Hormel Foods (HRL) 10-Q 3 Mar 20 2020 Q1 Quarterly report Financial data

DOCUMENT AND ENTITY INFORMATION

DOCUMENT AND ENTITY INFORMATION - shares	3 Months Ended
	Jan. 26, 2020	Mar. 01, 2020
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jan. 26, 2020
Document Transition Report	false
Entity File Number	1-2402
Entity Registrant Name	HORMEL FOODS CORPORATION
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	41-0319970
Entity Address, Address Line One	1 Hormel Place
Entity Address, City or Town	Austin
Entity Address, State or Province	MN
Entity Address, Postal Zip Code	55912
City Area Code	507
Local Phone Number	437-5611
Title of 12(b) Security	Common Stock
Trading Symbol	HRL
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Smaller Reporting Company	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0000048465
Amendment Flag	false
Current Fiscal Year End Date	--10-25
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1
Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding (in shares)		537,776,130
Common Stock Non-Voting
Document Information [Line Items]
Entity Common Stock, Shares Outstanding (in shares)		0

CONSOLIDATED STATEMENTS OF FINA

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION - USD ($) $ in Thousands	Jan. 26, 2020	Oct. 27, 2019
Current Assets
Cash and Cash Equivalents	$ 724,419	$ 672,901
Short-term Marketable Securities	14,808	14,736
Accounts Receivable	562,483	574,396
Inventories	1,057,277	1,042,362
Income Taxes Receivable	187	19,924
Prepaid Expenses	24,817	22,637
Other Current Assets	10,976	14,457
Total Current Assets	2,394,967	2,361,413
Goodwill	2,484,088	2,481,645
Other Intangibles	1,031,804	1,033,862
Pension Assets	141,892	135,915
Investments In and Receivables From Affiliates	290,777	289,157
Other Assets	251,353	177,901
Property, Plant and Equipment
Land	54,450	49,758
Buildings	1,138,514
Buildings		1,083,902
Equipment	1,990,262
Equipment		1,965,478
Construction in Progress	275,498	256,190
Less: Allowance for Depreciation	(1,763,497)
Less: Allowance for Depreciation		(1,726,217)
Net Property, Plant and Equipment	1,695,228
Net Property, Plant and Equipment		1,629,111
Total Assets	8,290,109	8,109,004
Current Liabilities
Accounts Payable	490,042	590,033
Accrued Expenses	64,702	62,031
Accrued Workers Compensation	27,116	24,272
Accrued Marketing Expenses	110,093	96,305
Employee Related Expenses	164,933	213,515
Taxes Payable	30,489	6,208
Interest and Dividends Payable	127,452	112,685
Current Maturities of Long-term Debt	8,259	0
Total Current Liabilities	1,023,085	1,105,049
Long-term Debt–Less Current Maturities	308,972	250,000
Pension and Post-retirement Benefits	539,972	536,490
Other Long-term Liabilities	145,923	115,356
Deferred Income Taxes	176,113	176,574
Shareholders' Investment
Common stock, issued shares, value	7,873	7,830
Additional Paid-in Capital	230,529	184,921
Accumulated Other Comprehensive Loss	(393,278)	(399,500)
Retained Earnings	6,246,641	6,128,207
Hormel Foods Corporation Shareholders' Investment	6,091,764	5,921,458
Noncontrolling Interest	4,281	4,077
Total Shareholders' Investment	6,096,045	5,925,535
Total Liabilities and Shareholders' Investment	$ 8,290,109	$ 8,109,004

CONSOLIDATED STATEMENTS OF FI_2

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (PARENTHETICAL) - USD ($)	Jan. 26, 2020	Oct. 27, 2019
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, issued shares, value	$ 7,873,000	$ 7,830,000
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)	537,414,897	534,488,746

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Jan. 26, 2020	Jan. 27, 2019
Income Statement [Abstract]
Net Sales	$ 2,384,434	$ 2,360,355
Cost of Products Sold	1,916,014	1,872,021
Gross Profit	468,421	488,334
Selling, General and Administrative	195,521	193,544
Equity in Earnings of Affiliates	7,588	11,458
Operating Income	280,488	306,248
Other Income and Expense:
Interest and Investment Income	13,251	6,874
Interest Expense	(3,577)	(6,147)
Earnings Before Income Taxes	290,162	306,975
Provision for Income Taxes	47,209	65,456
Net Earnings	242,953	241,519
Less: Net Earnings (Loss) Attributable to Noncontrolling Interest	81	94
Net Earnings Attributable to Hormel Foods Corporation	$ 242,872	$ 241,425
Net Earnings Per Share
Basic (in dollars per share)	$ 0.45	$ 0.45
Diluted (in dollars per share)	$ 0.45	$ 0.44
Weighted-average Shares Outstanding
Basic (in shares)	535,075	534,495
Diluted (in shares)	544,815	547,118

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended
	Jan. 26, 2020	Jan. 27, 2019
Statement of Comprehensive Income [Abstract]
Net Earnings	$ 242,953	$ 241,519
Other Comprehensive Income (Loss), Net of Tax:
Foreign Currency Translation	7,937	1,846
Pension and Other Benefits	3,512	3,439
Deferred Hedging	(5,103)	(361)
Total Other Comprehensive Income (Loss)	6,346	4,924
Comprehensive Income	249,299	246,443
Less: Comprehensive Income (Loss) Attributable to Noncontrolling Interest	205	63
Comprehensive Income Attributable to Hormel Foods Corporation	$ 249,094	$ 246,380

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' INVESTMENT - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Jan. 26, 2020	Jan. 27, 2019	Oct. 29, 2018
Increase (Decrease) in Shareholders' Investment
Beginning balance	$ 5,925,535	$ 5,604,818
Net Earnings	242,953	241,519
Other Comprehensive Income (Loss)	6,346	4,924
Purchases of Common Stock	0	(44,809)
Stock-based Compensation Expense	9,298	7,946
Exercise of Stock Options/Restricted Shares	36,353	15,998
Shares Retired	0	0
Declared Cash Dividends	(124,438)	(112,706)
Ending balance	$ 6,096,045	$ 5,705,779
ASU 2016-16
Increase (Decrease) in Shareholders' Investment
Cumulative Effect Adjustment from Adoption of ASU			$ (10,475)
ASU 2018-02
Increase (Decrease) in Shareholders' Investment
Cumulative Effect Adjustment from Adoption of ASU			(1,436)
Common Stock
Increase (Decrease) in Shareholders' Investment
Beginning balance (in shares)	534,489	534,135
Beginning balance	$ 7,830	$ 7,825
Stock-based Compensation Expense
Exercise of Stock Options/Restricted Shares (in shares)	2,926	1,100
Exercise of Stock Options/Restricted Shares	$ 43	$ 17
Shares Retired (in shares)		(1,065)
Shares Retired		$ (16)
Ending balance (in shares)	537,415	534,170
Ending balance	$ 7,873	$ 7,826
Treasury Stock
Increase (Decrease) in Shareholders' Investment
Beginning balance (in shares)	0	0
Beginning balance	$ 0	$ 0
Purchases of Common Stock (in shares)		(1,065)
Purchases of Common Stock		$ (44,809)
Shares Retired (in shares)		(1,065)
Shares Retired		$ 44,809
Ending balance (in shares)	0	0
Ending balance	$ 0	$ 0
Additional Paid-in Capital
Increase (Decrease) in Shareholders' Investment
Beginning balance	184,921	106,528
Stock-based Compensation Expense	9,298	7,946
Exercise of Stock Options/Restricted Shares	36,310	15,981
Shares Retired		(259)
Ending balance	230,529	130,196
Retained Earnings
Increase (Decrease) in Shareholders' Investment
Beginning balance	6,128,207	5,729,956
Net Earnings	242,872	241,425
Shares Retired		(44,534)
Declared Cash Dividends	(124,438)	(112,706)
Ending balance	6,246,641	5,856,029
Retained Earnings | ASU 2016-16
Increase (Decrease) in Shareholders' Investment
Cumulative Effect Adjustment from Adoption of ASU			(10,475)
Retained Earnings | ASU 2017-12
Increase (Decrease) in Shareholders' Investment
Cumulative Effect Adjustment from Adoption of ASU			21
Retained Earnings | ASU 2018-02
Increase (Decrease) in Shareholders' Investment
Cumulative Effect Adjustment from Adoption of ASU			52,342
Accumulated Other Comprehensive (Loss) Income
Increase (Decrease) in Shareholders' Investment
Beginning balance	(399,500)	(243,498)
Other Comprehensive Income (Loss)	6,222	4,955
Ending balance	(393,278)	(292,342)
Accumulated Other Comprehensive (Loss) Income | ASU 2017-12
Increase (Decrease) in Shareholders' Investment
Cumulative Effect Adjustment from Adoption of ASU			(21)
Accumulated Other Comprehensive (Loss) Income | ASU 2018-02
Increase (Decrease) in Shareholders' Investment
Cumulative Effect Adjustment from Adoption of ASU			$ (53,778)
Non- controlling Interest
Increase (Decrease) in Shareholders' Investment
Beginning balance	4,077	4,007
Net Earnings	81	94
Other Comprehensive Income (Loss)	124	(31)
Ending balance	$ 4,281	$ 4,070

CONSOLIDATED STATEMENTS OF CH_2

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' INVESTMENT (PARENTHETICAL) - $ / shares	3 Months Ended
	Jan. 26, 2020	Jan. 27, 2019
Statement of Stockholders' Equity [Abstract]
Declared Cash Dividends (in dollars per share)	$ 0.2325	$ 0.21

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Jan. 26, 2020	Jan. 27, 2019
Operating Activities
Net Earnings	$ 242,953	$ 241,519
Adjustments to Reconcile to Net Cash Provided by Operating Activities:
Depreciation	41,194	36,848
Amortization	8,135	3,170
Equity in Earnings of Affiliates	(7,588)	(11,458)
Distribution from Equity Method Investees	10,000	0
Provision for Deferred Income Taxes	49	125
(Gain) Loss on Property/Equipment Sales and Plant Facilities	(23)	450
Non-cash Investment Activities	(12,761)	(9,516)
Stock-based Compensation Expense	9,298	7,946
Changes in Operating Assets and Liabilities, Net of Acquisitions:
Decrease (Increase) in Accounts Receivable	11,492	36,262
(Increase) Decrease in Inventories	(14,915)	(30,901)
(Increase) Decrease in Prepaid Expenses and Other Current Assets	(5,451)	(5,625)
Increase (Decrease) in Pension and Post-retirement Benefits	647	4,237
(Decrease) Increase in Accounts Payable and Accrued Expenses	(135,988)	(147,318)
Increase (Decrease) in Net Income Taxes Payable	41,376	61,686
Net Cash Provided by Operating Activities	188,418	187,425
Investing Activities
Net (Purchase) Sale of Securities	(16)	0
Purchases of Property/Equipment	(58,211)	(39,430)
Proceeds from Sales of Property/Equipment	1,114	30,305
(Increase) Decrease in Investments, Equity in Affiliates, and Other Assets	(4,509)	7,302
Proceeds from Company-owned Life Insurance	1,118	144
Net Cash (Used in) Provided by Investing Activities	(60,504)	(1,679)
Financing Activities
Repayments of Long-term Debt and Finance Leases	(2,019)
Proceeds of Long-term Debt and Finance Leases		38
Dividends Paid on Common Stock	(112,249)	(100,125)
Share Repurchase	0	(44,809)
Proceeds from Exercise of Stock Options	36,353	15,997
Net Cash (Used in) Provided by Financing Activities	(77,915)	(128,899)
Effect of Exchange Rate Changes on Cash	1,519	(3,294)
Increase (Decrease) in Cash and Cash Equivalents	51,518	53,553
Cash and Cash Equivalents at Beginning of Year	672,901	459,136
Cash and Cash Equivalents at End of Quarter	$ 724,419	$ 512,689

