Hormel Foods (HRL) 10-Q 31 Aug 23 2023 Q3 Quarterly report Financial data

COVER

COVER - shares	9 Months Ended
	Jul. 30, 2023	Aug. 27, 2023
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jul. 30, 2023
Document Transition Report	false
Entity File Number	1-2402
Entity Registrant Name	HORMEL FOODS CORPORATION
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	41-0319970
Entity Address, Address Line One	1 Hormel Place
Entity Address, City or Town	Austin
Entity Address, State or Province	MN
Entity Address, Postal Zip Code	55912-3680
City Area Code	507
Local Phone Number	437-5611
Title of 12(b) Security	Common Stock
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	--10-29
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Common Stock $0.01465 par value
Document Information [Line Items]
Entity Common Stock, Shares Outstanding (in shares)		546,481,141
Common Stock Non-Voting $0.01 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		9 Months Ended
	Jul. 30, 2023	Jul. 31, 2022	Jul. 30, 2023	Jul. 31, 2022
Income Statement [Abstract]
Net Sales	$ 2,963,299	$ 3,034,414	$ 8,911,930	$ 9,175,331
Cost of Products Sold	2,465,251	2,528,364	7,426,514	7,577,062
Gross Profit	498,048	506,049	1,485,417	1,598,269
Selling, General, and Administrative	291,073	222,147	725,621	672,777
Equity in Earnings of Affiliates	9,784	7,138	42,213	19,951
Operating Income	216,759	291,040	802,009	945,443
Interest and Investment Income	9,239	14,411	20,700	20,078
Interest Expense	18,372	15,615	55,042	44,913
Earnings Before Income Taxes	207,626	289,836	767,666	920,608
Provision for Income Taxes	45,055	71,010	170,230	200,393
Net Earnings	162,571	218,826	597,437	720,215
Less: Net Earnings (Loss) Attributable to Noncontrolling Interest	(108)	(89)	(200)	112
Net Earnings Attributable to Hormel Foods Corporation	$ 162,679	$ 218,915	$ 597,637	$ 720,103
Net Earnings Per Share
Basic (in dollars per share)	$ 0.30	$ 0.40	$ 1.09	$ 1.32
Diluted (in dollars per share)	$ 0.30	$ 0.40	$ 1.09	$ 1.31
Weighted-average Shares Outstanding
Basic (in shares)	546,358	546,077	546,389	544,486
Diluted (in shares)	548,637	550,167	549,227	549,377

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jul. 30, 2023	Jul. 31, 2022	Jul. 30, 2023	Jul. 31, 2022
Statement of Comprehensive Income [Abstract]
Net Earnings	$ 162,571	$ 218,826	$ 597,437	$ 720,215
Other Comprehensive Income (Loss), Net of Tax:
Foreign Currency Translation	(10,572)	(29,228)	27,362	(14,233)
Pension and Other Benefits	2,195	2,505	7,368	7,643
Deferred Hedging	2,518	(35,138)	(31,058)	967
Equity Method Investments	8,733	0	10,141	0
Total Other Comprehensive Income (Loss)	2,875	(61,861)	13,813	(5,623)
Comprehensive Income	165,445	156,965	611,250	714,592
Less: Comprehensive Income (Loss) Attributable to Noncontrolling Interest	(510)	(540)	(338)	(206)
Comprehensive Income Attributable to Hormel Foods Corporation	$ 165,955	$ 157,505	$ 611,588	$ 714,798

CONSOLIDATED CONDENSED STATEMEN

CONSOLIDATED CONDENSED STATEMENTS OF FINANCIAL POSITION - USD ($) $ in Thousands	Jul. 30, 2023	Oct. 30, 2022
Assets
Cash and Cash Equivalents	$ 669,124	$ 982,107
Short-term Marketable Securities	17,423	16,149
Accounts Receivable (Net of Allowance for Doubtful Accounts of $3,561 at July 30, 2023, and $3,507 at October 30, 2022)	786,246	867,593
Inventories	1,737,865	1,716,059
Taxes Receivable	7,498	7,177
Prepaid Expenses and Other Current Assets	36,613	48,041
Total Current Assets	3,254,770	3,637,125
Goodwill	4,931,590	4,925,829
Other Intangibles	1,790,761	1,803,027
Pension Assets	235,943	245,566
Investments in Affiliates	743,474	271,058
Other Assets	338,741	283,169
Property, Plant, and Equipment
Land	72,648	74,303
Buildings	1,426,048	1,398,255
Equipment	2,717,472	2,636,660
Construction in Progress	216,478	216,246
Less: Allowance for Depreciation	(2,301,168)	(2,184,319)
Net Property, Plant, and Equipment	2,131,479	2,141,146
Total Assets	13,426,757	13,306,919
Liabilities and Shareholders' Investment
Accounts Payable	703,407	816,604
Accrued Expenses	119,464	58,801
Accrued Marketing Expenses	100,974	113,105
Employee Related Expenses	241,879	279,072
Interest and Dividends Payable	158,335	163,963
Taxes Payable	49,583	32,925
Current Maturities of Long-term Debt	946,981	8,796
Total Current Liabilities	2,320,622	1,473,266
Long-term Debt Less Current Maturities	2,360,380	3,290,549
Pension and Post-retirement Benefits	396,297	385,832
Deferred Income Taxes	467,827	475,212
Other Long-term Liabilities	163,768	141,840
Shareholders' Investment
Preferred Stock	0	0
Additional Paid-in Capital	499,304	469,468
Accumulated Other Comprehensive Loss	(241,610)	(255,561)
Retained Earnings	7,447,567	7,313,374
Hormel Foods Corporation Shareholders' Investment	7,713,265	7,535,284
Noncontrolling Interest	4,598	4,936
Total Shareholders' Investment	7,717,863	7,540,219
Total Liabilities and Shareholders' Investment	13,426,757	13,306,919
Common Stock, Non-voting
Shareholders' Investment
Common Stock	0	0
Common Stock
Shareholders' Investment
Common Stock	$ 8,005	$ 8,002

CONSOLIDATED CONDENSED STATEM_2

CONSOLIDATED CONDENSED STATEMENTS OF FINANCIAL POSITION (PARENTHETICAL) - USD ($) $ in Thousands	Jul. 30, 2023	Oct. 30, 2022
Accounts Receivable, Allowance for Doubtful Accounts	$ 3,561	$ 3,507
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)	546,466,703	546,237,051

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' INVESTMENT - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Jul. 30, 2023	Jul. 31, 2022	Jul. 30, 2023	Jul. 31, 2022
Increase (Decrease) in Shareholders' Investment
Beginning balance	$ 7,691,615	$ 7,345,214	$ 7,540,219	$ 6,978,360
Net Earnings	162,571	218,826	597,437	720,215
Other Comprehensive Income (Loss)	2,875	(61,861)	13,813	(5,623)
Purchases of Common Stock			(12,303)
Stock-based Compensation Expense	5,034	4,566	20,946	20,933
Exercise of Stock Options/Restricted Shares	5,933	2,872	8,489	78,058
Shares Retired			0
Declared Dividends	(150,165)	(142,668)	(450,738)	(424,996)
Ending balance	$ 7,717,863	$ 7,366,948	$ 7,717,863	$ 7,366,948
Common Stock
Increase (Decrease) in Shareholders' Investment
Beginning balance (in shares)	546,255	546,053	546,237	542,412
Beginning balance	$ 8,002	$ 8,000	$ 8,002	$ 7,946
Stock-based Compensation Expense (in shares)			44	37
Stock-based Compensation Expense				$ 1
Exercise of Stock Options/Restricted Shares (in shares)	212	103	496	3,706
Exercise of Stock Options/Restricted Shares	$ 3	$ 2	$ 7	$ 54
Shares Retired (in shares)			(310)
Shares Retired			$ (5)
Ending balance (in shares)	546,467	546,156	546,467	546,156
Ending balance	$ 8,005	$ 8,001	$ 8,005	$ 8,001
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)			(310)
Purchases of Common Stock			$ (12,303)
Shares Retired (in shares)			(310)
Shares Retired			$ 12,303
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	488,100	451,836	469,468	360,336
Stock-based Compensation Expense	5,034	4,566	20,946	20,933
Exercise of Stock Options/Restricted Shares	5,931	2,870	8,482	78,003
Shares Retired			(277)
Declared Dividends	239		685
Ending balance	499,304	459,272	499,304	459,272
Retained Earnings
Increase (Decrease) in Shareholders' Investment
Beginning balance	7,435,292	7,100,730	7,313,374	6,881,870
Net Earnings	162,679	218,915	597,637	720,103
Shares Retired			(12,021)
Declared Dividends	(150,404)	(142,668)	(451,423)	(424,996)
Ending balance	7,447,567	7,176,977	7,447,567	7,176,977
Accumulated Other Comprehensive Income (Loss)
Increase (Decrease) in Shareholders' Investment
Beginning balance	(244,887)	(221,164)	(255,561)	(277,269)
Other Comprehensive Income (Loss)	3,277	(61,410)	13,950	(5,305)
Ending balance	(241,610)	(282,574)	(241,610)	(282,574)
Non- controlling Interest
Increase (Decrease) in Shareholders' Investment
Beginning balance	5,108	5,812	4,936	5,478
Net Earnings	(108)	(89)	(200)	112
Other Comprehensive Income (Loss)	(402)	(451)	(138)	(318)
Ending balance	$ 4,598	$ 5,272	$ 4,598	$ 5,272

CONSOLIDATED STATEMENTS OF CH_2

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' INVESTMENT (PARENTHETICAL) - $ / shares	3 Months Ended		9 Months Ended
	Jul. 30, 2023	Jul. 31, 2022	Jul. 30, 2023	Jul. 31, 2022
Statement of Stockholders' Equity [Abstract]
Declared Dividends (in dollars per share)	$ 0.2750	$ 0.2600	$ 0.8250	$ 0.7800

