Hormel Foods (HRL) 10-K 6 Dec 23 2023 FY Annual report Financial data

Cover

Cover - USD ($)	12 Months Ended
	Oct. 29, 2023	Dec. 03, 2023	Apr. 30, 2023
Entity Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Oct. 29, 2023
Current Fiscal Year End Date	--10-29
Document Transition Report	false
Entity File Number	1-2402
Entity Registrant Name	HORMEL FOODS CORPORATION
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	41-0319970
Entity Address, Address Line One	1 Hormel Place
Entity Address, City or Town	Austin
Entity Address, State or Province	MN
Entity Address, Postal Zip Code	55912-3680
City Area Code	507
Local Phone Number	437-5611
Title of 12(b) Security	Common Stock $0.01465 par value
Trading Symbol	HRL
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Smaller Reporting Company	false
Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Shell Company	false
Entity Public Float			$ 11,661,390,985
Documents Incorporated by Reference	Portions of the Proxy Statement for the Annual Meeting of Stockholders to be held January 30, 2024, are incorporated by reference into Part III, Items 10-14. The Proxy Statement will be filed with the Securities and Exchange Commission within 120 days after the end of the fiscal year to which this report relates.
Entity Central Index Key	0000048465
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Common Stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding (in shares)		546,840,056
Common Stock, Nonvoting
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding (in shares)		0

Audit Information

Audit Information	12 Months Ended
	Oct. 29, 2023
Audit Information [Abstract]
Auditor Name	Ernst & Young LLP
Auditor Location	Minneapolis, Minnesota
Auditor Firm ID	42

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Oct. 29, 2023	Oct. 30, 2022	Oct. 31, 2021
Income Statement [Abstract]
Net Sales	$ 12,110,010	$ 12,458,806	$ 11,386,189
Cost of Products Sold	10,110,169	10,294,120	9,458,283
Gross Profit	1,999,841	2,164,686	1,927,906
Selling, General, and Administrative	942,167	879,265	853,071
Equity in Earnings of Affiliates	42,754	27,185	47,763
Goodwill and Intangible Impairment	28,383	0	0
Operating Income	1,072,046	1,312,607	1,122,599
Interest and Investment Income	14,828	28,012	46,878
Interest Expense	73,402	62,515	43,307
Earnings Before Income Taxes	1,013,472	1,278,103	1,126,170
Provision for Income Taxes	220,552	277,877	217,029
Net Earnings	792,920	1,000,226	909,140
Less: Net Earnings (Loss) Attributable to Noncontrolling Interest	(653)	239	301
Net Earnings Attributable to Hormel Foods Corporation	$ 793,572	$ 999,987	$ 908,839
Net Earnings Per Share:
Basic (in dollars per share)	$ 1.45	$ 1.84	$ 1.68
Diluted (in dollars per share)	$ 1.45	$ 1.82	$ 1.66
Weighted-average Shares Outstanding:
Basic (in shares)	546,421	544,918	541,114
Diluted (in shares)	548,982	549,566	547,580

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Oct. 29, 2023	Oct. 30, 2022	Oct. 31, 2021
Statement of Comprehensive Income [Abstract]
Net Earnings	$ 792,920	$ 1,000,226	$ 909,140
Other Comprehensive Income (Loss), Net of Tax:
Foreign Currency Translation	3,588	(39,393)	13,379
Pension and Other Benefits	11,632	65,587	71,967
Derivatives and Hedging	(38,940)	(5,267)	33,034
Equity Method Investments	6,847	0	0
Total Other Comprehensive Income (Loss)	(16,874)	20,927	118,380
Comprehensive Income	776,045	1,021,153	1,027,520
Less: Comprehensive Income (Loss) Attributable to Noncontrolling Interest	(836)	(542)	700
Comprehensive Income Attributable to Hormel Foods Corporation	$ 776,881	$ 1,021,695	$ 1,026,820

Consolidated Statements of Fina

Consolidated Statements of Financial Position - USD ($) $ in Thousands	Oct. 29, 2023	Oct. 30, 2022
Assets
Cash and Cash Equivalents	$ 736,532	$ 982,107
Short-term Marketable Securities	16,664	16,149
Accounts Receivable (Net of Allowance for Doubtful Accounts of $3,557 at October 29, 2023 and $3,507 at October 30, 2022)	817,391	867,593
Inventories	1,680,406	1,716,059
Taxes Receivable	7,242	7,177
Prepaid Expenses and Other Current Assets	39,014	48,041
Total Current Assets	3,297,249	3,637,125
Goodwill	4,928,464	4,925,829
Other Intangibles	1,757,171	1,803,027
Pension Assets	204,697	245,566
Investments in Affiliates	725,121	271,058
Other Assets	370,252	283,169
Property, Plant, and Equipment
Land	74,626	74,303
Buildings	1,458,354	1,398,255
Equipment	2,781,730	2,636,660
Construction in Progress	195,665	216,246
Less: Allowance for Depreciation	(2,344,557)	(2,184,319)
Net Property, Plant, and Equipment	2,165,818	2,141,146
Total Assets	13,448,772	13,306,919
Liabilities and Shareholders’ Investment
Accounts Payable	771,397	816,604
Accrued Expenses	51,679	58,801
Accrued Marketing Expenses	87,452	113,105
Employee-Related Expenses	263,330	279,072
Interest and Dividends Payable	172,178	163,963
Taxes Payable	15,212	32,925
Current Maturities of Long-term Debt	950,529	8,796
Total Current Liabilities	2,311,776	1,473,266
Long-term Debt Less Current Maturities	2,358,719	3,290,549
Pension and Post-retirement Benefits	349,268	385,832
Deferred Income Taxes	498,106	475,212
Other Long-term Liabilities	191,917	141,840
Shareholders’ Investment
Preferred Stock, Par Value $0.01 a Share — Authorized 160,000,000 Shares; Issued — None	0	0
Additional Paid-in Capital	506,179	469,468
Accumulated Other Comprehensive Loss	(272,252)	(255,561)
Retained Earnings	7,492,952	7,313,374
Hormel Foods Corporation Shareholders’ Investment	7,734,885	7,535,284
Noncontrolling Interest	4,100	4,936
Total Shareholders’ Investment	7,738,985	7,540,219
Total Liabilities and Shareholders’ Investment	13,448,772	13,306,919
Common Stock, Nonvoting
Shareholders’ Investment
Common Stock	0	0
Common Stock
Shareholders’ Investment
Common Stock	$ 8,007	$ 8,002

