Hormel Foods (HRL) 10-Q 2 Jun 22 2022 Q2 Quarterly report Financial data

COVER

COVER - shares	6 Months Ended
	May 01, 2022	May 29, 2022
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	May 1, 2022
Document Transition Report	false
Entity File Number	1-2402
Entity Registrant Name	HORMEL FOODS CORPORATION
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	41-0319970
Entity Address, Address Line One	1 Hormel Place
Entity Address, City or Town	Austin
Entity Address, State or Province	MN
Entity Address, Postal Zip Code	55912
City Area Code	507
Local Phone Number	437-5611
Title of 12(b) Security	Common Stock
Trading Symbol	HRL
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Smaller Reporting Company	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0000048465
Amendment Flag	false
Current Fiscal Year End Date	--10-30
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
Common Stock $.1465 par value
Document Information [Line Items]
Entity Common Stock, Shares Outstanding (in shares)		546,055,595
Common Stock Non-Voting $.01 par value
Document Information [Line Items]
Entity Common Stock, Shares Outstanding (in shares)		0

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	May 01, 2022	Apr. 25, 2021	May 01, 2022	Apr. 25, 2021
Income Statement [Abstract]
Net Sales	$ 3,096,559	$ 2,606,621	$ 6,140,917	$ 5,067,768
Cost of Products Sold	2,543,088	2,130,314	5,048,697	4,141,291
Gross Profit	553,471	476,307	1,092,220	926,477
Selling, General and Administrative	224,659	199,966	450,631	396,346
Equity in Earnings of Affiliates	5,916	13,074	12,814	27,302
Operating Income	334,728	289,415	654,402	557,433
Other Income and Expense:
Interest and Investment Income	1,799	10,992	5,668	28,284
Interest Expense	14,658	7,788	29,298	16,015
Earnings Before Income Taxes	321,868	292,620	630,772	569,702
Provision for Income Taxes	60,189	64,699	129,383	119,386
Net Earnings	261,679	227,921	501,389	450,316
Less: Net Earnings (Loss) Attributable to Noncontrolling Interest	62	21	201	133
Net Earnings Attributable to Hormel Foods Corporation	$ 261,617	$ 227,901	$ 501,188	$ 450,184
Net Earnings Per Share
Basic (in dollars per share)	$ 0.48	$ 0.42	$ 0.92	$ 0.83
Diluted (in dollars per share)	$ 0.48	$ 0.42	$ 0.91	$ 0.82
Weighted-average Shares Outstanding
Basic (in shares)	544,702	540,195	543,691	540,054
Diluted (in shares)	550,036	547,536	548,982	547,490

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	May 01, 2022	Apr. 25, 2021	May 01, 2022	Apr. 25, 2021
Statement of Comprehensive Income [Abstract]
Net Earnings	$ 261,679	$ 227,921	$ 501,389	$ 450,316
Other Comprehensive Income (Loss), Net of Tax:
Foreign Currency Translation	14,071	(7,025)	14,996	10,863
Pension and Other Benefits	2,603	4,199	5,138	8,399
Deferred Hedging	27,701	38,029	36,105	50,628
Total Other Comprehensive Income (Loss)	44,375	35,203	56,239	69,890
Comprehensive Income	306,054	263,124	557,628	520,206
Less: Comprehensive Income (Loss) Attributable to Noncontrolling Interest	77	(16)	335	401
Comprehensive Income Attributable to Hormel Foods Corporation	$ 305,977	$ 263,140	$ 557,293	$ 519,805

CONSOLIDATED CONDENSED STATEMEN

CONSOLIDATED CONDENSED STATEMENTS OF FINANCIAL POSITION - USD ($) $ in Thousands	May 01, 2022	Oct. 31, 2021
Current Assets
Cash and Cash Equivalents	$ 861,719	$ 613,530
Short-term Marketable Securities	23,478	21,162
Accounts Receivable (Net of Allowance for Doubtful Accounts of $3,500 at May 1, 2022, and $4,033 at October 31, 2021)	795,292	895,719
Inventories	1,597,001	1,369,198
Taxes Receivable	7,763	8,293
Prepaid Expenses	31,478	24,971
Other Current Assets	56,826	14,943
Total Current Assets	3,373,557	2,947,816
Goodwill	4,935,832	4,929,102
Other Intangibles	1,814,501	1,822,273
Pension Assets	303,803	289,096
Investments In and Receivables from Affiliates	275,849	299,019
Other Assets	295,127	299,907
Property, Plant and Equipment
Land	75,053	72,133
Buildings	1,349,098	1,332,881
Equipment	2,486,841	2,415,063
Construction in Progress	316,840	316,455
Less: Allowance for Depreciation	(2,104,237)	(2,027,414)
Net Property, Plant and Equipment	2,123,595	2,109,117
Total Assets	13,122,263	12,696,329
Current Liabilities
Accounts Payable and Accrued Expenses	826,729	844,502
Accrued Marketing Expenses	126,077	114,746
Employee Related Expenses	244,664	269,327
Interest and Dividends Payable	181,782	154,803
Taxes Payable	93,324	23,520
Current Maturities of Long-term Debt	8,084	8,756
Total Current Liabilities	1,480,659	1,415,654
Long-term Debt Less Current Maturities	3,294,101	3,315,147
Pension and Post-retirement Benefits	550,047	546,362
Other Long-term Liabilities	160,401	162,623
Deferred Income Taxes	291,841	278,183
Shareholders' Investment
Preferred Stock	0	0
Additional Paid-in Capital	451,836	360,336
Accumulated Other Comprehensive Loss	(221,164)	(277,269)
Retained Earnings	7,100,730	6,881,870
Hormel Foods Corporation Shareholders' Investment	7,339,402	6,972,883
Noncontrolling Interest	5,812	5,478
Total Shareholders' Investment	7,345,214	6,978,360
Total Liabilities and Shareholders' Investment	13,122,263	12,696,329
Common Stock Non-Voting
Shareholders' Investment
Common Stock	0	0
Common Stock
Shareholders' Investment
Common Stock	$ 8,000	$ 7,946

CONSOLIDATED CONDENSED STATEM_2

CONSOLIDATED CONDENSED STATEMENTS OF FINANCIAL POSITION (PARENTHETICAL) - USD ($) $ in Thousands	May 01, 2022	Oct. 31, 2021
Accounts Receivable, Allowance for Doubtful Accounts	$ 3,500	$ 4,033
Preferred Stock, Par Value (in dollars per share)	$ 0.01	$ 0.01
Preferred Stock, Authorized Shares (in shares)	160,000,000	160,000,000
Preferred Stock, Issued Shares (in shares)	0	0
Common Stock Non-Voting
Common Stock, Par Value (in dollars per share)	$ 0.01	$ 0.01
Common Stock, Authorized Shares (in shares)	400,000,000	400,000,000
Common Stock, Issued Shares (in shares)	0	0
Common Stock
Common Stock, Par Value (in dollars per share)	$ 0.01465	$ 0.01465
Common Stock, Authorized Shares (in shares)	1,600,000,000	1,600,000,000
Common Stock, Issued Shares (in shares)	546,052,763	542,412,403

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' INVESTMENT - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	May 01, 2022	Apr. 25, 2021	May 01, 2022	Apr. 25, 2021
Increase (Decrease) in Shareholders' Investment
Beginning balance	$ 7,106,325	$ 6,555,727	$ 6,978,360	$ 6,430,326
Net Earnings	261,679	227,921	501,389	450,316
Other Comprehensive Income (Loss)	44,375	35,203	56,239	69,890
Purchases of Common Stock		(816)		(9,653)
Stock-based Compensation Expense	10,040	8,054	16,368	15,834
Exercise of Stock Options/Restricted Shares	64,133	12,026	75,186	13,791
Shares Retired		0		0
Declared Cash Dividends	(141,338)	(132,265)	(282,328)	(264,653)
Ending balance	$ 7,345,214	$ 6,705,851	$ 7,345,214	$ 6,705,851
Common Stock
Increase (Decrease) in Shareholders' Investment
Beginning balance (in shares)	543,012	539,796	542,412	539,887
Beginning balance	$ 7,955	$ 7,908	$ 7,946	$ 7,909
Stock-based Compensation Expense (in shares)	37	38	37	38
Stock-based Compensation Expense	$ 1	$ 1	$ 1	$ 1
Exercise of Stock Options/Restricted Shares (in shares)	3,004	595	3,603	703
Exercise of Stock Options/Restricted Shares	$ 44	$ 9	$ 53	$ 11
Shares Retired (in shares)		18		217
Shares Retired		$ 0		$ (3)
Ending balance (in shares)	546,053	540,411	546,053	540,411
Ending balance	$ 8,000	$ 7,917	$ 8,000	$ 7,917
Treasury Stock
Increase (Decrease) in Shareholders' Investment
Beginning balance (in shares)	0	0	0	0
Beginning balance	$ 0	$ 0	$ 0	$ 0
Purchases of Common Stock (in shares)		(18)		(217)
Purchases of Common Stock		$ (816)		$ (9,653)
Shares Retired (in shares)		18		217
Shares Retired		$ 816		$ 9,653
Ending balance (in shares)	0	0	0	0
Ending balance	$ 0	$ 0	$ 0	$ 0
Additional Paid-in Capital
Increase (Decrease) in Shareholders' Investment
Beginning balance	377,708	298,988	360,336	289,554
Stock-based Compensation Expense	10,039	8,053	16,367	15,834
Exercise of Stock Options/Restricted Shares	64,089	12,017	75,133	13,780
Shares Retired		(10)		(120)
Ending balance	451,836	319,048	451,836	319,048
Retained Earnings
Increase (Decrease) in Shareholders' Investment
Beginning balance	6,980,451	6,604,506	6,881,870	6,523,335
Net Earnings	261,617	227,901	501,188	450,184
Shares Retired		(806)		(9,530)
Declared Cash Dividends	(141,338)	(132,265)	(282,328)	(264,653)
Ending balance	7,100,730	6,699,336	7,100,730	6,699,336
Accumulated Other Comprehensive Income (Loss)
Increase (Decrease) in Shareholders' Investment
Beginning balance	(265,524)	(360,869)	(277,269)	(395,250)
Other Comprehensive Income (Loss)	44,360	35,240	56,105	69,622
Ending balance	(221,164)	(325,629)	(221,164)	(325,629)
Non- controlling Interest
Increase (Decrease) in Shareholders' Investment
Beginning balance	5,736	5,195	5,478	4,778
Net Earnings	62	21	201	133
Other Comprehensive Income (Loss)	15	(37)	134	268
Ending balance	$ 5,812	$ 5,178	$ 5,812	$ 5,178

CONSOLIDATED STATEMENTS OF CH_2

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' INVESTMENT (PARENTHETICAL) - $ / shares	3 Months Ended		6 Months Ended
	May 01, 2022	Apr. 25, 2021	May 01, 2022	Apr. 25, 2021
Statement of Stockholders' Equity [Abstract]
Declared Cash Dividends (in dollars per share)	$ 0.2600	$ 0.2450	$ 0.5200	$ 0.4900