CONSOLIDATED CONDENSED STATEM_3

CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Jul. 30, 2023	Jul. 31, 2022
Operating Activities
Net Earnings	$ 597,437	$ 720,215
Adjustments to Reconcile to Net Cash Provided by (Used in) Operating Activities:
Depreciation and Amortization	216,432	191,568
Equity in Earnings of Affiliates	(42,213)	(19,951)
Distributions Received from Equity Method Investees	28,160	30,539
Provision for Deferred Income Taxes	(273)	71,427
Loss (Gain) on Sales of Property, Plant, and Equipment	(314)	5,098
Non-cash Investment Activities	(12,047)	13,610
Stock-based Compensation Expense	20,946	20,933
Changes in Operating Assets and Liabilities:
Decrease (Increase) in Accounts Receivable	81,423	96,674
Decrease (Increase) in Inventories	(20,536)	(311,312)
Decrease (Increase) in Prepaid Expenses and Other Assets	(52,117)	(3,666)
Increase (Decrease) in Pension and Post-retirement Benefits	29,571	(6,906)
Increase (Decrease) in Accounts Payable and Accrued Expenses	(131,204)	(84,384)
Increase (Decrease) in Net Income Taxes Payable	13,491	39,312
Net Cash Provided by (Used in) Operating Activities	728,756	763,157
Investing Activities
Net (Purchase) Sale of Securities	(49)
Net (Purchase) Sale of Securities		1,296
Purchases of Property, Plant, and Equipment	(168,529)	(189,184)
Proceeds from Sales of Property, Plant, and Equipment	5,306	1,044
Proceeds from (Purchases of) Affiliates and Other Investments	(427,195)	8,275
Proceeds from Company-owned Life Insurance	1,980	6,742
Net Cash Provided by (Used in) Investing Activities	(588,489)	(171,827)
Financing Activities
Proceeds from Long-term Debt	1,980	0
Repayments of Long-term Debt and Finance Leases	(6,584)	(6,498)
Dividends Paid on Common Stock	(442,560)	(415,923)
Share Repurchase	(12,303)	0
Proceeds from Exercise of Stock Options	8,489	77,958
Net Cash Provided by (Used in) Financing Activities	(450,977)	(344,463)
Effect of Exchange Rate Changes on Cash	(2,273)	(10,054)
Increase (Decrease) in Cash and Cash Equivalents	(312,983)	236,814
Cash and Cash Equivalents at Beginning of Year	982,107	613,530
Cash and Cash Equivalents at End of Period	$ 669,124	$ 850,344

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
	Jul. 30, 2023
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	NOTE A - 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 (U.S.) 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 U.S. generally accepted accounting principles (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 30, 2022. The significant accounting policies used in preparing these interim 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. The Company has 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 30, 2022. 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. Reportable Segments: As of October 30, 2022, the Company had four operating and reportable segments: Grocery Products, Refrigerated Foods, Jennie-O Turkey Store, and International and Other. At the beginning of fiscal 2023, the Company transitioned to a new strategic operating model, which aligns its businesses to be more agile, consumer and customer focused, and market driven. Effective on October 31, 2022, the Company operates with the following three operating and reportable segments: Retail, Foodservice, and International, which are consistent with how the Company's chief operating decision maker assesses performance and allocates resources. This change had no impact on the consolidated results of operations, financial position, shareholders' investment, or cash flows. Prior period segment results have been retrospectively recast to reflect the new reportable segments.

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS	9 Months Ended
	Jul. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
GOODWILL AND INTANGIBLE ASSETS	NOTE B - GOODWILL AND INTANGIBLE ASSETS Goodwill: In the first quarter of fiscal 2023, as a result of the organizational changes referenced in Note A - Summary of Significant Accounting Policies, the Company conducted an assessment of its operating segments and reporting units. Based on this analysis, goodwill was reallocated using the relative fair value approach. The change in the carrying amount of goodwill for the nine months ended July 30, 2023, is: in thousands Retail Foodservice International Total Balance at October 30, 2022 $ 2,916,796 $ 1,750,594 $ 258,440 $ 4,925,829 Foreign Currency Translation — — 5,761 5,761 Balance at July 30, 2023 $ 2,916,796 $ 1,750,594 $ 264,200 $ 4,931,590 Intangible Assets: The carrying amounts for indefinite-lived intangible assets are: in thousands July 30, 2023 October 30, 2022 Brands/Tradenames/Trademarks $ 1,665,190 $ 1,665,190 Other Intangibles 184 184 Foreign Currency Translation (5,380) (6,599) Total $ 1,659,994 $ 1,658,775 The gross carrying amount and accumulated amortization for definite-lived intangible assets are: July 30, 2023 October 30, 2022 in thousands Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Customer Lists/Relationships $ 168,239 $ (79,450) $ 168,239 $ (69,779) Other Intangibles 59,241 (14,794) 59,241 (11,606) Tradenames/Trademarks 6,540 (4,779) 10,536 (7,828) Foreign Currency Translation — (4,229) — (4,551) Total $ 234,020 $ (103,252) $ 238,016 $ (93,764) Amortization expense is as follows: Quarter Ended Nine Months Ended in thousands July 30, 2023 July 31, 2022 July 30, 2023 July 31, 2022 Amortization Expense $ 4,605 $ 4,838 $ 13,806 $ 14,474 Estimated annual amortization expense for the five fiscal years after October 30, 2022, is as follows: in thousands Amortization Expense 2023 $ 18,320 2024 16,331 2025 14,628 2026 14,172 2027 13,940

INVESTMENTS IN AFFILIATES

INVESTMENTS IN AFFILIATES	9 Months Ended
	Jul. 30, 2023
Equity Method Investments and Joint Ventures [Abstract]
INVESTMENTS IN AFFILIATES	NOTE C - INVESTMENTS IN 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 method. These investments, including balances due to or from affiliates, are reflected in the Consolidated Condensed Statements of Financial Position as Investments in Affiliates. Financial results for certain entities are reported on a 30- to 90-day lag. The Company reviewed the investments in affiliates and determined that no other-than-temporary impairment existed as of July 30, 2023. On December 15, 2022, the Company purchased a 29% common stock interest in PT Garudafood Putra Putri Jaya Tbk (Garudafood), a food and beverage company in Indonesia, from various minority shareholders. On April 12, 2023, the Company purchased additional shares increasing the ownership interest to 30%. This investment expands the Company's presence in Southeast Asia and supports the global execution of the snacking and entertaining strategic priority. The Company has the ability to exercise significant influence, but not control, over Garudafood; therefore, the investment is accounted for under the equity method. The Company obtained the Garudafood interest for a purchase price of $425.8 million, including associated transaction costs. The transaction was funded using the Company's cash on hand. Based on a third-party valuation, the Company's basis difference between the fair value of the investment and proportionate share of the carrying value of Garudafood's net assets is $324.8 million. The basis difference related to inventory, property, plant and equipment, and certain intangible assets is being amortized through Equity in Earnings of Affiliates over the associated useful lives. As of July 30, 2023, the remaining basis difference was $335.3 million, which includes the impact of foreign currency translation. Based on quoted market prices, the fair value of the common stock held in Garudafood was $348.2 million as of July 28, 2023. Equity in Earnings of Affiliates consists of: Quarter Ended Nine Months Ended in thousands % Owned Segment July 30, 2023 July 31, 2022 July 30, 2023 July 31, 2022 MegaMex Foods, LLC 50% Retail $ 8,099 $ 4,555 $ 34,712 $ 14,562 Other Joint Ventures Various (20-50%) International 1,685 2,582 7,501 5,390 Total $ 9,784 $ 7,138 $ 42,213 $ 19,951 Distributions received from equity method investees include: Quarter Ended Nine Months Ended in thousands July 30, 2023 July 31, 2022 July 30, 2023 July 31, 2022 Dividends $ 14,509 $ — $ 28,160 $ 30,539 The Company recognized a basis difference of $21.3 million associated with the formation of MegaMex Foods, LLC, of which $9.5 million is remaining as of July 30, 2023. This difference is being amortized through Equity in Earnings of Affiliates.

INVENTORIES

INVENTORIES	9 Months Ended
	Jul. 30, 2023
Inventory, Net [Abstract]
INVENTORIES	NOTE D - INVENTORIES Principal components of inventories are: in thousands July 30, 2023 October 30, 2022 Finished Products $ 969,749 $ 974,160 Raw Materials and Work-in-Process 479,371 440,193 Operating Supplies 182,586 206,289 Maintenance Materials and Parts 106,159 95,417 Total $ 1,737,865 $ 1,716,059