Consolidated Statements of Fi_2

Consolidated Statements of Financial Position (Parenthetical) - USD ($) $ in Thousands	Oct. 29, 2023	Oct. 30, 2022
Accounts Receivable, Allowance for Doubtful Accounts	$ 3,557	$ 3,507
Preferred Stock, Par Value (in dollars per share)	$ 0.01	$ 0.01
Preferred Stock, Authorized (in shares)	160,000,000	160,000,000
Preferred Stock, Issued (in shares)	0	0
Common Stock, Nonvoting
Common Stock, Par Value (in dollars per share)	$ 0.01	$ 0.01
Common Stock, Authorized (in shares)	400,000,000	400,000,000
Common Stock, Issued (in shares)	0	0
Common Stock
Common Stock, Par Value (in dollars per share)	$ 0.01465	$ 0.01465
Common Stock, Authorized (in shares)	1,600,000,000	1,600,000,000
Common Stock, Issued (in shares)	546,599,420	546,237,051

Consolidated Statements of Chan

Consolidated Statements of Changes in Shareholders’ Investment - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Oct. 29, 2023	Oct. 30, 2022	Oct. 31, 2021
Increase (Decrease) in Shareholders' Investment
Beginning Balance	$ 7,540,219	$ 6,978,360	$ 6,430,326
Net Earnings	792,920	1,000,226	909,140
Other Comprehensive Income (Loss)	(16,874)	20,927	118,380
Purchases of Common Stock	(12,303)		(19,958)
Stock-based Compensation Expense	24,077	27,786	24,744
Exercise of Stock Options/ Restricted Shares	12,018	79,927	46,369
Shares Retired	0		0
Declared Dividends	(601,072)	(567,007)	(530,640)
Ending Balance	$ 7,738,985	$ 7,540,219	$ 6,978,360
Common Stock
Increase (Decrease) in Shareholders' Investment
Beginning Balance (in shares)	546,237	542,412	539,887
Beginning Balance	$ 8,002	$ 7,946	$ 7,909
Stock-based Compensation Expense (in shares)	44	37	38
Stock-based Compensation Expense		$ 1	$ 1
Exercise of Stock Options/ Restricted Shares (in shares)	629	3,787	2,956
Exercise of Stock Options/ Restricted Shares	$ 9	$ 55	$ 43
Shares Retired (in shares)	(310)		(469)
Shares Retired	$ (5)		$ (7)
Ending Balance (in shares)	546,599	546,237	542,412
Ending Balance	$ 8,007	$ 8,002	$ 7,946
Treasury Stock
Increase (Decrease) in Shareholders' Investment
Beginning Balance (in shares)	0	0	0
Beginning Balance	$ 0	$ 0	$ 0
Purchases of Common Stock (in shares)	(310)		(469)
Purchases of Common Stock	$ (12,303)		$ (19,958)
Shares Retired (in shares)	(310)		(469)
Shares Retired	$ 12,303		$ 19,958
Ending Balance (in shares)	0	0	0
Ending Balance	$ 0	$ 0	$ 0
Additional Paid-In Capital
Increase (Decrease) in Shareholders' Investment
Beginning Balance	469,468	360,336	289,554
Stock-based Compensation Expense	24,077	27,786	24,743
Exercise of Stock Options/ Restricted Shares	12,009	79,871	46,326
Shares Retired	(277)		(287)
Declared Dividends	902	1,475
Ending Balance	506,179	469,468	360,336
Retained Earnings
Increase (Decrease) in Shareholders' Investment
Beginning Balance	7,313,374	6,881,870	6,523,335
Net Earnings	793,572	999,987	908,839
Shares Retired	(12,021)		(19,664)
Declared Dividends	(601,974)	(568,482)	(530,640)
Ending Balance	7,492,952	7,313,374	6,881,870
Accumulated Other Comprehensive Income (Loss)
Increase (Decrease) in Shareholders' Investment
Beginning Balance	(255,561)	(277,269)	(395,250)
Other Comprehensive Income (Loss)	(16,691)	21,708	117,981
Ending Balance	(272,252)	(255,561)	(277,269)
Non-controlling Interest
Increase (Decrease) in Shareholders' Investment
Beginning Balance	4,936	5,478	4,778
Net Earnings	(653)	239	301
Other Comprehensive Income (Loss)	(183)	(782)	399
Ending Balance	$ 4,100	$ 4,936	$ 5,478

Consolidated Statements of Ch_2

Consolidated Statements of Changes in Shareholders’ Investment (Parenthetical) - $ / shares	12 Months Ended
	Oct. 29, 2023	Oct. 30, 2022	Oct. 31, 2021
Statement of Stockholders' Equity [Abstract]
Declared Dividends (in dollars per share)	$ 1.10	$ 1.04	$ 0.98

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Oct. 29, 2023	Oct. 30, 2022	Oct. 31, 2021
Operating Activities
Net Earnings	$ 792,920	$ 1,000,226	$ 909,140
Adjustments to Reconcile to Net Cash Provided by (Used in) Operating Activities:
Depreciation	227,331	213,026	183,772
Amortization	25,980	22,859	25,537
Equity in Earnings of Affiliates	(42,754)	(27,185)	(47,763)
Distributions Received from Equity Method Investees	38,160	43,039	44,999
Provision for Deferred Income Taxes	31,794	177,000	28,677
Non-cash Investment Activities	(2,392)	19,298	(24,215)
Stock-based Compensation Expense	24,077	24,943	24,744
Operating Lease Cost	29,072	20,633	16,699
Goodwill and Intangible Impairment	28,383	0	0
Other Non-cash, Net	20,034	12,931	6,129
Changes in Operating Assets and Liabilities, Net of Acquisitions:
Decrease (Increase) in Accounts Receivable	48,998	28,365	(191,627)
Decrease (Increase) in Inventories	35,714	(351,663)	(145,176)
Decrease (Increase) in Prepaid Expenses and Other Assets	(68,666)	(15,460)	34,555
Increase (Decrease) in Pension and Post-retirement Benefits	18,272	(29,392)	(15,448)
Increase (Decrease) in Accounts Payable and Accrued Expenses	(140,519)	(14,511)	115,099
Increase (Decrease) in Net Income Taxes Payable	(18,557)	10,869	36,811
Net Cash Provided by (Used in) Operating Activities	1,047,847	1,134,977	1,001,934
Investing Activities
Net (Purchase) Sale of Securities	(42)		(4,364)
Net (Purchase) Sale of Securities		2,493
Acquisitions of Businesses and Intangibles	0	0	(3,396,246)
Purchases of Property, Plant, and Equipment	(270,211)	(278,918)	(232,416)
Proceeds from Sales of Property, Plant, and Equipment	5,322	1,224	2,216
Proceeds from (Purchases of) Affiliates and Other Investments	(427,709)	2,404	(343)
Proceeds from Company-owned Life Insurance	3,096	14,761	5,315
Net Cash Provided by (Used in) Investing Activities	(689,544)	(258,037)	(3,625,839)
Financing Activities
Proceeds from Long-term Debt	1,980	0	2,276,292
Repayments of Long-term Debt and Finance Leases	(8,827)	(8,673)	(258,617)
Dividends Paid on Common Stock	(592,932)	(557,839)	(523,114)
Share Repurchase	(12,303)	0	(19,958)
Proceeds from Exercise of Stock Options	12,018	79,827	45,919
Net Cash Provided by (Used in) Financing Activities	(600,064)	(486,684)	1,520,520
Effect of Exchange Rate Changes on Cash	(3,814)	(21,679)	2,606
Increase (Decrease) in Cash and Cash Equivalents	(245,575)	368,577	(1,100,778)
Cash and Cash Equivalents at Beginning of Year	982,107	613,530	1,714,309
Cash and Cash Equivalents at End of Year	$ 736,532	$ 982,107	$ 613,530

