Hormel Foods (HRL) 10-K 10 Dec 21 2021 FY Annual report Financial data

Cover

Cover - USD ($)	12 Months Ended
	Oct. 31, 2021	Dec. 05, 2021	Apr. 25, 2021
Entity Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Oct. 31, 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	55912-3680
City Area Code	507
Local Phone Number	437-5611
Title of 12(b) Security	Common Stock $0.01465 par value
Trading Symbol	HRL
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Smaller Reporting Company	false
Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Shell Company	false
Entity Public Float			$ 13,101,074,449
Documents Incorporated by Reference	Portions of the Proxy Statement for the Annual Meeting of Stockholders to be held January 25, 2022, are incorporated by reference into Part III, Items 10-14. The Proxy Statement will be filed with the Securities and Exchange Commission within 120 days after the end of the fiscal year to which this report relates.
Entity Central Index Key	0000048465
Amendment Flag	false
Current Fiscal Year End Date	--10-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	FY
Common Stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding (in shares)		542,569,949
Common Stock, Non-Voting
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding (in shares)		0

CONSOLIDATED STATEMENTS OF FINA

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION - USD ($) $ in Thousands	Oct. 31, 2021	Oct. 25, 2020
Current Assets
Cash and Cash Equivalents	$ 613,530	$ 1,714,309
Short-term Marketable Securities	21,162	17,338
Accounts Receivable (Net of Allowance for Doubtful Accounts of $4,033 at October 31, 2021, and $4,012 at October 25, 2020)	895,719	702,419
Inventories	1,369,198	1,072,762
Taxes Receivable	8,293	41,449
Prepaid Expenses	24,971	18,349
Other Current Assets	14,943	12,438
Total Current Assets	2,947,816	3,579,063
Goodwill	4,929,102	2,612,727
Other Intangibles	1,822,273	1,076,285
Pension Assets	289,096	183,232
Investments In and Receivables from Affiliates	299,019	308,372
Other Assets	299,907	250,382
Property, Plant, and Equipment
Land	72,133	62,543
Buildings	1,332,881	1,250,529
Equipment	2,415,063	2,084,930
Construction in Progress	316,455	369,453
Less: Allowance for Depreciation	(2,027,414)	(1,869,233)
Net Property, Plant, and Equipment	2,109,117	1,898,222
Total Assets	12,696,329	9,908,282
Current Liabilities
Accounts Payable	793,310	644,609
Accrued Expenses	51,192	59,136
Accrued Workers Compensation	27,350	25,070
Accrued Marketing Expenses	114,746	108,502
Employee Related Expenses	241,977	252,845
Taxes Payable	23,520	22,480
Interest and Dividends Payable	154,803	132,632
Current Maturities of Long-term Debt	8,756	258,691
Total Current Liabilities	1,415,654	1,503,965
Long-term Debt Less Current Maturities	3,315,147	1,044,936
Pension and Post-retirement Benefits	546,362	552,878
Other Long-term Liabilities	162,623	157,399
Deferred Income Taxes	278,183	218,779
Shareholders’ Investment
Common Stock, Value, Issued	7,946	7,909
Additional Paid-in Capital	360,336	289,554
Accumulated Other Comprehensive Loss	(277,269)	(395,250)
Retained Earnings	6,881,870	6,523,335
Hormel Foods Corporation Shareholders’ Investment	6,972,883	6,425,548
Noncontrolling Interest	5,478	4,778
Total Shareholders’ Investment	6,978,360	6,430,326
Total Liabilities and Shareholders’ Investment	$ 12,696,329	$ 9,908,282

CONSOLIDATED STATEMENTS OF FI_2

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (Parenthetical) - USD ($) $ in Thousands	Oct. 31, 2021	Oct. 25, 2020
Accounts Receivable, Allowance for Doubtful Accounts	$ 4,033	$ 4,012
Preferred Stock, Par Value (in dollars per share)	$ 0.01	$ 0.01
Preferred Stock, Authorized (in shares)	160,000,000	160,000,000
Preferred Stock, Issued (in shares)	0	0
Preferred Stock, Issued, Value	$ 0	$ 0
Common Stock, Issued, Value	$ 7,946	$ 7,909
Common Stock, Nonvoting
Common Stock, Par Value (in dollars per share)	$ 0.01	$ 0.01
Common Stock, Authorized (in shares)	400,000,000	400,000,000
Common Stock, Issued (in shares)	0	0
Common Stock, Issued, Value	$ 0	$ 0
Common Stock
Common Stock, Par Value (in dollars per share)	$ 0.01465	$ 0.01465
Common Stock, Authorized (in shares)	1,600,000,000	1,600,000,000
Common Stock, Issued (in shares)	542,412,403	539,887,092

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Oct. 31, 2021	Oct. 25, 2020	Oct. 27, 2019
Income Statement [Abstract]
Net Sales	$ 11,386,189	$ 9,608,462	$ 9,497,317
Cost of Products Sold	9,458,283	7,782,498	7,612,669
Gross Profit	1,927,906	1,825,963	1,884,648
Selling, General, and Administrative	853,071	761,315	727,584
Equity in Earnings of Affiliates	47,763	35,572	39,201
Operating Income	1,122,599	1,100,220	1,196,265
Other Income and Expense:
Interest and Investment Income	46,878	35,596	31,520
Interest Expense	(43,307)	(21,069)	(18,070)
Earnings Before Income Taxes	1,126,170	1,114,747	1,209,715
Provision for Income Taxes	217,029	206,393	230,567
Net Earnings	909,140	908,354	979,148
Less: Net Earnings Attributable to Noncontrolling Interest	301	272	342
Net Earnings Attributable to Hormel Foods Corporation	$ 908,839	$ 908,082	$ 978,806
Net Earnings Per Share:
Basic (in dollars per share)	$ 1.68	$ 1.69	$ 1.83
Diluted (in dollars per share)	$ 1.66	$ 1.66	$ 1.80
Weighted-average Shares Outstanding:
Basic (in shares)	541,114	538,007	534,578
Diluted (in shares)	547,580	546,592	545,232

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Oct. 31, 2021	Oct. 25, 2020	Oct. 27, 2019
Statement of Comprehensive Income [Abstract]
Net Earnings	$ 909,140	$ 908,354	$ 979,148
Other Comprehensive Income (Loss), Net of Tax:
Foreign Currency Translation	13,379	(10,812)	(8,414)
Pension and Other Benefits	71,967	15,698	(97,486)
Deferred Hedging	33,034	(284)	3,425
Total Other Comprehensive Income (Loss)	118,380	4,602	(102,475)
Comprehensive Income	1,027,520	912,956	876,673
Less: Comprehensive Income Attributable to Noncontrolling Interest	700	624	70
Comprehensive Income Attributable to Hormel Foods Corporation	$ 1,026,820	$ 912,332	$ 876,603

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' INVESTMENT - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Oct. 31, 2021	Oct. 25, 2020	Oct. 27, 2019
Increase (Decrease) in Shareholders' Investment
Beginning Balance	$ 6,430,326	$ 5,925,535	$ 5,604,818
Net Earnings	909,140	908,354	979,148
Other Comprehensive Income (Loss)	118,380	4,602	(102,475)
Contribution from Non-controlling Interest		77
Purchases of Common Stock	(19,958)	(12,360)	(174,246)
Stock-based Compensation Expense	24,744	22,458	19,707
Exercise of Stock Options/ Restricted Shares	46,369	82,407	60,041
Shares Retired	0	0	0
Declared Cash Dividends	(530,640)	(500,747)	(449,547)
Ending Balance	$ 6,978,360	6,430,326	5,925,535
Cumulative Effect, Period of Adoption, Adjustment | ASU 2016-16
Increase (Decrease) in Shareholders' Investment
Beginning Balance		$ (10,500)	(10,475)
Ending Balance			(10,500)
Cumulative Effect, Period of Adoption, Adjustment | ASU 2017-12
Increase (Decrease) in Shareholders' Investment
Beginning Balance			0
Cumulative Effect, Period of Adoption, Adjustment | ASU 2018-02
Increase (Decrease) in Shareholders' Investment
Beginning Balance			$ (1,436)
Common Stock
Increase (Decrease) in Shareholders' Investment
Beginning Balance (in shares)	539,887	534,489	534,135
Beginning Balance	$ 7,909	$ 7,830	$ 7,825
Stock-based Compensation Expense (in shares)	38
Stock-based Compensation Expense	$ 1		$ 1
Exercise of Stock Options/ Restricted Shares (in shares)	2,956	5,700	4,663
Exercise of Stock Options/ Restricted Shares	$ 43	$ 83	$ 67
Shares Retired (in shares)	(469)	(302)	(4,309)
Shares Retired	$ (7)	$ (4)	$ (63)
Ending Balance (in shares)	542,412	539,887	534,489
Ending Balance	$ 7,946	$ 7,909	$ 7,830
Treasury Stock
Increase (Decrease) in Shareholders' Investment
Beginning Balance (in shares)	0	0	0
Beginning Balance	$ 0	$ 0	$ 0
Purchases of Common Stock (in shares)	(469)	(302)	(4,309)
Purchases of Common Stock	$ (19,958)	$ (12,360)	$ (174,246)
Shares Retired (in shares)	(469)	(302)	(4,309)
Shares Retired	$ 19,958	$ 12,360	$ 174,246
Ending Balance (in shares)	0	0	0
Ending Balance	$ 0	$ 0	$ 0
Additional Paid-In Capital
Increase (Decrease) in Shareholders' Investment
Beginning Balance	289,554	184,921	106,528
Stock-based Compensation Expense	24,743	22,458	19,706
Exercise of Stock Options/ Restricted Shares	46,326	82,324	59,974
Shares Retired	(287)	(149)	(1,287)
Ending Balance	360,336	289,554	184,921
Retained Earnings
Increase (Decrease) in Shareholders' Investment
Beginning Balance	6,523,335	6,128,207	5,729,956
Net Earnings	908,839	908,082	978,806
Shares Retired	(19,664)	(12,207)	(172,896)
Declared Cash Dividends	(530,640)	(500,747)	(449,547)
Ending Balance	6,881,870	6,523,335	6,128,207
Retained Earnings | Cumulative Effect, Period of Adoption, Adjustment | ASU 2016-16
Increase (Decrease) in Shareholders' Investment
Beginning Balance			(10,475)
Retained Earnings | Cumulative Effect, Period of Adoption, Adjustment | ASU 2017-12
Increase (Decrease) in Shareholders' Investment
Beginning Balance			21
Retained Earnings | Cumulative Effect, Period of Adoption, Adjustment | ASU 2018-02
Increase (Decrease) in Shareholders' Investment
Beginning Balance			52,342
Accumulated Other Comprehensive Income (Loss)
Increase (Decrease) in Shareholders' Investment
Beginning Balance	(395,250)	(399,500)	(243,498)
Other Comprehensive Income (Loss)	117,981	4,250	(102,203)
Ending Balance	(277,269)	(395,250)	(399,500)
Accumulated Other Comprehensive Income (Loss) | Cumulative Effect, Period of Adoption, Adjustment | ASU 2017-12
Increase (Decrease) in Shareholders' Investment
Beginning Balance			(21)
Accumulated Other Comprehensive Income (Loss) | Cumulative Effect, Period of Adoption, Adjustment | ASU 2018-02
Increase (Decrease) in Shareholders' Investment
Beginning Balance			(53,778)
Non-controlling Interest
Increase (Decrease) in Shareholders' Investment
Beginning Balance	4,778	4,077	4,007
Net Earnings	301	272	342
Other Comprehensive Income (Loss)	399	352	(272)
Contribution from Non-controlling Interest		77
Ending Balance	$ 5,478	$ 4,778	$ 4,077

CONSOLIDATED STATEMENTS OF CH_2

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' INVESTMENT (Parenthetical) - $ / shares	12 Months Ended
	Oct. 31, 2021	Oct. 25, 2020	Oct. 27, 2019
Statement of Stockholders' Equity [Abstract]
Declared Cash Dividends (in dollars per share)	$ 0.98	$ 0.93	$ 0.84

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Oct. 31, 2021	Oct. 25, 2020	Oct. 27, 2019
Operating Activities
Net Earnings	$ 909,140	$ 908,354	$ 979,148
Adjustments to Reconcile to Net Cash Provided by Operating Activities:
Depreciation	183,772	165,716	153,182
Amortization	44,634	40,065	12,027
Equity in Earnings of Affiliates	(47,763)	(35,572)	(39,201)
Distributions Received from Equity Method Investees	44,999	37,499	22,500
Provision for Deferred Income Taxes	28,677	32,039	28,641
Loss (Gain) on Property/Equipment Sales and Plant Facilities	3,731	1,793	(811)
Gain on Sale of Business	0	0	(16,469)
Non-cash Investment Activities	(24,215)	(15,315)	(20,180)
Stock-based Compensation Expense	24,744	22,458	19,707
Changes in Operating Assets and Liabilities, Net of Acquisitions:
Decrease (Increase) in Accounts Receivable	(191,627)	(119,516)	(11,146)
Decrease (Increase) in Inventories	(145,176)	(1,839)	(123,843)
Decrease (Increase) in Prepaid Expenses and Other Current Assets	34,555	5,860	(10,105)
Increase (Decrease) in Pension and Post-retirement Benefits	(15,448)	(10,509)	(10,416)
Increase (Decrease) in Accounts Payable and Accrued Expenses	115,099	111,277	(44,109)
Increase (Decrease) in Net Income Taxes Payable	36,811	(14,286)	(15,929)
Net Cash Provided by (Used in) Operating Activities	1,001,934	1,128,024	922,996
Investing Activities
Net (Purchase) Sale of Securities	(4,364)	(2,589)	(14,496)
Proceeds from Sale of Business	0	0	479,806
Acquisitions of Businesses and Intangibles	(3,396,246)	(270,789)	0
Purchases of Property and Equipment	(232,416)	(367,501)	(293,838)
Proceeds from Sales of Property and Equipment	2,216	1,916	37,402
Decrease (Increase) in Investments, Equity in Affiliates, and Other Assets	(343)	(21,124)	(6,479)
Proceeds from Company-owned Life Insurance	5,315	3,772	17,758
Net Cash Provided by (Used in) Investing Activities	(3,625,839)	(656,316)	220,153
Financing Activities
Proceeds from Long-term Debt	2,276,292	992,381	0
Repayments of Long-term Debt and Finance Leases	(258,617)	(8,368)	(374,840)
Dividends Paid on Common Stock	(523,114)	(487,376)	(437,053)
Share Repurchase	(19,958)	(12,360)	(174,246)
Proceeds from Exercise of Stock Options	45,919	81,818	59,895
Proceeds from Noncontrolling Interest	0	77	0
Net Cash Provided by (Used in) Financing Activities	1,520,520	566,172	(926,244)
Effect of Exchange Rate Changes on Cash	2,606	3,526	(3,140)
Increase (Decrease) in Cash and Cash Equivalents	(1,100,778)	1,041,407	213,765
Cash and Cash Equivalents at Beginning of Year	1,714,309	672,901	459,136
Cash and Cash Equivalents at End of Year	$ 613,530	$ 1,714,309	$ 672,901

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Oct. 31, 2021
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Principles of Consolidation: The consolidated financial statements include the accounts of Hormel Foods Corporation (the Company) and all of its majority-owned subsidiaries after elimination of intercompany accounts, transactions, and profits. Use of Estimates: The preparation of financial statements in conformity with U.S. generally accepted accounting principles (U.S. GAAP) requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. These estimates and assumptions take into account historical and forward looking factors, including but not limited to the potential impacts arising from COVID-19 and related public and private sector policies and initiatives. 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. Fiscal Year: The Company’s fiscal year ends on the last Sunday in October. Fiscal 2021 consisted of 53 weeks. Fiscal years 2020 and 2019 consisted of 52 weeks. Fiscal 2022 will consist of 52 weeks. Cash and Cash Equivalents: The Company considers all investments with an original maturity of three months or less on their acquisition date to be cash equivalents. The Company’s cash equivalents as of October 31, 2021, and October 25, 2020, consisted primarily of bank deposits, money market funds rated AAA, or other highly liquid investment accounts. The Net Asset Value (NAV) of the Company’s money market funds is based on the market value of the securities in the portfolio. Fair Value Measurements: Pursuant to the provisions of Accounting Standards Codification (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. See additional discussion regarding the Company’s fair value measurements in Note F - Derivatives and Hedging, Note G - Pension and Other Post-retirement Benefits, and Note I - Fair Value Measurements. Compensation: The Company maintains a rabbi trust to fund certain supplemental executive retirement plans and deferred compensation plans. Under the 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, primarily a variety of mutual funds. The Company has corporate-owned life insurance policies on certain participants in the deferred compensation plans. The cash surrender value of the policies is included in Other Assets on the Consolidated Statements of Financial Position. The securities held by the trust are classified as trading securities. Therefore, unrealized losses and gains associated with these investments are included in the Company’s earnings. Securities held by the trust generated gains (losses) of $21.2 million, $7 million, and $8.3 million for fiscal years 2021, 2020, and 2019, respectively. Inventories: Inventories are stated at the lower of cost or net realizable value. Cost is determined principally under the average cost method. Adjustments to the Company’s lower of cost or net realizable value inventory reserve are reflected in Cost of Products Sold in the Consolidated Statements of Operations. Property, Plant, and Equipment: Property, Plant, and Equipment are stated at cost. The Company uses the straight-line method in computing depreciation. The annual provisions for depreciation have been computed principally using the following ranges of asset lives: buildings 20 to 40 years, and equipment 3 to 14 years. Leases: The Company determines if an arrangement contains a lease at inception. Right-of-use assets and lease liabilities are recognized based on the present value of future minimum lease payments over the lease term at the commencement date. Leases with an initial term of twelve months or less are not recorded on the Consolidated Statements of Financial Position. The Company combines lease and non-lease components together in determining the minimum lease payments for all leases. The length of the lease term used in recording right-of-use assets and lease liabilities is based on the contractually required lease term adjusted for any options to renew, early terminate, or purchase the lease that are reasonably certain of being exercised. Most leases include one or more options to renew or terminate. The exercise of lease renewal and termination options is at the Company’s discretion and generally is not reasonably certain at lease commencement. The Company’s lease agreements typically do not contain material residual value guarantees. The Company has one lease with an immaterial residual value guarantee that is included in the minimum lease payments. Certain lease agreements include rental payment increases over the lease term that can be fixed or variable. Fixed payment increases and variable payment increases based on an index or rate are included in the initial lease liability using the index or rate at commencement date. Variable payment increases not based on an index or rate are recognized as incurred. If the rate implicit in the lease is not readily determinable, the Company used its periodic incremental borrowing rate, based on the information available at commencement date, to determine the present value of future lease payments. Leases and right-of-use assets that existed prior to the adoption of ASU 2016-02, Leases (Topic 842) were valued using the incremental borrowing rate on October 28, 2019. Impairment of Long-Lived Assets and Definite-Lived Intangible Assets: Definite-lived intangible assets are amortized over their estimated useful lives. The Company reviews long-lived assets and definite-lived intangible assets for impairment annually, or more frequently when events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If impairment indicators are present and the estimated future undiscounted cash flows are less than the carrying value of the assets and any related goodwill, the carrying value is reduced to the estimated fair value. The Company recorded no material impairment charges for long-lived or definite-lived assets in fiscal years 2021, 2020, or 2019. Goodwill and Other Indefinite-Lived Intangibles: Indefinite-lived intangible assets are originally recorded at their estimated fair values at date of acquisition and the residual of the purchase price is recorded to goodwill. Acquired goodwill and other indefinite-lived intangible assets are allocated to reporting units that will receive the related benefits. Goodwill and indefinite-lived intangible assets are tested annually for impairment during the fourth quarter following the annual planning process or more frequently if impairment indicators arise. See additional discussion regarding the Company’s goodwill and intangible assets in Note C - Goodwill and Intangible Assets. Goodwill In conducting the annual impairment test for goodwill, the Company has the option to first assess qualitative factors to determine whether it is more likely than not (> 50 percent likelihood) the fair value of any reporting unit is less than its carrying amount. If the Company elects to perform a qualitative assessment and determines an impairment is more likely than not, the Company is required to perform a quantitative impairment test. Otherwise, no further analysis is required. Alternatively, the Company may elect to proceed directly to the quantitative impairment test. In conducting a qualitative assessment, the Company analyzes actual and projected growth trends for net sales, gross margin and segment profit for each reporting unit, as well as historical performance versus plan and the results of prior quantitative tests. Additionally, the Company assesses factors that may impact the business's financial results such as macroeconomic conditions and the related impact, market-related exposures, plans to market for sale all or a portion of the business, competitive changes, new or discontinued product lines, and changes in key personnel. If performed, the quantitative goodwill impairment test is performed at the reporting unit level. First, the fair value of each reporting unit is compared to its corresponding carrying value, including goodwill. The fair value of each reporting unit is estimated using discounted cash flow valuations (Level 3), which incorporate assumptions regarding future growth rates, terminal values and discount rates. The estimates and assumptions used consider historical performance and are consistent with the assumptions used in determining future profit plans for each reporting unit, which are approved by the Company’s Board of Directors. If the quantitative assessment results in the carrying value exceeding the fair value of any reporting unit, the results from the quantitative analysis will be relied upon to determine both the existence and amount of goodwill impairment. An impairment loss will be recognized for the amount by which the reporting unit’s carrying amount exceeds its fair value, not to exceed the carrying amount of goodwill in that reporting unit. During the fourth quarter of fiscal 2021, the Company completed its annual goodwill impairment tests and performed quantitative assessments. No impairment charges were recorded as a result of the testing performed during fiscal 2021. The Company performed qualitative assessments in fiscal years 2020 and 2019 with no impairment charges in either year. Indefinite-Lived Intangibles In conducting the annual impairment test for its indefinite-lived intangible assets, the Company first performs a qualitative assessment to determine whether it is more likely than not (> 50 percent likelihood) an indefinite-lived intangible asset is impaired. If the Company concludes this is the case, a quantitative test for impairment must be performed. Otherwise, the Company does not need to perform a quantitative test. In conducting the qualitative assessment, the Company analyzes growth rates for historical and projected net sales and the results of prior quantitative tests. Additionally, each operating segment assesses items that may impact the value of their intangible assets or the applicable royalty rates to determine if impairment may be indicated. If performed, the quantitative impairment test compares the fair value and carrying amount of the indefinite-lived intangible asset. The fair value of indefinite-lived intangible assets is primarily determined on the basis of estimated discounted value using the relief from royalty method (Level 3), which incorporates assumptions regarding future sales projections, discount rates and royalty rates. If the carrying amount exceeds fair value, the indefinite-lived intangible asset is considered impaired and an impairment charge is recorded for the difference. Even if not required, the Company may elect to perform the quantitative test in order to gain further assurance in the qualitative assessment. During the fourth quarter of fiscal 2021, the Company completed its annual indefinite-lived asset impairment tests by performing quantitative assessments. No impairment charges were recorded as a result of the testing during fiscal year 2021. The Company performed qualitative assessments of indefinite-lived intangible assets in fiscal year 2020. During fiscal 2019, the Company elected to quantitatively test two indefinite-lived intangible assets and to perform a qualitative assessment for the remaining assets. No impairment charges were recorded as a result of the qualitative and quantitative testing during fiscal years 2020 and 2019. Pension and Other Post-retirement Benefits: The Company has elected to use the corridor approach to recognize expenses related to its defined benefit pension and other post-retirement benefit plans. Under the corridor approach, actuarial gains or losses resulting from experience and changes in assumptions are deferred and amortized over future periods. For the defined benefit pension plans, the unrecognized gains and losses are amortized when the net gain or loss exceeds 10 percent of the greater of the projected benefit obligation or the fair value of plan assets at the beginning of the year. For the other post-retirement plans, the unrecognized gains and losses are amortized when the net gain or loss exceeds 10 percent of the accumulated pension benefit obligation at the beginning of the year. For plans with active employees, net gains or losses in excess of the corridor are amortized over the average remaining service period of participating employees expected to receive benefits under those plans. For plans with only retiree participants, net gains or losses in excess of the corridor are amortized over the average remaining life of the retirees receiving benefits under those plans. Contingent Liabilities: The Company may be subject to investigations, legal proceedings, or claims related to the ongoing operation of its business, including claims both by and against the Company. Such proceedings typically involve claims related to product liability, contract disputes, antitrust regulations, wage and hour laws, employment practices, or other actions brought by employees, consumers, competitors or suppliers. The Company establishes accruals for its potential exposure for claims when losses become probable and reasonably estimable. Where the Company is able to reasonably estimate a range of potential losses, the Company records the amount within that range which constitutes the Company’s best estimate. The Company also discloses the nature of and range of loss for claims against the Company when losses are reasonably possible and material. Foreign Currency Translation: Assets and liabilities denominated in foreign currency are translated at the current exchange rate as of the date of the Consolidated Statements of Financial Position. Amounts in the Consolidated Statements of Operations are translated at the average monthly exchange rate. Translation adjustments resulting from fluctuations in exchange rates are recorded as a component of Accumulated Other Comprehensive Loss in Shareholders’ Investment. When calculating foreign currency translation, the Company deemed its foreign investments to be permanent in nature and has not provided for taxes on currency translation adjustments arising from converting the investment in a foreign currency to U.S. dollars. Derivatives and Hedging Activity: The Company uses commodity positions to manage its exposure to price fluctuations in those markets. The contracts are recorded at fair value on the Consolidated Statements of Financial Position within Other Current Assets or Accounts Payable. Additional information on hedging activities is presented in Note F - Derivatives and Hedging. Equity Method Investments: The Company has a number of investments in joint ventures where its voting interests are in excess of 20 percent but not greater than 50 percent and for which there are no other indicators of control. The Company accounts for such investments under the equity method of accounting and its underlying share of each investee’s equity is reported in the Consolidated Statements of Financial Position as part of Investments In and Receivables from Affiliates. The Company regularly monitors and evaluates the fair value of its equity investments. If events and circumstances indicate that a decline in the fair value of these assets has occurred and is other than temporary, the Company will record a charge in Equity in Earnings of Affiliates in the Consolidated Statements of Operations. During the fourth quarter of fiscal 2021, the Company completed its annual assessment of its equity investments. The Company did not record an impairment charge on any of its equity investments in fiscal years 2021, 2020, or 2019. See additional discussion regarding the Company’s equity method investments in Note D - Investments In and Receivables From Affiliates. Revenue Recognition: The Company’s customer contracts predominantly contain a single performance obligation to fulfill customer orders for the purchase of specified products. Revenue from product sales is primarily identified by purchase orders (“contracts”) which in some cases are governed by a master sales agreement. The purchase orders in combination with the invoice typically specify quantity and product(s) ordered, shipping terms, and certain aspects of the transaction price including discounts. Contracts are at standalone pricing or governed by pricing lists or brackets. The Company's revenue is recognized at the point in time when performance obligations have been satisfied and control of the product has transferred to the customer. This is typically once the shipped product is received or picked up by the customer. Revenues are recognized at the net consideration the Company expects to receive in exchange for the goods. The amount of net consideration recognized includes estimates of variable consideration, including costs for trade promotion programs, consumer incentives, and allowances and discounts associated with distressed or potentially unsaleable products. A majority of the Company’s revenue is short-term in nature with shipments within one year from order date. The Company's payment terms generally range between 7 to 45 days and vary by sales channel and other factors. The Company accounts for shipping and handling costs as contract fulfillment costs and excludes taxes imposed on and collected from customers in revenue producing transactions from the transaction price. The Company does not have significant deferred revenue or unbilled receivable balances as a result of transactions with customers. Costs to obtain contracts with a duration of one year or less are expensed and included in the Consolidated Statements of Operations. The Company promotes products through advertising, consumer incentives, and trade promotions. These programs include discounts, slotting fees, coupons, rebates, and in-store display incentives. Customer trade promotion and consumer incentive activities are recorded as a reduction to the sale price based on amounts estimated as variable consideration. The Company estimates variable consideration at the expected value method to determine the total consideration which the Company expects to be entitled. Estimated amounts are included in the transaction price to the extent it is probable that a significant reversal of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is resolved. The Company’s estimates of variable consideration and determination of whether to include estimated amounts in the transaction price are based largely on an assessment of anticipated performance and all information (historical, current,and forecasted) that is reasonably available. The Company discloses revenue by reportable segment, sales channel, and class of similar product in Note P - Segment Reporting. Allowance for Doubtful Accounts: The Company estimates the Allowance for Doubtful Accounts based on a combination of factors, evaluations, and professional judgments of historical data while considering current and future economic conditions alongside management’s input. Advertising Expenses: Advertising costs are included in Selling, General, and Administrative and expensed when incurred. Advertising expenses include all media advertising but exclude the costs associated with samples, demonstrations, and market research. Advertising costs for fiscal years 2021, 2020, and 2019 were $138.5 million, $123.6 million, and $131.1 million, respectively. Shipping and Handling Costs: The Company’s shipping and handling expenses are included in Cost of Products Sold on the Consolidated Statements of Operations. Research and Development Expenses: Research and development costs are expensed as incurred and are included in Selling, General, and Administrative expenses on the Consolidated Statements of Operations. Research and development expenses incurred for fiscal years 2021, 2020, and 2019 were $33.6 million, $31.9 million, and $32.5 million, respectively. Income Taxes: The Company records income taxes in accordance with the liability method of accounting. Deferred taxes are recognized for the estimated taxes ultimately payable or recoverable based on enacted tax law. Changes in enacted tax rates are reflected in the tax provision as they occur. In accordance with ASC 740, Income Taxes , the Company recognizes a tax position in its financial statements when it is more likely than not that the position will be sustained upon examination based on the technical merits of the position. That position is then measured at the largest amount of benefit that is greater than 50 percent likely of being realized upon ultimate settlement. Stock-Based Compensation: The Company records stock-based compensation expense in accordance with ASC 718, Compensation – Stock Compensation . For options subject to graded vesting, the Company recognizes stock-based compensation expense ratably over the shorter of the vesting period or the individual's retirement eligibility date. The Company estimates forfeitures at the time of grant based on historical experience and revises in subsequent periods if actual forfeitures differ. Share Repurchases: The Company may purchase shares of its common stock through open market and privately negotiated transactions at prices deemed appropriate by management. The timing and amount of repurchase transactions under the repurchase authorization depend on market conditions as well as corporate and regulatory considerations. For additional share repurchases information, see Part II, Item 5 - Market for Registrants' Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities. Supplemental Cash Flow Information: Non-cash investment activities presented on the Consolidated Statements of Cash Flows primarily consist of unrealized gains or losses on the Company’s rabbi trust. The noted investments are included in Other Assets on the Consolidated Statements of Financial Position. Changes in the value of these investments are presented in the Consolidated Statements of Operations as Interest and Investment Income. Accounting Changes and Recent Accounting Pronouncements New Accounting Pronouncements Recently Adopted Fiscal 2021 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. Presentation and disclosure requirements were applied prospectively and retrospectively as required by the amendments. The adoption did not have a material impact on the Company’s 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. Presentation and disclosure requirements were applied retrospectively to all periods presented. The adoption did not have a material impact on the Company’s consolidated financial statements. Fiscal 2020 In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) . The updated guidance requires lessees to recognize a right-of-use asset and lease liability for all leases with terms of more than twelve months. Recognition, measurement, and presentation of expenses will depend on the classification as a finance or operating lease. The update also requires expanded quantitative and qualitative disclosures. Accounting guidance for lessors is largely unchanged. The requirements of the new standard are effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The Company adopted the provisions of this new accounting standard at the beginning of fiscal 2020. For transition purposes, the Company elected the package of practical expedients to not reassess prior conclusions related to contracts containing leases, lease classification, and initial direct costs. The Company elected the comparative periods practical expedient, and as a result, the Company did not adjust its comparative period financial information or make the new required lease disclosures for periods before the effective date. Upon adoption, the Company recognized right-of-use assets of $112.7 million and lease liabilities of $114.1 million in the Consolidated Statements of Financial Position as of October 28, 2019. The new standard did not have a material impact on the Consolidated Statements of Operations or the Consolidated Statements of Cash Flows. Fiscal 2019 In May 2014, the FASB issued ASU 2014-09 , Revenue from Contracts with Customers (Topic 606). This topic converges the guidance within U.S. GAAP and international financial reporting standards and supersedes ASC 605, Revenue Recognition. The standard requires companies to recognize revenue to depict the transfer of goods or services to customers in amounts that reflect the consideration to which the Company expects to be entitled in exchange for those goods or services. The standard provides enhanced disclosures about revenue, guidance for transactions which were not previously addressed, and improves guidance for multiple-element arrangements. The guidance was effective for annual reporting periods beginning after December 15, 2017. The updated guidance is to be applied either retrospectively or by using a cumulative effect adjustment. The Company adopted the provisions of the new standard using the full retrospective method at the beginning of fiscal 2019. In October 2016, the FASB issued ASU 2016-16, Income Taxes - Intra-Entity Transfers of Assets Other Than Inventory (Topic 740). The updated guidance requires the recognition of the income tax consequences of an intra-entity asset transfer, other than transfers of inventory, when the transfer occurs. For intra-entity transfers of inventory, the income tax effects will continue to be deferred until the inventory has been sold to a third party. The updated guidance was effective for reporting periods beginning after December 15, 2017, with early adoption permitted only within the first interim period of a fiscal year. The guidance is required to be applied on a modified retrospective basis through a cumulative effect adjustment directly to retained earnings as of the beginning of the period of adoption. The Company adopted the updated provisions at the beginning of fiscal 2019, resulting in a reclassification from prepaid tax assets to deferred tax assets. In addition, due to the impact of the lower tax rate on deferred tax balances resulting from the Tax Cuts and Jobs Act (Tax Act), the Company recognized a cumulative effect adjustment to Retained Earnings of $10.5 million in fiscal 2019. In March 2017, the FASB issued ASU 2017-07, Compensation - Retirement Benefits: Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost (Topic 715). The updated guidance requires an employer to report the service cost component of net periodic pension cost and net periodic post-retirement benefit cost in the same line item as other compensation costs. Other components of net periodic pension cost and net periodic post-retirement benefit cost must be presented in the income statement separately from the service cost component and outside income from operations. Additionally, only the service cost component is eligible for capitalization. This guidance was effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2017. The updated guidance should be applied retrospectively for the presentation of components of net benefit cost and prospectively for the capitalization of the service cost component of net benefit cost. The Company adopted the updated provisions at the beginning of fiscal 2019. The Company elected to utilize a practical expedient which allows the Company to use historical amounts disclosed in the Pension and Other Post-retirement Benefits footnote as an estimation basis for retrospectively applying the requirements to separately report the other components in the Consolidated Statements of Operations. Due to the retrospective adoption, the Company reclassified $19.0 million of non-service cost components of net periodic benefit costs from Operating Income to Interest and I