CONSOLIDATED CONDENSED STATEM_3

CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	May 01, 2022	Apr. 25, 2021
Operating Activities
Net Earnings	$ 501,389	$ 450,316
Adjustments to Reconcile to Net Cash Provided by Operating Activities:
Depreciation and Amortization	126,436	103,307
Equity in Earnings of Affiliates	(12,814)	(27,302)
Distributions Received from Equity Method Investees	30,539	22,500
Provision for Deferred Income Taxes	(521)	2,007
Loss (Gain) on Property/Equipment Sales and Plant Facilities	2,192	1,508
Non-cash Investment Activities	14,005	(16,526)
Stock-based Compensation Expense	16,368	15,834
Changes in Operating Assets and Liabilities, Net of Acquisitions:
Decrease (Increase) in Accounts Receivable	109,297	(19,823)
Decrease (Increase) in Inventories	(226,422)	(154,647)
Decrease (Increase) in Prepaid Expenses and Other Current Assets	943	45,848
Increase (Decrease) in Pension and Post-retirement Benefits	(4,508)	2,375
Increase (Decrease) in Accounts Payable and Accrued Expenses	(46,331)	(103,438)
Increase (Decrease) in Net Income Taxes Payable	66,538	39,301
Net Cash Provided by (Used in) Operating Activities	577,111	361,259
Investing Activities
Net (Purchase) Sale of Securities	(4,367)	(722)
Purchases of Property and Equipment	(128,213)	(85,544)
Proceeds from Sales of Property and Equipment	434	1,653
Decrease (Increase) in Investments, Equity in Affiliates, and Other Assets	6,265	(3,599)
Proceeds from Company-owned Life Insurance	70	956
Net Cash Provided by (Used in) Investing Activities	(125,811)	(87,256)
Financing Activities
Repayments of Long-term Debt and Finance Leases	(5,024)	(254,360)
Dividends Paid on Common Stock	(274,063)	(257,787)
Share Repurchase	0	(9,653)
Proceeds from Exercise of Stock Options	75,086	13,340
Net Cash Provided by (Used in) Financing Activities	(204,001)	(508,459)
Effect of Exchange Rate Changes on Cash	890	4,680
Increase (Decrease) in Cash and Cash Equivalents	248,189	(229,776)
Cash and Cash Equivalents at Beginning of Year	613,530	1,714,309
Cash and Cash Equivalents at End of Quarter	$ 861,719	$ 1,484,533

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	May 01, 2022
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation: The accompanying unaudited consolidated financial statements of Hormel Foods Corporation (the Company) have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include certain information and footnotes required by generally accepted accounting principles (U.S. GAAP) for comprehensive financial statements. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation have been included. Operating results and cash flows for the interim period are not necessarily indicative of the results that may be expected for the full year. These statements should be reviewed in conjunction with the consolidated financial statements and associated notes included in the Company’s Annual Report on Form 10-K for the fiscal year ended October 31, 2021. The significant accounting policies used in preparing these consolidated financial statements are consistent with those described in Note A - Summary of Significant Accounting Policies to the consolidated financial statements in the Form 10-K with the exception of new requirements adopted in the first quarter of fiscal 2022. The Company has considered the impact of COVID-19 and determined there have been no material changes in the Company’s significant accounting policies, including estimates and assumptions, as disclosed in its Annual Report on Form 10-K for the fiscal year ended October 31, 2021. Fiscal Year: The Company’s fiscal year ends on the last Sunday in October. Fiscal 2022 consists of 52 weeks. Fiscal 2021 consisted of 53 weeks with the additional week occurring in the fourth quarter. 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. Reclassifications: Certain reclassifications of previously reported amounts have been made to conform to the current year presentation. Accounting Changes and Recent Accounting Pronouncements: New Accounting Pronouncements Adopted in Current Fiscal Year In December 2019, the Financial Accounting Standards Board (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 adopted the provisions of this new accounting standard at the beginning of fiscal 2022 and adoption did not have a material impact on its consolidated financial statements. New Accounting Pronouncements Not Yet Adopted In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform - Facilitation of the Effects of Reference Rate Reform on Financial Reporting (Topic 848). The guidance provides optional expedients and exceptions to account for contracts, hedging relationships, and other transactions that reference London Interbank Referenced Rate (LIBOR) or another reference rate expected to be discontinued. The optional guidance can be applied from March 12, 2020 through December 31, 2022. The Company currently holds an interest rate swap which uses LIBOR as the benchmark interest rate. When LIBOR ceases to be published in June 2023, the benchmark interest rate of the swap will change to Secured Overnight Financing Rate (SOFR) plus a spread adjustment. The Company does not expect adoption of ASU 2020-04 to have a material impact on its consolidated financial statements.

ACQUISITIONS AND DIVESTITURES

ACQUISITIONS AND DIVESTITURES	6 Months Ended
	May 01, 2022
Business Combination and Asset Acquisition [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 ® , 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. 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 $239.0 million and $510.8 million of net sales during the second quarter and first six months of fiscal 2022, respectively. As the acquisition has been integrated within the Company's existing operations, post-acquisition net earnings are not discernible. 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.

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS	6 Months Ended
	May 01, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
GOODWILL AND INTANGIBLE ASSETS	GOODWILL AND INTANGIBLE ASSETS Goodwill: The changes in the carrying amounts of goodwill for the quarter and six months ended May 1, 2022 are: in thousands Grocery Refrigerated Jennie-O International Total Balance at January 30, 2022 $ 2,398,354 $ 2,094,421 $ 176,628 $ 258,737 $ 4,928,139 Foreign Currency Translation — — — 7,692 7,692 Balance at May 1, 2022 $ 2,398,354 $ 2,094,421 $ 176,628 $ 266,429 $ 4,935,832 Balance at October 31, 2021 $ 2,398,354 $ 2,094,421 $ 176,628 $ 259,699 $ 4,929,102 Foreign Currency Translation — — — 6,730 6,730 Balance at May 1, 2022 $ 2,398,354 $ 2,094,421 $ 176,628 $ 266,429 $ 4,935,832 Intangible Assets: The carrying amounts for indefinite-lived intangible assets are: in thousands May 1, 2022 October 31, 2021 Brands/Tradenames/Trademarks $ 1,665,190 $ 1,665,190 Other Intangibles 184 184 Foreign Currency Translation (5,276) (6,646) Total $ 1,660,098 $ 1,658,728 The gross carrying amount and accumulated amortization for definite-lived intangible assets are: May 1, 2022 October 31, 2021 in thousands Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Customer Lists/Relationships $ 168,239 $ (63,318) $ 168,239 $ (56,882) Other Intangibles 59,241 (9,481) 60,241 (8,356) Tradenames/Trademarks 10,536 (6,773) 10,536 (5,700) Foreign Currency Translation — (4,041) — (4,534) Total $ 238,016 $ (83,613) $ 239,016 $ (75,471) Amortization expense was $4.8 million and $9.6 million for the quarter and six months ended May 1, 2022, respectively, compared to $4.0 million and $7.9 million for the quarter and six months ended April 25, 2021. Estimated annual amortization expense for the five fiscal years after October 31, 2021, is as follows: in thousands Amortization Expense 2022 $ 19,244 2023 18,351 2024 16,352 2025 14,627 2026 14,170

INVESTMENTS IN AND RECEIVABLES

INVESTMENTS IN AND RECEIVABLES FROM AFFILIATES	6 Months Ended
	May 01, 2022
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 Condensed Statements of Financial Position as Investments In and Receivables From Affiliates. Investments In and Receivables From Affiliates consist of: in thousands Segment % Owned May 1, 2022 October 31, 2021 MegaMex Foods, LLC Grocery Products 50% $ 185,417 $ 205,413 Other Joint Ventures International & Other Various (20-50%) 90,432 93,606 Total $ 275,849 $ 299,019 Equity in Earnings of Affiliates consists of: Quarter Ended Six Months Ended in thousands Segment May 1, 2022 April 25, 2021 May 1, 2022 April 25, 2021 MegaMex Foods, LLC Grocery Products $ 3,011 $ 9,663 $ 10,006 $ 22,096 Other Joint Ventures International & Other 2,905 3,411 2,807 5,206 Total $ 5,916 $ 13,074 $ 12,814 $ 27,302 For the quarter and six months ended May 1, 2022, $12.5 million and $30.5 million of dividends were received from affiliates, compared to $11.2 million and $22.5 million of dividends received for the quarter and six months ended April 25, 2021. The Company recognized a basis difference of $21.3 million associated with the formation of MegaMex Foods, LLC, of which $10.6 million is remaining as of May 1, 2022. This difference is being amortized through Equity in Earnings of Affiliates.

INVENTORIES

INVENTORIES	6 Months Ended
	May 01, 2022
Inventory, Net [Abstract]
INVENTORIES	INVENTORIES Principal components of inventories are: in thousands May 1, 2022 October 31, 2021 Finished Products $ 875,674 $ 725,115 Raw Materials and Work-in-Process 432,806 395,403 Operating Supplies 197,796 163,416 Maintenance Materials and Parts 90,725 85,264 Total $ 1,597,001 $ 1,369,198

DERIVATIVES AND HEDGING

DERIVATIVES AND HEDGING	6 Months Ended
	May 01, 2022
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 market fluctuations. 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 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 Condensed Statements of Financial Position as a Current Asset and Current Liability, respectively. Effective gains or losses related to these fair value hedges are recognized through Cost of Products Sold in the 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 $1.25 billion. In the third quarter of fiscal 2021, the associated unsecured senior notes were issued with a tenor of seven Fair Value Interest Rate Hedge: In the first quarter of fiscal 2022, the Company entered into an interest rate swap to protect against changes in the fair value of a portion of previously issued senior unsecured notes attributable to the change in the benchmark interest rate. The hedge specifically designates the last $450 million of the notes due June 2024 (the “2024 Notes”). The swap compounds quarterly and settles semi-annually with gains and losses recognized in earnings through interest expense. The swap includes SOFR plus a spread adjustment as a fallback rate to be used when LIBOR ceases to be published in June 2023. Mark-to-market changes in the fair value of the interest rate swap and hedged debt are also recognized as interest expense. 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 May 1, 2022 October 31, 2021 Corn 37.7 million bushels 33.1 million bushels Lean Hogs 162.0 million pounds 120.0 million pounds Fair Value of Derivatives: The fair values of the Company’s derivative instruments designated as hedges are: Gross Fair Value in thousands Location on Consolidated Condensed Statements of Financial Position May 1, October 31, Derivatives Designated as Hedges: Commodity Contracts (1) Other Current Assets $ 51,269 $ 21,798 Interest Rate Contracts Interest and Dividends Payable (18,723) — (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 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 Condensed Statements of Financial Position. The gross asset position as of May 1, 2022 is offset by the obligation to return net cash collateral of $39.4 million contained within the master netting arrangement. The gross asset position as of October 31, 2021 is offset by the obligation to return net cash collateral of $10.8 million. See Note I - Fair Value Measurements for a discussion of these net amounts as reported in the Consolidated Condensed Statements of Financial Position. Fair Value Hedge - Assets (Liabilities): The carrying amount of the Company's fair value hedged assets (liabilities) are: Carrying Amount of Hedged in thousands Location on Consolidated Condensed Statements of Financial Position May 1, October 31, Fair Value Hedges: Commodity Contracts Accounts Payable (1) $ 20,428 $ 3,432 Interest Rate Contracts Long-term Debt - Less Current Maturities (2) (431,277) — (1) Represents the carrying amount of fair value hedged assets and liabilities which are offset by other assets included in master netting arrangements described above. (2) Represents the carrying amount of the hedged portion of the "2024 Notes". As of May 1, 2022, a cumulative basis adjustment of $18.7 million has been included in the carrying amount. Accumulated Other Comprehensive Loss Impact: As of May 1, 2022, the Company included in AOCL hedging gains (before tax) of $80.1 million on commodity contracts and $14.0 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) Gain/(Loss) Reclassified from AOCL into Earnings (1) Location on Consolidated Statements of Operations Quarter Ended Quarter Ended in thousands May 1, 2022 April 25, 2021 May 1, 2022 April 25, 2021 Cash Flow Hedges: Commodity Contracts $ 50,331 $ 36,109 $ 11,269 $ 4,512 Cost of Products Sold Excluded Component (2) (2,271) — — — Interest Rate Contracts — 18,539 247 — Interest Expense Gain/(Loss) Recognized in AOCL (1) Gain/(Loss) Reclassified from AOCL into Earnings (1) Location on Consolidated Statements of Operations Six Months Ended Six Months Ended in thousands May 1, 2022 April 25, 2021 May 1, 2022 April 25, 2021 Cash Flow Hedges: Commodity Contracts $ 70,611 $ 52,661 $ 19,015 $ 4,462 Cost of Products Sold Excluded Component (2) (3,444) — — — Interest Rate Contracts — 18,539 494 — Interest Expense (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 are: Consolidated Statements of Operations Impact Quarter Ended Six Months Ended in thousands May 1, 2022 April 25, 2021 May 1, 2022 April 25, 2021 Net Earnings Attributable to Hormel Foods Corporation $ 261,617 $ 227,901 $ 501,188 $ 450,184 Cash Flow Hedges - Commodity Contracts Gain (Loss) Reclassified from AOCL 9,599 4,512 17,345 4,462 Amortization of Excluded Component from Options (1,120) — (1,945) — Gain (Loss) Reclassified from AOCL Due to Discontinuance of Cash Flow Hedges (1) 1,620 — 1,620 — Fair Value Hedges - Commodity Contracts Gain (Loss) on Commodity Futures (2) (9,757) (11,357) (13,407) (14,271) Total Gain (Loss) on Commodity Contracts (3) $ 342 $ (6,845) $ 3,613 $ (9,809) Cash Flow Hedges - Interest Rate Locks Amortization of Gain on Interest Rate Locks 247 — 494 — Fair Value Hedge - Interest Rate Swap Gain (Loss) on Interest Rate Swap 699 — 1,491 — Total Gain (Loss) on Interest Rate Contracts (4) $ 946 $ — $ 1,985 $ — Total Gain (Loss) Recognized in Earnings $ 1,288 $ (6,845) $ 5,598 $ (9,809) (1) During the second quarter of fiscal 2022, the Company discontinued hedge accounting on 0.6 million bushels of corn usage that was deemed no longer probable to occur. A gain of $1.7 million related to the discontinued hedges and an immaterial loss related to the excluded component from options was reclassified directly into earnings. (2) Amounts represent gains or losses on commodity contracts designated as fair value hedges that were closed during the quarter and six months ended May 1, 2022, 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 (Loss) on Interest Rate Contracts is recognized in earnings through Interest Expense.

