Hormel Foods (HRL) 10-Q 5 Mar 19 2019 Q1 Quarterly report Financial data

DOCUMENT AND ENTITY INFORMATION

DOCUMENT AND ENTITY INFORMATION - shares	3 Months Ended
	Jan. 27, 2019	Mar. 03, 2019
Entity Registrant Name	HORMEL FOODS CORP /DE/
Entity Central Index Key	48,465
Document Type	10-Q
Document Period End Date	Jan. 27, 2019
Amendment Flag	false
Current Fiscal Year End Date	--10-27
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Document Fiscal Year Focus	2,019
Document Fiscal Period Focus	Q1
Entity Smaller Reporting Company	false
Entity Emerging Growth Company	false
Common Stock
Entity Common Stock, Shares Outstanding (in shares)		535,675,778
Common Stock, Non-voting
Entity Common Stock, Shares Outstanding (in shares)		0

CONSOLIDATED STATEMENTS OF FINA

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION - USD ($) $ in Thousands	Jan. 27, 2019	Oct. 28, 2018
CURRENT ASSETS
Cash and cash equivalents	$ 512,689	$ 459,136
Accounts receivable	565,060	600,438
Inventories	994,428	963,527
Income taxes receivable	147	3,995
Prepaid expenses	23,601	16,342
Other current assets	4,761	6,662
TOTAL CURRENT ASSETS	2,100,686	2,050,100
GOODWILL	2,716,750	2,714,116
OTHER INTANGIBLES	1,204,991	1,207,219
PENSION ASSETS	200,448	195,153
INVESTMENTS IN AND RECEIVABLES FROM AFFILIATES	277,837	273,153
OTHER ASSETS	171,005	189,951
PROPERTY, PLANT AND EQUIPMENT
Land	49,162	50,332
Buildings	958,884	956,260
Equipment	1,819,284	1,863,020
Construction in progress	302,929	332,205
Less: Allowance for depreciation	(1,646,578)	(1,689,217)
Net property, plant and equipment	1,483,681	1,512,600
TOTAL ASSETS	8,155,398	8,142,292
CURRENT LIABILITIES
Accounts payable	505,617	618,830
Accrued expenses	50,361	48,298
Accrued workers compensation	25,215	24,594
Accrued marketing expenses	139,338	118,887
Employee related expenses	160,242	224,736
Taxes payable	63,791	2,490
Interest and dividends payable	116,370	101,079
Current maturities of long-term debt	374,878	0
TOTAL CURRENT LIABILITIES	1,435,812	1,138,914
LONG-TERM DEBT–less current maturities	250,000	624,840
PENSION AND POST-RETIREMENT BENEFITS	484,004	477,557
OTHER LONG-TERM LIABILITIES	100,134	99,070
DEFERRED INCOME TAXES	$ 179,669	$ 197,093
Preferred stock, issued shares (in shares)	0	0
SHAREHOLDERS’ INVESTMENT
Additional paid-in capital	$ 130,196
Accumulated other comprehensive loss	(292,342)
Retained earnings	5,856,029
HORMEL FOODS CORPORATION SHAREHOLDERS’ INVESTMENT	5,701,709	$ 5,600,811
NONCONTROLLING INTEREST	4,070
TOTAL SHAREHOLDERS’ INVESTMENT	5,705,779	5,604,818
TOTAL LIABILITIES AND SHAREHOLDERS’ INVESTMENT	8,155,398	8,142,292
Common Stock, Non-voting
SHAREHOLDERS’ INVESTMENT
Common stock, issued shares, value	0	$ 0
Common Stock
SHAREHOLDERS’ INVESTMENT
Common stock, issued shares, value	$ 7,826

CONSOLIDATED STATEMENTS OF FI_2

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (PARENTHETICAL) - USD ($)	Jan. 27, 2019	Oct. 28, 2018
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, authorized shares (in shares)	160,000,000	160,000,000
Preferred stock, issued shares (in shares)	0	0
Preferred stock, issued shares, value	$ 0	$ 0
Common Stock, Non-voting
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, authorized shares (in shares)	400,000,000	400,000,000
Common stock, issued shares (in shares)	0	0
Common stock, issued shares, value	$ 0	$ 0
Common Stock
Common stock, par value (in dollars per share)	$ 0.01465	$ 0.01465
Common stock, authorized shares (in shares)	1,600,000,000	1,600,000,000
Common stock, issued shares (in shares)	534,169,855	534,135,484
Common stock, issued shares, value	$ 7,826,000

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Jan. 27, 2019	Jan. 28, 2018	[1]
Income Statement [Abstract]
Net sales	$ 2,360,355	$ 2,331,293
Cost of products sold	1,872,021	1,832,997
GROSS PROFIT	488,334	498,296
Selling, general and administrative	193,544	219,872
Equity in earnings of affiliates	11,458	23,531
OPERATING INCOME	306,248	301,955
Other income and expense:
Interest and investment income	6,874	7,939
Interest expense	(6,147)	(4,729)
EARNINGS BEFORE INCOME TAXES	306,975	305,165
Provision for income taxes	65,456	1,954
NET EARNINGS	241,519	303,211
Less: Net earnings attributable to noncontrolling interest	94	104
NET EARNINGS ATTRIBUTABLE TO HORMEL FOODS CORPORATION	$ 241,425	$ 303,107
NET EARNINGS PER SHARE:
BASIC (in dollars per share)	$ 0.45	$ 0.57
DILUTED (in dollars per share)	$ 0.44	$ 0.56
WEIGHTED-AVERAGE SHARES OUTSTANDING:
BASIC (in shares)	534,495	529,453
DILUTED (in shares)	547,118	543,482
[1]	Adjusted due to the adoption of Accounting Standards Update (ASU) 2017-07, Compensation - Retirement Benefits: Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost (Topic 715)

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended
	Jan. 27, 2019	Jan. 28, 2018
Statement of Comprehensive Income [Abstract]
NET EARNINGS	$ 241,519	$ 303,211	[1]
Other comprehensive income, net of tax:
Foreign currency translation	1,846	4,212
Pension and other benefits	3,439	2,486
Deferred hedging	(361)	(650)
TOTAL OTHER COMPREHENSIVE INCOME	4,924	6,048
COMPREHENSIVE INCOME	246,443	309,259
Less: Comprehensive income attributable to noncontrolling interest	63	253
COMPREHENSIVE INCOME ATTRIBUTABLE TO HORMEL FOODS CORPORATION	$ 246,380	$ 309,006
[1]	Adjusted due to the adoption of Accounting Standards Update (ASU) 2017-07, Compensation - Retirement Benefits: Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost (Topic 715)

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' INVESTMENT - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Jan. 27, 2019	Jan. 28, 2018		Oct. 29, 2018
Increase (Decrease) in Shareholders' Investment
Beginning balance	$ 5,604,818	$ 4,939,697
Net earnings	241,519	303,211	[1]
Other comprehensive income (loss)	4,924	6,048
Purchases of common stock	(44,809)	(25,199)
Stock-based compensation expense	7,946	7,339
Exercise of stock options/restricted shares	15,998	23,455
Shares retired	0	0
Declared cash dividends	(112,706)	(99,177)
Ending balance	$ 5,705,779	$ 5,155,374
ASU 2016-16
Increase (Decrease) in Shareholders' Investment
Impact of adoption of ASU				$ (10,475)
ASU 2018-02
Increase (Decrease) in Shareholders' Investment
Impact of adoption of ASU				(1,436)
Common Stock
Increase (Decrease) in Shareholders' Investment
Beginning balance (in shares)	534,135	528,424
Beginning balance	$ 7,825	$ 7,741
Exercise of stock options/restricted shares (in shares)	1,100	2,302
Exercise of stock options/restricted shares	$ 17	$ 34
Shares retired (in shares)	(1,065)	(738)
Shares retired	$ (16)	$ (11)
Ending balance (in shares)	534,170	529,988
Ending balance	$ 7,826	$ 7,764
Treasury Stock
Increase (Decrease) in Shareholders' Investment
Beginning balance	$ 0	$ 0
Purchases of common stock (in shares)	(1,065)	(738)
Purchases of common stock	$ (44,809)	$ (25,199)
Shares retired (in shares)	(1,065)	(738)
Shares retired	$ (44,809)	$ (25,199)
Ending balance	0	0
Additional Paid-in Capital
Increase (Decrease) in Shareholders' Investment
Beginning balance	106,528	13,670
Stock-based compensation expense	7,946	7,339
Exercise of stock options/restricted shares	15,981	23,421
Shares retired	(259)	(25,188)
Ending balance	130,196	19,242
Retained Earnings
Increase (Decrease) in Shareholders' Investment
Beginning balance	5,729,956	5,162,571
Net earnings	241,425	303,107
Shares retired	(44,534)
Declared cash dividends	(112,706)	(99,177)
Ending balance	5,856,029	5,366,501
Retained Earnings | ASU 2016-16
Increase (Decrease) in Shareholders' Investment
Impact of adoption of ASU				(10,475)
Retained Earnings | ASU 2017-12
Increase (Decrease) in Shareholders' Investment
Impact of adoption of ASU				21
Retained Earnings | ASU 2018-02
Increase (Decrease) in Shareholders' Investment
Impact of adoption of ASU				52,342
Accumulated Other Comprehensive (Loss) Income
Increase (Decrease) in Shareholders' Investment
Beginning balance	(243,498)	(248,075)
Other comprehensive income (loss)	4,955	5,899
Ending balance	(292,342)	(242,176)
Accumulated Other Comprehensive (Loss) Income | ASU 2017-12
Increase (Decrease) in Shareholders' Investment
Impact of adoption of ASU				(21)
Accumulated Other Comprehensive (Loss) Income | ASU 2018-02
Increase (Decrease) in Shareholders' Investment
Impact of adoption of ASU				$ (53,778)
Non- controlling Interest
Increase (Decrease) in Shareholders' Investment
Beginning balance	4,007	3,790
Net earnings	94	104
Other comprehensive income (loss)	(31)	149
Ending balance	$ 4,070	$ 4,043
[1]	Adjusted due to the adoption of Accounting Standards Update (ASU) 2017-07, Compensation - Retirement Benefits: Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost (Topic 715)

CONSOLIDATED STATEMENTS OF CH_2

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' INVESTMENT (PARENTHETICAL) - $ / shares	3 Months Ended	12 Months Ended
	Jan. 27, 2019	Oct. 28, 2018
Statement of Stockholders' Equity [Abstract]
Declared cash dividends (in dollars per share)	$ 0.21	$ 0.1875

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Jan. 27, 2019	Jan. 28, 2018
OPERATING ACTIVITIES
Net earnings	$ 241,519	$ 303,211	[1]
Adjustments to reconcile to net cash provided by operating activities:
Depreciation	36,848	35,867
Amortization of intangibles	3,170	3,256
Equity in earnings of affiliates	(11,458)	(23,531)
Distribution from equity method investees	0	23
Provision (benefit) for deferred income taxes	125	(68,856)
Loss (gain) on property/equipment sales and plant facilities	450	(1,131)
Non-cash investment activities	(9,516)	(10,880)
Stock-based compensation expense	7,946	7,339
Changes in operating assets and liabilities, net of acquisitions:
Decrease (increase) in accounts receivable	36,262	69,629
(Increase) decrease in inventories	(30,901)	(21,255)
(Increase) decrease in prepaid expenses and other current assets	(5,625)	569
Increase (decrease) in pension and post-retirement benefits	4,237	2,132
(Decrease) increase in accounts payable and accrued expenses	(147,318)	(58,077)
Increase (decrease) in net income taxes payable	61,686	65,881
NET CASH PROVIDED BY OPERATING ACTIVITIES	187,425	304,177
INVESTING ACTIVITIES
Acquisitions of businesses/intangibles	0	(858,102)
Purchases of property/equipment	(39,430)	(53,694)
Proceeds from sales of property/equipment	30,305	751
Decrease (increase) in investments, equity in affiliates, and other assets	7,302	2,718
Proceeds from company-owned life insurance	144	3,028
NET CASH USED IN INVESTING ACTIVITIES	(1,679)	(905,299)
FINANCING ACTIVITIES
Net proceeds from short-term debt	0	255,000
Proceeds from long-term debt	0	375,000
Repayment long-term debt	38
Repayments of long-term debt		(274)
Dividends paid on common stock	(100,125)	(89,814)
Share repurchase	(44,809)	(25,199)
Proceeds from exercise of stock options	15,997	23,455
NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES	(128,899)	538,168
EFFECT OF EXCHANGE RATE CHANGES ON CASH	(3,294)	4,607
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	53,553	(58,347)
Cash and cash equivalents at beginning of year	459,136	444,122
CASH AND CASH EQUIVALENTS AT END OF QUARTER	$ 512,689	$ 385,775
[1]	Adjusted due to the adoption of Accounting Standards Update (ASU) 2017-07, Compensation - Retirement Benefits: Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost (Topic 715)