Acquisitions and Divestitures

Acquisitions and Divestitures	12 Months Ended
	Oct. 31, 2021
Merger, Acquisitions And Dispositions [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 final purchase price, including working capital adjustments, was $3.4 billion. The transaction was funded with the Company’s cash on hand and from the issuance of long-term debt. See Note L - 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 are reflected in the Grocery Products, Refrigerated Foods, and International & Other segments. The acquisition contributed $410.8 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 $30.3 million for the fiscal year ended October 31, 2021, which are reflected in the Consolidated Statements of Operations as Selling, General, and Administrative. Additional one-time adjustments related to the revaluation of acquired inventory of $12.9 million were recognized in the Consolidated Statements of Operations as Cost of Products Sold for the fiscal year ended October 31, 2021. The combined impact of these one-time acquisition costs and accounting adjustments was $43.2 million for the fiscal year ended October 31, 2021. The acquisition was accounted for as a business combination using the acquisition method. The Company determined the acquisition date fair values of the assets acquired using independent appraisals. The Company completed purchase accounting allocations in the fourth quarter of fiscal 2021. Allocations of the purchase price to acquired assets, including goodwill and intangibles assets, are presented in the table below. (in thousands) Purchase Allocation Inventory $ 149,224 Property, Plant and Equipment 170,958 Goodwill 2,313,064 Other Intangibles: Tradenames 712,000 Customer Relationships 51,000 Purchase Price $ 3,396,246 Goodwill is calculated as the excess of the purchase price over the fair values of the identifiable 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. Fiscal Year Ended (in thousands) October 31, 2021 October 25, 2020 Pro Forma Net Sales $ 12,061,686 $ 10,657,992 Pro Forma Net Earnings Attributable to Hormel Foods Corporation 985,881 934,783 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 fiscal year ended October 25, 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 fiscal year ended October 31, 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. See Note C - Goodwill and Intangible Assets for amounts assigned to goodwill and intangible assets. Divestiture: On April 15, 2019, the Company completed the sale of CytoSport, Inc. (CytoSport), which includes the Muscle Milk ® and Evolve ® brands, to PepsiCo, Inc., and received final proceeds of $479.8 million. The divestiture resulted in a pretax gain of $16.5 million recognized in Selling, General, and Administrative expense and a tax benefit of $17.0 million recognized within the Provision for Income Taxes on the Consolidated Statements of Operations.

Goodwill and Intangible Assets

Goodwill and Intangible Assets	12 Months Ended
	Oct. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets	Goodwill and Intangible Assets Goodwill: The changes in the carrying amount of goodwill for the fiscal years ended October 31, 2021, and October 25, 2020, are: (in thousands) Grocery Refrigerated Jennie-O International Total Balance at October 27, 2019 $ 632,301 $ 1,458,692 $ 176,628 $ 214,024 $ 2,481,645 Goodwill Acquired — 148,313 — — 148,313 Foreign Currency Translation — — — (17,232) (17,232) Balance at October 25, 2020 $ 632,301 $ 1,607,005 $ 176,628 $ 196,793 $ 2,612,727 Goodwill Acquired 1,766,053 487,416 — 59,595 2,313,064 Foreign Currency Translation — — — 3,311 3,311 Balance at October 31, 2021 $ 2,398,354 $ 2,094,421 $ 176,628 $ 259,699 $ 4,929,102 The increase in goodwill during fiscal 2021 represents the allocation of goodwill to reportable segments as part of the acquisition of the Planters ® snack nuts business. The increase to goodwill during fiscal 2020 is due to the acquisition of Sadler's . See Note B - Acquisitions and Divestitures for additional information. Intangible Assets: The carrying amounts for indefinite-lived intangible assets are: October 31, October 25, (in thousands) 2021 2020 Brands/Tradenames/Trademarks $ 1,665,190 $ 953,190 Other Intangibles 184 184 Foreign Currency Translation (6,646) (6,923) Total $ 1,658,728 $ 946,452 The increase in Brands/Tradenames/Trademarks represents the fair value of indefinite-lived assets acquired as part of the acquisition of the Planters ® snack nuts business. See Note B - Acquisitions and Divestitures for additional information. The gross carrying amount and accumulated amortization for definite-lived intangible assets are: October 31, 2021 October 25, 2020 Gross Weighted- Gross Weighted- Carrying Accumulated Avg Life Carrying Accumulated Avg Life (in thousands) Amount Amortization (in Years) Amount Amortization (in Years) Customer Lists/Relationships $ 168,239 $ (56,882) 12.7 $ 117,239 $ (45,996) 12.2 Other Intangibles 60,241 (8,356) 13.8 60,631 (4,298) 13.8 Tradenames/Trademarks 10,536 (5,700) 4.9 10,536 (3,518) 4.9 Foreign Currency Translation — (4,534) — — (4,760) — Total $ 239,016 $ (75,471) 12.7 $ 188,406 $ (58,572) 12.3 The increase in Customer Lists/Relationships represents the fair value of definite-lived assets acquired as part of the acquisition of the Planters ® snack nuts business. See Note B - Acquisitions and Divestitures for additional information. Amortization expense for the last three fiscal years was: (in thousands) 2021 $ 17,518 2020 14,251 2019 11,586 Estimated annual amortization expense for the five fiscal years after October 31, 2021, is as follows: (in thousands) 2022 $ 19,244 2023 18,351 2024 16,352 2025 14,627 2026 14,170 During the fourth quarter of fiscal years 2021, 2020, and 2019, the Company completed the required annual impairment tests of indefinite-lived intangible assets and goodwill. No impairment was indicated. Useful lives of intangible assets were also reviewed during this process with no material changes identified.

Investments In and Receivables

Investments In and Receivables From Affiliates	12 Months Ended
	Oct. 31, 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 consists of: (in thousands) Segment Percent Owned October 31, 2021 October 25, 2020 MegaMex Foods, LLC Grocery Products 50% $ 205,413 $ 220,907 Other Joint Ventures International & Other Various (20 – 40%) 93,606 87,466 Total $ 299,019 $ 308,372 Equity in Earnings of Affiliates consists of: (in thousands) Segment 2021 2020 2019 MegaMex Foods, LLC Grocery Products $ 38,178 $ 31,919 $ 38,676 Other Joint Ventures International & Other 9,585 3,653 525 Total $ 47,763 $ 35,572 $ 39,201 Dividends received from affiliates for the fiscal years ended October 31, 2021, October 25, 2020, and October 27, 2019, were $45.0 million, $37.5 million, and $22.5 million, respectively. The Company recognized a basis difference of $21.3 million associated with the formation of MegaMex Foods, LLC, of which $11.0 million is remaining as of October 31, 2021. This difference is being amortized through Equity in Earnings of Affiliates.

Inventories

Inventories	12 Months Ended
	Oct. 31, 2021
Inventory Disclosure [Abstract]
Inventories	Inventories Principal components of inventories are: (in thousands) October 31, 2021 October 25, 2020 Finished Products $ 725,115 $ 546,070 Raw Materials and Work-in-Process 395,403 318,975 Operating Supplies 163,416 136,547 Maintenance Materials and Parts 85,264 71,170 Total $ 1,369,198 $ 1,072,762

Derivatives and Hedging

Derivatives and Hedging	12 Months Ended
	Oct. 31, 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, swaps, 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 grain and lean hog futures, swaps, 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 7 and 30 years and both locks were lifted (See Note L - Long-term Debt and Other Borrowing Arrangements). Mark-to-market gains and losses on these instruments were deferred as a component of AOCL. The resulting gain in AOCL is reclassified to Interest Expense in the period when the hedged transactions affect earnings. Other Derivatives: The Company holds certain futures 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 contracts related to its commodity hedging programs include: Volume Commodity Contracts October 31, 2021 October 25, 2020 Corn 33.1 million bushels 26.0 million bushels Lean Hogs 120.0 million pounds 153.7 million pounds Fair Value of Derivatives: The fair values of the Company’s derivative instruments designated as hedges are: Location on Consolidated Gross Fair Value (1) (in thousands) Statements of Financial Position October 31, 2021 October 25, 2020 Commodity Contracts Other Current Assets $ 21,798 $ (1,330) (1) Amounts represent the gross fair value of commodity derivative assets and liabilities. The Company nets the derivative assets and liabilities for each of its commodity hedging programs, including cash collateral, when a master netting arrangement exists between the Company and the counterparty to the derivative contract. The amount or timing of cash collateral balances may impact the classification of the commodity derivative in the Consolidated Statements of Financial Position. The gross asset position as of October 31, 2021 is offset by the obligation to return cash collateral of $10.8 million contained within the master netting arrangement. The gross liability position as of October 25, 2020, is offset by the right to reclaim 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 amount of the Company’s fair value hedge assets (liabilities) are: Location on Consolidated Statements of Financial Position Carrying Amount (1) of the Hedged Assets/(Liabilities) (in thousands) October 31, 2021 October 25, 2020 Accounts Payable $ 3,432 $ 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 October 31, 2021, the Company included in AOCL hedging gains (before tax) of $32.0 million on commodity contracts and $14.5 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 AOCL for gains or losses (before tax) related to the Company's derivative instruments are: Gain/(Loss) Recognized in AOCL (1) Location on Gain/(Loss) Reclassified from AOCL into Earnings (1) (in thousands) Fiscal Year Ended Fiscal Year Ended Cash Flow Hedges: October 31, 2021 October 25, 2020 October 31, 2021 October 25, 2020 Commodity Contracts $ 59,143 $ (38,213) Cost of Products Sold $ 31,044 $ (37,834) Excluded Component (2) 1,078 — — — Interest Rate Contracts 14,864 — Interest Expense 399 — (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 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 for the fiscal years ended are: Consolidated Statement of Operations Impact (in thousands) October 31, 2021 October 25, 2020 October 27, 2019 Net Earnings Attributable to Hormel Foods Corporation $ 908,839 $ 908,082 $ 978,806 Cash Flow Hedges - Commodity Contracts Gain (Loss) Reclassified from AOCL $ 31,787 $ (37,834) $ (1,701) Amortization of Excluded Component from Options (3,033) — (2,489) Gain (Loss) Reclassified from AOCL Due to Discontinuance of Cash Flow Hedges (1) (743) — — Fair Value Hedges - Commodity Contracts Gain (Loss) on Commodity Futures (2) (28,078) 13,192 5,197 Total Gain (Loss) on Commodity Contracts (3) $ (67) $ (24,642) $ 1,007 Cash Flow Hedges - Interest Rate Locks Amortization of Gain on Interest Rate Locks $ 399 $ — $ — Total Gain on Interest Rate Locks (4) $ 399 $ — $ — Total Gain (Loss) Recognized in Earnings $ 332 $ (24,642) $ 1,007 (1) During the fourth quarter of fiscal 2021, the Company discontinued hedge accounting on 2.8 million bushels of corn usage that was deemed no longer probable to occur. A loss of $0.7 million related to the discontinued hedges was reclassified directly into earnings. (2) Amounts represent gains or losses on commodity contracts designated as fair value hedges that were closed during the year, 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. (3) Total Gain (Loss) on Commodity Contracts is recognized in earnings through Cost of Products Sold. (4) Total Gain on Interest Rate Locks is recognized in earnings through Interest Expense.

Pension and Other Post-retireme

Pension and Other Post-retirement Benefits	12 Months Ended
	Oct. 31, 2021
Retirement Benefits [Abstract]
Pension and Other Post-retirement Benefits	Pension and Other Post-retirement Benefits The Company has several defined benefit plans and defined contribution plans covering most employees. Benefits for defined benefit pension plans covering hourly employees are provided based on stated amounts for each year of service, while plan benefits covering salaried employees are based on final average compensation. Total costs associated with the Company’s defined contribution benefit plans in fiscal years 2021, 2020, and 2019 were $46.7 million, $44.5 million, and $43.0 million, respectively. Certain groups of employees are eligible for post-retirement health or welfare benefits. Benefits for retired employees vary for each group depending on respective retirement dates and applicable plan coverage in effect. Contribution requirements for retired employees are governed by the Retiree Health Care Payment Program and may change each year as the cost to provide coverage is determined. Net periodic cost of defined benefit plans included the following: Pension Benefits Post-retirement Benefits (in thousands) 2021 2020 2019 2021 2020 2019 Service Cost $ 37,127 $ 35,584 $ 26,042 $ 533 $ 770 $ 690 Interest Cost 50,399 53,642 60,385 7,945 9,306 12,016 Expected Return on Plan Assets (102,693) (101,283) (92,492) — — — Amortization of Prior Service Cost (1,496) (2,168) (2,795) (669) (2,651) (2,675) Recognized Actuarial Loss (Gain) 22,742 22,383 14,805 2,020 1,045 — Curtailment (Gain) Charge — — 2,825 — — 1,219 Net Periodic Cost $ 6,080 $ 8,158 $ 8,770 $ 9,830 $ 8,470 $ 11,250 Non-service cost components of net pension and post-retirement benefit cost are presented within Interest and Investment Income on the Consolidated Statements of Operations. Actuarial gains and losses and any adjustments resulting from plan amendments are deferred and amortized over periods ranging from 8-20 years for pension benefits and 4-15 years for post-retirement benefits. The following amounts have not been recognized in net periodic pension cost and are included in Accumulated Other Comprehensive Loss: Pension Benefits Post-retirement Benefits (in thousands) 2021 2020 2021 2020 Unrecognized Prior Service Credit $ (3,624) $ (2,128) $ (154) $ 514 Unrecognized Actuarial Losses (305,433) (402,289) (35,616) (36,144) The following is a reconciliation of the beginning and ending balances of the benefit obligation, fair value of plan assets, and funded status of the plans as of the October 31, 2021, and the October 25, 2020, measurement dates: Pension Benefits Post-retirement Benefits (in thousands) 2021 2020 2021 2020 Change in Benefit Obligation Benefit Obligation at Beginning of Year $ 1,666,886 $ 1,616,177 $ 285,293 $ 290,946 Service Cost 37,127 35,584 533 770 Interest Cost 50,399 53,642 7,945 9,306 Actuarial (Gain) Loss 34,247 77,447 1,539 2,362 Participant Contributions — — 2,113 2,344 Medicare Part D Subsidy — — 461 555 Benefits Paid (76,702) (115,965) (23,218) (20,990) Benefit Obligation at End of Year $ 1,711,958 $ 1,666,886 $ 274,666 $ 285,293 Pension Benefits Post-retirement Benefits (in thousands) 2021 2020 2021 2020 Change in Plan Assets Fair Value of Plan Assets at Beginning of Year $ 1,553,532 $ 1,477,288 $ — $ — Actual Return on Plan Assets 211,054 183,647 — — Participant Contributions — — 2,113 2,344 Employer Contributions 10,712 8,562 21,105 18,646 Benefits Paid (76,702) (115,965) (23,218) (20,990) Fair Value of Plan Assets at End of Year $ 1,698,596 $ 1,553,532 $ — $ — Funded Status at End of Year $ (13,362) $ (113,354) $ (274,666) $ (285,293) Amounts recognized in the Consolidated Statements of Financial Position as of October 31, 2021, and October 25, 2020, are as follows: Pension Benefits Post-retirement Benefits (in thousands) 2021 2020 2021 2020 Pension Assets $ 289,096 $ 183,232 $ — $ — Employee-related Expenses (11,173) (9,332) (19,589) (19,669) Pension and Post-retirement Benefits (291,285) (287,254) (255,077) (265,624) Net Amount Recognized $ (13,362) $ (113,354) $ (274,666) $ (285,293) The accumulated benefit obligation for all pension plans was $1.7 billion and $1.6 billion as of October 31, 2021, and October 25, 2020, respectively. The following table provides information for pension plans with projected and accumulated benefit obligations in excess of plan assets: (in thousands) 2021 2020 Projected Benefit Obligation $ 302,458 $ 296,585 Accumulated Benefit Obligation 292,877 288,359 Fair Value of Plan Assets — — Weighted-average assumptions used to determine benefit obligations are as follows: 2021 2020 Discount Rate 3.00 % 3.06 % Rate of Future Compensation Increase (For Plans that Base Benefits on Final Compensation Level) 4.14 % 4.09 % Weighted-average assumptions used to determine net periodic benefit costs are as follows: 2021 2020 2019 Discount Rate 3.06 % 3.37 % 4.55 % Rate of Future Compensation Increase (For Plans that Base Benefits on Final Compensation Level) 4.09 % 4.06 % 3.96 % Expected Long-term Return on Plan Assets 6.75 % 7.00 % 7.15 % The expected long-term rate of return on plan assets is based on fair value and developed in consultation with outside advisors. A range is determined based on the composition of the asset portfolio, historical long-term rates of return, and estimates of future performance. For measurement purposes, an 8 percent annual rate of increase in the per capita cost of covered health care benefits for pre-Medicare and post-Medicare retirees’ coverage is assumed for 2022. The pre-Medicare and post-Medicare rate is assumed to decrease to 5 percent for 2027 and remain steady thereafter. The Company’s funding policy is to make annual contributions of not less than the minimum required by applicable regulations. The Company expects to make contributions of $31.1 million during fiscal 2022 that represent benefit payments for unfunded plans. Benefits expected to be paid over the next ten fiscal years are as follows: (in thousands) Pension Benefits Post-retirement Benefits 2022 $ 75,704 $ 19,832 2023 77,767 19,760 2024 79,870 19,445 2025 82,118 18,901 2026 86,066 18,265 2027-2031 459,902 80,310 Plan assets for certain defined benefit pension plans are held in the Hormel Foods Corporation Master Trust (Master Trust). The investment strategy for the Master Trust attempts to minimize the long-term cost of pension benefits, reduce the volatility of pension expense, and achieve a healthy funded status for the plans. The Company establishes target allocations in consultation with outside advisors through the use of asset-liability modeling in an effort to match the duration of the plan assets with the duration of the Company’s projected benefit liability. The actual and target weighted-average asset allocations for the Company’s pension plan assets as of the plan measurement date are as follows: 2021 2020 Asset Category Actual % Target Actual % Target Fixed Income 43.8 35-60 46.3 35-60 Global Stocks 40.7 20-55 39.2 20-55 Private Equity 6.4 0-10 5.4 0-10 Real Estate 5.3 0-10 5.2 0-10 Hedge Funds 2.6 0-10 2.4 0-10 Cash and Cash Equivalents 1.1 — 1.5 — The following tables show the categories of defined benefit pension plan assets and the level under which fair values were determined pursuant to the provisions of ASC 820. Assets measured at fair value using the net asset value (NAV) per share practical expedient are not required to be classified in the fair value hierarchy. These amounts are provided to permit reconciliation to the total fair value of plan assets. Fair Value Measurements as of October 31, 2021 (in thousands) Total Quoted Prices Significant Other Significant Plan Assets in Fair Value Hierarchy Cash Equivalents (1) $ 19,328 $ — $ 19,328 $ — Private Equity (2) Domestic 53,229 — — 53,229 International 56,190 — — 56,190 Fixed Income (3) U.S. Government Issues 262,181 164,357 97,824 — Municipal Issues 14,024 — 14,024 — Corporate Issues – Domestic 321,639 — 321,639 — Corporate Issues – Foreign 56,102 — 56,102 — Global Stocks - Mutual Funds (4) 94,115 94,115 — — Plan Assets in Fair Value Hierarchy $ 876,808 $ 258,472 $ 508,917 $ 109,419 Plan Assets at Net Asset Value Real Estate – Domestic (5) $ 90,106 Global Stocks - Collective Investment Funds (6) 596,985 Hedge Funds (7) 44,848 Fixed Income - Hedge Funds (8) 62,609 Fixed Income - Collective Investment Funds (9) 27,239 Plan Assets at Net Asset Value $ 821,787 Total Plan Assets at Fair Value $ 1,698,596 Fair Value Measurements as of October 25, 2020 (in thousands) Total Quoted Prices Significant Other Significant Plan Assets in Fair Value Hierarchy Cash Equivalents (1) $ 23,392 $ 1,294 $ 22,098 $ — Private Equity (2) Domestic 43,479 — — 43,479 International 40,359 — — 40,359 Fixed Income (3) U.S. Government Issues 239,239 158,525 80,714 — Municipal Issues 15,768 — 15,768 — Corporate Issues – Domestic 323,070 — 323,070 — Corporate Issues – Foreign 52,132 — 52,132 — Global Stocks - Mutual Funds (4) 151,175 151,175 — — Plan Assets in Fair Value Hierarchy $ 888,614 $ 310,994 $ 493,782 $ 83,838 Plan Assets at Net Asset Value Real Estate – Domestic (5) $ 81,015 Global Stocks - Collective Investment Funds (6) 457,713 Hedge Funds (7) 37,293 Fixed Income - Hedge Funds (8) 51,956 Fixed Income - Collective Investment Funds (9) 36,941 Plan Assets at Net Asset Value $ 664,918 Total Plan Assets at Fair Value $ 1,553,532 The following is a description of the valuation methodologies used for instruments measured at fair value, including the general classification of such instruments: (1) Cash Equivalents: These Level 1 and Level 2 investments consist primarily of highly liquid money market mutual funds traded in active markets in addition to highly liquid futures and T-bills with an observable daily settlement price. (2) Private Equity: These Level 3 investments consist of various collective investment funds, which are managed by a third party, invested in a well-diversified portfolio of equity investments from top performing, high quality firms focused on U.S. and foreign small to mid-markets, venture capitalists, and entrepreneurs with a concentration in areas of innovation. Investment strategies include buyouts, growth capital, buildups, and distressed, as well as early stages of company development mainly in the U.S. The fair value of these funds is based on the fair value of the underlying investments. (3) Fixed Income: The Level 1 investments include U.S. Treasury bonds and notes, which are valued at the closing price reported on the active market in which the individual securities are traded. The Level 2 investments consist principally of U.S. government securities, which are valued daily using institutional bond quote sources and mortgage-backed securities pricing sources, and municipal, domestic, and foreign securities, which are valued daily using institutional bond quote sources. (4) Global Stocks - Mutual Fund: These Level 1 investments include open-ended mutual funds consisting of a mix of U.S. common stocks and foreign common stocks, which are valued at closing price reported on the active market in which the fund is traded. The investment strategy is to obtain long term capital appreciation by focusing on companies generating above average earnings growth and are leading growth businesses in the marketplace. There are no restrictions on redemptions. (5) Real Estate - Domestic: These investments include ownership in open-ended real estate funds, which manage diversified portfolios of commercial properties within the office, residential, retail, and industrial property sectors. Investment strategies aim to acquire, own, hold, or dispose of investments with the goal of achieving current income and/or capital appreciation. The real estate investments are valued at the NAV of shares held by the Master Trust. Requests to redeem shares are granted on a quarterly basis with either 45 or 90 days advance notice, subject to availability of cash. (6) Global Stocks - Collective Investment Funds: These investments include commingled funds consisting of a mix of U.S. common stocks and foreign common stocks. The collective investment funds are valued at the NAV of shares held by the Master Trust. The investment strategy is to obtain long term capital appreciation by focusing on companies generating above average earnings growth and are leading growth businesses in the marketplace. All funds are daily liquid with the exception of one that is available on the first business day of the month for subscriptions and withdrawals. (7) Hedge Funds: These investments are designed to provide diversification to an overall institutional portfolio and, in particular, provide protection against equity market downturns. They are comprised of Commodity Trading Advisor Managed Futures, Global Macro (Discretionary and/or Quant) and Long Volatility/Tail Risk Hedging strategies. The hedge funds are valued at the NAV of shares held by the Master Trust. Requests to redeem shares are granted daily, monthly or quarterly. (8) Fixed Income - Hedge Funds: These investments target absolute, risk-adjusted returns by taking advantage of price dislocations and inconsistencies within credit markets. Funds are comprised primarily of U.S. and European corporate credit and structured credit. The investments are valued at the NAV of shares held by the Master Trust. Requests to redeem shares are granted on a quarterly basis on the three year fund anniversary with a ninety day notice period. (9) Fixed Income - Collective Investment Funds: These investments include commingled funds consisting of a mix of U.S. government and investment grade corporate bonds. The collective investment funds are valued at NAV of the shares held by the Master Trust. The investment strategy is to achieve an investment return that approximates as closely to the Bloomberg Barclays U.S. Aggregate Bond Index over the long term by investing in the securities that comprise the benchmark. There are no restrictions on redemptions. A reconciliation of the beginning and ending balance of the investments measured at fair value using significant unobservable inputs (Level 3) is as follows: (in thousands) 2021 2020 Beginning Balance $ 83,838 $ 84,901 Purchases, Issuances, and Settlements (Net) (23,151) (10,151) Unrealized Gains (Losses) (1) 26,879 (4,577) Realized Gains 604 8,130 Interest and Dividend Income 21,248 5,535 Ending Balance $ 109,419 $ 83,838 (1) Included in Accumulated Other Comprehensive Loss in the Consolidated Statements of Financial Position. During fiscal 2021, the value of the Level 3 investments ranged from $83.8 million to $109.4 million, with an average value of $97.6 million. The Company has commitments totaling $125.0 million for the private equity investments within the pension plans. The unfunded private equity commitment balance for each investment category as of October 31, 2021, and October 25, 2020, is as follows: (in thousands) 2021 2020 Domestic Equity $ 81 $ 203 International Equity 9,794 15,919 Unfunded Commitment Balance $ 9,875 $ 16,122 Funding for future private equity capital calls will come from existing pension plan assets and not from additional cash contributions by the Company.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss	12 Months Ended
	Oct. 31, 2021
Equity [Abstract]
Accumulated Other Comprehensive Loss	Accumulated Other Comprehensive Loss Components of Accumulated Other Comprehensive Loss are as follows: (in thousands) Foreign Pension & Other Deferred Hedging Accumulated Balance at October 28, 2018 $ (44,854) $ (197,613) $ (1,031) $ (243,498) Impact of Adoption of ASU: ASU 2017-12 — — (21) (3) (21) ASU 2018-02 — (53,778) (3) — (53,778) Adjusted balance at October 28, 2018 $ (44,854) $ (251,391) $ (1,052) $ (297,297) Unrecognized Gains (Losses) Gross (8,142) (138,356) 2,834 (143,664) Tax Effect — 33,822 (699) 33,123 Reclassification into Net Earnings Gross — 9,335 (1) 1,701 (2) 11,036 Tax Effect — (2,287) (411) (2,698) Net of Tax Amount (8,142) (97,486) 3,425 (102,203) Balance at October 27, 2019 $ (52,996) $ (348,877) $ 2,373 $ (399,500) Unrecognized Gains (Losses) Gross (11,164) 2,003 (38,213) (47,374) Tax Effect — (404) 9,324 8,920 Reclassification into Net Earnings Gross — 18,609 (1) 37,834 (2) 56,443 Tax Effect — (4,510) (9,229) (13,739) Net of Tax Amount (11,164) 15,698 (284) 4,250 Balance at October 25, 2020 $ (64,161) $ (333,178) $ 2,089 $ (395,250) Unrecognized Gains (Losses) Gross 12,980 72,623 75,084 160,687 Tax Effect — (17,715) (18,259) (35,974) Reclassification into Net Earnings Gross — 22,597 (1) (31,443) (2) (8,846) Tax Effect — (5,538) 7,652 2,114 Net of Tax Amount 12,980 71,967 33,034 117,981 Balance at October 31, 2021 $ (51,181) $ (261,211) $ 35,123 $ (277,269) (1) Included in 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. (3) Cumulative effect from the adoption of Accounting Standards Updates. See Note A - Summary of Significant Accounting Policies.