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	Jan. 26, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 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 Consolidated Statement of Financial Position at October 27, 2019 , 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 27, 2019 . The significant accounting policies used in preparing these Consolidated Financial Statements are consistent with those described in Note A - Summary of Significant Accounting Policies to the Consolidated Financial Statements in the Form 10-K with the exception of new requirements adopted in the first quarter of fiscal 2020. Rounding: Certain amounts in the Consolidated Financial Statements and associated notes may not foot due to rounding. All percentages have been calculated using unrounded amounts. Accounting Changes and Recent Accounting Pronouncements: New Accounting Pronouncements Adopted in Current Fiscal Year 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 twelve months. Recognition, measurement, and presentation of expenses will depend on the classification as a finance or operating lease. The update also requires expanded quantitative and qualitative disclosures. Accounting guidance for lessors is largely unchanged. 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 adopted the provisions of this new accounting standard at the beginning of fiscal 2020. For transition purposes, the Company elected the package of practical expedients to not reassess prior conclusions related to contracts containing leases, lease classification, and initial direct costs. The Company elected the comparative periods practical expedient, and as a result, the Company did not adjust its comparative period financial information or make the new required lease disclosures for periods before the effective date. Upon adoption, the Company recognized right-of-use assets of $112.7 million and lease liabilities of $114.1 million in the Consolidated Statements of Financial Position as of October 28, 2019. The new standard did not have a material impact on the Consolidated Statements of Operations or the Consolidated Statements of Cash Flows. New Accounting Pronouncements Not Yet Adopted In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses: Measurement of Credit Losses on Financial Instruments (Topic 326) . 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 approach 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 will adopt the provisions of this new accounting standard at the beginning of fiscal 2021 and is in the process of evaluating the impact. In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement - Disclosure Framework (Topic 820) . The updated guidance requires entities to disclose changes in unrealized gains and losses for the period included in other comprehensive income for recurring Level 3 fair value measurements and the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements. Amendments in this guidance also require disclosure of transfers into and out of Level 3 of the fair value hierarchy, purchases and issues of Level 3 assets and liabilities, and clarify that the measurement uncertainty disclosure is as of the reporting date. The guidance removes requirements to disclose the amounts and reasons for transfers between Level 1 and Level 2, policy for timing between of transfers between levels, and the valuation processes for Level 3 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 will adopt the provisions of this new accounting standard at the beginning of fiscal 2021 and is in the process of evaluating the impact. In August 2018, the FASB issued ASU 2018-14, Compensation - Retirement Benefits - Defined Benefit Plans (Topic 715) . The updated guidance requires additional disclosures of weighted-average interest crediting rates for cash balance plans and an explanation of the reasons for significant gains and losses related to changes in the benefit obligation. Amendments in the guidance also clarify the requirement to disclose the projected benefit obligation (PBO) and fair value of plan assets for plans with PBOs in excess of plan assets. The same disclosure is needed for the accumulated benefit obligation (ABO) and fair value of plan assets for plans with ABOs in excess of plan assets. The guidance removes certain previous disclosure requirements no longer considered cost beneficial. 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. In December 2019, the FASB issued ASU 2019-12, Income Taxes - Simplifying the Accounting for Income Taxes (Topic 740) . The updated guidance simplifies the accounting for income taxes by removing certain exceptions in Topic 740 and clarifying and amending existing guidance. 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.

ACQUISITIONS AND DIVESTITURES

ACQUISITIONS AND DIVESTITURES	3 Months Ended
	Jan. 26, 2020
Business Combinations [Abstract]
ACQUISITIONS AND DIVESTITURES	ACQUISITIONS AND DIVESTITURES Divestiture: On April 15, 2019, the Company completed the sale of CytoSport, Inc. (CytoSport), which includes the Muscle Milk ® and Evolve ® brands, to PepsiCo, Inc., and received final proceeds of $479.8 million . The divestiture resulted in a pretax gain of $16.5 million recognized in Selling, General and Administrative expense and a tax benefit of $17.0 million recognized within the Provision for Income Taxes on the Consolidated Statements of Operations.

INVENTORIES

INVENTORIES	3 Months Ended
	Jan. 26, 2020
Inventory, Net [Abstract]
INVENTORIES	INVENTORIES Principal components of inventories are: (in thousands) January 26, October 27, Finished Products $ 628,124 $ 604,035 Raw Materials and Work-in-Process 249,954 255,474 Operating Supplies 111,781 116,981 Maintenance Materials and Parts 67,419 65,872 Total $ 1,057,277 $ 1,042,362

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS	3 Months Ended
	Jan. 26, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
GOODWILL AND INTANGIBLE ASSETS	GOODWILL AND INTANGIBLE ASSETS Goodwill: The changes in the carrying amounts of goodwill for the three months ended January 26, 2020 , are as follows: (in thousands) Grocery Refrigerated Jennie-O Turkey Store International Total Balance at October 27, 2019 $ 632,301 $ 1,458,692 $ 176,628 $ 214,024 $ 2,481,645 Foreign Currency Translation — — — 2,443 2,443 Balance at January 26, 2020 $ 632,301 $ 1,458,692 $ 176,628 $ 216,467 $ 2,484,088 Intangible Assets: The carrying amounts for indefinite-lived intangible assets are as follows: (in thousands) January 26, October 27, Brands/Tradenames/Trademarks $ 953,190 $ 959,400 Other Intangibles 184 184 Foreign Currency Translation (3,393 ) (3,803 ) Total $ 949,981 $ 955,781 The gross carrying amount and accumulated amortization for definite-lived intangible assets are as follows: January 26, 2020 October 27, 2019 (in thousands) Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Customer Lists/Relationships $ 113,739 $ (39,057 ) $ 113,739 $ (36,744 ) Tradenames/Trademarks 10,536 (1,911 ) 4,326 (1,589 ) Other Intangibles 2,631 (1,324 ) 2,631 (1,228 ) Foreign Currency Translation — (2,791 ) — (3,054 ) Total $ 126,906 $ (45,083 ) $ 120,696 $ (42,615 ) Amortization expense was $2.7 million and $3.2 million for the three months ended January 26, 2020 and January 27, 2019 , respectively. Estimated annual amortization expense for the five fiscal years after October 27, 2019 , is as follows: (in thousands) 2020 $ 11,700 2021 12,000 2022 11,644 2023 10,739 2024 8,921

PENSION AND OTHER POST-RETIREME

PENSION AND OTHER POST-RETIREMENT BENEFITS	3 Months Ended
	Jan. 26, 2020
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 Three Months Ended (in thousands) January 26, January 27, Service Cost $ 8,896 $ 6,510 Interest Cost 13,410 15,097 Expected Return on Plan Assets (25,321 ) (23,125 ) Amortization of Prior Service Cost (542 ) (698 ) Recognized Actuarial Loss 5,596 3,701 Curtailment Loss (Gain) — 2,825 Net Periodic Cost $ 2,039 $ 4,310 Post-retirement Benefits Three Months Ended (in thousands) January 26, January 27, Service Cost $ 195 $ 174 Interest Cost 2,460 3,165 Amortization of Prior Service Cost (663 ) (669 ) Recognized Actuarial Loss 275 — Curtailment Loss (Gain) — (620 ) Net Periodic Cost $ 2,267 $ 2,050 Non-service cost components of net pension and postretirement benefit cost are presented within Interest and Investment Income on the Consolidated Statements of Operations. Curtailments recognized in the first quarter of fiscal 2019 were due to the sale of the Fremont, Nebraska, production facility.

DERIVATIVES AND HEDGING

DERIVATIVES AND HEDGING	3 Months Ended
	Jan. 26, 2020
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 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 26, 2020 , and October 27, 2019 , the Company had the following outstanding commodity futures and options contracts related to its hedging programs: Volume Commodity Contracts January 26, 2020 October 27, 2019 Corn 25.3 million bushels 30.4 million bushels Lean Hogs 182.0 million pounds 187.3 million pounds Fair Value of Derivatives: The fair values of the Company’s derivative instruments as of January 26, 2020 , and October 27, 2019 , were as follows: Fair Value (1) (in thousands) Location on Consolidated Statements of Financial Position January 26, October 27, Derivatives Designated as Hedges: Commodity Contracts Other Current Assets $ (921 ) $ 6,405 (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 K - 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 assets (liabilities) as of January 26, 2020 , and October 27, 2019 , were as follows: Location on Consolidated Statements of Financial Position Carrying Amount of the Hedged Assets/(Liabilities) (in thousands) January 26, October 27, 2019 Accounts Payable $ (2,347 ) $ (2,805 ) Accumulated Other Comprehensive Loss Impact: As of January 26, 2020 , the Company has included in Accumulated Other Comprehensive Loss hedging losses of $3.6 million , before tax, relating to its positions. The Company expects to recognize the majority of these gains over the next twelve months. The effect of Accumulated Other Comprehensive Loss for gains or losses (before tax) related to the Company's derivative instruments for the three months ended January 26, 2020 , and January 27, 2019 , were as follows: Gain/(Loss) Recognized in AOCL (1) Location on Consolidated Statements of Operations Gain/(Loss) Reclassified from AOCL into Earnings (1) Three Months Ended Three Months Ended (in thousands) January 26, 2020 January 27, 2019 January 26, 2020 January 27, 2019 Cash Flow Hedges: Commodity Contracts $ (8,626 ) $ (843 ) Cost of Products Sold $ (1,875 ) $ (1,243 ) Excluded Component (2) — (687 ) (1) See Note H - Accumulated Other Comprehensive Loss for the after-tax impact of these gains or losses on Net Earnings. (2) 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 Statements of Operations Impact: The effect on the Consolidated Statements of Operations for gains or losses (before tax) related to the Company's derivative instruments for the three months ended January 26, 2020 , and January 27, 2019 , were as follows: Cost of Products Sold Three Months Ended (in thousands) January 26, 2020 January 27, 2019 Consolidated Statements of Operations $ 1,916,014 $ 1,872,021 Cash Flow Hedges - Commodity Contracts Gain (Loss) Reclassified from AOCL (1,875 ) (1,243 ) Amortization of Excluded Component from Options — (1,358 ) Fair Value Hedges - Commodity Contracts Gain (Loss) on Commodity Futures (1) 3,186 932 Total Gain (Loss) Recognized in Earnings $ 1,311 $ (1,669 ) (1) Amounts represent losses on commodity contracts designated as fair value hedges that were closed during the quarter, which were offset by a corresponding gain on the underlying hedged purchase commitment. Additional gains or losses related to changes in the fair value of open commodity contracts, along with the offsetting gain or loss on the hedged purchase commitment, are also marked-to-market through earnings with no impact on a net basis.

INVESTMENTS IN AND RECEIVABLES

INVESTMENTS IN AND RECEIVABLES FROM AFFILIATES	3 Months Ended
	Jan. 26, 2020
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 consist of the following: (in thousands) Segment % Owned January 26, October 27, MegaMex Foods, LLC Grocery Products 50% $ 211,535 $ 218,592 Other Joint Ventures International & Other Various (20-40%) 79,242 70,565 Total $ 290,777 $ 289,157 Equity in Earnings of Affiliates consists of the following: Three Months Ended (in thousands) Segment January 26, January 27, MegaMex Foods, LLC Grocery Products $ 9,461 $ 10,502 Other Joint Ventures International & Other (1,873 ) 956 Total $ 7,588 $ 11,458 For the three months ended January 26, 2020 , $10.0 million of dividends were received from affiliates, compared to no dividends received for the three months ended January 27, 2019 . The Company recognized a basis difference of $21.3 million associated with the formation of MegaMex Foods, LLC, of which $12.5 million is remaining as of January 26, 2020 . This difference is being amortized through Equity in Earnings of Affiliates.

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE LOSS	3 Months Ended
	Jan. 26, 2020
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 Pension & Deferred Accumulated Balance at October 27, 2019 $ (52,996 ) $ (348,877 ) $ 2,373 $ (399,500 ) Unrecognized Gains (Losses) Gross 7,812 (10 ) (8,626 ) (824 ) Tax Effect — — 2,105 2,105 Reclassification into Net Earnings Gross — 4,666 (1) 1,875 (2) 6,541 Tax Effect — (1,143 ) (457 ) (1,600 ) Net of Tax Amount 7,812 3,513 (5,103 ) 6,222 Balance at January 26, 2020 $ (45,184 ) $ (345,364 ) $ (2,730 ) $ (393,278 ) (1) I ncluded in the computation of net periodic cost. See Note E - Pension and Other Post-Retirement Benefits for additional details. (2) Included in Cost of Products Sold in the Consolidated Statements of Operations.