GENERAL

GENERAL	3 Months Ended
	Jan. 27, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
GENERAL	GENERAL Basis of Presentation: The accompanying unaudited consolidated financial statements of Hormel Foods Corporation (the Company) have been prepared in accordance with generally accepted accounting principles for interim financial information, and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation have been included. Operating results for the interim period are not necessarily indicative of the results that may be expected for the full year. The balance sheet at October 28, 2018 , has been derived from the audited financial statements at that date but does not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. For further information, refer to the consolidated financial statements and footnotes included in the Company’s Annual Report on Form 10-K for the fiscal year ended October 28, 2018 . Investments: The Company maintains a rabbi trust to fund certain supplemental executive retirement plans and deferred income plans. Under the plans, the participants can defer certain types of compensation and elect to receive a return on the deferred amounts based on the changes in fair value of various investment options, primarily a variety of mutual funds. The Company has corporate-owned life insurance policies on certain participants in the deferred compensation plans. The cash surrender value of the policies is included in other assets on the Consolidated Statements of Financial Position. The securities held by the trust are classified as trading securities. Therefore, unrealized gains and losses associated with these investments are included in the Company’s earnings. Securities held by the trust generated gains of $ 1.4 million for the three months ended January 27, 2019 , compared to gains of $3.4 million for the three months ended January 28, 2018 . Supplemental Cash Flow Information: Non-cash investment activities presented on the Consolidated Statements of Cash Flows primarily consist of unrealized gains or losses on the Company’s rabbi trust. The noted investments are included in other assets on the Consolidated Statements of Financial Position. Changes in the value of these investments are included in the Company’s net earnings and are presented in the Consolidated Statements of Operations as either interest and investment income (loss) or interest expense, as appropriate. Guarantees: The Company enters into various agreements guaranteeing specified obligations of affiliated parties. The Company’s guarantees either terminate in one year or remain in place until such time as the Company revokes the agreement. The Company currently provides revocable standby letters of credit totaling $2.4 million to guarantee obligations that may arise under workers compensation claims of an affiliated party. This potential obligation is not reflected in the Company’s Consolidated Statements of Financial Position. Reclassifications: Certain reclassifications of previously reported amounts have been made to conform to the current year presentation. The reclassifications had no impact on net earnings or operating income, other than those related to the adoption of ASU 2017-07 as described within the new accounting pronouncements adopted in the current fiscal year. Accounting Changes and Recent Accounting Pronouncements: New Accounting Pronouncements Adopted in Current Fiscal Year In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606) . This topic converges the guidance within U.S. GAAP and international financial reporting standards and supersedes ASC 605, Revenue Recognition . The new standard requires companies to recognize revenue to depict the transfer of goods or services to customers in amounts that reflect the consideration to which the company expects to be entitled in exchange for those goods or services. The new standard will also result in enhanced disclosures about revenue, provide guidance for transactions which were not previously addressed comprehensively, and improve guidance for multiple-element arrangements. The new guidance is effective for annual reporting periods beginning after December 15, 2017. The updated guidance is to be applied either retrospectively or by using a cumulative effect adjustment. The Company adopted the provisions of the new standard using the full retrospective method at the beginning of fiscal 2019. The Company made the following policy elections upon adoption: to account for shipping and handling costs as contract fulfillment costs and to exclude taxes imposed on and collected from customers in revenue producing transactions (e.g., sales, use, and value added taxes) from the transaction price. The Company will account for variable consideration using the expected value method. The Company also applied the practical expedient to not capitalize contract costs to obtain contracts with a duration of one year or less, which are expensed and included in the Consolidated Statements of Operations. The Company did not have a cumulative effect adjustment as a result of adoption. Adoption of the new standard did not have a material impact on the Company’s results of operations. Additional qualitative disclosures have been provided in Note B - Revenue Recognition and further disaggregation of revenues provided in Note N - Segment Reporting. In October 2016, the FASB issued ASU 2016-16, Income Taxes - Intra-Entity Transfers of Assets Other Than Inventory (Topic 740) . The updated guidance requires the recognition of the income tax consequences of an intra-entity asset transfer, other than transfers of inventory, when the transfer occurs. For intra-entity transfers of inventory, the income tax effects will continue to be deferred until the inventory has been sold to a third party. The updated guidance is effective for reporting periods beginning after December 15, 2017, with early adoption permitted only within the first interim period of a fiscal year. The guidance is required to be applied on a modified retrospective basis through a cumulative effect adjustment directly to retained earnings as of the beginning of the period of adoption. The Company adopted the updated provisions at the beginning of fiscal 2019, resulting in a reclassification from prepaid tax assets to deferred tax assets. In addition, due to impact of the lower tax rate on deferred tax balances resulting from the Tax Cuts and Jobs Act (Tax Act), the Company recognized a cumulative effect adjustment to retained earnings of $10.5 million . In March 2017, the FASB issued ASU 2017-07, Compensation - Retirement Benefits: Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost (Topic 715) . The updated guidance requires an employer to report the service cost component of net periodic pension cost and net periodic post-retirement benefit cost in the same line item as other compensation costs. Other components of net periodic pension cost and net periodic post-retirement benefit cost must be presented in the income statement separately from the service cost component and outside income from operations. Additionally, only the service cost component is eligible for capitalization. This guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2017. The updated guidance should be applied retrospectively for the presentation of components of net benefit cost and prospectively, for the capitalization of the service cost component of net benefit cost. The Company adopted the updated provisions at the beginning of fiscal 2019. The Company elected to utilize a practical expedient which allows the Company to use historical amounts disclosed in the Pension and Other Post-retirement Benefits footnote as an estimation basis for retrospectively applying the requirements to separately report the other components in the income statement. Due to the retrospective adoption, the Company reclassified $4.6 million of non-service cost components of net periodic benefit costs out of operating income to interest and investment income on the Consolidated Statements of Operations for the three months ended January 28, 2018. In August 2017, the FASB issued ASU 2017-12, Derivatives and Hedging - Targeted Improvements to Accounting for Hedging Activities (Topic 815) . The updated guidance expands an entity’s ability to hedge nonfinancial and financial risk components and reduce complexity in fair value hedges of interest rate risk. The guidance eliminates the requirement to separately measure and report hedge ineffectiveness and generally requires the entire change in the fair value of a hedging instrument to be presented in the same income statement line as the hedged item. The guidance also eases certain documentation and assessment requirements and modifies the accounting for components excluded from the assessment of hedge effectiveness. Entities will apply the amendments to cash flow and net investment hedge relationships that exist on the date of adoption using a modified retrospective approach. The presentation and disclosure requirements apply prospectively. The updated guidance is effective for fiscal years beginning after December 15, 2018, including interim periods within those years. Early adoption is permitted in any interim or annual period. The Company early adopted the updated guidance at the beginning of fiscal 2019, therefore eliminating the requirement to separately measure and report hedge ineffectiveness. The Company applied the amendment to cash flow hedge relationships existing on the date of adoption using a modified retrospective approach. Presentation and disclosure requirements were applied on a prospective basis. The adoption resulted in an immaterial adjustment from retained earnings to accumulated other comprehensive income. In February 2018, the FASB issued ASU 2018-02, Income Statement - Reporting Comprehensive Income (Topic 220). The updated guidance allows entities to reclassify stranded income tax effects resulting from the Tax Act from accumulated other comprehensive income to retained earnings in their consolidated financial statements. Under the Tax Act, deferred taxes were adjusted to reflect the reduction of the historical corporate income tax rate to the newly enacted corporate income tax rate, which left the tax effects on items within accumulated other comprehensive income stranded at an inappropriate tax rate. The updated guidance is effective for fiscal years beginning after December 15, 2018, including interim periods within those years. Early adoption is permitted in any interim period and should be applied either in the period of adoption or retrospectively to each period (or periods) in which the effect of the change in the U.S. federal corporate income tax rate in the Tax Act is recognized. The Company early adopted the updated provisions at the beginning of fiscal 2019, resulting in a reclassification of $53.8 million to accumulated other comprehensive loss. In August 2018, the FASB issued ASU No. 2018-15, Intangibles - Goodwill and Other - Internal-Use Software: Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract (Topic 350). The amendments in the update align the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software (and hosting arrangements that include an internal-use software license). The amendments are effective for fiscal years beginning after December 15, 2019, and for interim periods within those fiscal years and is to be applied either retrospectively or prospectively to all implementation costs incurred after the adoption date. Early adoption is permitted, including adoption in any interim period. The Company early adopted the updated provisions on a prospective basis at the beginning of fiscal 2019. The impact related to adoption was immaterial in the first quarter and the Company will continue to evaluate in future quarters. New Accounting Pronouncements Not Yet Adopted In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) . The updated guidance requires lessees to recognize a right-of-use asset and lease liability for all leases with terms of more than 12 months. Recognition, measurement, and presentation of expenses will depend on the classification as a finance or operating lease. The update also requires certain quantitative and qualitative disclosures. Accounting guidance for lessors is largely unchanged. In July 2018, the FASB issued ASU 2018-11, which provides an optional transition method in addition to the existing modified retrospective transition method allowing entities to recognize a cumulative effect adjustment to the opening balance of retained earnings in the period of adoption rather than in the earliest period presented. The requirements of the new standard are effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The Company will adopt the provisions of this new accounting standard at the beginning of fiscal 2020 and is in the process of evaluating the impact of adoption on its consolidated financial statements and related disclosures. In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses: Measurement of Credit Losses on Financial Instruments (Topic 958) . The update provides guidance on the measurement of credit losses for most financial assets and certain other instruments that are not measured at fair value through net income. The amendment replaces the current incurred loss impairment methodology with a methodology to reflect expected credit losses and requires consideration of a broader range of reasonable and supportable information to explain credit loss estimates. The updated guidance is to be applied on a modified retrospective approach and is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Early adoption is permitted for all entities for fiscal years beginning after December 15, 2018, and interim periods therein. The Company is currently assessing the timing and impact of adopting the updated provisions. In July 2018, the FASB issued ASU 2018-09, Codification Improvements . This amendment makes changes to a variety of topics to clarify, correct errors in, or make minor improvements to the Accounting Standards Codification (ASC). The transition and effective date guidance is based on the facts and circumstances of each amendment. Some of the amendments do not require transition guidance and will be effective upon issuance of ASU 2018-09. However, many of the amendments do have transition guidance with effective dates for annual periods beginning after December 15, 2018. The Company is currently assessing the impact of adoption on its consolidated financial statements, results of operations, and cash flows. In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement - Disclosure Framework (Topic 820). The updated guidance improves the disclosure requirements on fair value measurements. The updated guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Early adoption is permitted for any removed or modified disclosures. The Company is currently assessing the timing and impact of adopting the updated provisions. In August 2018, the FASB issued ASU 2018-14, Compensation - Retirement Benefits - Defined Benefit Plans (Topic 715) . The updated guidance improves disclosure requirements for employers who sponsor defined benefit pension or other postretirement plans. The amendments are effective for fiscal years ending after December 15, 2020, with early adoption permitted. The Company is currently assessing the timing and impact of adopting the updated provisions.

REVENUE RECOGNITION

REVENUE RECOGNITION	3 Months Ended
	Jan. 27, 2019
Revenue from Contract with Customer [Abstract]
REVENUE RECOGNITION	REVENUE RECOGNITION Revenue from Contracts with Customers: Effective October 29, 2018, the Company adopted ASC 606, Revenue from Contracts with Customers using the full retrospective adoption method. The impact of adopting this guidance was immaterial to the Company’s financial statements and related disclosures. Under ASC 606, a contract with a customer is an agreement which both parties have approved, that creates enforceable rights and obligations, has commercial substance, where payment terms are identified, and collectability is probable. The Company’s customer contracts predominantly contain a single performance obligation to fulfill customer orders for the purchase of specified products. A performance obligation is a promise in a contract to transfer a distinct good or service to the customer. Revenue from product sales is primarily identified by purchase orders (“contracts”) which in some cases are governed by a master sales agreement. The purchase orders in combination with the invoice typically specify quantity and product(s) ordered, shipping terms, and certain aspects of the transaction price including discounts. Contracts are at standalone pricing or governed by pricing lists or brackets. Revenue is recognized as control of the promised good transfers to the customer in an amount reflective of the consideration the Company expects to receive in exchange for those goods. The Company’s revenue is recognized at a point in time when obligations under the terms of the agreement are satisfied once the shipped product is received or picked up by the customer. Revenues are recognized at the net consideration the Company expects to receive in exchange for the goods. The amount of net consideration recognized includes estimates of variable consideration, including costs for trade promotion programs, consumer incentives, and allowances and discounts associated with distressed or potentially unsaleable products. A majority of the Company’s revenue is short-term in nature with shipments within one year from order date. The Company's payment terms generally range between 7 to 45 days and vary by sales channel and other factors. The Company promotes products through advertising, consumer incentives, and trade promotions. These programs include discounts, slotting fees, coupons, rebates, and in-store display incentives. Customer trade promotion and consumer incentive activities are recorded as a reduction to the sale price based on amounts estimated as variable consideration. The Company estimates variable consideration at the expected value method to determine the total consideration which the Company expects to be entitled. Estimated amounts are included in the transaction price to the extent it is probable that a significant reversal of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is resolved. The Company’s estimates of variable consideration and determination of whether to include estimated amounts in the transaction price are based largely on an assessment of anticipated performance and all information (historical, current and forecasted) that is reasonably available. The Company elected to account for shipping and handling costs as contract fulfillment costs, and exclude taxes imposed on and collected from customers in revenue producing transactions (e.g., sales, use, and value added taxes) from the transaction price. Disaggregation of Revenue: The Company discloses revenue by reportable segment. A reconciliation of these disaggregated revenues is provided in Note N - Segment Reporting. Contract Balances: The Company does not have significant deferred revenue or unbilled receivable balances as a result of transactions with customers. Contract Costs:

ACQUISITIONS

ACQUISITIONS	3 Months Ended
	Jan. 27, 2019
Business Combinations [Abstract]
ACQUISITIONS	ACQUISITIONS On November 27, 2017, the Company acquired Columbus Manufacturing, Inc. (Columbus), an authentic premium deli meat and salami company, from Chicago-based Arbor Investments for a final purchase price of $857.4 million . The transaction was funded with cash on hand and by borrowing $375.0 million under a term loan facility and $375.0 million under a revolving credit facility. Columbus specializes in authentic premium deli meat and salami. This acquisition allows the Company to enhance its scale in the deli by broadening its portfolio of products, customers, and consumers. The acquisition was accounted for as a business combination using the acquisition method. The Company obtained an independent appraisal and completed purchase accounting for the acquisition in the fourth quarter of fiscal 2018. A final allocation of the purchase price to the acquired assets, liabilities, and goodwill is presented in the table below. (in thousands) Accounts receivable $ 21,199 Inventory 32,817 Prepaid and other assets 881 Other assets 936 Property, plant and equipment 83,662 Intangible assets 223,704 Goodwill 610,602 Current liabilities (21,366 ) Deferred taxes (95,077 ) Purchase price $ 857,358 Goodwill is calculated as the excess of the purchase price over the fair value of the net assets recognized. The goodwill recorded as part of the acquisition primarily reflects the value of the potential to expand presence in the deli channel and serve as the catalyst for uniting all of the Company's deli businesses into one customer-facing organization. The goodwill balance is not expected to be deductible for income tax purposes. The goodwill and intangible assets have been allocated to the Refrigerated Foods segment.

INVENTORIES

INVENTORIES	3 Months Ended
	Jan. 27, 2019
Inventory, Net [Abstract]
INVENTORIES	INVENTORIES Principal components of inventories are: (in thousands) January 27, October 28, Finished products $ 551,487 $ 525,628 Raw materials and work-in-process 245,422 247,495 Operating supplies 134,912 126,644 Maintenance materials and parts 62,607 63,760 Total $ 994,428 $ 963,527

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS	3 Months Ended
	Jan. 27, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
GOODWILL AND INTANGIBLE ASSETS	GOODWILL AND INTANGIBLE ASSETS The changes in the carrying amounts of goodwill for the three months ended January 27, 2019 , are presented in the table below. Beginning balances have been reclassified to conform to the current year presentation between segments. See Note N - Segment Reporting for additional information. (in thousands) Grocery Products Refrigerated Foods JOTS International & Other Total Reported balance at October 28, 2018 $ 882,582 $ 1,406,897 $ 203,214 $ 221,423 $ 2,714,116 Segment reclassification (25,209 ) 51,795 (26,586 ) — — Adjusted balance at October 28, 2018 857,373 1,458,692 176,628 221,423 2,714,116 Foreign currency translation — — — 2,634 2,634 Balance at January 27, 2019 $ 857,373 $ 1,458,692 $ 176,628 $ 224,057 $ 2,716,750 The carrying amounts for indefinite-lived intangible assets are presented in the table below. (in thousands) January 27, October 28, Brands/tradenames/trademarks $ 1,107,651 $ 1,108,122 Other intangibles 184 184 Foreign currency translation (2,937 ) (3,484 ) Total $ 1,104,898 $ 1,104,822 The gross carrying amount and accumulated amortization for definite-lived intangible assets are presented in the table below. January 27, 2019 October 28, 2018 (in thousands) Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Customer lists/relationships $ 137,039 $ (39,236 ) $ 137,039 $ (36,367 ) Other intangibles 6,626 (1,848 ) 6,155 (1,547 ) Foreign currency translation — (2,488 ) — (2,883 ) Total $ 143,665 $ (43,572 ) $ 143,194 $ (40,797 ) Amortization expense was $3.2 million and $3.3 million for the quarters ended January 27, 2019 and January 28, 2018 , respectively. Estimated annual amortization expense for the five fiscal years after October 28, 2018 , is as follows: (in millions) 2019 $12.7 2020 12.7 2021 12.8 2022 12.5 2023 11.6

PENSION AND OTHER POST-RETIREME

PENSION AND OTHER POST-RETIREMENT BENEFITS	3 Months Ended
	Jan. 27, 2019
Retirement Benefits [Abstract]
PENSION AND OTHER POST-RETIREMENT BENEFITS	PENSION AND OTHER POST-RETIREMENT BENEFITS Net periodic benefit cost for pension and other post-retirement benefit plans consists of the following: Pension Benefits Post-retirement Benefits Three Months Ended Three Months Ended (in thousands) January 27, January 28, January 27, January 28, Service cost $ 6,510 $ 7,903 $ 174 $ 320 Interest cost 15,097 14,049 3,165 2,832 Expected return on plan assets (23,125 ) (24,770 ) — — Amortization of prior service cost (698 ) (617 ) (669 ) (710 ) Recognized actuarial loss 3,701 4,539 — 44 Curtailment loss (gain) 2,825 — (620 ) — Net periodic cost $ 4,310 $ 1,104 $ 2,050 $ 2,486 Non-service cost components of net pension and postretirement benefit cost are presented within interest and investment income on the Consolidated Statements of Operations.