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Oct. 31, 2021
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements Pursuant to the provisions of ASC 820, the Company’s financial assets and liabilities carried at fair value on a recurring basis in the consolidated financial statements as of October 31, 2021, and October 25, 2020, and their level within the fair value hierarchy are presented in the table below. Fair Value Measurements at October 31, 2021 Total Fair Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) (in thousands) Assets at Fair Value Cash and Cash Equivalents (1) $ 613,530 $ 611,111 $ 2,419 $ — Short-term Marketable Securities (2) 21,162 8,790 12,372 — Other Trading Securities (3) 203,020 — 203,020 — Commodity Derivatives (4) 13,522 8,104 5,418 — Total Assets at Fair Value $ 851,234 $ 628,005 $ 223,229 $ — Liabilities at Fair Value Deferred Compensation (3) $ 70,466 $ — $ 70,466 $ — Total Liabilities at Fair Value $ 70,466 $ — $ 70,466 $ — Fair Value Measurements at October 25, 2020 Total Fair Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) (in thousands) 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 booked 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 exchange-traded funds 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. A majority of the funds held in the rabbi trust relate to the supplemental executive retirement plans and have been invested in fixed income funds managed by a third party. The declared rate on these funds is set based on a formula using the yield of the general account investment portfolio supporting the fund as 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, these investment balances 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. Securities held by the trust generated gains of $21.2 million, $7.0 million, and $8.3 million for fiscal years 2021, 2020, and 2019, respectively. (4) The Company’s commodity derivatives represent futures, swaps, and options contracts 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 options 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 October 31, 2021, the Company has recognized the obligation to return net cash collateral of $10.8 million from various counterparties (including cash of $45.6 million less $34.8 million of realized gain). 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 $3.3 billion as of October 31, 2021, and $1.2 billion as of October 25, 2020. See Note L - Long Term Debt and Other Borrowing Arrangements for additional information.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Oct. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies To ensure a steady supply of hogs and turkeys and keep the cost of products stable, the Company has entered into contracts with producers for the purchase of hogs and turkeys at formula-based prices over periods up to 10 years. The Company has also entered into grow-out contracts with independent farmers to raise turkeys for the Company for periods up to 25 years. Under these arrangements, the Company owns the livestock, feed, and other supplies while the independent farmers provide facilities and labor. In addition, the Company has contracted for the purchase of corn, soybean meal, feed ingredients, and other raw materials from independent suppliers for periods up to 4 years. Under these contracts, the Company is committed to make purchases, assuming current price levels, as follows: (in thousands) October 31, 2021 2022 $ 1,180,277 2023 778,324 2024 612,248 2025 439,812 2026 336,428 Later Years 302,455 Total $ 3,649,544 Purchases under these contracts for fiscal years 2021, 2020, and 2019 were $1.1 billion, $0.9 billion, and $1 billion, respectively. As of October 31, 2021, the Company has $47.3 million of standby letters of credit issued on its behalf. The standby letters of credit are primarily related to the Company’s self-insured workers compensation programs. However, that amount includes revocable standby letters of credit totaling $3.1 million for obligations of an affiliated party that may arise under workers compensation claims. Letters of credit are not reflected in the Company’s Consolidated Statements of Financial Position. The Company is involved in litigation on an ongoing basis arising in the ordinary course of business. In the opinion of management, the outcome of litigation currently pending will not materially affect the Company’s results of operations, financial condition, or liquidity.

Leases

Leases	12 Months Ended
	Oct. 31, 2021
Leases [Abstract]
Leases	Leases The Company has operating leases for manufacturing facilities, office space, warehouses, transportation equipment, and miscellaneous real estate and equipment contracts. Finance leases primarily include turkey growing facilities and an aircraft. The Company's lessor portfolio consists primarily of immaterial operating leases of farmland to third parties. Lease information included in the Consolidated Statements of Financial Position are: (in thousands) Location on Consolidated Statements of October 31, 2021 October 25, 2020 Right-of-Use Assets Operating Other Assets $ 72,291 $ 53,119 Finance Net Property, Plant, and Equipment 53,433 61,059 Total Right-of-Use Assets $ 125,724 $ 114,179 Liabilities Current Operating Accrued Expenses $ 18,331 $ 12,025 Finance Current Maturities of Long-term Debt 8,362 8,308 Noncurrent Operating Other Long-term Liabilities 56,779 43,126 Finance Long-term Debt Less Current Maturities 44,637 52,722 Total Lease Liabilities $ 128,109 $ 116,182 Lease expenses are: Fiscal Year Ended (in thousands) October 31, 2021 October 25, 2020 Operating Lease Cost (1) $ 21,993 $ 19,602 Finance Lease Cost Amortization of Right-of-Use Assets 8,104 7,985 Interest on Lease Liabilities 2,019 2,304 Variable Lease Cost (2) 544,635 424,955 Net Lease Cost $ 576,751 $ 454,846 (1) Includes short-term lease costs, which are immaterial. (2) ASC 842 - Leases requires disclosure of payments related to agreements with an embedded lease that are not otherwise reflected on the balance sheet. The Company's variable lease costs primarily include inventory related expenses, such as materials, labor, and overhead from manufacturing and service agreements that contain embedded leases. Variability of these costs is determined based on usage or output and may vary for other reasons such as changes in material prices. The weighted-average remaining lease term and discount rate for lease liabilities included in the Consolidated Statements of Financial Position are: October 31, 2021 October 25, 2020 Weighted Average Remaining Lease Term Operating Leases 5.92 years 7.31 years Finance Leases 7.18 years 8.14 years Weighted Average Discount Rate Operating Leases 1.76 % 2.28 % Finance Leases 3.48 % 3.54 % Supplemental cash flow and other information related to leases for the fiscal year-end are: (in thousands) October 31, 2021 October 25, 2020 Cash Paid for Amounts Included in the Measurement of Lease Liabilities Operating Cash Flows from Operating Leases $ 20,305 $ 15,412 Operating Cash Flows from Finance Leases 2,019 2,304 Financing Cash Flows from Finance Leases 8,598 8,189 Right-of-Use Assets obtained in exchange for new operating lease liabilities 31,962 5,210 The maturity of the Company's lease liabilities as of October 31, 2021, are: (in thousands) Operating Leases Finance Leases (1) Total 2022 $ 20,062 $ 10,025 $ 30,088 2023 17,334 9,827 27,161 2024 12,548 9,688 22,236 2025 9,557 8,134 17,690 2026 5,856 5,652 11,508 2027 and beyond 16,516 15,540 32,056 Total Lease Payments $ 81,872 $ 58,867 $ 140,738 Less: Imputed Interest 6,762 5,868 12,630 Present Value of Lease Liabilities $ 75,110 $ 52,999 $ 128,109 (1) Over the life of the lease contracts, finance lease payments include $8.7 million related to purchase options which are reasonably certain of being exercised. Prior to the adoption of ASC 842 on October 28, 2019, rent expense under operating leases was $23.1 million in fiscal year 2019.
Leases	Leases The Company has operating leases for manufacturing facilities, office space, warehouses, transportation equipment, and miscellaneous real estate and equipment contracts. Finance leases primarily include turkey growing facilities and an aircraft. The Company's lessor portfolio consists primarily of immaterial operating leases of farmland to third parties. Lease information included in the Consolidated Statements of Financial Position are: (in thousands) Location on Consolidated Statements of October 31, 2021 October 25, 2020 Right-of-Use Assets Operating Other Assets $ 72,291 $ 53,119 Finance Net Property, Plant, and Equipment 53,433 61,059 Total Right-of-Use Assets $ 125,724 $ 114,179 Liabilities Current Operating Accrued Expenses $ 18,331 $ 12,025 Finance Current Maturities of Long-term Debt 8,362 8,308 Noncurrent Operating Other Long-term Liabilities 56,779 43,126 Finance Long-term Debt Less Current Maturities 44,637 52,722 Total Lease Liabilities $ 128,109 $ 116,182 Lease expenses are: Fiscal Year Ended (in thousands) October 31, 2021 October 25, 2020 Operating Lease Cost (1) $ 21,993 $ 19,602 Finance Lease Cost Amortization of Right-of-Use Assets 8,104 7,985 Interest on Lease Liabilities 2,019 2,304 Variable Lease Cost (2) 544,635 424,955 Net Lease Cost $ 576,751 $ 454,846 (1) Includes short-term lease costs, which are immaterial. (2) ASC 842 - Leases requires disclosure of payments related to agreements with an embedded lease that are not otherwise reflected on the balance sheet. The Company's variable lease costs primarily include inventory related expenses, such as materials, labor, and overhead from manufacturing and service agreements that contain embedded leases. Variability of these costs is determined based on usage or output and may vary for other reasons such as changes in material prices. The weighted-average remaining lease term and discount rate for lease liabilities included in the Consolidated Statements of Financial Position are: October 31, 2021 October 25, 2020 Weighted Average Remaining Lease Term Operating Leases 5.92 years 7.31 years Finance Leases 7.18 years 8.14 years Weighted Average Discount Rate Operating Leases 1.76 % 2.28 % Finance Leases 3.48 % 3.54 % Supplemental cash flow and other information related to leases for the fiscal year-end are: (in thousands) October 31, 2021 October 25, 2020 Cash Paid for Amounts Included in the Measurement of Lease Liabilities Operating Cash Flows from Operating Leases $ 20,305 $ 15,412 Operating Cash Flows from Finance Leases 2,019 2,304 Financing Cash Flows from Finance Leases 8,598 8,189 Right-of-Use Assets obtained in exchange for new operating lease liabilities 31,962 5,210 The maturity of the Company's lease liabilities as of October 31, 2021, are: (in thousands) Operating Leases Finance Leases (1) Total 2022 $ 20,062 $ 10,025 $ 30,088 2023 17,334 9,827 27,161 2024 12,548 9,688 22,236 2025 9,557 8,134 17,690 2026 5,856 5,652 11,508 2027 and beyond 16,516 15,540 32,056 Total Lease Payments $ 81,872 $ 58,867 $ 140,738 Less: Imputed Interest 6,762 5,868 12,630 Present Value of Lease Liabilities $ 75,110 $ 52,999 $ 128,109 (1) Over the life of the lease contracts, finance lease payments include $8.7 million related to purchase options which are reasonably certain of being exercised. Prior to the adoption of ASC 842 on October 28, 2019, rent expense under operating leases was $23.1 million in fiscal year 2019.
Leases	Leases The Company has operating leases for manufacturing facilities, office space, warehouses, transportation equipment, and miscellaneous real estate and equipment contracts. Finance leases primarily include turkey growing facilities and an aircraft. The Company's lessor portfolio consists primarily of immaterial operating leases of farmland to third parties. Lease information included in the Consolidated Statements of Financial Position are: (in thousands) Location on Consolidated Statements of October 31, 2021 October 25, 2020 Right-of-Use Assets Operating Other Assets $ 72,291 $ 53,119 Finance Net Property, Plant, and Equipment 53,433 61,059 Total Right-of-Use Assets $ 125,724 $ 114,179 Liabilities Current Operating Accrued Expenses $ 18,331 $ 12,025 Finance Current Maturities of Long-term Debt 8,362 8,308 Noncurrent Operating Other Long-term Liabilities 56,779 43,126 Finance Long-term Debt Less Current Maturities 44,637 52,722 Total Lease Liabilities $ 128,109 $ 116,182 Lease expenses are: Fiscal Year Ended (in thousands) October 31, 2021 October 25, 2020 Operating Lease Cost (1) $ 21,993 $ 19,602 Finance Lease Cost Amortization of Right-of-Use Assets 8,104 7,985 Interest on Lease Liabilities 2,019 2,304 Variable Lease Cost (2) 544,635 424,955 Net Lease Cost $ 576,751 $ 454,846 (1) Includes short-term lease costs, which are immaterial. (2) ASC 842 - Leases requires disclosure of payments related to agreements with an embedded lease that are not otherwise reflected on the balance sheet. The Company's variable lease costs primarily include inventory related expenses, such as materials, labor, and overhead from manufacturing and service agreements that contain embedded leases. Variability of these costs is determined based on usage or output and may vary for other reasons such as changes in material prices. The weighted-average remaining lease term and discount rate for lease liabilities included in the Consolidated Statements of Financial Position are: October 31, 2021 October 25, 2020 Weighted Average Remaining Lease Term Operating Leases 5.92 years 7.31 years Finance Leases 7.18 years 8.14 years Weighted Average Discount Rate Operating Leases 1.76 % 2.28 % Finance Leases 3.48 % 3.54 % Supplemental cash flow and other information related to leases for the fiscal year-end are: (in thousands) October 31, 2021 October 25, 2020 Cash Paid for Amounts Included in the Measurement of Lease Liabilities Operating Cash Flows from Operating Leases $ 20,305 $ 15,412 Operating Cash Flows from Finance Leases 2,019 2,304 Financing Cash Flows from Finance Leases 8,598 8,189 Right-of-Use Assets obtained in exchange for new operating lease liabilities 31,962 5,210 The maturity of the Company's lease liabilities as of October 31, 2021, are: (in thousands) Operating Leases Finance Leases (1) Total 2022 $ 20,062 $ 10,025 $ 30,088 2023 17,334 9,827 27,161 2024 12,548 9,688 22,236 2025 9,557 8,134 17,690 2026 5,856 5,652 11,508 2027 and beyond 16,516 15,540 32,056 Total Lease Payments $ 81,872 $ 58,867 $ 140,738 Less: Imputed Interest 6,762 5,868 12,630 Present Value of Lease Liabilities $ 75,110 $ 52,999 $ 128,109 (1) Over the life of the lease contracts, finance lease payments include $8.7 million related to purchase options which are reasonably certain of being exercised. Prior to the adoption of ASC 842 on October 28, 2019, rent expense under operating leases was $23.1 million in fiscal year 2019.

Long-term Debt and Other Borrow

Long-term Debt and Other Borrowing Arrangements	12 Months Ended
	Oct. 31, 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) October 31, 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 (8,484) (2,630) Unamortized Debt Issuance Costs (23,435) (7,979) Finance Lease Liabilities (1) 52,999 61,030 Other Financing Arrangements 2,823 3,206 Total 3,323,903 1,303,627 Less: Current Maturities of Long-term Debt 8,756 258,691 Long-term Debt Less Current Maturities $ 3,315,147 $ 1,044,936 (1) See Note K - Leases for additional information 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. The unsecured revolving line of credit bears interest, at the Company’s election, at either a Base Rate plus margin of 0.0% to 0.150% or the Eurocurrency Rate plus margin of 0.575% to 1.150% and a variable fee of 0.050% to 0.100% is paid for the availability of this credit line. 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 October 31, 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 October 31, 2021, the Company was in compliance with all of these covenants. Total interest paid in the last three fiscal years is as follows: (in millions) 2021 $ 25.1 2020 14.5 2019 19.0

Stock-Based Compensation

Stock-Based Compensation	12 Months Ended
	Oct. 31, 2021
Share-based Payment Arrangement [Abstract]
Stock-Based Compensation	Stock-Based Compensation The Company issues stock options, restricted stock units, and restricted shares as part of its stock incentive plans for employees and non-employee directors. Stock-based compensation expense for fiscal years 2021, 2020, and 2019, was $24.7 million, $22.5 million, and $19.7 million, respectively. The Company recognizes stock-based compensation expense ratably over the vesting period or the individual's retirement eligibility date. At October 31, 2021, there was $19.3 million of total unrecognized compensation expense from stock-based compensation arrangements granted under the plans. This compensation is expected to be recognized over a weighted-average period of approximately 1.4 years. During fiscal years 2021, 2020, and 2019, cash received from stock option exercises was $45.9 million, $81.8 million, and $59.9 million, respectively. Shares issued for option exercises, restricted stock units, and restricted shares may be either authorized but unissued shares or shares of treasury stock. The number of shares available for future grants was 12.5 million at October 31, 2021, 13.7 million at October 25, 2020, and 14.9 million at October 27, 2019. Stock Options: The Company’s policy is to grant options with the exercise price equal to the market price of the common stock on the date of grant. Options typically vest over four years and expire ten years after the date of the grant. Effective with fiscal 2020 grants, the Company has determined the equity award value for eligible employees will be delivered 50 percent in stock options as described above and 50 percent in restricted stock units with a three-year cliff vesting period. A reconciliation of the number of options outstanding and exercisable as of October 31, 2021, is: Shares Weighted-Average Weighted-Average Aggregate Stock Options Outstanding at October 25, 2020 21,073 $ 30.39 Granted 1,277 47.45 Exercised (3,050) 17.61 Forfeited (277) 37.23 Expired (1) 36.25 Stock Options Outstanding at October 31, 2021 19,022 $ 33.49 4.9 $ 182,432 Stock Options Exercisable at October 31, 2021 13,047 $ 29.91 3.8 $ 164,766 The weighted-average grant date fair value of stock options granted and the total intrinsic value of options exercised during each of the past three fiscal years, are: Fiscal Year Ended October 31, October 25, October 27, (in thousands, except per share amounts) 2021 2020 2019 Weighted-average Grant Date Fair Value $ 7.52 $ 7.71 $ 9.24 Intrinsic Value of Exercised Options 94,108 182,821 138,282 The fair value of each option award is calculated on the date of grant using the Black-Scholes valuation model utilizing the following weighted-average assumptions: Fiscal Year Ended October 31, October 25, October 27, 2021 2020 2019 Risk-free Interest Rate 1.0 % 1.7 % 2.8 % Dividend Yield 2.1 % 2.0 % 1.9 % Stock Price Volatility 20.0 % 19.0 % 19.0 % Expected Option Life 7.4 years 7.5 years 8.0 years As part of the annual valuation process, the Company reassesses the appropriateness of the inputs used in the valuation models. The Company establishes the risk-free interest rate using U.S. Treasury yields as of the grant date. The dividend yield is based on the dividend rate approved by the Company’s Board of Directors and the stock price on the grant date. The expected volatility assumption is based primarily on historical volatility. The expected life assumption is based on an analysis of past exercise behavior by option holders. In performing the valuations for option grants, the Company has not stratified option holders as exercise behavior has historically been consistent across all employees. Restricted Stock Units: Restricted stock units are valued equal to the market price of the common stock on the date of the grant and generally vest after three years. These awards accumulate dividend equivalents, which are provided as additional units and are subject to the same vesting requirements as the underlying grant. A reconciliation of the restricted stock units as of October 31, 2021, is: Shares Weighted- Weighted-Average Aggregate Restricted Stock Units Outstanding at October 25, 2020 188 $ 45.91 Granted 225 47.52 Dividend Equivalents 6 46.62 Vested (31) 46.56 Forfeited (3) 46.52 Restricted Stock Units Outstanding at October 31, 2021 385 $ 46.81 1.7 $ 16,277 The weighted-average grant date fair value of restricted stock units granted and the total fair value of restricted stock units granted during each of the past three fiscal years, are: Fiscal Year Ended October 31, October 25, October 27, (in thousands, except per share amounts) 2021 2020 2019 Weighted-average Grant Date Fair Value $ 47.52 $ 45.88 $ — Fair Value of Restricted Stock Units Granted 10,699 9,383 — Fair Value of Restricted Stock Units Vested $ 1,460 $ 839 $ — Restricted Shares : Restricted shares awarded to non-employee directors annually on February 1 are subject to a restricted period which expires the date of the Company’s next annual stockholders meeting. Newly elected directors receive a prorated award of restricted shares of the Company's common stock, which expires on the date of the Company's second succeeding annual stockholders meeting. A reconciliation of the restricted shares as of October 31, 2021, is: (in thousands, except per share amounts) Shares Weighted- Restricted Shares Outstanding at October 25, 2020 45 $ 47.03 Granted 38 46.92 Vested (45) 47.03 Restricted Shares Outstanding at October 31, 2021 38 $ 46.92 The weighted-average grant date fair value of restricted shares granted, the total fair value of restricted shares granted, and the fair value of shares that have vested during each of the past three fiscal years are: Fiscal Year Ended October 31, October 25, October 27, (in thousands, except per share amounts) 2021 2020 2019 Weighted-average Grant Date Fair Value $ 46.92 $ 47.29 $ 42.23 Fair Value of Restricted Shares Granted 1,760 1,973 2,134 Fair Value of Restricted Shares Vested $ 2,133 $ 1,974 $ 1,760

Income Taxes

Income Taxes	12 Months Ended
	Oct. 31, 2021
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The components of the Provision for Income Taxes are as follows: (in thousands) 2021 2020 2019 Current U.S. Federal $ 171,732 $ 142,708 $ 161,233 State 7,541 13,353 30,774 Foreign 9,079 18,293 9,919 Total Current 188,352 174,354 201,926 Deferred U.S. Federal 23,507 34,408 27,817 State 2,220 4,937 1,473 Foreign 2,950 (7,306) (649) Total Deferred 28,677 32,039 28,641 Total Provision for Income Taxes $ 217,029 $ 206,393 $ 230,567 The Company has elected to treat global intangible low taxed income (GILTI) as a period cost. Deferred Income Taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the deferred income tax liabilities and assets are as follows: (in thousands) October 31, 2021 October 25, 2020 Deferred Tax Liabilities Goodwill and Intangible Assets $ (322,822) $ (269,218) Tax over Book Depreciation and Basis Differences (143,891) (164,911) Other, net (21,967) (24,316) Deferred Tax Assets Pension and Other Post-retirement Benefits 71,190 97,129 Employee Compensation Related Liabilities 68,133 65,024 Marketing and Promotional Accruals 22,916 20,783 Other, net 50,767 62,302 Net Deferred Tax (Liabilities) Assets $ (275,674) $ (213,207) Reconciliation of the statutory federal income tax rate to the Company’s effective tax rate is as follows: 2021 2020 2019 U.S. Statutory Rate 21.0 % 21.0 % 21.0 % State Taxes on Income, Net of Federal Tax Benefit 0.8 1.6 2.5 Divestitures — — (1.4) Stock-based Compensation (1.6) (3.1) (2.2) All Other, net (0.9) (1.0) (0.8) Effective Tax Rate 19.3 % 18.5 % 19.1 % In fiscal 2019, the Company recorded a net tax benefit of $17.5 million related to the divestiture of CytoSport. As of October 31, 2021, the Company had $221.4 million of undistributed earnings from non-U.S. subsidiaries. The Company maintains all earnings are permanently reinvested. Accordingly, no additional income taxes have been provided for withholding tax, state tax, or other taxes. Total income taxes paid during fiscal years 2021, 2020, and 2019 were $167.0 million, $169.7 million, and $221.4 million, respectively. The following table sets forth changes in the unrecognized tax benefits, excluding interest and penalties, for fiscal years 2021 and 2020. (in thousands) Balance as of October 27, 2019 $ 27,826 Tax Positions Related to the Current Period Increases 3,177 Tax Positions Related to Prior Periods Increases 8,299 Decreases (2,549) Settlements (1,107) Decreases Related to a Lapse of Applicable Statute of Limitations (2,404) Balance as of October 25, 2020 $ 33,242 Tax Positions Related to the Current Period Increases 4,003 Tax Positions Related to Prior Periods Increases 2,117 Decreases (4,170) Settlements (8,934) Decreases Related to a Lapse of Applicable Statute of Limitations (4,166) Balance as of October 31, 2021 $ 22,092 The amount of unrecognized tax benefits, including interest and penalties, is recorded in Other Long-term Liabilities. If recognized as of October 31, 2021, and October 25, 2020, $19.6 million, and $29.1 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, with losses of $0.9 million and $1.9 million included in expense for fiscal 2021 and 2020, respectively. The amount of accrued interest and penalties at October 31, 2021, and October 25, 2020, associated with unrecognized tax benefits was $5.0 million and $7.2 million, respectively. The Company is regularly audited by federal and state taxing authorities. The U.S. Internal Revenue Service (I.R.S.) concluded their examinations 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, as far back as 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	12 Months Ended
	Oct. 31, 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: (in thousands) 2021 2020 2019 Basic Weighted-Average Shares Outstanding 541,114 538,007 534,578 Dilutive Potential Common Shares 6,466 8,585 10,654 Diluted Weighted-Average Shares Outstanding 547,580 546,592 545,232 Antidilutive Potential Common Shares 2,839 1,822 2,801

