Hormel Foods (HRL) 10-Q 3 Sep 21 2021 Q3 Quarterly report Financial data

COVER

COVER - shares	9 Months Ended
	Jul. 25, 2021	Aug. 29, 2021
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jul. 25, 2021
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	--10-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q3
Common Stock $.1465 par value
Document Information [Line Items]
Entity Common Stock, Shares Outstanding (in shares)		542,556,859
Common Stock Non-Voting $.01 par value
Document Information [Line Items]
Entity Common Stock, Shares Outstanding (in shares)		0

CONSOLIDATED STATEMENTS OF FINA

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION - USD ($) $ in Thousands	Jul. 25, 2021	Oct. 25, 2020
Current Assets
Cash and Cash Equivalents	$ 291,363	$ 1,714,309
Short-term Marketable Securities	18,372	17,338
Accounts Receivable (Net of Allowance for Doubtful Accounts of $3,906 at July 25, 2021, and $4,012 at October 25, 2020)	896,008	702,419
Inventories	1,426,738	1,072,762
Income Taxes Receivable	16,408	41,449
Prepaid Expenses	26,250	18,349
Other Current Assets	13,534	12,438
Total Current Assets	2,688,672	3,579,063
Goodwill	4,907,073	2,612,727
Other Intangibles	1,863,713	1,076,285
Pension Assets	203,093	183,232
Investments In and Receivables From Affiliates	304,417	308,372
Other Assets	298,071	250,382
Property, Plant and Equipment
Land	72,085	62,543
Buildings	1,331,987	1,250,529
Equipment	2,382,940	2,084,930
Construction in Progress	263,632	369,453
Less: Allowance for Depreciation	(1,983,503)	(1,869,233)
Net Property, Plant and Equipment	2,067,141	1,898,222
Total Assets	12,332,182	9,908,282
Current Liabilities
Accounts Payable	654,162	644,609
Accrued Expenses	51,108	59,136
Accrued Workers Compensation	29,278	25,070
Accrued Marketing Expenses	133,925	108,502
Employee Related Expenses	216,065	252,845
Taxes Payable	17,453	22,480
Interest and Dividends Payable	140,469	132,632
Current Maturities of Long-term Debt	8,732	258,691
Total Current Liabilities	1,251,191	1,503,965
Long-term Debt - Less Current Maturities	3,316,262	1,044,936
Pension and Post-retirement Benefits	559,958	552,878
Other Long-term Liabilities	174,473	157,399
Deferred Income Taxes	236,566	218,779
Shareholders' Investment
Preferred Stock	0	0
Additional Paid-in Capital	354,162	289,554
Accumulated Other Comprehensive Loss	(317,528)	(395,250)
Retained Earnings	6,743,701	6,523,335
Hormel Foods Corporation Shareholders' Investment	6,788,284	6,425,548
Noncontrolling Interest	5,448	4,778
Total Shareholders' Investment	6,793,732	6,430,326
Total Liabilities and Shareholders' Investment	12,332,182	9,908,282
Common Stock Non-Voting
Shareholders' Investment
Common Stock	0	0
Common Stock
Shareholders' Investment
Common Stock	$ 7,948	$ 7,909

CONSOLIDATED STATEMENTS OF FI_2

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (PARENTHETICAL) - USD ($) $ in Thousands	Jul. 25, 2021	Oct. 25, 2020
Accounts Receivable, Allowance for Doubtful Accounts	$ 3,906	$ 4,012
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
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
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)	542,536,431	539,887,092

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Jul. 25, 2021	Jul. 26, 2020	Jul. 25, 2021	Jul. 26, 2020
Income Statement [Abstract]
Net Sales	$ 2,863,670	$ 2,381,457	$ 7,931,438	$ 7,188,357
Cost of Products Sold	2,440,322	1,959,032	6,581,613	5,820,158
Gross Profit	423,348	422,426	1,349,825	1,368,198
Selling, General and Administrative	226,284	181,085	622,630	570,518
Equity in Earnings of Affiliates	10,420	8,235	37,722	25,843
Operating Income	207,484	249,576	764,917	823,523
Other Income and Expense:
Interest and Investment Income (Expense)	8,457	15,513	36,740	25,289
Interest Expense	(11,703)	(5,724)	(27,718)	(12,798)
Earnings Before Income Taxes	204,238	259,364	773,940	836,014
Provision for Income Taxes	27,164	56,103	146,549	162,186
Net Earnings	177,074	203,260	627,390	673,828
Less: Net Earnings (Loss) Attributable to Noncontrolling Interest	157	141	290	103
Net Earnings Attributable to Hormel Foods Corporation	$ 176,917	$ 203,119	$ 627,101	$ 673,726
Net Earnings Per Share
Basic (in dollars per share)	$ 0.33	$ 0.38	$ 1.16	$ 1.25
Diluted (in dollars per share)	$ 0.32	$ 0.37	$ 1.15	$ 1.23
Weighted-average Shares Outstanding
Basic (in shares)	541,746	539,108	540,618	537,434
Diluted (in shares)	548,072	547,149	547,684	546,112

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jul. 25, 2021	Jul. 26, 2020	Jul. 25, 2021	Jul. 26, 2020
Statement of Comprehensive Income [Abstract]
Net Earnings	$ 177,074	$ 203,260	$ 627,390	$ 673,828
Other Comprehensive Income (Loss), Net of Tax:
Foreign Currency Translation	12,626	(836)	23,489	(19,105)
Pension and Other Benefits	4,199	3,526	12,598	10,619
Deferred Hedging	(8,612)	13,376	42,016	(23,830)
Total Other Comprehensive Income (Loss)	8,213	16,066	78,103	(32,316)
Comprehensive Income	185,287	219,326	705,493	641,513
Less: Comprehensive Income (Loss) Attributable to Noncontrolling Interest	270	181	671	169
Comprehensive Income Attributable to Hormel Foods Corporation	$ 185,017	$ 219,145	$ 704,822	$ 641,344

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' INVESTMENT - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Jul. 25, 2021	Jul. 26, 2020	Jul. 25, 2021	Jul. 26, 2020
Increase (Decrease) in Shareholders' Investment
Beginning balance	$ 6,705,851	$ 6,166,202	$ 6,430,326	$ 5,925,535
Net Earnings	177,074	203,260	627,390	673,828
Other Comprehensive Income (Loss)	8,213	16,066	78,103	(32,316)
Contribution from Noncontrolling Interest		0		76
Purchases of Common Stock		0	(9,653)	(12,360)
Stock-based Compensation Expense	4,479	3,724	20,313	19,189
Exercise of Stock Options/Restricted Shares	30,666	7,746	44,457	72,707
Shares Retired	0	0	0	0
Declared Cash Dividends	(132,551)	(125,253)	(397,204)	(374,913)
Ending balance	$ 6,793,732	$ 6,271,747	$ 6,793,732	$ 6,271,747
Common Stock
Increase (Decrease) in Shareholders' Investment
Beginning balance (in shares)	540,411	538,949	539,887	534,489
Beginning balance	$ 7,917	$ 7,896	$ 7,909	$ 7,830
Stock-based Compensation Expense (in shares)			38
Stock-based Compensation Expense			$ 1	$ 1
Exercise of Stock Options/Restricted Shares (in shares)	2,125	438	2,828	5,200
Exercise of Stock Options/Restricted Shares	$ 31	$ 6	$ 41	$ 75
Shares Retired (in shares)			(217)	(302)
Shares Retired			$ (3)	$ (4)
Ending balance (in shares)	542,536	539,387	542,536	539,387
Ending balance	$ 7,948	$ 7,902	$ 7,948	$ 7,902
Treasury Stock
Increase (Decrease) in Shareholders' Investment
Beginning balance (in shares)	0	0	0	0
Beginning balance	$ 0	$ 0	$ 0	$ 0
Purchases of Common Stock (in shares)			(217)	(302)
Purchases of Common Stock			$ (9,653)	$ (12,360)
Shares Retired (in shares)			(217)	(302)
Shares Retired			$ 9,653	$ 12,360
Ending balance (in shares)	0	0	0	0
Ending balance	$ 0	$ 0	$ 0	$ 0
Additional Paid-in Capital
Increase (Decrease) in Shareholders' Investment
Beginning balance	319,048	265,128	289,554	184,921
Stock-based Compensation Expense	4,479	3,724	20,313	19,188
Exercise of Stock Options/Restricted Shares	30,635	7,740	44,416	72,632
Shares Retired			(120)	(149)
Ending balance	354,162	276,592	354,162	276,592
Retained Earnings
Increase (Decrease) in Shareholders' Investment
Beginning balance	6,699,336	6,336,946	6,523,335	6,128,207
Net Earnings	176,917	203,119	627,101	673,726
Shares Retired			(9,530)	(12,207)
Declared Cash Dividends	(132,551)	(125,253)	(397,204)	(374,913)
Ending balance	6,743,701	6,414,813	6,743,701	6,414,813
Accumulated Other Comprehensive Income (Loss)
Increase (Decrease) in Shareholders' Investment
Beginning balance	(325,629)	(447,908)	(395,250)	(399,500)
Other Comprehensive Income (Loss)	8,100	16,026	77,722	(32,382)
Ending balance	(317,528)	(431,882)	(317,528)	(431,882)
Non- controlling Interest
Increase (Decrease) in Shareholders' Investment
Beginning balance	5,178	4,140	4,778	4,077
Net Earnings	157	141	290	103
Other Comprehensive Income (Loss)	113	40	381	66
Contribution from Noncontrolling Interest				76
Ending balance	$ 5,448	$ 4,322	$ 5,448	$ 4,322

CONSOLIDATED STATEMENTS OF CH_2

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' INVESTMENT (PARENTHETICAL) - $ / shares	3 Months Ended		9 Months Ended
	Jul. 25, 2021	Jul. 26, 2020	Jul. 25, 2021	Jul. 26, 2020
Statement of Stockholders' Equity [Abstract]
Declared Cash Dividends (in dollars per share)	$ 0.2450	$ 0.2325	$ 0.7350	$ 0.6975

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Jul. 25, 2021	Jul. 26, 2020	Jul. 25, 2021	Jul. 26, 2020	Oct. 25, 2020
Operating Activities
Net Earnings	$ 177,074	$ 203,260	$ 627,390	$ 673,828
Adjustments to Reconcile to Net Cash Provided by Operating Activities:
Depreciation			130,636	122,694
Amortization			31,854	27,080
Equity in Earnings of Affiliates	(10,420)	(8,235)	(37,722)	(25,843)
Distributions Received from Equity Method Investees			33,749	27,499
Provision for Deferred Income Taxes			2,375	(1,890)
Loss (Gain) on Property/Equipment Sales and Plant Facilities			1,596	631
Non-cash Investment Activities			(21,802)	(10,965)
Stock-based Compensation Expense			20,313	19,189
Changes in Operating Assets and Liabilities, Net of Acquisitions:
Decrease (Increase) in Accounts Receivable			(191,783)	(66,053)
Decrease (Increase) in Inventories			(202,217)	87,030
Decrease (Increase) in Prepaid Expenses and Other Current Assets			47,553	(25,279)
Increase (Decrease) in Pension and Post-retirement Benefits			3,629	5,003
Increase (Decrease) in Accounts Payable and Accrued Expenses			(30,187)	(10,562)
Increase (Decrease) in Net Income Taxes Payable			22,403	55,723
Net Cash Provided by (Used in) Operating Activities			437,786	878,086
Investing Activities
Net (Purchase) Sale of Securities			(1,304)	(2,642)
Acquisitions of Businesses/Intangibles			(3,396,246)	(270,789)
Purchases of Property and Equipment			(139,361)	(226,830)	$ (367,501)
Proceeds from Sales of Property and Equipment			1,910	1,466
Decrease (Increase) in Investments, Equity in Affiliates, and Other Assets			668	(8,424)
Proceeds from Company-owned Life Insurance			4,015	1,180
Net Cash Provided by (Used in) Investing Activities			(3,530,320)	(506,040)
Financing Activities
Proceeds from Long-term Debt			2,276,292	992,381
Repayments of Long-term Debt and Finance Leases			(256,535)	(6,221)
Dividends Paid on Common Stock			(390,206)	(362,003)
Share Repurchase			(9,653)	(12,360)
Proceeds from Exercise of Stock Options			44,007	72,118
Proceeds from Noncontrolling Interest			0	77
Net Cash Provided by (Used in) Financing Activities			1,663,905	683,992
Effect of Exchange Rate Changes on Cash			5,683	428
Increase (Decrease) in Cash and Cash Equivalents			(1,422,946)	1,056,466
Cash and Cash Equivalents at Beginning of Year			1,714,309	672,901	672,901
Cash and Cash Equivalents at End of Quarter	$ 291,363	$ 1,729,368	$ 291,363	$ 1,729,368	$ 1,714,309

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
	Jul. 25, 2021
Accounting Policies [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 25, 2020, 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 25, 2020. 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 2021. The Company has considered the impact of COVID-19 and determined there have been no material changes in the Company’s significant accounting policies, including estimates and assumptions, as disclosed in its Annual Report on Form 10-K for the fiscal year ended October 25, 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 June 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (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. The Company adopted the provisions of this new accounting standard at the beginning of fiscal 2021. The adoption did not have a material impact on the Company's consolidated financial statements, thus no cumulative-effect adjustment to retained earnings was necessary. In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement - Disclosure Framework (Topic 820) . The updated guidance requires entities to disclose the 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. The Company adopted the provisions of this new accounting standard at the beginning of fiscal 2021 and adoption did not have a material impact on its consolidated financial statements. 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 adopted the provisions of this new accounting standard at the beginning of fiscal 2021. The adoption did not impact the Company's interim disclosure and is not anticipated to have a material impact on the annual disclosure. New Accounting Pronouncements Not Yet Adopted 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 beginning after December 15, 2020, with early adoption permitted. The Company will adopt the provisions of this new accounting standard at the beginning of fiscal 2022 and does not expect adoption to have a material impact on its consolidated financial statements.