DERIVATIVES AND HEDGING

DERIVATIVES AND HEDGING	3 Months Ended
	Jan. 27, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]
DERIVATIVES AND HEDGING	DERIVATIVES AND HEDGING The Company uses hedging programs to manage price risk associated with commodity purchases. These programs utilize futures and options contracts to manage the Company’s exposure to price fluctuations in the commodities markets. The Company has determined its designated hedging programs to be highly effective in offsetting the changes in fair value or cash flows generated by the items hedged. Effectiveness testing is performed on a quarterly basis to ascertain a high level of effectiveness for cash flow and fair value hedging programs. Cash Flow Hedges: The Company designates corn and lean hog futures and options used to offset price fluctuations in the Company’s future direct grain and hog purchases as cash flow hedges. Effective gains or losses related to these cash flow hedges are reported in accumulated other comprehensive loss (AOCL) and reclassified into earnings, through cost of products sold, in the period or periods in which the hedged transactions affect earnings. The Company typically does not hedge its grain exposure beyond the next two upcoming fiscal years and its hog exposure beyond the next fiscal year. Fair Value Hedges: The Company designates the futures it uses to minimize the price risk assumed when fixed forward priced contracts are offered to the Company’s commodity suppliers as fair value hedges. The intent of the program is to make the forward priced commodities cost nearly the same as cash market purchases at the date of delivery. Changes in the fair value of the futures contracts, along with the gain or loss on the hedged purchase commitment, are marked-to-market through earnings and are recorded on the Consolidated Statements of Financial Position as a current asset and liability, respectively. Effective gains or losses related to these fair value hedges are recognized through cost of products sold in the period or periods in which the hedged transactions affect earnings. Other Derivatives: The Company holds certain futures and options contract positions as part of a merchandising program and to manage the Company’s exposure to fluctuations in commodity markets. The Company has not applied hedge accounting to these positions. Activity related to derivatives not designated as hedges is immaterial to the consolidated financial statements. Volume: As of January 27, 2019 , and October 28, 2018 , the Company had the following outstanding commodity futures and options contracts related to its hedging programs: Volume Commodity Contracts January 27, 2019 October 28, 2018 Corn 20.8 million bushels 23.0 million bushels Lean hogs 4.0 million cwt 0.6 million cwt Fair Value of Derivatives: The fair values of the Company’s derivative instruments (in thousands) as of January 27, 2019 , and October 28, 2018 , were as follows: Fair Value (1) Derivatives Designated as Hedges: Location on Consolidated Statements of Financial Position January 27, October 28, Commodity contracts Other current assets $ 1,730 $ (30 ) (1) Amounts represent the gross fair value of derivative assets and liabilities. The Company nets the derivative assets and liabilities for each of its hedging programs, including cash collateral, when a master netting arrangement exists between the Company and the counterparty to the derivative contract. The amount or timing of cash collateral balances may impact the classification of the derivative in the Consolidated Statements of Financial Position. See Note L - Fair Value Measurements for a discussion of these net amounts as reported in the Consolidated Statements of Financial Position. Fair Value Hedge - Assets(Liabilities): The carrying amount of the Company's fair value hedge liabilities (in thousands) as of January 27, 2019 , and October 28, 2018 , were as follows: Location on Consolidated Statements of Financial Position Carrying Amount of the Hedged Assets/(Liabilities) January 27, 2019 October 28, 2018 Accounts Payable (1,362 ) (594 ) AOCL Impact: In fiscal 2019, the Company adopted the amended guidance of Topic 815. As a result, hedge ineffectiveness related to effective relationships is now deferred in AOCL until the hedged item impacts earnings. Prior to fiscal 2019, gains or losses on the derivative instrument in excess of the cumulative change in the cash flows of the hedged item, if any (i.e, the ineffective portion) were recognized in the Consolidated Statements of Operations during the current period. As of January 27, 2019 , the Company has included in AOCL, hedging losses of $1.0 million (before tax) relating to its positions. The Company expects to recognize the majority of these losses over the next 12 months. The effect of AOCL for gains or losses (before tax, in thousands) related to the Company's derivative instruments for the three months ended January 27, 2019 , and January 28, 2018 , were as follows: Gain/(Loss) Recognized in AOCL (1) Location on Consolidated Statements of Operations Gain/(Loss) Reclassified from AOCL into Earnings (1) Gain/(Loss) Recognized in Earnings (Ineffective Portion) Three Months Ended Three Months Ended Three Months Ended Cash Flow Hedges: January 27, 2019 January 28, 2018 January 27, 2019 January 28, 2018 January 27, 2019 January 28, 2018 Commodity Contracts (2) $ (843 ) $ (387 ) Cost of products sold $ (1,243 ) $ 608 $ — $ (90 ) Excluded Component (3) $ (687 ) (1) See Note I - Accumulated Other Comprehensive Loss for the after-tax impact of these gains or losses on net earnings. (2) Loss recognized in AOCL for three month ended January 27, 2019, includes an immaterial adjustment due to early adoption of ASU 2017-12. (3) Represents the time value amount of lean hog options excluded from the assessment of effectiveness for which the difference between changes in fair value and periodic amortization is recorded in AOCL. Consolidated Statement of Operations Impact: The effect on the Consolidated Statements of Operations for gains or losses (before tax, in thousands) related to the Company's derivative instruments for the three months ended January 27, 2019 , and January 28, 2018 , were as follows: Cost of Products Sold Three Months Ended January 27, 2019 January 28, 2018 Consolidated Statements of Operations $ 1,872,021 $ 1,832,997 Cash Flow Hedges - Commodity Contracts Gain (loss) reclassified from AOCL $ (1,243 ) $ 608 Amortization of excluded component from options (1,358 ) — Gain (loss) due to ineffectiveness — (90 ) Fair Value Hedges - Commodity Contracts Gain (loss) on commodity futures (1) 932 557 Gain (loss) due to ineffectiveness — (249 ) Total gain (loss) recognized in earnings $ (1,669 ) $ 826 (1)

INVESTMENTS IN AND RECEIVABLES

INVESTMENTS IN AND RECEIVABLES FROM AFFILIATES	3 Months Ended
	Jan. 27, 2019
Equity Method Investments and Joint Ventures [Abstract]
INVESTMENTS IN AND RECEIVABLES FROM AFFILIATES	INVESTMENTS IN AND RECEIVABLES FROM AFFILIATES The Company accounts for its majority-owned operations under the consolidation method. Investments in which the Company owns a minority interest, and for which there are no other indicators of control, are accounted for under the equity or cost method. These investments, along with any related receivables from affiliates, are included in the Consolidated Statements of Financial Position as investments in and receivables from affiliates. Investments in and receivables from affiliates consists of the following: (in thousands) Segment % Owned January 27, October 28, MegaMex Foods, LLC Grocery Products 50% $ 207,589 $ 205,148 Foreign Joint Ventures International & Other Various (26-40%) 70,248 68,005 Total $ 277,837 $ 273,153 Equity in earnings of affiliates consists of the following: Three Months Ended (in thousands) Segment January 27, January 28, MegaMex Foods, LLC Grocery Products $ 10,502 $ 19,588 Foreign Joint Ventures International & Other 956 3,943 Total $ 11,458 $ 23,531 For the three months ended January 27, 2019 , no dividends were received from affiliates, compared to $0.023 million of dividends received for the three months ended January 28, 2018 . The Company recognized a basis difference of $21.3 million associated with the formation of MegaMex Foods, LLC, of which $13.4 million is remaining as of January 27, 2019

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE LOSS	3 Months Ended
	Jan. 27, 2019
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]
ACCUMULATED OTHER COMPREHENSIVE LOSS	ACCUMULATED OTHER COMPREHENSIVE LOSS Components of accumulated other comprehensive loss are as follows: (in thousands) Foreign Currency Translation Pension & Other Benefits Deferred Gain (Loss) - Hedging Accumulated Other Comprehensive Loss Reported balance at October 28, 2018 $ (44,854 ) $ (197,613 ) $ (1,031 ) $ (243,498 ) Impact of adoption of ASU ASU 2017-12 (21 ) (1) (21 ) ASU 2018-02 (53,778 ) (1) (53,778 ) Adjusted balance at October 28, 2018 (44,854 ) (251,391 ) (1,052 ) (297,297 ) Unrecognized gains (losses) Gross 1,877 2,203 (1,509 ) 2,571 Tax effect (533 ) 204 (329 ) Reclassification into net earnings Gross 2,334 (2) 1,243 (3) 3,577 Tax effect (565 ) (299 ) (864 ) Net of tax amount 1,877 3,439 (361 ) 4,955 Balance at January 27, 2019 $ (42,977 ) $ (247,952 ) $ (1,413 ) $ (292,342 ) (1) Cumulative effect from the adoption of Accounting Standards Update. See Note A - General for additional details. (2) I ncluded in the computation of net periodic cost. See Note F - Pension and Other Post-Retirement Benefits for additional details. (3)

INCOME TAXES

INCOME TAXES	3 Months Ended
	Jan. 27, 2019
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES The Company's tax provision is determined using an estimated annual effective tax rate and adjusted for discrete taxable events that may occur during the quarter. The effects of tax legislation are recognized in the period in which the law is enacted. The deferred tax assets and liabilities are remeasured using enacted tax rates expected to apply to taxable income in the years the related temporary differences are anticipated to reverse. On December 22, 2017, the United States (U.S.) enacted comprehensive tax legislation into law, H.R. 1, commonly referred to as the Tax Act. Except for certain provisions, the Tax Act is effective for tax years beginning on or after January 1, 2018. As a fiscal year U.S. taxpayer, the majority of the provisions, such as eliminating the domestic manufacturing deduction, creating new taxes on certain foreign sourced income, and introducing new limitations on certain business deductions, will now apply to the Company in fiscal 2019. In addition, for fiscal 2019 and effective in the first quarter, the U.S. federal corporate income tax rate was reduced from a blended rate of 23.4 percent for fiscal 2018, to 21.0 percent in fiscal 2019 and beyond. The Company's effective tax rate for the first three months of fiscal 2019 was 21.3 percent compared to 0.6 percent for the respective period last year. The lower effective tax rate in the prior year is primarily related to deferred tax remeasurements in fiscal 2018 as a result of the Tax Act. The Company expects a full-year effective tax rate between 20.5 percent and 23.0 percent for fiscal 2019. In March 2018, the FASB issued ASU 2018-05, which provides guidance for companies related to the Tax Act. ASU 2018-05 allows for a measurement period of up to one year after the enactment date of the Tax Act to finalize the recording of the related tax impacts. Based on current interpretation of the Tax Act, the Company made reasonable estimates to record provisional adjustments during fiscal 2018, as described above. The Company continued to evaluate such amounts within the first quarter of fiscal 2019 and determined no adjustments were required within the remaining portion of the measurement period. As of January 27, 2019, the Company has completed the accounting for the tax effects of the Tax Act. During fiscal 2018, the Company provisionally recorded the transition tax on its foreign earnings. Those foreign earnings have been deemed repatriated for U.S. federal tax purposes. The Company maintains all earnings are permanently reinvested. Accordingly, no additional income taxes have been provided for withholding tax, state tax, or other taxes. The amount of unrecognized tax benefits, including interest and penalties, is recorded in other long-term liabilities. If recognized as of January 27, 2019 , and January 28, 2018 , $ 27.2 million and $ 25.7 million, respectively, would impact the Company’s effective tax rate. The Company includes accrued interest and penalties related to uncertain tax positions in income tax expense. Interest and penalties included in income tax expense was immaterial for the first three months of fiscal 2019 and fiscal 2018. The amount of accrued interest and penalties at January 27, 2019 , and January 28, 2018 , associated with unrecognized tax benefits was $ 6.5 million and $ 7.3 million, respectively. The Company is regularly audited by federal and state taxing authorities. The United States Internal Revenue Service (I.R.S.) is in the final stages of examination with respect to fiscal 2017. The Company has elected to participate in the Compliance Assurance Process (CAP) for fiscal years 2018 through 2020. The objective of CAP is to contemporaneously work with the I.R.S. to achieve federal tax compliance and resolve all or most of the issues prior to filing of the tax return. The Company may elect to continue participating in CAP for future tax years. The Company may withdraw from the program at any time.