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Oct. 29, 2023
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Principles of Consolidation: The Consolidated Financial Statements include the accounts of Hormel Foods Corporation (the Company) and all its majority-owned subsidiaries after elimination of intercompany accounts, transactions, and profits. Use of Estimates: The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. Rounding: Certain amounts in the Consolidated Financial Statements and associated notes may not foot due to rounding. All percentages have been calculated using unrounded amounts. Fiscal Year: The Company’s fiscal year ends on the last Sunday in October. Fiscal years 2023 and 2022 consisted of 52 weeks. Fiscal year 2021 consisted of 53 weeks. Fiscal year 2024 will consist of 52 weeks. 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. Cash and Cash Equivalents: The Company considers all investments with an original maturity of three months or less on their acquisition date to be cash equivalents. The Company’s cash equivalents as of October 29, 2023 and October 30, 2022, consisted primarily of bank deposits, money market funds rated AAA, or other highly liquid investment accounts. The Net Asset Value (NAV) of the Company’s money market funds is based on the market value of the securities in the portfolio. Fair Value Measurements: Pursuant to the provisions of Accounting Standards Codification (ASC) 820, Fair Value Measurements and Disclosures , the Company measures certain assets and liabilities at fair value or discloses the fair value of certain assets and liabilities recorded at cost in the Consolidated Financial Statements. Fair value is calculated as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). ASC 820 establishes a fair value hierarchy which requires assets and liabilities measured at fair value to be categorized into one of three levels based on the inputs used in the valuation. The Company classifies assets and liabilities in their entirety based on the lowest level of input significant to the fair value measurement. The three levels are defined as follows: Level 1: Observable inputs based on quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2: Observable inputs, other than those included in Level 1, based on quoted prices for similar assets and liabilities in active markets, or quoted prices for identical assets and liabilities in inactive markets. Level 3: Unobservable inputs that reflect an entity’s own assumptions about what inputs a market participant would use in pricing the asset or liability based on the best information available in the circumstances. See additional discussion regarding the Company’s fair value measurements in Note F - Derivatives and Hedging, Note G - Pension and Other Post-Retirement Benefits, and Note I - Fair Value Measurements. Compensation: The Company maintains a rabbi trust to fund certain supplemental executive retirement plans and deferred compensation plans. Under the plans, participants can defer certain types of compensation and elect to receive a return on the deferred amounts based on the changes in fair value of various investment options, primarily a variety of mutual funds. The Company has corporate-owned life insurance policies on certain participants in the deferred compensation plans. The cash surrender value of the policies is included in Other Assets on the Consolidated Statements of Financial Position. The securities held by the trust are classified as trading securities. Therefore, unrealized gains and losses associated with these investments are included in the Company’s earnings. Securities held by the trust generated gains (losses) of $3.2 million, $(16.8) million, and $21.2 million for fiscal years 2023, 2022, and 2021, respectively. Inventories: Inventories are stated at the lower of cost or net realizable value. Cost is determined principally under the average cost method. Adjustments to the Company’s lower of cost or net realizable value inventory reserve are reflected in Cost of Products Sold in the Consolidated Statements of Operations. Property, Plant, and Equipment: Property, Plant, and Equipment are stated at cost. The Company uses the straight-line method in computing depreciation. The annual provisions for depreciation have been computed principally using the following ranges of asset lives: buildings 20 to 40 years, and equipment 3 to 14 years. Leases: The Company determines if an arrangement contains a lease at inception. Right-of-use assets and lease liabilities are recognized based on the present value of future minimum lease payments over the lease term at the commencement date. Leases with an initial term of twelve months or less are not recorded on the Consolidated Statements of Financial Position. The Company combines lease and non-lease components together in determining the minimum lease payments for all leases. The length of the lease term used in recording right-of-use assets and lease liabilities is based on the contractually required lease term adjusted for any options to renew, early terminate, or purchase the lease that are reasonably certain of being exercised. Most leases include one or more options to renew or terminate. The exercise of lease renewal and termination options is at the Company’s discretion and generally is not reasonably certain at lease commencement. The Company’s lease agreements typically do not contain material residual value guarantees. The Company has one lease with an immaterial residual value guarantee that is included in the minimum lease payments. Certain lease agreements include rental payment increases over the lease term that can be fixed or variable. Fixed payment increases and variable payment increases based on an index or rate are included in the initial lease liability using the index or rate at commencement date. Variable payment increases not based on an index or rate are recognized as incurred. If the rate implicit in the lease is not readily determinable, the Company used its periodic incremental borrowing rate, based on the information available at commencement date, to determine the present value of future lease payments. Leases and right-of-use assets that existed prior to the adoption of Accounting Standards Update 2016-02, Leases (Topic 842) were valued using the incremental borrowing rate on October 28, 2019. Impairment of Long-Lived Assets and Definite-Lived Intangible Assets: Definite-lived intangible assets are amortized over their estimated useful lives. The Company reviews long-lived assets and definite-lived intangible assets for impairment annually, or more frequently when events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If impairment indicators are present and the estimated future undiscounted cash flows are less than the carrying value of the assets and any related goodwill, the carrying value is reduced to the estimated fair value. The Company recorded no material impairment charges for long-lived or definite-lived assets in fiscal years 2023, 2022, or 2021. Goodwill and Other Indefinite-Lived Intangibles: Indefinite-lived intangible assets are originally recorded at their estimated fair values at date of acquisition. Goodwill is the residual after allocating the purchase price to net assets acquired. Acquired goodwill and other indefinite-lived intangible assets are allocated to reporting units that will receive the related benefits. Goodwill and indefinite-lived intangible assets are tested annually for impairment during the fourth quarter following the annual planning process or more frequently if impairment indicators arise. See additional discussion regarding the Company’s goodwill and intangible assets in Note C - Goodwill and Intangible Assets. Goodwill In conducting the annual impairment test for goodwill, the Company has the option to first assess qualitative factors to determine whether it is more likely than not (> 50 percent likelihood) the fair value of any reporting unit is less than its carrying amount. If the Company elects to perform a qualitative assessment and determines an impairment is more likely than not, the Company is required to perform a quantitative impairment test. Otherwise, no further analysis is required. Alternatively, the Company may elect to proceed directly to the quantitative impairment test. In conducting a qualitative assessment, the Company analyzes actual and projected growth trends for net sales, gross margin and segment profit for each reporting unit, as well as historical performance versus plan and the results of prior quantitative tests. Additionally, the Company assesses factors that may impact the business's financial results such as macroeconomic conditions and the related impact, market-related exposures, plans to market for sale all or a portion of the business, competitive changes, new or discontinued product lines, and changes in key personnel. If performed, the quantitative goodwill impairment