DERIVATIVES AND HEDGING

DERIVATIVES AND HEDGING	9 Months Ended
	Jul. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
DERIVATIVES AND HEDGING	NOTE E - DERIVATIVES AND HEDGING The Company uses hedging programs to manage 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. If the requirements of hedge accounting are no longer met, hedge accounting is discontinued immediately and any future changes to fair value are recorded directly through earnings. Cash Flow Commodity Hedges: The Company designates grain, lean hog, and natural gas futures, swaps, and options contracts used to offset price fluctuations in the Company’s future purchases of these commodities 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 or natural gas 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 and the gain or loss on the hedged purchase commitment are marked-to-market through earnings and recorded in the Consolidated Condensed Statements of Financial Position as a Current Asset and Current Liability, respectively. 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 were lifted (See Note J - Long-Term Debt and Other Borrowing Arrangements). Mark-to-market gains and losses on these instruments were deferred as a component of AOCL. The resulting gain in AOCL is reclassified to Interest Expense in the period in which the hedged transactions affect earnings. 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 designated the last $450 million of the notes due June 2024 (the 2024 Notes). The Company terminated the swap in the fourth quarter of fiscal 2022. The loss related to the swap was recorded as a fair value hedging adjustment to the hedged debt and will be amortized through earnings over the remaining life of the debt. Other Derivatives: The Company holds certain futures and swap contracts to manage the Company's exposure to fluctuations in grain and pork 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 in millions July 30, 2023 October 30, 2022 Corn 30.0 bushels 34.3 bushels Lean Hogs 151.9 pounds 177.5 pounds Natural Gas 2.1 MMBtu — MMBtu 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 July 30, October 30, Commodity Contracts (1) Other Current Assets $ (6,510) $ 13,504 (1) Amounts represent the gross fair value of commodity derivative assets and liabilities. The Company nets the derivative assets and liabilities for each of its commodity hedging programs, including cash collateral, when a master netting arrangement exists between the Company and the counterparty to the derivative contract. The amount or timing of cash collateral balances may impact the classification of the commodity derivative on the Consolidated Condensed Statements of Financial Position. The gross liability position as of July 30, 2023, includes the right to reclaim net cash collateral of $27.3 million contained within the master netting arrangement. The gross asset position as of October 30, 2022, is offset by the obligation to return net cash collateral of $1.3 million. See Note H - Fair Value Measurements for a discussion of these net amounts as reported on 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 July 30, October 30, Commodity Contracts Accounts Payable (1) $ 2,664 $ 5,725 Interest Rate Contracts Current Maturities of Long-term Debt (2) (439,424) — Interest Rate Contracts Long-term Debt Less Current Maturities — (430,050) (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 July 30, 2023, the carrying amount of the 2024 Notes included a cumulative fair value hedging adjustment of $10.6 million from discontinued hedges. In the third quarter of fiscal 2023, the 2024 Notes and the fair value hedging adjustment were reclassified from Long-term Debt less Current Maturities to Current Maturities of Long-term Debt on the Consolidated Condensed Statements of Financial Position. Accumulated Other Comprehensive Loss Impact: As of July 30, 2023, the Company included in AOCL hedging losses (before tax) of $14.3 million on commodity contracts and gains of $12.7 million related to interest rate settled positions. The Company expects to recognize the majority of the losses on commodity contracts over the next twelve months. Gains on interest rate contracts offset the hedged interest payments over the tenor of the associated debt instruments. The effect on 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 July 30, 2023 July 31, 2022 July 30, 2023 July 31, 2022 Cash Flow Hedges Commodity Contracts $ (2,600) $ (24,312) $ (5,758) $ 21,216 Cost of Products Sold Excluded Component (2) 423 (576) — — Interest Rate Contracts — — 247 247 Interest Expense Gain/(Loss) Recognized in AOCL (1) Gain/(Loss) Reclassified from AOCL into Earnings (1) Location on Consolidated Statements of Operations Nine Months Ended Nine Months Ended in thousands July 30, 2023 July 31, 2022 July 30, 2023 July 31, 2022 Cash Flow Hedges Commodity Contracts $ (34,151) $ 46,299 $ 5,833 $ 40,231 Cost of Products Sold Excluded Component (2) (268) (4,020) — — Interest Rate Contracts — — 741 741 Interest Expense (1) See Note G - 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 Nine Months Ended in thousands July 30, 2023 July 31, 2022 July 30, 2023 July 31, 2022 Net Earnings Attributable to Hormel Foods Corporation $ 162,679 $ 218,915 $ 597,637 $ 720,103 Cash Flow Hedges - Commodity Contracts Gain (Loss) Reclassified from AOCL (5,758) 21,216 5,833 38,561 Amortization of Excluded Component from Options (1,531) (1,145) (4,441) (3,089) Gain (Loss) Reclassified from AOCL Due to Discontinuance of Cash Flow Hedges (1) — — — 1,620 Fair Value Hedges - Commodity Contracts Gain (Loss) on Commodity Futures (2) 1,019 (6,758) (440) (20,165) Total Gain (Loss) on Commodity Contracts (3) (6,271) 13,313 952 16,927 Cash Flow Hedges - Interest Rate Locks Gain (Loss) Reclassified from AOCL 247 247 741 741 Fair Value Hedge - Interest Rate Swap Gain (Loss) on Interest Rate Swap — (222) — 1,270 Amortization of Loss Due to Discontinuance of Fair Value Hedge (4) (3,125) — (9,374) — Total Gain (Loss) on Interest Rate Contracts (5) (2,878) 25 (8,633) 2,011 Total Gain (Loss) Recognized in Earnings $ (9,148) $ 13,338 $ (7,681) $ 18,938 (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) Represents gains or losses on commodity contracts designated as fair value hedges that were closed during the quarter ended July 30, 2023, 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) Represents the fair value hedging adjustment amortized through earnings. (5) 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	9 Months Ended
	Jul. 30, 2023
Retirement Benefits [Abstract]
PENSION AND OTHER POST-RETIREMENT BENEFITS	NOTE F - PENSION AND OTHER POST-RETIREMENT BENEFITS Net periodic benefit cost for pension and other post-retirement benefit plans consists of: Pension Benefits Quarter Ended Nine Months Ended in thousands July 30, 2023 July 31, 2022 July 30, 2023 July 31, 2022 Service Cost $ 8,902 $ 10,019 $ 26,705 $ 30,057 Interest Cost 17,157 12,639 51,472 37,919 Expected Return on Plan Assets (19,571) (27,062) (58,714) (81,186) Amortization of Prior Service Cost (461) (374) (1,383) (1,122) Recognized Actuarial (Gain) Loss 3,325 3,132 9,976 9,397 Net Periodic Benefit Cost $ 9,353 $ (1,645) $ 28,058 $ (4,936) Post-retirement Benefits Quarter Ended Nine Months Ended in thousands July 30, 2023 July 31, 2022 July 30, 2023 July 31, 2022 Service Cost $ 62 $ 118 $ 185 $ 351 Interest Cost 3,016 1,923 9,044 5,763 Amortization of Prior Service Cost 2 2 6 6 Recognized Actuarial (Gain) Loss (7) 610 (21) 1,829 Net Periodic Benefit Cost $ 3,073 $ 2,652 $ 9,214 $ 7,950

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE LOSS	9 Months Ended
	Jul. 30, 2023
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]
ACCUMULATED OTHER COMPREHENSIVE LOSS	NOTE G - ACCUMULATED OTHER COMPREHENSIVE LOSS Components of Accumulated Other Comprehensive Loss are as follows: in thousands Foreign Pension & Derivatives & Equity Accumulated Balance at April 30, 2023 $ (52,124) $ (190,451) $ (3,720) $ 1,408 $ (244,887) Unrecognized Gains (Losses) 0 0 Gross (10,170) 39 (2,177) 8,733 (3,575) Tax Effect — — 542 — 542 Reclassification into Net Earnings 0 0 0 0 Gross — 2,859 (1) 5,511 (2) — 8,371 Tax Effect — (703) (1,358) — (2,062) Change Net of Tax (10,170) 2,195 2,518 8,733 3,277 Balance at July 30, 2023 $ (62,293) $ (188,256) $ (1,202) $ 10,141 $ (241,610) Balance at October 30, 2022 $ (89,793) $ (195,624) $ 29,856 $ — $ (255,561) Unrecognized Gains (Losses) Gross 27,499 1,166 (34,419) 10,141 4,388 Tax Effect — (266) 8,394 — 8,128 Reclassification into Net Earnings Gross — 8,578 (1) (6,574) (2) — 2,004 Tax Effect — (2,110) 1,541 — (570) Change Net of Tax 27,499 7,368 (31,058) 10,141 13,950 Balance at July 30, 2023 $ (62,293) $ (188,256) $ (1,202) $ 10,141 $ (241,610) (1) Included in the computation of net periodic benefit cost. See Note F - 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 E - Derivatives and Hedging for additional information.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	9 Months Ended
	Jul. 30, 2023
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	NOTE H - 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 and their level within the fair value hierarchy are presented in the tables below. Fair Value Measurements at July 30, 2023 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) $ 669,124 $ 668,157 $ 966 $ — Short-term Marketable Securities (2) 17,423 2,818 14,606 — Other Trading Securities (3) 197,065 — 197,065 — Commodity Derivatives (4) 11,381 11,558 (176) — Total Assets at Fair Value $ 894,994 $ 682,533 $ 212,461 $ — Liabilities at Fair Value Deferred Compensation (3) $ 60,789 $ — $ 60,789 $ — Total Liabilities at Fair Value $ 60,789 $ — $ 60,789 $ — Fair Value Measurements at October 30, 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) $ 982,107 $ 980,730 $ 1,377 $ — Short-term Marketable Securities (2) 16,149 8,763 7,386 — Other Trading Securities (3) 186,243 — 186,243 — Commodity Derivatives (4) 12,448 12,228 220 — Total Assets at Fair Value $ 1,196,947 $ 1,001,721 $ 195,226 $ — Liabilities at Fair Value Deferred Compensation (3) $ 57,790 $ — $ 57,790 $ — Total Liabilities at Fair Value $ 57,790 $ — $ 57,790 $ — 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 as adjusted for expenses and other charges. The rate is guaranteed for one year at issue and may be reset annually on the policy anniversary, subject to a guaranteed minimum rate. As the value is based on adjusted market rates and the fixed rate is only reset on an annual basis, these funds are classified as Level 2. Under the 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 Internal Revenue Service (IRS) 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 nine months ended July 30, 2023, securities held by the rabbi trust generated gains of $5.1 million and $12.1 million, respectively, compared to losses of $0.1 million and $12.1 million for the quarter and nine months ended July 31, 2022, respectively. (4) The Company’s commodity derivatives represent futures, swaps, and options contracts used in its hedging or other programs to offset price fluctuations associated with purchases of corn, natural gas, hogs, and pork, and to minimize the price risk assumed when forward priced contracts are offered to the Company’s commodity suppliers. The Company’s futures and options 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 holds natural gas and pork swap contracts that are over-the-counter instruments classified as Level 2. The value of the natural gas swap contracts is calculated using quoted prices from the New York Mercantile Exchange, and the value of the pork swap contracts are calculated using a futures implied USDA estimated pork cut-out value. All derivatives are reviewed for potential credit risk and risk of nonperformance. The net balance for commodity derivatives is included in Other Current Assets or Accounts Payable, as appropriate, in the Consolidated Condensed Statements of Financial Position. As of July 30, 2023, the Company has recognized the right to reclaim net cash collateral of $27.3 million from various counterparties (including cash of $31.1 million less $3.8 million of realized loss). As of October 30, 2022, the Company had recognized the obligation to return net cash collateral of $1.3 million from various counterparties (including cash of $27.5 million less $26.2 million of realized gain). 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 on its Consolidated Condensed Statements of Financial Position. The fair value of long-term debt, utilizing discounted cash flows (Level 2), was $2.8 billion as of July 30, 2023, and $2.7 billion as of October 30, 2022. See Note J - Long-Term Debt and Other Borrowing Arrangements for additional information.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
	Jul. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	NOTE I - COMMITMENTS AND CONTINGENCIES Except as described below, there were no material changes outside the ordinary course of business during the quarter and nine months ended July 30, 2023, to the contractual obligations and other commitments last disclosed in the Company’s Annual Report on Form 10-K for the fiscal year ended October 30, 2022. On August 15, 2023, the Company received an unexpected, unfavorable arbitration ruling involving an isolated commercial dispute with a third party. The estimated liability of $70.0 million is reflected within Selling, General, and Administrative expense in the Consolidated Statements of Operations for the quarter and nine months ended July 30, 2023, and Accrued Expenses on the Consolidated Condensed Statements of Financial Position as of July 30, 2023. The associated one-time payment is expected to be made in the fourth quarter of fiscal 2023 in accordance with the terms of the arbitrator’s ruling. The adverse arbitration ruling is not subject to further appeal or judicial review.