PENSION AND OTHER POST-RETIREME

PENSION AND OTHER POST-RETIREMENT BENEFITS	6 Months Ended
	May 01, 2022
Retirement Benefits [Abstract]
PENSION AND OTHER POST-RETIREMENT BENEFITS	PENSION AND OTHER POST-RETIREMENT BENEFITS Net periodic benefit cost for pension and other post-retirement benefit plans consists of: Pension Benefits Quarter Ended Six Months Ended in thousands May 1, 2022 April 25, 2021 May 1, 2022 April 25, 2021 Service Cost $ 10,019 $ 9,107 $ 20,038 $ 18,214 Interest Cost 12,640 12,362 25,279 24,724 Expected Return on Plan Assets (27,062) (25,189) (54,124) (50,378) Amortization of Prior Service Cost (374) (367) (748) (734) Recognized Actuarial Loss 3,132 5,578 6,264 11,156 Net Periodic Cost $ (1,645) $ 1,491 $ (3,290) $ 2,982 Post-retirement Benefits Quarter Ended Six Months Ended in thousands May 1, 2022 April 25, 2021 May 1, 2022 April 25, 2021 Service Cost $ 117 $ 131 $ 234 $ 261 Interest Cost 1,921 1,948 3,840 3,896 Amortization of Prior Service Cost 2 (164) 4 (328) Recognized Actuarial Loss 610 495 1,220 991 Net Periodic Cost $ 2,650 $ 2,410 $ 5,298 $ 4,820

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE LOSS	6 Months Ended
	May 01, 2022
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]
ACCUMULATED OTHER COMPREHENSIVE LOSS	ACCUMULATED OTHER COMPREHENSIVE LOSS Components of Accumulated Other Comprehensive Loss are: in thousands Foreign Pension & Derivatives & Hedging Accumulated Balance at January 30, 2022 $ (50,375) $ (258,676) $ 43,527 $ (265,524) Unrecognized Gains (Losses) Gross 14,056 59 48,060 62,175 Tax Effect — — (11,630) (11,630) Reclassification into Net Earnings Gross — 3,370 (1) (11,516) (2) (8,146) Tax Effect — (826) 2,787 1,961 Net of Tax Amount 14,056 2,603 27,701 44,360 Balance at May 1, 2022 $ (36,319) $ (256,073) $ 71,228 $ (221,164) Balance at October 31, 2021 $ (51,181) $ (261,211) $ 35,123 $ (277,269) Unrecognized Gains (Losses) Gross 14,862 51 67,167 82,080 Tax Effect — — (16,284) (16,284) Reclassification into Net Earnings Gross — 6,740 (1) (19,509) (2) (12,769) Tax Effect — (1,653) 4,731 3,078 Net of Tax Amount 14,862 5,138 36,105 56,105 Balance at May 1, 2022 $ (36,319) $ (256,073) $ 71,228 $ (221,164) (1) Included in the computation of net periodic cost. See Note G - Pension and Other Post-Retirement Benefits for additional information. (2) Included in Cost of Products Sold and Interest Expense in the Consolidated Statements of Operations. See Note F - Derivatives and Hedging for additional information.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	6 Months Ended
	May 01, 2022
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	FAIR VALUE MEASUREMENTS Accounting guidance establishes a fair value hierarchy which requires assets and liabilities measured at fair value to be categorized into one of the three levels below based on the inputs used in the valuation. Level 1: Observable inputs based on quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2: Observable inputs, other than those included in Level 1, based on quoted prices for similar assets and liabilities in active markets, or quoted prices for identical assets and liabilities in inactive markets. Level 3: Unobservable inputs that reflect an entity’s own assumptions about what inputs a market participant would use in pricing the asset or liability based on the best information available in the circumstances. The Company’s financial assets and liabilities carried at fair value on a recurring basis as of May 1, 2022, and October 31, 2021, and their level within the fair value hierarchy are presented in the table below. Fair Value Measurements at May 1, 2022 in thousands Total Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets at Fair Value Cash and Cash Equivalents (1) $ 861,719 $ 861,390 $ 329 $ — Short-term Marketable Securities (2) 23,478 11,929 11,549 — Other Trading Securities (3) 191,066 — 191,066 — Commodity Derivatives (4) 14,774 5,249 9,524 — Total Assets at Fair Value $ 1,091,037 $ 878,568 $ 212,468 $ — Liabilities at Fair Value Deferred Compensation (3) $ 62,291 $ — $ 62,291 $ — Interest Rate Derivatives (5) 18,723 — 18,723 — Total Liabilities at Fair Value $ 81,014 $ — $ 81,014 $ — Fair Value Measurements at October 31, 2021 in thousands Total Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets at Fair Value Cash and Cash Equivalents (1) $ 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 $ — The following methods and assumptions were used to estimate the fair value of the financial assets and liabilities above: (1) The Company’s cash equivalents considered Level 1 consist primarily of bank deposits, money market funds rated AAA, or other highly liquid investment accounts, and have a maturity date of three months or less. Cash equivalents considered Level 2 are funds holding agency bonds or securities recognized at amortized cost. (2) The Company holds securities as part of a portfolio maintained to generate investment income and to provide cash for operations of the Company, if necessary. The portfolio is managed by a third party who is responsible for daily trading activities, and all assets within the portfolio are highly liquid. The cash, U.S. government securities, and money market funds rated AAA held by the portfolio are classified as Level 1. The current investment portfolio also includes corporate bonds and other asset backed securities for which there is an active, quoted market. Market prices are obtained from a variety of industry providers, large financial institutions, and other third-party sources to calculate a representative daily market value, and therefore, these securities are classified as Level 2. (3) The Company maintains a rabbi trust to fund certain supplemental executive retirement plans and deferred compensation plans. The majority of the funds held in the rabbi trust relate to supplemental executive retirement plans and have been invested primarily in fixed income funds managed by a third party. The declared rate on these funds is set based on a formula using the yield of the general account investment portfolio supporting the fund, adjusted for expenses and other charges. The rate is guaranteed for one year at issue and may be reset annually on the policy anniversary, subject to a guaranteed minimum rate. As the value is based on adjusted market rates and the fixed rate is only reset on an annual basis, these funds are classified as Level 2. Under the Company's deferred compensation plans, participants can defer certain types of compensation and elect to receive a return based on the changes in fair value of various investment options which include equity securities, money market accounts, bond funds or other portfolios for which there is an active quoted market. 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 liabilities are classified as Level 2. The Company maintains funding in the rabbi trust generally mirroring the selections within the deferred compensation plans. 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. These policies are classified as Level 2. The rabbi trust is included in Other Assets and deferred compensation liabilities in Other Long-term Liabilities on the Consolidated Condensed Statements of Financial Position. Securities held by the rabbi trust are classified as trading securities. Unrealized gains and losses associated with these investments are included in the Company's earnings. During the quarter and six months ended May 1, 2022, securities held by the rabbi trust generated losses of $6.6 million and $12.0 million, respectively, compared to gains of $5.2 million and $17.0 million for the quarter and six months ended April 25, 2021. (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. The Company’s corn futures option contracts are OTC instruments classified as Level 2 whose value is calculated using the Black-Scholes pricing model, corn future prices quoted from the Chicago Board of Trade, and other adjustments to inputs that are observable in active markets. All derivatives are reviewed for potential credit risk and risk of nonperformance. The net balance for each program is included in Other Current Assets or Accounts Payable, as appropriate, in the Consolidated Condensed Statements of Financial Position. As of May 1, 2022, the Company has recognized the obligation to return net cash collateral of $39.4 million from various counterparties (including cash of $39.9 million less $0.6 million of realized gain). As of October 31, 2021, the Company had 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). (5) The Company holds an interest rate hedging position to minimize the risk related to future interest rate changes. The fair value of the outstanding interest rate hedge agreement is based on an observable benchmark interest rate (LIBOR) and therefore classified as Level 2. The interest rate derivatives are included in Interest and Dividends Payable in the Consolidated Condensed Statements of Financial Position. 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 Condensed Statements of Financial Position. The fair value of long-term debt, utilizing discounted cash flows (Level 2), was $2.9 billion as of May 1, 2022, and $3.3 billion as of October 31, 2021. See Note J - Long Term Debt and Other Borrowing Arrangements for additional information.