Segment Reporting

Segment Reporting	12 Months Ended
	Oct. 31, 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, convenience store, 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. Fiscal Year (in thousands) 2021 2020 2019 Sales to Unaffiliated Customers Grocery Products $ 2,809,445 $ 2,385,291 $ 2,369,317 Refrigerated Foods 6,333,410 5,271,061 5,210,741 Jennie-O Turkey Store 1,495,151 1,333,459 1,323,783 International & Other 748,183 618,650 593,476 Total $ 11,386,189 $ 9,608,462 $ 9,497,317 Intersegment Sales Grocery Products $ — $ 13 $ 41 Refrigerated Foods 28,019 21,067 16,351 Jennie-O Turkey Store 134,563 108,276 123,712 International & Other — — — Total 162,582 129,356 140,104 Intersegment Elimination (162,582) (129,356) (140,104) Total $ — $ — $ — Net Sales Grocery Products $ 2,809,445 $ 2,385,304 $ 2,369,358 Refrigerated Foods 6,361,429 5,292,128 5,227,092 Jennie-O Turkey Store 1,629,714 1,441,735 1,447,495 International & Other 748,183 618,650 593,476 Intersegment Elimination (162,582) (129,356) (140,104) Total $ 11,386,189 $ 9,608,462 $ 9,497,317 Segment Profit Grocery Products $ 382,197 $ 358,008 $ 339,497 Refrigerated Foods 664,558 609,406 681,763 Jennie-O Turkey Store 76,006 105,585 117,962 International & Other 115,943 93,782 75,513 Total Segment Profit $ 1,238,704 $ 1,166,782 $ 1,214,735 Net Unallocated Expense 112,836 52,307 5,362 Noncontrolling Interest 301 272 342 Earnings Before Income Taxes $ 1,126,170 $ 1,114,747 $ 1,209,715 Assets Grocery Products $ 4,711,475 $ 1,713,883 $ 1,774,235 Refrigerated Foods 4,900,427 4,188,250 3,583,639 Jennie-O Turkey Store 1,073,249 1,111,318 1,023,787 International & Other 800,828 721,729 692,310 Corporate 1,210,351 2,173,101 1,035,033 Total $ 12,696,329 $ 9,908,282 $ 8,109,004 Additions to Property, Plant, & Equipment Grocery Products $ 19,911 $ 34,409 $ 37,892 Refrigerated Foods 159,380 249,441 174,506 Jennie-O Turkey Store 14,606 42,042 31,607 International & Other 8,626 3,737 9,248 Corporate 29,894 37,872 40,585 Total $ 232,416 $ 367,501 $ 293,838 Depreciation and Amortization Grocery Products $ 34,645 $ 32,148 $ 31,406 Refrigerated Foods 116,206 97,317 77,100 Jennie-O Turkey Store 47,669 46,322 34,696 International & Other 15,244 16,226 10,666 Corporate 14,643 13,767 11,342 Total $ 228,406 $ 205,781 $ 165,210 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 amounts of total revenues contributed by sales channel for the last three fiscal years are: Fiscal Year Ended (in thousands) October 31, 2021 October 25, 2020 October 27, 2019 U.S. Retail $ 6,196,761 $ 5,441,412 $ 4,947,398 U.S. Foodservice 3,239,424 2,489,644 2,943,352 U.S. Deli 1,087,081 970,327 939,069 International 862,923 707,078 667,498 Total $ 11,386,189 $ 9,608,462 $ 9,497,317 The Company’s products primarily consist of meat and other food products. The amounts of total revenues contributed by classes of similar products for the last three fiscal years are: Fiscal Year Ended (in thousands) October 31, 2021 October 25, 2020 October 27, 2019 Perishable $ 6,271,164 $ 5,328,738 $ 5,370,409 Shelf-stable 2,661,194 2,092,551 1,829,138 Poultry 2,100,356 1,886,367 1,849,294 Miscellaneous 353,475 300,806 448,476 Total $ 11,386,189 $ 9,608,462 $ 9,497,317 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, snack nuts, chili, shelf-stable microwaveable meals, hash, stews, tortillas, salsas, tortilla chips, 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 divestiture of CytoSport in fiscal 2019 led to the reduction in the Miscellaneous category as compared to fiscal 2021 and 2020. Revenues from external customers are classified as domestic or foreign based on the destination where title passes. No individual foreign country is material to the consolidated results. Additionally, the Company’s long-lived assets located in foreign countries are not significant. Total revenues attributed to the U.S. and all foreign countries in total for the last three fiscal years are: Fiscal Year Ended (in thousands) October 31, 2021 October 25, 2020 October 27, 2019 United States $ 10,653,088 $ 9,006,007 $ 8,934,911 Foreign 733,101 602,454 562,406 Total $ 11,386,189 $ 9,608,462 $ 9,497,317 In fiscal 2021, sales to Walmart Inc. (Walmart) represented $1.9 billion or 15.2% of the Company’s consolidated gross sales less returns and allowances compared to $1.5 billion or 14.6% in fiscal 2020. Walmart is a customer for all four segments of the Company.

SCHEDULE II - VALUATION AND QUA

SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS AND RESERVES	12 Months Ended
	Oct. 31, 2021
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS AND RESERVES	SCHEDULE II – VALUATION AND QUALIFYING ACCOUNTS AND RESERVES (in thousands) Additions/(Benefits) Classification Balance at Charged to Cost and Expenses Charged to Other Accounts Describe Deductions- Balance at Valuation reserve deduction from assets account: Fiscal year ended October 31, 2021 $ 138 (1) $ 4,012 $ 146 $ (12) (3) (25) (2) $ 4,033 Fiscal year ended October 25, 2020 $ (63) (4) $ 452 (1) $ 4,063 $ 339 12 (5) (113) (2) $ 4,012 Fiscal year ended October 27, 2019 $ 121 (1) $ 4,051 $ (382) (515) (2) $ 4,063 (1) Uncollectible accounts written off. (2) Recoveries on accounts previously written off. (3) Consolidation of the Sadler's reserve. (4) Consolidation of the Applegate reserve. (5) Increase in the reserve due to the inclusion of Sadler's accounts receivable.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Oct. 31, 2021
Accounting Policies [Abstract]
Principles of Consolidation	Principles of Consolidation: The consolidated financial statements include the accounts of Hormel Foods Corporation (the Company) and all of its majority-owned subsidiaries after elimination of intercompany accounts, transactions, and profits.
Use of Estimates	Use of Estimates: The preparation of financial statements in conformity with U.S. generally accepted accounting principles (U.S. GAAP) requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. These estimates and assumptions take into account historical and forward looking factors, including but not limited to the potential impacts arising from COVID-19 and related public and private sector policies and initiatives.
Fiscal Year	Fiscal Year: The Company’s fiscal year ends on the last Sunday in October. Fiscal 2021 consisted of 53 weeks. Fiscal years 2020 and 2019 consisted of 52 weeks. Fiscal 2022 will consist of 52 weeks.
Cash and Cash Equivalents	Cash and Cash Equivalents: The Company considers all investments with an original maturity of three months or less on their acquisition date to be cash equivalents. The Company’s cash equivalents as of October 31, 2021, and October 25, 2020, consisted primarily of bank deposits, money market funds rated AAA, or other highly liquid investment accounts. The Net Asset Value (NAV) of the Company’s money market funds is based on the market value of the securities in the portfolio.
Fair Value Measurements	Fair Value Measurements: Pursuant to the provisions of Accounting Standards Codification (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.
Compensation	Compensation: The Company maintains a rabbi trust to fund certain supplemental executive retirement plans and deferred compensation plans. Under the 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, primarily a variety of mutual funds. The Company has corporate-owned life insurance policies on certain participants in the deferred compensation plans. The cash surrender value of the policies is included in Other Assets on the Consolidated Statements of Financial Position. The securities held by the trust are classified as trading securities. Therefore, unrealized losses and gains associated with these investments are included in the Company’s earnings.
Inventories	Inventories: Inventories are stated at the lower of cost or net realizable value. Cost is determined principally under the average cost method. Adjustments to the Company’s lower of cost or net realizable value inventory reserve are reflected in Cost of Products Sold in the Consolidated Statements of Operations.
Property, Plant and Equipment	Property, Plant, and Equipment: Property, Plant, and Equipment are stated at cost. The Company uses the straight-line method in computing depreciation. The annual provisions for depreciation have been computed principally using the following ranges of asset lives: buildings 20 to 40 years, and equipment 3 to 14 years.
Leases, Lessee	Leases: The Company determines if an arrangement contains a lease at inception. Right-of-use assets and lease liabilities are recognized based on the present value of future minimum lease payments over the lease term at the commencement date. Leases with an initial term of twelve months or less are not recorded on the Consolidated Statements of Financial Position. The Company combines lease and non-lease components together in determining the minimum lease payments for all leases. The length of the lease term used in recording right-of-use assets and lease liabilities is based on the contractually required lease term adjusted for any options to renew, early terminate, or purchase the lease that are reasonably certain of being exercised. Most leases include one or more options to renew or terminate. The exercise of lease renewal and termination options is at the Company’s discretion and generally is not reasonably certain at lease commencement. The Company’s lease agreements typically do not contain material residual value guarantees. The Company has one lease with an immaterial residual value guarantee that is included in the minimum lease payments. Certain lease agreements include rental payment increases over the lease term that can be fixed or variable. Fixed payment increases and variable payment increases based on an index or rate are included in the initial lease liability using the index or rate at commencement date. Variable payment increases not based on an index or rate are recognized as incurred. If the rate implicit in the lease is not readily determinable, the Company used its periodic incremental borrowing rate, based on the information available at commencement date, to determine the present value of future lease payments. Leases and right-of-use assets that existed prior to the adoption of ASU 2016-02, Leases (Topic 842) were valued using the incremental borrowing rate on October 28, 2019.
Leases, Lessor	Leases: The Company determines if an arrangement contains a lease at inception. Right-of-use assets and lease liabilities are recognized based on the present value of future minimum lease payments over the lease term at the commencement date. Leases with an initial term of twelve months or less are not recorded on the Consolidated Statements of Financial Position. The Company combines lease and non-lease components together in determining the minimum lease payments for all leases. The length of the lease term used in recording right-of-use assets and lease liabilities is based on the contractually required lease term adjusted for any options to renew, early terminate, or purchase the lease that are reasonably certain of being exercised. Most leases include one or more options to renew or terminate. The exercise of lease renewal and termination options is at the Company’s discretion and generally is not reasonably certain at lease commencement. The Company’s lease agreements typically do not contain material residual value guarantees. The Company has one lease with an immaterial residual value guarantee that is included in the minimum lease payments. Certain lease agreements include rental payment increases over the lease term that can be fixed or variable. Fixed payment increases and variable payment increases based on an index or rate are included in the initial lease liability using the index or rate at commencement date. Variable payment increases not based on an index or rate are recognized as incurred. If the rate implicit in the lease is not readily determinable, the Company used its periodic incremental borrowing rate, based on the information available at commencement date, to determine the present value of future lease payments. Leases and right-of-use assets that existed prior to the adoption of ASU 2016-02, Leases (Topic 842) were valued using the incremental borrowing rate on October 28, 2019.
Impairment of Long-Lived Assets and Definite-Lived Intangible Assets	Impairment of Long-Lived Assets and Definite-Lived Intangible Assets: Definite-lived intangible assets are amortized over their estimated useful lives. The Company reviews long-lived assets and definite-lived intangible assets for impairment annually, or more frequently when events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If impairment indicators are present and the estimated future undiscounted cash flows are less than the carrying value of the assets and any related goodwill, the carrying value is reduced to the estimated fair value.
Goodwill and Other Indefinite-Lived Intangibles	Goodwill and Other Indefinite-Lived Intangibles: Indefinite-lived intangible assets are originally recorded at their estimated fair values at date of acquisition and the residual of the purchase price is recorded to goodwill. Acquired goodwill and other indefinite-lived intangible assets are allocated to reporting units that will receive the related benefits. Goodwill and indefinite-lived intangible assets are tested annually for impairment during the fourth quarter following the annual planning process or more frequently if impairment indicators arise. See additional discussion regarding the Company’s goodwill and intangible assets in Note C - Goodwill and Intangible Assets. Goodwill In conducting the annual impairment test for goodwill, the Company has the option to first assess qualitative factors to determine whether it is more likely than not (> 50 percent likelihood) the fair value of any reporting unit is less than its carrying amount. If the Company elects to perform a qualitative assessment and determines an impairment is more likely than not, the Company is required to perform a quantitative impairment test. Otherwise, no further analysis is required. Alternatively, the Company may elect to proceed directly to the quantitative impairment test. In conducting a qualitative assessment, the Company analyzes actual and projected growth trends for net sales, gross margin and segment profit for each reporting unit, as well as historical performance versus plan and the results of prior quantitative tests. Additionally, the Company assesses factors that may impact the business's financial results such as macroeconomic conditions and the related impact, market-related exposures, plans to market for sale all or a portion of the business, competitive changes, new or discontinued product lines, and changes in key personnel. If performed, the quantitative goodwill impairment test is performed at the reporting unit level. First, the fair value of each reporting unit is compared to its corresponding carrying value, including goodwill. The fair value of each reporting unit is estimated using discounted cash flow valuations (Level 3), which incorporate assumptions regarding future growth rates, terminal values and discount rates. The estimates and assumptions used consider historical performance and are consistent with the assumptions used in determining future profit plans for each reporting unit, which are approved by the Company’s Board of Directors. If the quantitative assessment results in the carrying value exceeding the fair value of any reporting unit, the results from the quantitative analysis will be relied upon to determine both the existence and amount of goodwill impairment. An impairment loss will be recognized for the amount by which the reporting unit’s carrying amount exceeds its fair value, not to exceed the carrying amount of goodwill in that reporting unit. During the fourth quarter of fiscal 2021, the Company completed its annual goodwill impairment tests and performed quantitative assessments. No impairment charges were recorded as a result of the testing performed during fiscal 2021. The Company performed qualitative assessments in fiscal years 2020 and 2019 with no impairment charges in either year. Indefinite-Lived Intangibles In conducting the annual impairment test for its indefinite-lived intangible assets, the Company first performs a qualitative assessment to determine whether it is more likely than not (> 50 percent likelihood) an indefinite-lived intangible asset is impaired. If the Company concludes this is the case, a quantitative test for impairment must be performed. Otherwise, the Company does not need to perform a quantitative test. In conducting the qualitative assessment, the Company analyzes growth rates for historical and projected net sales and the results of prior quantitative tests. Additionally, each operating segment assesses items that may impact the value of their intangible assets or the applicable royalty rates to determine if impairment may be indicated. If performed, the quantitative impairment test compares the fair value and carrying amount of the indefinite-lived intangible asset. The fair value of indefinite-lived intangible assets is primarily determined on the basis of estimated discounted value using the relief from royalty method (Level 3), which incorporates assumptions regarding future sales projections, discount rates and royalty rates. If the carrying amount exceeds fair value, the indefinite-lived intangible asset is considered impaired and an impairment charge is recorded for the difference. Even if not required, the Company may elect to perform the quantitative test in order to gain further assurance in the qualitative assessment.
Goodwill	Goodwill In conducting the annual impairment test for goodwill, the Company has the option to first assess qualitative factors to determine whether it is more likely than not (> 50 percent likelihood) the fair value of any reporting unit is less than its carrying amount. If the Company elects to perform a qualitative assessment and determines an impairment is more likely than not, the Company is required to perform a quantitative impairment test. Otherwise, no further analysis is required. Alternatively, the Company may elect to proceed directly to the quantitative impairment test. In conducting a qualitative assessment, the Company analyzes actual and projected growth trends for net sales, gross margin and segment profit for each reporting unit, as well as historical performance versus plan and the results of prior quantitative tests. Additionally, the Company assesses factors that may impact the business's financial results such as macroeconomic conditions and the related impact, market-related exposures, plans to market for sale all or a portion of the business, competitive changes, new or discontinued product lines, and changes in key personnel. If performed, the quantitative goodwill impairment test is performed at the reporting unit level. First, the fair value of each reporting unit is compared to its corresponding carrying value, including goodwill. The fair value of each reporting unit is estimated using discounted cash flow valuations (Level 3), which incorporate assumptions regarding future growth rates, terminal values and discount rates. The estimates and assumptions used consider historical performance and are consistent with the assumptions used in determining future profit plans for each reporting unit, which are approved by the Company’s Board of Directors. If the quantitative assessment results in the carrying value exceeding the fair value of any reporting unit, the results from the quantitative analysis will be relied upon to determine both the existence and amount of goodwill impairment. An impairment loss will be recognized for the amount by which the reporting unit’s carrying amount exceeds its fair value, not to exceed the carrying amount of goodwill in that reporting unit.
Pension and Other Post-retirement Benefits	Pension and Other Post-retirement Benefits: The Company has elected to use the corridor approach to recognize expenses related to its defined benefit pension and other post-retirement benefit plans. Under the corridor approach, actuarial gains or losses resulting from experience and changes in assumptions are deferred and amortized over future periods. For the defined benefit pension plans, the unrecognized gains and losses are amortized when the net gain or loss exceeds 10 percent of the greater of the projected benefit obligation or the fair value of plan assets at the beginning of the year. For the other post-retirement plans, the unrecognized gains and losses are amortized when the net gain or loss exceeds 10 percent of the accumulated pension benefit obligation at the beginning of the year. For plans with active employees, net gains or losses in excess of the corridor are amortized over the average remaining service period of participating employees expected to receive benefits under those plans. For plans with only retiree participants, net gains or losses in excess of the corridor are amortized over the average remaining life of the retirees receiving benefits under those plans.
Contingent Liabilities	Contingent Liabilities: The Company may be subject to investigations, legal proceedings, or claims related to the ongoing operation of its business, including claims both by and against the Company. Such proceedings typically involve claims related to product liability, contract disputes, antitrust regulations, wage and hour laws, employment practices, or other actions brought by employees, consumers, competitors or suppliers. The Company establishes accruals for its potential exposure for claims when losses become probable and reasonably estimable. Where the Company is able to reasonably estimate a range of potential losses, the Company records the amount within that range which constitutes the Company’s best estimate. The Company also discloses the nature of and range of loss for claims against the Company when losses are reasonably possible and material.
Foreign Currency Translation	Foreign Currency Translation: Assets and liabilities denominated in foreign currency are translated at the current exchange rate as of the date of the Consolidated Statements of Financial Position. Amounts in the Consolidated Statements of Operations are translated at the average monthly exchange rate. Translation adjustments resulting from fluctuations in exchange rates are recorded as a component of Accumulated Other Comprehensive Loss in Shareholders’ Investment. When calculating foreign currency translation, the Company deemed its foreign investments to be permanent in nature and has not provided for taxes on currency translation adjustments arising from converting the investment in a foreign currency to U.S. dollars.
Derivatives and Hedging Activity	Derivatives and Hedging Activity: The Company uses commodity positions to manage its exposure to price fluctuations in those markets. The contracts are recorded at fair value on the Consolidated Statements of Financial Position within Other Current Assets or Accounts Payable.
Equity Method Investments	Equity Method Investments: The Company has a number of investments in joint ventures where its voting interests are in excess of 20 percent but not greater than 50 percent and for which there are no other indicators of control. The Company accounts for such investments under the equity method of accounting and its underlying share of each investee’s equity is reported in the Consolidated Statements of Financial Position as part of Investments In and Receivables from Affiliates.
Revenue Recognition and Shipping and Handling Costs	Revenue Recognition: The Company’s customer contracts predominantly contain a single performance obligation to fulfill customer orders for the purchase of specified products. Revenue from product sales is primarily identified by purchase orders (“contracts”) which in some cases are governed by a master sales agreement. The purchase orders in combination with the invoice typically specify quantity and product(s) ordered, shipping terms, and certain aspects of the transaction price including discounts. Contracts are at standalone pricing or governed by pricing lists or brackets. The Company's revenue is recognized at the point in time when performance obligations have been satisfied and control of the product has transferred to the customer. This is typically once the shipped product is received or picked up by the customer. Revenues are recognized at the net consideration the Company expects to receive in exchange for the goods. The amount of net consideration recognized includes estimates of variable consideration, including costs for trade promotion programs, consumer incentives, and allowances and discounts associated with distressed or potentially unsaleable products. A majority of the Company’s revenue is short-term in nature with shipments within one year from order date. The Company's payment terms generally range between 7 to 45 days and vary by sales channel and other factors. The Company accounts for shipping and handling costs as contract fulfillment costs and excludes taxes imposed on and collected from customers in revenue producing transactions from the transaction price. The Company does not have significant deferred revenue or unbilled receivable balances as a result of transactions with customers. Costs to obtain contracts with a duration of one year or less are expensed and included in the Consolidated Statements of Operations. The Company promotes products through advertising, consumer incentives, and trade promotions. These programs include discounts, slotting fees, coupons, rebates, and in-store display incentives. Customer trade promotion and consumer incentive activities are recorded as a reduction to the sale price based on amounts estimated as variable consideration. The Company estimates variable consideration at the expected value method to determine the total consideration which the Company expects to be entitled. Estimated amounts are included in the transaction price to the extent it is probable that a significant reversal of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is resolved. The Company’s estimates of variable consideration and determination of whether to include estimated amounts in the transaction price are based largely on an assessment of anticipated performance and all information (historical, current,and forecasted) that is reasonably available. The Company discloses revenue by reportable segment, sales channel, and class of similar product in Note P - Segment Reporting. Shipping and Handling Costs: The Company’s shipping and handling expenses are included in Cost of Products Sold on the Consolidated Statements of Operations.
Allowance for Doubtful Accounts	Allowance for Doubtful Accounts: The Company estimates the Allowance for Doubtful Accounts based on a combination of factors, evaluations, and professional judgments of historical data while considering current and future economic conditions alongside management’s input.
Advertising Expenses	Advertising Expenses: Advertising costs are included in Selling, General, and Administrative and expensed when incurred. Advertising expenses include all media advertising but exclude the costs associated with samples, demonstrations, and market research.
Research and Development Expenses	Research and Development Expenses: Research and development costs are expensed as incurred and are included in Selling, General, and Administrative expenses on the Consolidated Statements of Operations.
Income Taxes	Income Taxes: The Company records income taxes in accordance with the liability method of accounting. Deferred taxes are recognized for the estimated taxes ultimately payable or recoverable based on enacted tax law. Changes in enacted tax rates are reflected in the tax provision as they occur. In accordance with ASC 740, Income Taxes , the Company recognizes a tax position in its financial statements when it is more likely than not that the position will be sustained upon examination based on the technical merits of the position. That position is then measured at the largest amount of benefit that is greater than 50 percent likely of being realized upon ultimate settlement.
Stock-Based Compensation	Stock-Based Compensation: The Company records stock-based compensation expense in accordance with ASC 718, Compensation – Stock Compensation . For options subject to graded vesting, the Company recognizes stock-based compensation expense ratably over the shorter of the vesting period or the individual's retirement eligibility date. The Company estimates forfeitures at the time of grant based on historical experience and revises in subsequent periods if actual forfeitures differ.
Share Repurchases	Share Repurchases: The Company may purchase shares of its common stock through open market and privately negotiated transactions at prices deemed appropriate by management. The timing and amount of repurchase transactions under the repurchase authorization depend on market conditions as well as corporate and regulatory considerations.
Supplemental Cash Flow Information	Supplemental Cash Flow Information: Non-cash investment activities presented on the Consolidated Statements of Cash Flows primarily consist of unrealized gains or losses on the Company’s rabbi trust. The noted investments are included in Other Assets on the Consolidated Statements of Financial Position. Changes in the value of these investments are presented in the Consolidated Statements of Operations as Interest and Investment Income.
Accounting Changes and Recent Accounting Pronouncements	Accounting Changes and Recent Accounting Pronouncements New Accounting Pronouncements Recently Adopted Fiscal 2021 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. Presentation and disclosure requirements were applied prospectively and retrospectively as required by the amendments. The adoption did not have a material impact on the Company’s 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. Presentation and disclosure requirements were applied retrospectively to all periods presented. The adoption did not have a material impact on the Company’s consolidated financial statements. Fiscal 2020 In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) . The updated guidance requires lessees to recognize a right-of-use asset and lease liability for all leases with terms of more than twelve months. Recognition, measurement, and presentation of expenses will depend on the classification as a finance or operating lease. The update also requires expanded quantitative and qualitative disclosures. Accounting guidance for lessors is largely unchanged. The requirements of the new standard are effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The Company adopted the provisions of this new accounting standard at the beginning of fiscal 2020. For transition purposes, the Company elected the package of practical expedients to not reassess prior conclusions related to contracts containing leases, lease classification, and initial direct costs. The Company elected the comparative periods practical expedient, and as a result, the Company did not adjust its comparative period financial information or make the new required lease disclosures for periods before the effective date. Upon adoption, the Company recognized right-of-use assets of $112.7 million and lease liabilities of $114.1 million in the Consolidated Statements of Financial Position as of October 28, 2019. The new standard did not have a material impact on the Consolidated Statements of Operations or the Consolidated Statements of Cash Flows. Fiscal 2019 In May 2014, the FASB issued ASU 2014-09 , Revenue from Contracts with Customers (Topic 606). This topic converges the guidance within U.S. GAAP and international financial reporting standards and supersedes ASC 605, Revenue Recognition. The standard requires companies to recognize revenue to depict the transfer of goods or services to customers in amounts that reflect the consideration to which the Company expects to be entitled in exchange for those goods or services. The standard provides enhanced disclosures about revenue, guidance for transactions which were not previously addressed, and improves guidance for multiple-element arrangements. The guidance was effective for annual reporting periods beginning after December 15, 2017. The updated guidance is to be applied either retrospectively or by using a cumulative effect adjustment. The Company adopted the provisions of the new standard using the full retrospective method at the beginning of fiscal 2019. In October 2016, the FASB issued ASU 2016-16, Income Taxes - Intra-Entity Transfers of Assets Other Than Inventory (Topic 740). The updated guidance requires the recognition of the income tax consequences of an intra-entity asset transfer, other than transfers of inventory, when the transfer occurs. For intra-entity transfers of inventory, the income tax effects will continue to be deferred until the inventory has been sold to a third party. The updated guidance was effective for reporting periods beginning after December 15, 2017, with early adoption permitted only within the first interim period of a fiscal year. The guidance is required to be applied on a modified retrospective basis through a cumulative effect adjustment directly to retained earnings as of the beginning of the period of adoption. The Company adopted the updated provisions at the beginning of fiscal 2019, resulting in a reclassification from prepaid tax assets to deferred tax assets. In addition, due to the impact of the lower tax rate on deferred tax balances resulting from the Tax Cuts and Jobs Act (Tax Act), the Company recognized a cumulative effect adjustment to Retained Earnings of $10.5 million in fiscal 2019. In March 2017, the FASB issued ASU 2017-07, Compensation - Retirement Benefits: Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost (Topic 715). The updated guidance requires an employer to report the service cost component of net periodic pension cost and net periodic post-retirement benefit cost in the same line item as other compensation costs. Other components of net periodic pension cost and net periodic post-retirement benefit cost must be presented in the income statement separately from the service cost component and outside income from operations. Additionally, only the service cost component is eligible for capitalization. This guidance was effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2017. The updated guidance should be applied retrospectively for the presentation of components of net benefit cost and prospectively for the capitalization of the service cost component of net benefit cost. The Company adopted the updated provisions at the beginning of fiscal 2019. The Company elected to utilize a practical expedient which allows the Company to use historical amounts disclosed in the Pension and Other Post-retirement Benefits footnote as an estimation basis for retrospectively applying the requirements to separately report the other components in the Consolidated Statements of Operations. Due to the retrospective adoption, the Company reclassified $19.0 million of non-service cost components of net periodic benefit costs from Operating Income to Interest and Investment Income on the Consolidated Statements of Operations for the year ended October 28, 2018. In August 2017, the FASB issued ASU 2017-12, Derivatives and Hedging - Targeted Improvements to Accounting for Hedging Activities (Topic 815). The updated guidance expands an entity’s ability to hedge nonfinancial and financial risk components and reduce complexity in fair value hedges of interest rate risk. The guidance eliminates the requirement to separately measure and report hedge ineffectiveness and generally requires the entire change in the fair value of a hedging instrument to be presented in the same income statement line as the hedged item. The guidance also eases certain documentation and assessment requirements and modifies the accounting for components excluded from the assessment of hedge effectiveness. Entities will apply the amendments to cash flow and net investment hedge relationships that exist on the date of adoption using a modified retrospective approach. The presentation and disclosure requirements apply prospectively. The updated guidance is effective for fiscal years beginning after December 15, 2018, including interim periods within those years. Early adoption is permitted in any interim or annual period. The Company early adopted the updated guidance at the beginning of fiscal 2019; therefore, eliminating the requirement to separately measure and report hedge ineffectiveness. The Company applied the amendment to cash flow hedge relationships existing on the date of adoption using a modified retrospective approach. Presentation and disclosure requirements were applied on a prospective basis. The adoption resulted in an immaterial adjustment from Retained Earnings to Accumulated Other Comprehensive Loss. In February 2018, the FASB issued ASU 2018-02, Income Statement - Reporting Comprehensive Income (Topic 220). The updated guidance allows entities to reclassify stranded income tax effects resulting from the Tax Act from Accumulated Other comprehensive income to retained earnings in their consolidated financial statements. Under the Tax Act, deferred taxes were adjusted to reflect the reduction of the historical corporate income tax rate to the newly enacted corporate income tax rate, which left the tax effects on items within Accumulated Other Comprehensive Loss stranded at an inappropriate tax rate. The updated guidance is effective for fiscal years beginning after December 15, 2018, including interim periods within those years. Early adoption is permitted in any interim period and should be applied either in the period of adoption or retrospectively to each period (or periods) in which the effect of the change in the U.S. federal corporate income tax rate in the Tax Act is recognized. The Company early adopted the updated provisions at the beginning of fiscal 2019, resulting in a reclassification of $53.8 million from Accumulated Other Comprehensive Loss to Retained Earnings. In July 2018, the FASB issued ASU 2018-09, Codification Improvements. This amendment makes changes to a variety of topics to clarify, correct errors in, or make minor improvements to the Accounting Standards Codification (ASC). The transition and effective date guidance is based on the facts and circumstances of each amendment. Some of the amendments do not require transition guidance and are effective upon issuance of ASU 2018-09. The amendments effective upon issuance did not have a material impact on the Company's consolidated financial statements. A majority of the amendments do have transition guidance with effective dates for annual periods beginning after December 15, 2018. The Company early adopted the remaining amendments in the fourth quarter of fiscal 2019. The adoption did not have an impact on the Company’s consolidated financial statements. In August 2018, the FASB issued ASU No. 2018-15, Intangibles - Goodwill and Other - Internal-Use Software: Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract (Topic 350). The amendments in the update align the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software (and hosting arrangements that include an internal-use software license). The amendments are effective for fiscal years beginning after December 15, 2019, and for interim periods within those fiscal years and is to be applied either retrospectively or prospectively to all implementation costs incurred after the adoption date. Early adoption is permitted, including adoption in any interim period. The Company early adopted the updated provisions on a prospective basis at the beginning of fiscal 2019. 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. Recently issued accounting standards or pronouncements not disclosed above have been excluded as they are not relevant to the Company.
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, convenience store, 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)	12 Months Ended
	Oct. 31, 2021
Merger, Acquisitions And Dispositions [Abstract]
Schedule of allocation of purchase price	Allocations of the purchase price to acquired assets, including goodwill and intangibles assets, are presented in the table below. (in thousands) Purchase Allocation Inventory $ 149,224 Property, Plant and Equipment 170,958 Goodwill 2,313,064 Other Intangibles: Tradenames 712,000 Customer Relationships 51,000 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. Fiscal Year Ended (in thousands) October 31, 2021 October 25, 2020 Pro Forma Net Sales $ 12,061,686 $ 10,657,992 Pro Forma Net Earnings Attributable to Hormel Foods Corporation 985,881 934,783

