  |  | $ | (395,250) |  |  | $ | 4,778  |  |  | $ | 6,430,326  |  |
| Net Earnings |  |  |  |  |  |  |  |  |  |  |  | 908,839  |  |  |  |  | 301  |  |  | 909,140  |  |
| Other Comprehensive Income   (Loss) |  |  |  |  |  |  |  |  |  |  |  |  |  | 117,981  |  |  | 399  |  |  | 118,380  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Purchases of Common Stock |  |  |  |  |  | (469) |  |  | (19,958) |  |  |  |  |  |  |  |  |  |  | (19,958) |  |
| Stock-based Compensation    Expense |  | 38 |  | 1 |  |  |  |  |  | 24,743  |  |  |  |  |  |  |  |  | 24,744  |  |
| Exercise of Stock Options/    Restricted Shares |  | 2,956  |  |  | 43  |  |  |  |  |  |  | 46,326  |  |  |  |  |  |  |  |  | 46,369  |  |
| Shares Retired |  | (469) |  |  | (7) |  |  | 469  |  |  | 19,958  |  |  | (287) |  |  | (19,664) |  |  |  |  |  |  | —  |  |
| Declared Cash Dividends —  $0.98 per Share |  |  |  |  |  |  |  |  |  |  |  | (530,640) |  |  |  |  |  |  | (530,640) |  |
| Balance at October 31, 2021 |  | 542,412  |  |  | $ | 7,946  |  |  | —  |  |  | $ | —  |  |  | $ | 360,336  |  |  | $ | 6,881,870  |  |  | $ | (277,269) |  |  | $ | 5,478  |  |  | $ | 6,978,360  |  |
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See Notes to Consolidated Financial Statements  
  
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