The company's strategy focuses on delivering margins in the core protein business through efficiencies, valuing-up offerings, growing the branded portfolio, and scaling in international markets.

The acquisition of Williams Sausage Company in the third quarter of 2023 is a strategic move to increase capacity and product portfolio in the Prepared Foods segment.

The sale of the Vienna, Georgia facility in fiscal 2024 indicates a strategic decision to optimize operations and reallocate resources, resulting in a gain of $16 million.

The 2022 restructuring program was substantially completed in fiscal 2024, which aimed to improve business performance and reduce redundancies, suggesting effective management in streamlining operations.

The company is focused on improving operational efficiencies and managing costs, as evidenced by the decrease in selling, general, and administrative expenses and the emphasis on productivity programs.

Despite market challenges such as limited cattle supply and economic uncertainties, management has taken actions to improve profitability and adapt to changing conditions.

The company acknowledges the ongoing risk of global pandemics, which could disrupt supply chains, increase operating costs, and limit the ability to procure, deliver, or produce food products.

The company identifies the cost and supply of commodities such as beef, pork, poultry, corn, and soybean meal as key factors influencing profitability, highlighting the risk of fluctuating input costs.

The company acknowledges the potential impact of disease outbreaks such as African swine fever (ASF) and Highly Pathogenic Avian Influenza (HPAI) on livestock and poultry, which could disrupt operations and affect supply and demand.

The company acknowledges competition from other food producers and processors with various product ranges and geographic reach, which may require price reductions or increased marketing spending to maintain market share.

The company identifies the risk of failing to adapt to changing consumer trends and preferences, which could lead to reduced demand and price reductions.

The company acknowledges the need for continuous innovation and successful product launches to maintain its competitive position, highlighting the risk of failing to develop and market new products effectively.

The company approved the closure of six Chicken segment processing facilities and two case-ready value-added plants in Beef segment and a Pork segment processing facility in Perry, Iowa to optimize asset utilization.

The company conducts continuous research and development activities to automate manual processes in processing facilities and grow-out operations, and to improve chicken breeding stock.

The company's distribution system extends to a broad network of food distributors and is supported by owned or leased cold storage warehouses and a transportation system to decrease shipping costs while increasing customer service.

The company conducts continuous research and development activities to improve product development, automate manual processes, and improve chicken breeding stock.

The company has a Manufacturing Automation Center in Springdale, Arkansas, designed to grow the development of new manufacturing solutions and enhance team member training on new technology.

The company has a formal information security, cybersecurity, and privacy program led by the Chief Information Security Officer (CISO) that uses a risk-based approach to evaluate new technology and third parties.

Capital expenditures are expected to be between $1.0 billion and $1.2 billion for fiscal 2025, including investments in profit improvement projects and maintenance and repair.

The company issued senior unsecured notes with an aggregate principal amount of $1.5 billion and used a portion of the net proceeds to repay $250 million of the amount outstanding under our term loan facility due May 2026 and we used the remainder of the proceeds to retire the $1,250 million notes due August 2024.

Dividends paid during fiscal 2024 included a 2% increase to our fiscal 2023 quarterly dividend rate.

The company established sustainability governance and oversight through the Governance and Nominating Committee of our Board of Directors, indicating a commitment to corporate responsibility.

The company monitors developments in greenhouse gas emissions and strives to mitigate risks through environmental compliance and climate-related initiatives.

The company maintains a safety culture grounded on eliminating workplace incidents, risks, and identified hazards, and emphasizes comprehensive training programs for team members.

The conflicts between Ukraine and Russia, in addition to the Middle East, are ongoing and there are many risks and uncertainties in relation to the conflicts that are outside of our control.

According to the USDA, domestic protein production (beef, pork, chicken and turkey) increased slightly in fiscal 2024 compared to fiscal 2023.

The Beef segment experienced limited supply of market-ready cattle and increased live cattle costs. Additionally, uncertainty exists regarding the timing of the anticipated cattle herd rebuilding.