LONG-TERM DEBT AND OTHER BORROW

LONG-TERM DEBT AND OTHER BORROWING ARRANGEMENTS	9 Months Ended
	Jul. 30, 2023
Debt Disclosure [Abstract]
LONG-TERM DEBT AND OTHER BORROWING ARRANGEMENTS	NOTE J - LONG-TERM DEBT AND OTHER BORROWING ARRANGEMENTS Long-term Debt consists of: in thousands July 30, 2023 October 30, 2022 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 (7,199) (7,750) Unamortized Debt Issuance Costs (17,172) (19,856) Interest Rate Swap Liabilities (1) (10,576) (19,950) Finance Lease Liabilities 38,211 44,473 Other Financing Arrangements 4,098 2,429 Total 3,307,361 3,299,345 Less: Current Maturities of Long-term Debt 946,981 8,796 Long-term Debt Less Current Maturities $ 2,360,380 $ 3,290,549 (1) See Note E - Derivatives and Hedging for additional information. Senior Unsecured Notes: 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). 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. Interest will accrue per annum at the stated rates with interest on the notes being paid semi-annually in arrears on June 3 and December 3 of each year, commencing December 3, 2021. Interest rate risk was hedged utilizing interest rate locks on the 2028 Notes and 2051 Notes. The Company lifted the hedges in conjunction with the issuance of these notes. See Note E - Derivatives and Hedging for additional information. 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. During the third quarter of fiscal 2023, the 2024 Notes were reclassified to Current Maturities of Long-term Debt on the Consolidated Condensed Statement of Financial Position. 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. 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. 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. On April 17, 2023, the Company entered into a first amendment (Amendment) to the Company’s $750.0 million revolving credit agreement. The Amendment provides for, among other things (i) the replacement of London Interbank Offered Rate (LIBOR) with Term Secured Overnight Financing Rate (SOFR) and Daily Simple Singapore Overnight Rate Average (SORA) for the Eurocurrency Rate for Dollars and Singapore Dollars, including applicable credit spread adjustments and relevant SOFR benchmark provisions, (ii) permitting two one-year extension options to be exercised at any anniversary, (iii) removing the change in debt ratings notice requirement, (iv) shortening the notice period requirements for Base Rate Loans to allow for same day notice, and (v) increasing the number of permitted interest periods from 8 to 15. 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 Adjusted Term SOFR, Adjusted Daily Simple Risk-Free Rate (RFR) or 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 July 30, 2023, and October 30, 2022, 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 July 30, 2023, the Company was in compliance with all of these covenants.

INCOME TAXES

INCOME TAXES	9 Months Ended
	Jul. 30, 2023
Income Tax Disclosure [Abstract]
INCOME TAXES	NOTE K - 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 nine months ended July 30, 2023, was 21.7 percent and 22.2 percent, respectively, compared to 24.5 percent and 21.8 percent, respectively, for the corresponding periods a year ago. The Company benefited in the current quarter from favorable changes in certain U.S. income and deductions in the fiscal 2022 federal tax return filing. Unrecognized tax benefits, including interest and penalties, are recorded in Other Long-term Liabilities. These benefits, if recognized as of July 30, 2023, would impact the Company’s effective tax rate by $19.6 million compared to $19.5 million as of July 31, 2022. 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 quarters ended July 30, 2023, and July 31, 2022. The amount of accrued interest and penalties associated with unrecognized tax benefits was $3.2 million at July 30, 2023, and $4.8 million at July 31, 2022. The Company is regularly audited by federal and state taxing authorities. The IRS concluded their examination of fiscal year 2021 in the second quarter. Previously, the IRS placed the Company in the Bridge phase of the Compliance Assurance Process (CAP) for fiscal 2020. In this phase, the IRS will not accept any disclosures, conduct any reviews, or provide any assurances. The Company has elected to participate in CAP for fiscal years through 2023. The objective of CAP is to contemporaneously work with the IRS 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. The Inflation Reduction Act of 2022 was signed into law on August 16, 2022. The 15% corporate minimum tax will apply to the Company in fiscal year 2024.

EARNINGS PER SHARE DATA

EARNINGS PER SHARE DATA	9 Months Ended
	Jul. 30, 2023
Earnings Per Share [Abstract]
EARNINGS PER SHARE DATA	NOTE L - 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 Nine Months Ended in thousands July 30, 2023 July 31, 2022 July 30, 2023 July 31, 2022 Basic Weighted-average Shares Outstanding 546,358 546,077 546,389 544,486 Dilutive Potential Common Shares 2,279 4,090 2,838 4,891 Diluted Weighted-average Shares Outstanding 548,637 550,167 549,227 549,377 Antidilutive Potential Common Shares 7,589 1,787 5,998 2,026

SEGMENT REPORTING

SEGMENT REPORTING	9 Months Ended
	Jul. 30, 2023
Segment Reporting [Abstract]
SEGMENT REPORTING	NOTE M - SEGMENT REPORTING The Company develops, processes, and distributes a wide array of food products in a variety of markets. As discussed in Note A - Summary of Significant Accounting Policies, the Company transitioned to a new operating model in the first quarter of fiscal 2023 and now reports its results in the following three segments: Retail, Foodservice, and International, which is consistent with how the Company's chief operating decision maker (CODM) assesses performance and allocates resources. Prior period segment results have been retrospectively recast to reflect the new reportable segments. The Retail segment consists primarily of the processing, marketing, and sale of food products sold predominantly in the retail market. This segment also includes the results from the Company’s MegaMex Foods, LLC joint venture. The Foodservice segment consists primarily of the processing, marketing, and sale of food and nutritional products for foodservice, convenience store, and commercial customers. The International segment processes, 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 consolidation and are not reviewed when evaluating segment performance. 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. Financial measures for each of the Company’s reportable segments and reconciliation to consolidated Earnings Before Income Taxes are set forth below. The Company's CODM reviews assets at a consolidated level and does not use assets by segment to evaluate performance or allocate resources. Therefore, the Company does not disclose assets by segment. 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 Nine Months Ended in thousands July 30, 2023 July 31, 2022 July 30, 2023 July 31, 2022 Net Sales Retail $ 1,891,746 $ 1,924,553 $ 5,765,786 $ 5,921,145 Foodservice 890,949 917,671 2,607,140 2,681,737 International 180,605 192,190 539,005 572,450 Total Net Sales $ 2,963,299 $ 3,034,414 $ 8,911,930 $ 9,175,331 Segment Profit Retail $ 151,128 $ 163,092 $ 459,031 $ 522,980 Foodservice 146,270 128,798 428,110 399,482 International 12,222 24,464 45,723 78,833 Total Segment Profit 309,619 316,354 932,863 1,001,295 Net Unallocated Expense 101,886 26,429 164,997 80,799 Noncontrolling Interest (108) (89) (200) 112 Earnings Before Income Taxes $ 207,626 $ 289,836 $ 767,666 $ 920,608 The Company’s products consist primarily of meat and other food products. Total revenue contributed by classes of similar products are: Quarter Ended Nine Months Ended in thousands July 30, 2023 July 31, 2022 July 30, 2023 July 31, 2022 Perishable $ 2,068,787 $ 2,123,872 $ 6,222,485 $ 6,445,419 Shelf-stable 894,512 910,542 2,689,445 2,729,911 Total Net Sales $ 2,963,299 $ 3,034,414 $ 8,911,930 $ 9,175,331 Perishable includes fresh meats, frozen items, refrigerated meal solutions, bacon, sausages, hams, guacamole, and other items that require refrigeration. Shelf-stable includes canned luncheon meats, nut butters, snack nuts, chili, shelf-stable microwaveable meals, hash, stews, tortillas, salsas, tortilla chips, nutritional food supplements, and other items that do not require refrigeration.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jul. 30, 2023	Jul. 31, 2022	Jul. 30, 2023	Jul. 31, 2022
Pay vs Performance Disclosure
Net Earnings Attributable to Hormel Foods Corporation	$ 162,679	$ 218,915	$ 597,637	$ 720,103

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Jul. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Jul. 30, 2023
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 (U.S.) 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 U.S. generally accepted accounting principles (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.
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: Recently issued accounting standards or pronouncements not disclosed have been excluded as they are currently not relevant to the Company.
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. As discussed in Note A - Summary of Significant Accounting Policies, the Company transitioned to a new operating model in the first quarter of fiscal 2023 and now reports its results in the following three segments: Retail, Foodservice, and International, which is consistent with how the Company's chief operating decision maker (CODM) assesses performance and allocates resources. Prior period segment results have been retrospectively recast to reflect the new reportable segments. The Retail segment consists primarily of the processing, marketing, and sale of food products sold predominantly in the retail market. This segment also includes the results from the Company’s MegaMex Foods, LLC joint venture. The Foodservice segment consists primarily of the processing, marketing, and sale of food and nutritional products for foodservice, convenience store, and commercial customers. The International segment processes, 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 consolidation and are not reviewed when evaluating segment performance. 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)	9 Months Ended
	Jul. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of changes in the carrying amount of goodwill	The change in the carrying amount of goodwill for the nine months ended July 30, 2023, is: in thousands Retail Foodservice International Total Balance at October 30, 2022 $ 2,916,796 $ 1,750,594 $ 258,440 $ 4,925,829 Foreign Currency Translation — — 5,761 5,761 Balance at July 30, 2023 $ 2,916,796 $ 1,750,594 $ 264,200 $ 4,931,590
Schedule of carrying amounts for indefinite-lived intangible assets	The carrying amounts for indefinite-lived intangible assets are: in thousands July 30, 2023 October 30, 2022 Brands/Tradenames/Trademarks $ 1,665,190 $ 1,665,190 Other Intangibles 184 184 Foreign Currency Translation (5,380) (6,599) Total $ 1,659,994 $ 1,658,775
Schedule of gross carrying amount and accumulated amortization for definite-lived intangible assets	The gross carrying amount and accumulated amortization for definite-lived intangible assets are: July 30, 2023 October 30, 2022 in thousands Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Customer Lists/Relationships $ 168,239 $ (79,450) $ 168,239 $ (69,779) Other Intangibles 59,241 (14,794) 59,241 (11,606) Tradenames/Trademarks 6,540 (4,779) 10,536 (7,828) Foreign Currency Translation — (4,229) — (4,551) Total $ 234,020 $ (103,252) $ 238,016 $ (93,764)
Schedule of amortization expense	Amortization expense is as follows: Quarter Ended Nine Months Ended in thousands July 30, 2023 July 31, 2022 July 30, 2023 July 31, 2022 Amortization Expense $ 4,605 $ 4,838 $ 13,806 $ 14,474
Schedule of estimated annual amortization expense	Estimated annual amortization expense for the five fiscal years after October 30, 2022, is as follows: in thousands Amortization Expense 2023 $ 18,320 2024 16,331 2025 14,628 2026 14,172 2027 13,940