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	3 Months Ended
	Jan. 27, 2019
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
STOCK-BASED COMPENSATION	STOCK-BASED COMPENSATION The Company issues stock options and restricted shares as part of its stock incentive plans for employees and non-employee directors. The Company’s policy is to grant options with the exercise price equal to the market price of the common stock on the date of grant. Options typically vest over four years and expire ten years after the date of the grant. The Company recognizes stock-based compensation expense ratably over the shorter of the requisite service period or vesting period. The fair value of stock-based compensation granted to retirement-eligible individuals is expensed at the time of grant. During the third quarter of fiscal 2018, the Company made a one-time grant of 200 stock options to each active, full-time employee and 100 stock options to each active, part-time employee of the Company on April 30, 2018. The options vest in five years and expire ten years after the grant date. A reconciliation of the number of options outstanding and exercisable (in thousands) as of January 27, 2019 , and changes during the three months then ended, is as follows: Shares Weighted- Average Exercise Price Weighted- Average Remaining Contractual Term (Years) Aggregate Intrinsic Value Outstanding at October 28, 2018 29,536 $ 23.55 Granted 1,474 44.91 Exercised 1,097 14.60 Forfeited 383 36.17 Outstanding at January 27, 2019 29,530 $ 24.78 5.4 $ 497,495 Exercisable at January 27, 2019 21,031 $ 19.69 4.0 $ 457,942 The weighted-average grant date fair value of stock options granted and the total intrinsic value of options exercised (in thousands) during the first three months of fiscal years 2019 and 2018 , are as follows: Three Months Ended January 27, January 28, Weighted-average grant date fair value $ 9.48 $ 6.93 Intrinsic value of exercised options $ 32,241 $ 56,302 The fair value of each option award is calculated on the date of grant using the Black-Scholes valuation model utilizing the following weighted-average assumptions: Three Months Ended January 27, January 28, Risk-free interest rate 2.9 % 2.3 % Dividend yield 1.9 % 2.0 % Stock price volatility 19.0 % 19.0 % Expected option life 8 years 8 years As part of the annual valuation process, the Company reassesses the appropriateness of the inputs used in the valuation models. The Company establishes the risk-free interest rate using stripped U.S. Treasury yields as of the grant date where the remaining term is approximately the expected life of the option. The dividend yield is set based on the dividend rate approved by the Company’s Board of Directors and the stock price on the grant date. The expected volatility assumption is set based primarily on historical volatility. As a reasonableness test, implied volatility from exchange traded options is also examined to validate the volatility range obtained from the historical analysis. The expected life assumption is set based on an analysis of past exercise behavior by option holders. In performing the valuations for option grants, the Company has not stratified option holders as exercise behavior has historically been consistent across all employee and non-employee director groups. Restricted shares awarded annually on February 1 are subject to a restricted period which expires the date of the Company’s next annual stockholders meeting. Newly elected directors receive a prorated award of restricted shares of the Company's common stock, which expire on the date of the Company's second succeeding annual stockholders meeting. A reconciliation of the restricted shares (in thousands) as of January 27, 2019 , and changes during the three months then ended, is as follows: Shares Weighted- Average Grant Date Fair Value Restricted at October 28, 2018 52 $ 34.08 Granted 1 45.36 Restricted at January 27, 2019 53 $ 34.33 The weighted-average grant date fair value of restricted shares granted, the total fair value (in thousands) of restricted shares granted, and the fair value (in thousands) of shares that have vested during the first three months of fiscal years 2019 and 2018 , are as follows: Three Months Ended January 27, January 28, Weighted-average grant date fair value $ 34.33 $ 35.62 Fair value of restricted shares granted 53 — Fair value of shares vested — 133 During the three months ended January 27, 2019 , stock-based compensation expense was $7.9 million , compared to $7.3 million for the three months ended January 28, 2018 , respectively. At January 27, 2019 , there was $37.1 million of total unrecognized compensation expense from stock-based compensation arrangements granted under the plans. This compensation is expected to be recognized over a weighted-average period of approximately 3.2 years . During the three months ended January 27, 2019 , cash received from stock option exercises was $16.0 million , compared to $23.5 million for the three months ended January 28, 2018 .

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	3 Months Ended
	Jan. 27, 2019
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	FAIR VALUE MEASUREMENTS Pursuant to the provisions of ASC 820, Fair Value Measurements and Disclosures (ASC 820), the Company measures certain assets and liabilities at fair value or discloses the fair value of certain assets and liabilities recorded at cost in the consolidated financial statements. Fair value is calculated as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). ASC 820 establishes a fair value hierarchy which requires assets and liabilities measured at fair value to be categorized into one of three levels based on the inputs used in the valuation. The Company classifies assets and liabilities in their entirety based on the lowest level of input significant to the fair value measurement. The three levels are defined as follows: Level 1: Observable inputs based on quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2: Observable inputs, other than those included in Level 1, based on quoted prices for similar assets and liabilities in active markets, or quoted prices for identical assets and liabilities in inactive markets. Level 3: Unobservable inputs that reflect an entity’s own assumptions about what inputs a market participant would use in pricing the asset or liability based on the best information available in the circumstances. The Company’s financial assets and liabilities carried at fair value on a recurring basis as of January 27, 2019 , and October 28, 2018 , and their level within the fair value hierarchy, are presented in the tables below. Fair Value Measurements at January 27, 2019 (in thousands) Total Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets at Fair Value Cash and cash equivalents (1) $ 512,689 $ 512,689 $ — $ — Other trading securities (2) 146,895 — 146,895 — Commodity derivatives (3) 3,552 2,526 1,026 — Total Assets at Fair Value $ 663,136 $ 515,215 $ 147,921 $ — Liabilities at Fair Value Deferred compensation (2) $ 60,225 $ — $ 60,225 $ — Total Liabilities at Fair Value $ 60,225 $ — $ 60,225 $ — Fair Value Measurements at October 28, 2018 (in thousands) Total Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets at Fair Value Cash and cash equivalents (1) $ 459,136 $ 459,136 $ — $ — Other trading securities (2) 137,311 — 137,311 — Commodity derivatives (3) 4,611 4,611 — — Total Assets at Fair Value $ 601,058 $ 463,747 $ 137,311 $ — Liabilities at Fair Value Deferred compensation (2) $ 60,181 $ — $ 60,181 $ — Total Liabilities at Fair Value $ 60,181 $ — $ 60,181 $ — The following methods and assumptions were used to estimate the fair value of the financial assets and liabilities above: (1) The Company’s cash equivalents consist primarily of bank deposits, money market funds rated AAA, or other highly liquid investment accounts. As these investments have a maturity date of three months or less, the carrying value approximates fair value. (2) A majority of the funds held in the rabbi trust relate to the supplemental executive retirement plans and have been invested in fixed income funds managed by a third party. The declared rate on these funds is set based on a formula using the yield of the general account investment portfolio supporting the fund, adjusted for expenses and other charges. The rate is guaranteed for one year at issue, and may be reset annually on the policy anniversary, subject to a guaranteed minimum rate. As the value is based on adjusted market rates, and the fixed rate is only reset on an annual basis, these funds are classified as Level 2. The funds held in the rabbi trust are included in other assets on the Consolidated Statements of Financial Position. The remaining funds held are also managed by a third-party insurance policy, the values of which represent their cash surrender value based on the fair value of the underlying investments in the account and include equity securities, money market accounts, bond funds, or other portfolios for which there is an active quoted market. Therefore, these policies are also classified as Level 2. The related deferred compensation liabilities are included in other long-term liabilities on the Consolidated Statements of Financial Position with investment options generally mirroring those funds held by the rabbi trust. Therefore, these investment balances are classified as Level 2. The Company also offers a fixed rate investment option to participants. The rate earned on these investments is adjusted annually based on a specified percentage of the I.R.S. applicable federal rates. These balances are classified as Level 2. (3) The Company’s commodity derivatives represent futures contracts and options used in its hedging or other programs to offset price fluctuations associated with purchases of corn, soybean meal, and hogs, and to minimize the price risk assumed when forward priced contracts are offered to the Company’s commodity suppliers. The Company’s futures contracts for corn and soybean meal are traded on the Chicago Board of Trade, while futures contracts for lean hogs are traded on the Chicago Mercantile Exchange. These are active markets with quoted prices available, and these contracts are classified as Level 1. Over-the-counter (OTC) derivative instruments are valued using discounted cashflow models, observable market inputs, and other mathematical pricing models. The Company’s lean hog option contracts are OTC instruments whose value is calculated using the Black-Scholes pricing model, lean hog future prices quoted from the Chicago Mercantile Exchange, and other adjustments to inputs that are observable in active markets. As the value of these instruments is driven by observable prices in active markets they are classified as Level 2. All derivatives are reviewed for potential credit risk and risk of nonperformance. The Company nets the derivative assets and liabilities for each of its hedging programs, including cash collateral, when a master netting arrangement exists between the Company and the counterparty to the derivative contract. The net balance for each program is included in other current assets or accounts payable, as appropriate, in the Consolidated Statements of Financial Position. As of January 27, 2019 , the Company has recognized the right to reclaim net cash collateral of $1.8 million from various counterparties (including $8.4 million of realized gains on closed positions offset by cash owed of $6.6 million ). As of October 28, 2018 , the Company had recognized the right to reclaim net cash collateral of $4.6 million from various counterparties (including cash of $4.7 million less $0.1 million of realized losses). The Company’s financial assets and liabilities include accounts receivable, accounts payable, and other liabilities, for which carrying value approximates fair value. The Company does not carry its long-term debt at fair value in its Consolidated Statements of Financial Position. Based on borrowing rates available to the Company for long-term financing with similar terms and average maturities, the fair value of long-term debt, utilizing discounted cash flows (Level 2), was $632.6 million as of January 27, 2019 , and $631.3 million as of October 28, 2018 . In accordance with the provisions of ASC 820, the Company measures certain nonfinancial assets and liabilities at fair value, which are recognized or disclosed on a nonrecurring basis (e.g. goodwill, intangible assets, and property, plant and equipment). During the three months ended January 27, 2019 , and January 28, 2018

EARNINGS PER SHARE DATA

EARNINGS PER SHARE DATA	3 Months Ended
	Jan. 27, 2019
Earnings Per Share [Abstract]
EARNINGS PER SHARE DATA	EARNINGS PER SHARE DATA The reported net earnings attributable to the Company were used when computing basic and diluted earnings per share. The following table sets forth the shares used as the denominator for those computations: Three Months Ended (in thousands) January 27, January 28, Basic weighted-average shares outstanding 534,495 529,453 Dilutive potential common shares 12,623 14,029 Diluted weighted-average shares outstanding 547,118 543,482 For the three months ended January 27, 2019 , a total of 1.1 million weighted-average stock options were not included in the computation of dilutive potential common shares since their inclusion would have had an antidilutive effect on earnings per share, compared to 5.4 million , for the three months ended January 28, 2018

SEGMENT REPORTING

SEGMENT REPORTING	3 Months Ended
	Jan. 27, 2019
Segment Reporting [Abstract]
SEGMENT REPORTING	SEGMENT REPORTING The Company develops, processes, and distributes a wide array of food products in a variety of markets. The Company reports its results in the following four segments: Grocery Products, Refrigerated Foods, Jennie-O Turkey Store, and International & Other. At the beginning of fiscal 2019, the Hormel Deli Solutions division combined all deli businesses, including the Jennie-O Turkey Store deli division, into one division within the Refrigerated Foods segment. In addition, the ingredients business was realigned from the Grocery Products segment to the Refrigerated Foods segment. Fiscal 2018 segment results have been adjusted to reflect these changes. The Grocery Products segment consists primarily of the processing, marketing, and sale of shelf-stable food products sold predominantly in the retail market, along with the sale of nutritional and private label shelf-stable products to retail, foodservice, and industrial customers. This segment also includes the results from the Company’s MegaMex joint venture. The Refrigerated Foods segment consists primarily of the processing, marketing, and sale of branded and unbranded pork, beef, and poultry products for retail, foodservice, deli, and commercial customers. The Jennie-O Turkey Store segment consists primarily of the processing, marketing, and sale of branded and unbranded turkey products for retail, foodservice, and fresh product customers. The International & Other segment includes Hormel Foods International, which manufactures, markets, and sells Company products internationally. This segment also includes the results from the Company’s international joint ventures and royalty arrangements. Intersegment sales are recorded at prices that approximate cost and are eliminated in the Consolidated Statements of Operations. The Company does not allocate investment income, interest expense, and interest income to its segments when measuring performance. The Company also retains various other income and expenses at the corporate level. Equity in earnings of affiliates is included in segment profit; however, earnings attributable to the Company’s noncontrolling interests are excluded. These items are included below as Net unallocated expense and Noncontrolling interest when reconciling to earnings before income taxes. Sales and profits for each of the Company’s reportable segments and reconciliation to earnings before income taxes are set forth below. The Company is an integrated enterprise, characterized by substantial intersegment cooperation, cost allocations, and sharing of assets. Therefore, the Company does not represent these segments, if operated independently, would report the profit and other financial information shown below. Three Months Ended (in thousands) January 27, January 28, Sales to Unaffiliated Customers Grocery Products $ 606,825 $ 603,577 Refrigerated Foods 1,278,747 1,254,637 Jennie-O Turkey Store 321,234 322,760 International & Other 153,549 150,319 Total $ 2,360,355 $ 2,331,293 Intersegment Sales Grocery Products $ 22 $ 4 Refrigerated Foods 2,178 2,164 Jennie-O Turkey Store 28,811 24,689 International & Other — — Total 31,011 26,857 Intersegment elimination (31,011 ) (26,857 ) Total $ — $ — Net Sales Grocery Products $ 606,847 $ 603,581 Refrigerated Foods 1,280,925 1,256,801 Jennie-O Turkey Store 350,045 347,449 International & Other 153,549 150,319 Intersegment elimination (31,011 ) (26,857 ) Total $ 2,360,355 $ 2,331,293 Segment Profit Grocery Products $ 95,297 $ 97,545 Refrigerated Foods 162,593 157,531 Jennie-O Turkey Store 37,904 37,724 International & Other 24,978 24,655 Total segment profit 320,772 317,455 Net unallocated expense 13,891 12,394 Noncontrolling interest 94 104 Earnings Before Income Taxes $ 306,975 $ 305,165 Revenue has been disaggregated into the categories below to show how sales channels affect the nature, amount, timing, and uncertainty of revenue and cash flows for the first three months of fiscal 2019 and 2018. Three Months Ended (in thousands) January 27, 2019 January 28, 2018 U.S. Retail $ 1,253,315 $ 1,299,672 U.S. Foodservice 689,905 657,103 U.S. Deli 251,276 210,997 International 165,859 163,521 Total $ 2,360,355 $ 2,331,293 The Company’s products primarily consist of meat and other food products. Perishable includes fresh meats, frozen items, refrigerated meal solutions, sausages, hams, guacamole, and bacon (excluding JOTS products). Shelf-stable includes canned luncheon meats, peanut butter, chilies, shelf-stable microwaveable meals, hash, stews, meat spreads, flour and corn tortillas, salsas, tortilla chips, and other items that do not require refrigeration. The Poultry category is composed primarily of JOTS products. The Miscellaneous category primarily consists of nutritional food products and supplements, dessert and drink mixes, and industrial gelatin products. The amount of total revenues contributed by classes of similar products for the first three months of fiscal 2019 and 2018 are as follows: Three Months Ended (in thousands) January 27, 2019 January 28, 2018 Perishable $ 1,341,152 $ 1,318,873 Poultry 441,392 443,442 Shelf-stable 436,897 424,593 Miscellaneous 140,914 144,385 Total $ 2,360,355 $ 2,331,293

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	3 Months Ended
	Jan. 27, 2019
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS Subsequent to the end of the quarter, the Company announced a definitive agreement to sell the CytoSport business to PepsiCo, Inc., for $465 million

GENERAL (Policies)