ACQUISITIONS AND DIVESTITURES

ACQUISITIONS AND DIVESTITURES	9 Months Ended
	Jul. 25, 2021
Business Combinations [Abstract]
ACQUISITIONS AND DIVESTITURES	ACQUISITIONS AND DIVESTITURES Acquisitions: On June 7, 2021, the Company acquired the Planters ® snack nuts business from The Kraft Heinz Company. The acquisition includes the Planters ® , NUT-rition ® , Planters ® Cheez Balls and Corn Nuts ® brands. The preliminary purchase price is $3.4 billion, pending final purchase accounting and working capital adjustments. The transaction was funded with the Company’s cash on hand and from the issuance of long-term debt. See Note J - Long-term Debt and Other Borrowing Arrangements for additional details . Planters ® is an iconic snack brand and this acquisition significantly expands the Company's presence, and should broaden the scope for future acquisitions, in the growing snacking space. Operating results for this acquisition have been included in the Company's Consolidated Statements of Operations from the date of acquisition and reflected primarily in the Grocery Products segment. The acquisition contributed $141.3 million of net sales since the date of acquisition. As the acquisition has been integrated within the Company's existing operations, post-acquisition net income is not discernible. Acquisition-related costs were $27.5 million and $30.3 million for the thirteen and thirty-nine weeks ended July 25, 2021, respectively, which are reflected in the Consolidated Statements of Operations as Selling, General and Administrative. Additional one-time adjustments related the preliminary revaluation of acquired inventory of $12.9 million were recognized in the Consolidated Statements of Operations as Cost of Products Sold for the thirteen and thirty-nine weeks ended July 25, 2021. The combined impact of these one-time acquisition costs and accounting adjustments were $40.4 million and $43.2 million for the thirteen and thirty-nine weeks ended July 25, 2021. The acquisition was accounted for as a business combination using the acquisition method. The Company has estimated the acquisition date fair values of the assets acquired using independent appraisals. Preliminary allocations of the purchase price to acquired assets, including goodwill and intangibles assets, is presented in the table below. The Company expects to finalize purchase allocations as soon as practicable, but no later than one year from the acquisition date. (in thousands) Preliminary Inventory $ 149,224 Property, Plant and Equipment 162,091 Goodwill 2,286,932 Other Intangibles 798,000 Purchase Price $ 3,396,246 Goodwill is calculated as the excess of the purchase price over the fair values of the net assets acquired and is expected to be deductible for tax purposes. The goodwill recorded as part of the acquisition primarily reflects the value of the potential to expand the Company's presence in the growing snacking space and serve as a platform for innovation. The following unaudited pro forma financial information presents the combined results of operations as if the acquisition of the Planters ® snack nuts business had occurred on October 27, 2019. These unaudited pro forma results do not necessarily reflect the actual results of operations that would have been achieved had the acquisition occurred on that date, nor are they necessarily indicative of future results of operations. Thirteen Weeks Ended Thirty-Nine Weeks Ended (in thousands) July 25, 2021 July 26, 2020 July 25, 2021 July 26, 2020 Pro Forma Net Sales $ 2,981,630 $ 2,635,561 $ 8,606,935 $ 7,983,636 Pro Forma Net Earnings Attributable to Hormel Foods Corporation 215,983 211,135 704,143 664,304 The pro forma results include charges for depreciation and amortization of acquired assets and interest expense on debt issued to finance the acquisition, as well as the related income taxes. The pro forma results for the thirty-nine weeks ended July 26, 2020 also include nonrecurring adjustments relating to the recognition of transaction costs incurred and revaluation of inventory acquired, along with the related income tax effects, which in the aggregate reduce pro forma net earnings by $41.1 million. The pro forma results for the thirteen and thirty-nine weeks ended July 25, 2021 include an adjustment to add back the transaction costs incurred and revaluation of inventory acquired in those periods, along with the related income tax effects, since those costs are reflected in the preceding fiscal year on a pro forma basis. On March 2, 2020, the Company acquired the assets comprising the Sadler's Smokehouse business (Sadler's) for a final purchase price of $270.8 million. Sadler's is an authentic, pit-smoked meats business based in Henderson, Texas. This acquisition strengthens the Company's foodservice position and provides an opportunity to further extend the Sadler's product line into the retail and deli channels. The transaction was funded with cash on hand and accounted for as a business combination using the acquisition method. The Company completed an allocation of the fair value of the assets acquired utilizing third-party valuation appraisals during fiscal 2020. Operating results for this acquisition have been included in the Company's Consolidated Statements of Operations from the date of acquisition and are reflected in the Refrigerated Foods segment. Pro forma results are not material for inclusion.

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS	9 Months Ended
	Jul. 25, 2021
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 thirteen and thirty-nine weeks ended July 25, 2021, are: (in thousands) Grocery Refrigerated Jennie-O International Total Balance at April 25, 2021 $ 632,301 $ 1,607,005 $ 176,628 $ 198,102 $ 2,614,036 Goodwill Acquired (1) 1,878,660 353,135 — 55,137 2,286,932 Foreign Currency Translation — — — 6,105 6,105 Balance at July 25, 2021 $ 2,510,961 $ 1,960,140 $ 176,628 $ 259,344 $ 4,907,073 (in thousands) Grocery Refrigerated Jennie-O International Total Balance at October 25, 2020 $ 632,301 $ 1,607,005 $ 176,628 $ 196,793 $ 2,612,727 Goodwill Acquired (1) 1,878,660 353,135 — 55,137 2,286,932 Foreign Currency Translation — — — 7,415 7,415 Balance at July 25, 2021 $ 2,510,961 $ 1,960,140 $ 176,628 $ 259,344 $ 4,907,073 (1) Represents preliminary allocation of goodwill to reportable segments. See additional details regarding the acquisition in Note B - Acquisitions and Divestitures. Intangible Assets: The carrying amounts for indefinite-lived intangible assets are: (in thousands) July 25, 2021 October 25, 2020 Brands/Tradenames/Trademarks $ 1,700,190 $ 953,190 Other Intangibles 184 184 Foreign Currency Translation (5,766) (6,923) Total $ 1,694,609 $ 946,452 The increase in Brands/Tradenames/Trademarks represents the estimated fair value of indefinite-lived assets acquired as part of the acquisition of the Planters ® snack nuts business and is preliminary pending final purchase accounting adjustments. See Note B - Acquisitions and Divestitures. The gross carrying amount and accumulated amortization for definite-lived intangible assets are: July 25, 2021 October 25, 2020 (in thousands) Gross Carrying Amount Accumulated Amortization Weighted Ave Life Gross Carrying Amount Accumulated Amortization Weighted Ave Life Customer Lists/Relationships $ 168,239 $ (53,409) 12.7 $ 117,239 $ (45,996) 12.2 Other Intangibles 60,241 (7,211) 13.8 60,631 (4,298) 13.8 Tradenames/Trademarks 10,536 (5,125) 4.9 10,536 (3,518) 4.9 Foreign Currency Translation — (4,165) — — (4,760) — Total $ 239,016 $ (69,910) 12.7 $ 188,406 $ (58,572) 12.3 The increase in Customer Lists/Relationships represents the estimated fair value of definite-lived assets acquired as part of the acquisition of the Planters ® snack nuts business and is preliminary pending final purchase accounting adjustments. See Note B - Acquisitions and Divestitures. Amortization expense was $4.4 million and $12.3 million for the thirteen and thirty-nine weeks ended July 25, 2021, respectively, compared to $4.1 million and $10.3 million for the thirteen and thirty-nine weeks ended July 26, 2020. Estimated annual amortization expense for the five fiscal years after October 25, 2020, is as follows: (in thousands) 2021 $ 17,948 2022 19,680 2023 18,775 2024 16,691 2025 15,075

INVESTMENTS IN AND RECEIVABLES

INVESTMENTS IN AND RECEIVABLES FROM AFFILIATES	9 Months Ended
	Jul. 25, 2021
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: (in thousands) Segment % Owned July 25, 2021 October 25, 2020 MegaMex Foods, LLC Grocery Products 50% $ 209,613 $ 220,907 Other Joint Ventures International & Other Various (20-40%) 94,805 87,466 Total $ 304,417 $ 308,372 Equity in Earnings of Affiliates consists of: Thirteen Weeks Ended Thirty-Nine Weeks Ended (in thousands) Segment July 25, 2021 July 26, 2020 July 25, 2021 July 26, 2020 MegaMex Foods, LLC Grocery Products $ 7,529 $ 5,799 $ 29,625 $ 22,939 Other Joint Ventures International & Other 2,891 2,435 8,097 2,904 Total $ 10,420 $ 8,235 $ 37,722 $ 25,843 For the thirteen and thirty-nine weeks ended July 25, 2021, $11.2 million and $33.7 million of dividends were received from affiliates, compared to $7.5 million and $27.5 million of dividends received for the thirteen and thirty-nine weeks ended July 26, 2020.

INVENTORIES

INVENTORIES	9 Months Ended
	Jul. 25, 2021
Inventory, Net [Abstract]
INVENTORIES	INVENTORIES Principal components of inventories are: (in thousands) July 25, 2021 October 25, 2020 Finished Products $ 766,817 $ 546,070 Raw Materials and Work-in-Process 414,039 318,975 Operating Supplies 161,239 136,547 Maintenance Materials and Parts 84,642 71,170 Total $ 1,426,738 $ 1,072,762