INVESTMENTS IN AFFILIATES (Tabl

INVESTMENTS IN AFFILIATES (Tables)	9 Months Ended
	Jul. 30, 2023
Equity Method Investments and Joint Ventures [Abstract]
Schedule of equity in earnings of affiliates	Equity in Earnings of Affiliates consists of: Quarter Ended Nine Months Ended in thousands % Owned Segment July 30, 2023 July 31, 2022 July 30, 2023 July 31, 2022 MegaMex Foods, LLC 50% Retail $ 8,099 $ 4,555 $ 34,712 $ 14,562 Other Joint Ventures Various (20-50%) International 1,685 2,582 7,501 5,390 Total $ 9,784 $ 7,138 $ 42,213 $ 19,951
Schedule of distributions received from equity method investees	Distributions received from equity method investees include: Quarter Ended Nine Months Ended in thousands July 30, 2023 July 31, 2022 July 30, 2023 July 31, 2022 Dividends $ 14,509 $ — $ 28,160 $ 30,539

INVENTORIES (Tables)

INVENTORIES (Tables)	9 Months Ended
	Jul. 30, 2023
Inventory, Net [Abstract]
Schedule of principal components of inventories	Principal components of inventories are: in thousands July 30, 2023 October 30, 2022 Finished Products $ 969,749 $ 974,160 Raw Materials and Work-in-Process 479,371 440,193 Operating Supplies 182,586 206,289 Maintenance Materials and Parts 106,159 95,417 Total $ 1,737,865 $ 1,716,059

DERIVATIVES AND HEDGING (Tables

DERIVATIVES AND HEDGING (Tables)	9 Months Ended
	Jul. 30, 2023
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 July 30, October 30, Commodity Contracts (1) Other Current Assets $ (6,510) $ 13,504 (1) Amounts represent the gross fair value of commodity derivative assets and liabilities. The Company nets the derivative assets and liabilities for each of its commodity hedging programs, including cash collateral, when a master netting arrangement exists between the Company and the counterparty to the derivative contract. The amount or timing of cash collateral balances may impact the classification of the commodity derivative on the Consolidated Condensed Statements of Financial Position. The gross liability position as of July 30, 2023, includes the right to reclaim net cash collateral of $27.3 million contained within the master netting arrangement. The gross asset position as of October 30, 2022, is offset by the obligation to return net cash collateral of $1.3 million. See Note H - Fair Value Measurements for a discussion of these net amounts as reported on the Consolidated Condensed Statements of Financial Position.
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 July 30, October 30, Commodity Contracts Accounts Payable (1) $ 2,664 $ 5,725 Interest Rate Contracts Current Maturities of Long-term Debt (2) (439,424) — Interest Rate Contracts Long-term Debt Less Current Maturities — (430,050) (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 July 30, 2023, the carrying amount of the 2024 Notes included a cumulative fair value hedging adjustment of $10.6 million from discontinued hedges. In the third quarter of fiscal 2023, the 2024 Notes and the fair value hedging adjustment were reclassified from Long-term Debt less Current Maturities to Current Maturities of Long-term Debt on the Consolidated Condensed Statements of Financial Position.
Schedule of gains or losses related to derivative instruments	The effect on 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 July 30, 2023 July 31, 2022 July 30, 2023 July 31, 2022 Cash Flow Hedges Commodity Contracts $ (2,600) $ (24,312) $ (5,758) $ 21,216 Cost of Products Sold Excluded Component (2) 423 (576) — — Interest Rate Contracts — — 247 247 Interest Expense Gain/(Loss) Recognized in AOCL (1) Gain/(Loss) Reclassified from AOCL into Earnings (1) Location on Consolidated Statements of Operations Nine Months Ended Nine Months Ended in thousands July 30, 2023 July 31, 2022 July 30, 2023 July 31, 2022 Cash Flow Hedges Commodity Contracts $ (34,151) $ 46,299 $ 5,833 $ 40,231 Cost of Products Sold Excluded Component (2) (268) (4,020) — — Interest Rate Contracts — — 741 741 Interest Expense (1) See Note G - 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 Nine Months Ended in thousands July 30, 2023 July 31, 2022 July 30, 2023 July 31, 2022 Net Earnings Attributable to Hormel Foods Corporation $ 162,679 $ 218,915 $ 597,637 $ 720,103 Cash Flow Hedges - Commodity Contracts Gain (Loss) Reclassified from AOCL (5,758) 21,216 5,833 38,561 Amortization of Excluded Component from Options (1,531) (1,145) (4,441) (3,089) Gain (Loss) Reclassified from AOCL Due to Discontinuance of Cash Flow Hedges (1) — — — 1,620 Fair Value Hedges - Commodity Contracts Gain (Loss) on Commodity Futures (2) 1,019 (6,758) (440) (20,165) Total Gain (Loss) on Commodity Contracts (3) (6,271) 13,313 952 16,927 Cash Flow Hedges - Interest Rate Locks Gain (Loss) Reclassified from AOCL 247 247 741 741 Fair Value Hedge - Interest Rate Swap Gain (Loss) on Interest Rate Swap — (222) — 1,270 Amortization of Loss Due to Discontinuance of Fair Value Hedge (4) (3,125) — (9,374) — Total Gain (Loss) on Interest Rate Contracts (5) (2,878) 25 (8,633) 2,011 Total Gain (Loss) Recognized in Earnings $ (9,148) $ 13,338 $ (7,681) $ 18,938 (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) Represents gains or losses on commodity contracts designated as fair value hedges that were closed during the quarter ended July 30, 2023, 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) Represents the fair value hedging adjustment amortized through earnings. (5) 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 in millions July 30, 2023 October 30, 2022 Corn 30.0 bushels 34.3 bushels Lean Hogs 151.9 pounds 177.5 pounds Natural Gas 2.1 MMBtu — MMBtu

PENSION AND OTHER POST-RETIRE_2

PENSION AND OTHER POST-RETIREMENT BENEFITS (Tables)	9 Months Ended
	Jul. 30, 2023
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 Nine Months Ended in thousands July 30, 2023 July 31, 2022 July 30, 2023 July 31, 2022 Service Cost $ 8,902 $ 10,019 $ 26,705 $ 30,057 Interest Cost 17,157 12,639 51,472 37,919 Expected Return on Plan Assets (19,571) (27,062) (58,714) (81,186) Amortization of Prior Service Cost (461) (374) (1,383) (1,122) Recognized Actuarial (Gain) Loss 3,325 3,132 9,976 9,397 Net Periodic Benefit Cost $ 9,353 $ (1,645) $ 28,058 $ (4,936) Post-retirement Benefits Quarter Ended Nine Months Ended in thousands July 30, 2023 July 31, 2022 July 30, 2023 July 31, 2022 Service Cost $ 62 $ 118 $ 185 $ 351 Interest Cost 3,016 1,923 9,044 5,763 Amortization of Prior Service Cost 2 2 6 6 Recognized Actuarial (Gain) Loss (7) 610 (21) 1,829 Net Periodic Benefit Cost $ 3,073 $ 2,652 $ 9,214 $ 7,950

ACCUMULATED OTHER COMPREHENSI_2

ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables)	9 Months Ended
	Jul. 30, 2023
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]
Schedule of components of accumulated other comprehensive loss	Components of Accumulated Other Comprehensive Loss are as follows: in thousands Foreign Pension & Derivatives & Equity Accumulated Balance at April 30, 2023 $ (52,124) $ (190,451) $ (3,720) $ 1,408 $ (244,887) Unrecognized Gains (Losses) 0 0 Gross (10,170) 39 (2,177) 8,733 (3,575) Tax Effect — — 542 — 542 Reclassification into Net Earnings 0 0 0 0 Gross — 2,859 (1) 5,511 (2) — 8,371 Tax Effect — (703) (1,358) — (2,062) Change Net of Tax (10,170) 2,195 2,518 8,733 3,277 Balance at July 30, 2023 $ (62,293) $ (188,256) $ (1,202) $ 10,141 $ (241,610) Balance at October 30, 2022 $ (89,793) $ (195,624) $ 29,856 $ — $ (255,561) Unrecognized Gains (Losses) Gross 27,499 1,166 (34,419) 10,141 4,388 Tax Effect — (266) 8,394 — 8,128 Reclassification into Net Earnings Gross — 8,578 (1) (6,574) (2) — 2,004 Tax Effect — (2,110) 1,541 — (570) Change Net of Tax 27,499 7,368 (31,058) 10,141 13,950 Balance at July 30, 2023 $ (62,293) $ (188,256) $ (1,202) $ 10,141 $ (241,610) (1) Included in the computation of net periodic benefit cost. See Note F - 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 E - Derivatives and Hedging for additional information.