LONG-TERM DEBT AND OTHER BORROW

LONG-TERM DEBT AND OTHER BORROWING ARRANGEMENTS	6 Months Ended
	May 01, 2022
Debt Disclosure [Abstract]
LONG-TERM DEBT AND OTHER BORROWING ARRANGEMENTS	LONG-TERM DEBT AND OTHER BORROWING ARRANGEMENTS Long-term Debt consists of: in thousands May 1, 2022 October 31, 2021 Senior Unsecured Notes, with Interest at 3.050% Interest Due Semi-annually through June 2051 Maturity Date $ 600,000 $ 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 750,000 750,000 Senior Unsecured Notes, with Interest at 0.650% Interest Due Semi-annually through June 2024 Maturity Date 950,000 950,000 Unamortized Discount on Senior Notes (8,117) (8,484) Unamortized Debt Issuance Costs (21,645) (23,435) Interest Rate Swap (18,723) — Finance Lease Liabilities 48,044 52,999 Other Financing Arrangements 2,628 2,823 Total $ 3,302,186 $ 3,323,903 Less: Current Maturities of Long-term Debt 8,084 8,756 Long-term Debt Less Current Maturities $ 3,294,101 $ 3,315,147 Senior Unsecured Notes: 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. The Company repaid its $250.0 million senior unsecured notes upon maturity in April 2021. 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. 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. In the first quarter of fiscal 2022, the Company entered into an interest rate swap with a notional amount totaling $450.0 million effectively converting a portion of the 2024 Notes from a fixed to variable rate basis. The interest rate swap was designated as a fair value hedge of the underlying debt obligation. See Note F - Derivatives and Hedging for additional details. 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 May 1, 2022, and October 31, 2021, the Company had no outstanding draws from this facility. 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 May 1, 2022, the Company was in compliance with all of these covenants.

INCOME TAXES

INCOME TAXES	6 Months Ended
	May 01, 2022
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES The Company's tax provision is determined using an estimated annual effective tax rate and adjusted for discrete taxable events that may occur during the quarter. The effects of tax legislation are recognized in the period in which the law is enacted. The deferred tax assets and liabilities are remeasured using enacted tax rates expected to apply to taxable income in the years the related temporary differences are anticipated to reverse. The Company's effective tax rate for the quarter and six months ended May 1, 2022, was 18.7 percent and 20.5 percent compared to 22.1 percent and 21.0 percent for the corresponding periods a year ago. The lower effective tax rate in the current year is due primarily to tax benefits from increased stock option exercises. The amount of unrecognized tax benefits, including interest and penalties, is recorded in Other Long-term Liabilities. If recognized as of May 1, 2022, and April 25, 2021, $21.0 million and $28.1 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. Interest and penalties included in income tax expense was immaterial for the quarter ended May 1, 2022, and April 25, 2021. The amount of accrued interest and penalties at May 1, 2022, and April 25, 2021, associated with unrecognized tax benefits was $5.8 million and $7.0 million, respectively. The Company is regularly audited by federal and state taxing authorities. The United States Internal Revenue Service (I.R.S.) concluded its examination of fiscal 2019 in the second quarter of fiscal 2021. The Company has elected to participate in the Compliance Assurance Process (CAP) for fiscal years through 2023. 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	6 Months Ended
	May 01, 2022
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: Quarter Ended Six Months Ended in thousands May 1, 2022 April 25, 2021 May 1, 2022 April 25, 2021 Basic Weighted-Average Shares Outstanding 544,702 540,195 543,691 540,054 Dilutive Potential Common Shares 5,334 7,341 5,291 7,436 Diluted Weighted-Average Shares Outstanding 550,036 547,536 548,982 547,490 Antidilutive Potential Common Shares 790 2,373 2,145 2,283

SEGMENT REPORTING

SEGMENT REPORTING	6 Months Ended
	May 01, 2022
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 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. 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. Quarter Ended Six Months Ended in thousands May 1, 2022 April 25, 2021 May 1, 2022 April 25, 2021 Sales to Unaffiliated Customers Grocery Products $ 873,572 $ 628,232 $ 1,729,163 $ 1,205,831 Refrigerated Foods 1,644,284 1,453,380 3,271,812 2,820,457 Jennie-O Turkey Store 407,287 351,179 791,759 684,500 International & Other 171,416 173,830 348,184 356,980 Total $ 3,096,559 $ 2,606,621 $ 6,140,917 $ 5,067,768 Intersegment Sales Grocery Products $ — $ — $ — $ — Refrigerated Foods 6,491 5,933 14,179 11,891 Jennie-O Turkey Store 52,498 32,442 100,452 59,135 International & Other — — — — Total 58,989 38,376 114,631 71,026 Intersegment Elimination (58,989) (38,376) (114,631) (71,026) Total $ — $ — $ — $ — Net Sales Grocery Products $ 873,572 $ 628,232 $ 1,729,163 $ 1,205,831 Refrigerated Foods 1,650,775 1,459,313 3,285,991 2,832,348 Jennie-O Turkey Store 459,785 383,621 892,211 743,635 International & Other 171,416 173,830 348,184 356,980 Intersegment Elimination (58,989) (38,376) (114,631) (71,026) Total $ 3,096,559 $ 2,606,621 $ 6,140,917 $ 5,067,768 Segment Profit Grocery Products $ 89,299 $ 97,970 $ 188,785 $ 190,172 Refrigerated Foods 178,492 173,352 340,884 314,524 Jennie-O Turkey Store 61,799 12,700 105,536 39,640 International & Other 23,653 24,481 49,737 56,685 Total Segment Profit 353,243 308,503 684,941 601,020 Net Unallocated Expense 31,436 15,904 54,370 31,451 Noncontrolling Interest 62 21 201 133 Earnings Before Income Taxes $ 321,868 $ 292,620 $ 630,772 $ 569,702 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. Total revenue contributed by sales channel are: Quarter Ended Six Months Ended in thousands May 1, 2022 April 25, 2021 May 1, 2022 April 25, 2021 U.S. Retail $ 1,946,117 $ 1,685,631 $ 3,904,864 $ 3,355,518 U.S. Foodservice 959,467 724,248 1,845,532 1,310,584 International 190,975 196,742 390,520 401,666 Total $ 3,096,559 $ 2,606,621 $ 6,140,917 $ 5,067,768 Beginning in the first quarter of fiscal 2022, the Company updated its presentation of revenue disaggregation by sales channel, combining U.S. Deli and U.S. Retail as market conditions have evolved providing many similarities between the channels. The prior year presentation has been updated to conform to the current period presentation. The Company’s products consist primarily of meat and other food products. Total revenue contributed by classes of similar products are: Quarter Ended Six Months Ended in thousands May 1, 2022 April 25, 2021 May 1, 2022 April 25, 2021 Perishable $ 1,783,172 $ 1,453,149 $ 3,556,375 $ 2,829,969 Shelf-stable 629,406 567,501 1,264,643 1,091,437 Poultry 565,531 494,186 1,102,135 968,837 Miscellaneous 118,449 91,786 217,764 177,525 Total $ 3,096,559 $ 2,606,621 $ 6,140,917 $ 5,067,768 Perishable includes fresh meats, frozen items, refrigerated meal solutions, bacon, sausages, hams, and guacamole (excludes 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.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	May 01, 2022
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation: The accompanying unaudited consolidated financial statements of Hormel Foods Corporation (the Company) have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include certain information and footnotes required by generally accepted accounting principles (U.S. GAAP) for comprehensive financial statements. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation have been included. Operating results and cash flows for the interim period are not necessarily indicative of the results that may be expected for the full year.
Fiscal Year	Fiscal Year: The Company’s fiscal year ends on the last Sunday in October. Fiscal 2022 consists of 52 weeks. Fiscal 2021 consisted of 53 weeks with the additional week occurring in the fourth quarter.
Reclassifications	Reclassifications: Certain reclassifications of previously reported amounts have been made to conform to the current year presentation.
Accounting Changes and Recent Accounting Pronouncements	Accounting Changes and Recent Accounting Pronouncements: New Accounting Pronouncements Adopted in Current Fiscal Year In December 2019, the Financial Accounting Standards Board (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 adopted the provisions of this new accounting standard at the beginning of fiscal 2022 and adoption did not have a material impact on its consolidated financial statements. New Accounting Pronouncements Not Yet Adopted In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform - Facilitation of the Effects of Reference Rate Reform on Financial Reporting (Topic 848). The guidance provides optional expedients and exceptions to account for contracts, hedging relationships, and other transactions that reference London Interbank Referenced Rate (LIBOR) or another reference rate expected to be discontinued. The optional guidance can be applied from March 12, 2020 through December 31, 2022. The Company currently holds an interest rate swap which uses LIBOR as the benchmark interest rate. When LIBOR ceases to be published in June 2023, the benchmark interest rate of the swap will change to Secured Overnight Financing Rate (SOFR) plus a spread adjustment. The Company does not expect adoption of ASU 2020-04 to have a material impact on its consolidated financial statements.
Fair Value Measurements	Accounting guidance establishes a fair value hierarchy which requires assets and liabilities measured at fair value to be categorized into one of the three levels below based on the inputs used in the valuation. Level 1: Observable inputs based on quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2: Observable inputs, other than those included in Level 1, based on quoted prices for similar assets and liabilities in active markets, or quoted prices for identical assets and liabilities in inactive markets. Level 3: Unobservable inputs that reflect an entity’s own assumptions about what inputs a market participant would use in pricing the asset or liability based on the best information available in the circumstances.
Segment Reporting	The Company develops, processes, and distributes a wide array of food products in a variety of markets. The Company reports its results in the following four segments: Grocery Products, Refrigerated Foods, Jennie-O Turkey Store, and International & Other. The Grocery Products segment consists primarily of the processing, marketing, and sale of shelf-stable food products sold predominantly in the retail market, along with the sale of nutritional and private label shelf-stable products to retail, foodservice, and industrial customers. This segment also includes the results from the Company’s MegaMex Foods, LLC joint venture. The Refrigerated Foods segment consists primarily of the processing, marketing, and sale of branded and unbranded pork, beef, and poultry products for retail, foodservice, deli, 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 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. 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.

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS (Tables)	6 Months Ended
	May 01, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of changes in the carrying amount of goodwill	The changes in the carrying amounts of goodwill for the quarter and six months ended May 1, 2022 are: in thousands Grocery Refrigerated Jennie-O International Total Balance at January 30, 2022 $ 2,398,354 $ 2,094,421 $ 176,628 $ 258,737 $ 4,928,139 Foreign Currency Translation — — — 7,692 7,692 Balance at May 1, 2022 $ 2,398,354 $ 2,094,421 $ 176,628 $ 266,429 $ 4,935,832 Balance at October 31, 2021 $ 2,398,354 $ 2,094,421 $ 176,628 $ 259,699 $ 4,929,102 Foreign Currency Translation — — — 6,730 6,730 Balance at May 1, 2022 $ 2,398,354 $ 2,094,421 $ 176,628 $ 266,429 $ 4,935,832
Schedule of carrying amounts for indefinite-lived intangible assets	The carrying amounts for indefinite-lived intangible assets are: in thousands May 1, 2022 October 31, 2021 Brands/Tradenames/Trademarks $ 1,665,190 $ 1,665,190 Other Intangibles 184 184 Foreign Currency Translation (5,276) (6,646) Total $ 1,660,098 $ 1,658,728
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: May 1, 2022 October 31, 2021 in thousands Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Customer Lists/Relationships $ 168,239 $ (63,318) $ 168,239 $ (56,882) Other Intangibles 59,241 (9,481) 60,241 (8,356) Tradenames/Trademarks 10,536 (6,773) 10,536 (5,700) Foreign Currency Translation — (4,041) — (4,534) Total $ 238,016 $ (83,613) $ 239,016 $ (75,471)
Schedule of estimated annual amortization expense	Estimated annual amortization expense for the five fiscal years after October 31, 2021, is as follows: in thousands Amortization Expense 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)	6 Months Ended
	May 01, 2022
Equity Method Investments and Joint Ventures [Abstract]
Schedule of investments in, receivables from, and equity in earnings of affiliates	Investments In and Receivables From Affiliates consist of: in thousands Segment % Owned May 1, 2022 October 31, 2021 MegaMex Foods, LLC Grocery Products 50% $ 185,417 $ 205,413 Other Joint Ventures International & Other Various (20-50%) 90,432 93,606 Total $ 275,849 $ 299,019
Schedule of equity in earnings of affiliates	Equity in Earnings of Affiliates consists of: Quarter Ended Six Months Ended in thousands Segment May 1, 2022 April 25, 2021 May 1, 2022 April 25, 2021 MegaMex Foods, LLC Grocery Products $ 3,011 $ 9,663 $ 10,006 $ 22,096 Other Joint Ventures International & Other 2,905 3,411 2,807 5,206 Total $ 5,916 $ 13,074 $ 12,814 $ 27,302