DERIVATIVES AND HEDGING

DERIVATIVES AND HEDGING	9 Months Ended
	Jul. 25, 2021
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 and interest rates. These programs utilize futures and options contracts to manage the Company’s exposure to price fluctuations in the 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 Commodity 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 Fair Value Commodity 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. Cash Flow Interest Rate Hedges: In the second quarter of fiscal 2021, the Company designated two separate interest rate locks as cash flow hedges to manage interest rate risk associated with the anticipated debt transactions required to fund the acquisition of the Planters ® snack nuts business. The total notional amount of the Company's locks was $1,250 million. In the third quarter of fiscal 2021, the associated unsecured senior notes were issued with a tenor of seven 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: The Company's outstanding commodity futures and options contracts related to its hedging programs include: Volume Commodity Contracts July 25, 2021 October 25, 2020 Corn 43.5 million bushels 26.0 million bushels Lean Hogs 115.9 million pounds 153.7 million pounds Fair Value of Derivatives: The fair values of the Company’s derivative instruments are: Gross Fair Value (in thousands) Location on Consolidated Statements of Financial Position July 25, 2021 October 25, 2020 Derivatives Designated as Hedges: Commodity Contracts (1) Other Current Assets $ 24,824 $ (1,330) (1) Amounts represent the gross fair value of commodity derivative assets and liabilities. The Company nets the commodity 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 commodity derivative contract. The amount or timing of cash collateral balances may impact the classification of the commodity derivative in the Consolidated Statements of Financial Position. The gross asset position as of July 25, 2021 is offset by the obligation to return net cash collateral of $17.1 million contained within the master netting arrangement. The gross liability position as of October 25, 2020 is offset by the right to reclaim net cash collateral of $12.3 million. See Note I - 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 amounts of the Company's fair value hedge assets (liabilities) are: Location on Consolidated Statements of Financial Position Carrying Amount of the Hedged (in thousands) July 25, 2021 October 25, 2020 Accounts Payable (1) $ 5,400 $ 4,269 (1) Amounts represent the carrying amount of fair value hedged assets and liabilities which are offset by other assets included in master netting arrangements described above. Accumulated Other Comprehensive Loss Impact: As of July 25, 2021, the Company included in Accumulated Other Comprehensive Loss hedging gains (before tax) of $43.4 million on commodity contracts and $14.7 million related to interest rate settled positions. The Company expects to recognize the majority of the gains on commodity contracts over the next twelve months. Gains on interest rate contracts offset the hedged interest payments over the tenor of the debt instruments. The effect of Accumulated Other Comprehensive Loss for gains or losses (before tax) related to the Company's derivative instruments is as follows: Gain/(Loss) Recognized in AOCL (1) Location on Consolidated Statements of Operations Gain/(Loss) Reclassified from AOCL into Earnings (1) Thirteen Weeks Ended Thirteen Weeks Ended (in thousands) July 25, 2021 July 26, 2020 July 25, 2021 July 26, 2020 Cash Flow Hedges: Commodity Contracts $ 5,467 $ (943) Cost of Products Sold $ 14,261 $ (18,645) Excluded Component (2) 1,261 — — — Interest Rate Contracts (3,675) — Interest Expense 152 — Gain/(Loss) Recognized in AOCL (1) Location on Consolidated Statements of Operations Gain/(Loss) Reclassified from AOCL into Earnings (1) Thirty-Nine Weeks Ended Thirty-Nine Weeks Ended (in thousands) July 25, 2021 July 26, 2020 July 25, 2021 July 26, 2020 Cash Flow Hedges: Commodity Contracts $ 58,129 $ (57,514) Cost of Products Sold $ 18,723 $ (25,997) Excluded Component (2) 1,261 — — — Interest Rate Contracts 14,864 — Interest Expense 152 — (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 corn 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 is as follows: Consolidated Statements of Operations Impact Thirteen Weeks Ended Thirty-Nine Weeks Ended (in thousands) July 25, 2021 July 26, 2020 July 25, 2021 July 26, 2020 Net Earnings Attributable to Hormel Foods Corporation $ 176,917 $ 203,119 $ 627,101 $ 673,726 Cash Flow Hedges - Commodity Contracts Gain (Loss) Reclassified from AOCL 14,261 (18,645) 18,723 (25,997) Amortization of Excluded Component from Options (1,543) — (1,543) — Fair Value Hedges - Commodity Contracts Gain (Loss) on Commodity Futures (1) (11,739) 4,341 (26,010) 13,487 Total Gain (Loss) on Commodity Contracts (2) $ 979 $ (14,304) $ (8,830) $ (12,510) Cash Flow Hedges - Interest Rate Locks Amortization of Gain on Interest Rate Locks 152 — 152 — Total Gain on Interest Rate Locks (3) $ 152 $ — $ 152 $ — Total Gain (Loss) Recognized in Earnings $ 1,131 $ (14,304) $ (8,678) $ (12,510) (1) Amounts represent gains or losses on commodity contracts designated as fair value hedges that were closed during the thirteen and thirty-nine weeks ended July 25, 2021, and July 26, 2020, which were offset by a corresponding gain or loss 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. (2) Total Gain (Loss) on Commodity Contracts is recognized in earnings through Cost of Products Sold. (3) Total Gain (Loss) on Interest Rate Locks is recognized in earnings through Interest Expense.

PENSION AND OTHER POST-RETIREME

PENSION AND OTHER POST-RETIREMENT BENEFITS	9 Months Ended
	Jul. 25, 2021
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: Pension Benefits Thirteen Weeks Ended Thirty-Nine Weeks Ended (in thousands) July 25, 2021 July 26, 2020 July 25, 2021 July 26, 2020 Service Cost $ 9,107 $ 8,896 $ 27,321 $ 26,688 Interest Cost 12,362 13,411 37,086 40,232 Expected Return on Plan Assets (25,189) (25,321) (75,567) (75,963) Amortization of Prior Service Cost (367) (542) (1,101) (1,626) Recognized Actuarial Loss 5,578 5,595 16,735 16,787 Net Periodic Cost $ 1,491 $ 2,039 $ 4,474 $ 6,118 Post-retirement Benefits Thirteen Weeks Ended Thirty-Nine Weeks Ended (in thousands) July 25, 2021 July 26, 2020 July 25, 2021 July 26, 2020 Service Cost $ 131 $ 192 $ 392 $ 579 Interest Cost 1,948 2,322 5,844 7,111 Amortization of Prior Service Cost (164) (662) (492) (1,988) Recognized Actuarial Loss 495 261 1,486 784 Net Periodic Cost $ 2,410 $ 2,113 $ 7,230 $ 6,486

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE LOSS	9 Months Ended
	Jul. 25, 2021
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: (in thousands) Foreign Pension & Derivatives & Hedging Accumulated Balance at April 25, 2021 $ (53,565) $ (324,780) $ 52,717 $ (325,629) Unrecognized Gains (Losses) Gross 12,513 — 3,054 15,567 Tax Effect — — (738) (738) Reclassification into Net Earnings Gross — 5,542 (1) (14,413) (2) (8,871) Tax Effect — (1,343) 3,485 2,142 Net of Tax Amount 12,513 4,199 (8,612) 8,100 Balance at July 25, 2021 $ (41,053) $ (320,580) $ 44,105 $ (317,528) Balance at October 25, 2020 $ (64,161) $ (333,178) $ 2,089 $ (395,250) Unrecognized Gains (Losses) Gross 23,108 — 74,254 97,362 Tax Effect — — (17,928) (17,928) Reclassification into Net Earnings Gross — 16,628 (1) (18,875) (2) (2,247) Tax Effect — (4,030) 4,565 535 Net of Tax Amount 23,108 12,598 42,016 77,722 Balance at July 25, 2021 $ (41,053) $ (320,580) $ 44,105 $ (317,528) (1) Included in the computation of net periodic cost. See Note G - Pension and Other Post-Retirement Benefits for additional details. (2) Included in Cost of Products Sold and Interest Expense in the Consolidated Statements of Operations. See Note F - Derivatives and Hedging for additional details.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	9 Months Ended
	Jul. 25, 2021
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 July 25, 2021, and October 25, 2020, and their level within the fair value hierarchy, are: Fair Value Measurements at July 25, 2021 (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) $ 291,363 $ 286,153 $ 5,210 $ — Short-term Marketable Securities (2) 18,372 6,722 11,650 — Other Trading Securities (3) 200,339 — 200,339 — Commodity Derivatives (4) 11,821 7,023 4,798 — Total Assets at Fair Value $ 521,895 $ 299,898 $ 221,997 $ — Liabilities at Fair Value Deferred Compensation (3) $ 69,365 $ — $ 69,365 $ — Total Liabilities at Fair Value $ 69,365 $ — $ 69,365 $ — Fair Value Measurements at October 25, 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) $ 1,714,309 $ 1,713,098 $ 1,211 $ — Short-term Marketable Securities (2) 17,338 5,728 11,610 — Other Trading Securities (3) 173,114 — 173,114 — Commodity Derivatives (4) 10,950 10,950 — — Total Assets at Fair Value $ 1,915,711 $ 1,729,776 $ 185,935 $ — Liabilities at Fair Value Deferred Compensation (3) $ 65,154 $ — $ 65,154 $ — Total Liabilities at Fair Value $ 65,154 $ — $ 65,154 $ — 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. The funds held in the rabbi trust relate to the supplemental executive retirement plans and have been invested primarily 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. Under the deferred compensation plans, 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. These funds are 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 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 also classified as Level 2. The funds held in the rabbi trust are included in Other Assets on the Consolidated Statements of Financial Position. The related deferred compensation liabilities are included in Other Long-term Liabilities on the Consolidated Statements of Financial Position with investment options generally mirroring those funds held by the rabbi trust. Therefore, the investments are classified as Level 2. Securities held by the trust are classified as trading securities. Unrealized gains and losses associated with these investments are included in the Company's earnings. During the thirteen and thirty-nine weeks ended July 25, 2021, securities held by the trust generated gains of $1.5 million and $18.6 million, respectively, compared to losses of $9.3 million and $2.6 million for the thirteen and thirty-nine weeks ended July 26, 2020, respectively. (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. Over-the-counter (OTC) derivative instruments are valued using discounted cash flow models, observable and non-observable market inputs, and other mathematical pricing models. The Company’s corn futures option contracts are OTC instruments classified as Level 2 whose value is calculated using the Black-Scholes pricing model, corn future prices quoted from the Chicago Board of Trade, and other adjustments to inputs that are observable in active markets. 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 July 25, 2021, the Company has recognized the obligation to return net cash collateral of $17.1 million from various counterparties (including $29.4 million of realized gains offset by cash owed of $46.5 million). As of October 25, 2020, the Company had recognized the right to reclaim net cash collateral of $12.3 million from various counterparties (including cash of $25.5 million less $13.2 million of realized loss). 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. The fair value of long-term debt, utilizing discounted cash flows (Level 2), was $3,367.0 million as of July 25, 2021, and $1,238.8 million as of October 25, 2020.

LONG-TERM DEBT AND OTHER BORROW

LONG-TERM DEBT AND OTHER BORROWING ARRANGEMENTS	9 Months Ended
	Jul. 25, 2021
Debt Disclosure [Abstract]
LONG-TERM DEBT AND OTHER BORROWING ARRANGEMENTS	LONG-TERM DEBT AND OTHER BORROWING ARRANGEMENTS Long-term Debt consists of: (in thousands) July 25, 2021 October 25, 2020 Senior Unsecured Notes, with Interest at 3.050%, Interest Due Semi-annually through June 2051 Maturity Date $ 600,000 $ — Senior Unsecured Notes, with Interest at 1.800%, Interest Due Semi-annually through June 2030 Maturity Date 1,000,000 1,000,000 Senior Unsecured Notes, with Interest at 1.700%, Interest Due Semi-annually through June 2028 Maturity Date 750,000 — Senior Unsecured Notes, with Interest at 0.650%, Interest Due Semi-annually through June 2024 Maturity Date 950,000 — Senior Unsecured Notes, with Interest at 4.125%, Interest Due Semi-annually through April 2021 Maturity Date — 250,000 Unamortized Discount on Senior Notes (8,668) (2,630) Unamortized Debt Issuance Costs (24,329) (7,979) Finance Lease Liabilities 55,071 61,030 Other Financing Arrangements 2,920 3,206 Total $ 3,324,994 $ 1,303,627 Less: Current Maturities of Long-term Debt 8,732 258,691 Long-term Debt - Less Current Maturities $ 3,316,262 $ 1,044,936 Senior Unsecured Notes: The Company repaid its $250.0 million senior unsecured notes upon maturity in April 2021. On June 11, 2020, the Company issued senior notes in an aggregate principal amount of $1.0 billion, due June 11, 2030. The notes bear interest at a fixed rate of 1.800% per annum, with interest paid semi-annually in arrears on June 11 and December 11 of each year, commencing December 11, 2020. The notes may be redeemed in whole or in part at any time at the applicable redemption price set forth in the prospectus supplement. If a change of control triggering event occurs, the Company must offer to purchase the notes at a purchase price equal to 101% of their principal amount, plus accrued and unpaid interest, if any, to the date of purchase. On June 3, 2021, the Company issued $950.0 million aggregate principal amount of its 0.650% notes due 2024 (the "2024 Notes"), $750.0 million aggregate principal amount of its 1.700% notes due 2028 (the "2028 Notes") and $600.0 million aggregate principal amount of its 3.050% notes due 2051 (the "2051 Notes"). Interest will accrue per annum at the stated rates with interest on the notes being paid semi-annually in arrears on June 3 and December 3 of each year, commencing December 3, 2021. Interest rate risk was hedged utilizing interest rate locks on the 2028 Notes and 2051 Notes. The Company lifted the hedges in conjunction with the issuance of these notes. See Note F - Derivatives and Hedging for additional details. The 2024 Notes may be redeemed in whole or in part one year after their issuance without penalty for early partial payments or full redemption. The 2028 Notes and 2051 Notes may be redeemed in whole or in part at any time at the applicable redemption price. If a change of control triggering event occurs, the Company must offer to purchase the notes at a purchase price equal to 101% of their principal amount, plus accrued and unpaid interest, if any, to the date of purchase. Unsecured Revolving Credit Facility: On May 6, 2021, the Company entered into an unsecured revolving credit agreement with Wells Fargo Bank, National Association as administrative agent, swingline lender and issuing lender, U.S. Bank National Association, JPMorgan Chase Bank, N.A. and BofA Securities, Inc. as syndication agents and the lenders party thereto. In connection with entering the revolving credit agreement, the Company terminated its existing credit facility that was entered into on June 24, 2015. The revolving credit agreement provides for an unsecured revolving credit facility with an aggregate principal commitment amount at any time outstanding of up to $750.0 million with an uncommitted increase option of an additional $375.0 million upon the satisfaction of certain conditions. Extensions of credit under the facility may be made in the form of revolving loans, swingline loans and letters of credit. The lending commitments under the agreement are scheduled to expire on May 6, 2026, at which time the Company will be required to pay in full all obligations then outstanding. As of July 25, 2021, and October 25, 2020, the Company had no outstanding draws from these facilities. Debt Covenants: The Company is required by certain covenants in its debt agreements to maintain specified levels of financial ratios and financial position. As of July 25, 2021, the Company was in compliance with all of these covenants.