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	9 Months Ended
	Jul. 30, 2023
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 and their level within the fair value hierarchy are presented in the tables below. Fair Value Measurements at July 30, 2023 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) $ 669,124 $ 668,157 $ 966 $ — Short-term Marketable Securities (2) 17,423 2,818 14,606 — Other Trading Securities (3) 197,065 — 197,065 — Commodity Derivatives (4) 11,381 11,558 (176) — Total Assets at Fair Value $ 894,994 $ 682,533 $ 212,461 $ — Liabilities at Fair Value Deferred Compensation (3) $ 60,789 $ — $ 60,789 $ — Total Liabilities at Fair Value $ 60,789 $ — $ 60,789 $ — Fair Value Measurements at October 30, 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) $ 982,107 $ 980,730 $ 1,377 $ — Short-term Marketable Securities (2) 16,149 8,763 7,386 — Other Trading Securities (3) 186,243 — 186,243 — Commodity Derivatives (4) 12,448 12,228 220 — Total Assets at Fair Value $ 1,196,947 $ 1,001,721 $ 195,226 $ — Liabilities at Fair Value Deferred Compensation (3) $ 57,790 $ — $ 57,790 $ — Total Liabilities at Fair Value $ 57,790 $ — $ 57,790 $ — 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 as adjusted for expenses and other charges. The rate is guaranteed for one year at issue and may be reset annually on the policy anniversary, subject to a guaranteed minimum rate. As the value is based on adjusted market rates and the fixed rate is only reset on an annual basis, these funds are classified as Level 2. Under the 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 Internal Revenue Service (IRS) 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 nine months ended July 30, 2023, securities held by the rabbi trust generated gains of $5.1 million and $12.1 million, respectively, compared to losses of $0.1 million and $12.1 million for the quarter and nine months ended July 31, 2022, respectively. (4) The Company’s commodity derivatives represent futures, swaps, and options contracts used in its hedging or other programs to offset price fluctuations associated with purchases of corn, natural gas, hogs, and pork, and to minimize the price risk assumed when forward priced contracts are offered to the Company’s commodity suppliers. The Company’s futures and options 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 holds natural gas and pork swap contracts that are over-the-counter instruments classified as Level 2. The value of the natural gas swap contracts is calculated using quoted prices from the New York Mercantile Exchange, and the value of the pork swap contracts are calculated using a futures implied USDA estimated pork cut-out value. All derivatives are reviewed for potential credit risk and risk of nonperformance. The net balance for commodity derivatives is included in Other Current Assets or Accounts Payable, as appropriate, in the Consolidated Condensed Statements of Financial Position. As of July 30, 2023, the Company has recognized the right to reclaim net cash collateral of $27.3 million from various counterparties (including cash of $31.1 million less $3.8 million of realized loss). As of October 30, 2022, the Company had recognized the obligation to return net cash collateral of $1.3 million from various counterparties (including cash of $27.5 million less $26.2 million of realized gain).

LONG-TERM DEBT AND OTHER BORR_2

LONG-TERM DEBT AND OTHER BORROWING ARRANGEMENTS (Tables)	9 Months Ended
	Jul. 30, 2023
Debt Disclosure [Abstract]
Schedule of long-term debt	Long-term Debt consists of: in thousands July 30, 2023 October 30, 2022 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 (7,199) (7,750) Unamortized Debt Issuance Costs (17,172) (19,856) Interest Rate Swap Liabilities (1) (10,576) (19,950) Finance Lease Liabilities 38,211 44,473 Other Financing Arrangements 4,098 2,429 Total 3,307,361 3,299,345 Less: Current Maturities of Long-term Debt 946,981 8,796 Long-term Debt Less Current Maturities $ 2,360,380 $ 3,290,549 (1) See Note E - Derivatives and Hedging for additional information.

EARNINGS PER SHARE DATA (Tables

EARNINGS PER SHARE DATA (Tables)	9 Months Ended
	Jul. 30, 2023
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 Nine Months Ended in thousands July 30, 2023 July 31, 2022 July 30, 2023 July 31, 2022 Basic Weighted-average Shares Outstanding 546,358 546,077 546,389 544,486 Dilutive Potential Common Shares 2,279 4,090 2,838 4,891 Diluted Weighted-average Shares Outstanding 548,637 550,167 549,227 549,377 Antidilutive Potential Common Shares 7,589 1,787 5,998 2,026

SEGMENT REPORTING (Tables)

SEGMENT REPORTING (Tables)	9 Months Ended
	Jul. 30, 2023
Segment Reporting [Abstract]
Schedule of sales and operating profits for each of the reportable segments and reconciliation to earnings before income taxes	Financial measures for each of the Company’s reportable segments and reconciliation to consolidated Earnings Before Income Taxes are set forth below. The Company's CODM reviews assets at a consolidated level and does not use assets by segment to evaluate performance or allocate resources. Therefore, the Company does not disclose assets by segment. 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 Nine Months Ended in thousands July 30, 2023 July 31, 2022 July 30, 2023 July 31, 2022 Net Sales Retail $ 1,891,746 $ 1,924,553 $ 5,765,786 $ 5,921,145 Foodservice 890,949 917,671 2,607,140 2,681,737 International 180,605 192,190 539,005 572,450 Total Net Sales $ 2,963,299 $ 3,034,414 $ 8,911,930 $ 9,175,331 Segment Profit Retail $ 151,128 $ 163,092 $ 459,031 $ 522,980 Foodservice 146,270 128,798 428,110 399,482 International 12,222 24,464 45,723 78,833 Total Segment Profit 309,619 316,354 932,863 1,001,295 Net Unallocated Expense 101,886 26,429 164,997 80,799 Noncontrolling Interest (108) (89) (200) 112 Earnings Before Income Taxes $ 207,626 $ 289,836 $ 767,666 $ 920,608
Schedule of total revenues contributed by sales channel	Total revenue contributed by classes of similar products are: Quarter Ended Nine Months Ended in thousands July 30, 2023 July 31, 2022 July 30, 2023 July 31, 2022 Perishable $ 2,068,787 $ 2,123,872 $ 6,222,485 $ 6,445,419 Shelf-stable 894,512 910,542 2,689,445 2,729,911 Total Net Sales $ 2,963,299 $ 3,034,414 $ 8,911,930 $ 9,175,331

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details) - segment			9 Months Ended
	Oct. 31, 2022	Oct. 30, 2022	Jul. 30, 2023
Accounting Policies [Abstract]
Number of reportable segments	3	4	3
Number of operating segments	3	4

GOODWILL AND INTANGIBLE ASSET_2

GOODWILL AND INTANGIBLE ASSETS - Changes in Carrying Amounts of Goodwill (Details) $ in Thousands	9 Months Ended
	Jul. 30, 2023 USD ($)
Changes in the carrying amount of goodwill
Beginning Balance	$ 4,925,829
Foreign Currency Translation	5,761
Ending Balance	4,931,590
Retail
Changes in the carrying amount of goodwill
Beginning Balance	2,916,796
Foreign Currency Translation	0
Ending Balance	2,916,796
Foodservice
Changes in the carrying amount of goodwill
Beginning Balance	1,750,594
Foreign Currency Translation	0
Ending Balance	1,750,594
International
Changes in the carrying amount of goodwill
Beginning Balance	258,440
Foreign Currency Translation	5,761
Ending Balance	$ 264,200

GOODWILL AND INTANGIBLE ASSET_3

GOODWILL AND INTANGIBLE ASSETS - Indefinite Lived Intangible Assets (Details) - USD ($) $ in Thousands	Jul. 30, 2023	Oct. 30, 2022
Carrying amounts for indefinite-lived intangible assets
Total	$ 1,659,994	$ 1,658,775
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	$ 5,380	$ 6,599

GOODWILL AND INTANGIBLE ASSET_4

GOODWILL AND INTANGIBLE ASSETS - Definite Lived Intangibles Assets (Details) - USD ($) $ in Thousands	Jul. 30, 2023	Oct. 30, 2022
Gross carrying amount and accumulated amortization for definite-lived intangible assets
Gross Carrying Amount	$ 234,020	$ 238,016
Accumulated Amortization	(103,252)	(93,764)
Customer Lists/Relationships
Gross carrying amount and accumulated amortization for definite-lived intangible assets
Gross Carrying Amount	168,239	168,239
Accumulated Amortization	(79,450)	(69,779)
Other Intangibles
Gross carrying amount and accumulated amortization for definite-lived intangible assets
Gross Carrying Amount	59,241	59,241
Accumulated Amortization	(14,794)	(11,606)
Tradenames/Trademarks
Gross carrying amount and accumulated amortization for definite-lived intangible assets
Gross Carrying Amount	6,540	10,536
Accumulated Amortization	(4,779)	(7,828)
Foreign Currency Translation
Gross carrying amount and accumulated amortization for definite-lived intangible assets
Gross Carrying Amount	0	0
Accumulated Amortization	$ (4,229)	$ (4,551)

GOODWILL AND INTANGIBLE ASSET_5

GOODWILL AND INTANGIBLE ASSETS - Amortization Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jul. 30, 2023	Jul. 31, 2022	Jul. 30, 2023	Jul. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization Expense	$ 4,605	$ 4,838	$ 13,806	$ 14,474

GOODWILL AND INTANGIBLE ASSET_6

GOODWILL AND INTANGIBLE ASSETS - Estimated Annual Amortization Expense (Details) $ in Thousands	Oct. 30, 2022 USD ($)
Amortization Expense
2023	$ 18,320
2024	16,331
2025	14,628
2026	14,172
2027	$ 13,940

INVESTMENTS IN AFFILIATES - Nar

INVESTMENTS IN AFFILIATES - Narrative (Details) - USD ($) $ in Millions	Dec. 15, 2022	Jul. 30, 2023	Jul. 28, 2023	Apr. 12, 2023	Jul. 31, 2022	Oct. 26, 2009
Garudafood
Schedule of Equity Method Investments [Line Items]
Ownership percentage	29%			30%
Purchase price	$ 425.8
Basis difference between fair value and carrying value of investment	$ 324.8	$ 335.3
Fair value			$ 348.2
MegaMex Foods, LLC
Schedule of Equity Method Investments [Line Items]
Ownership percentage		50%			50%
Basis difference between fair value and carrying value of investment		$ 9.5				$ 21.3

INVESTMENTS IN AFFILIATES - Sch

INVESTMENTS IN AFFILIATES - Schedule of Equity in Earnings of Affiliates (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jul. 30, 2023	Jul. 31, 2022	Jul. 30, 2023	Jul. 31, 2022
Investments In and Receivables from Affiliates
Total	$ 9,784	$ 7,138	$ 42,213	$ 19,951
MegaMex Foods, LLC
Investments In and Receivables from Affiliates
% Owned	50%	50%	50%	50%
Total	$ 8,099	$ 4,555	$ 34,712	$ 14,562
Other Joint Ventures
Investments In and Receivables from Affiliates
Total	$ 1,685	$ 2,582	$ 7,501	$ 5,390
Other Joint Ventures | Minimum
Investments In and Receivables from Affiliates
% Owned	20%	20%	20%	20%
Other Joint Ventures | Maximum
Investments In and Receivables from Affiliates
% Owned	50%	50%	50%	50%