INCOME TAXES

INCOME TAXES	3 Months Ended
	Jan. 26, 2020
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, applied to the Company in fiscal 2019. For fiscal 2019 and future periods, the U.S. federal corporate income tax rate is 21.0 percent. In March 2018, the FASB issued ASU 2018-05, Income Taxes: Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 118 (Topic 740), allowing 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. As of January 27, 2019, the Company 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 Company's effective tax rate for the first three months of fiscal 2020 was 16.3 percent compared to 21.3 percent for the respective period last year. The lower rate in the first three months of fiscal 2020 was impacted by a large volume of stock option exercises. The Company expects a full-year effective tax rate between 20.5 percent and 22.5 percent for fiscal 2020. The amount of unrecognized tax benefits, including interest and penalties, is recorded in Other Long-term Liabilities. If recognized as of January 26, 2020 , and January 27, 2019 , $ 23.3 million and $ 27.2 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 2020 and fiscal 2019. The amount of accrued interest and penalties at January 26, 2020 , and January 27, 2019 , associated with unrecognized tax benefits was $ 6.5 million. The Company is regularly audited by federal and state taxing authorities. The United States Internal Revenue Service (I.R.S.) concluded its examination of fiscal 2017 in the second quarter of fiscal 2019. The Company has elected to participate in the Compliance Assurance Process (CAP) for fiscal years 2018 through 2021. 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. The Company is in various stages of audit by several state taxing authorities on a variety of fiscal years, dating back to 2011. While it is reasonably possible that one or more of these audits may be completed within the next 12 months and the related unrecognized tax benefits may change, based on the status of the examinations it is not possible to reasonably estimate the effect of any amount of such change to previously recorded uncertain tax positions.

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	3 Months Ended
	Jan. 26, 2020
Share-based Payment Arrangement [Abstract]
STOCK-BASED COMPENSATION	STOCK-BASED COMPENSATION The Company issues stock options, restricted stock units, and restricted shares as part of its stock incentive plans for employees and non-employee directors. During the three months ended January 26, 2020 , stock-based compensation expense was $9.3 million, compared to $7.9 million for the three months ended January 27, 2019 . The Company recognizes stock-based compensation expense ratably over the shorter of the vesting period or the individual's retirement eligibility date. The fair value of stock-based compensation granted to retirement-eligible individuals is expensed at the time of grant. At January 26, 2020 , there was $32.5 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 2.6 years . During the three months ended January 26, 2020 , cash received from stock option exercises was $36.4 million , compared to $16.0 million for the three months ended January 27, 2019 . Shares issued for option exercises, restricted stock units, and restricted shares may be either authorized but unissued shares or shares of treasury stock. Stock Options: 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. Effective with fiscal 2020 grants, the Company has determined the equity award value for eligible employees will be delivered fifty percent in stock options as described above and fifty percent in time-vested restricted stock units with a three-year cliff vesting. 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 26, 2020 is as follows: Shares Weighted- Average Exercise Price Weighted- Average Remaining Contractual Term (Years) Aggregate Intrinsic Value Outstanding at October 27, 2019 25,994 $ 26.49 Granted 1,004 45.54 Exercised 3,059 13.87 Forfeited 65 36.56 Outstanding at January 26, 2020 23,874 28.88 5.6 $ 438,098 Exercisable at January 26, 2020 16,670 $ 24.51 4.3 $ 378,778 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 2020 and 2019 are as follows. Three Months Ended January 26, January 27, Weighted-average Grant Date Fair Value $ 7.67 $ 9.48 Intrinsic Value of Exercised Options 97,946 32,241 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 26, January 27, Risk-free Interest Rate 1.7 % 2.9 % Dividend Yield 2.0 % 1.9 % 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 U.S. Treasury yields as of the grant date. The dividend yield is 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 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 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 employees. Restricted Stock Units: Restricted stock units are valued equal to the market price of the common stock on the date of grant and vest after three years . These awards accumulate dividend equivalents, which are provided as additional units and are subject to the same vesting requirements as the underlying grant. A reconciliation of the restricted stock units (in thousands) as of January 26, 2020 is as follows: Shares Weighted- Average Exercise Price Weighted- Average Remaining Contractual Term (Years) Aggregate Intrinsic Value Restricted Units at October 27, 2019 — $ — Granted 169 45.54 Restricted Units at January 26, 2020 169 $ 45.54 2.9 $ 7,980 The weighted-average grant date fair value of restricted stock units granted and the total fair value (in thousands) of restricted stock units granted during the first three months of fiscal years 2020 and 2019 are as follows: Three Months Ended January 26, January 27, Weighted-average Grant Date Fair Value $ 45.54 $ — Fair Value of Restricted Stock Units Granted 7,695 — Restricted Shares: Restricted shares awarded to non-employee directors 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 expires on the date of the Company's second succeeding annual stockholders meeting. A reconciliation of the restricted shares (in thousands) as of January 26, 2020 is as follows: Shares Weighted- Average Grant Date Fair Value Restricted at October 27, 2019 51 $ 42.23 Granted 1 42.76 Restricted at January 26, 2020 52 $ 42.24 The weighted-average grant date fair value of restricted shares granted and the total fair value (in thousands) of restricted shares granted during the first three months of fiscal years 2020 and 2019 are as follows: Three Months Ended January 26, January 27, Weighted-average Grant Date Fair Value $ 42.76 $ 34.33 Fair Value of Restricted Shares Granted 53 53

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	3 Months Ended
	Jan. 26, 2020
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 26, 2020 , and October 27, 2019 , and their level within the fair value hierarchy, are as follows: Fair Value Measurements at January 26, 2020 (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) $ 724,419 $ 721,216 $ 3,203 $ — Short-term Marketable Securities (2) 14,808 5,533 9,275 — Other Trading Securities (3) 170,302 — 170,302 — Commodity Derivatives (4) 9,133 9,133 — — Total Assets at Fair Value $ 918,662 $ 735,882 $ 182,780 $ — Liabilities at Fair Value Deferred Compensation (3) $ 64,356 $ — $ 64,356 $ — Total Liabilities at Fair Value $ 64,356 $ — $ 64,356 $ — Fair Value Measurements at October 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) $ 672,901 $ 672,458 $ 443 $ — Short-term Marketable Securities (2) 14,736 5,186 9,550 — Other Trading Securities (3) 157,526 — 157,526 — Commodity Derivatives (4) 12,882 12,882 — — Total Assets at Fair Value $ 858,045 $ 690,526 $ 167,519 $ — Liabilities at Fair Value Deferred Compensation (3) $ 62,373 $ — $ 62,373 $ — Total Liabilities at Fair Value $ 62,373 $ — $ 62,373 $ — 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 considered Level 1 consist primarily of bank deposits, money market funds rated AAA, or other highly liquid investment accounts, and have a maturity date of three months or less. Cash equivalents considered Level 2 are funds holding agency bonds or securities recognized at amortized cost. (2) The Company holds securities as part of a portfolio maintained to generate investment income and to provide cash for operations of the Company, if necessary. The portfolio is managed by a third party who is responsible for daily trading activities, and all assets within the portfolio are highly liquid. The cash, U.S. government securities, and money market funds rated AAA held by the portfolio are classified as Level 1. The current investment portfolio also includes corporate bonds and other asset backed securities for which there is an active, quoted market. Market prices are obtained from a variety of industry providers, large financial institutions, and other third-party sources to calculate a representative daily market value, and therefore, these securities are classified as Level 2. (3) The Company maintains a rabbi trust to fund certain supplemental executive retirement plans and deferred compensation 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 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 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. These 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. 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 $ 5.2 million for the three months ended January 26, 2020 , compared to gains of $ 1.4 million for the three months ended January 27, 2019 . (4) 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 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 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. All derivatives are reviewed for potential credit risk and risk of nonperformance. 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 26, 2020 , the Company has recognized the right to reclaim net cash collateral of $10.0 million from various counterparties (including $13.3 million of realized gains on closed positions offset by cash owed of $3.3 million ). As of October 27, 2019 , the Company had recognized the right to reclaim net cash collateral of $6.5 million from various counterparties (including $10.5 million of realized gains on closed positions offset by cash owed of $4.0 million ). 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 $259.6 million as of January 26, 2020 , and $257.7 million as of October 27, 2019 . 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 26, 2020 , and January 27, 2019