GENERAL (Policies)	3 Months Ended
	Jan. 27, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation: The accompanying unaudited consolidated financial statements of Hormel Foods Corporation (the Company) have been prepared in accordance with generally accepted accounting principles for interim financial information, and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation have been included. Operating results for the interim period are not necessarily indicative of the results that may be expected for the full year. The balance sheet at October 28, 2018
Investments	Investments: The Company maintains a rabbi trust to fund certain supplemental executive retirement plans and deferred income plans.  Under the plans, the participants can defer certain types of compensation and elect to receive a return on the deferred amounts based on the changes in fair value of various investment options, primarily a variety of mutual funds.  The Company has corporate-owned life insurance policies on certain participants in the deferred compensation plans.  The cash surrender value of the policies is included in other assets on the Consolidated Statements of Financial Position.  The securities held by the trust are classified as trading securities.  Therefore, unrealized gains and losses associated with these investments are included in the Company’s earnings.
Supplemental Cash Flow Information	Supplemental Cash Flow Information: Non-cash investment activities presented on the Consolidated Statements of Cash Flows primarily consist of unrealized gains or losses on the Company’s rabbi trust.  The noted investments are included in other assets on the Consolidated Statements of Financial Position.  Changes in the value of these investments are included in the Company’s net earnings and are presented in the Consolidated Statements of Operations as either interest and investment income (loss) or interest expense, as appropriate.
Guarantees	Guarantees: The Company enters into various agreements guaranteeing specified obligations of affiliated parties. The Company’s guarantees either terminate in one year
Reclassifications	Reclassifications: Certain reclassifications of previously reported amounts have been made to conform to the current year presentation.  The reclassifications had no impact on net earnings or operating income, other than those related to the adoption of ASU 2017-07 as described within the new accounting pronouncements adopted in the current fiscal year.
Accounting Changes and Recent Accounting Pronouncements	Accounting Changes and Recent Accounting Pronouncements: New Accounting Pronouncements Adopted in Current Fiscal Year In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606) . This topic converges the guidance within U.S. GAAP and international financial reporting standards and supersedes ASC 605, Revenue Recognition . The new standard requires companies to recognize revenue to depict the transfer of goods or services to customers in amounts that reflect the consideration to which the company expects to be entitled in exchange for those goods or services. The new standard will also result in enhanced disclosures about revenue, provide guidance for transactions which were not previously addressed comprehensively, and improve guidance for multiple-element arrangements. The new guidance is effective for annual reporting periods beginning after December 15, 2017. The updated guidance is to be applied either retrospectively or by using a cumulative effect adjustment. The Company adopted the provisions of the new standard using the full retrospective method at the beginning of fiscal 2019. The Company made the following policy elections upon adoption: to account for shipping and handling costs as contract fulfillment costs and to exclude taxes imposed on and collected from customers in revenue producing transactions (e.g., sales, use, and value added taxes) from the transaction price. The Company will account for variable consideration using the expected value method. The Company also applied the practical expedient to not capitalize contract costs to obtain contracts with a duration of one year or less, which are expensed and included in the Consolidated Statements of Operations. The Company did not have a cumulative effect adjustment as a result of adoption. Adoption of the new standard did not have a material impact on the Company’s results of operations. Additional qualitative disclosures have been provided in Note B - Revenue Recognition and further disaggregation of revenues provided in Note N - Segment Reporting. In October 2016, the FASB issued ASU 2016-16, Income Taxes - Intra-Entity Transfers of Assets Other Than Inventory (Topic 740) . The updated guidance requires the recognition of the income tax consequences of an intra-entity asset transfer, other than transfers of inventory, when the transfer occurs. For intra-entity transfers of inventory, the income tax effects will continue to be deferred until the inventory has been sold to a third party. The updated guidance is effective for reporting periods beginning after December 15, 2017, with early adoption permitted only within the first interim period of a fiscal year. The guidance is required to be applied on a modified retrospective basis through a cumulative effect adjustment directly to retained earnings as of the beginning of the period of adoption. The Company adopted the updated provisions at the beginning of fiscal 2019, resulting in a reclassification from prepaid tax assets to deferred tax assets. In addition, due to impact of the lower tax rate on deferred tax balances resulting from the Tax Cuts and Jobs Act (Tax Act), the Company recognized a cumulative effect adjustment to retained earnings of $10.5 million . In March 2017, the FASB issued ASU 2017-07, Compensation - Retirement Benefits: Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost (Topic 715) . The updated guidance requires an employer to report the service cost component of net periodic pension cost and net periodic post-retirement benefit cost in the same line item as other compensation costs. Other components of net periodic pension cost and net periodic post-retirement benefit cost must be presented in the income statement separately from the service cost component and outside income from operations. Additionally, only the service cost component is eligible for capitalization. This guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2017. The updated guidance should be applied retrospectively for the presentation of components of net benefit cost and prospectively, for the capitalization of the service cost component of net benefit cost. The Company adopted the updated provisions at the beginning of fiscal 2019. The Company elected to utilize a practical expedient which allows the Company to use historical amounts disclosed in the Pension and Other Post-retirement Benefits footnote as an estimation basis for retrospectively applying the requirements to separately report the other components in the income statement. Due to the retrospective adoption, the Company reclassified $4.6 million of non-service cost components of net periodic benefit costs out of operating income to interest and investment income on the Consolidated Statements of Operations for the three months ended January 28, 2018. In August 2017, the FASB issued ASU 2017-12, Derivatives and Hedging - Targeted Improvements to Accounting for Hedging Activities (Topic 815) . The updated guidance expands an entity’s ability to hedge nonfinancial and financial risk components and reduce complexity in fair value hedges of interest rate risk. The guidance eliminates the requirement to separately measure and report hedge ineffectiveness and generally requires the entire change in the fair value of a hedging instrument to be presented in the same income statement line as the hedged item. The guidance also eases certain documentation and assessment requirements and modifies the accounting for components excluded from the assessment of hedge effectiveness. Entities will apply the amendments to cash flow and net investment hedge relationships that exist on the date of adoption using a modified retrospective approach. The presentation and disclosure requirements apply prospectively. The updated guidance is effective for fiscal years beginning after December 15, 2018, including interim periods within those years. Early adoption is permitted in any interim or annual period. The Company early adopted the updated guidance at the beginning of fiscal 2019, therefore eliminating the requirement to separately measure and report hedge ineffectiveness. The Company applied the amendment to cash flow hedge relationships existing on the date of adoption using a modified retrospective approach. Presentation and disclosure requirements were applied on a prospective basis. The adoption resulted in an immaterial adjustment from retained earnings to accumulated other comprehensive income. In February 2018, the FASB issued ASU 2018-02, Income Statement - Reporting Comprehensive Income (Topic 220). The updated guidance allows entities to reclassify stranded income tax effects resulting from the Tax Act from accumulated other comprehensive income to retained earnings in their consolidated financial statements. Under the Tax Act, deferred taxes were adjusted to reflect the reduction of the historical corporate income tax rate to the newly enacted corporate income tax rate, which left the tax effects on items within accumulated other comprehensive income stranded at an inappropriate tax rate. The updated guidance is effective for fiscal years beginning after December 15, 2018, including interim periods within those years. Early adoption is permitted in any interim period and should be applied either in the period of adoption or retrospectively to each period (or periods) in which the effect of the change in the U.S. federal corporate income tax rate in the Tax Act is recognized. The Company early adopted the updated provisions at the beginning of fiscal 2019, resulting in a reclassification of $53.8 million to accumulated other comprehensive loss. In August 2018, the FASB issued ASU No. 2018-15, Intangibles - Goodwill and Other - Internal-Use Software: Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract (Topic 350). The amendments in the update align the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software (and hosting arrangements that include an internal-use software license). The amendments are effective for fiscal years beginning after December 15, 2019, and for interim periods within those fiscal years and is to be applied either retrospectively or prospectively to all implementation costs incurred after the adoption date. Early adoption is permitted, including adoption in any interim period. The Company early adopted the updated provisions on a prospective basis at the beginning of fiscal 2019. The impact related to adoption was immaterial in the first quarter and the Company will continue to evaluate in future quarters. New Accounting Pronouncements Not Yet Adopted In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) . The updated guidance requires lessees to recognize a right-of-use asset and lease liability for all leases with terms of more than 12 months. Recognition, measurement, and presentation of expenses will depend on the classification as a finance or operating lease. The update also requires certain quantitative and qualitative disclosures. Accounting guidance for lessors is largely unchanged. In July 2018, the FASB issued ASU 2018-11, which provides an optional transition method in addition to the existing modified retrospective transition method allowing entities to recognize a cumulative effect adjustment to the opening balance of retained earnings in the period of adoption rather than in the earliest period presented. The requirements of the new standard are effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The Company will adopt the provisions of this new accounting standard at the beginning of fiscal 2020 and is in the process of evaluating the impact of adoption on its consolidated financial statements and related disclosures. In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses: Measurement of Credit Losses on Financial Instruments (Topic 958) . The update provides guidance on the measurement of credit losses for most financial assets and certain other instruments that are not measured at fair value through net income. The amendment replaces the current incurred loss impairment methodology with a methodology to reflect expected credit losses and requires consideration of a broader range of reasonable and supportable information to explain credit loss estimates. The updated guidance is to be applied on a modified retrospective approach and is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Early adoption is permitted for all entities for fiscal years beginning after December 15, 2018, and interim periods therein. The Company is currently assessing the timing and impact of adopting the updated provisions. In July 2018, the FASB issued ASU 2018-09, Codification Improvements . This amendment makes changes to a variety of topics to clarify, correct errors in, or make minor improvements to the Accounting Standards Codification (ASC). The transition and effective date guidance is based on the facts and circumstances of each amendment. Some of the amendments do not require transition guidance and will be effective upon issuance of ASU 2018-09. However, many of the amendments do have transition guidance with effective dates for annual periods beginning after December 15, 2018. The Company is currently assessing the impact of adoption on its consolidated financial statements, results of operations, and cash flows. In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement - Disclosure Framework (Topic 820). The updated guidance improves the disclosure requirements on fair value measurements. The updated guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Early adoption is permitted for any removed or modified disclosures. The Company is currently assessing the timing and impact of adopting the updated provisions. In August 2018, the FASB issued ASU 2018-14, Compensation - Retirement Benefits - Defined Benefit Plans (Topic 715) . The updated guidance improves disclosure requirements for employers who sponsor defined benefit pension or other postretirement plans. The amendments are effective for fiscal years ending after December 15, 2020, with early adoption permitted. The Company is currently assessing the timing and impact of adopting the updated provisions. Any other recently issued accounting standards or pronouncements not disclosed above have been excluded as they either are not relevant to the Company, or they are not expected to have a material effect on its business practices, financial condition, results of operations, or disclosures.
Revenue from Contracts with Customers	Revenue from Contracts with Customers: Effective October 29, 2018, the Company adopted ASC 606, Revenue from Contracts with Customers using the full retrospective adoption method. The impact of adopting this guidance was immaterial to the Company’s financial statements and related disclosures. Under ASC 606, a contract with a customer is an agreement which both parties have approved, that creates enforceable rights and obligations, has commercial substance, where payment terms are identified, and collectability is probable. The Company’s customer contracts predominantly contain a single performance obligation to fulfill customer orders for the purchase of specified products. A performance obligation is a promise in a contract to transfer a distinct good or service to the customer. Revenue from product sales is primarily identified by purchase orders (“contracts”) which in some cases are governed by a master sales agreement. The purchase orders in combination with the invoice typically specify quantity and product(s) ordered, shipping terms, and certain aspects of the transaction price including discounts. Contracts are at standalone pricing or governed by pricing lists or brackets. Revenue is recognized as control of the promised good transfers to the customer in an amount reflective of the consideration the Company expects to receive in exchange for those goods. The Company’s revenue is recognized at a point in time when obligations under the terms of the agreement are satisfied once the shipped product is received or picked up by the customer. Revenues are recognized at the net consideration the Company expects to receive in exchange for the goods. The amount of net consideration recognized includes estimates of variable consideration, including costs for trade promotion programs, consumer incentives, and allowances and discounts associated with distressed or potentially unsaleable products. A majority of the Company’s revenue is short-term in nature with shipments within one year from order date. The Company's payment terms generally range between 7 to 45 days and vary by sales channel and other factors. The Company promotes products through advertising, consumer incentives, and trade promotions. These programs include discounts, slotting fees, coupons, rebates, and in-store display incentives. Customer trade promotion and consumer incentive activities are recorded as a reduction to the sale price based on amounts estimated as variable consideration. The Company estimates variable consideration at the expected value method to determine the total consideration which the Company expects to be entitled. Estimated amounts are included in the transaction price to the extent it is probable that a significant reversal of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is resolved. The Company’s estimates of variable consideration and determination of whether to include estimated amounts in the transaction price are based largely on an assessment of anticipated performance and all information (historical, current and forecasted) that is reasonably available. The Company elected to account for shipping and handling costs as contract fulfillment costs, and exclude taxes imposed on and collected from customers in revenue producing transactions (e.g., sales, use, and value added taxes) from the transaction price. Disaggregation of Revenue: The Company discloses revenue by reportable segment. A reconciliation of these disaggregated revenues is provided in Note N - Segment Reporting. Contract Balances: The Company does not have significant deferred revenue or unbilled receivable balances as a result of transactions with customers. Contract Costs: The Company elected to apply the practical expedient to not capitalize contract costs to obtain contracts with duration of one year or less, which are expensed and included in the Consolidated Statements of Operations.
Fair Value Measurements	Pursuant to the provisions of ASC 820, Fair Value Measurements and Disclosures (ASC 820), the Company measures certain assets and liabilities at fair value or discloses the fair value of certain assets and liabilities recorded at cost in the consolidated financial statements. Fair value is calculated as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). ASC 820 establishes a fair value hierarchy which requires assets and liabilities measured at fair value to be categorized into one of three levels based on the inputs used in the valuation. The Company classifies assets and liabilities in their entirety based on the lowest level of input significant to the fair value measurement. The three levels are defined as follows: Level 1: Observable inputs based on quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2: Observable inputs, other than those included in Level 1, based on quoted prices for similar assets and liabilities in active markets, or quoted prices for identical assets and liabilities in inactive markets. Level 3:
Segment Reporting	The Company develops, processes, and distributes a wide array of food products in a variety of markets. The Company reports its results in the following four segments: Grocery Products, Refrigerated Foods, Jennie-O Turkey Store, and International & Other. At the beginning of fiscal 2019, the Hormel Deli Solutions division combined all deli businesses, including the Jennie-O Turkey Store deli division, into one division within the Refrigerated Foods segment. In addition, the ingredients business was realigned from the Grocery Products segment to the Refrigerated Foods segment. Fiscal 2018 segment results have been adjusted to reflect these changes. The Grocery Products segment consists primarily of the processing, marketing, and sale of shelf-stable food products sold predominantly in the retail market, along with the sale of nutritional and private label shelf-stable products to retail, foodservice, and industrial customers. This segment also includes the results from the Company’s MegaMex joint venture. The Refrigerated Foods segment consists primarily of the processing, marketing, and sale of branded and unbranded pork, beef, and poultry products for retail, foodservice, deli, and commercial customers. The Jennie-O Turkey Store segment consists primarily of the processing, marketing, and sale of branded and unbranded turkey products for retail, foodservice, and fresh product customers. The International & Other segment includes Hormel Foods International, which manufactures, markets, and sells Company products internationally. This segment also includes the results from the Company’s international joint ventures and royalty arrangements.