test is performed at the reporting unit level. First, the fair value of each reporting unit is compared to its corresponding carrying value, including goodwill. The fair value of each reporting unit is estimated using discounted cash flow valuations (Level 3), which incorporate assumptions regarding future growth rates, terminal values and discount rates. The estimates and assumptions used consider historical performance and are consistent with the assumptions used in determining future profit plans for each reporting unit, which are approved by the Company’s Board of Directors. If the quantitative assessment results in the carrying value exceeding the fair value of any reporting unit, the results from the quantitative analysis will be relied upon to determine both the existence and amount of goodwill impairment. An impairment loss will be recognized for the amount by which the reporting unit’s carrying amount exceeds its fair value, not to exceed the carrying amount of goodwill in that reporting unit. As a result of organizational changes in the first quarter of fiscal 2023, 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. Prior to the goodwill reallocation, an impairment assessment was performed which indicated no impairment to the Company's reporting units. Subsequent to the goodwill reallocation, the Company completed quantitative impairment testing on each new reporting unit. The fair value of each reporting unit exceeded its carrying amount; therefore, no impairment charges were recorded. During the fourth quarter of fiscal 2023, the Company completed its annual goodwill impairment tests and performed qualitative assessments. No impairment charges were recorded as a result of the annual assessments in fiscal years 2023, 2022, and 2021. Indefinite-Lived Intangibles In conducting the annual impairment test for its indefinite-lived intangible assets, the Company first performs a qualitative assessment to determine whether it is more likely than not (> 50 percent likelihood) an indefinite-lived intangible asset is impaired. If the Company concludes this is the case, a quantitative test for impairment must be performed. Otherwise, the Company does not need to perform a quantitative test. In conducting the qualitative assessment, the Company analyzes growth rates for historical and projected net sales and the results of prior quantitative tests. Additionally, each operating segment assesses items that may impact the value of their intangible assets or the applicable royalty rates to determine if impairment may be indicated. If performed, the quantitative impairment test compares the fair value and carrying amount of the indefinite-lived intangible asset. The fair value of indefinite-lived intangible assets is primarily determined on the basis of estimated discounted value using the relief from royalty method (Level 3), which incorporates assumptions regarding future sales projections, discount rates and royalty rates. If the carrying amount exceeds fair value, the indefinite-lived intangible asset is considered impaired, and an impairment charge is recorded for the difference. Even if not required, the Company may elect to perform the quantitative test in order to gain further assurance in the qualitative assessment. During the fourth quarter of fiscal 2023, the Company completed its annual indefinite-lived asset impairment tests by performing qualitative assessments. As a result of the qualitative assessments, it was determined that more likely than not the Justin's ® trade name was impaired, and the Company performed a quantitative impairment test. As a result of the quantitative impairment test, a $28.4 million intangible asset impairment charge was recorded for the Justin's ® trade name. No other impairment charges were recorded as a result of the qualitative assessments in fiscal years 2023 and 2022 and quantitative assessments in fiscal year 2021. Pension and Other Post-retirement Benefits: The Company has elected to use the corridor approach to recognize expenses related to its defined benefit pension and other post-retirement benefit plans. Under the corridor approach, actuarial gains or losses resulting from experience and changes in assumptions are deferred and amortized over future periods. For the defined benefit pension plans, the unrecognized gains and losses are amortized when the net gain or loss exceeds 10 percent of the greater of the projected benefit obligation or the fair value of plan assets at the beginning of the year. For the other post-retirement plans, the unrecognized gains and losses are amortized when the net gain or loss exceeds 10 percent of the accumulated pension benefit obligation at the beginning of the year. For plans with primarily active participants, net gains or losses in excess of the corridor are amortized over the average remaining service period of participating employees expected to receive benefits under those plans. For plans with primarily inactive participants, net gains or losses in excess of the corridor are amortized over the average remaining life of the participants receiving benefits under those plans. Contingent Liabilities: The Company may be subject to investigations, legal proceedings, or claims related to the ongoing operation of its business, including claims both by and against the Company. Such proceedings typically involve claims related to product liability, contract disputes, antitrust regulations, wage and hour laws, employment practices, or other actions brought by employees, consumers, competitors or suppliers. The Company establishes accruals for its potential exposure for claims when losses become probable and reasonably estimable. Where the Company is able to reasonably estimate a range of potential losses, the Company records the amount within that range which constitutes the Company’s best estimate. The Company also discloses the nature of and range of loss for claims against the Company when losses are reasonably possible and material. Foreign Currency Translation: Assets and liabilities denominated in foreign currency are translated at the current exchange rate as of the date of the Consolidated Statements of Financial Position. Amounts in the Consolidated Statements of Operations are translated at the average monthly exchange rate. Translation adjustments resulting from fluctuations in exchange rates are recorded as a component of Accumulated Other Comprehensive Loss within Shareholders’ Investment. When calculating foreign currency translation, the Company deemed its foreign investments to be permanent in nature and has not provided for taxes on currency translation adjustments arising from converting the investment in a foreign currency to U.S. dollars. Derivatives and Hedging Activity: The Company uses derivative instruments to manage its exposure to commodity prices and interest rates. The derivative instruments are recorded at fair value on the Consolidated Statements of Financial Position. The cash flow impacts from the derivative instruments are primarily included in Operating Activities in the Consolidated Statements of Cash Flows. Additional information on hedging activities is presented in Note F - Derivatives and Hedging. Equity Method Investments: The Company has a number of investments for which its voting interests are in excess of 20 percent but not greater than 50 percent and for which there are no other indicators of control. The Company accounts for such investments under the equity method of accounting and its underlying share of each investee’s equity, along with any balances due to or from affiliates, is reported on the Consolidated Statements of Financial Position as part of Investments in Affiliates. The Company records its interest in the net earnings of its equity method investments, along with adjustments for unrealized profits on intra-entity transactions and amortization of basis differences, within Equity in Earnings of Affiliates in the Consolidated Statements of Operations. Financial results for certain entities are reported on a 30- to 90-day lag. The Company regularly monitors and evaluates the fair value of its equity investments. If events and circumstances, such as ongoing or projected decreases in earnings or significant business disruptions, indicate that a decline in the fair value of these assets has occurred and is other than temporary, the Company will record a charge in Equity in Earnings of Affiliates in the Consolidated Statements of Operations. The Company recorded a $7.0 million impairment in fiscal 2023 related to a corporate venturing investment. The Company did not record an impairment charge on any of its equity investments in fiscal 2022 or 2021. See additional information pertaining to the Company’s equity method investments in Note D - Investments in Affiliates. The Company uses the cumulative earnings approach to determine the cash flow presentation of distributions from equity method investments. Distributions