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	12 Months Ended
	Oct. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of changes in the carrying amount of goodwill	The changes in the carrying amount of goodwill for the fiscal years ended October 31, 2021, and October 25, 2020, are: (in thousands) Grocery Refrigerated Jennie-O International Total Balance at October 27, 2019 $ 632,301 $ 1,458,692 $ 176,628 $ 214,024 $ 2,481,645 Goodwill Acquired — 148,313 — — 148,313 Foreign Currency Translation — — — (17,232) (17,232) Balance at October 25, 2020 $ 632,301 $ 1,607,005 $ 176,628 $ 196,793 $ 2,612,727 Goodwill Acquired 1,766,053 487,416 — 59,595 2,313,064 Foreign Currency Translation — — — 3,311 3,311 Balance at October 31, 2021 $ 2,398,354 $ 2,094,421 $ 176,628 $ 259,699 $ 4,929,102
Schedule of carrying amounts for indefinite-lived intangible assets	The carrying amounts for indefinite-lived intangible assets are: October 31, October 25, (in thousands) 2021 2020 Brands/Tradenames/Trademarks $ 1,665,190 $ 953,190 Other Intangibles 184 184 Foreign Currency Translation (6,646) (6,923) Total $ 1,658,728 $ 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: October 31, 2021 October 25, 2020 Gross Weighted- Gross Weighted- Carrying Accumulated Avg Life Carrying Accumulated Avg Life (in thousands) Amount Amortization (in Years) Amount Amortization (in Years) Customer Lists/Relationships $ 168,239 $ (56,882) 12.7 $ 117,239 $ (45,996) 12.2 Other Intangibles 60,241 (8,356) 13.8 60,631 (4,298) 13.8 Tradenames/Trademarks 10,536 (5,700) 4.9 10,536 (3,518) 4.9 Foreign Currency Translation — (4,534) — — (4,760) — Total $ 239,016 $ (75,471) 12.7 $ 188,406 $ (58,572) 12.3
Schedule of amortization expense	Amortization expense for the last three fiscal years was: (in thousands) 2021 $ 17,518 2020 14,251 2019 11,586
Schedule of estimated annual amortization expense	Estimated annual amortization expense for the five fiscal years after October 31, 2021, is as follows: (in thousands) 2022 $ 19,244 2023 18,351 2024 16,352 2025 14,627 2026 14,170

Investments In and Receivable_2

Investments In and Receivables From Affiliates (Tables)	12 Months Ended
	Oct. 31, 2021
Equity Method Investments and Joint Ventures [Abstract]
Schedule of investments in and receivables from affiliates	Investments In and Receivables from Affiliates consists of: (in thousands) Segment Percent Owned October 31, 2021 October 25, 2020 MegaMex Foods, LLC Grocery Products 50% $ 205,413 $ 220,907 Other Joint Ventures International & Other Various (20 – 40%) 93,606 87,466 Total $ 299,019 $ 308,372
Schedule of equity in earnings of affiliates	Equity in Earnings of Affiliates consists of: (in thousands) Segment 2021 2020 2019 MegaMex Foods, LLC Grocery Products $ 38,178 $ 31,919 $ 38,676 Other Joint Ventures International & Other 9,585 3,653 525 Total $ 47,763 $ 35,572 $ 39,201

Inventories (Tables)

Inventories (Tables)	12 Months Ended
	Oct. 31, 2021
Inventory Disclosure [Abstract]
Principal components of inventories	Principal components of inventories are: (in thousands) October 31, 2021 October 25, 2020 Finished Products $ 725,115 $ 546,070 Raw Materials and Work-in-Process 395,403 318,975 Operating Supplies 163,416 136,547 Maintenance Materials and Parts 85,264 71,170 Total $ 1,369,198 $ 1,072,762

Derivatives and Hedging (Tables

Derivatives and Hedging (Tables)	12 Months Ended
	Oct. 31, 2021
Derivatives and hedging
Schedule of fair values of derivative instruments	The fair values of the Company’s derivative instruments designated as hedges are: Location on Consolidated Gross Fair Value (1) (in thousands) Statements of Financial Position October 31, 2021 October 25, 2020 Commodity Contracts Other Current Assets $ 21,798 $ (1,330) (1) Amounts represent the gross fair value of commodity derivative assets and liabilities. The Company nets the derivative assets and liabilities for each of its commodity hedging programs, including cash collateral, when a master netting arrangement exists between the Company and the counterparty to the derivative contract. The amount or timing of cash collateral balances may impact the classification of the commodity derivative in the Consolidated Statements of Financial Position. The gross asset position as of October 31, 2021 is offset by the obligation to return cash collateral of $10.8 million contained within the master netting arrangement. The gross liability position as of October 25, 2020, is offset by the right to reclaim 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 amount of the Company’s fair value hedge assets (liabilities) are: Location on Consolidated Statements of Financial Position Carrying Amount (1) of the Hedged Assets/(Liabilities) (in thousands) October 31, 2021 October 25, 2020 Accounts Payable $ 3,432 $ 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 (before tax) related to derivative instruments	The effect of AOCL for gains or losses (before tax) related to the Company's derivative instruments are: Gain/(Loss) Recognized in AOCL (1) Location on Gain/(Loss) Reclassified from AOCL into Earnings (1) (in thousands) Fiscal Year Ended Fiscal Year Ended Cash Flow Hedges: October 31, 2021 October 25, 2020 October 31, 2021 October 25, 2020 Commodity Contracts $ 59,143 $ (38,213) Cost of Products Sold $ 31,044 $ (37,834) Excluded Component (2) 1,078 — — — Interest Rate Contracts 14,864 — Interest Expense 399 — (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 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 for the fiscal years ended are: Consolidated Statement of Operations Impact (in thousands) October 31, 2021 October 25, 2020 October 27, 2019 Net Earnings Attributable to Hormel Foods Corporation $ 908,839 $ 908,082 $ 978,806 Cash Flow Hedges - Commodity Contracts Gain (Loss) Reclassified from AOCL $ 31,787 $ (37,834) $ (1,701) Amortization of Excluded Component from Options (3,033) — (2,489) Gain (Loss) Reclassified from AOCL Due to Discontinuance of Cash Flow Hedges (1) (743) — — Fair Value Hedges - Commodity Contracts Gain (Loss) on Commodity Futures (2) (28,078) 13,192 5,197 Total Gain (Loss) on Commodity Contracts (3) $ (67) $ (24,642) $ 1,007 Cash Flow Hedges - Interest Rate Locks Amortization of Gain on Interest Rate Locks $ 399 $ — $ — Total Gain on Interest Rate Locks (4) $ 399 $ — $ — Total Gain (Loss) Recognized in Earnings $ 332 $ (24,642) $ 1,007 (1) During the fourth quarter of fiscal 2021, the Company discontinued hedge accounting on 2.8 million bushels of corn usage that was deemed no longer probable to occur. A loss of $0.7 million related to the discontinued hedges was reclassified directly into earnings. (2) Amounts represent gains or losses on commodity contracts designated as fair value hedges that were closed during the year, 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. (3) Total Gain (Loss) on Commodity Contracts is recognized in earnings through Cost of Products Sold. (4) Total Gain on Interest Rate Locks is recognized in earnings through Interest Expense.
Cash Flow Hedges
Derivatives and hedging
Schedule of outstanding commodity futures contracts	The Company's outstanding contracts related to its commodity hedging programs include: Volume Commodity Contracts October 31, 2021 October 25, 2020 Corn 33.1 million bushels 26.0 million bushels Lean Hogs 120.0 million pounds 153.7 million pounds

Pension and Other Post-retire_2

Pension and Other Post-retirement Benefits (Tables)	12 Months Ended
	Oct. 31, 2021
Retirement Benefits [Abstract]
Schedule of net periodic cost of defined benefit plans	Net periodic cost of defined benefit plans included the following: Pension Benefits Post-retirement Benefits (in thousands) 2021 2020 2019 2021 2020 2019 Service Cost $ 37,127 $ 35,584 $ 26,042 $ 533 $ 770 $ 690 Interest Cost 50,399 53,642 60,385 7,945 9,306 12,016 Expected Return on Plan Assets (102,693) (101,283) (92,492) — — — Amortization of Prior Service Cost (1,496) (2,168) (2,795) (669) (2,651) (2,675) Recognized Actuarial Loss (Gain) 22,742 22,383 14,805 2,020 1,045 — Curtailment (Gain) Charge — — 2,825 — — 1,219 Net Periodic Cost $ 6,080 $ 8,158 $ 8,770 $ 9,830 $ 8,470 $ 11,250
Schedule of amounts that have not been recognized in net periodic pension cost and are included in accumulated other comprehensive loss	The following amounts have not been recognized in net periodic pension cost and are included in Accumulated Other Comprehensive Loss: Pension Benefits Post-retirement Benefits (in thousands) 2021 2020 2021 2020 Unrecognized Prior Service Credit $ (3,624) $ (2,128) $ (154) $ 514 Unrecognized Actuarial Losses (305,433) (402,289) (35,616) (36,144)
Schedule of reconciliation of the beginning and ending balances of the benefit obligation, the fair value of plan assets, and the funded status of the plans	The following is a reconciliation of the beginning and ending balances of the benefit obligation, fair value of plan assets, and funded status of the plans as of the October 31, 2021, and the October 25, 2020, measurement dates: Pension Benefits Post-retirement Benefits (in thousands) 2021 2020 2021 2020 Change in Benefit Obligation Benefit Obligation at Beginning of Year $ 1,666,886 $ 1,616,177 $ 285,293 $ 290,946 Service Cost 37,127 35,584 533 770 Interest Cost 50,399 53,642 7,945 9,306 Actuarial (Gain) Loss 34,247 77,447 1,539 2,362 Participant Contributions — — 2,113 2,344 Medicare Part D Subsidy — — 461 555 Benefits Paid (76,702) (115,965) (23,218) (20,990) Benefit Obligation at End of Year $ 1,711,958 $ 1,666,886 $ 274,666 $ 285,293 Pension Benefits Post-retirement Benefits (in thousands) 2021 2020 2021 2020 Change in Plan Assets Fair Value of Plan Assets at Beginning of Year $ 1,553,532 $ 1,477,288 $ — $ — Actual Return on Plan Assets 211,054 183,647 — — Participant Contributions — — 2,113 2,344 Employer Contributions 10,712 8,562 21,105 18,646 Benefits Paid (76,702) (115,965) (23,218) (20,990) Fair Value of Plan Assets at End of Year $ 1,698,596 $ 1,553,532 $ — $ — Funded Status at End of Year $ (13,362) $ (113,354) $ (274,666) $ (285,293)
Schedule of amounts recognized in the Consolidated Statements of Financial Position	Amounts recognized in the Consolidated Statements of Financial Position as of October 31, 2021, and October 25, 2020, are as follows: Pension Benefits Post-retirement Benefits (in thousands) 2021 2020 2021 2020 Pension Assets $ 289,096 $ 183,232 $ — $ — Employee-related Expenses (11,173) (9,332) (19,589) (19,669) Pension and Post-retirement Benefits (291,285) (287,254) (255,077) (265,624) Net Amount Recognized $ (13,362) $ (113,354) $ (274,666) $ (285,293)
Schedule of information for pension plans with accumulated benefit obligations in excess of plan assets	The following table provides information for pension plans with projected and accumulated benefit obligations in excess of plan assets: (in thousands) 2021 2020 Projected Benefit Obligation $ 302,458 $ 296,585 Accumulated Benefit Obligation 292,877 288,359 Fair Value of Plan Assets — —
Schedule of weighted-average assumptions used to determine benefit obligations and net periodic benefit costs	Weighted-average assumptions used to determine benefit obligations are as follows: 2021 2020 Discount Rate 3.00 % 3.06 % Rate of Future Compensation Increase (For Plans that Base Benefits on Final Compensation Level) 4.14 % 4.09 % Weighted-average assumptions used to determine net periodic benefit costs are as follows: 2021 2020 2019 Discount Rate 3.06 % 3.37 % 4.55 % Rate of Future Compensation Increase (For Plans that Base Benefits on Final Compensation Level) 4.09 % 4.06 % 3.96 % Expected Long-term Return on Plan Assets 6.75 % 7.00 % 7.15 %
Schedule of benefits expected to be paid over the next ten fiscal years	Benefits expected to be paid over the next ten fiscal years are as follows: (in thousands) Pension Benefits Post-retirement Benefits 2022 $ 75,704 $ 19,832 2023 77,767 19,760 2024 79,870 19,445 2025 82,118 18,901 2026 86,066 18,265 2027-2031 459,902 80,310
Schedule of actual and target weighted-average asset allocations for pension plan assets	The actual and target weighted-average asset allocations for the Company’s pension plan assets as of the plan measurement date are as follows: 2021 2020 Asset Category Actual % Target Actual % Target Fixed Income 43.8 35-60 46.3 35-60 Global Stocks 40.7 20-55 39.2 20-55 Private Equity 6.4 0-10 5.4 0-10 Real Estate 5.3 0-10 5.2 0-10 Hedge Funds 2.6 0-10 2.4 0-10 Cash and Cash Equivalents 1.1 — 1.5 —
Schedule of categories of defined benefit pension plan assets and the level under which fair values were determined in the fair value hierarchy	The following tables show the categories of defined benefit pension plan assets and the level under which fair values were determined pursuant to the provisions of ASC 820. Assets measured at fair value using the net asset value (NAV) per share practical expedient are not required to be classified in the fair value hierarchy. These amounts are provided to permit reconciliation to the total fair value of plan assets. Fair Value Measurements as of October 31, 2021 (in thousands) Total Quoted Prices Significant Other Significant Plan Assets in Fair Value Hierarchy Cash Equivalents (1) $ 19,328 $ — $ 19,328 $ — Private Equity (2) Domestic 53,229 — — 53,229 International 56,190 — — 56,190 Fixed Income (3) U.S. Government Issues 262,181 164,357 97,824 — Municipal Issues 14,024 — 14,024 — Corporate Issues – Domestic 321,639 — 321,639 — Corporate Issues – Foreign 56,102 — 56,102 — Global Stocks - Mutual Funds (4) 94,115 94,115 — — Plan Assets in Fair Value Hierarchy $ 876,808 $ 258,472 $ 508,917 $ 109,419 Plan Assets at Net Asset Value Real Estate – Domestic (5) $ 90,106 Global Stocks - Collective Investment Funds (6) 596,985 Hedge Funds (7) 44,848 Fixed Income - Hedge Funds (8) 62,609 Fixed Income - Collective Investment Funds (9) 27,239 Plan Assets at Net Asset Value $ 821,787 Total Plan Assets at Fair Value $ 1,698,596 Fair Value Measurements as of October 25, 2020 (in thousands) Total Quoted Prices Significant Other Significant Plan Assets in Fair Value Hierarchy Cash Equivalents (1) $ 23,392 $ 1,294 $ 22,098 $ — Private Equity (2) Domestic 43,479 — — 43,479 International 40,359 — — 40,359 Fixed Income (3) U.S. Government Issues 239,239 158,525 80,714 — Municipal Issues 15,768 — 15,768 — Corporate Issues – Domestic 323,070 — 323,070 — Corporate Issues – Foreign 52,132 — 52,132 — Global Stocks - Mutual Funds (4) 151,175 151,175 — — Plan Assets in Fair Value Hierarchy $ 888,614 $ 310,994 $ 493,782 $ 83,838 Plan Assets at Net Asset Value Real Estate – Domestic (5) $ 81,015 Global Stocks - Collective Investment Funds (6) 457,713 Hedge Funds (7) 37,293 Fixed Income - Hedge Funds (8) 51,956 Fixed Income - Collective Investment Funds (9) 36,941 Plan Assets at Net Asset Value $ 664,918 Total Plan Assets at Fair Value $ 1,553,532 The following is a description of the valuation methodologies used for instruments measured at fair value, including the general classification of such instruments: (1) Cash Equivalents: These Level 1 and Level 2 investments consist primarily of highly liquid money market mutual funds traded in active markets in addition to highly liquid futures and T-bills with an observable daily settlement price. (2) Private Equity: These Level 3 investments consist of various collective investment funds, which are managed by a third party, invested in a well-diversified portfolio of equity investments from top performing, high quality firms focused on U.S. and foreign small to mid-markets, venture capitalists, and entrepreneurs with a concentration in areas of innovation. Investment strategies include buyouts, growth capital, buildups, and distressed, as well as early stages of company development mainly in the U.S. The fair value of these funds is based on the fair value of the underlying investments. (3) Fixed Income: The Level 1 investments include U.S. Treasury bonds and notes, which are valued at the closing price reported on the active market in which the individual securities are traded. The Level 2 investments consist principally of U.S. government securities, which are valued daily using institutional bond quote sources and mortgage-backed securities pricing sources, and municipal, domestic, and foreign securities, which are valued daily using institutional bond quote sources. (4) Global Stocks - Mutual Fund: These Level 1 investments include open-ended mutual funds consisting of a mix of U.S. common stocks and foreign common stocks, which are valued at closing price reported on the active market in which the fund is traded. The investment strategy is to obtain long term capital appreciation by focusing on companies generating above average earnings growth and are leading growth businesses in the marketplace. There are no restrictions on redemptions. (5) Real Estate - Domestic: These investments include ownership in open-ended real estate funds, which manage diversified portfolios of commercial properties within the office, residential, retail, and industrial property sectors. Investment strategies aim to acquire, own, hold, or dispose of investments with the goal of achieving current income and/or capital appreciation. The real estate investments are valued at the NAV of shares held by the Master Trust. Requests to redeem shares are granted on a quarterly basis with either 45 or 90 days advance notice, subject to availability of cash. (6) Global Stocks - Collective Investment Funds: These investments include commingled funds consisting of a mix of U.S. common stocks and foreign common stocks. The collective investment funds are valued at the NAV of shares held by the Master Trust. The investment strategy is to obtain long term capital appreciation by focusing on companies generating above average earnings growth and are leading growth businesses in the marketplace. All funds are daily liquid with the exception of one that is available on the first business day of the month for subscriptions and withdrawals. (7) Hedge Funds: These investments are designed to provide diversification to an overall institutional portfolio and, in particular, provide protection against equity market downturns. They are comprised of Commodity Trading Advisor Managed Futures, Global Macro (Discretionary and/or Quant) and Long Volatility/Tail Risk Hedging strategies. The hedge funds are valued at the NAV of shares held by the Master Trust. Requests to redeem shares are granted daily, monthly or quarterly. (8) Fixed Income - Hedge Funds: These investments target absolute, risk-adjusted returns by taking advantage of price dislocations and inconsistencies within credit markets. Funds are comprised primarily of U.S. and European corporate credit and structured credit. The investments are valued at the NAV of shares held by the Master Trust. Requests to redeem shares are granted on a quarterly basis on the three year fund anniversary with a ninety day notice period. (9) Fixed Income - Collective Investment Funds: These investments include commingled funds consisting of a mix of U.S. government and investment grade corporate bonds. The collective investment funds are valued at NAV of the shares held by the Master Trust. The investment strategy is to achieve an investment return that approximates as closely to the Bloomberg Barclays U.S. Aggregate Bond Index over the long term by investing in the securities that comprise the benchmark. There are no restrictions on redemptions.
Schedule of reconciliation of the beginning and ending balance of the investments measured at fair value using significant unobservable inputs (Level 3)	A reconciliation of the beginning and ending balance of the investments measured at fair value using significant unobservable inputs (Level 3) is as follows: (in thousands) 2021 2020 Beginning Balance $ 83,838 $ 84,901 Purchases, Issuances, and Settlements (Net) (23,151) (10,151) Unrealized Gains (Losses) (1) 26,879 (4,577) Realized Gains 604 8,130 Interest and Dividend Income 21,248 5,535 Ending Balance $ 109,419 $ 83,838
Schedule of unfunded private equity commitment balance for each investment category	The unfunded private equity commitment balance for each investment category as of October 31, 2021, and October 25, 2020, is as follows: (in thousands) 2021 2020 Domestic Equity $ 81 $ 203 International Equity 9,794 15,919 Unfunded Commitment Balance $ 9,875 $ 16,122

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Loss (Tables)	12 Months Ended
	Oct. 31, 2021
Equity [Abstract]
Schedule of components of accumulated other comprehensive loss	Components of Accumulated Other Comprehensive Loss are as follows: (in thousands) Foreign Pension & Other Deferred Hedging Accumulated Balance at October 28, 2018 $ (44,854) $ (197,613) $ (1,031) $ (243,498) Impact of Adoption of ASU: ASU 2017-12 — — (21) (3) (21) ASU 2018-02 — (53,778) (3) — (53,778) Adjusted balance at October 28, 2018 $ (44,854) $ (251,391) $ (1,052) $ (297,297) Unrecognized Gains (Losses) Gross (8,142) (138,356) 2,834 (143,664) Tax Effect — 33,822 (699) 33,123 Reclassification into Net Earnings Gross — 9,335 (1) 1,701 (2) 11,036 Tax Effect — (2,287) (411) (2,698) Net of Tax Amount (8,142) (97,486) 3,425 (102,203) Balance at October 27, 2019 $ (52,996) $ (348,877) $ 2,373 $ (399,500) Unrecognized Gains (Losses) Gross (11,164) 2,003 (38,213) (47,374) Tax Effect — (404) 9,324 8,920 Reclassification into Net Earnings Gross — 18,609 (1) 37,834 (2) 56,443 Tax Effect — (4,510) (9,229) (13,739) Net of Tax Amount (11,164) 15,698 (284) 4,250 Balance at October 25, 2020 $ (64,161) $ (333,178) $ 2,089 $ (395,250) Unrecognized Gains (Losses) Gross 12,980 72,623 75,084 160,687 Tax Effect — (17,715) (18,259) (35,974) Reclassification into Net Earnings Gross — 22,597 (1) (31,443) (2) (8,846) Tax Effect — (5,538) 7,652 2,114 Net of Tax Amount 12,980 71,967 33,034 117,981 Balance at October 31, 2021 $ (51,181) $ (261,211) $ 35,123 $ (277,269) (1) Included in 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. (3) Cumulative effect from the adoption of Accounting Standards Updates. See Note A - Summary of Significant Accounting Policies.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	12 Months Ended
	Oct. 31, 2021
Fair Value Disclosures [Abstract]
Schedule of financial assets and liabilities carried at fair value on a recurring basis	Pursuant to the provisions of ASC 820, the Company’s financial assets and liabilities carried at fair value on a recurring basis in the consolidated financial statements as of October 31, 2021, and October 25, 2020, and their level within the fair value hierarchy are presented in the table below. Fair Value Measurements at October 31, 2021 Total Fair Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) (in thousands) Assets at Fair Value Cash and Cash Equivalents (1) $ 613,530 $ 611,111 $ 2,419 $ — Short-term Marketable Securities (2) 21,162 8,790 12,372 — Other Trading Securities (3) 203,020 — 203,020 — Commodity Derivatives (4) 13,522 8,104 5,418 — Total Assets at Fair Value $ 851,234 $ 628,005 $ 223,229 $ — Liabilities at Fair Value Deferred Compensation (3) $ 70,466 $ — $ 70,466 $ — Total Liabilities at Fair Value $ 70,466 $ — $ 70,466 $ — Fair Value Measurements at October 25, 2020 Total Fair Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) (in thousands) 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 booked 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 exchange-traded funds 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. A majority of the funds held in the rabbi trust relate to the supplemental executive retirement plans and have been invested in fixed income funds managed by a third party. The declared rate on these funds is set based on a formula using the yield of the general account investment portfolio supporting the fund as 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, these investment balances 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. Securities held by the trust generated gains of $21.2 million, $7.0 million, and $8.3 million for fiscal years 2021, 2020, and 2019, respectively. (4) The Company’s commodity derivatives represent futures, swaps, and options contracts 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

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Oct. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Schedule of purchase commitments	Under these contracts, the Company is committed to make purchases, assuming current price levels, as follows: (in thousands) October 31, 2021 2022 $ 1,180,277 2023 778,324 2024 612,248 2025 439,812 2026 336,428 Later Years 302,455 Total $ 3,649,544

Leases (Tables)

Leases (Tables)	12 Months Ended
	Oct. 31, 2021
Leases [Abstract]
Schedule of supplemental balance sheet information, lease term, and discount rate	Lease information included in the Consolidated Statements of Financial Position are: (in thousands) Location on Consolidated Statements of October 31, 2021 October 25, 2020 Right-of-Use Assets Operating Other Assets $ 72,291 $ 53,119 Finance Net Property, Plant, and Equipment 53,433 61,059 Total Right-of-Use Assets $ 125,724 $ 114,179 Liabilities Current Operating Accrued Expenses $ 18,331 $ 12,025 Finance Current Maturities of Long-term Debt 8,362 8,308 Noncurrent Operating Other Long-term Liabilities 56,779 43,126 Finance Long-term Debt Less Current Maturities 44,637 52,722 Total Lease Liabilities $ 128,109 $ 116,182 The weighted-average remaining lease term and discount rate for lease liabilities included in the Consolidated Statements of Financial Position are: October 31, 2021 October 25, 2020 Weighted Average Remaining Lease Term Operating Leases 5.92 years 7.31 years Finance Leases 7.18 years 8.14 years Weighted Average Discount Rate Operating Leases 1.76 % 2.28 % Finance Leases 3.48 % 3.54 %
Schedule of lease expenses and supplemental cash flow and other information related to leases	Lease expenses are: Fiscal Year Ended (in thousands) October 31, 2021 October 25, 2020 Operating Lease Cost (1) $ 21,993 $ 19,602 Finance Lease Cost Amortization of Right-of-Use Assets 8,104 7,985 Interest on Lease Liabilities 2,019 2,304 Variable Lease Cost (2) 544,635 424,955 Net Lease Cost $ 576,751 $ 454,846 (1) Includes short-term lease costs, which are immaterial. (2) ASC 842 - Leases requires disclosure of payments related to agreements with an embedded lease that are not otherwise reflected on the balance sheet. The Company's variable lease costs primarily include inventory related expenses, such as materials, labor, and overhead from manufacturing and service agreements that contain embedded leases. Variability of these costs is determined based on usage or output and may vary for other reasons such as changes in material prices. Supplemental cash flow and other information related to leases for the fiscal year-end are: (in thousands) October 31, 2021 October 25, 2020 Cash Paid for Amounts Included in the Measurement of Lease Liabilities Operating Cash Flows from Operating Leases $ 20,305 $ 15,412 Operating Cash Flows from Finance Leases 2,019 2,304 Financing Cash Flows from Finance Leases 8,598 8,189 Right-of-Use Assets obtained in exchange for new operating lease liabilities 31,962 5,210
Schedule of maturities of financing lease liabilities	The maturity of the Company's lease liabilities as of October 31, 2021, are: (in thousands) Operating Leases Finance Leases (1) Total 2022 $ 20,062 $ 10,025 $ 30,088 2023 17,334 9,827 27,161 2024 12,548 9,688 22,236 2025 9,557 8,134 17,690 2026 5,856 5,652 11,508 2027 and beyond 16,516 15,540 32,056 Total Lease Payments $ 81,872 $ 58,867 $ 140,738 Less: Imputed Interest 6,762 5,868 12,630 Present Value of Lease Liabilities $ 75,110 $ 52,999 $ 128,109 (1) Over the life of the lease contracts, finance lease payments include $8.7 million related to purchase options which are reasonably certain of being exercised.
Schedule of maturities of operating lease liabilities	The maturity of the Company's lease liabilities as of October 31, 2021, are: (in thousands) Operating Leases Finance Leases (1) Total 2022 $ 20,062 $ 10,025 $ 30,088 2023 17,334 9,827 27,161 2024 12,548 9,688 22,236 2025 9,557 8,134 17,690 2026 5,856 5,652 11,508 2027 and beyond 16,516 15,540 32,056 Total Lease Payments $ 81,872 $ 58,867 $ 140,738 Less: Imputed Interest 6,762 5,868 12,630 Present Value of Lease Liabilities $ 75,110 $ 52,999 $ 128,109 (1) Over the life of the lease contracts, finance lease payments include $8.7 million related to purchase options which are reasonably certain of being exercised.