ACQUISITIONS (Tables)

ACQUISITIONS (Tables)	3 Months Ended
	Jan. 27, 2019
Business Combinations [Abstract]
Schedule of business acquisitions, by acquisition	A final allocation of the purchase price to the acquired assets, liabilities, and goodwill is presented in the table below. (in thousands) Accounts receivable $ 21,199 Inventory 32,817 Prepaid and other assets 881 Other assets 936 Property, plant and equipment 83,662 Intangible assets 223,704 Goodwill 610,602 Current liabilities (21,366 ) Deferred taxes (95,077 ) Purchase price $ 857,358

INVENTORIES (Tables)

INVENTORIES (Tables)	3 Months Ended
	Jan. 27, 2019
Inventory, Net [Abstract]
Principal components of inventories	Principal components of inventories are: (in thousands) January 27, October 28, Finished products $ 551,487 $ 525,628 Raw materials and work-in-process 245,422 247,495 Operating supplies 134,912 126,644 Maintenance materials and parts 62,607 63,760 Total $ 994,428 $ 963,527

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS (Tables)	3 Months Ended
	Jan. 27, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of changes in the carrying amount of goodwill	The changes in the carrying amounts of goodwill for the three months ended January 27, 2019 , are presented in the table below. Beginning balances have been reclassified to conform to the current year presentation between segments. See Note N - Segment Reporting for additional information. (in thousands) Grocery Products Refrigerated Foods JOTS International & Other Total Reported balance at October 28, 2018 $ 882,582 $ 1,406,897 $ 203,214 $ 221,423 $ 2,714,116 Segment reclassification (25,209 ) 51,795 (26,586 ) — — Adjusted balance at October 28, 2018 857,373 1,458,692 176,628 221,423 2,714,116 Foreign currency translation — — — 2,634 2,634 Balance at January 27, 2019 $ 857,373 $ 1,458,692 $ 176,628 $ 224,057 $ 2,716,750
Schedule of carrying amounts for indefinite-lived intangible assets	The carrying amounts for indefinite-lived intangible assets are presented in the table below. (in thousands) January 27, October 28, Brands/tradenames/trademarks $ 1,107,651 $ 1,108,122 Other intangibles 184 184 Foreign currency translation (2,937 ) (3,484 ) Total $ 1,104,898 $ 1,104,822
Schedule of gross carrying amount and accumulated amortization for definite-lived intangible assets	The gross carrying amount and accumulated amortization for definite-lived intangible assets are presented in the table below. January 27, 2019 October 28, 2018 (in thousands) Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Customer lists/relationships $ 137,039 $ (39,236 ) $ 137,039 $ (36,367 ) Other intangibles 6,626 (1,848 ) 6,155 (1,547 ) Foreign currency translation — (2,488 ) — (2,883 ) Total $ 143,665 $ (43,572 ) $ 143,194 $ (40,797 )
Schedule of estimated annual amortization expense	Estimated annual amortization expense for the five fiscal years after October 28, 2018 , is as follows: (in millions) 2019 $12.7 2020 12.7 2021 12.8 2022 12.5 2023 11.6

PENSION AND OTHER POST-RETIRE_2

PENSION AND OTHER POST-RETIREMENT BENEFITS (Tables)	3 Months Ended
	Jan. 27, 2019
Retirement Benefits [Abstract]
Schedule of net periodic cost of defined benefit plans	Net periodic benefit cost for pension and other post-retirement benefit plans consists of the following: Pension Benefits Post-retirement Benefits Three Months Ended Three Months Ended (in thousands) January 27, January 28, January 27, January 28, Service cost $ 6,510 $ 7,903 $ 174 $ 320 Interest cost 15,097 14,049 3,165 2,832 Expected return on plan assets (23,125 ) (24,770 ) — — Amortization of prior service cost (698 ) (617 ) (669 ) (710 ) Recognized actuarial loss 3,701 4,539 — 44 Curtailment loss (gain) 2,825 — (620 ) — Net periodic cost $ 4,310 $ 1,104 $ 2,050 $ 2,486

DERIVATIVES AND HEDGING (Tables

DERIVATIVES AND HEDGING (Tables)	3 Months Ended
	Jan. 27, 2019
DERIVATIVES AND HEDGING
Schedule of fair values of derivative instruments	The fair values of the Company’s derivative instruments (in thousands) as of January 27, 2019 , and October 28, 2018 , were as follows: Fair Value (1) Derivatives Designated as Hedges: Location on Consolidated Statements of Financial Position January 27, October 28, Commodity contracts Other current assets $ 1,730 $ (30 ) (1)
Schedule of fair value hedge liabilities	The carrying amount of the Company's fair value hedge liabilities (in thousands) as of January 27, 2019 , and October 28, 2018 , were as follows: Location on Consolidated Statements of Financial Position Carrying Amount of the Hedged Assets/(Liabilities) January 27, 2019 October 28, 2018 Accounts Payable (1,362 ) (594 )
Schedule of gains or losses (before tax) related to derivative instruments	The effect of AOCL for gains or losses (before tax, in thousands) related to the Company's derivative instruments for the three months ended January 27, 2019 , and January 28, 2018 , were as follows: Gain/(Loss) Recognized in AOCL (1) Location on Consolidated Statements of Operations Gain/(Loss) Reclassified from AOCL into Earnings (1) Gain/(Loss) Recognized in Earnings (Ineffective Portion) Three Months Ended Three Months Ended Three Months Ended Cash Flow Hedges: January 27, 2019 January 28, 2018 January 27, 2019 January 28, 2018 January 27, 2019 January 28, 2018 Commodity Contracts (2) $ (843 ) $ (387 ) Cost of products sold $ (1,243 ) $ 608 $ — $ (90 ) Excluded Component (3) $ (687 ) (1) See Note I - Accumulated Other Comprehensive Loss for the after-tax impact of these gains or losses on net earnings. (2) Loss recognized in AOCL for three month ended January 27, 2019, includes an immaterial adjustment due to early adoption of ASU 2017-12. (3) Represents the time value amount of lean hog options excluded from the assessment of effectiveness for which the difference between changes in fair value and periodic amortization is recorded in AOCL. Consolidated Statement of Operations Impact: The effect on the Consolidated Statements of Operations for gains or losses (before tax, in thousands) related to the Company's derivative instruments for the three months ended January 27, 2019 , and January 28, 2018 , were as follows: Cost of Products Sold Three Months Ended January 27, 2019 January 28, 2018 Consolidated Statements of Operations $ 1,872,021 $ 1,832,997 Cash Flow Hedges - Commodity Contracts Gain (loss) reclassified from AOCL $ (1,243 ) $ 608 Amortization of excluded component from options (1,358 ) — Gain (loss) due to ineffectiveness — (90 ) Fair Value Hedges - Commodity Contracts Gain (loss) on commodity futures (1) 932 557 Gain (loss) due to ineffectiveness — (249 ) Total gain (loss) recognized in earnings $ (1,669 ) $ 826 (1)
Cash Flow Hedges
DERIVATIVES AND HEDGING
Schedule of outstanding commodity futures contracts	As of January 27, 2019 , and October 28, 2018 , the Company had the following outstanding commodity futures and options contracts related to its hedging programs: Volume Commodity Contracts January 27, 2019 October 28, 2018 Corn 20.8 million bushels 23.0 million bushels Lean hogs 4.0 million cwt 0.6 million cwt

INVESTMENTS IN AND RECEIVABLE_2

INVESTMENTS IN AND RECEIVABLES FROM AFFILIATES (Tables)	3 Months Ended
	Jan. 27, 2019
Equity Method Investments and Joint Ventures [Abstract]
Schedule of investments in and receivables from affiliates	Investments in and receivables from affiliates consists of the following: (in thousands) Segment % Owned January 27, October 28, MegaMex Foods, LLC Grocery Products 50% $ 207,589 $ 205,148 Foreign Joint Ventures International & Other Various (26-40%) 70,248 68,005 Total $ 277,837 $ 273,153 Three Months Ended (in thousands) Segment January 27, January 28, MegaMex Foods, LLC Grocery Products $ 10,502 $ 19,588 Foreign Joint Ventures International & Other 956 3,943 Total $ 11,458 $ 23,531

ACCUMULATED OTHER COMPREHENSI_2

ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables)	3 Months Ended
	Jan. 27, 2019
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]
Schedule of components of accumulated other comprehensive loss	Components of accumulated other comprehensive loss are as follows: (in thousands) Foreign Currency Translation Pension & Other Benefits Deferred Gain (Loss) - Hedging Accumulated Other Comprehensive Loss Reported balance at October 28, 2018 $ (44,854 ) $ (197,613 ) $ (1,031 ) $ (243,498 ) Impact of adoption of ASU ASU 2017-12 (21 ) (1) (21 ) ASU 2018-02 (53,778 ) (1) (53,778 ) Adjusted balance at October 28, 2018 (44,854 ) (251,391 ) (1,052 ) (297,297 ) Unrecognized gains (losses) Gross 1,877 2,203 (1,509 ) 2,571 Tax effect (533 ) 204 (329 ) Reclassification into net earnings Gross 2,334 (2) 1,243 (3) 3,577 Tax effect (565 ) (299 ) (864 ) Net of tax amount 1,877 3,439 (361 ) 4,955 Balance at January 27, 2019 $ (42,977 ) $ (247,952 ) $ (1,413 ) $ (292,342 ) (1) Cumulative effect from the adoption of Accounting Standards Update. See Note A - General for additional details. (2) I ncluded in the computation of net periodic cost. See Note F - Pension and Other Post-Retirement Benefits for additional details. (3)

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	3 Months Ended
	Jan. 27, 2019
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Schedule of reconciliation of the number of options outstanding and exercisable	A reconciliation of the number of options outstanding and exercisable (in thousands) as of January 27, 2019 , and changes during the three months then ended, is as follows: Shares Weighted- Average Exercise Price Weighted- Average Remaining Contractual Term (Years) Aggregate Intrinsic Value Outstanding at October 28, 2018 29,536 $ 23.55 Granted 1,474 44.91 Exercised 1,097 14.60 Forfeited 383 36.17 Outstanding at January 27, 2019 29,530 $ 24.78 5.4 $ 497,495 Exercisable at January 27, 2019 21,031 $ 19.69 4.0 $ 457,942
Schedule of weighted-average grant date fair value of stock options granted and the total intrinsic value of options exercised	The weighted-average grant date fair value of stock options granted and the total intrinsic value of options exercised (in thousands) during the first three months of fiscal years 2019 and 2018 , are as follows: Three Months Ended January 27, January 28, Weighted-average grant date fair value $ 9.48 $ 6.93 Intrinsic value of exercised options $ 32,241 $ 56,302
Schedule of weighted-average assumptions used to calculate fair value of each option award	The fair value of each option award is calculated on the date of grant using the Black-Scholes valuation model utilizing the following weighted-average assumptions: Three Months Ended January 27, January 28, Risk-free interest rate 2.9 % 2.3 % Dividend yield 1.9 % 2.0 % Stock price volatility 19.0 % 19.0 % Expected option life 8 years 8 years
Schedule of reconciliation of the nonvested shares	A reconciliation of the restricted shares (in thousands) as of January 27, 2019 , and changes during the three months then ended, is as follows: Shares Weighted- Average Grant Date Fair Value Restricted at October 28, 2018 52 $ 34.08 Granted 1 45.36 Restricted at January 27, 2019 53 $ 34.33
Schedule of the weighted-average grant date fair value of nonvested shares granted, the total fair value of nonvested shares granted, and the fair value of shares that have vested	The weighted-average grant date fair value of restricted shares granted, the total fair value (in thousands) of restricted shares granted, and the fair value (in thousands) of shares that have vested during the first three months of fiscal years 2019 and 2018 , are as follows: Three Months Ended January 27, January 28, Weighted-average grant date fair value $ 34.33 $ 35.62 Fair value of restricted shares granted 53 — Fair value of shares vested — 133

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	3 Months Ended
	Jan. 27, 2019
Fair Value Disclosures [Abstract]
Schedule of financial assets and liabilities are measured at fair value on a recurring basis	The Company’s financial assets and liabilities carried at fair value on a recurring basis as of January 27, 2019 , and October 28, 2018 , and their level within the fair value hierarchy, are presented in the tables below. Fair Value Measurements at January 27, 2019 (in thousands) Total Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets at Fair Value Cash and cash equivalents (1) $ 512,689 $ 512,689 $ — $ — Other trading securities (2) 146,895 — 146,895 — Commodity derivatives (3) 3,552 2,526 1,026 — Total Assets at Fair Value $ 663,136 $ 515,215 $ 147,921 $ — Liabilities at Fair Value Deferred compensation (2) $ 60,225 $ — $ 60,225 $ — Total Liabilities at Fair Value $ 60,225 $ — $ 60,225 $ — Fair Value Measurements at October 28, 2018 (in thousands) Total Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets at Fair Value Cash and cash equivalents (1) $ 459,136 $ 459,136 $ — $ — Other trading securities (2) 137,311 — 137,311 — Commodity derivatives (3) 4,611 4,611 — — Total Assets at Fair Value $ 601,058 $ 463,747 $ 137,311 $ — Liabilities at Fair Value Deferred compensation (2) $ 60,181 $ — $ 60,181 $ — Total Liabilities at Fair Value $ 60,181 $ — $ 60,181 $ — The following methods and assumptions were used to estimate the fair value of the financial assets and liabilities above: (1) The Company’s cash equivalents consist primarily of bank deposits, money market funds rated AAA, or other highly liquid investment accounts. As these investments have a maturity date of three months or less, the carrying value approximates fair value. (2) A majority of the funds held in the rabbi trust relate to the supplemental executive retirement plans and have been invested in fixed income funds managed by a third party. The declared rate on these funds is set based on a formula using the yield of the general account investment portfolio supporting the fund, adjusted for expenses and other charges. The rate is guaranteed for one year at issue, and may be reset annually on the policy anniversary, subject to a guaranteed minimum rate. As the value is based on adjusted market rates, and the fixed rate is only reset on an annual basis, these funds are classified as Level 2. The funds held in the rabbi trust are included in other assets on the Consolidated Statements of Financial Position. The remaining funds held are also managed by a third-party insurance policy, the values of which represent their cash surrender value based on the fair value of the underlying investments in the account and include equity securities, money market accounts, bond funds, or other portfolios for which there is an active quoted market. Therefore, these policies are also classified as Level 2. The related deferred compensation liabilities are included in other long-term liabilities on the Consolidated Statements of Financial Position with investment options generally mirroring those funds held by the rabbi trust. Therefore, these investment balances are classified as Level 2. The Company also offers a fixed rate investment option to participants. The rate earned on these investments is adjusted annually based on a specified percentage of the I.R.S. applicable federal rates. These balances are classified as Level 2. (3) The Company’s commodity derivatives represent futures contracts and options used in its hedging or other programs to offset price fluctuations associated with purchases of corn, soybean meal, and hogs, and to minimize the price risk assumed when forward priced contracts are offered to the Company’s commodity suppliers. The Company’s futures contracts for corn and soybean meal are traded on the Chicago Board of Trade, while futures contracts for lean hogs are traded on the Chicago Mercantile Exchange. These are active markets with quoted prices available, and these contracts are classified as Level 1. Over-the-counter (OTC) derivative instruments are valued using discounted cashflow models, observable market inputs, and other mathematical pricing models. The Company’s lean hog option contracts are OTC instruments whose value is calculated using the Black-Scholes pricing model, lean hog future prices quoted from the Chicago Mercantile Exchange, and other adjustments to inputs that are observable in active markets. As the value of these instruments is driven by observable prices in active markets they are classified as Level 2. All derivatives are reviewed for potential credit risk and risk of nonperformance. The Company nets the derivative assets and liabilities for each of its hedging programs, including cash collateral, when a master netting arrangement exists between the Company and the counterparty to the derivative contract. The net balance for each program is included in other current assets or accounts payable, as appropriate, in the Consolidated Statements of Financial Position. As of January 27, 2019 , the Company has recognized the right to reclaim net cash collateral of $1.8 million from various counterparties (including $8.4 million of realized gains on closed positions offset by cash owed of $6.6 million ). As of October 28, 2018 , the Company had recognized the right to reclaim net cash collateral of $4.6 million from various counterparties (including cash of $4.7 million less $0.1 million