received are reflected in operating activities in the Consolidated Statements of Cash Flows unless the cumulative distributions exceed the portion of the cumulative equity in earnings of the equity method investment. Distributions in excess of the cumulative equity in earnings are deemed to be returns of the investment and classified as investing activities in the Consolidated Statements of Cash Flows. Revenue Recognition: The Company’s customer contracts predominantly contain a single performance obligation to fulfill customer orders for the purchase of specified products. Revenue from product sales is primarily identified by purchase orders (“contracts”), which in some cases are governed by a master sales agreement. The purchase orders in combination with the invoice typically specify quantity and product(s) ordered, shipping terms, and certain aspects of the transaction price including discounts. Contracts are at standalone pricing or governed by pricing lists or brackets. The Company's revenue is recognized at the point in time when performance obligations have been satisfied and control of the product has transferred to the customer. This is typically once the shipped product is received or picked up by the customer. Revenue is recognized at the net consideration the Company expects to receive in exchange for the goods. The amount of net consideration recognized includes estimates of variable consideration, including costs for trade promotion programs, consumer incentives, and allowances and discounts associated with distressed or potentially unsaleable products. A majority of the Company’s revenue is short-term in nature with shipments within one year from order date. The Company's payment terms generally range between 7 to 45 days and vary by sales channel and other factors. The Company accounts for shipping and handling costs as contract fulfillment costs and excludes taxes imposed on and collected from customers in revenue producing transactions from the transaction price. The Company does not have significant deferred revenue or unbilled receivable balances as a result of transactions with customers. Costs to obtain contracts with a duration of one year or less are expensed and included in the Consolidated Statements of Operations. The Company promotes products through advertising, consumer incentives, and trade promotions. These programs include discounts, slotting fees, coupons, rebates, and in-store display incentives. Customer trade promotion and consumer incentive activities are recorded as a reduction to the sale price based on amounts estimated as variable consideration. The Company estimates variable consideration at the expected value method to determine the total consideration which the Company expects to be entitled. Estimated amounts are included in the transaction price to the extent it is probable that a significant reversal of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is resolved. The Company’s estimates of variable consideration and determination of whether to include estimated amounts in the transaction price are based largely on an assessment of anticipated performance and all information (historical, current, and forecasted) that is reasonably available. The Company discloses revenue by reportable segment and class of similar product in Note P - Segment Reporting. Allowance for Doubtful Accounts: The Company estimates the Allowance for Doubtful Accounts based on a combination of factors, evaluations, and historical data while considering current and future economic conditions. Advertising Expenses: Advertising costs are included in Selling, General, and Administrative and expensed when incurred. Advertising expenses include all media advertising but exclude the costs associated with samples, demonstrations, and market research. Advertising costs for fiscal years 2023, 2022, and 2021 were $160.1 million, $157.3 million, and $138.5 million, respectively. Shipping and Handling Costs: The Company’s shipping and handling expenses are included in Cost of Products Sold in the Consolidated Statements of Operations. Research and Development Expenses: Research and development costs are expensed as incurred and are included in Selling, General, and Administrative expenses in the Consolidated Statements of Operations. Research and development expenses incurred for fiscal years 2023, 2022, and 2021 were $33.7 million, $34.7 million, and $33.6 million, respectively. Income Taxes: The Company records income taxes in accordance with the liability method of accounting. Deferred taxes are recognized for the estimated taxes ultimately payable or recoverable based on enacted tax law. Changes in enacted tax rates are reflected in the tax provision as they occur. In accordance with ASC 740, Income Taxes , the Company recognizes a tax position in its financial statements when it is more likely than not that the position will be sustained upon examination based on the technical merits of the position. That position is then measured at the largest amount of benefit that is greater than 50 percent likely of being realized upon ultimate settlement. Stock-Based Compensation: The Company records stock-based compensation expense in accordance with ASC 718, Compensation – Stock Compensation . For options subject to graded vesting, the Company recognizes stock-based compensation expense ratably over the shorter of the vesting period or the individual's retirement eligibility date. The Company estimates forfeitures at the time of grant based on historical experience and revises in subsequent periods if actual forfeitures differ. Share Repurchases: The Company may purchase shares of its common stock through open market and privately negotiated transactions at prices deemed appropriate by management. The timing and amount of repurchase transactions under the repurchase authorization depend on market conditions as well as corporate and regulatory considerations. For additional share repurchases information, see Part II, Item 5 - Market for Registrants' Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities. Supplemental Cash Flow Information: Non-cash investment activities presented in the Consolidated Statements of Cash Flows primarily consist of unrealized gains or losses on the Company’s rabbi trust. The noted investments are included in Other Assets on the Consolidated Statements of Financial Position. Changes in the value of these investments are presented in the Consolidated Statements of Operations as Interest and Investment Income. Reclassifications: Certain reclassifications of previously reported amounts have been made to conform to the current year presentation. Amortization related to operating leases and debt issuance costs were reclassified from Amortization to separate line items within the operating activities section of the Consolidated Statements of Cash Flows. These reclassifications had no impact on the Consolidated Statements of Operations, Consolidated Statements of Financial Position, or the Increase (Decrease) in Cash and Cash Equivalents in the Consolidated Statements of Cash Flows. Accounting Changes and Recent Accounting Pronouncements: New Accounting Pronouncements Recently Adopted Fiscal 2023 No new accounting standards were adopted during fiscal 2023. Fiscal 2022 In December 2019, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2019-12, Income Taxes - Simplifying the Accounting for Income Taxes (Topic 740). The updated guidance simplifies the accounting for income taxes by removing certain exceptions in Topic 740 and clarifying and amending existing guidance. The amendments are effective for fiscal years beginning after December 15, 2020, with early adoption permitted. The Company adopted the provisions of this new accounting standard at the beginning of fiscal 2022 and adoption did not have a material impact on its consolidated financial statements. New Accounting Pronouncements Not Yet Adopted In November 2023, the FASB issued ASU 2023-07 Segment Reporting - Improving Reportable Segment Disclosures (Topic 280). The update is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant expenses. The ASU requires disclosures to include significant segment expenses that are regularly provided to the chief operating decision maker (CODM), a description of other segment items by reportable segment, and any additional measures of a segment's profit or loss used by the CODM when deciding how to allocate resources. The ASU also requires all annual disclosures currently required by Topic 280 to be included in interim periods. The update is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted and requires retrospective application to all prior periods presented in the financial statements. The Company is currently assessing the timing and impact of adopting the updated provisions. Recently issued accounting standards or pronouncements not disclosed have been excluded as they are currently not relevant to the Company.