INCOME TAXES

INCOME TAXES	9 Months Ended
	Jul. 25, 2021
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. The Company's effective tax rate for the thirteen and thirty-nine weeks ended July 25, 2021, was 13.3 percent and 18.9 percent compared to 21.6 percent and 19.4 percent for the corresponding periods a year ago. The decrease in the effective tax rate for the thirteen weeks ended July 25, 2021 was primarily driven by an increased volume of stock option exercises and a one-time foreign tax benefit. The amount of unrecognized tax benefits, including interest and penalties, is recorded in Other Long-term Liabilities. If recognized as of July 25, 2021, and July 26, 2020, $24.5 million and $24.7 million, respectively, would impact the Company’s effective tax rate. The Company includes accrued interest and penalties related to uncertain tax positions in income tax expense. Interest and penalties included in income tax expense was immaterial for the thirteen and thirty-nine weeks ended July 25, 2021, and July 26, 2020. The amount of accrued interest and penalties at July 25, 2021, and July 26, 2020, associated with unrecognized tax benefits was $7.5 million and $6.2 million, respectively. 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 2018 in the fourth quarter of fiscal 2020, and fiscal 2019 in the second quarter of fiscal 2021. The Company has elected to participate in the Compliance Assurance Process (CAP) for fiscal years through 2022. 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 2015. 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.

EARNINGS PER SHARE DATA

EARNINGS PER SHARE DATA	9 Months Ended
	Jul. 25, 2021
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: Thirteen Weeks Ended Thirty-Nine Weeks Ended (in thousands) July 25, 2021 July 26, 2020 July 25, 2021 July 26, 2020 Basic Weighted-Average Shares Outstanding 541,746 539,108 540,618 537,434 Dilutive Potential Common Shares 6,326 8,041 7,066 8,678 Diluted Weighted-Average Shares Outstanding 548,072 547,149 547,684 546,112 Antidilutive Potential Common Shares 2,350 1,626 2,305 2,178

SEGMENT REPORTING

SEGMENT REPORTING	9 Months Ended
	Jul. 25, 2021
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 Foods, LLC 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 commercial 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 deferred compensation, 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. One-time acquisition-related costs and accounting adjustments associated with the purchase of the Planters ® snack nuts business were also retained 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 segment profit 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 that these segments, if operated independently, would report the profit and other financial information shown below. Thirteen Weeks Ended Thirty-Nine Weeks Ended (in thousands) July 25, 2021 July 26, 2020 July 25, 2021 July 26, 2020 Sales to Unaffiliated Customers Grocery Products $ 698,584 $ 580,798 $ 1,904,415 $ 1,804,674 Refrigerated Foods 1,624,641 1,363,092 4,445,099 3,962,219 Jennie-O Turkey Store 350,897 286,805 1,035,397 959,988 International & Other 189,548 150,762 546,528 461,475 Total $ 2,863,670 $ 2,381,457 $ 7,931,438 $ 7,188,357 Intersegment Sales Grocery Products $ — $ — $ — $ 13 Refrigerated Foods 7,636 5,092 19,527 16,143 Jennie-O Turkey Store 30,581 25,361 89,715 82,082 International & Other — — — Total 38,217 30,454 109,242 98,237 Intersegment Elimination (38,217) (30,454) (109,242) (98,237) Total $ — $ — $ — $ — Net Sales Grocery Products $ 698,584 $ 580,798 $ 1,904,415 $ 1,804,687 Refrigerated Foods 1,632,277 1,368,185 4,464,626 3,978,362 Jennie-O Turkey Store 381,478 312,166 1,125,112 1,042,070 International & Other 189,548 150,762 546,528 461,475 Intersegment Elimination (38,217) (30,454) (109,242) (98,237) Total $ 2,863,670 $ 2,381,457 $ 7,931,438 $ 7,188,357 Segment Profit Grocery Products $ 80,791 $ 80,169 $ 270,963 $ 276,367 Refrigerated Foods 153,216 152,822 467,740 451,596 Jennie-O Turkey Store 5,874 7,069 45,514 72,968 International & Other 27,915 23,620 84,600 66,735 Total Segment Profit 267,796 263,679 868,817 867,666 Net Unallocated Expense 63,715 4,457 95,166 31,754 Noncontrolling Interest 157 141 290 103 Earnings Before Income Taxes $ 204,238 $ 259,364 $ 773,940 $ 836,014 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 are: Thirteen Weeks Ended Thirty-Nine Weeks Ended (in thousands) July 25, 2021 July 26, 2020 July 25, 2021 July 26, 2020 U.S. Retail $ 1,520,365 $ 1,390,075 $ 4,365,081 $ 4,072,156 U.S. Foodservice 851,897 588,130 2,162,481 1,864,050 U.S. Deli 266,506 238,076 777,308 721,748 International 224,902 165,177 626,568 530,402 Total $ 2,863,670 $ 2,381,457 $ 7,931,438 $ 7,188,357 The improvement demonstrated in U.S. Foodservice in the thirteen and thirty-nine weeks ended July 25, 2021, was driven by recovery of the foodservice industry following restrictions imposed by the COVID-19 pandemic in fiscal 2020. The Company’s products primarily consist of meat and other food products. The amount of total revenues contributed by classes of similar products are: Thirteen Weeks Ended Thirty-Nine Weeks Ended (in thousands) July 25, 2021 July 26, 2020 July 25, 2021 July 26, 2020 Perishable $ 1,610,378 $ 1,365,741 $ 4,440,347 $ 4,016,266 Shelf-stable 670,446 511,732 1,761,883 1,581,789 Poultry 500,121 426,345 1,468,957 1,368,386 Miscellaneous 82,726 77,640 260,251 221,915 Total $ 2,863,670 $ 2,381,457 $ 7,931,438 $ 7,188,357 Perishable includes fresh meats, frozen items, refrigerated meal solutions, sausages, hams, guacamole, and bacon (excluding Jennie-O Turkey Store products). Shelf-stable includes canned luncheon meats, nut butters, chilies, shelf-stable microwaveable meals, hash, stews, salsas, tortilla chips, snack nuts, and other items that do not require refrigeration. The Poultry category is composed primarily of Jennie-O Turkey Store products. The Miscellaneous category primarily consists of nutritional food products and supplements, dessert and drink mixes, and industrial gelatin products. The asset values below reflect the preliminary purchase allocations associated with the acquisition of the Planters ® snack nuts business. (in thousands) July 25, 2021 October 25, 2020 Assets Grocery Products $ 4,590,540 $ 1,713,883 Refrigerated Foods 4,758,687 4,188,250 Jennie-O Turkey Store 1,087,773 1,111,318 International & Other 797,181 721,729 Corporate 1,098,001 2,173,101 Total $ 12,332,182 $ 9,908,282 Additions to Property, Plant, & Equipment Grocery Products $ 12,468 $ 34,409 Refrigerated Foods 93,020 249,441 Jennie-O Turkey Store 10,723 42,042 International & Other 6,776 3,737 Corporate 16,375 37,872 Total $ 139,361 $ 367,501

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Jul. 25, 2021
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation: The accompanying unaudited consolidated financial statements of Hormel Foods Corporation (the Company) have been prepared in accordance with generally accepted accounting principles for interim financial information, and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation have been included. Operating results for the interim period are not necessarily indicative of the results that may be expected for the full year. The Consolidated Statement of Financial Position at October 25, 2020, 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 25, 2020. 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 2021. The Company has considered the impact of COVID-19 and determined there have been no material changes in the Company’s significant accounting policies, including estimates and assumptions, as disclosed in its Annual Report on Form 10-K for the fiscal year ended October 25, 2020.
Accounting Changes and Recent Accounting Pronouncements	Accounting Changes and Recent Accounting Pronouncements: New Accounting Pronouncements Adopted in Current Fiscal Year In June 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (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. The Company adopted the provisions of this new accounting standard at the beginning of fiscal 2021. The adoption did not have a material impact on the Company's consolidated financial statements, thus no cumulative-effect adjustment to retained earnings was necessary. In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement - Disclosure Framework (Topic 820) . The updated guidance requires entities to disclose the 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. The Company adopted the provisions of this new accounting standard at the beginning of fiscal 2021 and adoption did not have a material impact on its consolidated financial statements. 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 adopted the provisions of this new accounting standard at the beginning of fiscal 2021. The adoption did not impact the Company's interim disclosure and is not anticipated to have a material impact on the annual disclosure. New Accounting Pronouncements Not Yet Adopted 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 beginning after December 15, 2020, with early adoption permitted. The Company will adopt the provisions of this new accounting standard at the beginning of fiscal 2022 and does not expect adoption to have a material impact on its consolidated financial statements.
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.
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 Foods, LLC 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 commercial 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 deferred compensation, 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. One-time acquisition-related costs and accounting adjustments associated with the purchase of the Planters ® snack nuts business were also retained 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.

ACQUISITIONS AND DIVESTITURES (

ACQUISITIONS AND DIVESTITURES (Tables)	9 Months Ended
	Jul. 25, 2021
Business Combinations [Abstract]
Schedule of Preliminary Purchase Allocation	Preliminary allocations of the purchase price to acquired assets, including goodwill and intangibles assets, is presented in the table below. The Company expects to finalize purchase allocations as soon as practicable, but no later than one year from the acquisition date. (in thousands) Preliminary Inventory $ 149,224 Property, Plant and Equipment 162,091 Goodwill 2,286,932 Other Intangibles 798,000 Purchase Price $ 3,396,246
Schedule of Unaudited Pro Forma Financial Information	The following unaudited pro forma financial information presents the combined results of operations as if the acquisition of the Planters ® snack nuts business had occurred on October 27, 2019. These unaudited pro forma results do not necessarily reflect the actual results of operations that would have been achieved had the acquisition occurred on that date, nor are they necessarily indicative of future results of operations. Thirteen Weeks Ended Thirty-Nine Weeks Ended (in thousands) July 25, 2021 July 26, 2020 July 25, 2021 July 26, 2020 Pro Forma Net Sales $ 2,981,630 $ 2,635,561 $ 8,606,935 $ 7,983,636 Pro Forma Net Earnings Attributable to Hormel Foods Corporation 215,983 211,135 704,143 664,304

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS (Tables)	9 Months Ended
	Jul. 25, 2021
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 thirteen and thirty-nine weeks ended July 25, 2021, are: (in thousands) Grocery Refrigerated Jennie-O International Total Balance at April 25, 2021 $ 632,301 $ 1,607,005 $ 176,628 $ 198,102 $ 2,614,036 Goodwill Acquired (1) 1,878,660 353,135 — 55,137 2,286,932 Foreign Currency Translation — — — 6,105 6,105 Balance at July 25, 2021 $ 2,510,961 $ 1,960,140 $ 176,628 $ 259,344 $ 4,907,073 (in thousands) Grocery Refrigerated Jennie-O International Total Balance at October 25, 2020 $ 632,301 $ 1,607,005 $ 176,628 $ 196,793 $ 2,612,727 Goodwill Acquired (1) 1,878,660 353,135 — 55,137 2,286,932 Foreign Currency Translation — — — 7,415 7,415 Balance at July 25, 2021 $ 2,510,961 $ 1,960,140 $ 176,628 $ 259,344 $ 4,907,073
Schedule of carrying amounts for indefinite-lived intangible assets	The carrying amounts for indefinite-lived intangible assets are: (in thousands) July 25, 2021 October 25, 2020 Brands/Tradenames/Trademarks $ 1,700,190 $ 953,190 Other Intangibles 184 184 Foreign Currency Translation (5,766) (6,923) Total $ 1,694,609 $ 946,452
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: July 25, 2021 October 25, 2020 (in thousands) Gross Carrying Amount Accumulated Amortization Weighted Ave Life Gross Carrying Amount Accumulated Amortization Weighted Ave Life Customer Lists/Relationships $ 168,239 $ (53,409) 12.7 $ 117,239 $ (45,996) 12.2 Other Intangibles 60,241 (7,211) 13.8 60,631 (4,298) 13.8 Tradenames/Trademarks 10,536 (5,125) 4.9 10,536 (3,518) 4.9 Foreign Currency Translation — (4,165) — — (4,760) — Total $ 239,016 $ (69,910) 12.7 $ 188,406 $ (58,572) 12.3
Schedule of estimated annual amortization expense	Estimated annual amortization expense for the five fiscal years after October 25, 2020, is as follows: (in thousands) 2021 $ 17,948 2022 19,680 2023 18,775 2024 16,691 2025 15,075