INVENTORIES (Tables)

INVENTORIES (Tables)	6 Months Ended
	May 01, 2022
Inventory, Net [Abstract]
Schedule of principal components of inventories	Principal components of inventories are: in thousands May 1, 2022 October 31, 2021 Finished Products $ 875,674 $ 725,115 Raw Materials and Work-in-Process 432,806 395,403 Operating Supplies 197,796 163,416 Maintenance Materials and Parts 90,725 85,264 Total $ 1,597,001 $ 1,369,198

DERIVATIVES AND HEDGING (Tables

DERIVATIVES AND HEDGING (Tables)	6 Months Ended
	May 01, 2022
Derivative [Line Items]
Schedule of fair values of derivative instruments	The fair values of the Company’s derivative instruments designated as hedges are: Gross Fair Value in thousands Location on Consolidated Condensed Statements of Financial Position May 1, October 31, Derivatives Designated as Hedges: Commodity Contracts (1) Other Current Assets $ 51,269 $ 21,798 Interest Rate Contracts Interest and Dividends Payable (18,723) — (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 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 Condensed Statements of Financial Position. The gross asset position as of May 1, 2022 is offset by the obligation to return net cash collateral of $39.4 million contained within the master netting
Schedule of fair value hedge assets (liabilities)	The carrying amount of the Company's fair value hedged assets (liabilities) are: Carrying Amount of Hedged in thousands Location on Consolidated Condensed Statements of Financial Position May 1, October 31, Fair Value Hedges: Commodity Contracts Accounts Payable (1) $ 20,428 $ 3,432 Interest Rate Contracts Long-term Debt - Less Current Maturities (2) (431,277) — (1) Represents the carrying amount of fair value hedged assets and liabilities which are offset by other assets included in master netting arrangements described above. (2) Represents the carrying amount of the hedged portion of the "2024 Notes". As of May 1, 2022, a cumulative basis adjustment of $18.7 million has been included in the carrying amount.
Schedule of gains or losses 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) Gain/(Loss) Reclassified from AOCL into Earnings (1) Location on Consolidated Statements of Operations Quarter Ended Quarter Ended in thousands May 1, 2022 April 25, 2021 May 1, 2022 April 25, 2021 Cash Flow Hedges: Commodity Contracts $ 50,331 $ 36,109 $ 11,269 $ 4,512 Cost of Products Sold Excluded Component (2) (2,271) — — — Interest Rate Contracts — 18,539 247 — Interest Expense Gain/(Loss) Recognized in AOCL (1) Gain/(Loss) Reclassified from AOCL into Earnings (1) Location on Consolidated Statements of Operations Six Months Ended Six Months Ended in thousands May 1, 2022 April 25, 2021 May 1, 2022 April 25, 2021 Cash Flow Hedges: Commodity Contracts $ 70,611 $ 52,661 $ 19,015 $ 4,462 Cost of Products Sold Excluded Component (2) (3,444) — — — Interest Rate Contracts — 18,539 494 — Interest Expense (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 are: Consolidated Statements of Operations Impact Quarter Ended Six Months Ended in thousands May 1, 2022 April 25, 2021 May 1, 2022 April 25, 2021 Net Earnings Attributable to Hormel Foods Corporation $ 261,617 $ 227,901 $ 501,188 $ 450,184 Cash Flow Hedges - Commodity Contracts Gain (Loss) Reclassified from AOCL 9,599 4,512 17,345 4,462 Amortization of Excluded Component from Options (1,120) — (1,945) — Gain (Loss) Reclassified from AOCL Due to Discontinuance of Cash Flow Hedges (1) 1,620 — 1,620 — Fair Value Hedges - Commodity Contracts Gain (Loss) on Commodity Futures (2) (9,757) (11,357) (13,407) (14,271) Total Gain (Loss) on Commodity Contracts (3) $ 342 $ (6,845) $ 3,613 $ (9,809) Cash Flow Hedges - Interest Rate Locks Amortization of Gain on Interest Rate Locks 247 — 494 — Fair Value Hedge - Interest Rate Swap Gain (Loss) on Interest Rate Swap 699 — 1,491 — Total Gain (Loss) on Interest Rate Contracts (4) $ 946 $ — $ 1,985 $ — Total Gain (Loss) Recognized in Earnings $ 1,288 $ (6,845) $ 5,598 $ (9,809) (1) During the second quarter of fiscal 2022, the Company discontinued hedge accounting on 0.6 million bushels of corn usage that was deemed no longer probable to occur. A gain of $1.7 million related to the discontinued hedges and an immaterial loss related to the excluded component from options was reclassified directly into earnings. (2) Amounts represent gains or losses on commodity contracts designated as fair value hedges that were closed during the quarter and six months ended May 1, 2022, 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 (Loss) on Interest Rate Contracts is recognized in earnings through Interest Expense.
Cash Flow Hedges
Derivative [Line Items]
Schedule of outstanding commodity futures contracts	The Company's outstanding contracts related to its commodity hedging programs include: Volume Commodity Contracts May 1, 2022 October 31, 2021 Corn 37.7 million bushels 33.1 million bushels Lean Hogs 162.0 million pounds 120.0 million pounds

PENSION AND OTHER POST-RETIRE_2

PENSION AND OTHER POST-RETIREMENT BENEFITS (Tables)	6 Months Ended
	May 01, 2022
Retirement Benefits [Abstract]
Schedule of net periodic cost of defined benefit plans	Net periodic benefit cost for pension and other post-retirement benefit plans consists of: Pension Benefits Quarter Ended Six Months Ended in thousands May 1, 2022 April 25, 2021 May 1, 2022 April 25, 2021 Service Cost $ 10,019 $ 9,107 $ 20,038 $ 18,214 Interest Cost 12,640 12,362 25,279 24,724 Expected Return on Plan Assets (27,062) (25,189) (54,124) (50,378) Amortization of Prior Service Cost (374) (367) (748) (734) Recognized Actuarial Loss 3,132 5,578 6,264 11,156 Net Periodic Cost $ (1,645) $ 1,491 $ (3,290) $ 2,982 Post-retirement Benefits Quarter Ended Six Months Ended in thousands May 1, 2022 April 25, 2021 May 1, 2022 April 25, 2021 Service Cost $ 117 $ 131 $ 234 $ 261 Interest Cost 1,921 1,948 3,840 3,896 Amortization of Prior Service Cost 2 (164) 4 (328) Recognized Actuarial Loss 610 495 1,220 991 Net Periodic Cost $ 2,650 $ 2,410 $ 5,298 $ 4,820

ACCUMULATED OTHER COMPREHENSI_2

ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables)	6 Months Ended
	May 01, 2022
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]
Schedule of components of accumulated other comprehensive loss	Components of Accumulated Other Comprehensive Loss are: in thousands Foreign Pension & Derivatives & Hedging Accumulated Balance at January 30, 2022 $ (50,375) $ (258,676) $ 43,527 $ (265,524) Unrecognized Gains (Losses) Gross 14,056 59 48,060 62,175 Tax Effect — — (11,630) (11,630) Reclassification into Net Earnings Gross — 3,370 (1) (11,516) (2) (8,146) Tax Effect — (826) 2,787 1,961 Net of Tax Amount 14,056 2,603 27,701 44,360 Balance at May 1, 2022 $ (36,319) $ (256,073) $ 71,228 $ (221,164) Balance at October 31, 2021 $ (51,181) $ (261,211) $ 35,123 $ (277,269) Unrecognized Gains (Losses) Gross 14,862 51 67,167 82,080 Tax Effect — — (16,284) (16,284) Reclassification into Net Earnings Gross — 6,740 (1) (19,509) (2) (12,769) Tax Effect — (1,653) 4,731 3,078 Net of Tax Amount 14,862 5,138 36,105 56,105 Balance at May 1, 2022 $ (36,319) $ (256,073) $ 71,228 $ (221,164) (1) Included in the computation of net periodic cost. See Note G - Pension and Other Post-Retirement Benefits for additional information. (2) Included in Cost of Products Sold and Interest Expense in the Consolidated Statements of Operations. See Note F - Derivatives and Hedging for additional information.

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	6 Months Ended
	May 01, 2022
Fair Value Disclosures [Abstract]
Schedule of financial assets and liabilities carried at fair value on a recurring basis	The Company’s financial assets and liabilities carried at fair value on a recurring basis as of May 1, 2022, and October 31, 2021, and their level within the fair value hierarchy are presented in the table below. Fair Value Measurements at May 1, 2022 in thousands Total Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets at Fair Value Cash and Cash Equivalents (1) $ 861,719 $ 861,390 $ 329 $ — Short-term Marketable Securities (2) 23,478 11,929 11,549 — Other Trading Securities (3) 191,066 — 191,066 — Commodity Derivatives (4) 14,774 5,249 9,524 — Total Assets at Fair Value $ 1,091,037 $ 878,568 $ 212,468 $ — Liabilities at Fair Value Deferred Compensation (3) $ 62,291 $ — $ 62,291 $ — Interest Rate Derivatives (5) 18,723 — 18,723 — Total Liabilities at Fair Value $ 81,014 $ — $ 81,014 $ — Fair Value Measurements at October 31, 2021 in thousands Total Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets at Fair Value Cash and Cash Equivalents (1) $ 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 $ — The following methods and assumptions were used to estimate the fair value of the financial assets and liabilities above: (1) The Company’s cash equivalents considered Level 1 consist primarily of bank deposits, money market funds rated AAA, or other highly liquid investment accounts, and have a maturity date of three months or less. Cash equivalents considered Level 2 are funds holding agency bonds or securities recognized at amortized cost. (2) The Company holds securities as part of a portfolio maintained to generate investment income and to provide cash for operations of the Company, if necessary. The portfolio is managed by a third party who is responsible for daily trading activities, and all assets within the portfolio are highly liquid. The cash, U.S. government securities, and money market funds rated AAA held by the portfolio are classified as Level 1. The current investment portfolio also includes corporate bonds and other asset backed securities for which there is an active, quoted market. Market prices are obtained from a variety of industry providers, large financial institutions, and other third-party sources to calculate a representative daily market value, and therefore, these securities are classified as Level 2. (3) The Company maintains a rabbi trust to fund certain supplemental executive retirement plans and deferred compensation plans. The majority of the funds held in the rabbi trust relate to supplemental executive retirement plans and have been invested primarily in fixed income funds managed by a third party. The declared rate on these funds is set based on a formula using the yield of the general account investment portfolio supporting the fund, adjusted for expenses and other charges. The rate is guaranteed for one year at issue and may be reset annually on the policy anniversary, subject to a guaranteed minimum rate. As the value is based on adjusted market rates and the fixed rate is only reset on an annual basis, these funds are classified as Level 2. Under the Company's deferred compensation plans, participants can defer certain types of compensation and elect to receive a return based on the changes in fair value of various investment options which include equity securities, money market accounts, bond funds or other portfolios for which there is an active quoted market. 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 liabilities are classified as Level 2. The Company maintains funding in the rabbi trust generally mirroring the selections within the deferred compensation plans. 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. These policies are classified as Level 2. The rabbi trust is included in Other Assets and deferred compensation liabilities in Other Long-term Liabilities on the Consolidated Condensed Statements of Financial Position. Securities held by the rabbi trust are classified as trading securities. Unrealized gains and losses associated with these investments are included in the Company's earnings. During the quarter and six months ended May 1, 2022, securities held by the rabbi trust generated losses of $6.6 million and $12.0 million, respectively, compared to gains of $5.2 million and $17.0 million for the quarter and six months ended April 25, 2021. (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. The Company’s corn futures option contracts are OTC instruments classified as Level 2 whose value is calculated using the Black-Scholes pricing model, corn future prices quoted from the Chicago Board of Trade, and other adjustments to inputs that are observable in active markets. All derivatives are reviewed for potential credit risk and risk of nonperformance. The net balance for each program is included in Other Current Assets or Accounts Payable, as appropriate, in the Consolidated Condensed Statements of Financial Position. As of May 1, 2022, the Company has recognized the obligation to return net cash collateral of $39.4 million from various counterparties (including cash of $39.9 million less $0.6 million of realized gain). As of October 31, 2021, the Company had 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). (5) The Company holds an interest rate hedging position to minimize the risk related to future interest rate changes. The fair value of the outstanding interest rate hedge agreement is based on an observable benchmark interest rate (LIBOR) and therefore classified as Level 2. The interest rate derivatives are included in Interest and Dividends Payable in the Consolidated Condensed Statements of Financial Position.