LEASES

LEASES	3 Months Ended
	Jan. 26, 2020
Leases [Abstract]
LEASES	LEASES The Company has operating leases for manufacturing facilities, office space, warehouses, transportation equipment, and miscellaneous real estate and equipment contracts. Finance leases primarily include turkey growing facilities and an aircraft. The Company's lessor portfolio consists primarily of immaterial operating leases of farm land to third parties. The Company determines if an arrangement contains a lease at inception. Right-of-use assets and lease liabilities are recognized based on the present value of future minimum lease payments over the lease term at the commencement date. Leases with an initial term of twelve months or less are not recorded on the Consolidated Statements of Financial Position. The Company combines lease and non-lease components together in determining the minimum lease payments for all leases. The length of the lease term used in recording right-of-use assets and lease liabilities is based on the contractually required lease term adjusted for any options to renew, early terminate, or purchase the lease that are reasonably certain of being exercised. Most leases include one or more options to renew or terminate. The exercise of lease renewal and termination options is at the Company’s discretion and generally is not reasonably certain at lease commencement. The Company’s lease agreements typically do not contain material residual value guarantees. The Company has one lease with an immaterial residual value guarantee that is included in the minimum lease payments. Certain lease agreements include rental payment increases over the lease term that can be fixed or variable. Fixed payment increases and variable payment increases based on an index or rate are included in the initial lease liability using the index or rate at commencement date. Variable payment increases not based on an index or rate are recognized as incurred. If the rate implicit in the lease is not readily determinable, the Company used its periodic incremental borrowing rate, based on the information available at commencement date, to determine the present value of future lease payments. For the initial implementation of ASU 2016-02, Leases (Topic 842) the incremental borrowing rate on October 28, 2019, was used to determine the present value of existing operating right-of-use assets and lease liabilities. Supplemental balance sheet information related to leases as of January 26, 2020, are as follows: (in thousands) Location on Consolidated Statements of Financial Position January 26, 2020 Right-of-Use Assets Operating Other Assets $ 60,226 Finance Net Property, Plant and Equipment 67,126 Total Right-of-Use Assets $ 127,352 Liabilities Current Operating Accrued Expenses $ 13,728 Finance Current Maturities of Long-Term Debt 8,259 Noncurrent Operating Other Long-Term Liabilities 48,561 Finance Long-Term Debt - Less Current Maturities 58,972 Total Lease Liabilities $ 129,520 Lease expenses for the three months ended January 26, 2020, are as follows: (in thousands) January 26, 2020 Operating Lease Cost (1) $ 5,124 Finance Lease Cost Amortization of Right-of-Use Assets 1,999 Interest on Lease Liabilities 605 Variable Lease Cost (2) 102,668 Net Lease Cost $ 110,396 (1) Includes short-term lease costs, which are immaterial. (2) ASC 842 - Leases requires disclosure of payments related to agreements with an embedded lease that are not otherwise reflected on the balance sheet. The Company's variable lease costs primarily include inventory related expenses, such as materials, labor, and overhead, from manufacturing and service agreements that contain embedded leases. Variability of these costs is determined based on usage or output and may vary for other reasons such as changes in material prices. The weighted-average remaining lease term and discount rate for lease liabilities included in the Consolidated Statements of Financial Position as of January 26, 2020, are as follows: January 26, 2020 Weighted Average Remaining Lease Term Operating Leases 7.57 years Finance Leases 8.83 years Weighted Average Discount Rate Operating Leases 2.30 % Finance Leases 3.58 % Supplemental cash flow and other information related to leases for the three months ended January 26, 2020, are as follows: (in thousands) January 26, 2020 Cash Paid for Amounts Included in the Measurement of Lease Liabilities Operating Cash Flows from Operating Leases $ 3,057 Operating Cash Flows from Finance Leases 605 Financing Cash Flows from Finance Leases 2,019 The maturity of the Company's lease liabilities as of January 26, 2020, are as follows: (in thousands) Operating Leases (1) Finance Leases (2) Total 2020 (nine months remaining) $ 11,691 $ 7,891 $ 19,582 2021 11,653 10,338 21,991 2022 9,139 9,934 19,072 2023 8,157 9,738 17,895 2024 5,730 9,612 15,341 2025 3,396 8,117 11,513 2026 and beyond 18,644 21,192 39,836 Total Lease Payments $ 68,410 $ 76,821 $ 145,231 Less: Imputed Interest 6,120 9,591 15,711 Present Value of Lease Liabilities $ 62,290 $ 67,230 $ 129,520 (1) Operating lease payments exclude $3.6 million of legally binding minimum lease payments for leases signed but not yet commenced. (2) Over the life of the lease contracts, finance lease payments include $ 8.9 million
LEASES	LEASES The Company has operating leases for manufacturing facilities, office space, warehouses, transportation equipment, and miscellaneous real estate and equipment contracts. Finance leases primarily include turkey growing facilities and an aircraft. The Company's lessor portfolio consists primarily of immaterial operating leases of farm land to third parties. The Company determines if an arrangement contains a lease at inception. Right-of-use assets and lease liabilities are recognized based on the present value of future minimum lease payments over the lease term at the commencement date. Leases with an initial term of twelve months or less are not recorded on the Consolidated Statements of Financial Position. The Company combines lease and non-lease components together in determining the minimum lease payments for all leases. The length of the lease term used in recording right-of-use assets and lease liabilities is based on the contractually required lease term adjusted for any options to renew, early terminate, or purchase the lease that are reasonably certain of being exercised. Most leases include one or more options to renew or terminate. The exercise of lease renewal and termination options is at the Company’s discretion and generally is not reasonably certain at lease commencement. The Company’s lease agreements typically do not contain material residual value guarantees. The Company has one lease with an immaterial residual value guarantee that is included in the minimum lease payments. Certain lease agreements include rental payment increases over the lease term that can be fixed or variable. Fixed payment increases and variable payment increases based on an index or rate are included in the initial lease liability using the index or rate at commencement date. Variable payment increases not based on an index or rate are recognized as incurred. If the rate implicit in the lease is not readily determinable, the Company used its periodic incremental borrowing rate, based on the information available at commencement date, to determine the present value of future lease payments. For the initial implementation of ASU 2016-02, Leases (Topic 842) the incremental borrowing rate on October 28, 2019, was used to determine the present value of existing operating right-of-use assets and lease liabilities. Supplemental balance sheet information related to leases as of January 26, 2020, are as follows: (in thousands) Location on Consolidated Statements of Financial Position January 26, 2020 Right-of-Use Assets Operating Other Assets $ 60,226 Finance Net Property, Plant and Equipment 67,126 Total Right-of-Use Assets $ 127,352 Liabilities Current Operating Accrued Expenses $ 13,728 Finance Current Maturities of Long-Term Debt 8,259 Noncurrent Operating Other Long-Term Liabilities 48,561 Finance Long-Term Debt - Less Current Maturities 58,972 Total Lease Liabilities $ 129,520 Lease expenses for the three months ended January 26, 2020, are as follows: (in thousands) January 26, 2020 Operating Lease Cost (1) $ 5,124 Finance Lease Cost Amortization of Right-of-Use Assets 1,999 Interest on Lease Liabilities 605 Variable Lease Cost (2) 102,668 Net Lease Cost $ 110,396 (1) Includes short-term lease costs, which are immaterial. (2) ASC 842 - Leases requires disclosure of payments related to agreements with an embedded lease that are not otherwise reflected on the balance sheet. The Company's variable lease costs primarily include inventory related expenses, such as materials, labor, and overhead, from manufacturing and service agreements that contain embedded leases. Variability of these costs is determined based on usage or output and may vary for other reasons such as changes in material prices. The weighted-average remaining lease term and discount rate for lease liabilities included in the Consolidated Statements of Financial Position as of January 26, 2020, are as follows: January 26, 2020 Weighted Average Remaining Lease Term Operating Leases 7.57 years Finance Leases 8.83 years Weighted Average Discount Rate Operating Leases 2.30 % Finance Leases 3.58 % Supplemental cash flow and other information related to leases for the three months ended January 26, 2020, are as follows: (in thousands) January 26, 2020 Cash Paid for Amounts Included in the Measurement of Lease Liabilities Operating Cash Flows from Operating Leases $ 3,057 Operating Cash Flows from Finance Leases 605 Financing Cash Flows from Finance Leases 2,019 The maturity of the Company's lease liabilities as of January 26, 2020, are as follows: (in thousands) Operating Leases (1) Finance Leases (2) Total 2020 (nine months remaining) $ 11,691 $ 7,891 $ 19,582 2021 11,653 10,338 21,991 2022 9,139 9,934 19,072 2023 8,157 9,738 17,895 2024 5,730 9,612 15,341 2025 3,396 8,117 11,513 2026 and beyond 18,644 21,192 39,836 Total Lease Payments $ 68,410 $ 76,821 $ 145,231 Less: Imputed Interest 6,120 9,591 15,711 Present Value of Lease Liabilities $ 62,290 $ 67,230 $ 129,520 (1) Operating lease payments exclude $3.6 million of legally binding minimum lease payments for leases signed but not yet commenced. (2) Over the life of the lease contracts, finance lease payments include $ 8.9 million
LEASES	LEASES The Company has operating leases for manufacturing facilities, office space, warehouses, transportation equipment, and miscellaneous real estate and equipment contracts. Finance leases primarily include turkey growing facilities and an aircraft. The Company's lessor portfolio consists primarily of immaterial operating leases of farm land to third parties. The Company determines if an arrangement contains a lease at inception. Right-of-use assets and lease liabilities are recognized based on the present value of future minimum lease payments over the lease term at the commencement date. Leases with an initial term of twelve months or less are not recorded on the Consolidated Statements of Financial Position. The Company combines lease and non-lease components together in determining the minimum lease payments for all leases. The length of the lease term used in recording right-of-use assets and lease liabilities is based on the contractually required lease term adjusted for any options to renew, early terminate, or purchase the lease that are reasonably certain of being exercised. Most leases include one or more options to renew or terminate. The exercise of lease renewal and termination options is at the Company’s discretion and generally is not reasonably certain at lease commencement. The Company’s lease agreements typically do not contain material residual value guarantees. The Company has one lease with an immaterial residual value guarantee that is included in the minimum lease payments. Certain lease agreements include rental payment increases over the lease term that can be fixed or variable. Fixed payment increases and variable payment increases based on an index or rate are included in the initial lease liability using the index or rate at commencement date. Variable payment increases not based on an index or rate are recognized as incurred. If the rate implicit in the lease is not readily determinable, the Company used its periodic incremental borrowing rate, based on the information available at commencement date, to determine the present value of future lease payments. For the initial implementation of ASU 2016-02, Leases (Topic 842) the incremental borrowing rate on October 28, 2019, was used to determine the present value of existing operating right-of-use assets and lease liabilities. Supplemental balance sheet information related to leases as of January 26, 2020, are as follows: (in thousands) Location on Consolidated Statements of Financial Position January 26, 2020 Right-of-Use Assets Operating Other Assets $ 60,226 Finance Net Property, Plant and Equipment 67,126 Total Right-of-Use Assets $ 127,352 Liabilities Current Operating Accrued Expenses $ 13,728 Finance Current Maturities of Long-Term Debt 8,259 Noncurrent Operating Other Long-Term Liabilities 48,561 Finance Long-Term Debt - Less Current Maturities 58,972 Total Lease Liabilities $ 129,520 Lease expenses for the three months ended January 26, 2020, are as follows: (in thousands) January 26, 2020 Operating Lease Cost (1) $ 5,124 Finance Lease Cost Amortization of Right-of-Use Assets 1,999 Interest on Lease Liabilities 605 Variable Lease Cost (2) 102,668 Net Lease Cost $ 110,396 (1) Includes short-term lease costs, which are immaterial. (2) ASC 842 - Leases requires disclosure of payments related to agreements with an embedded lease that are not otherwise reflected on the balance sheet. The Company's variable lease costs primarily include inventory related expenses, such as materials, labor, and overhead, from manufacturing and service agreements that contain embedded leases. Variability of these costs is determined based on usage or output and may vary for other reasons such as changes in material prices. The weighted-average remaining lease term and discount rate for lease liabilities included in the Consolidated Statements of Financial Position as of January 26, 2020, are as follows: January 26, 2020 Weighted Average Remaining Lease Term Operating Leases 7.57 years Finance Leases 8.83 years Weighted Average Discount Rate Operating Leases 2.30 % Finance Leases 3.58 % Supplemental cash flow and other information related to leases for the three months ended January 26, 2020, are as follows: (in thousands) January 26, 2020 Cash Paid for Amounts Included in the Measurement of Lease Liabilities Operating Cash Flows from Operating Leases $ 3,057 Operating Cash Flows from Finance Leases 605 Financing Cash Flows from Finance Leases 2,019 The maturity of the Company's lease liabilities as of January 26, 2020, are as follows: (in thousands) Operating Leases (1) Finance Leases (2) Total 2020 (nine months remaining) $ 11,691 $ 7,891 $ 19,582 2021 11,653 10,338 21,991 2022 9,139 9,934 19,072 2023 8,157 9,738 17,895 2024 5,730 9,612 15,341 2025 3,396 8,117 11,513 2026 and beyond 18,644 21,192 39,836 Total Lease Payments $ 68,410 $ 76,821 $ 145,231 Less: Imputed Interest 6,120 9,591 15,711 Present Value of Lease Liabilities $ 62,290 $ 67,230 $ 129,520 (1) Operating lease payments exclude $3.6 million of legally binding minimum lease payments for leases signed but not yet commenced. (2) Over the life of the lease contracts, finance lease payments include $ 8.9 million

EARNINGS PER SHARE DATA

EARNINGS PER SHARE DATA	3 Months Ended
	Jan. 26, 2020
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 26, January 27, Basic weighted-average shares outstanding 535,075 534,495 Dilutive potential common shares 9,740 12,623 Diluted weighted-average shares outstanding 544,815 547,118 Antidilutive potential common shares 2,734 1,070

SEGMENT REPORTING

SEGMENT REPORTING	3 Months Ended
	Jan. 26, 2020
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. 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, or 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 operating 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 26, January 27, Sales to Unaffiliated Customers Grocery Products $ 540,626 $ 606,825 Refrigerated Foods 1,351,790 1,278,747 Jennie-O Turkey Store 330,128 321,234 International & Other 161,890 153,549 Total $ 2,384,434 $ 2,360,355 Intersegment Sales Grocery Products $ 7 $ 22 Refrigerated Foods 5,803 2,178 Jennie-O Turkey Store 27,842 28,811 International & Other — — Total 33,652 31,011 Intersegment Elimination (33,652 ) (31,011 ) Total $ — $ — Net Sales Grocery Products $ 540,633 $ 606,847 Refrigerated Foods 1,357,593 1,280,925 Jennie-O Turkey Store 357,970 350,045 International & Other 161,890 153,549 Intersegment Elimination (33,652 ) (31,011 ) Total $ 2,384,434 $ 2,360,355 Segment Profit Grocery Products $ 68,435 $ 95,297 Refrigerated Foods 167,343 162,593 Jennie-O Turkey Store 38,551 37,904 International & Other 19,952 24,978 Total Segment Profit 294,280 320,772 Net Unallocated Expense 4,199 13,891 Noncontrolling Interest 81 94 Earnings Before Income Taxes $ 290,162 $ 306,975 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. The amount of total revenues contributed by sales channel for the first three months of fiscal 2020 and 2019 are as follows: Three Months Ended (in thousands) January 26, January 27, U.S. Retail $ 1,226,430 $ 1,253,315 U.S. Foodservice 709,106 689,905 U.S. Deli 260,638 251,276 International 188,260 165,859 Total $ 2,384,434 $ 2,360,355 The Company’s products primarily consist of meat and other food products. The amount of total revenues contributed by classes of similar products for the first three months of fiscal 2020 and 2019 are as follows: Three Months Ended (in thousands) January 26, January 27, Perishable $ 1,400,195 $ 1,341,152 Poultry 459,083 441,392 Shelf-stable 450,704 436,897 Miscellaneous 74,452 140,914 Total $ 2,384,434 $ 2,360,355