Long-term Debt and Other Borr_2

Long-term Debt and Other Borrowing Arrangements (Tables)	12 Months Ended
	Oct. 31, 2021
Debt Disclosure [Abstract]
Schedule of long-term debt	Long-term Debt consists of: (in thousands) October 31, 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 (8,484) (2,630) Unamortized Debt Issuance Costs (23,435) (7,979) Finance Lease Liabilities (1) 52,999 61,030 Other Financing Arrangements 2,823 3,206 Total 3,323,903 1,303,627 Less: Current Maturities of Long-term Debt 8,756 258,691 Long-term Debt Less Current Maturities $ 3,315,147 $ 1,044,936
Schedule of interest paid	Total interest paid in the last three fiscal years is as follows: (in millions) 2021 $ 25.1 2020 14.5 2019 19.0

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	12 Months Ended
	Oct. 31, 2021
Share-based Payment Arrangement [Abstract]
Schedule of reconciliation of the number of options outstanding and exercisable	A reconciliation of the number of options outstanding and exercisable as of October 31, 2021, is: Shares Weighted-Average Weighted-Average Aggregate Stock Options Outstanding at October 25, 2020 21,073 $ 30.39 Granted 1,277 47.45 Exercised (3,050) 17.61 Forfeited (277) 37.23 Expired (1) 36.25 Stock Options Outstanding at October 31, 2021 19,022 $ 33.49 4.9 $ 182,432 Stock Options Exercisable at October 31, 2021 13,047 $ 29.91 3.8 $ 164,766
Schedule of weighted-average grant date fair value of stock options granted and the total intrinsic value of options exercised	The weighted-average grant date fair value of stock options granted and the total intrinsic value of options exercised during each of the past three fiscal years, are: Fiscal Year Ended October 31, October 25, October 27, (in thousands, except per share amounts) 2021 2020 2019 Weighted-average Grant Date Fair Value $ 7.52 $ 7.71 $ 9.24 Intrinsic Value of Exercised Options 94,108 182,821 138,282
Schedule of weighted-average assumptions used to calculate fair value of each option award	The fair value of each option award is calculated on the date of grant using the Black-Scholes valuation model utilizing the following weighted-average assumptions: Fiscal Year Ended October 31, October 25, October 27, 2021 2020 2019 Risk-free Interest Rate 1.0 % 1.7 % 2.8 % Dividend Yield 2.1 % 2.0 % 1.9 % Stock Price Volatility 20.0 % 19.0 % 19.0 % Expected Option Life 7.4 years 7.5 years 8.0 years
Schedule of reconciliation of the nonvested shares	A reconciliation of the restricted stock units as of October 31, 2021, is: Shares Weighted- Weighted-Average Aggregate Restricted Stock Units Outstanding at October 25, 2020 188 $ 45.91 Granted 225 47.52 Dividend Equivalents 6 46.62 Vested (31) 46.56 Forfeited (3) 46.52 Restricted Stock Units Outstanding at October 31, 2021 385 $ 46.81 1.7 $ 16,277 (in thousands, except per share amounts) Shares Weighted- Restricted Shares Outstanding at October 25, 2020 45 $ 47.03 Granted 38 46.92 Vested (45) 47.03 Restricted Shares Outstanding at October 31, 2021 38 $ 46.92
Schedule of the weighted-average grant date fair value and fair value of nonvested shares granted	The weighted-average grant date fair value of restricted stock units granted and the total fair value of restricted stock units granted during each of the past three fiscal years, are: Fiscal Year Ended October 31, October 25, October 27, (in thousands, except per share amounts) 2021 2020 2019 Weighted-average Grant Date Fair Value $ 47.52 $ 45.88 $ — Fair Value of Restricted Stock Units Granted 10,699 9,383 — Fair Value of Restricted Stock Units Vested $ 1,460 $ 839 $ — The weighted-average grant date fair value of restricted shares granted, the total fair value of restricted shares granted, and the fair value of shares that have vested during each of the past three fiscal years are: Fiscal Year Ended October 31, October 25, October 27, (in thousands, except per share amounts) 2021 2020 2019 Weighted-average Grant Date Fair Value $ 46.92 $ 47.29 $ 42.23 Fair Value of Restricted Shares Granted 1,760 1,973 2,134 Fair Value of Restricted Shares Vested $ 2,133 $ 1,974 $ 1,760

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Oct. 31, 2021
Income Tax Disclosure [Abstract]
Schedule of components of provision for income taxes	The components of the Provision for Income Taxes are as follows: (in thousands) 2021 2020 2019 Current U.S. Federal $ 171,732 $ 142,708 $ 161,233 State 7,541 13,353 30,774 Foreign 9,079 18,293 9,919 Total Current 188,352 174,354 201,926 Deferred U.S. Federal 23,507 34,408 27,817 State 2,220 4,937 1,473 Foreign 2,950 (7,306) (649) Total Deferred 28,677 32,039 28,641 Total Provision for Income Taxes $ 217,029 $ 206,393 $ 230,567
Schedule of significant components of the deferred income tax liabilities and assets	Significant components of the deferred income tax liabilities and assets are as follows: (in thousands) October 31, 2021 October 25, 2020 Deferred Tax Liabilities Goodwill and Intangible Assets $ (322,822) $ (269,218) Tax over Book Depreciation and Basis Differences (143,891) (164,911) Other, net (21,967) (24,316) Deferred Tax Assets Pension and Other Post-retirement Benefits 71,190 97,129 Employee Compensation Related Liabilities 68,133 65,024 Marketing and Promotional Accruals 22,916 20,783 Other, net 50,767 62,302 Net Deferred Tax (Liabilities) Assets $ (275,674) $ (213,207)
Schedule of reconciliation of the statutory federal income tax rate to the effective tax rate	Reconciliation of the statutory federal income tax rate to the Company’s effective tax rate is as follows: 2021 2020 2019 U.S. Statutory Rate 21.0 % 21.0 % 21.0 % State Taxes on Income, Net of Federal Tax Benefit 0.8 1.6 2.5 Divestitures — — (1.4) Stock-based Compensation (1.6) (3.1) (2.2) All Other, net (0.9) (1.0) (0.8) Effective Tax Rate 19.3 % 18.5 % 19.1 %
Schedule of changes in the unrecognized tax benefits, excluding interest and penalties	The following table sets forth changes in the unrecognized tax benefits, excluding interest and penalties, for fiscal years 2021 and 2020. (in thousands) Balance as of October 27, 2019 $ 27,826 Tax Positions Related to the Current Period Increases 3,177 Tax Positions Related to Prior Periods Increases 8,299 Decreases (2,549) Settlements (1,107) Decreases Related to a Lapse of Applicable Statute of Limitations (2,404) Balance as of October 25, 2020 $ 33,242 Tax Positions Related to the Current Period Increases 4,003 Tax Positions Related to Prior Periods Increases 2,117 Decreases (4,170) Settlements (8,934) Decreases Related to a Lapse of Applicable Statute of Limitations (4,166) Balance as of October 31, 2021 $ 22,092

Earnings Per Share Data (Tables

Earnings Per Share Data (Tables)	12 Months Ended
	Oct. 31, 2021
Earnings Per Share [Abstract]
Schedule of reconciliation of the shares used in the computation of basic and diluted earnings per share	The following table sets forth the shares used as the denominator for those computations: (in thousands) 2021 2020 2019 Basic Weighted-Average Shares Outstanding 541,114 538,007 534,578 Dilutive Potential Common Shares 6,466 8,585 10,654 Diluted Weighted-Average Shares Outstanding 547,580 546,592 545,232 Antidilutive Potential Common Shares 2,839 1,822 2,801

Segment Reporting (Tables)

Segment Reporting (Tables)	12 Months Ended
	Oct. 31, 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. Fiscal Year (in thousands) 2021 2020 2019 Sales to Unaffiliated Customers Grocery Products $ 2,809,445 $ 2,385,291 $ 2,369,317 Refrigerated Foods 6,333,410 5,271,061 5,210,741 Jennie-O Turkey Store 1,495,151 1,333,459 1,323,783 International & Other 748,183 618,650 593,476 Total $ 11,386,189 $ 9,608,462 $ 9,497,317 Intersegment Sales Grocery Products $ — $ 13 $ 41 Refrigerated Foods 28,019 21,067 16,351 Jennie-O Turkey Store 134,563 108,276 123,712 International & Other — — — Total 162,582 129,356 140,104 Intersegment Elimination (162,582) (129,356) (140,104) Total $ — $ — $ — Net Sales Grocery Products $ 2,809,445 $ 2,385,304 $ 2,369,358 Refrigerated Foods 6,361,429 5,292,128 5,227,092 Jennie-O Turkey Store 1,629,714 1,441,735 1,447,495 International & Other 748,183 618,650 593,476 Intersegment Elimination (162,582) (129,356) (140,104) Total $ 11,386,189 $ 9,608,462 $ 9,497,317 Segment Profit Grocery Products $ 382,197 $ 358,008 $ 339,497 Refrigerated Foods 664,558 609,406 681,763 Jennie-O Turkey Store 76,006 105,585 117,962 International & Other 115,943 93,782 75,513 Total Segment Profit $ 1,238,704 $ 1,166,782 $ 1,214,735 Net Unallocated Expense 112,836 52,307 5,362 Noncontrolling Interest 301 272 342 Earnings Before Income Taxes $ 1,126,170 $ 1,114,747 $ 1,209,715 Assets Grocery Products $ 4,711,475 $ 1,713,883 $ 1,774,235 Refrigerated Foods 4,900,427 4,188,250 3,583,639 Jennie-O Turkey Store 1,073,249 1,111,318 1,023,787 International & Other 800,828 721,729 692,310 Corporate 1,210,351 2,173,101 1,035,033 Total $ 12,696,329 $ 9,908,282 $ 8,109,004 Additions to Property, Plant, & Equipment Grocery Products $ 19,911 $ 34,409 $ 37,892 Refrigerated Foods 159,380 249,441 174,506 Jennie-O Turkey Store 14,606 42,042 31,607 International & Other 8,626 3,737 9,248 Corporate 29,894 37,872 40,585 Total $ 232,416 $ 367,501 $ 293,838 Depreciation and Amortization Grocery Products $ 34,645 $ 32,148 $ 31,406 Refrigerated Foods 116,206 97,317 77,100 Jennie-O Turkey Store 47,669 46,322 34,696 International & Other 15,244 16,226 10,666 Corporate 14,643 13,767 11,342 Total $ 228,406 $ 205,781 $ 165,210
Schedule of total revenues contributed by sales channel	The amounts of total revenues contributed by sales channel for the last three fiscal years are: Fiscal Year Ended (in thousands) October 31, 2021 October 25, 2020 October 27, 2019 U.S. Retail $ 6,196,761 $ 5,441,412 $ 4,947,398 U.S. Foodservice 3,239,424 2,489,644 2,943,352 U.S. Deli 1,087,081 970,327 939,069 International 862,923 707,078 667,498 Total $ 11,386,189 $ 9,608,462 $ 9,497,317
Schedule of total revenues contributed by classes of similar products	The amounts of total revenues contributed by classes of similar products for the last three fiscal years are: Fiscal Year Ended (in thousands) October 31, 2021 October 25, 2020 October 27, 2019 Perishable $ 6,271,164 $ 5,328,738 $ 5,370,409 Shelf-stable 2,661,194 2,092,551 1,829,138 Poultry 2,100,356 1,886,367 1,849,294 Miscellaneous 353,475 300,806 448,476 Total $ 11,386,189 $ 9,608,462 $ 9,497,317
Schedule of total revenues attributable to U.S. and all foreign countries	Total revenues attributed to the U.S. and all foreign countries in total for the last three fiscal years are: Fiscal Year Ended (in thousands) October 31, 2021 October 25, 2020 October 27, 2019 United States $ 10,653,088 $ 9,006,007 $ 8,934,911 Foreign 733,101 602,454 562,406 Total $ 11,386,189 $ 9,608,462 $ 9,497,317

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Compensation (Details) - USD ($) $ in Millions	12 Months Ended
	Oct. 31, 2021	Oct. 25, 2020	Oct. 27, 2019
Rabbi trust
Investments
Gains (losses) related to securities held	$ 21.2	$ 7	$ 8.3

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Property, Plant and Equipment (Details)	12 Months Ended
	Oct. 31, 2021
Buildings | Minimum
Property, Plant and Equipment
Estimated useful life	20 years
Buildings | Maximum
Property, Plant and Equipment
Estimated useful life	40 years
Equipment | Minimum
Property, Plant and Equipment
Estimated useful life	3 years
Equipment | Maximum
Property, Plant and Equipment
Estimated useful life	14 years

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Leases (Details)	12 Months Ended
	Oct. 31, 2021renewalOptionlease
Accounting Policies [Abstract]
Finance lease, number of renewal or termination options	1
Operating lease, number of renewal or termination options	1
Finance lease, number of leases with residual value guarantee | lease	1

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Impairment of Long-Lived Assets and Definite-Lived Intangible Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Oct. 31, 2021	Oct. 25, 2020	Oct. 27, 2019
Accounting Policies [Abstract]
Impairment charges, finite-lived assets	$ 0	$ 0	$ 0
Impairment charges, definite-lived assets	$ 0	$ 0	$ 0

Summary of Significant Accoun_7

Summary of Significant Accounting Policies - Goodwill and Other Indefinite-Lived Intangibles (Details)	12 Months Ended
	Oct. 31, 2021USD ($)	Oct. 25, 2020USD ($)	Oct. 27, 2019USD ($)intangibleAsset
Accounting Policies [Abstract]
Goodwill, impairment charges	$ 0	$ 0	$ 0
Indefinite-lived intangible assets, impairment charge	$ 0	$ 0	$ 0
Number of assets, quantitative assessment, required additional review | intangibleAsset			2

Summary of Significant Accoun_8

Summary of Significant Accounting Policies - Equity Method Investments (Details) - USD ($)	12 Months Ended
	Oct. 31, 2021	Oct. 25, 2020	Oct. 27, 2019
Accounting Policies [Abstract]
Impairment charges on equity method investments	$ 0	$ 0	$ 0

Summary of Significant Accoun_9

Summary of Significant Accounting Policies - Revenue Recognition (Details)	12 Months Ended
	Oct. 31, 2021
Minimum
Revenue from External Customer [Line Items]
Payment term	7 days
Maximum
Revenue from External Customer [Line Items]
Payment term	45 days

Summary of Significant Accou_10

Summary of Significant Accounting Policies - Advertising Expenses (Details) - USD ($) $ in Millions	12 Months Ended
	Oct. 31, 2021	Oct. 25, 2020	Oct. 27, 2019
Advertising Expenses
Advertising costs	$ 138.5	$ 123.6	$ 131.1

Summary of Significant Accou_11

Summary of Significant Accounting Policies - Research and Development Expenses (Details) - USD ($) $ in Millions	12 Months Ended
	Oct. 31, 2021	Oct. 25, 2020	Oct. 27, 2019
Research and Development Expenses
Research and development expense	$ 33.6	$ 31.9	$ 32.5

Summary of Significant Accou_12

Summary of Significant Accounting Policies - Accounting Changes and Recent Accounting Pronouncements (Details) - USD ($)	12 Months Ended
	Oct. 31, 2021	Oct. 25, 2020	Oct. 27, 2019	Oct. 28, 2018	Oct. 26, 2020	Oct. 28, 2019	Oct. 29, 2018
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Reclassification to (from) retained earnings	$ 6,881,870,000	$ 6,523,335,000
Operating	72,291,000	53,119,000
Present Value of Lease Liabilities	75,110,000
Cumulative effect adjustment to retained earnings	(6,978,360,000)	(6,430,326,000)	$ (5,925,535,000)	$ (5,604,818,000)
Reclassification out of operating income	(1,122,599,000)	(1,100,220,000)	(1,196,265,000)
Reclassification into interest and investment income	46,878,000	35,596,000	31,520,000
Reclassification to accumulated other comprehensive loss	$ 277,269,000	$ 395,250,000
ASU 2016-13 | Cumulative Effect, Period of Adoption, Adjustment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Reclassification to (from) retained earnings					$ 0
ASU 2016-02
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating						$ 112,700,000
Present Value of Lease Liabilities						$ 114,100,000
ASU 2016-16 | Cumulative Effect, Period of Adoption, Adjustment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative effect adjustment to retained earnings			$ 10,500,000	10,475,000
ASU 2017-07
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Reclassification out of operating income				19,000,000
Reclassification into interest and investment income				19,000,000
ASU 2017-12
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Reclassification to (from) retained earnings							$ 0
Reclassification to accumulated other comprehensive loss							0
ASU 2017-12 | Cumulative Effect, Period of Adoption, Adjustment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative effect adjustment to retained earnings				0
ASU 2018-02
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Reclassification to (from) retained earnings							53,800,000
Reclassification to accumulated other comprehensive loss							$ 53,800,000
ASU 2018-02 | Cumulative Effect, Period of Adoption, Adjustment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative effect adjustment to retained earnings				$ 1,436,000

Acquisitions and Divestitures -

Acquisitions and Divestitures - Narrative (Details) - USD ($) $ in Thousands	Jun. 07, 2021	Mar. 02, 2020	Apr. 15, 2019	Oct. 31, 2021	Oct. 31, 2021	Oct. 25, 2020	Oct. 27, 2019
Acquisitions
Final proceeds					$ 0	$ 0	$ 479,806
Pre-tax gain on sale of business					0	0	16,469
Tax benefit					(217,029)	(206,393)	(230,567)
Assets Sold | CytoSport
Acquisitions
Final proceeds			$ 479,800
Pre-tax gain on sale of business			16,500
Tax benefit			$ 17,000				$ 17,500
Planters Snack Nuts Business
Acquisitions
Final purchase price	$ 3,400,000
Net sales contributed by acquisition				$ 410,800
Acquisition-related costs					30,300
Acquisition adjustments related to the preliminary revaluation of acquired inventory					12,900
Acquisition-related costs and adjustments					43,200
Reduction in pro-forma net earnings due to nonrecurring adjustments					$ (985,881)	(934,783)
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 - Allocation of Purchase Price (Details) - USD ($) $ in Thousands	Oct. 31, 2021	Jun. 07, 2021	Oct. 25, 2020	Oct. 27, 2019
Acquisitions
Goodwill	$ 4,929,102		$ 2,612,727	$ 2,481,645
Planters Snack Nuts Business
Acquisitions
Inventory		$ 149,224
Property, Plant and Equipment		170,958
Goodwill		2,313,064
Purchase Price		3,396,246
Planters Snack Nuts Business | Tradenames
Acquisitions
Other Intangibles		712,000
Planters Snack Nuts Business | Customer Relationships
Acquisitions
Other Intangibles		$ 51,000

Acquisitions and Divestitures_3

Acquisitions and Divestitures - Unaudited Pro Forma Financial Information (Details) - Planters Snack Nuts Business - USD ($) $ in Thousands	12 Months Ended
	Oct. 31, 2021	Oct. 25, 2020
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]
Pro Forma Net Sales	$ 12,061,686	$ 10,657,992
Pro Forma Net Earnings Attributable to Hormel Foods Corporation	$ 985,881	$ 934,783

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets - Changes in Carrying Amount of Goodwill (Details) - USD ($) $ in Thousands	12 Months Ended
	Oct. 31, 2021	Oct. 25, 2020
Changes in the carrying amount of goodwill
Balance at the beginning of the period	$ 2,612,727	$ 2,481,645
Goodwill Acquired	2,313,064	148,313
Foreign Currency Translation	3,311	(17,232)
Balance at the end of the period	4,929,102	2,612,727
Grocery Products
Changes in the carrying amount of goodwill
Balance at the beginning of the period	632,301	632,301
Goodwill Acquired	1,766,053	0
Foreign Currency Translation	0	0
Balance at the end of the period	2,398,354	632,301
Refrigerated Foods
Changes in the carrying amount of goodwill
Balance at the beginning of the period	1,607,005	1,458,692
Goodwill Acquired	487,416	148,313
Foreign Currency Translation	0	0
Balance at the end of the period	2,094,421	1,607,005
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	196,793	214,024
Goodwill Acquired	59,595	0
Foreign Currency Translation	3,311	(17,232)
Balance at the end of the period	$ 259,699	$ 196,793

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets - Indefinite Lived Intangible Assets (Details) - USD ($) $ in Thousands	Oct. 31, 2021	Oct. 25, 2020
Carrying amounts for indefinite-lived intangible assets
Carrying amounts for indefinite-lived intangible assets	$ 1,658,728	$ 946,452
Brands/Tradenames/Trademarks
Carrying amounts for indefinite-lived intangible assets
Carrying amounts for indefinite-lived intangible assets	1,665,190	953,190
Other Intangibles
Carrying amounts for indefinite-lived intangible assets
Carrying amounts for indefinite-lived intangible assets	184	184
Foreign Currency Translation
Carrying amounts for indefinite-lived intangible assets
Carrying amounts for indefinite-lived intangible assets	$ 6,646	$ 6,923

Goodwill and Intangible Asset_4

Goodwill and Intangible Assets - Definite Lived Intangibles Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Oct. 31, 2021	Oct. 25, 2020
Gross carrying amount and accumulated amortization for definite-lived intangible assets
Gross Carrying Amount	$ 239,016	$ 188,406
Accumulated Amortization	$ (75,471)	$ (58,572)
Weighted-Avg 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	$ (56,882)	$ (45,996)
Weighted-Avg 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	$ (8,356)	$ (4,298)
Weighted-Avg 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	$ (5,700)	$ (3,518)
Weighted-Avg 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	$ (4,534)	$ (4,760)

Goodwill and Intangible Asset_5

Goodwill and Intangible Assets - Amortization Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Oct. 31, 2021	Oct. 25, 2020	Oct. 27, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense	$ 17,518	$ 14,251	$ 11,586

Goodwill and Intangible Asset_6

Goodwill and Intangible Assets - Estimated Amortization Expense (Details) $ in Thousands	Oct. 31, 2021USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2022	$ 19,244
2023	18,351
2024	16,352
2025	14,627
2026	$ 14,170

Goodwill and Intangible Asset_7

Goodwill and Intangible Assets - Narrative (Details) - USD ($)	3 Months Ended
	Oct. 31, 2021	Oct. 25, 2020	Oct. 27, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
Intangibles and goodwill impairment	$ 0	$ 0	$ 0

Investments In and Receivable_3

Investments In and Receivables From Affiliates - Schedule of Investments In and Receivables from Affiliates (Details) - USD ($) $ in Thousands	Oct. 31, 2021	Oct. 25, 2020
Schedule of Equity Method Investments [Line Items]
Total	$ 299,019	$ 308,372
MegaMex Foods, LLC
Schedule of Equity Method Investments [Line Items]
Percent Owned	50.00%	50.00%
Total	$ 205,413	$ 220,907
Other Joint Ventures
Schedule of Equity Method Investments [Line Items]
Total	$ 93,606	$ 87,466
Other Joint Ventures | Minimum
Schedule of Equity Method Investments [Line Items]
Percent Owned	20.00%	20.00%
Other Joint Ventures | Maximum
Schedule of Equity Method Investments [Line Items]
Percent Owned	40.00%	40.00%

Investments In and Receivable_4

Investments In and Receivables From Affiliates - Schedule of Equity in Earnings of Affiliates (Details) - USD ($) $ in Thousands	12 Months Ended
	Oct. 31, 2021	Oct. 25, 2020	Oct. 27, 2019
Schedule of Equity Method Investments [Line Items]
Total	$ 47,763	$ 35,572	$ 39,201
MegaMex Foods, LLC
Schedule of Equity Method Investments [Line Items]
Total	38,178	31,919	38,676
Other Joint Ventures
Schedule of Equity Method Investments [Line Items]
Total	$ 9,585	$ 3,653	$ 525

Investments In and Receivable_5

Investments In and Receivables From Affiliates - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Oct. 31, 2021	Oct. 25, 2020	Oct. 27, 2019	Oct. 26, 2009
Schedule of Equity Method Investments [Line Items]
Dividends received from affiliates	$ 45	$ 37.5	$ 22.5
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			$ 21.3

Inventories (Details)

Inventories (Details) - USD ($) $ in Thousands	Oct. 31, 2021	Oct. 25, 2020
Inventory Disclosure [Abstract]
Finished Products	$ 725,115	$ 546,070
Raw Materials and Work-in-Process	395,403	318,975
Operating Supplies	163,416	136,547
Maintenance Materials and Parts	85,264	71,170
Total	$ 1,369,198	$ 1,072,762