LONG-TERM DEBT AND OTHER BORR_2

LONG-TERM DEBT AND OTHER BORROWING ARRANGEMENTS (Tables)	6 Months Ended
	May 01, 2022
Debt Disclosure [Abstract]
Schedule of long-term debt	Long-term Debt consists of: in thousands May 1, 2022 October 31, 2021 Senior Unsecured Notes, with Interest at 3.050% Interest Due Semi-annually through June 2051 Maturity Date $ 600,000 $ 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 750,000 750,000 Senior Unsecured Notes, with Interest at 0.650% Interest Due Semi-annually through June 2024 Maturity Date 950,000 950,000 Unamortized Discount on Senior Notes (8,117) (8,484) Unamortized Debt Issuance Costs (21,645) (23,435) Interest Rate Swap (18,723) — Finance Lease Liabilities 48,044 52,999 Other Financing Arrangements 2,628 2,823 Total $ 3,302,186 $ 3,323,903 Less: Current Maturities of Long-term Debt 8,084 8,756 Long-term Debt Less Current Maturities $ 3,294,101 $ 3,315,147

EARNINGS PER SHARE DATA (Tables

EARNINGS PER SHARE DATA (Tables)	6 Months Ended
	May 01, 2022
Earnings Per Share [Abstract]
Schedule of denominator for the computation of basic and diluted earnings per share	The following table sets forth the shares used as the denominator for those computations: Quarter Ended Six Months Ended in thousands May 1, 2022 April 25, 2021 May 1, 2022 April 25, 2021 Basic Weighted-Average Shares Outstanding 544,702 540,195 543,691 540,054 Dilutive Potential Common Shares 5,334 7,341 5,291 7,436 Diluted Weighted-Average Shares Outstanding 550,036 547,536 548,982 547,490 Antidilutive Potential Common Shares 790 2,373 2,145 2,283

SEGMENT REPORTING (Tables)

SEGMENT REPORTING (Tables)	6 Months Ended
	May 01, 2022
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. Quarter Ended Six Months Ended in thousands May 1, 2022 April 25, 2021 May 1, 2022 April 25, 2021 Sales to Unaffiliated Customers Grocery Products $ 873,572 $ 628,232 $ 1,729,163 $ 1,205,831 Refrigerated Foods 1,644,284 1,453,380 3,271,812 2,820,457 Jennie-O Turkey Store 407,287 351,179 791,759 684,500 International & Other 171,416 173,830 348,184 356,980 Total $ 3,096,559 $ 2,606,621 $ 6,140,917 $ 5,067,768 Intersegment Sales Grocery Products $ — $ — $ — $ — Refrigerated Foods 6,491 5,933 14,179 11,891 Jennie-O Turkey Store 52,498 32,442 100,452 59,135 International & Other — — — — Total 58,989 38,376 114,631 71,026 Intersegment Elimination (58,989) (38,376) (114,631) (71,026) Total $ — $ — $ — $ — Net Sales Grocery Products $ 873,572 $ 628,232 $ 1,729,163 $ 1,205,831 Refrigerated Foods 1,650,775 1,459,313 3,285,991 2,832,348 Jennie-O Turkey Store 459,785 383,621 892,211 743,635 International & Other 171,416 173,830 348,184 356,980 Intersegment Elimination (58,989) (38,376) (114,631) (71,026) Total $ 3,096,559 $ 2,606,621 $ 6,140,917 $ 5,067,768 Segment Profit Grocery Products $ 89,299 $ 97,970 $ 188,785 $ 190,172 Refrigerated Foods 178,492 173,352 340,884 314,524 Jennie-O Turkey Store 61,799 12,700 105,536 39,640 International & Other 23,653 24,481 49,737 56,685 Total Segment Profit 353,243 308,503 684,941 601,020 Net Unallocated Expense 31,436 15,904 54,370 31,451 Noncontrolling Interest 62 21 201 133 Earnings Before Income Taxes $ 321,868 $ 292,620 $ 630,772 $ 569,702
Schedule of total revenues contributed by sales channel	Total revenue contributed by sales channel are: Quarter Ended Six Months Ended in thousands May 1, 2022 April 25, 2021 May 1, 2022 April 25, 2021 U.S. Retail $ 1,946,117 $ 1,685,631 $ 3,904,864 $ 3,355,518 U.S. Foodservice 959,467 724,248 1,845,532 1,310,584 International 190,975 196,742 390,520 401,666 Total $ 3,096,559 $ 2,606,621 $ 6,140,917 $ 5,067,768 Quarter Ended Six Months Ended in thousands May 1, 2022 April 25, 2021 May 1, 2022 April 25, 2021 Perishable $ 1,783,172 $ 1,453,149 $ 3,556,375 $ 2,829,969 Shelf-stable 629,406 567,501 1,264,643 1,091,437 Poultry 565,531 494,186 1,102,135 968,837 Miscellaneous 118,449 91,786 217,764 177,525 Total $ 3,096,559 $ 2,606,621 $ 6,140,917 $ 5,067,768

ACQUISITIONS AND DIVESTITURES -

ACQUISITIONS AND DIVESTITURES - Narrative (Details) - Planters Snack Nuts Business - USD ($) $ in Millions	Jun. 07, 2021	May 01, 2022	May 01, 2022
ACQUISITIONS
Final purchase price, including working capital adjustments	$ 3,400
Net sales contributed by acquisition		$ 239	$ 510.8

GOODWILL AND INTANGIBLE ASSET_2

GOODWILL AND INTANGIBLE ASSETS - Changes in Carrying Amounts of Goodwill (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	May 01, 2022	May 01, 2022
Changes in the carrying amount of goodwill
Beginning Balance	$ 4,928,139	$ 4,929,102
Foreign Currency Translation	7,692	6,730
Ending Balance	4,935,832	4,935,832
Grocery Products
Changes in the carrying amount of goodwill
Beginning Balance	2,398,354	2,398,354
Foreign Currency Translation	0	0
Ending Balance	2,398,354	2,398,354
Refrigerated Foods
Changes in the carrying amount of goodwill
Beginning Balance	2,094,421	2,094,421
Foreign Currency Translation	0	0
Ending Balance	2,094,421	2,094,421
Jennie-O Turkey Store
Changes in the carrying amount of goodwill
Beginning Balance	176,628	176,628
Foreign Currency Translation	0	0
Ending Balance	176,628	176,628
International & Other
Changes in the carrying amount of goodwill
Beginning Balance	258,737	259,699
Foreign Currency Translation	7,692	6,730
Ending Balance	$ 266,429	$ 266,429

GOODWILL AND INTANGIBLE ASSET_3

GOODWILL AND INTANGIBLE ASSETS - Indefinite Lived Intangible Assets (Details) - USD ($) $ in Thousands	May 01, 2022	Oct. 31, 2021
Carrying amounts for indefinite-lived intangible assets
Total	$ 1,660,098	$ 1,658,728
Brands/Tradenames/Trademarks
Carrying amounts for indefinite-lived intangible assets
Total	1,665,190	1,665,190
Other Intangibles
Carrying amounts for indefinite-lived intangible assets
Total	184	184
Foreign Currency Translation
Carrying amounts for indefinite-lived intangible assets
Total	$ 5,276	$ 6,646

GOODWILL AND INTANGIBLE ASSET_4

GOODWILL AND INTANGIBLE ASSETS - Definite Lived Intangibles Assets (Details) - USD ($) $ in Thousands	May 01, 2022	Oct. 31, 2021
Gross carrying amount and accumulated amortization for definite-lived intangible assets
Gross Carrying Amount	$ 238,016	$ 239,016
Accumulated Amortization	(83,613)	(75,471)
Customer Lists/Relationships
Gross carrying amount and accumulated amortization for definite-lived intangible assets
Gross Carrying Amount	168,239	168,239
Accumulated Amortization	(63,318)	(56,882)
Other Intangibles
Gross carrying amount and accumulated amortization for definite-lived intangible assets
Gross Carrying Amount	59,241	60,241
Accumulated Amortization	(9,481)	(8,356)
Tradenames/Trademarks
Gross carrying amount and accumulated amortization for definite-lived intangible assets
Gross Carrying Amount	10,536	10,536
Accumulated Amortization	(6,773)	(5,700)
Foreign Currency Translation
Gross carrying amount and accumulated amortization for definite-lived intangible assets
Gross Carrying Amount	0	0
Accumulated Amortization	$ (4,041)	$ (4,534)

GOODWILL AND INTANGIBLE ASSET_5

GOODWILL AND INTANGIBLE ASSETS - Estimated Annual Amortization Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	May 01, 2022	Apr. 25, 2021	May 01, 2022	Apr. 25, 2021	Oct. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense	$ 4,800	$ 4,000	$ 9,600	$ 7,900
Amortization Expense
2022					$ 19,244
2023					18,351
2024					16,352
2025					14,627
2026					$ 14,170

INVESTMENTS IN AND RECEIVABLE_3

INVESTMENTS IN AND RECEIVABLES FROM AFFILIATES - Schedule of Investments and Equity Information (Details) - USD ($) $ in Thousands	May 01, 2022	Oct. 31, 2021
Investments In and Receivables from Affiliates
Total	$ 275,849	$ 299,019
Minimum
Investments In and Receivables from Affiliates
% Owned	20.00%	20.00%
Maximum
Investments In and Receivables from Affiliates
% Owned	50.00%	50.00%
MegaMex Foods, LLC
Investments In and Receivables from Affiliates
% Owned	50.00%	50.00%
Total	$ 185,417	$ 205,413
Other Joint Ventures
Investments In and Receivables from Affiliates
Total	$ 90,432	$ 93,606