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	3 Months Ended
	Jan. 26, 2020
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS Subsequent to the end of the quarter, the Company announced a definitive agreement to acquire Sadler's Smokehouse for $270.0 million . The transaction closed on March 2, 2020.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Jan. 26, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation:
Accounting Changes and Recent Accounting Pronouncements	Accounting Changes and Recent Accounting Pronouncements: New Accounting Pronouncements Adopted in Current Fiscal Year 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 twelve months. Recognition, measurement, and presentation of expenses will depend on the classification as a finance or operating lease. The update also requires expanded quantitative and qualitative disclosures. Accounting guidance for lessors is largely unchanged. 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 adopted the provisions of this new accounting standard at the beginning of fiscal 2020. For transition purposes, the Company elected the package of practical expedients to not reassess prior conclusions related to contracts containing leases, lease classification, and initial direct costs. The Company elected the comparative periods practical expedient, and as a result, the Company did not adjust its comparative period financial information or make the new required lease disclosures for periods before the effective date. Upon adoption, the Company recognized right-of-use assets of $112.7 million and lease liabilities of $114.1 million in the Consolidated Statements of Financial Position as of October 28, 2019. The new standard did not have a material impact on the Consolidated Statements of Operations or the Consolidated Statements of Cash Flows. New Accounting Pronouncements Not Yet Adopted In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses: Measurement of Credit Losses on Financial Instruments (Topic 326) . 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 approach 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 will adopt the provisions of this new accounting standard at the beginning of fiscal 2021 and is in the process of evaluating the impact. In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement - Disclosure Framework (Topic 820) . The updated guidance requires entities to disclose changes in unrealized gains and losses for the period included in other comprehensive income for recurring Level 3 fair value measurements and the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements. Amendments in this guidance also require disclosure of transfers into and out of Level 3 of the fair value hierarchy, purchases and issues of Level 3 assets and liabilities, and clarify that the measurement uncertainty disclosure is as of the reporting date. The guidance removes requirements to disclose the amounts and reasons for transfers between Level 1 and Level 2, policy for timing between of transfers between levels, and the valuation processes for Level 3 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 will adopt the provisions of this new accounting standard at the beginning of fiscal 2021 and is in the process of evaluating the impact. In August 2018, the FASB issued ASU 2018-14, Compensation - Retirement Benefits - Defined Benefit Plans (Topic 715) . The updated guidance requires additional disclosures of weighted-average interest crediting rates for cash balance plans and an explanation of the reasons for significant gains and losses related to changes in the benefit obligation. Amendments in the guidance also clarify the requirement to disclose the projected benefit obligation (PBO) and fair value of plan assets for plans with PBOs in excess of plan assets. The same disclosure is needed for the accumulated benefit obligation (ABO) and fair value of plan assets for plans with ABOs in excess of plan assets. The guidance removes certain previous disclosure requirements no longer considered cost beneficial. 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. In December 2019, the FASB issued ASU 2019-12, Income Taxes - Simplifying the Accounting for Income Taxes (Topic 740) . The updated guidance simplifies the accounting for income taxes by removing certain exceptions in Topic 740 and clarifying and amending existing guidance. 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. Recently issued accounting standards or pronouncements not disclosed above have been excluded as they are not relevant to the Company.
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.
Leases	The Company has operating leases for manufacturing facilities, office space, warehouses, transportation equipment, and miscellaneous real estate and equipment contracts. Finance leases primarily include turkey growing facilities and an aircraft. The Company's lessor portfolio consists primarily of immaterial operating leases of farm land to third parties. The Company determines if an arrangement contains a lease at inception. Right-of-use assets and lease liabilities are recognized based on the present value of future minimum lease payments over the lease term at the commencement date. Leases with an initial term of twelve months or less are not recorded on the Consolidated Statements of Financial Position. The Company combines lease and non-lease components together in determining the minimum lease payments for all leases. The length of the lease term used in recording right-of-use assets and lease liabilities is based on the contractually required lease term adjusted for any options to renew, early terminate, or purchase the lease that are reasonably certain of being exercised. Most leases include one or more options to renew or terminate. The exercise of lease renewal and termination options is at the Company’s discretion and generally is not reasonably certain at lease commencement. The Company’s lease agreements typically do not contain material residual value guarantees. The Company has one lease with an immaterial residual value guarantee that is included in the minimum lease payments. Certain lease agreements include rental payment increases over the lease term that can be fixed or variable. Fixed payment increases and variable payment increases based on an index or rate are included in the initial lease liability using the index or rate at commencement date. Variable payment increases not based on an index or rate are recognized as incurred. If the rate implicit in the lease is not readily determinable, the Company used its periodic incremental borrowing rate, based on the information available at commencement date, to determine the present value of future lease payments. For the initial implementation of ASU 2016-02, Leases (Topic 842) the incremental borrowing rate on October 28, 2019, was used to determine the present value of existing operating right-of-use assets and lease liabilities.
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. 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, or 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.

INVENTORIES (Tables)

INVENTORIES (Tables)	3 Months Ended
	Jan. 26, 2020
Inventory, Net [Abstract]
Principal components of inventories	Principal components of inventories are: (in thousands) January 26, October 27, Finished Products $ 628,124 $ 604,035 Raw Materials and Work-in-Process 249,954 255,474 Operating Supplies 111,781 116,981 Maintenance Materials and Parts 67,419 65,872 Total $ 1,057,277 $ 1,042,362

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS (Tables)	3 Months Ended
	Jan. 26, 2020
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 26, 2020 , are as follows: (in thousands) Grocery Refrigerated Jennie-O Turkey Store International Total Balance at October 27, 2019 $ 632,301 $ 1,458,692 $ 176,628 $ 214,024 $ 2,481,645 Foreign Currency Translation — — — 2,443 2,443 Balance at January 26, 2020 $ 632,301 $ 1,458,692 $ 176,628 $ 216,467 $ 2,484,088
Schedule of carrying amounts for indefinite-lived intangible assets	The carrying amounts for indefinite-lived intangible assets are as follows: (in thousands) January 26, October 27, Brands/Tradenames/Trademarks $ 953,190 $ 959,400 Other Intangibles 184 184 Foreign Currency Translation (3,393 ) (3,803 ) Total $ 949,981 $ 955,781
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 as follows: January 26, 2020 October 27, 2019 (in thousands) Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Customer Lists/Relationships $ 113,739 $ (39,057 ) $ 113,739 $ (36,744 ) Tradenames/Trademarks 10,536 (1,911 ) 4,326 (1,589 ) Other Intangibles 2,631 (1,324 ) 2,631 (1,228 ) Foreign Currency Translation — (2,791 ) — (3,054 ) Total $ 126,906 $ (45,083 ) $ 120,696 $ (42,615 )
Schedule of estimated annual amortization expense	Estimated annual amortization expense for the five fiscal years after October 27, 2019 , is as follows: (in thousands) 2020 $ 11,700 2021 12,000 2022 11,644 2023 10,739 2024 8,921

PENSION AND OTHER POST-RETIRE_2

PENSION AND OTHER POST-RETIREMENT BENEFITS (Tables)	3 Months Ended
	Jan. 26, 2020
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 Three Months Ended (in thousands) January 26, January 27, Service Cost $ 8,896 $ 6,510 Interest Cost 13,410 15,097 Expected Return on Plan Assets (25,321 ) (23,125 ) Amortization of Prior Service Cost (542 ) (698 ) Recognized Actuarial Loss 5,596 3,701 Curtailment Loss (Gain) — 2,825 Net Periodic Cost $ 2,039 $ 4,310 Post-retirement Benefits Three Months Ended (in thousands) January 26, January 27, Service Cost $ 195 $ 174 Interest Cost 2,460 3,165 Amortization of Prior Service Cost (663 ) (669 ) Recognized Actuarial Loss 275 — Curtailment Loss (Gain) — (620 ) Net Periodic Cost $ 2,267 $ 2,050

DERIVATIVES AND HEDGING (Tables

DERIVATIVES AND HEDGING (Tables)	3 Months Ended
	Jan. 26, 2020
Derivative [Line Items]
Schedule of fair values of derivative instruments	The fair values of the Company’s derivative instruments as of January 26, 2020 , and October 27, 2019 , were as follows: Fair Value (1) (in thousands) Location on Consolidated Statements of Financial Position January 26, October 27, Derivatives Designated as Hedges: Commodity Contracts Other Current Assets $ (921 ) $ 6,405 (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 K - Fair Value Measurements for a discussion of these net amounts as reported in the Consolidated Statements of Financial Position.
Schedule of fair value hedge assets (liabilities)	The carrying amount of the Company's fair value hedge assets (liabilities) as of January 26, 2020 , and October 27, 2019 , were as follows: Location on Consolidated Statements of Financial Position Carrying Amount of the Hedged Assets/(Liabilities) (in thousands) January 26, October 27, 2019 Accounts Payable $ (2,347 ) $ (2,805 )
Schedule of gains or losses (before tax) related to derivative instruments	The effect of Accumulated Other Comprehensive Loss for gains or losses (before tax) related to the Company's derivative instruments for the three months ended January 26, 2020 , and January 27, 2019 , were as follows: Gain/(Loss) Recognized in AOCL (1) Location on Consolidated Statements of Operations Gain/(Loss) Reclassified from AOCL into Earnings (1) Three Months Ended Three Months Ended (in thousands) January 26, 2020 January 27, 2019 January 26, 2020 January 27, 2019 Cash Flow Hedges: Commodity Contracts $ (8,626 ) $ (843 ) Cost of Products Sold $ (1,875 ) $ (1,243 ) Excluded Component (2) — (687 ) (1) See Note H - Accumulated Other Comprehensive Loss for the after-tax impact of these gains or losses on Net Earnings. (2) 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 Statements of Operations Impact: The effect on the Consolidated Statements of Operations for gains or losses (before tax) related to the Company's derivative instruments for the three months ended January 26, 2020 , and January 27, 2019 , were as follows: Cost of Products Sold Three Months Ended (in thousands) January 26, 2020 January 27, 2019 Consolidated Statements of Operations $ 1,916,014 $ 1,872,021 Cash Flow Hedges - Commodity Contracts Gain (Loss) Reclassified from AOCL (1,875 ) (1,243 ) Amortization of Excluded Component from Options — (1,358 ) Fair Value Hedges - Commodity Contracts Gain (Loss) on Commodity Futures (1) 3,186 932 Total Gain (Loss) Recognized in Earnings $ 1,311 $ (1,669 ) (1) Amounts represent losses on commodity contracts designated as fair value hedges that were closed during the quarter, which were offset by a corresponding gain on the underlying hedged purchase commitment. Additional gains or losses related to changes in the fair value of open commodity contracts, along with the offsetting gain or loss on the hedged purchase commitment, are also marked-to-market through earnings with no impact on a net basis.
Cash Flow Hedges
Derivative [Line Items]
Schedule of outstanding commodity futures contracts	As of January 26, 2020 , and October 27, 2019 , the Company had the following outstanding commodity futures and options contracts related to its hedging programs: Volume Commodity Contracts January 26, 2020 October 27, 2019 Corn 25.3 million bushels 30.4 million bushels Lean Hogs 182.0 million pounds 187.3 million pounds

INVESTMENTS IN AND RECEIVABLE_2

INVESTMENTS IN AND RECEIVABLES FROM AFFILIATES (Tables)	3 Months Ended
	Jan. 26, 2020
Equity Method Investments and Joint Ventures [Abstract]
Schedule of investments in, receivables from, and equity in earnings of affiliates	Investments In and Receivables From Affiliates consist of the following: (in thousands) Segment % Owned January 26, October 27, MegaMex Foods, LLC Grocery Products 50% $ 211,535 $ 218,592 Other Joint Ventures International & Other Various (20-40%) 79,242 70,565 Total $ 290,777 $ 289,157 Equity in Earnings of Affiliates consists of the following: Three Months Ended (in thousands) Segment January 26, January 27, MegaMex Foods, LLC Grocery Products $ 9,461 $ 10,502 Other Joint Ventures International & Other (1,873 ) 956 Total $ 7,588 $ 11,458

ACCUMULATED OTHER COMPREHENSI_2

ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables)	3 Months Ended
	Jan. 26, 2020
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 Pension & Deferred Accumulated Balance at October 27, 2019 $ (52,996 ) $ (348,877 ) $ 2,373 $ (399,500 ) Unrecognized Gains (Losses) Gross 7,812 (10 ) (8,626 ) (824 ) Tax Effect — — 2,105 2,105 Reclassification into Net Earnings Gross — 4,666 (1) 1,875 (2) 6,541 Tax Effect — (1,143 ) (457 ) (1,600 ) Net of Tax Amount 7,812 3,513 (5,103 ) 6,222 Balance at January 26, 2020 $ (45,184 ) $ (345,364 ) $ (2,730 ) $ (393,278 ) (1) I ncluded in the computation of net periodic cost. See Note E - Pension and Other Post-Retirement Benefits for additional details. (2) Included in Cost of Products Sold in the Consolidated Statements of Operations.