Acquisitions and Divestitures

Acquisitions and Divestitures	12 Months Ended
	Oct. 29, 2023
Business Combination and Asset Acquisition [Abstract]
Acquisitions and Divestitures	Acquisitions and Divestitures Acquisitions: On June 7, 2021, the Company acquired the Planters ® snack nuts business from The Kraft Heinz Company. The acquisition includes the Planters ® , NUT-rition ® , and Corn Nuts ® brands. The final purchase price, including working capital adjustments, was $3.4 billion. The transaction was funded with the Company’s cash on hand and from the issuance of long-term debt. Planters ® is an iconic snack brand and this acquisition significantly expands the Company's presence, and should broaden the scope for future acquisitions, in the growing snacking space. Operating results for this acquisition have been included in the Company's Consolidated Statements of Operations from the date of acquisition and are reflected in the Retail, Foodservice, and International segments. The acquisition contributed $952.5 million, $1.0 billion and $410.8 million of net sales during fiscal 2023, 2022 and 2021, respectively. As the acquisition has been integrated within the Company's existing operations, post-acquisition net earnings are not discernible. Acquisition-related costs were $30.3 million for the fiscal year ended October 31, 2021, which are reflected in the Consolidated Statements of Operations as Selling, General, and Administrative. Additional one-time adjustments related to the revaluation of acquired inventory of $12.9 million were recognized in the Consolidated Statements of Operations as Cost of Products Sold for the fiscal year ended October 31, 2021. The combined impact of these one-time acquisition costs and accounting adjustments was $43.2 million for the fiscal year ended October 31, 2021. The acquisition was accounted for as a business combination using the acquisition method. The Company determined the acquisition date fair values of the assets acquired using independent appraisals. The Company completed purchase accounting allocations in the fourth quarter of fiscal 2021. Allocations of the purchase price to acquired assets, including goodwill and intangibles assets, are presented in the table below. In thousands Purchase Price Allocation Inventory $ 149,224 Property, Plant, and Equipment 170,958 Goodwill 2,313,064 Other Intangibles: Trade Names 712,000 Customer Relationships 51,000 Purchase Price $ 3,396,246 Goodwill is calculated as the excess of the purchase price over the fair values of the identifiable net assets acquired and is deductible for tax purposes. The goodwill recorded as part of the acquisition primarily reflects the value of the potential to expand the Company's presence in the growing snacking space and serve as a platform for innovation. The following unaudited pro forma financial information presents the combined results of operations as if the acquisition of the Planters ® snack nuts business had occurred on October 27, 2019. These unaudited pro forma results do not necessarily reflect the actual results of operations that would have been achieved had the acquisition occurred on that date, nor are they necessarily indicative of future results of operations. Fiscal Year Ended In thousands October 31, 2021 Pro Forma Net Sales $ 12,061,686 Pro Forma Net Earnings Attributable to Hormel Foods Corporation 985,881 The pro forma results include charges for depreciation and amortization of acquired assets and interest expense on debt issued to finance the acquisition, as well as the related income taxes. The pro forma results also reflect an adjustment to add back the transaction costs incurred and revaluation of inventory acquired along with the related income tax effects.

Goodwill and Intangible Assets

Goodwill and Intangible Assets	12 Months Ended
	Oct. 29, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets	Goodwill and Intangible Assets Goodwill: Goodwill was reallocated as of October 31, 2022, due to organizational changes as described in Note A - Summary of Significant Accounting Policies. The changes in the carrying amount of goodwill for the fiscal years ended October 29, 2023 and October 30, 2022, are: In thousands Grocery Refrigerated Jennie-O Retail Foodservice International Total Balance at October 31, 2021 $ 2,398,354 $ 2,094,421 $ 176,628 $ — $ — $ 259,699 $ 4,929,102 Foreign Currency Translation — — — — — (3,273) (3,273) Balance at October 30, 2022 $ 2,398,354 $ 2,094,421 $ 176,628 $ — $ — $ 256,427 $ 4,925,829 Goodwill Reallocation (2,398,354) (2,094,421) (176,628) 2,916,796 1,750,594 2,013 — Foreign Currency Translation — — — — — 2,635 2,635 Balance at October 29, 2023 $ — $ — $ — $ 2,916,796 $ 1,750,594 $ 261,074 $ 4,928,464 Intangible Assets: The carrying amounts for indefinite-lived intangible assets are: October 29, October 30, In thousands 2023 2022 Brands/Trade Names/Trademarks $ 1,636,807 $ 1,665,190 Other Intangibles 184 184 Foreign Currency Translation (5,893) (6,599) Total $ 1,631,098 $ 1,658,775 The gross carrying amount and accumulated amortization for definite-lived intangible assets are: October 29, 2023 October 30, 2022 Gross Gross Carrying Accumulated Carrying Accumulated In thousands Amount Amortization Amount Amortization Customer Lists/Relationships $ 168,239 $ (82,658) $ 168,239 $ (69,779) Other Intangibles 59,241 (15,857) 59,241 (11,606) Trade Names/Trademarks 6,540 (5,089) 10,536 (7,828) Foreign Currency Translation — (4,344) — (4,551) Total $ 234,020 $ (107,947) $ 238,016 $ (93,764) Amortization expense on intangible assets for the last three fiscal years was: In thousands 2023 $ 18,386 2022 19,274 2021 17,518 Estimated annual amortization expense on intangible assets for the five fiscal years after October 29, 2023, is as follows: In thousands 2024 $ 16,381 2025 14,681 2026 14,210 2027 13,940 2028 13,009 During the fourth quarter of fiscal years 2023, 2022, and 2021, the Company completed required annual impairment tests of indefinite-lived intangible assets and goodwill. In fiscal 2023, an impairment was indicated for the Justin's ® trade name, resulting in an impairment charge of $28.4 million. The expense is reflected in the Retail segment and included in Goodwill and Intangible Impairment in the Consolidated Statements of Operations. No other impairment was indicated. Useful lives of intangible assets were also reviewed during this process with no material changes identified.