INVESTMENTS IN AFFILIATES - S_2

INVESTMENTS IN AFFILIATES - Schedule of Distributions Received from Equity Method Investees (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jul. 30, 2023	Jul. 31, 2022	Jul. 30, 2023	Jul. 31, 2022
Investment, Affiliated Issuer
Investments In and Receivables from Affiliates
Dividends	$ 14,509	$ 0	$ 28,160	$ 30,539

INVENTORIES - Schedule of Princ

INVENTORIES - Schedule of Principal Components of Inventories (Details) - USD ($) $ in Thousands	Jul. 30, 2023	Oct. 30, 2022
Inventory, Net [Abstract]
Finished Products	$ 969,749	$ 974,160
Raw Materials and Work-in-Process	479,371	440,193
Operating Supplies	182,586	206,289
Maintenance Materials and Parts	106,159	95,417
Total	$ 1,737,865	$ 1,716,059

DERIVATIVES AND HEDGING - Narra

DERIVATIVES AND HEDGING - Narrative (Details) $ in Millions	3 Months Ended	9 Months Ended
	Jul. 25, 2021	Jul. 30, 2023 USD ($)	Jan. 30, 2022 USD ($)	Apr. 25, 2021 USD ($) derivative
Commodity Contracts
Derivative [Line Items]
Hedging gains (losses) to be recognized within next twelve months		$ (14.3)
Natural Gas
Derivative [Line Items]
Maximum length of time to hedge exposure		2 years
Interest Rate Swap | Derivatives designated as hedges | Fair Value Hedges
Derivative [Line Items]
Total notional amount of hedging			$ 450
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
Interest Rate Locks | Derivatives designated as hedges | Cash Flow Hedges
Derivative [Line Items]
Number of hedging instruments | derivative				2
Total notional amount of hedging				$ 1,250
Interest Rate Locks | Derivatives designated as hedges | Cash Flow Hedges | Minimum
Derivative [Line Items]
Tenor of hedging contracts	7 years
Interest Rate Locks | Derivatives designated as hedges | Cash Flow Hedges | Maximum
Derivative [Line Items]
Tenor of hedging contracts	30 years
Interest Rate Contracts
Derivative [Line Items]
Hedging gains (losses) to be recognized within next twelve months		$ 12.7

DERIVATIVES AND HEDGING - Outst

DERIVATIVES AND HEDGING - Outstanding Commodity Future Contracts (Details) - Cash Flow Hedges - Derivatives designated as hedges lb in Millions, bu in Millions, MMBTU in Millions	3 Months Ended		9 Months Ended
	Jan. 29, 2023 MMBTU lb bu	May 01, 2022 bu	Jul. 30, 2023 MMBTU lb bu
Corn
Derivative [Line Items]
Futures contracts, volume (in million bushels) | bu	34.3	0.6	30
Lean Hogs
Derivative [Line Items]
Futures contracts, volume (in million pounds) | lb	177.5		151.9
Natural Gas
Derivative [Line Items]
Futures contracts, energy (in MMBTu) | MMBTU	0		2.1

DERIVATIVES AND HEDGING - Fair

DERIVATIVES AND HEDGING - Fair Value of Derivatives (Details) - USD ($) $ in Thousands	Jul. 30, 2023	Oct. 30, 2022
Derivatives fair value
Right to reclaim net cash collateral	$ 27,300
Obligation to return net cash collateral		$ 1,300
Derivatives designated as hedges | Cash Flow Hedges | Commodity Contracts | Other Current Assets
Derivatives fair value
Gross Fair Value	$ (6,510)	$ 13,504

DERIVATIVES AND HEDGING - Fai_2

DERIVATIVES AND HEDGING - Fair Value Hedge Assets (Liabilities) (Details) - USD ($) $ in Thousands	Jul. 30, 2023	Oct. 30, 2022
Derivatives fair value
Cumulative basis adjustment of carrying amount of hedged portion of 2024 Notes	$ 10,576	$ 19,950
Fair Value Hedges | Commodity Contracts | Accounts Payable
Derivatives fair value
Carrying Amount of Hedged Assets (Liabilities)	2,664	5,725
Fair Value Hedges | Interest Rate Contracts | Current Maturities of Long-term Debt
Derivatives fair value
Carrying Amount of Hedged Assets (Liabilities)	(439,424)	0
Fair Value Hedges | Interest Rate Contracts | Long-term Debt Less Current Maturities
Derivatives fair value
Carrying Amount of Hedged Assets (Liabilities)	$ 0	$ (430,050)

DERIVATIVES AND HEDGING - Effec

DERIVATIVES AND HEDGING - Effects on Accumulated Other Comprehensive Gains and Losses (Before Tax) of Derivative Instruments (Details) - Derivatives designated as hedges - Cash Flow Hedges - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jul. 30, 2023	Jul. 31, 2022	Jul. 30, 2023	Jul. 31, 2022
Commodity Contracts
Derivative instruments gains or losses (before tax)
Gain/(Loss) Reclassified from AOCL into Earnings	$ (5,758)	$ 21,216	$ 5,833	$ 38,561
Cost of Products Sold | Commodity Contracts
Derivative instruments gains or losses (before tax)
Gain/(Loss) Recognized in AOCL	(2,600)	(24,312)	(34,151)	46,299
Gain/(Loss) Reclassified from AOCL into Earnings	(5,758)	21,216	5,833	40,231
Cost of Products Sold | Corn Options
Derivative instruments gains or losses (before tax)
Excluded Component	423	(576)	(268)	(4,020)
Excluded Component	0	0	0	0
Interest Expense | Interest Rate Contracts
Derivative instruments gains or losses (before tax)
Gain/(Loss) Recognized in AOCL	0	0	0	0
Gain/(Loss) Reclassified from AOCL into Earnings	$ 247	$ 247	$ 741	$ 741

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				9 Months Ended
	Jul. 30, 2023 USD ($)	Jan. 29, 2023 bu	Jul. 31, 2022 USD ($)	May 01, 2022 USD ($) bu	Jul. 30, 2023 USD ($) bu	Jul. 31, 2022 USD ($)
Derivative [Line Items]
Net Earnings Attributable to Hormel Foods Corporation	$ 162,679		$ 218,915		$ 597,637	$ 720,103
Fair Value Hedges
Total Gain (Loss) Recognized in Earnings	(9,148)		13,338		(7,681)	18,938
Derivatives designated as hedges | Commodity Contracts
Fair Value Hedges
Total Gain (Loss) Recognized in Earnings	(6,271)		13,313		952	16,927
Derivatives designated as hedges | Interest Rate Contracts
Fair Value Hedges
Total Gain (Loss) Recognized in Earnings	(2,878)		25		(8,633)	2,011
Derivatives designated as hedges | Cash Flow Hedges | Commodity Contracts
Cash Flow Hedges
Gain (Loss) Reclassified from AOCL	(5,758)		21,216		5,833	38,561
Amortization of Excluded Component from Options	(1,531)		(1,145)		(4,441)	(3,089)
Gain (Loss) Reclassified from AOCL Due to Discontinuance of Cash Flow Hedges	0		0		0	1,620
Derivatives designated as hedges | Cash Flow Hedges | Interest Rate Locks
Cash Flow Hedges
Gain (Loss) Reclassified from AOCL	247		247		$ 741	741
Derivatives designated as hedges | Cash Flow Hedges | Corn
Fair Value Hedges
Futures contracts, volume (in million bushels) | bu		34.3		0.6	30
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	1,019		(6,758)		$ (440)	(20,165)
Derivatives designated as hedges | Fair Value Hedges | Interest Rate Swap
Fair Value Hedges
Gain (loss) on Commodity Futures and Interest Rate Swap	0		(222)		0	1,270
Amortization of Loss Due to Discontinuance of Fair Value Hedge	$ (3,125)		$ 0		$ (9,374)	$ 0

PENSION AND OTHER POST-RETIRE_3

PENSION AND OTHER POST-RETIREMENT BENEFITS - Schedule of Net Periodic Benefit Costs (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jul. 30, 2023	Jul. 31, 2022	Jul. 30, 2023	Jul. 31, 2022
Net periodic cost of defined benefit plans
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Interest Cost, Statement of Income or Comprehensive Income [Extensible Enumeration]	Interest and Investment Income	Interest and Investment Income	Interest and Investment Income	Interest and Investment Income
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) Excluding Service Cost, Statement of Income or Comprehensive Income [Extensible Enumeration]	Interest and Investment Income	Interest and Investment Income	Interest and Investment Income	Interest and Investment Income
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Amortization of Prior Service Cost (Credit), Statement of Income or Comprehensive Income [Extensible Enumeration]	Interest and Investment Income	Interest and Investment Income	Interest and Investment Income	Interest and Investment Income
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Amortization of Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Interest and Investment Income	Interest and Investment Income	Interest and Investment Income	Interest and Investment Income
Pension Benefits
Net periodic cost of defined benefit plans
Service Cost	$ 8,902	$ 10,019	$ 26,705	$ 30,057
Interest Cost	17,157	12,639	51,472	37,919
Expected Return on Plan Assets	(19,571)	(27,062)	(58,714)	(81,186)
Amortization of Prior Service Cost	(461)	(374)	(1,383)	(1,122)
Recognized Actuarial (Gain) Loss	3,325	3,132	9,976	9,397
Net Periodic Benefit Cost	9,353	(1,645)	28,058	(4,936)
Post-retirement Benefits
Net periodic cost of defined benefit plans
Service Cost	62	118	185	351
Interest Cost	3,016	1,923	9,044	5,763
Amortization of Prior Service Cost	2	2	6	6
Recognized Actuarial (Gain) Loss	(7)	610	(21)	1,829
Net Periodic Benefit Cost	$ 3,073	$ 2,652	$ 9,214	$ 7,950