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	3 Months Ended
	Jan. 26, 2020
Share-based Payment Arrangement [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 26, 2020 is as follows: Shares Weighted- Average Exercise Price Weighted- Average Remaining Contractual Term (Years) Aggregate Intrinsic Value Outstanding at October 27, 2019 25,994 $ 26.49 Granted 1,004 45.54 Exercised 3,059 13.87 Forfeited 65 36.56 Outstanding at January 26, 2020 23,874 28.88 5.6 $ 438,098 Exercisable at January 26, 2020 16,670 $ 24.51 4.3 $ 378,778
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 2020 and 2019 are as follows. Three Months Ended January 26, January 27, Weighted-average Grant Date Fair Value $ 7.67 $ 9.48 Intrinsic Value of Exercised Options 97,946 32,241
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 26, January 27, Risk-free Interest Rate 1.7 % 2.9 % Dividend Yield 2.0 % 1.9 % 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 stock units (in thousands) as of January 26, 2020 is as follows: Shares Weighted- Average Exercise Price Weighted- Average Remaining Contractual Term (Years) Aggregate Intrinsic Value Restricted Units at October 27, 2019 — $ — Granted 169 45.54 Restricted Units at January 26, 2020 169 $ 45.54 2.9 $ 7,980 January 26, 2020 is as follows: Shares Weighted- Average Grant Date Fair Value Restricted at October 27, 2019 51 $ 42.23 Granted 1 42.76 Restricted at January 26, 2020 52 $ 42.24
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 and the total fair value (in thousands) of restricted shares granted during the first three months of fiscal years 2020 and 2019 are as follows: Three Months Ended January 26, January 27, Weighted-average Grant Date Fair Value $ 42.76 $ 34.33 Fair Value of Restricted Shares Granted 53 53 The weighted-average grant date fair value of restricted stock units granted and the total fair value (in thousands) of restricted stock units granted during the first three months of fiscal years 2020 and 2019 are as follows: Three Months Ended January 26, January 27, Weighted-average Grant Date Fair Value $ 45.54 $ — Fair Value of Restricted Stock Units Granted 7,695 —

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	3 Months Ended
	Jan. 26, 2020
Fair Value Disclosures [Abstract]
Schedule of financial assets and liabilities 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 26, 2020 , and October 27, 2019 , and their level within the fair value hierarchy, are as follows: Fair Value Measurements at January 26, 2020 (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) $ 724,419 $ 721,216 $ 3,203 $ — Short-term Marketable Securities (2) 14,808 5,533 9,275 — Other Trading Securities (3) 170,302 — 170,302 — Commodity Derivatives (4) 9,133 9,133 — — Total Assets at Fair Value $ 918,662 $ 735,882 $ 182,780 $ — Liabilities at Fair Value Deferred Compensation (3) $ 64,356 $ — $ 64,356 $ — Total Liabilities at Fair Value $ 64,356 $ — $ 64,356 $ — Fair Value Measurements at October 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) $ 672,901 $ 672,458 $ 443 $ — Short-term Marketable Securities (2) 14,736 5,186 9,550 — Other Trading Securities (3) 157,526 — 157,526 — Commodity Derivatives (4) 12,882 12,882 — — Total Assets at Fair Value $ 858,045 $ 690,526 $ 167,519 $ — Liabilities at Fair Value Deferred Compensation (3) $ 62,373 $ — $ 62,373 $ — Total Liabilities at Fair Value $ 62,373 $ — $ 62,373 $ — 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 considered Level 1 consist primarily of bank deposits, money market funds rated AAA, or other highly liquid investment accounts, and have a maturity date of three months or less. Cash equivalents considered Level 2 are funds holding agency bonds or securities recognized at amortized cost. (2) The Company holds securities as part of a portfolio maintained to generate investment income and to provide cash for operations of the Company, if necessary. The portfolio is managed by a third party who is responsible for daily trading activities, and all assets within the portfolio are highly liquid. The cash, U.S. government securities, and money market funds rated AAA held by the portfolio are classified as Level 1. The current investment portfolio also includes corporate bonds and other asset backed securities for which there is an active, quoted market. Market prices are obtained from a variety of industry providers, large financial institutions, and other third-party sources to calculate a representative daily market value, and therefore, these securities are classified as Level 2. (3) The Company maintains a rabbi trust to fund certain supplemental executive retirement plans and deferred compensation 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 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 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. These 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. 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 $ 5.2 million for the three months ended January 26, 2020 , compared to gains of $ 1.4 million for the three months ended January 27, 2019 . (4) 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 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 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. All derivatives are reviewed for potential credit risk and risk of nonperformance. 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 26, 2020 , the Company has recognized the right to reclaim net cash collateral of $10.0 million from various counterparties (including $13.3 million of realized gains on closed positions offset by cash owed of $3.3 million ). As of October 27, 2019 , the Company had recognized the right to reclaim net cash collateral of $6.5 million from various counterparties (including $10.5 million of realized gains on closed positions offset by cash owed of $4.0 million ).

LEASES (Tables)

LEASES (Tables)	3 Months Ended
	Jan. 26, 2020
Leases [Abstract]
Schedule of supplemental balance sheet information	The weighted-average remaining lease term and discount rate for lease liabilities included in the Consolidated Statements of Financial Position as of January 26, 2020, are as follows: January 26, 2020 Weighted Average Remaining Lease Term Operating Leases 7.57 years Finance Leases 8.83 years Weighted Average Discount Rate Operating Leases 2.30 % Finance Leases 3.58 % Supplemental balance sheet information related to leases as of January 26, 2020, are as follows: (in thousands) Location on Consolidated Statements of Financial Position January 26, 2020 Right-of-Use Assets Operating Other Assets $ 60,226 Finance Net Property, Plant and Equipment 67,126 Total Right-of-Use Assets $ 127,352 Liabilities Current Operating Accrued Expenses $ 13,728 Finance Current Maturities of Long-Term Debt 8,259 Noncurrent Operating Other Long-Term Liabilities 48,561 Finance Long-Term Debt - Less Current Maturities 58,972 Total Lease Liabilities $ 129,520
Schedule of lease expenses and supplemental cash flow and other information related to leases	Supplemental cash flow and other information related to leases for the three months ended January 26, 2020, are as follows: (in thousands) January 26, 2020 Cash Paid for Amounts Included in the Measurement of Lease Liabilities Operating Cash Flows from Operating Leases $ 3,057 Operating Cash Flows from Finance Leases 605 Financing Cash Flows from Finance Leases 2,019 Lease expenses for the three months ended January 26, 2020, are as follows: (in thousands) January 26, 2020 Operating Lease Cost (1) $ 5,124 Finance Lease Cost Amortization of Right-of-Use Assets 1,999 Interest on Lease Liabilities 605 Variable Lease Cost (2) 102,668 Net Lease Cost $ 110,396 (1) Includes short-term lease costs, which are immaterial. (2) ASC 842 - Leases requires disclosure of payments related to agreements with an embedded lease that are not otherwise reflected on the balance sheet. The Company's variable lease costs primarily include inventory related expenses, such as materials, labor, and overhead, from manufacturing and service agreements that contain embedded leases. Variability of these costs is determined based on usage or output and may vary for other reasons such as changes in material prices.
Schedule of maturities of financing lease liabilities	The maturity of the Company's lease liabilities as of January 26, 2020, are as follows: (in thousands) Operating Leases (1) Finance Leases (2) Total 2020 (nine months remaining) $ 11,691 $ 7,891 $ 19,582 2021 11,653 10,338 21,991 2022 9,139 9,934 19,072 2023 8,157 9,738 17,895 2024 5,730 9,612 15,341 2025 3,396 8,117 11,513 2026 and beyond 18,644 21,192 39,836 Total Lease Payments $ 68,410 $ 76,821 $ 145,231 Less: Imputed Interest 6,120 9,591 15,711 Present Value of Lease Liabilities $ 62,290 $ 67,230 $ 129,520 (1) Operating lease payments exclude $3.6 million of legally binding minimum lease payments for leases signed but not yet commenced.
Schedule of maturities of operating lease liabilities	The maturity of the Company's lease liabilities as of January 26, 2020, are as follows: (in thousands) Operating Leases (1) Finance Leases (2) Total 2020 (nine months remaining) $ 11,691 $ 7,891 $ 19,582 2021 11,653 10,338 21,991 2022 9,139 9,934 19,072 2023 8,157 9,738 17,895 2024 5,730 9,612 15,341 2025 3,396 8,117 11,513 2026 and beyond 18,644 21,192 39,836 Total Lease Payments $ 68,410 $ 76,821 $ 145,231 Less: Imputed Interest 6,120 9,591 15,711 Present Value of Lease Liabilities $ 62,290 $ 67,230 $ 129,520 (1) Operating lease payments exclude $3.6 million of legally binding minimum lease payments for leases signed but not yet commenced. (2) Over the life of the lease contracts, finance lease payments include $ 8.9 million related to purchase options which are reasonably certain of being exercised.

EARNINGS PER SHARE DATA (Tables

EARNINGS PER SHARE DATA (Tables)	3 Months Ended
	Jan. 26, 2020
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 26, January 27, Basic weighted-average shares outstanding 535,075 534,495 Dilutive potential common shares 9,740 12,623 Diluted weighted-average shares outstanding 544,815 547,118 Antidilutive potential common shares 2,734 1,070

SEGMENT REPORTING (Tables)

SEGMENT REPORTING (Tables)	3 Months Ended
	Jan. 26, 2020
Segment Reporting [Abstract]
Schedule of sales and operating profits for each of the reportable segments and reconciliation to earnings before income taxes	Sales and operating 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 26, January 27, Sales to Unaffiliated Customers Grocery Products $ 540,626 $ 606,825 Refrigerated Foods 1,351,790 1,278,747 Jennie-O Turkey Store 330,128 321,234 International & Other 161,890 153,549 Total $ 2,384,434 $ 2,360,355 Intersegment Sales Grocery Products $ 7 $ 22 Refrigerated Foods 5,803 2,178 Jennie-O Turkey Store 27,842 28,811 International & Other — — Total 33,652 31,011 Intersegment Elimination (33,652 ) (31,011 ) Total $ — $ — Net Sales Grocery Products $ 540,633 $ 606,847 Refrigerated Foods 1,357,593 1,280,925 Jennie-O Turkey Store 357,970 350,045 International & Other 161,890 153,549 Intersegment Elimination (33,652 ) (31,011 ) Total $ 2,384,434 $ 2,360,355 Segment Profit Grocery Products $ 68,435 $ 95,297 Refrigerated Foods 167,343 162,593 Jennie-O Turkey Store 38,551 37,904 International & Other 19,952 24,978 Total Segment Profit 294,280 320,772 Net Unallocated Expense 4,199 13,891 Noncontrolling Interest 81 94 Earnings Before Income Taxes $ 290,162 $ 306,975
Schedule of total revenues contributed by sales channels and classes of similar products	The amount of total revenues contributed by classes of similar products for the first three months of fiscal 2020 and 2019 are as follows: Three Months Ended (in thousands) January 26, January 27, Perishable $ 1,400,195 $ 1,341,152 Poultry 459,083 441,392 Shelf-stable 450,704 436,897 Miscellaneous 74,452 140,914 Total $ 2,384,434 $ 2,360,355 Three Months Ended (in thousands) January 26, January 27, U.S. Retail $ 1,226,430 $ 1,253,315 U.S. Foodservice 709,106 689,905 U.S. Deli 260,638 251,276 International 188,260 165,859 Total $ 2,384,434 $ 2,360,355

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Accounting Changes and Recent Accounting Pronouncements (Details) - USD ($) $ in Thousands	Jan. 26, 2020	Oct. 28, 2019
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating	$ 60,226
Lease liabilities	$ 62,290
ASU 2016-02
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating		$ 112,700
Lease liabilities		$ 114,100

ACQUISITIONS AND DIVESTITURES -

ACQUISITIONS AND DIVESTITURES - Narrative (Details) - USD ($) $ in Thousands	Apr. 15, 2019	Jan. 26, 2020	Jan. 27, 2019
ACQUISITIONS
Tax benefit		$ (47,209)	$ (65,456)
Disposal Group, Disposed of by Sale, Not Discontinued Operations | CytoSport
ACQUISITIONS
Final proceeds	$ 479,800
Pre-tax gain	16,500
Tax benefit	$ 17,000

INVENTORIES - Components of Inv

INVENTORIES - Components of Inventories (Details) - USD ($) $ in Thousands	Jan. 26, 2020	Oct. 27, 2019
Inventory, Net [Abstract]
Finished Products	$ 628,124	$ 604,035
Raw Materials and Work-in-Process	249,954	255,474
Operating Supplies	111,781	116,981
Maintenance Materials and Parts	67,419	65,872
Total	$ 1,057,277	$ 1,042,362

GOODWILL AND INTANGIBLE ASSET_2

GOODWILL AND INTANGIBLE ASSETS - Goodwill Rollforward (Details) $ in Thousands	3 Months Ended
	Jan. 26, 2020USD ($)
Changes in the carrying amount of goodwill
Balance at the beginning of the period	$ 2,481,645
Foreign currency translation	2,443
Balance at the end of the period	2,484,088
Grocery Products
Changes in the carrying amount of goodwill
Balance at the beginning of the period	632,301
Foreign currency translation	0
Balance at the end of the period	632,301
Refrigerated Foods
Changes in the carrying amount of goodwill
Balance at the beginning of the period	1,458,692
Foreign currency translation	0
Balance at the end of the period	1,458,692
Jennie-O Turkey Store
Changes in the carrying amount of goodwill
Balance at the beginning of the period	176,628
Foreign currency translation	0
Balance at the end of the period	176,628
International & Other
Changes in the carrying amount of goodwill
Balance at the beginning of the period	214,024
Foreign currency translation	2,443
Balance at the end of the period	$ 216,467