INVESTMENTS IN AND RECEIVABLE_4

INVESTMENTS IN AND RECEIVABLES FROM AFFILIATES - Schedule of Equity in Earnings of Affiliates (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	May 01, 2022	Apr. 25, 2021	May 01, 2022	Apr. 25, 2021
Investments In and Receivables from Affiliates
Total	$ 5,916	$ 13,074	$ 12,814	$ 27,302
MegaMex Foods, LLC
Investments In and Receivables from Affiliates
Total	3,011	9,663	10,006	22,096
Other Joint Ventures
Investments In and Receivables from Affiliates
Total	$ 2,905	$ 3,411	$ 2,807	$ 5,206

INVESTMENTS IN AND RECEIVABLE_5

INVESTMENTS IN AND RECEIVABLES FROM AFFILIATES - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	May 01, 2022	Apr. 25, 2021	May 01, 2022	Apr. 25, 2021	Oct. 26, 2009
Schedule of Equity Method Investments [Line Items]
Dividends received from affiliates	$ 12.5	$ 11.2	$ 30.5	$ 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	$ 10.6		$ 10.6		$ 21.3

INVENTORIES (Details)

INVENTORIES (Details) - USD ($) $ in Thousands	May 01, 2022	Oct. 31, 2021
Inventory, Net [Abstract]
Finished Products	$ 875,674	$ 725,115
Raw Materials and Work-in-Process	432,806	395,403
Operating Supplies	197,796	163,416
Maintenance Materials and Parts	90,725	85,264
Total	$ 1,597,001	$ 1,369,198

DERIVATIVES AND HEDGING - Narra

DERIVATIVES AND HEDGING - Narrative (Details) $ in Millions	3 Months Ended	6 Months Ended
	Jul. 25, 2021	May 01, 2022USD ($)	Jan. 30, 2022USD ($)	Apr. 25, 2021USD ($)derivative
Corn
Derivative [Line Items]
Maximum length of time to hedge exposure		2 years
Lean Hogs
Derivative [Line Items]
Maximum length of time to hedge exposure		12 months
Treasury Lock | Derivatives designated as hedges | Cash Flow Hedges
Derivative [Line Items]
Number of hedging instruments | derivative				2
Total notional amount of hedging				$ 1,250
Treasury Lock | Derivatives designated as hedges | Cash Flow Hedges | Minimum
Derivative [Line Items]
Tenor of hedging contracts	7 years
Treasury Lock | Derivatives designated as hedges | Cash Flow Hedges | Maximum
Derivative [Line Items]
Tenor of hedging contracts	30 years
Interest Rate Contracts | Derivatives designated as hedges | Fair Value Hedges
Derivative [Line Items]
Total notional amount of hedging			$ 450
Commodity Contracts
Derivative [Line Items]
Hedging gains to be recognized within next twelve months		$ 80.1
Interest Rate Contracts
Derivative [Line Items]
Hedging gains to be recognized within next twelve months		$ 14

DERIVATIVES AND HEDGING - Outst

DERIVATIVES AND HEDGING - Outstanding Commodity Future Contracts (Details) - Cash Flow Hedges lb in Millions, bu in Millions	6 Months Ended	12 Months Ended
	May 01, 2022lbbu	Oct. 31, 2021lbbu
Corn
Derivative [Line Items]
Futures contracts, volume (in million bushels) | bu	37.7	33.1
Lean Hogs
Derivative [Line Items]
Futures contracts, volume (in million pounds) | lb	162	120

DERIVATIVES AND HEDGING - Fair

DERIVATIVES AND HEDGING - Fair Value of Derivatives (Details) - USD ($) $ in Thousands	May 01, 2022	Oct. 31, 2021
Derivatives fair value
Obligation to return net cash collateral	$ 39,400	$ 10,800
Derivatives designated as hedges | Cash Flow Hedges | Commodity Contracts | Other Current Assets
Derivatives fair value
Gross Fair Value	51,269	21,798
Derivatives designated as hedges | Cash Flow Hedges | Interest Rate Contracts | Interest and Dividends Payable
Derivatives fair value
Gross Fair Value	$ (18,723)	$ 0

DERIVATIVES AND HEDGING - Fai_2

DERIVATIVES AND HEDGING - Fair Value Hedge Assets (Liabilities) (Details) - USD ($) $ in Thousands	May 01, 2022	Oct. 31, 2021
Derivatives fair value
Cumulative basis adjustment of carrying amount of hedged portion of 2024 Notes	$ 18,723	$ 0
Fair Value Hedges | Commodity Contracts | Accounts Payable
Derivatives fair value
Carrying Amount of Hedged Assets/(Liabilities)	20,428	3,432
Fair Value Hedges | Interest Rate Contracts | Long-term Debt - Less Current Maturities
Derivatives fair value
Carrying Amount of Hedged Assets/(Liabilities)	$ (431,277)	$ 0

DERIVATIVES AND HEDGING - Effec

DERIVATIVES AND HEDGING - Effects on Accumulated Other Comprehensive Gains and Losses (Before Tax) of Derivative Instruments (Details) - Derivatives designated as hedges - Cash Flow Hedges - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	May 01, 2022	Apr. 25, 2021	May 01, 2022	Apr. 25, 2021
Commodity Contracts
Derivative instruments gains or losses (before tax)
Gain/(Loss) Reclassified from AOCL into Earnings	$ 9,599	$ 4,512	$ 17,345	$ 4,462
Interest Rate Contracts
Derivative instruments gains or losses (before tax)
Gain/(Loss) Reclassified from AOCL into Earnings	247	0	494	0
Cost of Products Sold | Commodity Contracts
Derivative instruments gains or losses (before tax)
Gain/(Loss) Recognized in AOCL	50,331	36,109	70,611	52,661
Gain/(Loss) Reclassified from AOCL into Earnings	11,269	4,512	19,015	4,462
Cost of Products Sold | Corn Options
Derivative instruments gains or losses (before tax)
Excluded Component	(2,271)	0	(3,444)	0
Excluded Component	0	0	0	0
Interest Expense | Interest Rate Contracts
Derivative instruments gains or losses (before tax)
Gain/(Loss) Recognized in AOCL	0	18,539	0	18,539
Gain/(Loss) Reclassified from AOCL into Earnings	$ 247	$ 0	$ 494	$ 0

DERIVATIVES AND HEDGING - Conso

DERIVATIVES AND HEDGING - Consolidated Condensed Statements of Operations Impact of Gains or Losses on Derivative Instruments (Details) $ in Thousands, bu in Millions	3 Months Ended		6 Months Ended		12 Months Ended
	May 01, 2022USD ($)bu	Apr. 25, 2021USD ($)	May 01, 2022USD ($)bu	Apr. 25, 2021USD ($)	Oct. 31, 2021bu
Derivative [Line Items]
Net Earnings Attributable to Hormel Foods Corporation	$ 261,617	$ 227,901	$ 501,188	$ 450,184
Fair Value Hedges
Total Gain (Loss) Recognized in Earnings	1,288	(6,845)	$ 5,598	(9,809)
Cash Flow Hedges | Corn
Fair Value Hedges
Futures contracts, volume (in million bushels) | bu			37.7		33.1
Derivatives designated as hedges
Fair Value Hedges
Total Gain (Loss) Recognized in Earnings	946	0
Derivatives designated as hedges | Commodity Contracts
Fair Value Hedges
Total Gain (Loss) Recognized in Earnings	342	(6,845)	$ 3,613	(9,809)
Derivatives designated as hedges | Interest Rate Locks
Fair Value Hedges
Total Gain (Loss) Recognized in Earnings			1,985	0
Derivatives designated as hedges | Cash Flow Hedges | Commodity Contracts
Cash Flow Hedges
Gain (Loss) Reclassified from AOCL	9,599	4,512	17,345	4,462
Amortization of Excluded Component from Options	(1,120)	0	(1,945)	0
Gain (Loss) Reclassified from AOCL Due to Discontinuance of Cash Flow Hedges	1,620	0	1,620	0
Derivatives designated as hedges | Cash Flow Hedges | Interest Rate Locks
Cash Flow Hedges
Gain (Loss) Reclassified from AOCL	$ 247	0	494	0
Derivatives designated as hedges | Cash Flow Hedges | Corn
Fair Value Hedges
Futures contracts, volume (in million bushels) | bu	0.6
Gain related to the discontinued hedges and an immaterial loss related to the excluded component from options	$ 1,700
Derivatives designated as hedges | Fair Value Hedges | Commodity Contracts
Fair Value Hedges
Gain (loss) on Commodity Futures and Interest Rate Swap	(9,757)	(11,357)	(13,407)	(14,271)
Derivatives designated as hedges | Fair Value Hedges | Interest Rate Swap
Fair Value Hedges
Gain (loss) on Commodity Futures and Interest Rate Swap	$ 699	$ 0	$ 1,491	$ 0

PENSION AND OTHER POST-RETIRE_3

PENSION AND OTHER POST-RETIREMENT BENEFITS (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	May 01, 2022	Apr. 25, 2021	May 01, 2022	Apr. 25, 2021
Pension Benefits
Net periodic cost of defined benefit plans
Service Cost	$ 10,019	$ 9,107	$ 20,038	$ 18,214
Interest Cost	12,640	12,362	25,279	24,724
Expected Return on Plan Assets	(27,062)	(25,189)	(54,124)	(50,378)
Amortization of Prior Service Cost	(374)	(367)	(748)	(734)
Recognized Actuarial Loss	3,132	5,578	6,264	11,156
Net Periodic Cost	(1,645)	1,491	(3,290)	2,982
Post-retirement Benefits
Net periodic cost of defined benefit plans
Service Cost	117	131	234	261
Interest Cost	1,921	1,948	3,840	3,896
Amortization of Prior Service Cost	2	(164)	4	(328)
Recognized Actuarial Loss	610	495	1,220	991
Net Periodic Cost	$ 2,650	$ 2,410	$ 5,298	$ 4,820

ACCUMULATED OTHER COMPREHENSI_3

ACCUMULATED OTHER COMPREHENSIVE LOSS (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	May 01, 2022	May 01, 2022
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning Balance		$ 6,972,883
Unrecognized Gains (Losses)
Gross	$ 62,175	82,080
Tax Effect	(11,630)	(16,284)
Reclassification into Net Earnings
Gross	(8,146)	(12,769)
Tax Effect	1,961	3,078
Net of Tax Amount	44,360	56,105
Ending Balance	7,339,402	7,339,402
Accumulated Other Comprehensive Loss
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning Balance	(265,524)	(277,269)
Reclassification into Net Earnings
Ending Balance	(221,164)	(221,164)
Foreign Currency Translation
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning Balance	(50,375)	(51,181)
Unrecognized Gains (Losses)
Gross	14,056	14,862
Tax Effect	0	0
Reclassification into Net Earnings
Gross	0	0
Tax Effect	0	0
Net of Tax Amount	14,056	14,862
Ending Balance	(36,319)	(36,319)
Pension & Other Benefits
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning Balance	(258,676)	(261,211)
Unrecognized Gains (Losses)
Gross	59	51
Tax Effect	0	0
Reclassification into Net Earnings
Gross	3,370	6,740
Tax Effect	(826)	(1,653)
Net of Tax Amount	2,603	5,138
Ending Balance	(256,073)	(256,073)
Derivatives & Hedging
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning Balance	43,527	35,123
Unrecognized Gains (Losses)
Gross	48,060	67,167
Tax Effect	(11,630)	(16,284)
Reclassification into Net Earnings
Gross	(11,516)	(19,509)
Tax Effect	2,787	4,731
Net of Tax Amount	27,701	36,105
Ending Balance	$ 71,228	$ 71,228