ACCUMULATED OTHER COMPREHENSI_3

ACCUMULATED OTHER COMPREHENSIVE LOSS - Schedule of Components (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Jul. 30, 2023	Jul. 30, 2023
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning Balance		$ 7,535,284
Unrecognized Gains (Losses)
Gross	$ (3,575)	4,388
Tax Effect	542	8,128
Reclassification into Net Earnings
Gross	8,371	2,004
Tax Effect	(2,062)	(570)
Change Net of Tax	3,277	13,950
Ending Balance	7,713,265	7,713,265
Accumulated Other Comprehensive Loss
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning Balance	(244,887)	(255,561)
Reclassification into Net Earnings
Ending Balance	(241,610)	(241,610)
Foreign Currency Translation
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning Balance	(52,124)	(89,793)
Unrecognized Gains (Losses)
Gross	(10,170)	27,499
Tax Effect	0	0
Reclassification into Net Earnings
Gross	0	0
Tax Effect	0	0
Change Net of Tax	(10,170)	27,499
Ending Balance	(62,293)	(62,293)
Pension & Other Benefits
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning Balance	(190,451)	(195,624)
Unrecognized Gains (Losses)
Gross	39	1,166
Tax Effect	0	(266)
Reclassification into Net Earnings
Gross	2,859	8,578
Tax Effect	(703)	(2,110)
Change Net of Tax	2,195	7,368
Ending Balance	(188,256)	(188,256)
Derivatives & Hedging
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning Balance	(3,720)	29,856
Unrecognized Gains (Losses)
Gross	(2,177)	(34,419)
Tax Effect	542	8,394
Reclassification into Net Earnings
Gross	5,511	(6,574)
Tax Effect	(1,358)	1,541
Change Net of Tax	2,518	(31,058)
Ending Balance	(1,202)	(1,202)
Equity Method Investments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning Balance	1,408	0
Unrecognized Gains (Losses)
Gross	8,733	10,141
Tax Effect	0	0
Reclassification into Net Earnings
Gross	0	0
Tax Effect	0	0
Change Net of Tax	8,733	10,141
Ending Balance	$ 10,141	$ 10,141

FAIR VALUE MEASUREMENTS - Finan

FAIR VALUE MEASUREMENTS - Financial Assets and Liabilities Carried at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jul. 30, 2023	Jul. 31, 2022	Jul. 30, 2023	Jul. 31, 2022	Oct. 30, 2022
Assets at Fair Value
Derivative Asset, Current, Statement of Financial Position [Extensible Enumeration]	Prepaid Expenses and Other Current Assets		Prepaid Expenses and Other Current Assets		Prepaid Expenses and Other Current Assets
Right To Reclaim Net Cash Collateral, Commodity Derivatives [Abstract]
Right to reclaim net cash collateral	$ 27,300		$ 27,300
Right to reclaim cash, cash portion	31,100		31,100
Realized gain (loss) on closed positions	(3,800)		(3,800)		$ 26,200
Obligation to return net cash collateral, cash portion					27,500
Obligation to return net cash collateral					1,300
Rabbi trust
Right To Reclaim Net Cash Collateral, Commodity Derivatives [Abstract]
Gains (losses) related to securities held by the trust	5,100	$ (100)	12,100	$ (12,100)
Recurring basis
Assets at Fair Value
Cash and Cash Equivalents	669,124		669,124		982,107
Short-term Marketable Securities	17,423		17,423		16,149
Other Trading Securities	197,065		197,065		186,243
Commodity Derivatives	11,381		11,381		12,448
Total Assets at Fair Value	894,994		894,994		1,196,947
Liabilities at Fair Value
Deferred Compensation	60,789		60,789		57,790
Total Liabilities at Fair Value	60,789		60,789		57,790
Recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1)
Assets at Fair Value
Cash and Cash Equivalents	668,157		668,157		980,730
Short-term Marketable Securities	2,818		2,818		8,763
Other Trading Securities	0		0		0
Commodity Derivatives	11,558		11,558		12,228
Total Assets at Fair Value	682,533		682,533		1,001,721
Liabilities at Fair Value
Deferred Compensation	0		0		0
Total Liabilities at Fair Value	0		0		0
Recurring basis | Significant Other Observable Inputs (Level 2)
Assets at Fair Value
Cash and Cash Equivalents	966		966		1,377
Short-term Marketable Securities	14,606		14,606		7,386
Other Trading Securities	197,065		197,065		186,243
Commodity Derivatives	(176)		(176)		220
Total Assets at Fair Value	212,461		212,461		195,226
Liabilities at Fair Value
Deferred Compensation	60,789		60,789		57,790
Total Liabilities at Fair Value	60,789		60,789		57,790
Recurring basis | Significant Unobservable Inputs (Level 3)
Assets at Fair Value
Cash and Cash Equivalents	0		0		0
Short-term Marketable Securities	0		0		0
Other Trading Securities	0		0		0
Commodity Derivatives	0		0		0
Total Assets at Fair Value	0		0		0
Liabilities at Fair Value
Deferred Compensation	0		0		0
Total Liabilities at Fair Value	$ 0		$ 0		$ 0

FAIR VALUE MEASUREMENTS - Narra

FAIR VALUE MEASUREMENTS - Narrative (Details) - USD ($) $ in Billions	Jul. 30, 2023	Oct. 30, 2022
Fair Value Disclosures [Abstract]
Fair value of long-term debt, utilizing discounted cash flows (Level 2)	$ 2.8	$ 2.7

COMMITMENTS AND CONTINGENCIES -

COMMITMENTS AND CONTINGENCIES - Narrative (Details) - Isolated Commercial Dispute with Third Party Litigation - Settled Litigation - Unfavorable Regulatory Action $ in Millions	3 Months Ended	9 Months Ended
	Jul. 30, 2023 USD ($)	Jul. 30, 2023 USD ($)
Selling, General and Administrative Expense
Loss Contingencies [Line Items]
Litigation settlement expense	$ 70	$ 70
Accrued Expenses
Loss Contingencies [Line Items]
Estimated liability	$ 70	$ 70

LONG-TERM DEBT AND OTHER BORR_3

LONG-TERM DEBT AND OTHER BORROWING ARRANGEMENTS - Schedule of Long-term Debt (Details) - USD ($) $ in Thousands	Jul. 30, 2023	Oct. 30, 2022	Jun. 03, 2021	Jun. 11, 2020
Debt Instrument [Line Items]
Unamortized Debt Issuance Costs	$ (17,172)	$ (19,856)
Interest Rate Swap Liabilities	(10,576)	(19,950)
Finance Lease Liabilities	38,211	44,473
Other Financing Arrangements	4,098	2,429
Total	3,307,361	3,299,345
Less: Current Maturities of Long-term Debt	946,981	8,796
Long-term Debt Less Current Maturities	2,360,380	3,290,549
Senior Notes
Debt Instrument [Line Items]
Unamortized Discount on Senior Notes	$ (7,199)	(7,750)
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)	Apr. 17, 2023 extension_option interest_period	Jun. 03, 2021 USD ($)	May 06, 2021 USD ($)	Jun. 11, 2020 USD ($)	Jul. 30, 2023 USD ($)	Apr. 16, 2023 interest_period	Oct. 30, 2022 USD ($)
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
Redemption price, percentage		101%
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%
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%
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%
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
Number of extension options | extension_option	2
Extension option, period	1 year
Number of permitted interest periods | interest_period	15					8
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%
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		9 Months Ended
	Jul. 30, 2023	Jul. 31, 2022	Jul. 30, 2023	Jul. 31, 2022
Income Tax Disclosure [Abstract]
Effective tax rate	21.70%	24.50%	22.20%	21.80%
Unrecognized tax benefits that would impact effective tax rate	$ 19.6	$ 19.5	$ 19.6	$ 19.5
Accrued interest and penalties associated with unrecognized tax benefits	$ 3.2	$ 4.8	$ 3.2	$ 4.8

EARNINGS PER SHARE DATA - Share

EARNINGS PER SHARE DATA - Shares Used as Denominator (Details) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Jul. 30, 2023	Jul. 31, 2022	Jul. 30, 2023	Jul. 31, 2022
Earnings Per Share [Abstract]
Basic Weighted-average Shares Outstanding (in shares)	546,358	546,077	546,389	544,486
Dilutive Potential Common Shares (in shares)	2,279	4,090	2,838	4,891
Diluted Weighted-average Shares Outstanding (in shares)	548,637	550,167	549,227	549,377
Antidilutive Potential Common Shares (in shares)	7,589	1,787	5,998	2,026

SEGMENT REPORTING - Narrative (

SEGMENT REPORTING - Narrative (Details) - segment			9 Months Ended
	Oct. 31, 2022	Oct. 30, 2022	Jul. 30, 2023
Segment Reporting [Abstract]
Number of reportable segments	3	4	3

SEGMENT REPORTING - Sales and O

SEGMENT REPORTING - Sales and Operating Profits for Each Reportable and Reconciliation to Earnings Before Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jul. 30, 2023	Jul. 31, 2022	Jul. 30, 2023	Jul. 31, 2022
Operating profit and other financial information
Net Sales	$ 2,963,299	$ 3,034,414	$ 8,911,930	$ 9,175,331
Segment Profit	216,759	291,040	802,009	945,443
Net Unallocated Expense	101,886	26,429	164,997	80,799
Noncontrolling Interest	(108)	(89)	(200)	112
Earnings Before Income Taxes	207,626	289,836	767,666	920,608
Retail
Operating profit and other financial information
Net Sales	1,891,746	1,924,553	5,765,786	5,921,145
Foodservice
Operating profit and other financial information
Net Sales	890,949	917,671	2,607,140	2,681,737
International
Operating profit and other financial information
Net Sales	180,605	192,190	539,005	572,450
Operating Segments
Operating profit and other financial information
Segment Profit	309,619	316,354	932,863	1,001,295
Operating Segments | Retail
Operating profit and other financial information
Segment Profit	151,128	163,092	459,031	522,980
Operating Segments | Foodservice
Operating profit and other financial information
Segment Profit	146,270	128,798	428,110	399,482
Operating Segments | International
Operating profit and other financial information
Segment Profit	$ 12,222	$ 24,464	$ 45,723	$ 78,833

SEGMENT REPORTING - Revenue Con

SEGMENT REPORTING - Revenue Contributed by Sales Channel (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jul. 30, 2023	Jul. 31, 2022	Jul. 30, 2023	Jul. 31, 2022
Revenue from External Customer [Line Items]
Total Net Sales	$ 2,963,299	$ 3,034,414	$ 8,911,930	$ 9,175,331
Perishable
Revenue from External Customer [Line Items]
Total Net Sales	2,068,787	2,123,872	6,222,485	6,445,419
Shelf-stable
Revenue from External Customer [Line Items]
Total Net Sales	$ 894,512	$ 910,542	$ 2,689,445	$ 2,729,911