GOODWILL AND INTANGIBLE ASSET_3

GOODWILL AND INTANGIBLE ASSETS - Indefinite Lived Intangible Assets (Details) - USD ($) $ in Thousands	Jan. 26, 2020	Oct. 27, 2019
Carrying amounts for indefinite-lived intangible assets
Carrying amounts for indefinite-lived intangible assets	$ 949,981	$ 955,781
Brands/Tradenames/Trademarks
Carrying amounts for indefinite-lived intangible assets
Carrying amounts for indefinite-lived intangible assets	953,190	959,400
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	$ 3,393	$ 3,803

GOODWILL AND INTANGIBLE ASSET_4

GOODWILL AND INTANGIBLE ASSETS - Definite Lived Intangibles Assets (Details) - USD ($) $ in Thousands	3 Months Ended
	Jan. 26, 2020	Jan. 27, 2019	Oct. 27, 2019
Gross carrying amount and accumulated amortization for definite-lived intangible assets
Gross Carrying Amount	$ 126,906		$ 120,696
Accumulated Amortization	(45,083)		(42,615)
Amortization expense	2,700	$ 3,200
Estimated amortization expense
2020	11,700
2021	12,000
2022	11,644
2023	10,739
2024	8,921
Customer Lists/Relationships
Gross carrying amount and accumulated amortization for definite-lived intangible assets
Gross Carrying Amount	113,739		113,739
Accumulated Amortization	(39,057)		(36,744)
Tradenames/Trademarks
Gross carrying amount and accumulated amortization for definite-lived intangible assets
Gross Carrying Amount	10,536		4,326
Accumulated Amortization	(1,911)		(1,589)
Other Intangibles
Gross carrying amount and accumulated amortization for definite-lived intangible assets
Gross Carrying Amount	2,631		2,631
Accumulated Amortization	(1,324)		(1,228)
Foreign Currency Translation
Gross carrying amount and accumulated amortization for definite-lived intangible assets
Gross Carrying Amount	0		0
Accumulated Amortization	$ (2,791)		$ (3,054)

PENSION AND OTHER POST-RETIRE_3

PENSION AND OTHER POST-RETIREMENT BENEFITS - Net Periodic Benefit Cost (Details) - USD ($) $ in Thousands	3 Months Ended
	Jan. 26, 2020	Jan. 27, 2019
Pension Benefits
Net periodic cost of defined benefit plans
Service Cost	$ 8,896	$ 6,510
Interest Cost	13,410	15,097
Expected Return on Plan Assets	(25,321)	(23,125)
Amortization of Prior Service Cost	(542)	(698)
Recognized Actuarial Loss	5,596	3,701
Curtailment Loss (Gain)	0	2,825
Net Periodic Cost	2,039	4,310
Post-retirement Benefits
Net periodic cost of defined benefit plans
Service Cost	195	174
Interest Cost	2,460	3,165
Amortization of Prior Service Cost	(663)	(669)
Recognized Actuarial Loss	275	0
Curtailment Loss (Gain)	0	(620)
Net Periodic Cost	$ 2,267	$ 2,050

DERIVATIVES AND HEDGING - Narra

DERIVATIVES AND HEDGING - Narrative (Details) $ in Millions	3 Months Ended
	Jan. 26, 2020USD ($)
Derivative [Line Items]
Hedging gains to be recognized within next twelve months	$ 3.6
Corn
Derivative [Line Items]
Maximum length of time to hedge exposure	2 years
Lean Hogs
Derivative [Line Items]
Maximum length of time to hedge exposure	12 months

DERIVATIVES AND HEDGING - Outst

DERIVATIVES AND HEDGING - Outstanding Contracts (Details) - Cash Flow Hedges cwt in Millions, bu in Millions	3 Months Ended	12 Months Ended
	Jan. 26, 2020cwtbu	Oct. 27, 2019cwtbu
Corn
Derivative [Line Items]
Futures contracts, volume (in million bushels) | bu	25.3	30.4
Lean Hogs
Derivative [Line Items]
Futures contracts, volume (in million pounds) | cwt	182	187.3

DERIVATIVES AND HEDGING - Fair

DERIVATIVES AND HEDGING - Fair Value Of Derivatives (Details) - USD ($) $ in Thousands	Jan. 26, 2020	Oct. 27, 2019
Derivatives designated as hedges | Commodity Contracts | Other Current Assets
Derivatives fair value
Fair values of derivative instruments	$ (921)	$ 6,405

DERIVATIVES AND HEDGING - Fai_2

DERIVATIVES AND HEDGING - Fair Value Hedge Liabilities (Details) - USD ($) $ in Thousands	Jan. 26, 2020	Oct. 28, 2018
Accounts Payable
Derivatives fair value
Fair Value Hedge Liabilities	$ (2,347)	$ (2,805)

DERIVATIVES AND HEDGING - Gains

DERIVATIVES AND HEDGING - Gains And Losses (Details) - Cash Flow Hedges - Derivatives designated as hedges - Commodity Contracts - USD ($) $ in Thousands	3 Months Ended
	Jan. 26, 2020	Jan. 27, 2019
Derivative instruments gains or losses (before tax)
Gain/(Loss) Recognized in AOCL	$ (8,626)	$ (843)
Gain/(Loss) Reclassified from AOCL into Earnings	(1,875)	(1,243)
Cost of Products Sold
Derivative instruments gains or losses (before tax)
Gain/(Loss) Reclassified from AOCL into Earnings	$ (1,875)	(1,243)
Gain/(Loss) Recognized in AOCL, Excluded Component		$ (687)

DERIVATIVES AND HEDGING - State

DERIVATIVES AND HEDGING - Statements of Operations Effect of Gains or Losses (Details) - USD ($) $ in Thousands	3 Months Ended
	Jan. 26, 2020	Jan. 27, 2019
Derivative [Line Items]
Consolidated Statements of Operations	$ 1,916,014	$ 1,872,021
Fair Value Hedges - Commodity Contracts
Total Gain (Loss) Recognized in Earnings	1,311	(1,669)
Derivatives designated as hedges | Cash Flow Hedges | Commodity Contracts
Cash Flow Hedges - Commodity Contracts
Gain (Loss) Reclassified from AOCL	(1,875)	(1,243)
Amortization of Excluded Component from Options	0	(1,358)
Derivatives designated as hedges | Fair Value Hedges | Commodity Contracts
Fair Value Hedges - Commodity Contracts
Gain (loss) on commodity futures	$ 3,186	$ 932

INVESTMENTS IN AND RECEIVABLE_3

INVESTMENTS IN AND RECEIVABLES FROM AFFILIATES - Investment and Equity Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Jan. 26, 2020	Jan. 27, 2019	Oct. 27, 2019
Investments In and Receivables from Affiliates
Investments in and receivables from affiliates	$ 290,777		$ 289,157
Equity in earnings of affiliates	$ 7,588	$ 11,458
MegaMex Foods, LLC
Investments In and Receivables from Affiliates
Ownership percentage	50.00%
Investments in and receivables from affiliates	$ 211,535		218,592
Equity in earnings of affiliates	9,461	10,502
Other Joint Ventures
Investments In and Receivables from Affiliates
Investments in and receivables from affiliates	79,242		$ 70,565
Equity in earnings of affiliates	$ (1,873)	$ 956
Other Joint Ventures | Minimum
Investments In and Receivables from Affiliates
Ownership percentage	20.00%
Other Joint Ventures | Maximum
Investments In and Receivables from Affiliates
Ownership percentage	40.00%

INVESTMENTS IN AND RECEIVABLE_4

INVESTMENTS IN AND RECEIVABLES FROM AFFILIATES - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Jan. 26, 2020	Jan. 27, 2019	Oct. 26, 2009
Schedule of Equity Method Investments [Line Items]
Dividends received from affiliates	$ 10	$ 0
MegaMex Foods, LLC
Schedule of Equity Method Investments [Line Items]
Excess of investment over the underlying equity in net assets of the joint venture	$ 12.5		$ 21.3

ACCUMULATED OTHER COMPREHENSI_3

ACCUMULATED OTHER COMPREHENSIVE LOSS - Components of AOCL (Details) - USD ($) $ in Thousands	3 Months Ended
	Jan. 26, 2020	Jul. 28, 2019	Jan. 27, 2019
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	$ 5,925,535		$ 5,604,818
Reclassification into Net Earnings
Total Other Comprehensive Income (Loss)	6,346		4,924
Ending balance	6,096,045		5,705,779
Accumulated Other Comprehensive Loss
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(399,500)	$ (399,500)	(243,498)
Unrecognized gains (losses)
Gross		(824)
Tax effect		2,105
Reclassification into Net Earnings
Gross		6,541
Tax effect		(1,600)
Total Other Comprehensive Income (Loss)	6,222	6,222	4,955
Ending balance	$ (393,278)	(393,278)	$ (292,342)
Foreign Currency Translation
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance		(52,996)
Unrecognized gains (losses)
Gross		7,812
Tax effect		0
Reclassification into Net Earnings
Gross		0
Tax effect		0
Total Other Comprehensive Income (Loss)		7,812
Ending balance		(45,184)
Pension & Other Benefits
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance		(348,877)
Unrecognized gains (losses)
Gross		(10)
Tax effect		0
Reclassification into Net Earnings
Gross		4,666
Tax effect		(1,143)
Total Other Comprehensive Income (Loss)		3,513
Ending balance		(345,364)
Deferred Gain (Loss) - Hedging
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance		2,373
Unrecognized gains (losses)
Gross		(8,626)
Tax effect		2,105
Reclassification into Net Earnings
Gross		1,875
Tax effect		(457)
Total Other Comprehensive Income (Loss)		(5,103)
Ending balance		$ (2,730)

INCOME TAXES - Narrative (Detai

INCOME TAXES - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Jan. 26, 2020	Jan. 27, 2019	Oct. 25, 2020
Income Tax Contingency [Line Items]
Effective tax rate	16.30%	21.30%
Unrecognized tax benefits that would impact effective tax rate	$ 23,300	$ 27,200
Interest and penalties expenses related to uncertain tax positions	0	0
Accrued interest and penalties associated with unrecognized tax benefits	$ 6,500	$ 6,500
Forecast | Minimum
Income Tax Contingency [Line Items]
Effective tax rate			20.50%
Forecast | Maximum
Income Tax Contingency [Line Items]
Effective tax rate			22.50%

STOCK-BASED COMPENSATION - Expe

STOCK-BASED COMPENSATION - Expense And Exercises (Details) - USD ($) $ in Thousands	3 Months Ended
	Jan. 26, 2020	Jan. 27, 2019
Share-based Payment Arrangement [Abstract]
Stock-based compensation expense recognized	$ 9,300	$ 7,900
Stock-based compensation expense unrecognized	$ 32,500
Period for recognition of unrecognized stock-based compensation expense	2 years 7 months 6 days
Cash received from stock option exercises	$ 36,353	$ 15,997

STOCK-BASED COMPENSATION - Stoc

STOCK-BASED COMPENSATION - Stock Options (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Jan. 26, 2020	Jan. 27, 2019	Jul. 29, 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 Stock Option
STOCK-BASED COMPENSATION
Vesting period	4 years		5 years
Stock option expiration period	10 years		10 years
Shares
Outstanding at the beginning of the period (in shares)	25,994,000
Granted (in shares)	1,004,000
Exercised (in shares)	3,059,000
Forfeited (in shares)	65,000
Outstanding at the end of the period (in shares)	23,874,000
Exercisable at the end of the period (in shares)	16,670,000
Weighted- Average Exercise Price
Outstanding at the beginning of the period (in dollars per share)	$ 26.49
Granted (in dollars per share)	45.54
Exercised (in dollars per share)	13.87
Forfeited (in dollars per share)	36.56
Outstanding at the end of the period (in dollars per share)	28.88
Exercisable at the end of the period (in dollars per share)	$ 24.51
Weighted- Average Remaining Contractual Term (Years)
Outstanding at the end of the period	5 years 7 months 6 days
Exercisable at the end of the period	4 years 3 months 18 days
Aggregate Intrinsic Value
Outstanding at the end of the period	$ 438,098
Exercisable at the end of the period	$ 378,778
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)	$ 7.67	$ 9.48
Intrinsic Value of Exercised Options	$ 97,946	$ 32,241
Weighted-average assumptions used to calculate fair value of each ordinary option award
Risk-free Interest Rate	1.70%	2.90%
Dividend Yield	2.00%	1.90%
Stock Price Volatility	19.00%	19.00%
Expected Option Life	8 years	8 years
Employee Stock Option | Fiscal 2020 And Thereafter
STOCK-BASED COMPENSATION
Equity award deliverable criteria, award type percentage	50.00%
Restricted Stock Units (RSUs)
STOCK-BASED COMPENSATION
Vesting period	3 years
Weighted- Average Remaining Contractual Term (Years)
Outstanding at the end of the period	2 years 10 months 24 days
Aggregate Intrinsic Value
Outstanding at the end of the period	$ 7,980
Restricted Stock Units (RSUs) | Fiscal 2020 And Thereafter
STOCK-BASED COMPENSATION
Vesting period	3 years
Equity award deliverable criteria, award type percentage	50.00%