FAIR VALUE MEASUREMENTS - Finan

FAIR VALUE MEASUREMENTS - Financial Assets and Liabilities Carried at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	May 01, 2022	Apr. 25, 2021	May 01, 2022	Apr. 25, 2021	Oct. 31, 2021
Right To Reclaim Net Cash Collateral, Commodity Derivatives [Abstract]
Obligation to return net cash collateral	$ 39,400		$ 39,400		$ 10,800
Obligation to return net cash collateral, cash portion	39,900		39,900		45,600
Realized gains on closed positions	600		600		34,800
Rabbi trust
Right To Reclaim Net Cash Collateral, Commodity Derivatives [Abstract]
(Losses) gains related to securities held by the trust	(6,600)	$ 5,200	(12,000)	$ 17,000
Recurring basis
Assets at Fair Value
Cash and Cash Equivalents	861,719		861,719		613,530
Short-term Marketable Securities	23,478		23,478		21,162
Other Trading Securities	191,066		191,066		203,020
Commodity Derivatives	14,774		14,774		13,522
Total Assets at Fair Value	1,091,037		1,091,037		851,234
Liabilities at Fair Value
Deferred Compensation	62,291		62,291		70,466
Interest Rate Derivatives	18,723		18,723
Total Liabilities at Fair Value	81,014		81,014		70,466
Recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1)
Assets at Fair Value
Cash and Cash Equivalents	861,390		861,390		611,111
Short-term Marketable Securities	11,929		11,929		8,790
Other Trading Securities	0		0		0
Commodity Derivatives	5,249		5,249		8,104
Total Assets at Fair Value	878,568		878,568		628,005
Liabilities at Fair Value
Deferred Compensation	0		0		0
Interest Rate Derivatives	0		0
Total Liabilities at Fair Value	0		0		0
Recurring basis | Significant Other Observable Inputs (Level 2)
Assets at Fair Value
Cash and Cash Equivalents	329		329		2,419
Short-term Marketable Securities	11,549		11,549		12,372
Other Trading Securities	191,066		191,066		203,020
Commodity Derivatives	9,524		9,524		5,418
Total Assets at Fair Value	212,468		212,468		223,229
Liabilities at Fair Value
Deferred Compensation	62,291		62,291		70,466
Interest Rate Derivatives	18,723		18,723
Total Liabilities at Fair Value	81,014		81,014		70,466
Recurring basis | Significant Unobservable Inputs (Level 3)
Assets at Fair Value
Cash and Cash Equivalents	0		0		0
Short-term Marketable Securities	0		0		0
Other Trading Securities	0		0		0
Commodity Derivatives	0		0		0
Total Assets at Fair Value	0		0		0
Liabilities at Fair Value
Deferred Compensation	0		0		0
Interest Rate Derivatives	0		0
Total Liabilities at Fair Value	$ 0		$ 0		$ 0

FAIR VALUE MEASUREMENTS - Narra

FAIR VALUE MEASUREMENTS - Narrative (Details) - USD ($) $ in Billions	May 01, 2022	Oct. 31, 2021
Fair Value Disclosures [Abstract]
Fair value of long-term debt, utilizing discounted cash flows (Level 2)	$ 2.9	$ 3.3

LONG-TERM DEBT AND OTHER BORR_3

LONG-TERM DEBT AND OTHER BORROWING ARRANGEMENTS - Schedule of Long-term Debt (Details) - USD ($) $ in Thousands	May 01, 2022	Oct. 31, 2021	Jun. 03, 2021	Jun. 11, 2020
Debt Instrument [Line Items]
Unamortized Debt Issuance Costs	$ (21,645)	$ (23,435)
Interest Rate Swap	(18,723)	0
Finance Lease Liabilities	48,044	52,999
Other Financing Arrangements	2,628	2,823
Total	3,302,186	3,323,903
Less: Current Maturities of Long-term Debt	8,084	8,756
Long-term Debt Less Current Maturities	3,294,101	3,315,147
Senior Notes
Debt Instrument [Line Items]
Unamortized Discount on Senior Notes	$ (8,117)	(8,484)
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%
Senior Notes	$ 600,000	600,000
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%
Senior Notes	$ 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%
Senior Notes	$ 750,000	750,000
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%
Senior Notes	$ 950,000	$ 950,000

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	May 01, 2022	Jan. 30, 2022	Oct. 31, 2021	Jun. 11, 2020
Interest Rate Contracts | Fair Value Hedges | Derivatives designated as hedges
Debt Instrument [Line Items]
Total notional amount of hedging						$ 450,000,000
Senior Notes | Senior Unsecured Notes Due June 2030
Debt Instrument [Line Items]
Aggregate principal amount of debt issued								$ 1,000,000,000
Interest rate					1.80%			1.80%
Redemption price, percentage	101.00%
Senior Notes | Unsecured Senior Notes Due April 2021
Debt Instrument [Line Items]
Repayment of matured senior unsecured notes				$ 250,000,000
Senior Notes | 2024 Notes
Debt Instrument [Line Items]
Aggregate principal amount of debt issued		$ 950,000,000
Interest rate		0.65%			0.65%
Period to redeem in whole or in part after the issuance date		1 year
Senior Notes | 2028 Notes
Debt Instrument [Line Items]
Aggregate principal amount of debt issued		$ 750,000,000
Interest rate		1.70%			1.70%
Redemption price, percentage		101.00%
Senior Notes | 2051 Notes
Debt Instrument [Line Items]
Aggregate principal amount of debt issued		$ 600,000,000
Interest rate		3.05%			3.05%
Redemption price, percentage		101.00%
Credit Facility | Unsecured 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
Credit Facility | Unsecured Revolving Credit Facility | Minimum
Debt Instrument [Line Items]
Variable fee percentage for availability of line of credit			0.05%
Credit Facility | Unsecured Revolving Credit Facility | Minimum | Base Rate
Debt Instrument [Line Items]
Margin over interest rate percentage			0.00%
Credit Facility | Unsecured Revolving Credit Facility | Minimum | Eurocurrency rate
Debt Instrument [Line Items]
Margin over interest rate percentage			0.575%
Credit Facility | Unsecured Revolving Credit Facility | Maximum
Debt Instrument [Line Items]
Variable fee percentage for availability of line of credit			0.10%
Credit Facility | Unsecured Revolving Credit Facility | Maximum | Base Rate
Debt Instrument [Line Items]
Margin over interest rate percentage			0.15%
Credit Facility | Unsecured Revolving Credit Facility | Maximum | Eurocurrency rate
Debt Instrument [Line Items]
Margin over interest rate percentage			1.15%

INCOME TAXES - Narrative (Detai

INCOME TAXES - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	May 01, 2022	Apr. 25, 2021	May 01, 2022	Apr. 25, 2021
Income Tax Disclosure [Abstract]
Effective tax rate	18.70%	22.10%	20.50%	21.00%
Unrecognized tax benefits that would impact effective tax rate	$ 21	$ 28.1	$ 21	$ 28.1
Accrued interest and penalties associated with unrecognized tax benefits	$ 5.8	$ 7	$ 5.8	$ 7

EARNINGS PER SHARE DATA - Share

EARNINGS PER SHARE DATA - Shares Used as Denominator (Details) - shares shares in Thousands	3 Months Ended		6 Months Ended
	May 01, 2022	Apr. 25, 2021	May 01, 2022	Apr. 25, 2021
Earnings Per Share [Abstract]
Basic Weighted-Average Shares Outstanding (in shares)	544,702	540,195	543,691	540,054
Dilutive Potential Common Shares (in shares)	5,334	7,341	5,291	7,436
Diluted Weighted-Average Shares Outstanding (in shares)	550,036	547,536	548,982	547,490
Antidilutive Potential Common Shares (in shares)	790	2,373	2,145	2,283

SEGMENT REPORTING - Narrative (

SEGMENT REPORTING - Narrative (Details)	6 Months Ended
	May 01, 2022segment
Segment Reporting [Abstract]
Number of reportable business segments	4

SEGMENT REPORTING - Sales and O

SEGMENT REPORTING - Sales and Operating Profits for Each Reportable and Reconciliation to Earnings Before Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	May 01, 2022	Apr. 25, 2021	May 01, 2022	Apr. 25, 2021
Operating profit and other financial information
Net Sales	$ 3,096,559	$ 2,606,621	$ 6,140,917	$ 5,067,768
Segment Profit	334,728	289,415	654,402	557,433
Net Unallocated Expense	31,436	15,904	54,370	31,451
Noncontrolling Interest	62	21	201	133
Earnings Before Income Taxes	321,868	292,620	630,772	569,702
Grocery Products
Operating profit and other financial information
Net Sales	873,572	628,232	1,729,163	1,205,831
Refrigerated Foods
Operating profit and other financial information
Net Sales	1,644,284	1,453,380	3,271,812	2,820,457
Jennie-O Turkey Store
Operating profit and other financial information
Net Sales	407,287	351,179	791,759	684,500
International & Other
Operating profit and other financial information
Net Sales	171,416	173,830	348,184	356,980
Intersegment Elimination
Operating profit and other financial information
Net Sales	58,989	38,376	114,631	71,026
Intersegment Elimination | Grocery Products
Operating profit and other financial information
Net Sales	0	0	0	0
Intersegment Elimination | Refrigerated Foods
Operating profit and other financial information
Net Sales	6,491	5,933	14,179	11,891
Intersegment Elimination | Jennie-O Turkey Store
Operating profit and other financial information
Net Sales	52,498	32,442	100,452	59,135
Intersegment Elimination | International & Other
Operating profit and other financial information
Net Sales	0	0	0	0
Operating Segments
Operating profit and other financial information
Segment Profit	353,243	308,503	684,941	601,020
Operating Segments | Grocery Products
Operating profit and other financial information
Net Sales	873,572	628,232	1,729,163	1,205,831
Segment Profit	89,299	97,970	188,785	190,172
Operating Segments | Refrigerated Foods
Operating profit and other financial information
Net Sales	1,650,775	1,459,313	3,285,991	2,832,348
Segment Profit	178,492	173,352	340,884	314,524
Operating Segments | Jennie-O Turkey Store
Operating profit and other financial information
Net Sales	459,785	383,621	892,211	743,635
Segment Profit	61,799	12,700	105,536	39,640
Operating Segments | International & Other
Operating profit and other financial information
Net Sales	171,416	173,830	348,184	356,980
Segment Profit	$ 23,653	$ 24,481	$ 49,737	$ 56,685

SEGMENT REPORTING - Revenue Con

SEGMENT REPORTING - Revenue Contributed by Sales Channel (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	May 01, 2022	Apr. 25, 2021	May 01, 2022	Apr. 25, 2021
Revenue from External Customer [Line Items]
Total	$ 3,096,559	$ 2,606,621	$ 6,140,917	$ 5,067,768
Perishable
Revenue from External Customer [Line Items]
Total	1,783,172	1,453,149	3,556,375	2,829,969
Shelf-stable
Revenue from External Customer [Line Items]
Total	629,406	567,501	1,264,643	1,091,437
Poultry
Revenue from External Customer [Line Items]
Total	565,531	494,186	1,102,135	968,837
Miscellaneous
Revenue from External Customer [Line Items]
Total	118,449	91,786	217,764	177,525
U.S. Retail
Revenue from External Customer [Line Items]
Total	1,946,117	1,685,631	3,904,864	3,355,518
U.S. Foodservice
Revenue from External Customer [Line Items]
Total	959,467	724,248	1,845,532	1,310,584
International
Revenue from External Customer [Line Items]
Total	$ 190,975	$ 196,742	$ 390,520	$ 401,666