Income Taxes:  The Company’s effective tax rate for the fiscal 2014 fourth quarter and year was 34.1 percent and 34.3 percent,  respectively, compared to 33.9 percent and 33.6 percent, respectively, for the fourth quarter and year in fiscal 2013. The higher  rate for fiscal 2014 is due to the impact of net favorable adjustments and settlements with various state jurisdictions in fiscal  2013. The Company expects the effective tax rate in fiscal 2015 to be between 34.0 percent and 34.5 percent. Net sales and operating profits for each of the Company’s reportable segments are set forth below. The Company is an inte- grated enterprise, characterized by substantial intersegment cooperation, cost allocations, and sharing of assets. Therefore, the  Company does not represent that these segments, if operated independently, would report the operating profit and other finan- cial information shown below. (Additional segment financial information can be found in Note O “Segment Reporting.”) Grocery Products:  Grocery Products net sales decreased  3.4 percent for the fiscal 2014 fourth quarter and increased  2.7 percent for the year compared to fiscal 2013. Tonnage  decreased 4.8 percent for the quarter and increased 3.3  percent for the year compared to prior year results. The com- parative results for the fiscal year reflect the addition of the  SKIPPY ®  peanut butter business beginning in the second quar- ter of fiscal 2013. This business contributed an incremental  $73.3 million of net sales and 49.1 million lbs. to the results  for the fiscal year. Net sales for Grocery Products in the fourth quarter were neg- atively impacted by lower tonnage in the canned meat portfo- lio due to pricing actions taken earlier in the year to partially  offset higher commodity cost inputs. Softer sales of  Hormel ® chili and the  Hormel ®  Compleats ® line of microwave meals led  to the fourth quarter decline. For the fiscal year, sales gains  for  Hormel ® bacon toppings and the  Herdez ® line of salsas and  sauces within the MegaMex joint venture offset lower sales  of the  Hormel ®  Compleats ® line of microwave meals and the  SPAM ®  family of products. Segment profit for Grocery Products decreased 21.1 percent  for the fourth quarter and 8.7 percent for the year compared  to fiscal 2013. Profit results for the fourth quarter were ham- pered by high meat input costs and reduced volumes following  related pricing actions. Partially offsetting the decrease were  higher equity in earnings results from the MegaMex joint  venture in the fourth quarter, as the prior year included higher  incentive expense on the Fresherized Foods acquisition. For  the fiscal year, improved margins of  Hormel ®  bacon toppings  and the  Herdez ®  line of salsas and sauces within our MegaMex  joint venture were unable to offset the margin declines in  products such as the  SPAM ®  family of products,  Hormel ® chili,  Hormel ®  Compleats ® microwave meals, and  Dinty Moore ®  stew. Looking ahead, the Company expects pork commodity prices  to normalize as the year progresses, providing input cost  relief in fiscal 2015 for Grocery Products. Growth for  SKIPPY ® peanut butter products is anticipated following the September  kick-off of a national advertising campaign after many years  off air. Effective at the beginning of fiscal 2015, Fresherized  Foods, the makers of  Wholly Guacamole ® , will be integrated  into the Grocery Products sales and distribution systems  giving this brand the full benefit of the Company’s sales force  19 Segment Results Fourth Quarter Ended  Year Ended October 26, October 27,  October 26, October 27,  (in thousands)  2014 2013  % Change  2014 2013  % Change Net Sales Grocery Products  $ 405,166 $ 419,615  (3.4)  $1,558,265 $1,517,557  2.7 Refrigerated Foods  1,211,890  1,108,157  9.4  4,644,179  4,251,515  9.2 Jennie-O Turkey Store  509,980 459,670  10.9  1,672,452  1,601,868  4.4 Specialty Foods  277,559 212,485  30.6  907,120 932,533  (2.7) International & Other  139,176 123,275  12.9  534,240 448,181  19.2 Total Net Sales  $2,543,771 $2,323,202  9.5  $9,316,256 $8,751,654  6.5 Segment Operating Profit Grocery Products  $  50,051 $  63,476  (21.1)  $ 195,064 $ 213,646  (8.7) Refrigerated Foods 87,296 79,453  9.9  338,020 232,692  45.3 Jennie-O Turkey Store  95,253 65,550  45.3  272,362 222,117  22.6 Specialty Foods  13,747 15,975  (13.9)  71,514 88,873  (19.5) International & Other  22,629 22,069  2.5  84,745 71,490  18.5 Total Segment Operating Profit  268,976 246,523  9.1  961,705 828,818  16.0 Net interest and investment expense (income)  2,626 595  341.3  9,468 7,482  26.5 General corporate expense  6,192 7,466  (17.1)  33,434 26,694  25.2 Noncontrolling interest  584 1,145  (49.0)  3,349 3,865  (13.4) Earnings Before Income Taxes  $ 260,742 $ 239,607  8.8  $ 922,152 $ 798,507  15.5