STOCK-BASED COMPENSATION - Nonv

STOCK-BASED COMPENSATION - Nonvested Shares (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Jan. 26, 2020	Jan. 27, 2019	Jan. 26, 2020
Restricted Stock Units (RSUs)
STOCK-BASED COMPENSATION
Vesting period (after)	3 years
Shares
Beginning of the period (in shares)	0
Granted (in shares)	169
End of the period (in shares)	169
Weighted- Average Exercise Price
Beginning of the period (in dollars per share)	$ 0
Granted (in dollars per share)	45.54
End of the period (in dollars per share)	$ 45.54
Restricted Stock Unit [Abstract]
Weighted- Average Remaining Contractual Term (Years)	2 years 10 months 24 days
Aggregate Intrinsic Value			$ 7,980
Weighted-average grant date fair value, the total fair value of nonvested shares granted, and the fair value of shares that have vested
Weighted-average Grant Date Fair Value (in dollars per share)	$ 45.54	$ 0	$ 45.54
Fair Value of Restricted Stock Units Granted	$ 7,695	$ 0
Weighted- Average Grant Date Fair Value
End of the period (in dollars per share)	$ 45.54	$ 0
Restricted Stock
Shares
Beginning of the period (in shares)	51
Granted (in shares)	1
End of the period (in shares)	52
Weighted-average grant date fair value, the total fair value of nonvested shares granted, and the fair value of shares that have vested
Weighted-average Grant Date Fair Value (in dollars per share)	$ 42.24		$ 42.24
Fair Value of Restricted Stock Units Granted	$ 53	$ 53
Weighted- Average Grant Date Fair Value
Beginning of the period (in dollars per share)	$ 42.23
Granted (in dollars per share)	42.76	$ 34.33
End of the period (in dollars per share)	$ 42.24

FAIR VALUE MEASUREMENTS - Asset

FAIR VALUE MEASUREMENTS - Assets and Liabilities Measured at Fair Value (Details) - USD ($) $ in Thousands	3 Months Ended
	Jan. 26, 2020	Jan. 27, 2019	Oct. 27, 2019
Methods and assumptions used to estimate the fair value of the financial assets and liabilities
Recognized right to reclaim net cash collateral	$ 10,000		$ 6,500
Realized gains (losses) on closed positions	13,300		10,500
Cash owed	3,300		4,000
Fair value, long-term debt
Fair value of long-term debt (including current maturities)	259,600		257,700
Rabbi trust
Methods and assumptions used to estimate the fair value of the financial assets and liabilities
Gains (losses) related to securities held by the trust	5,200	$ 1,400
Recurring basis
Assets at Fair Value
Cash and Cash Equivalents	724,419		672,901
Short-term Marketable Securities	14,808		14,736
Other Trading Securities	170,302		157,526
Total Assets at Fair Value	918,662		858,045
Liabilities at Fair Value
Deferred Compensation	64,356		62,373
Total Liabilities at Fair Value	64,356		62,373
Recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1)
Assets at Fair Value
Cash and Cash Equivalents	721,216		672,458
Short-term Marketable Securities	5,533		5,186
Other Trading Securities	0		0
Total Assets at Fair Value	735,882		690,526
Liabilities at Fair Value
Deferred Compensation	0		0
Total Liabilities at Fair Value	0		0
Recurring basis | Significant Other Observable Inputs (Level 2)
Assets at Fair Value
Cash and Cash Equivalents	3,203		443
Short-term Marketable Securities	9,275		9,550
Other Trading Securities	170,302		157,526
Total Assets at Fair Value	182,780		167,519
Liabilities at Fair Value
Deferred Compensation	64,356		62,373
Total Liabilities at Fair Value	64,356		62,373
Recurring basis | Significant Unobservable Inputs (Level 3)
Assets at Fair Value
Cash and Cash Equivalents	0		0
Short-term Marketable Securities	0		0
Other Trading Securities	0		0
Total Assets at Fair Value	0		0
Liabilities at Fair Value
Deferred Compensation	0		0
Total Liabilities at Fair Value	0		0
Recurring basis | Commodity Contracts
Assets at Fair Value
Commodity Derivatives	9,133		12,882
Recurring basis | Commodity Contracts | Quoted Prices in Active Markets for Identical Assets (Level 1)
Assets at Fair Value
Commodity Derivatives	9,133		12,882
Recurring basis | Commodity Contracts | Significant Other Observable Inputs (Level 2)
Assets at Fair Value
Commodity Derivatives	0		0
Recurring basis | Commodity Contracts | Significant Unobservable Inputs (Level 3)
Assets at Fair Value
Commodity Derivatives	$ 0		$ 0

LEASES - Narrative (Details)

LEASES - Narrative (Details) $ in Thousands	3 Months Ended
	Jan. 26, 2020USD ($)renewal_option
Leases [Abstract]
Finance lease, number of renewal or termination options	1
Operating lease, number of renewal or termination options	1
Operating lease, number of leases with residual value included in minimum lease payments	1
Operating lease, lease not yet commenced | $	$ 0
Finance lease, lease not yet commenced | $	$ 0

LEASES - Schedule of Supplement

LEASES - Schedule of Supplemental Balance Sheet Information (Details) $ in Thousands	Jan. 26, 2020USD ($)
Right-of-Use Assets
Operating	$ 60,226
Finance	67,126
Total Right-of-Use Assets	127,352
Current
Operating	13,728
Finance	8,259
Noncurrent
Operating	48,561
Finance	58,972
Total Lease Liabilities	$ 129,520

LEASES - Schedule of Lease Cost

LEASES - Schedule of Lease Cost (Details) $ in Thousands	3 Months Ended
	Jan. 26, 2020USD ($)
Leases [Abstract]
Operating Lease Cost	$ 5,124
Finance Lease Cost
Amortization of Right-of-Use Assets	1,999
Interest on Lease Liabilities	605
Variable Lease Cost	102,668
Net Lease Cost	$ 110,396

LEASES - Schedule of Weighted-A

LEASES - Schedule of Weighted-Average Information (Details)	Jan. 26, 2020
Weighted Average Remaining Lease Term
Operating Leases	7 years 6 months 25 days
Finance Leases	8 years 9 months 29 days
Weighted Average Discount Rate
Operating Leases	2.30%
Finance Leases	3.58%

LEASES - Schedule of Suppleme_2

LEASES - Schedule of Supplemental Cash Flow and Other Information Related (Details) $ in Thousands	3 Months Ended
	Jan. 26, 2020USD ($)
Cash Paid for Amounts Included in the Measurement of Lease Liabilities
Operating Cash Flows from Operating Leases	$ 3,057
Operating Cash Flows from Finance Leases	605
Financing Cash Flows from Finance Leases	$ 2,019

LEASES - Schedule of Maturities

LEASES - Schedule of Maturities (Details) $ in Thousands	Jan. 26, 2020USD ($)
Operating Leases
2020 (nine months remaining)	$ 11,691
2021	11,653
2022	9,139
2023	8,157
2024	5,730
2025	3,396
2026 and beyond	18,644
Total Lease Payments	68,410
Less: Imputed Interest	6,120
Present Value of Lease Liabilities	62,290
Finance Leases
2020 (nine months remaining)	7,891
2021	10,338
2022	9,934
2023	9,738
2024	9,612
2025	8,117
2026 and beyond	21,192
Total Lease Payments	76,821
Less: Imputed Interest	9,591
Present Value of Lease Liabilities	67,230
Total
2020 (nine months remaining)	19,582
2021	21,991
2022	19,072
2023	17,895
2024	15,341
2025	11,513
2026 and beyond	39,836
Total Lease Payments	145,231
Less: Imputed Interest	15,711
Present Value of Lease Liabilities	129,520
Operating lease payments, excluded amount, leases signed but not yet commenced	3,600
Finance lease payments, included amount, purchase asset reasonably certain	$ 8,900

EARNINGS PER SHARE DATA - Share

EARNINGS PER SHARE DATA - Shares Used as Denominator and Narrative (Details) - shares shares in Thousands	3 Months Ended
	Jan. 26, 2020	Jan. 27, 2019
Earnings Per Share [Abstract]
Basic weighted-average shares outstanding (in shares)	535,075	534,495
Dilutive potential common shares (in shares)	9,740	12,623
Diluted weighted-average shares outstanding (in shares)	544,815	547,118
Antidilutive potential common shares (in shares)	2,734	1,070

SEGMENT REPORTING - Narrative (

SEGMENT REPORTING - Narrative (Details)	3 Months Ended
	Jan. 26, 2020segment
Segment Reporting [Abstract]
Number of reportable business segments	4

SEGMENT REPORTING - Operating P

SEGMENT REPORTING - Operating Profit (Details) - USD ($) $ in Thousands	3 Months Ended
	Jan. 26, 2020	Jan. 27, 2019
Operating profit and other financial information
Net Sales	$ 2,384,434	$ 2,360,355
Segment Profit	280,488	306,248
Net Unallocated Expense	4,199	13,891
Noncontrolling Interest	81	94
Earnings Before Income Taxes	290,162	306,975
Intersegment Elimination
Operating profit and other financial information
Net Sales	33,652	31,011
Operating Segments
Operating profit and other financial information
Segment Profit	294,280	320,772
Grocery Products
Operating profit and other financial information
Net Sales	540,626	606,825
Grocery Products | Intersegment Elimination
Operating profit and other financial information
Net Sales	7	22
Grocery Products | Operating Segments
Operating profit and other financial information
Net Sales	540,633	606,847
Segment Profit	68,435	95,297
Refrigerated Foods
Operating profit and other financial information
Net Sales	1,351,790	1,278,747
Refrigerated Foods | Intersegment Elimination
Operating profit and other financial information
Net Sales	5,803	2,178
Refrigerated Foods | Operating Segments
Operating profit and other financial information
Net Sales	1,357,593	1,280,925
Segment Profit	167,343	162,593
Jennie-O Turkey Store
Operating profit and other financial information
Net Sales	330,128	321,234
Jennie-O Turkey Store | Intersegment Elimination
Operating profit and other financial information
Net Sales	27,842	28,811
Jennie-O Turkey Store | Operating Segments
Operating profit and other financial information
Net Sales	357,970	350,045
Segment Profit	38,551	37,904
International & Other
Operating profit and other financial information
Net Sales	161,890	153,549
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	161,890	153,549
Segment Profit	$ 19,952	$ 24,978

SEGMENT REPORTING - Disaggregat

SEGMENT REPORTING - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Jan. 26, 2020	Jan. 27, 2019
Revenue from External Customer [Line Items]
Total	$ 2,384,434	$ 2,360,355
Perishable
Revenue from External Customer [Line Items]
Total	1,400,195	1,341,152
Poultry
Revenue from External Customer [Line Items]
Total	459,083	441,392
Shelf-stable
Revenue from External Customer [Line Items]
Total	450,704	436,897
Miscellaneous
Revenue from External Customer [Line Items]
Total	74,452	140,914
U.S. Retail
Revenue from External Customer [Line Items]
Total	1,226,430	1,253,315
U.S. Foodservice
Revenue from External Customer [Line Items]
Total	709,106	689,905
U.S. Deli
Revenue from External Customer [Line Items]
Total	260,638	251,276
International
Revenue from External Customer [Line Items]
Total	$ 188,260	$ 165,859

SUBSEQUENT EVENTS - Narrative (

SUBSEQUENT EVENTS - Narrative (Details) $ in Millions	Mar. 02, 2020USD ($)
Subsequent Event | Sadler's Smokehouse
Subsequent Event [Line Items]
Purchase price	$ 270