Investments in Affiliates

Investments in Affiliates	12 Months Ended
	Oct. 29, 2023
Equity Method Investments and Joint Ventures [Abstract]
Investments in Affiliates	Investments in Affiliates Equity in Earnings of Affiliates consists of: In thousands % Owned Fiscal Year Ended October 29, 2023 October 30, 2022 October 31, 2021 MegaMex Foods, LLC (1) 50% $ 40,501 $ 19,861 $ 38,178 Other Equity Method Investments (2) Various (20 - 50%) 2,253 7,324 9,585 Total Equity in Earnings of Affiliates $ 42,754 $ 27,185 $ 47,763 (1) MegaMex, Foods, LLC, is reflected in the Retail Segment. (2) Other Equity Method Investments are primarily reflected in the International Segment but also include corporate venturing investments. Distributions received from equity method investees include: In thousands Fiscal Year Ended October 29, 2023 October 30, 2022 October 31, 2021 Dividends $ 38,160 $ 43,039 $ 44,999 On December 15, 2022, the Company purchased from various minority shareholders a 29% common stock interest in PT Garudafood Putra Putri Jaya Tbk (Garudafood), a food and beverage company in Indonesia. 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 its 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 October 29, 2023, the remaining basis difference was $324.6 million. Based on quoted market prices, the fair value of the common stock held in Garudafood was $291.2 million as of October 29, 2023. In fiscal 2023, the Company recorded a $7.0 million impairment charge related to a corporate venturing investment to recognize a decline in fair value not believed to be temporary. The impact is reflected in Equity in Earnings of Affiliates on the Consolidated Statements of Operations. The Company determined that no other-than-temporary impairment existed for any other equity method investments as of October 29, 2023. The Company recognized a basis difference of $21.3 million associated with the formation of MegaMex Foods, LLC, of which $9.3 million is remaining as of October 29, 2023. This difference is being amortized through Equity in Earnings of Affiliates.

Inventories

Inventories	12 Months Ended
	Oct. 29, 2023
Inventory Disclosure [Abstract]
Inventories	Inventories Principal components of inventories are: In thousands October 29, 2023 October 30, 2022 Finished Products $ 954,432 $ 974,160 Raw Materials and Work-in-Process 448,535 440,193 Operating Supplies 168,289 206,289 Maintenance Materials and Parts 109,151 95,417 Total $ 1,680,406 $ 1,716,059