INVESTMENTS IN AND RECEIVABLE_2

INVESTMENTS IN AND RECEIVABLES FROM AFFILIATES (Tables)	9 Months Ended
	Jul. 25, 2021
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: (in thousands) Segment % Owned July 25, 2021 October 25, 2020 MegaMex Foods, LLC Grocery Products 50% $ 209,613 $ 220,907 Other Joint Ventures International & Other Various (20-40%) 94,805 87,466 Total $ 304,417 $ 308,372
Schedule of equity in earnings of affiliates	Equity in Earnings of Affiliates consists of: Thirteen Weeks Ended Thirty-Nine Weeks Ended (in thousands) Segment July 25, 2021 July 26, 2020 July 25, 2021 July 26, 2020 MegaMex Foods, LLC Grocery Products $ 7,529 $ 5,799 $ 29,625 $ 22,939 Other Joint Ventures International & Other 2,891 2,435 8,097 2,904 Total $ 10,420 $ 8,235 $ 37,722 $ 25,843

INVENTORIES (Tables)

INVENTORIES (Tables)	9 Months Ended
	Jul. 25, 2021
Inventory, Net [Abstract]
Schedule of principal components of inventories	Principal components of inventories are: (in thousands) July 25, 2021 October 25, 2020 Finished Products $ 766,817 $ 546,070 Raw Materials and Work-in-Process 414,039 318,975 Operating Supplies 161,239 136,547 Maintenance Materials and Parts 84,642 71,170 Total $ 1,426,738 $ 1,072,762

DERIVATIVES AND HEDGING (Tables

DERIVATIVES AND HEDGING (Tables)	9 Months Ended
	Jul. 25, 2021
Derivative [Line Items]
Schedule of fair values of derivative instruments	The fair values of the Company’s derivative instruments are: Gross Fair Value (in thousands) Location on Consolidated Statements of Financial Position July 25, 2021 October 25, 2020 Derivatives Designated as Hedges: Commodity Contracts (1) Other Current Assets $ 24,824 $ (1,330) (1) Amounts represent the gross fair value of commodity derivative assets and liabilities. The Company nets the commodity 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 commodity derivative contract. The amount or timing of cash collateral balances may impact the classification of the commodity derivative in the Consolidated Statements of Financial Position. The gross asset position as of July 25, 2021 is offset by the obligation to return net cash collateral of $17.1 million contained within the master netting arrangement. The gross liability position as of October 25, 2020 is offset by the right to reclaim net cash collateral of $12.3 million. See Note I - 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 amounts of the Company's fair value hedge assets (liabilities) are: Location on Consolidated Statements of Financial Position Carrying Amount of the Hedged (in thousands) July 25, 2021 October 25, 2020 Accounts Payable (1) $ 5,400 $ 4,269 (1) Amounts represent the carrying amount of fair value hedged assets and liabilities which are offset by other assets included in master netting arrangements described above.
Schedule of gains or losses related to derivative instruments	The effect of Accumulated Other Comprehensive Loss for gains or losses (before tax) related to the Company's derivative instruments is as follows: Gain/(Loss) Recognized in AOCL (1) Location on Consolidated Statements of Operations Gain/(Loss) Reclassified from AOCL into Earnings (1) Thirteen Weeks Ended Thirteen Weeks Ended (in thousands) July 25, 2021 July 26, 2020 July 25, 2021 July 26, 2020 Cash Flow Hedges: Commodity Contracts $ 5,467 $ (943) Cost of Products Sold $ 14,261 $ (18,645) Excluded Component (2) 1,261 — — — Interest Rate Contracts (3,675) — Interest Expense 152 — Gain/(Loss) Recognized in AOCL (1) Location on Consolidated Statements of Operations Gain/(Loss) Reclassified from AOCL into Earnings (1) Thirty-Nine Weeks Ended Thirty-Nine Weeks Ended (in thousands) July 25, 2021 July 26, 2020 July 25, 2021 July 26, 2020 Cash Flow Hedges: Commodity Contracts $ 58,129 $ (57,514) Cost of Products Sold $ 18,723 $ (25,997) Excluded Component (2) 1,261 — — — Interest Rate Contracts 14,864 — Interest Expense 152 — (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 corn 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 is as follows: Consolidated Statements of Operations Impact Thirteen Weeks Ended Thirty-Nine Weeks Ended (in thousands) July 25, 2021 July 26, 2020 July 25, 2021 July 26, 2020 Net Earnings Attributable to Hormel Foods Corporation $ 176,917 $ 203,119 $ 627,101 $ 673,726 Cash Flow Hedges - Commodity Contracts Gain (Loss) Reclassified from AOCL 14,261 (18,645) 18,723 (25,997) Amortization of Excluded Component from Options (1,543) — (1,543) — Fair Value Hedges - Commodity Contracts Gain (Loss) on Commodity Futures (1) (11,739) 4,341 (26,010) 13,487 Total Gain (Loss) on Commodity Contracts (2) $ 979 $ (14,304) $ (8,830) $ (12,510) Cash Flow Hedges - Interest Rate Locks Amortization of Gain on Interest Rate Locks 152 — 152 — Total Gain on Interest Rate Locks (3) $ 152 $ — $ 152 $ — Total Gain (Loss) Recognized in Earnings $ 1,131 $ (14,304) $ (8,678) $ (12,510) (1) Amounts represent gains or losses on commodity contracts designated as fair value hedges that were closed during the thirteen and thirty-nine weeks ended July 25, 2021, and July 26, 2020, which were offset by a corresponding gain or loss 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. (2) Total Gain (Loss) on Commodity Contracts is recognized in earnings through Cost of Products Sold. (3) Total Gain (Loss) on Interest Rate Locks is recognized in earnings through Interest Expense.
Cash Flow Hedges
Derivative [Line Items]
Schedule of outstanding commodity futures contracts	The Company's outstanding commodity futures and options contracts related to its hedging programs include: Volume Commodity Contracts July 25, 2021 October 25, 2020 Corn 43.5 million bushels 26.0 million bushels Lean Hogs 115.9 million pounds 153.7 million pounds

PENSION AND OTHER POST-RETIRE_2

PENSION AND OTHER POST-RETIREMENT BENEFITS (Tables)	9 Months Ended
	Jul. 25, 2021
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: Pension Benefits Thirteen Weeks Ended Thirty-Nine Weeks Ended (in thousands) July 25, 2021 July 26, 2020 July 25, 2021 July 26, 2020 Service Cost $ 9,107 $ 8,896 $ 27,321 $ 26,688 Interest Cost 12,362 13,411 37,086 40,232 Expected Return on Plan Assets (25,189) (25,321) (75,567) (75,963) Amortization of Prior Service Cost (367) (542) (1,101) (1,626) Recognized Actuarial Loss 5,578 5,595 16,735 16,787 Net Periodic Cost $ 1,491 $ 2,039 $ 4,474 $ 6,118 Post-retirement Benefits Thirteen Weeks Ended Thirty-Nine Weeks Ended (in thousands) July 25, 2021 July 26, 2020 July 25, 2021 July 26, 2020 Service Cost $ 131 $ 192 $ 392 $ 579 Interest Cost 1,948 2,322 5,844 7,111 Amortization of Prior Service Cost (164) (662) (492) (1,988) Recognized Actuarial Loss 495 261 1,486 784 Net Periodic Cost $ 2,410 $ 2,113 $ 7,230 $ 6,486

ACCUMULATED OTHER COMPREHENSI_2

ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables)	9 Months Ended
	Jul. 25, 2021
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: (in thousands) Foreign Pension & Derivatives & Hedging Accumulated Balance at April 25, 2021 $ (53,565) $ (324,780) $ 52,717 $ (325,629) Unrecognized Gains (Losses) Gross 12,513 — 3,054 15,567 Tax Effect — — (738) (738) Reclassification into Net Earnings Gross — 5,542 (1) (14,413) (2) (8,871) Tax Effect — (1,343) 3,485 2,142 Net of Tax Amount 12,513 4,199 (8,612) 8,100 Balance at July 25, 2021 $ (41,053) $ (320,580) $ 44,105 $ (317,528) Balance at October 25, 2020 $ (64,161) $ (333,178) $ 2,089 $ (395,250) Unrecognized Gains (Losses) Gross 23,108 — 74,254 97,362 Tax Effect — — (17,928) (17,928) Reclassification into Net Earnings Gross — 16,628 (1) (18,875) (2) (2,247) Tax Effect — (4,030) 4,565 535 Net of Tax Amount 23,108 12,598 42,016 77,722 Balance at July 25, 2021 $ (41,053) $ (320,580) $ 44,105 $ (317,528) (1) Included in the computation of net periodic cost. See Note G - Pension and Other Post-Retirement Benefits for additional details. (2) Included in Cost of Products Sold and Interest Expense in the Consolidated Statements of Operations. See Note F - Derivatives and Hedging for additional details.

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	9 Months Ended
	Jul. 25, 2021
Fair Value Disclosures [Abstract]
Schedule of financial assets and liabilities carried at fair value on a recurring basis	The Company’s financial assets and liabilities carried at fair value on a recurring basis as of July 25, 2021, and October 25, 2020, and their level within the fair value hierarchy, are: Fair Value Measurements at July 25, 2021 (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) $ 291,363 $ 286,153 $ 5,210 $ — Short-term Marketable Securities (2) 18,372 6,722 11,650 — Other Trading Securities (3) 200,339 — 200,339 — Commodity Derivatives (4) 11,821 7,023 4,798 — Total Assets at Fair Value $ 521,895 $ 299,898 $ 221,997 $ — Liabilities at Fair Value Deferred Compensation (3) $ 69,365 $ — $ 69,365 $ — Total Liabilities at Fair Value $ 69,365 $ — $ 69,365 $ — Fair Value Measurements at October 25, 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) $ 1,714,309 $ 1,713,098 $ 1,211 $ — Short-term Marketable Securities (2) 17,338 5,728 11,610 — Other Trading Securities (3) 173,114 — 173,114 — Commodity Derivatives (4) 10,950 10,950 — — Total Assets at Fair Value $ 1,915,711 $ 1,729,776 $ 185,935 $ — Liabilities at Fair Value Deferred Compensation (3) $ 65,154 $ — $ 65,154 $ — Total Liabilities at Fair Value $ 65,154 $ — $ 65,154 $ — 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. The funds held in the rabbi trust relate to the supplemental executive retirement plans and have been invested primarily 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. Under the deferred compensation plans, 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. These funds are 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 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 also classified as Level 2. The funds held in the rabbi trust are included in Other Assets on the Consolidated Statements of Financial Position. The related deferred compensation liabilities are included in Other Long-term Liabilities on the Consolidated Statements of Financial Position with investment options generally mirroring those funds held by the rabbi trust. Therefore, the investments are classified as Level 2. Securities held by the trust are classified as trading securities. Unrealized gains and losses associated with these investments are included in the Company's earnings. During the thirteen and thirty-nine weeks ended July 25, 2021, securities held by the trust generated gains of $1.5 million and $18.6 million, respectively, compared to losses of $9.3 million and $2.6 million for the thirteen and thirty-nine weeks ended July 26, 2020, respectively. (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. Over-the-counter (OTC) derivative instruments are valued using discounted cash flow models, observable and non-observable market inputs, and other mathematical pricing models. The Company’s corn futures option contracts are OTC instruments classified as Level 2 whose value is calculated using the Black-Scholes pricing model, corn future prices quoted from the Chicago Board of Trade, and other adjustments to inputs that are observable in active markets. 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 July 25, 2021, the Company has recognized the obligation to return net cash collateral of $17.1 million from various counterparties (including $29.4 million of realized gains offset by cash owed of $46.5 million). As of October 25, 2020, the Company had recognized the right to reclaim net cash collateral of $12.3 million from various counterparties (including cash of $25.5 million less $13.2 million of realized loss).

