Hormel Foods 2010 Annual Report Download - page 35

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33
Consolidated Statements of Financial Position
(in thousands) October 31, 2010 October 25, 2009
Assets
Current Assets
Cash and cash equivalents $ 467,845 $ 385,252
Short-term marketable securities 50,595 0
Accounts receivable (net of allowance for doubtful accounts of
$4,000 at October 31, 2010 and $4,064 at October 25, 2009) 430,939 372,292
Inventories 793,771 722,371
Income taxes receivable 8,525 0
Deferred income taxes 70,703 66,435
Prepaid expenses 12,153 9,130
Other current assets 23,635 19,253
Total Current Assets 1,858,166 1,574,733
Deferred Income Taxes 72,426 122,007
Goodwill 629,023 620,155
Other Intangibles 141,522 140,854
Pension Assets 61,272 29,663
Investments in and Receivables from Affiliates 214,389 86,599
Other Assets 155,017 165,331
Property, Plant and Equipment
Land 54,017 52,952
Buildings 729,718 723,553
Equipment 1,358,237 1,317,845
Construction in progress 45,283 41,722
2,187,255 2,136,072
Less allowance for depreciation (1,265,152) (1,183,359)
922,103 952,713
Total Assets $ 4,053,918 $ 3,692,055
Liabilities and Shareholders’ Investment
Current Liabilities
Accounts payable $ 361,287 $ 313,258
Accrued expenses 46,408 40,289
Accrued workers compensation 33,022 29,421
Accrued marketing expenses 76,552 70,452
Employee related expenses 187,116 181,531
Taxes payable 9,339 15,127
Interest and dividends payable 37,489 34,951
Current maturities of long-term debt 350,000 0
Total Current Liabilities 1,101,213 685,029
Long-Term Debt — less current maturities 0 350,000
Pension and Post-Retirement Benefits 454,998 429,800
Other Long-Term Liabilities 91,068 102,905
Shareholders’ Investment
Preferred stock, par value $.01 a share — authorized 80,000,000 shares;
issued — none
Common stock, nonvoting, par value $.01 a share — authorized 200,000,000 shares;
issued — none
Common stock, par value $.0586 a share — authorized 400,000,000 shares;
issued 132,981,540 shares October 31, 2010
issued 133,593,719 shares October 25, 2009 7,793 7,828
Accumulated other comprehensive loss (175,910) (203,610)
Retained earnings 2,568,774 2,318,390
Hormel Foods Corporation Shareholders’ Investment 2,400,657 2,122,608
Noncontrolling Interest 5,982 1,713
Total Shareholders’ Investment 2,406,639 2,124,321
Total Liabilities and Shareholders’ Investment $ 4,053,918 $ 3,692,055
See Notes to Consolidated Financial Statements.