EARNINGS PER SHARE DATA (Tables

EARNINGS PER SHARE DATA (Tables)	3 Months Ended
	Jan. 27, 2019
Earnings Per Share [Abstract]
Schedule of denominator for the computation of basic and diluted earnings per share	The following table sets forth the shares used as the denominator for those computations: Three Months Ended (in thousands) January 27, January 28, Basic weighted-average shares outstanding 534,495 529,453 Dilutive potential common shares 12,623 14,029 Diluted weighted-average shares outstanding 547,118 543,482

SEGMENT REPORTING (Tables)

SEGMENT REPORTING (Tables)	3 Months Ended
	Jan. 27, 2019
Segment Reporting [Abstract]
Schedule of sales and operating profits for each of the reportable segments and reconciliation to earnings before income taxes	Sales and profits for each of the Company’s reportable segments and reconciliation to earnings before income taxes are set forth below. The Company is an integrated enterprise, characterized by substantial intersegment cooperation, cost allocations, and sharing of assets. Therefore, the Company does not represent these segments, if operated independently, would report the profit and other financial information shown below. Three Months Ended (in thousands) January 27, January 28, Sales to Unaffiliated Customers Grocery Products $ 606,825 $ 603,577 Refrigerated Foods 1,278,747 1,254,637 Jennie-O Turkey Store 321,234 322,760 International & Other 153,549 150,319 Total $ 2,360,355 $ 2,331,293 Intersegment Sales Grocery Products $ 22 $ 4 Refrigerated Foods 2,178 2,164 Jennie-O Turkey Store 28,811 24,689 International & Other — — Total 31,011 26,857 Intersegment elimination (31,011 ) (26,857 ) Total $ — $ — Net Sales Grocery Products $ 606,847 $ 603,581 Refrigerated Foods 1,280,925 1,256,801 Jennie-O Turkey Store 350,045 347,449 International & Other 153,549 150,319 Intersegment elimination (31,011 ) (26,857 ) Total $ 2,360,355 $ 2,331,293 Segment Profit Grocery Products $ 95,297 $ 97,545 Refrigerated Foods 162,593 157,531 Jennie-O Turkey Store 37,904 37,724 International & Other 24,978 24,655 Total segment profit 320,772 317,455 Net unallocated expense 13,891 12,394 Noncontrolling interest 94 104 Earnings Before Income Taxes $ 306,975 $ 305,165
Disaggregation of revenue	Revenue has been disaggregated into the categories below to show how sales channels affect the nature, amount, timing, and uncertainty of revenue and cash flows for the first three months of fiscal 2019 and 2018. Three Months Ended (in thousands) January 27, 2019 January 28, 2018 U.S. Retail $ 1,253,315 $ 1,299,672 U.S. Foodservice 689,905 657,103 U.S. Deli 251,276 210,997 International 165,859 163,521 Total $ 2,360,355 $ 2,331,293 Three Months Ended (in thousands) January 27, 2019 January 28, 2018 Perishable $ 1,341,152 $ 1,318,873 Poultry 441,392 443,442 Shelf-stable 436,897 424,593 Miscellaneous 140,914 144,385 Total $ 2,360,355 $ 2,331,293

GENERAL - Investments (Details)

GENERAL - Investments (Details) - USD ($) $ in Millions	3 Months Ended
	Jan. 27, 2019	Jan. 28, 2018
Rabbi trust
Investments
Gains related to securities held	$ 1.4	$ 3.4

GENERAL - Guarantees (Details)

GENERAL - Guarantees (Details) - Revocable standby letters of credit $ in Millions	3 Months Ended
	Jan. 27, 2019USD ($)
Guarantees
Guarantee term	1 year
Standby letters of credit	$ 2.4

GENERAL - Accounting Changes an

GENERAL - Accounting Changes and Recent Accounting Pronouncements (Details) - USD ($) $ in Thousands	3 Months Ended
	Jan. 27, 2019	Jan. 28, 2018		Oct. 29, 2018
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Reclassification from operating income	$ (306,248)	$ (301,955)	[1]
Reclassification to interest and investment income	6,874	7,939	[1]
Retained Earnings (Accumulated Deficit)	(5,856,029)
Reclassification to Accumulated Other Comprehensive Income (Loss)	(292,342)
ASU 2016-16
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative effect on retained earnings	10,500
ASU 2017-07
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Reclassification from operating income		4,600
Reclassification to interest and investment income		$ 4,600
New Accounting Pronouncement, Early Adoption, Effect | ASU 2017-12
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Retained Earnings (Accumulated Deficit)	0
Reclassification to Accumulated Other Comprehensive Income (Loss)	$ 0
New Accounting Pronouncement, Early Adoption, Effect | ASU 2018-02
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Reclassification to Accumulated Other Comprehensive Income (Loss)				$ (53,800)
[1]	Adjusted due to the adoption of Accounting Standards Update (ASU) 2017-07, Compensation - Retirement Benefits: Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost (Topic 715)

REVENUE RECOGNITION - Narrative

REVENUE RECOGNITION - Narrative (Details)	3 Months Ended
	Jan. 27, 2019
Minimum
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, payment terms	7 days
Maximum
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, payment terms	45 days

ACQUISITIONS - Narrative (Detai

ACQUISITIONS - Narrative (Details) $ in Millions	Nov. 27, 2017USD ($)
Columbus Manufacturing, Inc.
ACQUISITIONS
Purchase price	$ 857.4
Term Loan Facility | Line of Credit
ACQUISITIONS
Long-term line of credit	375
Revolving Credit Facility | Line of Credit
ACQUISITIONS
Long-term line of credit	$ 375

ACQUISITIONS - Purchase Price A

ACQUISITIONS - Purchase Price Allocation (Details) - USD ($) $ in Thousands	Jan. 27, 2019	Oct. 28, 2018	Nov. 27, 2017
Business Acquisition [Line Items]
Goodwill	$ 2,716,750	$ 2,714,116
Columbus Manufacturing, Inc.
Business Acquisition [Line Items]
Accounts receivable			$ 21,199
Inventory			32,817
Prepaid and other assets			881
Other assets			936
Property, plant and equipment			83,662
Intangible assets			223,704
Goodwill			610,602
Current liabilities			(21,366)
Deferred taxes			(95,077)
Purchase price			$ 857,358

INVENTORIES - Components of Inv

INVENTORIES - Components of Inventories (Details) - USD ($) $ in Thousands	Jan. 27, 2019	Oct. 28, 2018
Inventory, Net [Abstract]
Finished products	$ 551,487	$ 525,628
Raw materials and work-in-process	245,422	247,495
Operating supplies	134,912	126,644
Maintenance materials and parts	62,607	63,760
Total	$ 994,428	$ 963,527

GOODWILL AND INTANGIBLE ASSET_2

GOODWILL AND INTANGIBLE ASSETS - Goodwill Rollforward (Details) - USD ($) $ in Thousands	3 Months Ended
	Jan. 27, 2019	Oct. 28, 2018
Changes in the carrying amount of goodwill
Reported balance at October 28, 2018	$ 2,714,116
Segment reclassification		$ 0
Adjusted balance at October 28, 2018		2,714,116
Foreign currency translation	2,634
Balance at the end of the period	2,716,750
Grocery Products
Changes in the carrying amount of goodwill
Reported balance at October 28, 2018	882,582
Segment reclassification		(25,209)
Adjusted balance at October 28, 2018		857,373
Foreign currency translation	0
Balance at the end of the period	857,373
Refrigerated Foods
Changes in the carrying amount of goodwill
Reported balance at October 28, 2018	1,406,897
Segment reclassification		51,795
Adjusted balance at October 28, 2018		1,458,692
Foreign currency translation	0
Balance at the end of the period	1,458,692
JOTS
Changes in the carrying amount of goodwill
Reported balance at October 28, 2018	203,214
Segment reclassification		(26,586)
Adjusted balance at October 28, 2018		176,628
Foreign currency translation	0
Balance at the end of the period	176,628
International & Other
Changes in the carrying amount of goodwill
Reported balance at October 28, 2018	221,423
Segment reclassification		0
Adjusted balance at October 28, 2018		$ 221,423
Foreign currency translation	2,634
Balance at the end of the period	$ 224,057

GOODWILL AND INTANGIBLE ASSET_3

GOODWILL AND INTANGIBLE ASSETS - Indefinite Lived Intangible Assets (Details) - USD ($) $ in Thousands	Jan. 27, 2019	Oct. 28, 2018
Carrying amounts for indefinite-lived intangible assets
Carrying amounts for indefinite-lived intangible assets	$ 1,104,898	$ 1,104,822
Brands/tradenames/trademarks
Carrying amounts for indefinite-lived intangible assets
Carrying amounts for indefinite-lived intangible assets	1,107,651	1,108,122
Other intangibles
Carrying amounts for indefinite-lived intangible assets
Carrying amounts for indefinite-lived intangible assets	184	184
Foreign currency translation
Carrying amounts for indefinite-lived intangible assets
Carrying amounts for indefinite-lived intangible assets	$ 2,937	$ 3,484

GOODWILL AND INTANGIBLE ASSET_4

GOODWILL AND INTANGIBLE ASSETS - Definite Lived Intangibles Assets (Details) - USD ($) $ in Thousands	3 Months Ended
	Jan. 27, 2019	Jan. 28, 2018	Oct. 28, 2018
Gross carrying amount and accumulated amortization for definite-lived intangible assets
Gross Carrying Amount	$ 143,665		$ 143,194
Accumulated Amortization	(43,572)		(40,797)
Amortization expense	3,170	$ 3,256
Estimated amortization expense
2,019	12,700
2,020	12,700
2,021	12,800
2,022	12,500
2,023	11,600
Customer lists/relationships
Gross carrying amount and accumulated amortization for definite-lived intangible assets
Gross Carrying Amount	137,039		137,039
Accumulated Amortization	(39,236)		(36,367)
Other intangibles
Gross carrying amount and accumulated amortization for definite-lived intangible assets
Gross Carrying Amount	6,626		6,155
Accumulated Amortization	(1,848)		(1,547)
Foreign currency translation
Gross carrying amount and accumulated amortization for definite-lived intangible assets
Gross Carrying Amount	0		0
Accumulated Amortization	$ (2,488)		$ (2,883)

PENSION AND OTHER POST-RETIRE_3

PENSION AND OTHER POST-RETIREMENT BENEFITS - Net Periodic Benefit Cost (Details) - USD ($) $ in Thousands	3 Months Ended
	Jan. 27, 2019	Jan. 28, 2018
Pension Benefits
Net periodic cost of defined benefit plans
Service cost	$ 6,510	$ 7,903
Interest cost	15,097	14,049
Expected return on plan assets	(23,125)	(24,770)
Amortization of prior service cost	(698)	(617)
Recognized actuarial loss	3,701	4,539
Curtailment loss (gain)	2,825	0
Net periodic cost	4,310	1,104
Post-retirement Benefits
Net periodic cost of defined benefit plans
Service cost	174	320
Interest cost	3,165	2,832
Amortization of prior service cost	(669)	(710)
Recognized actuarial loss	0	44
Curtailment loss (gain)	(620)	0
Net periodic cost	$ 2,050	$ 2,486

DERIVATIVES AND HEDGING - Outst

DERIVATIVES AND HEDGING - Outstanding Contracts (Details) cwt in Millions, bu in Millions	3 Months Ended
	Jan. 27, 2019cwtbu	Oct. 28, 2018cwtbu
Corn
DERIVATIVES AND HEDGING
Maximum length of time to hedge exposure	2 years
Corn | Cash Flow Hedges
DERIVATIVES AND HEDGING
Futures contracts, volume (in million bushels) | bu	20.8	23
Lean hogs | Cash Flow Hedges
DERIVATIVES AND HEDGING
Futures contracts, volume (in centum weight) | cwt	4	0.6

DERIVATIVES AND HEDGING - Fair

DERIVATIVES AND HEDGING - Fair Value Of Derivatives (Details) - USD ($) $ in Thousands	Jan. 27, 2019	Oct. 28, 2018
Derivatives designated as hedges | Commodity contracts | Other current assets
Derivatives fair value
Fair values of derivative instruments	$ 1,730	$ (30)

DERIVATIVES AND HEDGING - Fai_2

DERIVATIVES AND HEDGING - Fair Value Hedge Liabilities (Details) - USD ($) $ in Thousands	Jan. 27, 2019	Oct. 28, 2018
Accounts Payable
Derivatives fair value
Fair Value Hedge Liabilities	$ (1,362)	$ (594)

DERIVATIVES AND HEDGING - Gains

DERIVATIVES AND HEDGING - Gains And Losses (Details) - USD ($) $ in Thousands	3 Months Ended
	Jan. 27, 2019	Jan. 28, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Cash Flow Hedge Loss to be reclassified within twelve months	$ 1,000
Derivative instruments gains or losses (before tax)
Reclassification to Accumulated Other Comprehensive Income (Loss)	(292,342)
ASU 2017-12 | New Accounting Pronouncement, Early Adoption, Effect
Derivative instruments gains or losses (before tax)
Reclassification to Accumulated Other Comprehensive Income (Loss)	0
Cash Flow Hedges | Derivatives designated as hedges | Commodity Contracts
Derivative instruments gains or losses (before tax)
Gain/(Loss) Recognized in AOCL	(843)
Gain/(Loss) Recognized in AOCL, prior to adopting Topic 815		$ (387)
Gain/(Loss) Reclassified from AOCL into Earnings	(1,243)
Gain/(Loss) Reclassified from AOCL into Earnings, prior to adopting Topic 815		608
Gain/(Loss) Recognized in Earnings (Ineffective Portion)		(90)
Cash Flow Hedges | Derivatives designated as hedges | Commodity Contracts | Cost of products sold
Derivative instruments gains or losses (before tax)
Gain/(Loss) Reclassified from AOCL into Earnings	(1,243)
Gain/(Loss) Reclassified from AOCL into Earnings, prior to adopting Topic 815		608
Gain/(Loss) Recognized in Earnings (Ineffective Portion)		$ (90)
Cash Flow Hedges | Derivatives designated as hedges | Excluded Component
Derivative instruments gains or losses (before tax)
Gain/(Loss) Recognized in AOCL	$ (687)

DERIVATIVES AND HEDGING - State

DERIVATIVES AND HEDGING - Statements of Operations Effect of Gains or Losses (Details) - USD ($) $ in Thousands	3 Months Ended
	Jan. 27, 2019	Jan. 28, 2018
DERIVATIVES AND HEDGING
Consolidated Statements of Operations	$ 1,872,021	$ 1,832,997	[1]
Fair Value Hedges - Commodity Contracts
Total gain (loss) recognized in earnings	(1,669)	826
Derivatives designated as hedges | Cash Flow Hedges | Commodity Contracts
Cash Flow Hedges - Commodity Contracts
Gain (loss) reclassified from AOCL	(1,243)
Gain (loss) reclassified from AOCL, prior to adopting Topic 815		608
Amortization of excluded component from options	(1,358)
Gain (loss) due to ineffectiveness		(90)
Derivatives designated as hedges | Fair Value Hedges | Commodity Contracts
Fair Value Hedges - Commodity Contracts
Gain (loss) on commodity futures	$ 932	557
Gain (loss) due to ineffectiveness		$ (249)
[1]	Adjusted due to the adoption of Accounting Standards Update (ASU) 2017-07, Compensation - Retirement Benefits: Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost (Topic 715)