LONG-TERM DEBT AND OTHER BORR_2

LONG-TERM DEBT AND OTHER BORROWING ARRANGEMENTS (Tables)	9 Months Ended
	Jul. 25, 2021
Debt Disclosure [Abstract]
Schedule of Long-term Debt	Long-term Debt consists of: (in thousands) July 25, 2021 October 25, 2020 Senior Unsecured Notes, with Interest at 3.050%, Interest Due Semi-annually through June 2051 Maturity Date $ 600,000 $ — Senior Unsecured Notes, with Interest at 1.800%, Interest Due Semi-annually through June 2030 Maturity Date 1,000,000 1,000,000 Senior Unsecured Notes, with Interest at 1.700%, Interest Due Semi-annually through June 2028 Maturity Date 750,000 — Senior Unsecured Notes, with Interest at 0.650%, Interest Due Semi-annually through June 2024 Maturity Date 950,000 — Senior Unsecured Notes, with Interest at 4.125%, Interest Due Semi-annually through April 2021 Maturity Date — 250,000 Unamortized Discount on Senior Notes (8,668) (2,630) Unamortized Debt Issuance Costs (24,329) (7,979) Finance Lease Liabilities 55,071 61,030 Other Financing Arrangements 2,920 3,206 Total $ 3,324,994 $ 1,303,627 Less: Current Maturities of Long-term Debt 8,732 258,691 Long-term Debt - Less Current Maturities $ 3,316,262 $ 1,044,936

EARNINGS PER SHARE DATA (Tables

EARNINGS PER SHARE DATA (Tables)	9 Months Ended
	Jul. 25, 2021
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: Thirteen Weeks Ended Thirty-Nine Weeks Ended (in thousands) July 25, 2021 July 26, 2020 July 25, 2021 July 26, 2020 Basic Weighted-Average Shares Outstanding 541,746 539,108 540,618 537,434 Dilutive Potential Common Shares 6,326 8,041 7,066 8,678 Diluted Weighted-Average Shares Outstanding 548,072 547,149 547,684 546,112 Antidilutive Potential Common Shares 2,350 1,626 2,305 2,178

SEGMENT REPORTING (Tables)

SEGMENT REPORTING (Tables)	9 Months Ended
	Jul. 25, 2021
Segment Reporting [Abstract]
Schedule of sales and operating profits for each of the reportable segments and reconciliation to earnings before income taxes	Sales and segment profit 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 that these segments, if operated independently, would report the profit and other financial information shown below. Thirteen Weeks Ended Thirty-Nine Weeks Ended (in thousands) July 25, 2021 July 26, 2020 July 25, 2021 July 26, 2020 Sales to Unaffiliated Customers Grocery Products $ 698,584 $ 580,798 $ 1,904,415 $ 1,804,674 Refrigerated Foods 1,624,641 1,363,092 4,445,099 3,962,219 Jennie-O Turkey Store 350,897 286,805 1,035,397 959,988 International & Other 189,548 150,762 546,528 461,475 Total $ 2,863,670 $ 2,381,457 $ 7,931,438 $ 7,188,357 Intersegment Sales Grocery Products $ — $ — $ — $ 13 Refrigerated Foods 7,636 5,092 19,527 16,143 Jennie-O Turkey Store 30,581 25,361 89,715 82,082 International & Other — — — Total 38,217 30,454 109,242 98,237 Intersegment Elimination (38,217) (30,454) (109,242) (98,237) Total $ — $ — $ — $ — Net Sales Grocery Products $ 698,584 $ 580,798 $ 1,904,415 $ 1,804,687 Refrigerated Foods 1,632,277 1,368,185 4,464,626 3,978,362 Jennie-O Turkey Store 381,478 312,166 1,125,112 1,042,070 International & Other 189,548 150,762 546,528 461,475 Intersegment Elimination (38,217) (30,454) (109,242) (98,237) Total $ 2,863,670 $ 2,381,457 $ 7,931,438 $ 7,188,357 Segment Profit Grocery Products $ 80,791 $ 80,169 $ 270,963 $ 276,367 Refrigerated Foods 153,216 152,822 467,740 451,596 Jennie-O Turkey Store 5,874 7,069 45,514 72,968 International & Other 27,915 23,620 84,600 66,735 Total Segment Profit 267,796 263,679 868,817 867,666 Net Unallocated Expense 63,715 4,457 95,166 31,754 Noncontrolling Interest 157 141 290 103 Earnings Before Income Taxes $ 204,238 $ 259,364 $ 773,940 $ 836,014
Schedule of total revenues contributed by sales channel	The amount of total revenues contributed by sales channel are: Thirteen Weeks Ended Thirty-Nine Weeks Ended (in thousands) July 25, 2021 July 26, 2020 July 25, 2021 July 26, 2020 U.S. Retail $ 1,520,365 $ 1,390,075 $ 4,365,081 $ 4,072,156 U.S. Foodservice 851,897 588,130 2,162,481 1,864,050 U.S. Deli 266,506 238,076 777,308 721,748 International 224,902 165,177 626,568 530,402 Total $ 2,863,670 $ 2,381,457 $ 7,931,438 $ 7,188,357 Thirteen Weeks Ended Thirty-Nine Weeks Ended (in thousands) July 25, 2021 July 26, 2020 July 25, 2021 July 26, 2020 Perishable $ 1,610,378 $ 1,365,741 $ 4,440,347 $ 4,016,266 Shelf-stable 670,446 511,732 1,761,883 1,581,789 Poultry 500,121 426,345 1,468,957 1,368,386 Miscellaneous 82,726 77,640 260,251 221,915 Total $ 2,863,670 $ 2,381,457 $ 7,931,438 $ 7,188,357
Schedule of changes to Company's total assets contributed by Planters acquisition	The asset values below reflect the preliminary purchase allocations associated with the acquisition of the Planters ® snack nuts business. (in thousands) July 25, 2021 October 25, 2020 Assets Grocery Products $ 4,590,540 $ 1,713,883 Refrigerated Foods 4,758,687 4,188,250 Jennie-O Turkey Store 1,087,773 1,111,318 International & Other 797,181 721,729 Corporate 1,098,001 2,173,101 Total $ 12,332,182 $ 9,908,282 Additions to Property, Plant, & Equipment Grocery Products $ 12,468 $ 34,409 Refrigerated Foods 93,020 249,441 Jennie-O Turkey Store 10,723 42,042 International & Other 6,776 3,737 Corporate 16,375 37,872 Total $ 139,361 $ 367,501

ACQUISITIONS AND DIVESTITURES -

ACQUISITIONS AND DIVESTITURES - Narrative (Details) - USD ($) $ in Thousands	Jun. 07, 2021	Mar. 02, 2020	Jul. 25, 2021	Jul. 25, 2021	Jul. 26, 2020	Jul. 25, 2021	Jul. 26, 2020
Planters Snack Nuts Business
ACQUISITIONS
Final purchase price	$ 3,400,000
Net sales contributed by acquisition			$ 141,300
Acquisition-related costs				$ 27,500		$ 30,300
Acquisition adjustments related to the preliminary revaluation of acquired inventory				12,900		12,900
Acquisition-related costs and adjustments				40,400		43,200
Reduction in pro-forma net earnings due to nonrecurring adjustments				$ (215,983)	$ (211,135)	$ (704,143)	$ (664,304)
Planters Snack Nuts Business | Transaction costs and revaluation of inventory, net of tax effects
ACQUISITIONS
Reduction in pro-forma net earnings due to nonrecurring adjustments							$ 41,100
Sadler's Smokehouse
ACQUISITIONS
Final purchase price		$ 270,800

ACQUISITIONS AND DIVESTITURES_2

ACQUISITIONS AND DIVESTITURES - Preliminary Purchase Allocation (Details) - USD ($) $ in Thousands	Jul. 25, 2021	Jun. 07, 2021	Apr. 25, 2021	Oct. 25, 2020
ACQUISITIONS
Goodwill	$ 4,907,073		$ 2,614,036	$ 2,612,727
Planters Snack Nuts Business
ACQUISITIONS
Inventory		$ 149,224
Property, Plant and Equipment		162,091
Goodwill		2,286,932
Other Intangibles		798,000
Purchase Price		$ 3,396,246

ACQUISITIONS AND DIVESTITURES_3

ACQUISITIONS AND DIVESTITURES - Unaudited Pro Forma Financial Information (Details) - Planters Snack Nuts Business - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jul. 25, 2021	Jul. 26, 2020	Jul. 25, 2021	Jul. 26, 2020
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]
Pro Forma Net Sales	$ 2,981,630	$ 2,635,561	$ 8,606,935	$ 7,983,636
Pro Forma Net Earnings Attributable to Hormel Foods Corporation	$ 215,983	$ 211,135	$ 704,143	$ 664,304

GOODWILL AND INTANGIBLE ASSET_2

GOODWILL AND INTANGIBLE ASSETS - Changes in Carrying Amounts of Goodwill (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Jul. 25, 2021	Jul. 25, 2021
Changes in the carrying amount of goodwill
Balance at the beginning of the period	$ 2,614,036	$ 2,612,727
Goodwill Acquired	2,286,932	2,286,932
Foreign Currency Translation	6,105	7,415
Balance at the end of the period	4,907,073	4,907,073
Grocery Products
Changes in the carrying amount of goodwill
Balance at the beginning of the period	632,301	632,301
Goodwill Acquired	1,878,660	1,878,660
Foreign Currency Translation	0	0
Balance at the end of the period	2,510,961	2,510,961
Refrigerated Foods
Changes in the carrying amount of goodwill
Balance at the beginning of the period	1,607,005	1,607,005
Goodwill Acquired	353,135	353,135
Foreign Currency Translation	0	0
Balance at the end of the period	1,960,140	1,960,140
Jennie-O Turkey Store
Changes in the carrying amount of goodwill
Balance at the beginning of the period	176,628	176,628
Goodwill Acquired	0	0
Foreign Currency Translation	0	0
Balance at the end of the period	176,628	176,628
International & Other
Changes in the carrying amount of goodwill
Balance at the beginning of the period	198,102	196,793
Goodwill Acquired	55,137	55,137
Foreign Currency Translation	6,105	7,415
Balance at the end of the period	$ 259,344	$ 259,344

GOODWILL AND INTANGIBLE ASSET_3

GOODWILL AND INTANGIBLE ASSETS - Indefinite Lived Intangible Assets (Details) - USD ($) $ in Thousands	Jul. 25, 2021	Oct. 25, 2020
Carrying amounts for indefinite-lived intangible assets
Total	$ 1,694,609	$ 946,452
Brands/Tradenames/Trademarks
Carrying amounts for indefinite-lived intangible assets
Total	1,700,190	953,190
Other Intangibles
Carrying amounts for indefinite-lived intangible assets
Total	184	184
Foreign Currency Translation
Carrying amounts for indefinite-lived intangible assets
Total	$ 5,766	$ 6,923

GOODWILL AND INTANGIBLE ASSET_4

GOODWILL AND INTANGIBLE ASSETS - Definite Lived Intangibles Assets (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Jul. 25, 2021	Oct. 25, 2020
Gross carrying amount and accumulated amortization for definite-lived intangible assets
Gross Carrying Amount	$ 239,016	$ 188,406
Accumulated Amortization	$ (69,910)	$ (58,572)
Weighted Ave Life (In Years)	12 years 8 months 12 days	12 years 3 months 18 days
Customer Lists/Relationships
Gross carrying amount and accumulated amortization for definite-lived intangible assets
Gross Carrying Amount	$ 168,239	$ 117,239
Accumulated Amortization	$ (53,409)	$ (45,996)
Weighted Ave Life (In Years)	12 years 8 months 12 days	12 years 2 months 12 days
Other Intangibles
Gross carrying amount and accumulated amortization for definite-lived intangible assets
Gross Carrying Amount	$ 60,241	$ 60,631
Accumulated Amortization	$ (7,211)	$ (4,298)
Weighted Ave Life (In Years)	13 years 9 months 18 days	13 years 9 months 18 days
Tradenames/Trademarks
Gross carrying amount and accumulated amortization for definite-lived intangible assets
Gross Carrying Amount	$ 10,536	$ 10,536
Accumulated Amortization	$ (5,125)	$ (3,518)
Weighted Ave Life (In Years)	4 years 10 months 24 days	4 years 10 months 24 days
Foreign Currency Translation
Gross carrying amount and accumulated amortization for definite-lived intangible assets
Gross Carrying Amount	$ 0	$ 0
Accumulated Amortization	$ (4,165)	$ (4,760)