Derivatives and Hedging - Narra

Derivatives and Hedging - Narrative (Details) $ in Millions	3 Months Ended	12 Months Ended
	Apr. 25, 2021USD ($)derivative	Oct. 31, 2021USD ($)
Grain
Derivatives and Hedging
Maximum number of upcoming fiscal periods to hedge exposure		2 years
Lean Hogs
Derivatives and Hedging
Maximum number of upcoming fiscal periods to hedge exposure		12 months
Treasury Lock | Cash Flow Hedges | Designated as Hedging
Derivatives and Hedging
Number of hedging instruments | derivative	2
Total notional amount of hedging	$ 1,250
Treasury Lock | Cash Flow Hedges | Designated as Hedging | Minimum
Derivatives and Hedging
Tenor of hedging contracts	7 years
Treasury Lock | Cash Flow Hedges | Designated as Hedging | Maximum
Derivatives and Hedging
Tenor of hedging contracts	30 years
Commodity Contracts
Derivatives and Hedging
Hedging gains expected to be recognized the next twelve months		$ 32
Interest Rate Contracts
Derivatives and Hedging
Hedging gains expected to be recognized the next twelve months		$ 14.5

Derivatives and Hedging - Outst

Derivatives and Hedging - Outstanding Contracts (Details) - Cash Flow Hedges lb in Millions, bu in Millions	12 Months Ended
	Oct. 31, 2021lbbu	Oct. 25, 2020lbbu
Corn
Derivatives and Hedging
Future contracts, volume (in million bushels) | bu	33.1	26
Lean Hogs
Derivatives and Hedging
Futures contracts, volume (in million pounds) | lb	120	153.7

Derivatives and Hedging - Fair

Derivatives and Hedging - Fair Value of Derivatives (Details) - Designated as Hedging - Commodity Contracts - USD ($) $ in Thousands	Oct. 31, 2021	Oct. 25, 2020
Derivatives fair value
Obligation to return cash collateral within master netting arrangement	$ 10,800
Right to reclaim cash collateral within master netting arrangement		$ 12,300
Other Current Assets
Derivatives fair value
Fair values of derivative instruments	$ 21,798	$ (1,330)

Derivatives and Hedging - Fai_2

Derivatives and Hedging - Fair Value Hedge Assets (Liabilities) (Details) - USD ($) $ in Thousands	Oct. 31, 2021	Oct. 25, 2020
Accounts Payable
Derivatives fair value
Carrying Amount of the Hedged Assets/(Liabilities)	$ 3,432	$ 4,269

Derivatives and Hedging - Effec

Derivatives and Hedging - Effect of AOCL for Gains or Losses (Before Tax) (Details) - Cash Flow Hedges - Designated as Hedging - USD ($) $ in Thousands	12 Months Ended
	Oct. 31, 2021	Oct. 25, 2020	Oct. 27, 2019
Commodity Contracts
Derivative instruments gains or losses (before tax)
Gain/(Loss) Reclassified from AOCL into Earnings	$ 31,787	$ (37,834)	$ (1,701)
Commodity Contracts | Cost of Products Sold
Derivative instruments gains or losses (before tax)
Gain/(Loss) Recognized in AOCL	59,143	(38,213)
Gain/(Loss) Reclassified from AOCL into Earnings	31,044	(37,834)
Corn | Cost of Products Sold
Derivative instruments gains or losses (before tax)
Excluded component	1,078	0
Excluded component	0	0
Interest Rate Locks
Derivative instruments gains or losses (before tax)
Gain/(Loss) Reclassified from AOCL into Earnings	399	0	$ 0
Interest Rate Locks | Interest Expense
Derivative instruments gains or losses (before tax)
Gain/(Loss) Recognized in AOCL	14,864	0
Gain/(Loss) Reclassified from AOCL into Earnings	$ 399	$ 0

Derivatives and Hedging - Conso

Derivatives and Hedging - Consolidated Statements of Operations Impact (Details) $ in Thousands, bu in Millions	3 Months Ended	12 Months Ended
	Oct. 31, 2021bu	Oct. 31, 2021USD ($)bu	Oct. 25, 2020USD ($)bu	Oct. 27, 2019USD ($)
Derivatives and Hedging
Net Earnings Attributable to Hormel Foods Corporation		$ 908,839	$ 908,082	$ 978,806
Cash Flow Hedges | Corn
Fair Value Hedges - Commodity Contracts
Future contracts, volume (in million bushels) | bu		33.1	26
Designated as Hedging
Fair Value Hedges - Commodity Contracts
Total Gain (Loss) Recognized in Earnings		$ 332	$ (24,642)	1,007
Designated as Hedging | Commodity Contracts
Fair Value Hedges - Commodity Contracts
Total Gain (Loss) Recognized in Earnings		(67)	(24,642)	1,007
Designated as Hedging | Interest Rate Locks
Fair Value Hedges - Commodity Contracts
Total Gain (Loss) Recognized in Earnings		399	0	0
Designated as Hedging | Cash Flow Hedges | Commodity Contracts
Cash Flow Hedges - Commodity Contracts
Gain (Loss) Reclassified from AOCL		31,787	(37,834)	(1,701)
Amortization of Excluded Component from Options		(3,033)	0	(2,489)
Gain (Loss) Reclassified from AOCL Due to Discontinuance of Cash Flow Hedges		(743)	0	0
Designated as Hedging | Cash Flow Hedges | Interest Rate Locks
Cash Flow Hedges - Commodity Contracts
Gain (Loss) Reclassified from AOCL		399	0	0
Designated as Hedging | Cash Flow Hedges | Corn
Fair Value Hedges - Commodity Contracts
Future contracts, volume (in million bushels) | bu	2.8
Designated as Hedging | Fair Value Hedges | Commodity Contracts
Fair Value Hedges - Commodity Contracts
Gain (Loss) on Commodity Futures		$ (28,078)	$ 13,192	$ 5,197

Pension and Other Post-retire_3

Pension and Other Post-retirement Benefits - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Oct. 31, 2021	Oct. 25, 2020	Oct. 27, 2019
Pension and Other Post-retirement Benefits
Total costs, defined contribution benefit plans	$ 46,700	$ 44,500	$ 43,000
Pension Benefits
Pension and Other Post-retirement Benefits
Pension plans accumulated benefit obligation	1,700,000	1,600,000
Expected contribution representing benefit payments for unfunded plans during next fiscal year	31,100
Fair value of investments	1,698,596	1,553,532	1,477,288
Pension Benefits | Significant Unobservable Inputs (Level 3)
Pension and Other Post-retirement Benefits
Fair value of investments	109,419	83,838	84,901
Pension Benefits | Private Equity
Pension and Other Post-retirement Benefits
Commitments for investments	$ 125,000
Post-retirement Benefits
Pension and Other Post-retirement Benefits
Increase in per capita cost of covered health care benefits assumed for next fiscal year (as a percent)	8.00%
Expected ultimate pre-Medicare and post-Medicare rate (as a percent)	5.00%
Year that reaches the ultimate trend rate	2027
Fair value of investments	$ 0	$ 0	$ 0
Minimum | Pension Benefits
Pension and Other Post-retirement Benefits
Amortization period of actuarial gains and losses and any adjustments resulting from plan amendments	8 years
Minimum | Pension Benefits | Private Equity | Significant Unobservable Inputs (Level 3)
Pension and Other Post-retirement Benefits
Fair value of investments	$ 83,800
Minimum | Post-retirement Benefits
Pension and Other Post-retirement Benefits
Amortization period of actuarial gains and losses and any adjustments resulting from plan amendments	4 years
Maximum | Pension Benefits
Pension and Other Post-retirement Benefits
Amortization period of actuarial gains and losses and any adjustments resulting from plan amendments	20 years
Maximum | Pension Benefits | Private Equity | Significant Unobservable Inputs (Level 3)
Pension and Other Post-retirement Benefits
Fair value of investments	$ 109,400
Maximum | Post-retirement Benefits
Pension and Other Post-retirement Benefits
Amortization period of actuarial gains and losses and any adjustments resulting from plan amendments	15 years
Weighted Average | Pension Benefits | Private Equity | Significant Unobservable Inputs (Level 3)
Pension and Other Post-retirement Benefits
Fair value of investments	$ 97,600

Pension and Other Post-retire_4

Pension and Other Post-retirement Benefits - Costs And Obligations (Details) - USD ($) $ in Thousands	12 Months Ended
	Oct. 31, 2021	Oct. 25, 2020	Oct. 27, 2019
Pension Benefits
Net periodic cost of defined benefit plans
Service Cost	$ 37,127	$ 35,584	$ 26,042
Interest Cost	50,399	53,642	60,385
Expected Return on Plan Assets	(102,693)	(101,283)	(92,492)
Amortization of Prior Service Cost	(1,496)	(2,168)	(2,795)
Recognized Actuarial Loss (Gain)	22,742	22,383	14,805
Curtailment (Gain) Charge	0	0	2,825
Net Periodic Cost	6,080	8,158	8,770
Post-retirement Benefits
Net periodic cost of defined benefit plans
Service Cost	533	770	690
Interest Cost	7,945	9,306	12,016
Expected Return on Plan Assets	0	0	0
Amortization of Prior Service Cost	(669)	(2,651)	(2,675)
Recognized Actuarial Loss (Gain)	2,020	1,045	0
Curtailment (Gain) Charge	0	0	1,219
Net Periodic Cost	$ 9,830	$ 8,470	$ 11,250

Pension and Other Post-retire_5

Pension and Other Post-retirement Benefits - Actuarial Gains and Losses (Details) - USD ($) $ in Thousands	Oct. 31, 2021	Oct. 25, 2020
Pension Benefits
Amounts recognized in accumulated other comprehensive loss
Unrecognized Prior Service Credit	$ (3,624)	$ (2,128)
Unrecognized Actuarial Losses	(305,433)	(402,289)
Post-retirement Benefits
Amounts recognized in accumulated other comprehensive loss
Unrecognized Prior Service Credit	(154)	514
Unrecognized Actuarial Losses	$ (35,616)	$ (36,144)

Pension and Other Post-retire_6

Pension and Other Post-retirement Benefits - Change in Benefit Obligation (Details) - USD ($) $ in Thousands	12 Months Ended
	Oct. 31, 2021	Oct. 25, 2020	Oct. 27, 2019
Pension Benefits
Change in Benefit Obligation
Benefit Obligation at Beginning of Year	$ 1,666,886	$ 1,616,177
Service Cost	37,127	35,584	$ 26,042
Interest Cost	50,399	53,642	60,385
Actuarial (Gain) Loss	34,247	77,447
Participant Contributions	0	0
Medicare Part D Subsidy	0	0
Benefits Paid	(76,702)	(115,965)
Benefit Obligation at End of Year	1,711,958	1,666,886	1,616,177
Post-retirement Benefits
Change in Benefit Obligation
Benefit Obligation at Beginning of Year	285,293	290,946
Service Cost	533	770	690
Interest Cost	7,945	9,306	12,016
Actuarial (Gain) Loss	1,539	2,362
Participant Contributions	2,113	2,344
Medicare Part D Subsidy	461	555
Benefits Paid	(23,218)	(20,990)
Benefit Obligation at End of Year	$ 274,666	$ 285,293	$ 290,946

Pension and Other Post-retire_7

Pension and Other Post-retirement Benefits - Change in Plan Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Oct. 31, 2021	Oct. 25, 2020
Pension Benefits
Change in Plan Assets
Fair Value of Plan Assets at Beginning of Year	$ 1,553,532	$ 1,477,288
Actual Return on Plan Assets	211,054	183,647
Participant Contributions	0	0
Employer Contributions	10,712	8,562
Benefits Paid	(76,702)	(115,965)
Fair Value of Plan Assets at End of Year	1,698,596	1,553,532
Funded Status at End of Year	(13,362)	(113,354)
Post-retirement Benefits
Change in Plan Assets
Fair Value of Plan Assets at Beginning of Year	0	0
Actual Return on Plan Assets	0	0
Participant Contributions	2,113	2,344
Employer Contributions	21,105	18,646
Benefits Paid	(23,218)	(20,990)
Fair Value of Plan Assets at End of Year	0	0
Funded Status at End of Year	$ (274,666)	$ (285,293)

Pension and Other Post-retire_8

Pension and Other Post-retirement Benefits - Amounts in Financial Position (Details) - USD ($) $ in Thousands	Oct. 31, 2021	Oct. 25, 2020
Amounts recognized in the Consolidated Statements of Financial Position
Pension Assets	$ 289,096	$ 183,232
Pension and Post-retirement Benefits	(546,362)	(552,878)
Pension Benefits
Amounts recognized in the Consolidated Statements of Financial Position
Pension Assets	289,096	183,232
Employee-related Expenses	(11,173)	(9,332)
Pension and Post-retirement Benefits	(291,285)	(287,254)
Net Amount Recognized	(13,362)	(113,354)
Post-retirement Benefits
Amounts recognized in the Consolidated Statements of Financial Position
Pension Assets	0	0
Employee-related Expenses	(19,589)	(19,669)
Pension and Post-retirement Benefits	(255,077)	(265,624)
Net Amount Recognized	$ (274,666)	$ (285,293)

Pension and Other Post-retire_9

Pension and Other Post-retirement Benefits - Accumulated Benefit Obligations (Details) - Pension Benefits - USD ($) $ in Thousands	Oct. 31, 2021	Oct. 25, 2020
Accumulated benefit obligation in excess of plan assets
Projected Benefit Obligation	$ 302,458	$ 296,585
Accumulated Benefit Obligation	292,877	288,359
Fair Value of Plan Assets	$ 0	$ 0

Pension and Other Post-retir_10

Pension and Other Post-retirement Benefits - Assumptions (Details) - Pension Benefits	12 Months Ended
	Oct. 31, 2021	Oct. 25, 2020	Oct. 27, 2019
Weighted-average assumptions used to determine benefit obligations
Discount Rate	3.00%	3.06%
Rate of Future Compensation Increase (For Plans that Base Benefits on Final Compensation Level)	4.14%	4.09%
Weighted-average assumptions used to determine net periodic benefit costs
Discount Rate	3.06%	3.37%	4.55%
Rate of Future Compensation Increase (For Plans that Base Benefits on Final Compensation Level)	4.09%	4.06%	3.96%
Expected Long-term Return on Plan Assets	6.75%	7.00%	7.15%

Pension and Other Post-retir_11

Pension and Other Post-retirement Benefits - Benefits Expected to be Paid (Details) $ in Thousands	Oct. 31, 2021USD ($)
Pension Benefits
Expected future benefit payments
2022	$ 75,704
2023	77,767
2024	79,870
2025	82,118
2026	86,066
2027-2031	459,902
Post-retirement Benefits
Expected future benefit payments
2022	19,832
2023	19,760
2024	19,445
2025	18,901
2026	18,265
2027-2031	$ 80,310

Pension and Other Post-retir_12

Pension and Other Post-retirement Benefits - Weighted-average Asset Allocations of Plan Assets (Details) - Pension Benefits	Oct. 31, 2021	Oct. 25, 2020
Fixed Income
Pension and Other Post-retirement Benefits
Actual %	43.80%	46.30%
Fixed Income | Minimum
Pension and Other Post-retirement Benefits
Target Range %	35.00%	35.00%
Fixed Income | Maximum
Pension and Other Post-retirement Benefits
Target Range %	60.00%	60.00%
Global Stocks
Pension and Other Post-retirement Benefits
Actual %	40.70%	39.20%
Global Stocks | Minimum
Pension and Other Post-retirement Benefits
Target Range %	20.00%	20.00%
Global Stocks | Maximum
Pension and Other Post-retirement Benefits
Target Range %	55.00%	55.00%
Private Equity
Pension and Other Post-retirement Benefits
Actual %	6.40%	5.40%
Private Equity | Minimum
Pension and Other Post-retirement Benefits
Target Range %	0.00%	0.00%
Private Equity | Maximum
Pension and Other Post-retirement Benefits
Target Range %	10.00%	10.00%
Real Estate
Pension and Other Post-retirement Benefits
Actual %	5.30%	5.20%
Real Estate | Minimum
Pension and Other Post-retirement Benefits
Target Range %	0.00%	0.00%
Real Estate | Maximum
Pension and Other Post-retirement Benefits
Target Range %	10.00%	10.00%
Hedge Funds
Pension and Other Post-retirement Benefits
Actual %	2.60%	2.40%
Hedge Funds | Minimum
Pension and Other Post-retirement Benefits
Target Range %	0.00%	0.00%
Hedge Funds | Maximum
Pension and Other Post-retirement Benefits
Target Range %	10.00%	10.00%
Cash and Cash Equivalents
Pension and Other Post-retirement Benefits
Actual %	1.10%	1.50%

Pension and Other Post-retir_13

Pension and Other Post-retirement Benefits - Categories of Plan Assets and Valuation Level (Details) - Pension Benefits - USD ($) $ in Thousands	12 Months Ended
	Oct. 31, 2021	Oct. 25, 2020	Oct. 27, 2019
Fair values of defined benefit pension plan investments by asset category and fair value hierarchy level
Fair Value of Plan Assets	$ 1,698,596	$ 1,553,532	$ 1,477,288
Fair Value
Fair values of defined benefit pension plan investments by asset category and fair value hierarchy level
Fair Value of Plan Assets	876,808	888,614
Net Asset Value
Fair values of defined benefit pension plan investments by asset category and fair value hierarchy level
Fair Value of Plan Assets	821,787	664,918
Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair values of defined benefit pension plan investments by asset category and fair value hierarchy level
Fair Value of Plan Assets	258,472	310,994
Significant Other Observable Inputs (Level 2)
Fair values of defined benefit pension plan investments by asset category and fair value hierarchy level
Fair Value of Plan Assets	508,917	493,782
Significant Unobservable Inputs (Level 3)
Fair values of defined benefit pension plan investments by asset category and fair value hierarchy level
Fair Value of Plan Assets	109,419	83,838	$ 84,901
Cash Equivalents | Fair Value
Fair values of defined benefit pension plan investments by asset category and fair value hierarchy level
Fair Value of Plan Assets	19,328	23,392
Cash Equivalents | Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair values of defined benefit pension plan investments by asset category and fair value hierarchy level
Fair Value of Plan Assets	0	1,294
Cash Equivalents | Significant Other Observable Inputs (Level 2)
Fair values of defined benefit pension plan investments by asset category and fair value hierarchy level
Fair Value of Plan Assets	19,328	22,098
Cash Equivalents | Significant Unobservable Inputs (Level 3)
Fair values of defined benefit pension plan investments by asset category and fair value hierarchy level
Fair Value of Plan Assets	0	0
Domestic | Fair Value
Fair values of defined benefit pension plan investments by asset category and fair value hierarchy level
Fair Value of Plan Assets	53,229	43,479
Domestic | Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair values of defined benefit pension plan investments by asset category and fair value hierarchy level
Fair Value of Plan Assets	0	0
Domestic | Significant Other Observable Inputs (Level 2)
Fair values of defined benefit pension plan investments by asset category and fair value hierarchy level
Fair Value of Plan Assets	0	0
Domestic | Significant Unobservable Inputs (Level 3)
Fair values of defined benefit pension plan investments by asset category and fair value hierarchy level
Fair Value of Plan Assets	53,229	43,479
International | Fair Value
Fair values of defined benefit pension plan investments by asset category and fair value hierarchy level
Fair Value of Plan Assets	56,190	40,359
International | Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair values of defined benefit pension plan investments by asset category and fair value hierarchy level
Fair Value of Plan Assets	0	0
International | Significant Other Observable Inputs (Level 2)
Fair values of defined benefit pension plan investments by asset category and fair value hierarchy level
Fair Value of Plan Assets	0	0
International | Significant Unobservable Inputs (Level 3)
Fair values of defined benefit pension plan investments by asset category and fair value hierarchy level
Fair Value of Plan Assets	56,190	40,359
U.S. Government Issues | Fair Value
Fair values of defined benefit pension plan investments by asset category and fair value hierarchy level
Fair Value of Plan Assets	262,181	239,239
U.S. Government Issues | Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair values of defined benefit pension plan investments by asset category and fair value hierarchy level
Fair Value of Plan Assets	164,357	158,525
U.S. Government Issues | Significant Other Observable Inputs (Level 2)
Fair values of defined benefit pension plan investments by asset category and fair value hierarchy level
Fair Value of Plan Assets	97,824	80,714
U.S. Government Issues | Significant Unobservable Inputs (Level 3)
Fair values of defined benefit pension plan investments by asset category and fair value hierarchy level
Fair Value of Plan Assets	0	0
Municipal Issues | Fair Value
Fair values of defined benefit pension plan investments by asset category and fair value hierarchy level
Fair Value of Plan Assets	14,024	15,768
Municipal Issues | Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair values of defined benefit pension plan investments by asset category and fair value hierarchy level
Fair Value of Plan Assets	0	0
Municipal Issues | Significant Other Observable Inputs (Level 2)
Fair values of defined benefit pension plan investments by asset category and fair value hierarchy level
Fair Value of Plan Assets	14,024	15,768
Municipal Issues | Significant Unobservable Inputs (Level 3)
Fair values of defined benefit pension plan investments by asset category and fair value hierarchy level
Fair Value of Plan Assets	0	0
Corporate Issues – Domestic | Fair Value
Fair values of defined benefit pension plan investments by asset category and fair value hierarchy level
Fair Value of Plan Assets	321,639	323,070
Corporate Issues – Domestic | Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair values of defined benefit pension plan investments by asset category and fair value hierarchy level
Fair Value of Plan Assets	0	0
Corporate Issues – Domestic | Significant Other Observable Inputs (Level 2)
Fair values of defined benefit pension plan investments by asset category and fair value hierarchy level
Fair Value of Plan Assets	321,639	323,070
Corporate Issues – Domestic | Significant Unobservable Inputs (Level 3)
Fair values of defined benefit pension plan investments by asset category and fair value hierarchy level
Fair Value of Plan Assets	0	0
Corporate Issues – Foreign | Fair Value
Fair values of defined benefit pension plan investments by asset category and fair value hierarchy level
Fair Value of Plan Assets	56,102	52,132
Corporate Issues – Foreign | Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair values of defined benefit pension plan investments by asset category and fair value hierarchy level
Fair Value of Plan Assets	0	0
Corporate Issues – Foreign | Significant Other Observable Inputs (Level 2)
Fair values of defined benefit pension plan investments by asset category and fair value hierarchy level
Fair Value of Plan Assets	56,102	52,132
Corporate Issues – Foreign | Significant Unobservable Inputs (Level 3)
Fair values of defined benefit pension plan investments by asset category and fair value hierarchy level
Fair Value of Plan Assets	0	0
Global Stocks - Mutual Funds | Fair Value
Fair values of defined benefit pension plan investments by asset category and fair value hierarchy level
Fair Value of Plan Assets	94,115	151,175
Global Stocks - Mutual Funds | Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair values of defined benefit pension plan investments by asset category and fair value hierarchy level
Fair Value of Plan Assets	94,115	151,175
Global Stocks - Mutual Funds | Significant Other Observable Inputs (Level 2)
Fair values of defined benefit pension plan investments by asset category and fair value hierarchy level
Fair Value of Plan Assets	0	0
Global Stocks - Mutual Funds | Significant Unobservable Inputs (Level 3)
Fair values of defined benefit pension plan investments by asset category and fair value hierarchy level
Fair Value of Plan Assets	$ 0	0
Real Estate – Domestic
Fair values of defined benefit pension plan investments by asset category and fair value hierarchy level
Advance notice to requests redemption of shares, first option	45 days
Advance notice to requests redemption of shares, second option	90 days
Real Estate – Domestic | Net Asset Value
Fair values of defined benefit pension plan investments by asset category and fair value hierarchy level
Fair Value of Plan Assets	$ 90,106	81,015
Global Stocks - Collective Investment Funds | Net Asset Value
Fair values of defined benefit pension plan investments by asset category and fair value hierarchy level
Fair Value of Plan Assets	596,985	457,713
Hedge Funds | Net Asset Value
Fair values of defined benefit pension plan investments by asset category and fair value hierarchy level
Fair Value of Plan Assets	$ 44,848	37,293
Fixed Income - Hedge Funds
Fair values of defined benefit pension plan investments by asset category and fair value hierarchy level
Advance notice to requests redemption of shares, first option	90 days
Advance notice to request redemption of shares, fund anniversary	3 years
Fixed Income - Hedge Funds | Net Asset Value
Fair values of defined benefit pension plan investments by asset category and fair value hierarchy level
Fair Value of Plan Assets	$ 62,609	51,956
Fixed Income - Collective Investment Funds | Net Asset Value
Fair values of defined benefit pension plan investments by asset category and fair value hierarchy level
Fair Value of Plan Assets	$ 27,239	$ 36,941

Pension and Other Post-retir_14

Pension and Other Post-retirement Benefits - Changes In Fair Value (Details) - Pension Benefits - USD ($) $ in Thousands	12 Months Ended
	Oct. 31, 2021	Oct. 25, 2020
Change in Plan Assets
Fair Value of Plan Assets at Beginning of Year	$ 1,553,532	$ 1,477,288
Fair Value of Plan Assets at End of Year	1,698,596	1,553,532
Significant Unobservable Inputs (Level 3)
Change in Plan Assets
Fair Value of Plan Assets at Beginning of Year	83,838	84,901
Purchases, Issuances, and Settlements (Net)	(23,151)	(10,151)
Unrealized Gains/(Losses)	26,879	(4,577)
Realized Gains	604	8,130
Interest and Dividend Income	21,248	5,535
Fair Value of Plan Assets at End of Year	$ 109,419	$ 83,838

Pension and Other Post-retir_15

Pension and Other Post-retirement Benefits - Commitments (Details) - Pension Benefits - USD ($) $ in Thousands	12 Months Ended
	Oct. 31, 2021	Oct. 25, 2020
Investment commitment
Unfunded Commitment Balance	$ 9,875	$ 16,122
Domestic Equity
Investment commitment
Unfunded Commitment Balance	81	203
International Equity
Investment commitment
Unfunded Commitment Balance	$ 9,794	$ 15,919

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Loss - Components of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	12 Months Ended
	Oct. 31, 2021	Oct. 25, 2020	Oct. 27, 2019
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning Balance	$ 6,425,548
Unrecognized Gains (Losses)
Gross	160,687	$ (47,374)	$ (143,664)
Tax Effect	(35,974)	8,920	33,123
Reclassification into Net Earnings
Gross	(8,846)	56,443	11,036
Tax Effect	2,114	(13,739)	(2,698)
Net of Tax Amount	117,981	4,250	(102,203)
Ending Balance	6,972,883	6,425,548
Accumulated Other Comprehensive Loss
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning Balance	(395,250)	(399,500)	(243,498)
Reclassification into Net Earnings
Ending Balance	(277,269)	(395,250)	(399,500)
Accumulated Other Comprehensive Loss | Impact of Adoption of ASU | ASU 2017-12
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning Balance			(21)
Accumulated Other Comprehensive Loss | Impact of Adoption of ASU | ASU 2018-02
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning Balance			(53,778)
Accumulated Other Comprehensive Loss | Adjusted Balance
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning Balance			(297,297)
Foreign Currency Translation
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning Balance	(64,161)	(52,996)	(44,854)
Unrecognized Gains (Losses)
Gross	12,980	(11,164)	(8,142)
Tax Effect	0	0	0
Reclassification into Net Earnings
Gross	0	0	0
Tax Effect	0	0	0
Net of Tax Amount	12,980	(11,164)	(8,142)
Ending Balance	(51,181)	(64,161)	(52,996)
Foreign Currency Translation | Adjusted Balance
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning Balance			(44,854)
Pension & Other Post-retirement Benefits
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning Balance	(333,178)	(348,877)	(197,613)
Unrecognized Gains (Losses)
Gross	72,623	2,003	(138,356)
Tax Effect	(17,715)	(404)	33,822
Reclassification into Net Earnings
Gross	22,597	18,609	9,335
Tax Effect	(5,538)	(4,510)	(2,287)
Net of Tax Amount	71,967	15,698	(97,486)
Ending Balance	(261,211)	(333,178)	(348,877)
Pension & Other Post-retirement Benefits | Impact of Adoption of ASU | ASU 2018-02
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning Balance			(53,778)
Pension & Other Post-retirement Benefits | Adjusted Balance
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning Balance			(251,391)
Deferred Hedging Gain (Loss)
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning Balance	2,089	2,373	(1,031)
Unrecognized Gains (Losses)
Gross	75,084	(38,213)	2,834
Tax Effect	(18,259)	9,324	(699)
Reclassification into Net Earnings
Gross	(31,443)	37,834	1,701
Tax Effect	7,652	(9,229)	(411)
Net of Tax Amount	33,034	(284)	3,425
Ending Balance	$ 35,123	$ 2,089	2,373
Deferred Hedging Gain (Loss) | Impact of Adoption of ASU | ASU 2017-12
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning Balance			(21)
Deferred Hedging Gain (Loss) | Adjusted Balance
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning Balance			$ (1,052)