INVESTMENTS IN AND RECEIVABLE_3

INVESTMENTS IN AND RECEIVABLES FROM AFFILIATES - Investment and Equity Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Jan. 27, 2019	Jan. 28, 2018		Oct. 28, 2018
Investments In and Receivables from Affiliates
Investments in and receivables from affiliates	$ 277,837			$ 273,153
Equity in earnings of affiliates	$ 11,458	$ 23,531	[1]
MegaMex Foods, LLC
Investments In and Receivables from Affiliates
Ownership percentage	50.00%
Investments in and receivables from affiliates	$ 207,589			205,148
Equity in earnings of affiliates	10,502	19,588
Foreign Joint Ventures
Investments In and Receivables from Affiliates
Investments in and receivables from affiliates	70,248			$ 68,005
Equity in earnings of affiliates	$ 956	$ 3,943
Foreign Joint Ventures | Minimum
Investments In and Receivables from Affiliates
Ownership percentage	26.00%
Foreign Joint Ventures | Maximum
Investments In and Receivables from Affiliates
Ownership percentage	40.00%
[1]	Adjusted due to the adoption of Accounting Standards Update (ASU) 2017-07, Compensation - Retirement Benefits: Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost (Topic 715)

INVESTMENTS IN AND RECEIVABLE_4

INVESTMENTS IN AND RECEIVABLES FROM AFFILIATES - Narrative (Details) - USD ($)	3 Months Ended
	Jan. 27, 2019	Jan. 28, 2018	Oct. 26, 2009
Schedule of Equity Method Investments [Line Items]
Dividends received from affiliates	$ 0	$ 23,000
MegaMex Foods, LLC
Schedule of Equity Method Investments [Line Items]
Excess of investment over the underlying equity in net assets of the joint venture	$ 13,400,000		$ 21,300,000

ACCUMULATED OTHER COMPREHENSI_3

ACCUMULATED OTHER COMPREHENSIVE LOSS - Components of AOCL (Details) - USD ($) $ in Thousands	3 Months Ended
	Jan. 27, 2019	Oct. 29, 2018	Oct. 28, 2018
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Reported balance at October 28, 2018	$ 5,600,811
Unrecognized gains (losses)
Gross	2,571
Tax effect	(329)
Reclassification into net earnings
Gross	3,577
Tax effect	(864)
Net of tax amount	4,955
Balance at end of period	5,701,709
ASU 2017-12
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Impact of adoption of ASU			$ (21)
ASU 2018-02
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Impact of adoption of ASU		$ (1,436)	(53,778)
Accumulated Other Comprehensive Income (Loss)
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Reported balance at October 28, 2018	(243,498)
Adjusted balance at October 28, 2018			(297,297)
Reclassification into net earnings
Balance at end of period	(292,342)
Accumulated Other Comprehensive Income (Loss) | ASU 2017-12
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Impact of adoption of ASU		(21)
Accumulated Other Comprehensive Income (Loss) | ASU 2018-02
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Impact of adoption of ASU		$ (53,778)
Foreign Currency Translation
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Reported balance at October 28, 2018	(44,854)
Adjusted balance at October 28, 2018			(44,854)
Unrecognized gains (losses)
Gross	1,877
Tax effect
Reclassification into net earnings
Gross
Tax effect
Net of tax amount	1,877
Balance at end of period	(42,977)
Pension & Other Benefits
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Reported balance at October 28, 2018	(197,613)
Adjusted balance at October 28, 2018			(251,391)
Unrecognized gains (losses)
Gross	2,203
Tax effect	(533)
Reclassification into net earnings
Gross	2,334
Tax effect	(565)
Net of tax amount	3,439
Balance at end of period	(247,952)
Pension & Other Benefits | ASU 2018-02
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Impact of adoption of ASU			(53,778)
Deferred Gain (Loss) - Hedging
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Reported balance at October 28, 2018	(1,031)
Adjusted balance at October 28, 2018			(1,052)
Unrecognized gains (losses)
Gross	(1,509)
Tax effect	204
Reclassification into net earnings
Gross	1,243
Tax effect	(299)
Net of tax amount	(361)
Balance at end of period	$ (1,413)
Deferred Gain (Loss) - Hedging | ASU 2017-12
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Impact of adoption of ASU			$ (21)

INCOME TAXES - Narrative (Detai

INCOME TAXES - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Jan. 27, 2019	Jan. 28, 2018	Oct. 27, 2019	Oct. 28, 2018
Income Tax Contingency [Line Items]
Tax Cuts and Jobs Act, phase-in blended income tax rate				23.40%
Effective tax rate	21.30%	0.60%
Unrecognized tax benefits that would impact effective tax rate	$ 27,200	$ 25,700
Interest and penalties expenses related to uncertain tax positions	0	0
Accrued interest and penalties associated with unrecognized tax benefits	$ 6,500	$ 7,300
Scenario, Forecast
Income Tax Contingency [Line Items]
Tax Cuts and Jobs Act, phase-in blended income tax rate			21.00%
Scenario, Forecast | Minimum
Income Tax Contingency [Line Items]
Effective tax rate			20.50%
Scenario, Forecast | Maximum
Income Tax Contingency [Line Items]
Effective tax rate			23.00%

STOCK-BASED COMPENSATION - Stoc

STOCK-BASED COMPENSATION - Stock Options (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Jan. 27, 2019	Jul. 29, 2018	Jan. 28, 2018
Active, Full-Time Employees
STOCK-BASED COMPENSATION
Granted (in shares)		200
Active, Part-Time Employees as of April 30, 2018
STOCK-BASED COMPENSATION
Granted (in shares)		100
Employee and Director Stock Option
Shares
Outstanding at the beginning of the period (in shares)	29,536,000
Granted (in shares)	1,474,000
Exercised (in shares)	1,097,000
Forfeited (in shares)	383,000
Outstanding at the end of the period (in shares)	29,530,000
Exercisable at the end of the period (in shares)	21,031,000
Weighted- Average Exercise Price
Outstanding at the beginning of the period (in dollars per share)	$ 23.55
Granted (in dollars per share)	44.91
Exercised (in dollars per share)	14.60
Forfeited (in dollars per share)	36.17
Outstanding at the end of the period (in dollars per share)	24.78
Exercisable at end of period (in dollars per share)	$ 19.69
Weighted- Average Remaining Contractual Term (Years)
Outstanding at the end of the period	5 years 4 months 24 days
Exercisable at end of period	4 years
Aggregate Intrinsic Value
Outstanding at the end of the period	$ 497,495
Exercisable at end of period	$ 457,942
Weighted-average grant date fair value of stock options granted and the total intrinsic value of options exercised
Weighted-average grant date fair value (in dollars per share)	$ 9.48		$ 6.93
Intrinsic value of exercised options	$ 32,241		$ 56,302
Weighted-average assumptions used to calculate fair value of each ordinary option award
Risk-free interest rate	2.90%		2.30%
Dividend yield	1.90%		2.00%
Stock price volatility	19.00%		19.00%
Expected option life	8 years		8 years
Employee Stock Option
STOCK-BASED COMPENSATION
Vesting period	4 years	5 years
Stock option expiration period	10 years	10 years

STOCK-BASED COMPENSATION - Nonv

STOCK-BASED COMPENSATION - Nonvested Shares (Details) - Restricted shares - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Jan. 27, 2019	Jan. 28, 2018
Shares
Restricted shares at the beginning of the period (in shares)	52
Granted (in shares)	1
Restricted shares at the end of the period (in shares)	53
Weighted- Average Grant Date Fair Value
Restricted shares at the beginning of the period (in dollars per share)	$ 34.08
Granted (in dollars per share)	45.36
Restricted shares at the end of the period (in dollars per share)	$ 34.33	$ 35.62
Weighted-average grant date fair value, the total fair value of nonvested shares granted, and the fair value of shares that have vested
Fair value of restricted shares granted	$ 53	$ 0
Fair value of shares vested	$ 0	$ 133

STOCK-BASED COMPENSATION - Expe

STOCK-BASED COMPENSATION - Expense And Exercises (Details) - USD ($) $ in Thousands	3 Months Ended
	Jan. 27, 2019	Jan. 28, 2018
STOCK-BASED COMPENSATION
Stock-based compensation expense recognized	$ 7,900	$ 7,300
Stock-based compensation expense unrecognized	$ 37,100
Period for recognition of unrecognized stock-based compensation expense	3 years 2 months 12 days
Proceeds from exercise of stock options	$ 15,997	23,455
Stock options
STOCK-BASED COMPENSATION
Proceeds from exercise of stock options	$ 16,000	$ 23,500

FAIR VALUE MEASUREMENTS - Asset

FAIR VALUE MEASUREMENTS - Assets and Liabilities Measured at Fair Value (Details) - USD ($) $ in Thousands	Jan. 27, 2019	Oct. 28, 2018
Methods and assumptions used to estimate the fair value of the financial assets and liabilities
Recognized right to reclaim net cash collateral	$ 1,800	$ 4,600
Realized gains on closed positions	8,400	(100)
Recognized right to reclaim net cash collateral, cash portion	(6,600)	4,700
Fair value, long-term debt
Fair value of long-term debt (including current maturities)	632,600	631,300
Fair Value | Recurring basis
Assets at Fair Value
Cash and cash equivalents	512,689	459,136
Other trading securities	146,895	137,311
Commodity derivatives	3,552	4,611
Total Assets at Fair Value	663,136	601,058
Liabilities at Fair Value
Deferred compensation	60,225	60,181
Total Liabilities at Fair Value	60,225	60,181
Fair Value | Recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1)
Assets at Fair Value
Cash and cash equivalents	512,689	459,136
Other trading securities	0	0
Commodity derivatives	2,526	4,611
Total Assets at Fair Value	515,215	463,747
Liabilities at Fair Value
Deferred compensation	0	0
Total Liabilities at Fair Value	0	0
Fair Value | Recurring basis | Significant Other Observable Inputs (Level 2)
Assets at Fair Value
Cash and cash equivalents	0	0
Other trading securities	146,895	137,311
Commodity derivatives	1,026	0
Total Assets at Fair Value	147,921	137,311
Liabilities at Fair Value
Deferred compensation	60,225	60,181
Total Liabilities at Fair Value	60,225	60,181
Fair Value | Recurring basis | Significant Unobservable Inputs (Level 3)
Assets at Fair Value
Cash and cash equivalents	0	0
Other trading securities	0	0
Commodity derivatives	0	0
Total Assets at Fair Value	0	0
Liabilities at Fair Value
Deferred compensation	0	0
Total Liabilities at Fair Value	$ 0	$ 0

EARNINGS PER SHARE DATA (Detail

EARNINGS PER SHARE DATA (Details) - shares shares in Thousands	3 Months Ended
	Jan. 27, 2019	Jan. 28, 2018
Earnings Per Share [Abstract]
Basic weighted-average shares outstanding (in shares)	534,495	529,453	[1]
Dilutive potential common shares (in shares)	12,623	14,029
Diluted weighted-average shares outstanding (in shares)	547,118	543,482	[1]
Weighted-average stock options were not included in the computation of dilutive potential common shares (in shares)	1,100	5,400
[1]	Adjusted due to the adoption of Accounting Standards Update (ASU) 2017-07, Compensation - Retirement Benefits: Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost (Topic 715)

SEGMENT REPORTING - Operating P

SEGMENT REPORTING - Operating Profit (Details) $ in Thousands	3 Months Ended
	Jan. 27, 2019USD ($)segmentdivision	Jan. 28, 2018USD ($)
Operating profit and other financial information
Number of reportable business segments | segment	4
Net sales	$ 2,360,355	$ 2,331,293	[1]
Segment Profit	306,248	301,955	[1]
Net unallocated expense	13,891	12,394
Noncontrolling interest	94	104	[1]
EARNINGS BEFORE INCOME TAXES	306,975	305,165	[1]
Intersegment elimination
Operating profit and other financial information
Net sales	31,011	26,857
Operating Segments
Operating profit and other financial information
Net sales	2,360,355	2,331,293
Segment Profit	320,772	317,455
Grocery Products
Operating profit and other financial information
Net sales	606,825	603,577
Grocery Products | Intersegment elimination
Operating profit and other financial information
Net sales	22	4
Grocery Products | Operating Segments
Operating profit and other financial information
Net sales	606,847	603,581
Segment Profit	$ 95,297	97,545
Refrigerated Foods
Operating profit and other financial information
Number of divisions | division	1
Net sales	$ 1,278,747	1,254,637
Refrigerated Foods | Intersegment elimination
Operating profit and other financial information
Net sales	2,178	2,164
Refrigerated Foods | Operating Segments
Operating profit and other financial information
Net sales	1,280,925	1,256,801
Segment Profit	162,593	157,531
Jennie-O Turkey Store
Operating profit and other financial information
Net sales	321,234	322,760
Jennie-O Turkey Store | Intersegment elimination
Operating profit and other financial information
Net sales	28,811	24,689
Jennie-O Turkey Store | Operating Segments
Operating profit and other financial information
Net sales	350,045	347,449
Segment Profit	37,904	37,724
International & Other
Operating profit and other financial information
Net sales	153,549	150,319
International & Other | Intersegment elimination
Operating profit and other financial information
Net sales	0	0
International & Other | Operating Segments
Operating profit and other financial information
Net sales	153,549	150,319
Segment Profit	$ 24,978	$ 24,655
[1]	Adjusted due to the adoption of Accounting Standards Update (ASU) 2017-07, Compensation - Retirement Benefits: Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost (Topic 715)

SEGMENT REPORTING - Disaggregat

SEGMENT REPORTING - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Jan. 27, 2019	Jan. 28, 2018
Revenue from External Customer [Line Items]
Revenue	$ 2,360,355	$ 2,331,293	[1]
Perishable
Revenue from External Customer [Line Items]
Revenue	1,341,152	1,318,873
Poultry
Revenue from External Customer [Line Items]
Revenue	441,392	443,442
Shelf-stable
Revenue from External Customer [Line Items]
Revenue	436,897	424,593
Miscellaneous
Revenue from External Customer [Line Items]
Revenue	140,914	144,385
U.S. Retail
Revenue from External Customer [Line Items]
Revenue	1,253,315	1,299,672
U.S. Foodservice
Revenue from External Customer [Line Items]
Revenue	689,905	657,103
U.S. Deli
Revenue from External Customer [Line Items]
Revenue	251,276	210,997
International
Revenue from External Customer [Line Items]
Revenue	$ 165,859	$ 163,521
[1]	Adjusted due to the adoption of Accounting Standards Update (ASU) 2017-07, Compensation - Retirement Benefits: Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost (Topic 715)

SUBSEQUENT EVENTS - Narrative (

SUBSEQUENT EVENTS - Narrative (Details) $ in Millions	Apr. 28, 2019USD ($)
Scenario, Forecast | CytoSport | Disposal Group, Disposed of by Sale, Not Discontinued Operations
Subsequent Event [Line Items]
Proposed consideration, disposition	$ 465