GOODWILL AND INTANGIBLE ASSET_5

GOODWILL AND INTANGIBLE ASSETS - Estimated Annual Amortization Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jul. 25, 2021	Jul. 26, 2020	Jul. 25, 2021	Jul. 26, 2020	Oct. 25, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization of Intangible Assets	$ 4,400	$ 4,100	$ 12,300	$ 10,300
Estimated amortization expense
2021					$ 17,948
2022					19,680
2023					18,775
2024					16,691
2025					$ 15,075

INVESTMENTS IN AND RECEIVABLE_3

INVESTMENTS IN AND RECEIVABLES FROM AFFILIATES - Schedule of Investments and Equity Information (Details) - USD ($) $ in Thousands	Jul. 25, 2021	Oct. 25, 2020
Investments In and Receivables from Affiliates
Total	$ 304,417	$ 308,372
Minimum
Investments In and Receivables from Affiliates
% Owned	20.00%
Maximum
Investments In and Receivables from Affiliates
% Owned	40.00%
MegaMex Foods, LLC
Investments In and Receivables from Affiliates
% Owned	50.00%
Total	$ 209,613	220,907
Other Joint Ventures
Investments In and Receivables from Affiliates
Total	$ 94,805	$ 87,466

INVESTMENTS IN AND RECEIVABLE_4

INVESTMENTS IN AND RECEIVABLES FROM AFFILIATES - Schedule of Equity in Earnings of Affiliates (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jul. 25, 2021	Jul. 26, 2020	Jul. 25, 2021	Jul. 26, 2020
Investments In and Receivables from Affiliates
Total	$ 10,420	$ 8,235	$ 37,722	$ 25,843
MegaMex Foods, LLC
Investments In and Receivables from Affiliates
Total	7,529	5,799	29,625	22,939
Other Joint Ventures
Investments In and Receivables from Affiliates
Total	$ 2,891	$ 2,435	$ 8,097	$ 2,904

INVESTMENTS IN AND RECEIVABLE_5

INVESTMENTS IN AND RECEIVABLES FROM AFFILIATES - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Jul. 25, 2021	Jul. 26, 2020	Jul. 25, 2021	Jul. 26, 2020	Oct. 26, 2009
Schedule of Equity Method Investments [Line Items]
Dividends received from affiliates	$ 11.2	$ 7.5	$ 33.7	$ 27.5
MegaMex Foods, LLC
Schedule of Equity Method Investments [Line Items]
Excess of investment over the underlying equity in net assets of the joint venture	$ 11.2		$ 11.2		$ 21.3

INVENTORIES (Details)

INVENTORIES (Details) - USD ($) $ in Thousands	Jul. 25, 2021	Oct. 25, 2020
Inventory, Net [Abstract]
Finished Products	$ 766,817	$ 546,070
Raw Materials and Work-in-Process	414,039	318,975
Operating Supplies	161,239	136,547
Maintenance Materials and Parts	84,642	71,170
Total	$ 1,426,738	$ 1,072,762

DERIVATIVES AND HEDGING - Narra

DERIVATIVES AND HEDGING - Narrative (Details) $ in Millions	3 Months Ended	9 Months Ended
	Apr. 25, 2021USD ($)derivative	Jul. 25, 2021USD ($)
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
Treasury Lock | Derivatives designated as hedges | Cash Flow Hedges
Derivative [Line Items]
Number of hedging instruments | derivative	2
Total notional amount of hedging	$ 1,250
Treasury Lock | Derivatives designated as hedges | Cash Flow Hedges | Minimum
Derivative [Line Items]
Tenor of hedging contracts	7 years
Treasury Lock | Derivatives designated as hedges | Cash Flow Hedges | Maximum
Derivative [Line Items]
Tenor of hedging contracts	30 years
Commodity Contracts
Derivative [Line Items]
Hedging gains to be recognized within next twelve months		$ 43.4
Interest Rate Contracts
Derivative [Line Items]
Hedging gains to be recognized within next twelve months		$ 14.7

DERIVATIVES AND HEDGING - Outst

DERIVATIVES AND HEDGING - Outstanding Commodity Future Contracts (Details) - Cash Flow Hedges lb in Millions, bu in Millions	9 Months Ended	12 Months Ended
	Jul. 25, 2021lbbu	Oct. 25, 2020lbbu
Corn
Derivative [Line Items]
Futures contracts, volume (in million bushels) | bu	43.5	26
Lean Hogs
Derivative [Line Items]
Futures contracts, volume (in million pounds) | lb	115.9	153.7

DERIVATIVES AND HEDGING - Fair

DERIVATIVES AND HEDGING - Fair Value of Derivatives (Details) - USD ($) $ in Thousands	Jul. 25, 2021	Oct. 25, 2020
Derivatives fair value
Obligation to return net cash collateral	$ 17,100
Right to reclaim net cash collateral		$ 12,300
Derivatives designated as hedges | Commodity Contracts | Other Current Assets
Derivatives fair value
Gross fair value	$ 24,824	$ (1,330)

DERIVATIVES AND HEDGING - Fai_2

DERIVATIVES AND HEDGING - Fair Value Hedge Assets (Liabilities) (Details) - USD ($) $ in Thousands	Jul. 25, 2021	Oct. 25, 2020
Accounts Payable
Derivatives fair value
Carrying Amount of the Hedged Assets/(Liabilities)	$ 5,400	$ 4,269

DERIVATIVES AND HEDGING - Effec

DERIVATIVES AND HEDGING - Effects on Accumulated Other Comprehensive Gains and Losses (Before Tax) of Derivative Instruments (Details) - Derivatives designated as hedges - Cash Flow Hedges - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jul. 25, 2021	Jul. 26, 2020	Jul. 25, 2021	Jul. 26, 2020
Commodity Contracts
Derivative instruments gains or losses (before tax)
Gain/(Loss) Reclassified from AOCL into Earnings	$ 14,261	$ (18,645)	$ 18,723	$ (25,997)
Interest Rate Contracts
Derivative instruments gains or losses (before tax)
Gain/(Loss) Reclassified from AOCL into Earnings	152	0	152	0
Cost of Products Sold | Commodity Contracts
Derivative instruments gains or losses (before tax)
Gain/(Loss) Recognized in AOCL	5,467	(943)	58,129	(57,514)
Gain/(Loss) Reclassified from AOCL into Earnings	14,261	(18,645)	18,723	(25,997)
Cost of Products Sold | Corn Options
Derivative instruments gains or losses (before tax)
Excluded Component	1,261	0	1,261	0
Excluded Component	0	0	0	0
Interest Expense | Interest Rate Contracts
Derivative instruments gains or losses (before tax)
Gain/(Loss) Recognized in AOCL	(3,675)	0	14,864	0
Gain/(Loss) Reclassified from AOCL into Earnings	$ 152	$ 0	$ 152	$ 0

DERIVATIVES AND HEDGING - Conso

DERIVATIVES AND HEDGING - Consolidated Statements of Operations Impact of Gains or Losses on Derivative Instruments (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jul. 25, 2021	Jul. 26, 2020	Jul. 25, 2021	Jul. 26, 2020
Derivative [Line Items]
Net Earnings Attributable to Hormel Foods Corporation	$ 176,917	$ 203,119	$ 627,101	$ 673,726
Fair Value Hedges
Total Gain (Loss) Recognized in Earnings	1,131	(14,304)	(8,678)	(12,510)
Derivatives designated as hedges | Commodity Contracts
Fair Value Hedges
Total Gain (Loss) Recognized in Earnings	979	(14,304)	(8,830)	(12,510)
Derivatives designated as hedges | Interest Rate Locks
Fair Value Hedges
Total Gain (Loss) Recognized in Earnings	152	0	152	0
Derivatives designated as hedges | Cash Flow Hedges | Commodity Contracts
Cash Flow Hedges
Gain (Loss) Reclassified from AOCL	14,261	(18,645)	18,723	(25,997)
Amortization of Excluded Component from Options	(1,543)	0	(1,543)	0
Derivatives designated as hedges | Cash Flow Hedges | Interest Rate Locks
Cash Flow Hedges
Gain (Loss) Reclassified from AOCL	152	0	152	0
Derivatives designated as hedges | Fair Value Hedges | Commodity Contracts
Fair Value Hedges
Gain (loss) on Commodity Futures	$ (11,739)	$ 4,341	$ (26,010)	$ 13,487

PENSION AND OTHER POST-RETIRE_3

PENSION AND OTHER POST-RETIREMENT BENEFITS (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jul. 25, 2021	Jul. 26, 2020	Jul. 25, 2021	Jul. 26, 2020
Pension Benefits
Net periodic cost of defined benefit plans
Service Cost	$ 9,107	$ 8,896	$ 27,321	$ 26,688
Interest Cost	12,362	13,411	37,086	40,232
Expected Return on Plan Assets	(25,189)	(25,321)	(75,567)	(75,963)
Amortization of Prior Service Cost	(367)	(542)	(1,101)	(1,626)
Recognized Actuarial Loss	5,578	5,595	16,735	16,787
Net Periodic Cost	1,491	2,039	4,474	6,118
Post-retirement Benefits
Net periodic cost of defined benefit plans
Service Cost	131	192	392	579
Interest Cost	1,948	2,322	5,844	7,111
Amortization of Prior Service Cost	(164)	(662)	(492)	(1,988)
Recognized Actuarial Loss	495	261	1,486	784
Net Periodic Cost	$ 2,410	$ 2,113	$ 7,230	$ 6,486

ACCUMULATED OTHER COMPREHENSI_3

ACCUMULATED OTHER COMPREHENSIVE LOSS (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Jul. 25, 2021	Jul. 25, 2021
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning Balance		$ 6,425,548
Unrecognized Gains (Losses)
Gross	$ 15,567	97,362
Tax Effect	(738)	(17,928)
Reclassification into Net Earnings
Gross	(8,871)	(2,247)
Tax Effect	2,142	535
Net of Tax Amount	8,100	77,722
Ending Balance	6,788,284	6,788,284
Accumulated Other Comprehensive Loss
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning Balance	(325,629)	(395,250)
Reclassification into Net Earnings
Ending Balance	(317,528)	(317,528)
Foreign Currency Translation
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning Balance	(53,565)	(64,161)
Unrecognized Gains (Losses)
Gross	12,513	23,108
Tax Effect	0	0
Reclassification into Net Earnings
Gross	0	0
Tax Effect	0	0
Net of Tax Amount	12,513	23,108
Ending Balance	(41,053)	(41,053)
Pension & Other Benefits
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning Balance	(324,780)	(333,178)
Unrecognized Gains (Losses)
Gross	0	0
Tax Effect	0	0
Reclassification into Net Earnings
Gross	5,542	16,628
Tax Effect	(1,343)	(4,030)
Net of Tax Amount	4,199	12,598
Ending Balance	(320,580)	(320,580)
Derivatives & Hedging
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning Balance	52,717	2,089
Unrecognized Gains (Losses)
Gross	3,054	74,254
Tax Effect	(738)	(17,928)
Reclassification into Net Earnings
Gross	(14,413)	(18,875)
Tax Effect	3,485	4,565
Net of Tax Amount	(8,612)	42,016
Ending Balance	$ 44,105	$ 44,105

