(State or Other Jurisdiction of Incorporation) | (Commission File Number) | (IRS Employer Identification Number) |
Title of each class | Trading Symbol | Name of each exchange on which registered | |||
• | One or more of the Company's manufacturing facilities may be shutdown, or have their operations significantly impacted, due to employee illnesses, increased absenteeism, and/or actions by government agencies. Capital projects may be delayed as additional capacity is no longer currently needed. The Company's co-manufacturers and material suppliers may face similar impacts. |
• | Regulatory restrictions and measures taken at the Company's facilities to prevent or slowdown the spread of COVID-19 may impact facilities’ efficiency. |
• | Operating costs may increase as measures are put in place to prevent or slowdown the spread of COVID-19, such as facility improvements, employee testing, short term disability policies, and manufacturing employee bonus payments. |
• | Any new or additional measures required by national, state or local governments to combat COVID-19 may similarly add additional operational costs. |
• | Ongoing closure or reduced operations at foodservice establishments may impact results for the Foodservice division. Bankruptcy filings and/or delinquent payments from foodservice industry or other customers may negatively impact cash flow. |
• | A national and/or global economic downturn may impact consumer purchase behavior, such as reduced foodservice volume, lower volume in premium brands, and potential loss of business to private label. |
• | It may become more difficult and/or expensive to obtain debt or equity financing necessary to sustain our operations, make capital expenditures, and/or finance future acquisitions. |
• | The Company may face litigation by stockholders, employees, suppliers, customers, consumers, and others relating to COVID-19 and its effects. |
• | The Company relies on its dedicated employees, many of whom have a long tenure with the company. Operations may be negatively impacted if members of the Company's leadership team, or other key employees, become ill with COVID-19 or otherwise terminate their employment as a result of COVID-19. Further, we may face challenges hiring, onboarding, and training new employees, including leadership, which may impact results. The Company may also face operational challenges if government quarantine orders restrict movement of employees. |
• | In accordance with recommendations to reduce large gatherings and increase social distancing, many of the Company's office-based employees are working remotely, which may bring additional information technology and data security risks. |
• | Supply chain disruptions of various types arising from COVID-19 may impact the Company's ability to make products, the cost for such products, and the ability to deliver products to customers. Closure or reduced operations of material suppliers could result in shortages of key raw materials, as well as impact prices for those materials. The volatility in the market for raw material and supplies could impact the Company's profitability. |
• | National, state, and local government orders closing or limiting operation of borders and ports, or imposing quarantine, could impact the Company's ability to obtain raw materials and to deliver finished goods to customers. |
• | COVID-19 has wide-reaching impacts to society and the business making all decisions, interactions, and transactions significantly more complex. |
• | The Company is committed to being transparent through communications to inform shareholders, employees, customers, consumers, and others about the enhanced safety protocols implemented. The Company must keep pace with a rapidly changing media environment. If the Company's public relations efforts are not effective or if consumers perceive them to be irresponsible, the Company's competitive position, reputation, and market share may suffer. |
101 | Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document. |
104 | The cover page from this Current Report on Form 8-K, formatted as Inline XBRL. |
HORMEL FOODS CORPORATION | ||
(Registrant) | ||
Dated: May 21, 2020 | By | /s/ JAMES P. SNEE |
JAMES P. SNEE | ||
Chairman of the Board, President and | ||
Chief Executive Officer | ||
Dated: May 21, 2020 | By | /s/ JAMES N. SHEEHAN |
JAMES N. SHEEHAN | ||
Executive Vice President and | ||
Chief Financial Officer |