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Assets and Liabilities Carried at Fair Value (Details) - USD ($) $ in Thousands	12 Months Ended
	Oct. 31, 2021	Oct. 25, 2020	Oct. 27, 2019
Right To Reclaim Net Cash Collateral, Commodity Derivatives [Abstract]
Obligation to return cash collateral	$ 10,800
Obligation to return cash collateral, cash portion	45,600
Realized gains (losses) on closed positions	34,800	$ (13,200)
Right to reclaim cash collateral		12,300
Right to reclaim cash collateral, cash portion		25,500
Rabbi trust
Right To Reclaim Net Cash Collateral, Commodity Derivatives [Abstract]
Gain related to securities held	21,200	7,000	$ 8,300
Recurring basis
Assets at Fair Value
Cash and Cash Equivalents	613,530	1,714,309
Short-term Marketable Securities	21,162	17,338
Other Trading Securities	203,020	173,114
Commodity Derivatives	13,522	10,950
Total Assets at Fair Value	851,234	1,915,711
Liabilities at Fair Value
Deferred Compensation	70,466	65,154
Total Liabilities at Fair Value	70,466	65,154
Recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1)
Assets at Fair Value
Cash and Cash Equivalents	611,111	1,713,098
Short-term Marketable Securities	8,790	5,728
Other Trading Securities	0	0
Commodity Derivatives	8,104	10,950
Total Assets at Fair Value	628,005	1,729,776
Liabilities at Fair Value
Deferred Compensation	0	0
Total Liabilities at Fair Value	0	0
Recurring basis | Significant Other Observable Inputs (Level 2)
Assets at Fair Value
Cash and Cash Equivalents	2,419	1,211
Short-term Marketable Securities	12,372	11,610
Other Trading Securities	203,020	173,114
Commodity Derivatives	5,418	0
Total Assets at Fair Value	223,229	185,935
Liabilities at Fair Value
Deferred Compensation	70,466	65,154
Total Liabilities at Fair Value	70,466	65,154
Recurring basis | Significant Unobservable Inputs (Level 3)
Assets at Fair Value
Cash and Cash Equivalents	0	0
Short-term Marketable Securities	0	0
Other Trading Securities	0	0
Commodity Derivatives	0	0
Total Assets at Fair Value	0	0
Liabilities at Fair Value
Deferred Compensation	0	0
Total Liabilities at Fair Value	$ 0	$ 0

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details) - USD ($) $ in Millions	Oct. 31, 2021	Oct. 25, 2020
Fair Value Disclosures [Abstract]
Fair value of long-term debt (including current maturities)	$ 3,300	$ 1,200

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Oct. 31, 2021	Oct. 25, 2020	Oct. 27, 2019
Long-term Purchase Commitment [Line Items]
Purchases under contracts	$ 1,100	$ 900	$ 1,000
Standby letters of credit issued	47.3
Revocable standby letters of credit, included in issued	$ 3.1
Maximum | Hogs and turkeys
Long-term Purchase Commitment [Line Items]
Purchase commitments, time period (up to)	10 years
Maximum | Grow-out contracts
Long-term Purchase Commitment [Line Items]
Purchase commitments, time period (up to)	25 years
Maximum | Corn, soybean meal, feed ingredients and other raw materials
Long-term Purchase Commitment [Line Items]
Purchase commitments, time period (up to)	4 years

Commitments and Contingencies_2

Commitments and Contingencies - Schedule of Commitments (Details) $ in Thousands	Oct. 31, 2021USD ($)
Purchase commitments
2022	$ 1,180,277
2023	778,324
2024	612,248
2025	439,812
2026	336,428
Later Years	302,455
Total	$ 3,649,544

Leases - Schedule of Supplement

Leases - Schedule of Supplemental Balance Sheet Information (Details) - USD ($) $ in Thousands	Oct. 31, 2021	Oct. 25, 2020
Right-of-Use Assets
Operating	$ 72,291	$ 53,119
Finance	53,433	61,059
Total Right-of-Use Assets	125,724	114,179
Current
Operating	18,331	12,025
Finance	8,362	8,308
Noncurrent
Operating	56,779	43,126
Finance	44,637	52,722
Total Lease Liabilities	$ 128,109	$ 116,182
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other Assets	Other Assets
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Property, Plant, and Equipment and Finance Lease Right-of-Use Asset, after Accumulated Depreciation and Amortization	Property, Plant, and Equipment and Finance Lease Right-of-Use Asset, after Accumulated Depreciation and Amortization
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Accrued Expenses	Accrued Expenses
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Current Maturities of Long-term Debt	Current Maturities of Long-term Debt
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other Long-term Liabilities	Other Long-term Liabilities
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Long-term Debt Less Current Maturities	Long-term Debt Less Current Maturities

Leases - Schedule of Lease Cost

Leases - Schedule of Lease Cost (Details) - USD ($) $ in Thousands	12 Months Ended
	Oct. 31, 2021	Oct. 25, 2020
Leases [Abstract]
Operating Lease Cost	$ 21,993	$ 19,602
Finance Lease Cost
Amortization of Right-of-Use Assets	8,104	7,985
Interest on Lease Liabilities	2,019	2,304
Variable Lease Cost	544,635	424,955
Net Lease Cost	$ 576,751	$ 454,846

Leases - Schedule of Weighted-A

Leases - Schedule of Weighted-Average Information (Details)	Oct. 31, 2021	Oct. 25, 2020
Weighted Average Remaining Lease Term
Operating Leases	5 years 11 months 1 day	7 years 3 months 21 days
Finance Leases	7 years 2 months 4 days	8 years 1 month 20 days
Weighted Average Discount Rate
Operating Leases	1.76%	2.28%
Finance Leases	3.48%	3.54%

Leases - Schedule of Suppleme_2

Leases - Schedule of Supplemental Cash Flow and Other Information Related (Details) - USD ($) $ in Thousands	12 Months Ended
	Oct. 31, 2021	Oct. 25, 2020
Cash Paid for Amounts Included in the Measurement of Lease Liabilities
Operating Cash Flows from Operating Leases	$ 20,305	$ 15,412
Operating Cash Flows from Finance Leases	2,019	2,304
Financing Cash Flows from Finance Leases	8,598	8,189
Right-of-Use Assets obtained in exchange for new operating lease liabilities	$ 31,962	$ 5,210

Leases - Schedule of Maturities

Leases - Schedule of Maturities of Lease Liabilities (Details) - USD ($) $ in Thousands	Oct. 31, 2021	Oct. 25, 2020
Operating Leases
2022	$ 20,062
2023	17,334
2024	12,548
2025	9,557
2026	5,856
2027 and beyond	16,516
Total Lease Payments	81,872
Less: Imputed Interest	6,762
Present Value of Lease Liabilities	75,110
Finance Leases
2022	10,025
2023	9,827
2024	9,688
2025	8,134
2026	5,652
2027 and beyond	15,540
Total Lease Payments	58,867
Less: Imputed Interest	5,868
Present Value of Lease Liabilities	52,999	$ 61,030
Total
2022	30,088
2023	27,161
2024	22,236
2025	17,690
2026	11,508
2027 and beyond	32,056
Total Lease Payments	140,738
Less: Imputed Interest	12,630
Present Value of Lease Liabilities	128,109
Finance lease payments, included amount, purchase asset reasonably certain	$ 8,700

Leases - Narrative (Details)

Leases - Narrative (Details) $ in Millions	12 Months Ended
	Oct. 27, 2019USD ($)
Leases [Abstract]
Rent expense prior to adoption of ASC 842	$ 23.1

Long-term Debt and Other Borr_3

Long-term Debt and Other Borrowing Arrangements - Schedule of Long-term Debt (Details) - USD ($) $ in Thousands	Oct. 31, 2021	Jun. 03, 2021	Oct. 25, 2020	Jun. 11, 2020
Debt Instrument [Line Items]
Unamortized Debt Issuance Costs	$ (23,435)		$ (7,979)
Finance Lease Liabilities	52,999		61,030
Other Financing Arrangements	2,823		3,206
Total	3,323,903		1,303,627
Less: Current Maturities of Long-term Debt	8,756		258,691
Long-term Debt Less Current Maturities	3,315,147		1,044,936
Senior Notes
Debt Instrument [Line Items]
Unamortized Discount on Senior Notes	$ (8,484)		(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	May 06, 2021	Apr. 30, 2021	Oct. 31, 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 | Unsecured Senior 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%
Revolving line of credit | 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
Revolving line of credit | Revolving Credit Facility | Minimum
Debt Instrument [Line Items]
Variable fee percentage for availability of credit line			0.05%
Revolving line of credit | Revolving Credit Facility | Minimum | Base Rate
Debt Instrument [Line Items]
Margin over interest rate percentage			0.00%
Revolving line of credit | Revolving Credit Facility | Minimum | Eurocurrency Rate
Debt Instrument [Line Items]
Margin over interest rate percentage			0.575%
Revolving line of credit | Revolving Credit Facility | Maximum
Debt Instrument [Line Items]
Variable fee percentage for availability of credit line			0.10%
Revolving line of credit | Revolving Credit Facility | Maximum | Base Rate
Debt Instrument [Line Items]
Margin over interest rate percentage			0.15%
Revolving line of credit | Revolving Credit Facility | Maximum | Eurocurrency Rate
Debt Instrument [Line Items]
Margin over interest rate percentage			1.15%

Long-term Debt and Other Borr_5

Long-term Debt and Other Borrowing Arrangements - Schedule of Interest Paid (Details) - USD ($) $ in Millions	12 Months Ended
	Oct. 31, 2021	Oct. 25, 2020	Oct. 27, 2019
Debt Disclosure [Abstract]
Interest paid	$ 25.1	$ 14.5	$ 19

Stock-Based Compensation - Narr

Stock-Based Compensation - Narrative (Details) - USD ($) $ in Thousands, shares in Millions	12 Months Ended
	Oct. 31, 2021	Oct. 25, 2020	Oct. 27, 2019
Stock-Based Compensation
Stock-based compensation expense recognized	$ 24,700	$ 22,500	$ 19,700
Stock-based compensation expense unrecognized	$ 19,300
Period for recognition of unrecognized stock-based compensation expense	1 year 4 months 24 days
Cash received from stock options exercises	$ 45,919	$ 81,818	$ 59,895
Number of shares available for future grants (in shares)	12.5	13.7	14.9
Stock options
Stock-Based Compensation
Vesting period	4 years
Stock option expiration period	10 years
Stock options | Fiscal 2020 And Thereafter
Stock-Based Compensation
Equity award deliverable criteria, award type percentage	50.00%
Time-vested Restricted Stock Units
Stock-Based Compensation
Vesting period	3 years
Time-vested Restricted Stock Units | Fiscal 2020 And Thereafter
Stock-Based Compensation
Vesting period	3 years
Equity award deliverable criteria, award type percentage	50.00%

Stock-Based Compensation - Opti

Stock-Based Compensation - Option Activity (Details) - Stock options $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Oct. 31, 2021USD ($)$ / sharesshares
Shares (in thousands)
Outstanding at the beginning of the period (in shares) | shares	21,073
Granted (in shares) | shares	1,277
Exercised (in shares) | shares	(3,050)
Forfeited (in shares) | shares	(277)
Expired (in shares) | shares	(1)
Outstanding at the end of the period (in shares) | shares	19,022
Exercisable at the end of the period (in shares) | shares	13,047
Weighted-Average Exercise Price
Outstanding at the beginning of the period (in dollars per share) | $ / shares	$ 30.39
Granted (in dollars per share) | $ / shares	47.45
Exercised (in dollars per share) | $ / shares	17.61
Forfeited (in dollars per share) | $ / shares	37.23
Expired (in dollars per share) | $ / shares	36.25
Outstanding at the end of the period (in dollars per share) | $ / shares	33.49
Exercisable at the end of period (in dollars per share) | $ / shares	$ 29.91
Weighted-Average Remaining Contractual Term (Years)
Outstanding at the end of the period	4 years 10 months 24 days
Exercisable at the end of period	3 years 9 months 18 days
Aggregate Intrinsic Value (in thousands)
Outstanding at the end of the period | $	$ 182,432
Exercisable at the end of period | $	$ 164,766

Stock-Based Compensation - Op_2

Stock-Based Compensation - Option Valuation (Details) - Stock options - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Oct. 31, 2021	Oct. 25, 2020	Oct. 27, 2019
Weighted-average grant date fair value of stock options granted, and the total intrinsic value of options exercised
Weighted-average Grant Date Fair Value (in dollars per share)	$ 7.52	$ 7.71	$ 9.24
Intrinsic Value of Exercised Options	$ 94,108	$ 182,821	$ 138,282
Weighted-average assumptions used to calculate fair value of each ordinary option award
Risk-free Interest Rate	1.00%	1.70%	2.80%
Dividend Yield	2.10%	2.00%	1.90%
Stock Price Volatility	20.00%	19.00%	19.00%
Expected Option Life	7 years 4 months 24 days	7 years 6 months	8 years

Stock-Based Compensation - Rest

Stock-Based Compensation - Restricted Shares (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Oct. 31, 2021	Oct. 25, 2020	Oct. 27, 2019
Aggregate Intrinsic Value (in thousands)
Restricted Stock Units Outstanding at October 31, 2021	$ 16,277
Restricted Stock Units
Stock-Based Compensation
Vesting period (after)	3 years
Shares (in thousands)
Beginning of Period (in shares)	188
Granted (in shares)	225
Dividend Equivalents (in shares)	6
Vested (in shares)	(31)
Forfeited (in shares)	(3)
End of Period (in shares)	385	188
Weighted- Average Grant Date Fair Value
Beginning of Period (in dollars per share)	$ 45.91
Granted (in dollars per share)	47.52	$ 45.88	$ 0
Dividend Equivalents (in dollars per share)	46.62
Vested (in dollars per share)	46.56
Forfeited (in dollars per share)	46.52
End of Period (in dollars per share)	$ 46.81	45.91
Weighted-Average Remaining Contractual Term (Years)
Restricted Stock Units Outstanding at October 31, 2021	1 year 8 months 12 days
Weighted-average grant date fair value, the total fair value of restricted shares granted, and the fair value of shares that have vested
Weighted-average Grant Date Fair Value (in dollars per share)	$ 47.52	$ 45.88	$ 0
Fair Value of Restricted Shares Granted	$ 10,699	$ 9,383	$ 0
Fair Value of Restricted Shares Vested	$ 1,460	$ 839	$ 0
Restricted Shares
Shares (in thousands)
Beginning of Period (in shares)	45
Granted (in shares)	38
Vested (in shares)	(45)
End of Period (in shares)	38	45
Weighted- Average Grant Date Fair Value
Beginning of Period (in dollars per share)	$ 47.03
Granted (in dollars per share)	46.92	$ 47.29	$ 42.23
Vested (in dollars per share)	47.03
End of Period (in dollars per share)	46.92	47.03
Weighted-average grant date fair value, the total fair value of restricted shares granted, and the fair value of shares that have vested
Weighted-average Grant Date Fair Value (in dollars per share)	$ 46.92	$ 47.29	$ 42.23
Fair Value of Restricted Shares Granted	$ 1,760	$ 1,973	$ 2,134
Fair Value of Restricted Shares Vested	$ 2,133	$ 1,974	$ 1,760

Income Taxes - Provision (Detai

Income Taxes - Provision (Details) - USD ($) $ in Thousands	12 Months Ended
	Oct. 31, 2021	Oct. 25, 2020	Oct. 27, 2019
Current
U.S. Federal	$ 171,732	$ 142,708	$ 161,233
State	7,541	13,353	30,774
Foreign	9,079	18,293	9,919
Total Current	188,352	174,354	201,926
Deferred
U.S. Federal	23,507	34,408	27,817
State	2,220	4,937	1,473
Foreign	2,950	(7,306)	(649)
Total Deferred	28,677	32,039	28,641
Total Provision for Income Taxes	$ 217,029	$ 206,393	$ 230,567

Income Taxes - Deferred Income

Income Taxes - Deferred Income Taxes (Details) - USD ($) $ in Thousands	Oct. 31, 2021	Oct. 25, 2020
Deferred Tax Liabilities
Goodwill and Intangible Assets	$ (322,822)	$ (269,218)
Tax over Book Depreciation and Basis Differences	(143,891)	(164,911)
Other, net	(21,967)	(24,316)
Deferred Tax Assets
Pension and Other Post-retirement Benefits	71,190	97,129
Employee Compensation Related Liabilities	68,133	65,024
Marketing and Promotional Accruals	22,916	20,783
Other, net	50,767	62,302
Net Deferred Tax (Liabilities) Assets	$ (275,674)	$ (213,207)

Income Taxes - Rate Reconciliat

Income Taxes - Rate Reconciliation (Details)	12 Months Ended
	Oct. 31, 2021	Oct. 25, 2020	Oct. 27, 2019
Reconciliation of the statutory federal income tax rate to the effective tax rate
U.S. Statutory Rate	21.00%	21.00%	21.00%
State Taxes on Income, Net of Federal Tax Benefit	0.80%	1.60%	2.50%
Divestitures	0.00%	0.00%	(1.40%)
Stock-based Compensation	(1.60%)	(3.10%)	(2.20%)
All Other, net	(0.90%)	(1.00%)	(0.80%)
Effective Tax Rate	19.30%	18.50%	19.10%

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($) $ in Thousands	Apr. 15, 2019	Oct. 31, 2021	Oct. 25, 2020	Oct. 27, 2019
Income Tax Contingency [Line Items]
Tax benefit		$ (217,029)	$ (206,393)	$ (230,567)
Undistributed earnings from non-U.S. subsidiaries		221,400
Income taxes paid		167,000	169,700	221,400
Portion of unrecognized tax benefit including interest and penalties, that if recognized, would impact effective tax rate		19,600	29,100
Interest and penalties expense related to uncertain tax positions recognized in income tax expense		900	1,900
Accrued interest and penalties, associated with unrecognized tax benefits		$ 5,000	$ 7,200
Assets Sold | CytoSport
Income Tax Contingency [Line Items]
Tax benefit	$ 17,000			$ 17,500

Income Taxes - Unrecognized Tax

Income Taxes - Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Oct. 31, 2021	Oct. 25, 2020
Changes in unrecognized tax benefits
Balance at the beginning of the period	$ 33,242	$ 27,826
Tax Positions Related to the Current Period
Increases	4,003	3,177
Tax Positions Related to Prior Periods
Increases	2,117	8,299
Decreases	(4,170)	(2,549)
Settlements	(8,934)	(1,107)
Decreases Related to a Lapse of Applicable Statute of Limitations	(4,166)	(2,404)
Balance at the end of the period	$ 22,092	$ 33,242

Earnings Per Share Data - (Deta

Earnings Per Share Data - (Details) - shares shares in Thousands	12 Months Ended
	Oct. 31, 2021	Oct. 25, 2020	Oct. 27, 2019
Earnings Per Share [Abstract]
Basic Weighted-Average Shares Outstanding (in shares)	541,114	538,007	534,578
Dilutive Potential Common Shares (in shares)	6,466	8,585	10,654
Diluted Weighted-Average Shares Outstanding (in shares)	547,580	546,592	545,232
Antidilutive Potential Common Shares (in shares)	2,839	1,822	2,801

Segment Reporting - Narrative (

Segment Reporting - Narrative (Details) $ in Billions	12 Months Ended
	Oct. 31, 2021USD ($)segment	Oct. 25, 2020USD ($)segment
Segment Reporting Information [Line Items]
Number of segments | segment	4	4
Walmart | Customer concentration | Revenue Benchmark
Segment Reporting Information [Line Items]
Revenue, less returns and allowances | $	$ 1.9	$ 1.5
Concentration risk, percentage	15.20%	14.60%

Segment Reporting - Sales (Deta

Segment Reporting - Sales (Details) - USD ($) $ in Thousands	12 Months Ended
	Oct. 31, 2021	Oct. 25, 2020	Oct. 27, 2019
Operating profit and other financial information
Sales	$ 11,386,189	$ 9,608,462	$ 9,497,317
Intersegment
Operating profit and other financial information
Sales	162,582	129,356	140,104
Operating Segment
Operating profit and other financial information
Sales	11,386,189	9,608,462	9,497,317
Grocery Products
Operating profit and other financial information
Sales	2,809,445	2,385,291	2,369,317
Grocery Products | Intersegment
Operating profit and other financial information
Sales	0	13	41
Grocery Products | Operating Segment
Operating profit and other financial information
Sales	2,809,445	2,385,304	2,369,358
Refrigerated Foods
Operating profit and other financial information
Sales	6,333,410	5,271,061	5,210,741
Refrigerated Foods | Intersegment
Operating profit and other financial information
Sales	28,019	21,067	16,351
Refrigerated Foods | Operating Segment
Operating profit and other financial information
Sales	6,361,429	5,292,128	5,227,092
Jennie-O Turkey Store
Operating profit and other financial information
Sales	1,495,151	1,333,459	1,323,783
Jennie-O Turkey Store | Intersegment
Operating profit and other financial information
Sales	134,563	108,276	123,712
Jennie-O Turkey Store | Operating Segment
Operating profit and other financial information
Sales	1,629,714	1,441,735	1,447,495
International & Other
Operating profit and other financial information
Sales	748,183	618,650	593,476
International & Other | Intersegment
Operating profit and other financial information
Sales	0	0	0
International & Other | Operating Segment
Operating profit and other financial information
Sales	$ 748,183	$ 618,650	$ 593,476

Segment Reporting - Profit (Det

Segment Reporting - Profit (Details) - USD ($) $ in Thousands	12 Months Ended
	Oct. 31, 2021	Oct. 25, 2020	Oct. 27, 2019
Operating profit and other financial information
Segment Profit	$ 1,122,599	$ 1,100,220	$ 1,196,265
Net Unallocated Expense	112,836	52,307	5,362
Noncontrolling Interest	301	272	342
Earnings Before Income Taxes	1,126,170	1,114,747	1,209,715
Operating Segment
Operating profit and other financial information
Segment Profit	1,238,704	1,166,782	1,214,735
Grocery Products | Operating Segment
Operating profit and other financial information
Segment Profit	382,197	358,008	339,497
Refrigerated Foods | Operating Segment
Operating profit and other financial information
Segment Profit	664,558	609,406	681,763
Jennie-O Turkey Store | Operating Segment
Operating profit and other financial information
Segment Profit	76,006	105,585	117,962
International & Other | Operating Segment
Operating profit and other financial information
Segment Profit	$ 115,943	$ 93,782	$ 75,513

Segment Reporting - Assets (Det

Segment Reporting - Assets (Details) - USD ($) $ in Thousands	Oct. 31, 2021	Oct. 25, 2020	Oct. 27, 2019
Operating profit and other financial information
Assets	$ 12,696,329	$ 9,908,282	$ 8,109,004
Corporate
Operating profit and other financial information
Assets	1,210,351	2,173,101	1,035,033
Grocery Products
Operating profit and other financial information
Assets	4,711,475	1,713,883	1,774,235
Refrigerated Foods
Operating profit and other financial information
Assets	4,900,427	4,188,250	3,583,639
Jennie-O Turkey Store
Operating profit and other financial information
Assets	1,073,249	1,111,318	1,023,787
International & Other
Operating profit and other financial information
Assets	$ 800,828	$ 721,729	$ 692,310

Segment Reporting - Additions t

Segment Reporting - Additions to Property, Plant and Equipment (Details) - USD ($) $ in Thousands	12 Months Ended
	Oct. 31, 2021	Oct. 25, 2020	Oct. 27, 2019
Operating profit and other financial information
Additions to Property, Plant, & Equipment	$ 232,416	$ 367,501	$ 293,838
Corporate
Operating profit and other financial information
Additions to Property, Plant, & Equipment	29,894	37,872	40,585
Grocery Products
Operating profit and other financial information
Additions to Property, Plant, & Equipment	19,911	34,409	37,892
Refrigerated Foods
Operating profit and other financial information
Additions to Property, Plant, & Equipment	159,380	249,441	174,506
Jennie-O Turkey Store
Operating profit and other financial information
Additions to Property, Plant, & Equipment	14,606	42,042	31,607
International & Other
Operating profit and other financial information
Additions to Property, Plant, & Equipment	$ 8,626	$ 3,737	$ 9,248

Segment Reporting - Depreciatio

Segment Reporting - Depreciation (Details) - USD ($) $ in Thousands	12 Months Ended
	Oct. 31, 2021	Oct. 25, 2020	Oct. 27, 2019
Operating profit and other financial information
Depreciation and Amortization	$ 228,406	$ 205,781	$ 165,210
Corporate
Operating profit and other financial information
Depreciation and Amortization	14,643	13,767	11,342
Grocery Products
Operating profit and other financial information
Depreciation and Amortization	34,645	32,148	31,406
Refrigerated Foods
Operating profit and other financial information
Depreciation and Amortization	116,206	97,317	77,100
Jennie-O Turkey Store
Operating profit and other financial information
Depreciation and Amortization	47,669	46,322	34,696
International & Other
Operating profit and other financial information
Depreciation and Amortization	$ 15,244	$ 16,226	$ 10,666

Segment Reporting - Revenues by

Segment Reporting - Revenues by Sales Channel (Details) - USD ($) $ in Thousands	12 Months Ended
	Oct. 31, 2021	Oct. 25, 2020	Oct. 27, 2019
Revenue from External Customer [Line Items]
Sales	$ 11,386,189	$ 9,608,462	$ 9,497,317
U.S. Retail
Revenue from External Customer [Line Items]
Sales	6,196,761	5,441,412	4,947,398
U.S. Foodservice
Revenue from External Customer [Line Items]
Sales	3,239,424	2,489,644	2,943,352
U.S. Deli
Revenue from External Customer [Line Items]
Sales	1,087,081	970,327	939,069
International
Revenue from External Customer [Line Items]
Sales	$ 862,923	$ 707,078	$ 667,498

Segment Reporting - Revenues _2

Segment Reporting - Revenues by Classes of Similar Products (Details) - USD ($) $ in Thousands	12 Months Ended
	Oct. 31, 2021	Oct. 25, 2020	Oct. 27, 2019
Percentage of revenue by classes of products
Sales	$ 11,386,189	$ 9,608,462	$ 9,497,317
Perishable
Percentage of revenue by classes of products
Sales	6,271,164	5,328,738	5,370,409
Shelf-stable
Percentage of revenue by classes of products
Sales	2,661,194	2,092,551	1,829,138
Poultry
Percentage of revenue by classes of products
Sales	2,100,356	1,886,367	1,849,294
Miscellaneous
Percentage of revenue by classes of products
Sales	$ 353,475	$ 300,806	$ 448,476

Segment Reporting - Revenues _3

Segment Reporting - Revenues by Geographic Locations (Details) - USD ($) $ in Thousands	12 Months Ended
	Oct. 31, 2021	Oct. 25, 2020	Oct. 27, 2019
Revenues attributable to U.S. and Foreign countries
Sales	$ 11,386,189	$ 9,608,462	$ 9,497,317
United States
Revenues attributable to U.S. and Foreign countries
Sales	10,653,088	9,006,007	8,934,911
Foreign
Revenues attributable to U.S. and Foreign countries
Sales	$ 733,101	$ 602,454	$ 562,406

SCHEDULE II - VALUATION AND Q_2

SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS AND RESERVES (Details) - USD ($) $ in Thousands	12 Months Ended
	Oct. 31, 2021	Oct. 25, 2020	Oct. 27, 2019
Change in valuation and qualifying accounts and reserves
Balance at Beginning of Period	$ 4,012	$ 4,063	$ 4,051
Charged to Cost and Expenses	146	339	(382)
Deductions-Describe, Uncollectible accounts written off	138	452	121
Deductions-Describe, Recoveries on accounts previously written off	(25)	(113)	(515)
Balance at End of Period	4,033	4,012	$ 4,063
Applegate
Change in valuation and qualifying accounts and reserves
Charged to Other Accounts Describe		(63)
Sadler's Smokehouse
Change in valuation and qualifying accounts and reserves
Charged to Other Accounts Describe	$ (12)	$ 12