Consolidated Statements of Changes in Shareholders’ Investment See Notes to Consolidated Financial Statements. Hormel Foods Corporation Shareholders Accumulated Additional  Other  Non-  Total  (in thousands,  Common Stock  Treasury Stock  Paid-In  Retained  Comprehensive  controlling  Shareholders’ except per share amounts)  Shares  Amount  Shares  Amount  Capital  Earnings  Income (Loss)  Interest  Investment Balance at October 30, 2011  263,963  $7,734  –  $ – $ –  $ 2,824,331  $ (175,483)  $ 3,234 $ 2,659,816 Net earnings 500,050  4,911  504,961 Other comprehensive (loss) income  (148,086)  51  (148,035) Purchases of common stock  (2,142)  (61,366)  (61,366) Stock-based compensation expense 16,710  16,710 Exercise of stock options/  nonvested shares  1,233  36  (10)  (295)  13,576  13,317 Shares retired  (2,152)  (63)  2,152  61,661  (30,286)  (31,312)  – Proceeds from noncontrolling interest  774  774 Distribution to noncontrolling interest  (3,500)  (3,500) Declared cash dividends — $0.60 per share  (157,752)  (157,752) Balance at October 28, 2012  263,044  $7,707  –  $ – $ –  $ 3,135,317  $(323,569)  $ 5,470 $ 2,824,925 Net earnings 526,211  3,865  530,076 Other comprehensive income  174,355  204  174,559 Purchases of common stock  (1,745)  (70,819)  (70,819) Stock-based compensation expense 17,596  17,596 Exercise of stock options/  nonvested shares  2,359  69  23,955  24,024 Shares retired  (1,745)  (51)  1,745  70,819  (41,551)  (29,217)  – Distribution to noncontrolling interest  (4,000)  (4,000) Declared cash dividends — $0.68 per share  (179,782)  (179,782) Balance at October 27, 2013  263,658  $7,725  –  $ – $ –  $ 3,452,529  $(149,214)  $ 5,539 $ 3,316,579 Net earnings 602,677  3,349  606,026 Other comprehensive loss (58,486)  (10)  (58,496) Purchases of common stock  (1,257)  (58,937)  (58,937) Stock-based compensation expense 1  14,392  14,393 Exercise of stock options/  nonvested shares  1,212  35  6,068  6,103 Shares retired  (1,257)  (37)  1,257  58,937  (20,460)  (38,440)  – Distribution to noncontrolling interest  (2,500)  (2,500) Declared cash dividends — $0.80 per share  (211,112)  (211,112) Balance at October 26, 2014  263,613  $7,724  –  $ –  $ –  $3,805,654  $(207,700)  $ 6,378 $3,612,056 36