FAIR VALUE MEASUREMENTS - Finan

FAIR VALUE MEASUREMENTS - Financial Assets and Liabilities Carried at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jul. 25, 2021	Jul. 26, 2020	Jul. 25, 2021	Jul. 26, 2020	Oct. 25, 2020
Right To Reclaim Net Cash Collateral, Commodity Derivatives [Abstract]
Obligation to return net cash collateral	$ 17,100		$ 17,100
Realized gain (loss) on closed positions	29,400		29,400		$ (13,200)
Obligation to return net cash collateral, cash portion	46,500		46,500
Recognized right to reclaim net cash collateral					12,300
Right to reclaim cash, cash portion					25,500
Rabbi trust
Right To Reclaim Net Cash Collateral, Commodity Derivatives [Abstract]
Gain related to securities held by the trust	1,500	$ 9,300	18,600	$ 2,600
Recurring basis
Assets at Fair Value
Cash and Cash Equivalents	291,363		291,363		1,714,309
Short-term Marketable Securities	18,372		18,372		17,338
Other Trading Securities	200,339		200,339		173,114
Commodity Derivatives	11,821		11,821		10,950
Total Assets at Fair Value	521,895		521,895		1,915,711
Liabilities at Fair Value
Deferred Compensation	69,365		69,365		65,154
Total Liabilities at Fair Value	69,365		69,365		65,154
Recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1)
Assets at Fair Value
Cash and Cash Equivalents	286,153		286,153		1,713,098
Short-term Marketable Securities	6,722		6,722		5,728
Other Trading Securities	0		0		0
Commodity Derivatives	7,023		7,023		10,950
Total Assets at Fair Value	299,898		299,898		1,729,776
Liabilities at Fair Value
Deferred Compensation	0		0		0
Total Liabilities at Fair Value	0		0		0
Recurring basis | Significant Other Observable Inputs (Level 2)
Assets at Fair Value
Cash and Cash Equivalents	5,210		5,210		1,211
Short-term Marketable Securities	11,650		11,650		11,610
Other Trading Securities	200,339		200,339		173,114
Commodity Derivatives	4,798		4,798		0
Total Assets at Fair Value	221,997		221,997		185,935
Liabilities at Fair Value
Deferred Compensation	69,365		69,365		65,154
Total Liabilities at Fair Value	69,365		69,365		65,154
Recurring basis | Significant Unobservable Inputs (Level 3)
Assets at Fair Value
Cash and Cash Equivalents	0		0		0
Short-term Marketable Securities	0		0		0
Other Trading Securities	0		0		0
Commodity Derivatives	0		0		0
Total Assets at Fair Value	0		0		0
Liabilities at Fair Value
Deferred Compensation	0		0		0
Total Liabilities at Fair Value	$ 0		$ 0		$ 0

FAIR VALUE MEASUREMENTS - Narra

FAIR VALUE MEASUREMENTS - Narrative (Details) - USD ($) $ in Millions	Jul. 25, 2021	Oct. 25, 2020
Fair Value Disclosures [Abstract]
Fair value of long-term debt, utilizing discounted cash flows (Level 2)	$ 3,367	$ 1,238.8

LONG-TERM DEBT AND OTHER BORR_3

LONG-TERM DEBT AND OTHER BORROWING ARRANGEMENTS - Schedule of Long-term Debt (Details) - USD ($) $ in Thousands	Jul. 25, 2021	Jun. 03, 2021	Oct. 25, 2020	Jun. 11, 2020
Debt Instrument [Line Items]
Unamortized Debt Issuance Costs	$ (24,329)		$ (7,979)
Finance Lease Liabilities	55,071		61,030
Other Financing Arrangements	2,920		3,206
Total	3,324,994		1,303,627
Less: Current Maturities of Long-term Debt	8,732		258,691
Long-term Debt - Less Current Maturities	3,316,262		1,044,936
Senior Notes
Debt Instrument [Line Items]
Unamortized Discount on Senior Notes	$ (8,668)		(2,630)
Senior Notes | Senior Unsecured Notes, with Interest at 3.050%, Interest Due Semi-annually through June 2051 Maturity Date
Debt Instrument [Line Items]
Interest rate	3.05%	3.05%
Long-term Debt	$ 600,000		$ 0
Senior Notes | Senior Unsecured Notes, with Interest at 1.800%, Interest Due Semi-annually through June 2030 Maturity Date
Debt Instrument [Line Items]
Interest rate	1.80%		1.80%	1.80%
Long-term Debt	$ 1,000,000		$ 1,000,000
Senior Notes | Senior Unsecured Notes, with Interest at 1.700%, Interest Due Semi-annually through June 2028 Maturity Date
Debt Instrument [Line Items]
Interest rate	1.70%	1.70%
Long-term Debt	$ 750,000		0
Senior Notes | Senior Unsecured Notes, with Interest at 0.650%, Interest Due Semi-annually through June 2024 Maturity Date
Debt Instrument [Line Items]
Interest rate	0.65%	0.65%
Long-term Debt	$ 950,000		$ 0
Senior Notes | Senior Unsecured Notes, with Interest at 4.125%, Interest Due Semi-annually through April 2021 Maturity Date
Debt Instrument [Line Items]
Interest rate			4.125%
Long-term Debt	$ 0		$ 250,000

LONG-TERM DEBT AND OTHER BORR_4

LONG-TERM DEBT AND OTHER BORROWING ARRANGEMENTS - Narrative (Details) - USD ($)	Jun. 11, 2021	Jun. 03, 2021	Apr. 30, 2021	Jul. 25, 2021	May 06, 2021	Oct. 25, 2020	Jun. 11, 2020
Senior Notes | Senior Unsecured Notes Due April 2021
Debt Instrument [Line Items]
Repayment of matured senior unsecured notes			$ 250,000,000
Interest rate						4.125%
Senior Notes | Senior Unsecured Notes Due June 2030
Debt Instrument [Line Items]
Aggregate principal amount of debt issued							$ 1,000,000,000
Interest rate				1.80%		1.80%	1.80%
Redemption price, percentage	101.00%
Senior Notes | 2024 Notes
Debt Instrument [Line Items]
Aggregate principal amount of debt issued		$ 950,000,000
Interest rate		0.65%		0.65%
Period to redeem in whole or in part after the issuance date		1 year
Senior Notes | 2028 Notes
Debt Instrument [Line Items]
Aggregate principal amount of debt issued		$ 750,000,000
Interest rate		1.70%		1.70%
Redemption price, percentage		101.00%
Senior Notes | 2051 Notes
Debt Instrument [Line Items]
Aggregate principal amount of debt issued		$ 600,000,000
Interest rate		3.05%		3.05%
Redemption price, percentage		101.00%
Credit Facility | Revolving Credit Facility
Debt Instrument [Line Items]
Borrowing capacity under credit facility					$ 750,000,000
Additional uncommitted option under credit facility					$ 375,000,000
Amount outstanding under credit facility				$ 0		$ 0

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Jul. 25, 2021	Jul. 26, 2020	Jul. 25, 2021	Jul. 26, 2020
Income Tax Disclosure [Abstract]
Effective tax rate	13.30%	21.60%	18.90%	19.40%
Unrecognized tax benefits that would impact effective tax rate	$ 24.5	$ 24.7	$ 24.5	$ 24.7
Accrued interest and penalties associated with unrecognized tax benefits	$ 7.5	$ 6.2	$ 7.5	$ 6.2

EARNINGS PER SHARE DATA - Share

EARNINGS PER SHARE DATA - Shares Used as Denominator and Narrative (Details) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Jul. 25, 2021	Jul. 26, 2020	Jul. 25, 2021	Jul. 26, 2020
Earnings Per Share [Abstract]
Basic Weighted-Average Shares Outstanding (in shares)	541,746	539,108	540,618	537,434
Dilutive Potential Common Shares (in shares)	6,326	8,041	7,066	8,678
Diluted Weighted-Average Shares Outstanding (in shares)	548,072	547,149	547,684	546,112
Antidilutive Potential Common Shares (in shares)	2,350	1,626	2,305	2,178

SEGMENT REPORTING - Narrative (

SEGMENT REPORTING - Narrative (Details)	9 Months Ended
	Jul. 25, 2021segment
Segment Reporting [Abstract]
Number of reportable business segments	4

SEGMENT REPORTING - Sales and O

SEGMENT REPORTING - Sales and Operating Profits For Each Reportable and Reconciliation to Earnings Before Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jul. 25, 2021	Jul. 26, 2020	Jul. 25, 2021	Jul. 26, 2020
Operating profit and other financial information
Net Sales	$ 2,863,670	$ 2,381,457	$ 7,931,438	$ 7,188,357
Segment Profit	207,484	249,576	764,917	823,523
Net Unallocated Expense	63,715	4,457	95,166	31,754
Noncontrolling Interest	157	141	290	103
Earnings Before Income Taxes	204,238	259,364	773,940	836,014
Grocery Products
Operating profit and other financial information
Net Sales	698,584	580,798	1,904,415	1,804,674
Refrigerated Foods
Operating profit and other financial information
Net Sales	1,624,641	1,363,092	4,445,099	3,962,219
Jennie-O Turkey Store
Operating profit and other financial information
Net Sales	350,897	286,805	1,035,397	959,988
International & Other
Operating profit and other financial information
Net Sales	189,548	150,762	546,528	461,475
Intersegment Elimination
Operating profit and other financial information
Net Sales	38,217	30,454	109,242	98,237
Intersegment Elimination | Grocery Products
Operating profit and other financial information
Net Sales	0	0	0	13
Intersegment Elimination | Refrigerated Foods
Operating profit and other financial information
Net Sales	7,636	5,092	19,527	16,143
Intersegment Elimination | Jennie-O Turkey Store
Operating profit and other financial information
Net Sales	30,581	25,361	89,715	82,082
Intersegment Elimination | International & Other
Operating profit and other financial information
Net Sales	0	0	0
Operating Segments
Operating profit and other financial information
Segment Profit	267,796	263,679	868,817	867,666
Operating Segments | Grocery Products
Operating profit and other financial information
Net Sales	698,584	580,798	1,904,415	1,804,687
Segment Profit	80,791	80,169	270,963	276,367
Operating Segments | Refrigerated Foods
Operating profit and other financial information
Net Sales	1,632,277	1,368,185	4,464,626	3,978,362
Segment Profit	153,216	152,822	467,740	451,596
Operating Segments | Jennie-O Turkey Store
Operating profit and other financial information
Net Sales	381,478	312,166	1,125,112	1,042,070
Segment Profit	5,874	7,069	45,514	72,968
Operating Segments | International & Other
Operating profit and other financial information
Net Sales	189,548	150,762	546,528	461,475
Segment Profit	$ 27,915	$ 23,620	$ 84,600	$ 66,735

SEGMENT REPORTING - Revenue Con

SEGMENT REPORTING - Revenue Contributed by Sales Channel (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jul. 25, 2021	Jul. 26, 2020	Jul. 25, 2021	Jul. 26, 2020
Revenue from External Customer [Line Items]
Total	$ 2,863,670	$ 2,381,457	$ 7,931,438	$ 7,188,357
Perishable
Revenue from External Customer [Line Items]
Total	1,610,378	1,365,741	4,440,347	4,016,266
Shelf-stable
Revenue from External Customer [Line Items]
Total	670,446	511,732	1,761,883	1,581,789
Poultry
Revenue from External Customer [Line Items]
Total	500,121	426,345	1,468,957	1,368,386
Miscellaneous
Revenue from External Customer [Line Items]
Total	82,726	77,640	260,251	221,915
U.S. Retail
Revenue from External Customer [Line Items]
Total	1,520,365	1,390,075	4,365,081	4,072,156
U.S. Foodservice
Revenue from External Customer [Line Items]
Total	851,897	588,130	2,162,481	1,864,050
U.S. Deli
Revenue from External Customer [Line Items]
Total	266,506	238,076	777,308	721,748
International
Revenue from External Customer [Line Items]
Total	$ 224,902	$ 165,177	$ 626,568	$ 530,402

SEGMENT REPORTING - Changes to

SEGMENT REPORTING - Changes to Company's Total Assets Contributed by Planters Acquisition (Details) - USD ($) $ in Thousands	9 Months Ended		12 Months Ended
	Jul. 25, 2021	Jul. 26, 2020	Oct. 25, 2020
Revenue from External Customer [Line Items]
Assets	$ 12,332,182		$ 9,908,282
Additions to Property, Plant, & Equipment	139,361	$ 226,830	367,501
Operating Segments | Grocery Products
Revenue from External Customer [Line Items]
Assets	4,590,540		1,713,883
Additions to Property, Plant, & Equipment	12,468		34,409
Operating Segments | Refrigerated Foods
Revenue from External Customer [Line Items]
Assets	4,758,687		4,188,250
Additions to Property, Plant, & Equipment	93,020		249,441
Operating Segments | Jennie-O Turkey Store
Revenue from External Customer [Line Items]
Assets	1,087,773		1,111,318
Additions to Property, Plant, & Equipment	10,723		42,042
Operating Segments | International & Other
Revenue from External Customer [Line Items]
Assets	797,181		721,729
Additions to Property, Plant, & Equipment	6,776		3,737
Corporate
Revenue from External Customer [Line Items]
Assets	1,098,001		2,173,101
Additions to Property, Plant, & Equipment	$ 16,375		$ 37,872