Derivatives and Hedging

Derivatives and Hedging	12 Months Ended
	Oct. 29, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives and Hedging	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 programs are intended 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 on the Consolidated 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 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: In millions October 29, 2023 October 30, 2022 Corn 30.7 bushels 34.3 bushels Lean Hogs 144.2 pounds 177.5 pounds Natural Gas 3.0 MMBtu — MMBtu Fair Value of Derivatives: The gross fair values of the Company’s derivative instruments designated as hedges are: In thousands Location on Consolidated Statements of Financial Position October 29, 2023 October 30, 2022 Commodity Contracts (1) Other Current Assets $ (13,233) $ 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 Statements of Financial Position. The gross liability position as of October 29, 2023, is offset by the right to reclaim net cash collateral of $32.2 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 I - Fair Value Measurements for a discussion of these net amounts as reported on the Consolidated Statements of Financial Position. Fair Value Hedge - Assets (Liabilities): The carrying amount of the Company’s fair value hedged assets (liabilities) are: In thousands Location on Consolidated Statements of Financial Position October 29, 2023 October 30, 2022 Commodity Contracts Accounts Payable (1) $ (4,914) $ 5,725 Interest Rate Contracts Current Maturities of Long-term Debt (2) (442,549) — Interest Rate Contracts Long-term Debt Less Current Maturities (2) — (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 October 29, 2023, the carrying amount of the 2024 Notes included a cumulative fair value hedging adjustment of $7.5 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 Statements of Financial Position. Accumulated Other Comprehensive Loss Impact: As of October 29, 2023, the Company included in AOCL hedging losses (before tax) of $24.5 million on commodity contracts and gains (before tax) of $12.5 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) Location on Gain/(Loss) Reclassified from AOCL into Earnings (1) In thousands Fiscal Year Ended Fiscal Year Ended Cash Flow Hedges: October 29, 2023 October 30, 2022 October 29, 2023 October 30, 2022 Commodity Contracts $ (50,353) $ 56,371 Cost of Products Sold $ 1,225 $ 57,592 Excluded Component (2) 1,127 (4,748) — — Interest Rate Contracts — — Interest Expense 988 988 (1) See Note H - Accumulated Other Comprehensive Loss for the after-tax impact of these gains or losses on Net Earnings. (2) Represents the time value of corn options excluded from the assessment of effectiveness for which the difference between changes in fair value and periodic amortization is recorded in AOCL. Consolidated Statements of Operations Impact: The effect on the Consolidated Statements of Operations for gains or losses (before tax) related to the Company's derivative instruments are: Fiscal Year Ended In thousands October 29, 2023 October 30, 2022 October 31, 2021 Net Earnings Attributable to Hormel Foods Corporation $ 793,572 $ 999,987 $ 908,839 Cash Flow Hedges - Commodity Contracts Gain (Loss) Reclassified from AOCL 1,225 55,350 31,787 Amortization of Excluded Component from Options (5,835) (4,369) (3,033) Gain (Loss) Reclassified from AOCL Due to Discontinuance of Cash Flow Hedges (1) — 2,242 (743) Fair Value Hedges - Commodity Contracts Gain (Loss) on Commodity Futures (2) 656 (18,122) (28,078) Total Gain (Loss) on Commodity Contracts (3) $ (3,955) $ 35,101 $ (67) Cash Flow Hedges - Interest Rate Locks Gain (Loss) Reclassified from AOCL 988 988 399 Fair Value Hedge - Interest Rate Swap Gain (Loss) on Interest Rate Swap — 928 — Amortization of Loss Due to Discontinuance of Fair Value Hedge (4) (12,499) (1,923) — Total Gain (Loss) on Interest Rate Contracts (5) $ (11,511) $ (7) $ 399 Total Gain (Loss) Recognized in Earnings $ (15,466) $ 35,094 $ 332 (1) In fiscal years 2022 and 2021, the Company discontinued hedge accounting related to corn usage that was deemed no longer probable to occur resulting in the immediate recognition of gains of $2.2 million (1.0 million bushels) and losses of $0.7 million (2.8 million bushels), respectively. (2) Represents gains or losses on commodity contracts designated as fair value hedges that were closed during the year, which were offset by a corresponding gain or loss on the underlying hedged purchase commitment. Additional gains or losses related to changes in the fair value of open commodity contracts, along with the offsetting gain or loss on the hedged purchase commitment, are also marked-to-market through earnings with no impact on a net basis. (3) Total Gain (Loss) on Commodity Contracts is recognized in earnings through Cost of Products Sold. (4) 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	12 Months Ended
	Oct. 29, 2023
Retirement Benefits [Abstract]
Pension and Other Post-retirement Benefits	Pension and Other Post-retirement Benefits The Company has several defined benefit plans and defined contribution plans covering most employees. Benefits for defined benefit pension plans covering hourly employees are provided based on stated amounts for each year of service, while plan benefits covering salaried employees are based on final average compensation, age and years of service. In the fourth quarter of fiscal 2022, an amendment was enacted for the salaried pension plan which changed the design from a stable value benefit to a cash balance benefit effective January 1, 2023. The cash balance design establishes hypothetical accounts for employees that are credited with an amount equal to a specified percent of their pay plus interest. Total costs associated with the Company’s defined contribution benefit plans in fiscal years 2023, 2022, and 2021 were $41.0 million, $47.9 million, and $46.7 million, respectively. Certain groups of employees are eligible for post-retirement health or welfare benefits. Benefits for retired employees vary for each group depending on respective retirement dates and applicable plan coverage in effect. Contribution requirements for retired employees are governed by the Retiree Health Care Payment Program and may change each year as the cost to provide coverage is determined. Net periodic cost of defined benefit plans included the following for fiscal years ending: Pension Benefits Post-retirement Benefits In thousands October 29, 2023 October 30, 2022 October 31, 2021 October 29, 2023 October 30, 2022 October 31, 2021 Service Cost $ 35,607 $ 40,076 $ 37,127 $ 248 $ 469 $ 533 Interest Cost 68,630 50,558 50,399 12,064 7,684 7,945 Expected Return on Plan Assets (78,285) (108,248) (102,693) — — — Amortization of Prior Service Cost (Credit) (1,843) (1,496) (1,496) 8 8 (669) Recognized Actuarial Loss (Gain) 13,303 12,530 22,742 (29) 2,439 2,020 Net Periodic Cost $ 37,413 $ (6,581) $ 6,080 $ 12,290 $ 10,600 $ 9,830 Non-service cost components of net pension and post-retirement benefit cost are presented within Interest and Investment Income in the Consolidated Statements of Operations. Actuarial gains and losses and any adjustments resulting from plan amendments are deferred and amortized over periods ranging from 8 to 21 years for pension benefits and 13 to 14 years for post-retirement benefits. The following amounts have not been recognized in net periodic pension cost and are included in Accumulated Other Comprehensive Loss: Pension Benefits Post-retirement Benefits In thousands October 29, 2023 October 30, 2022 October 29, 2023 October 30, 2022 Unrecognized Prior Service (Cost) Credit $ (7,549) $ (2,399) $ (138) $ (146) Unrecognized Actuarial (Loss) Gain (270,468) (272,401) 35,483 18,044 The following is a reconciliation of the beginning and ending balances of the benefit obligation, fair value of plan assets, and funded status of the plans as of the measurement dates: Pension Benefits Post-retirement Benefits In thousands October 29, 2023 October 30, 2022 October 29, 2023 October 30, 2022 Change in Benefit Obligation: Benefit Obligation at Beginning of Year $ 1,200,013 $ 1,711,958 $ 211,986 $ 274,666 Service Cost 35,607 40,076 248 469 Interest Cost 68,630 50,558 12,064 7,684 Actuarial (Gain) Loss (1) (51,106) (515,995) (17,421) (51,219) Plan Amendments 3,307 (2,722) — — Participant Contributions — — 2,137 1,808 Medicare Part D Subsidy — — 449 448 Benefits Paid (82,071) (83,862) (23,263) (21,868) Benefit Obligation at End of Year $ 1,174,380 $ 1,200,013 $ 186,199 $ 211,986 (1) Actuarial gains in fiscal 2022 were primarily due to the change in the discount rate assumptions utilized in measuring plan obligations. Pension Benefits Post-retirement Benefits In thousands October 29, 2023 October 30, 2022 October 29, 2023 October 30, 2022 Change in Plan Assets: Fair Value of Plan Assets at Beginning of Year $ 1,240,200 $ 1,698,596 $ — $ — Actual Return on Plan Assets 15,810 (387,244) — — Participant Contributions — — 2,137 1,808 Employer Contributions 11,733 12,711 21,126 20,060 Benefits Paid (82,071) (83,862) (23,263) (21,868) Fair Value of Plan Assets at End of Year $ 1,185,672 $ 1,240,200 $ — $ — Funded Status at End of Year $ 11,292 $ 40,187 $ (186,199) $ (211,986) Amounts recognized on the Consolidated Statements of Financial Position are as follows: Pension Benefits Post-retirement Benefits In thousands October 29, 2023 October 30, 2022 October 29, 2023 October 30, 2022 Pension Assets $ 204,697 $ 245,566 $ — $ — Employee-Related Expenses (12,023) (11,571) (18,313) (19,962) Pension and Post-retirement Benefits (181,382) (193,808) (167,886) (192,024) Net Amount Recognized $ 11,292 $ 40,187 $ (186,199) $ (211,986) The accumulated benefit obligation for all pension plans was $1.2 billion as of October 29, 2023 and October 30, 2022. The following table provides information for pension plans with projected and accumulated benefit obligations in excess of plan assets: In thousands October 29, 2023 October 30, 2022 Projected Benefit Obligation $ 193,404 $ 205,379 Accumulated Benefit Obligation 191,888 204,302 Fair Value of Plan Assets — — Weighted-average assumptions used to determine benefit obligations are as follows: October 29, 2023 October 30, 2022 Discount Rate 6.49 % 5.92 % Rate of Future Compensation Increase (For Plans that Base Benefits on Final Compensation Level) 4.06 % 3.95 % Interest Crediting Rate (For Cash Balance Plan) 4.98 % 4.42 % Weighted-average assumptions used to determine net periodic benefit costs are as follows: October 29, 2023 October 30, 2022 October 31, 2021 Discount Rate 5.92 % 3.00 % 3.06 % Rate of Future Compensation Increase (For Plans that Base Benefits on Final Compensation Level) 3.95 % 4.14 % 4.09 % Expected Long-term Return on Plan Assets 6.50 % 6.50 % 6.75 % Interest Crediting Rate (For Cash Balance Plan) (1) 4.42 % — % — % (1) Cash balance plan enacted in the fourth quarter of fiscal 2022. The expected long-term rate of return on plan assets is based on fair value and developed in consultation with outside advisors. A range is determined based on the composition of the asset portfolio, historical long-term rates of return, and estimates of future performance. The interest crediting rate is determined annually based on the U.S. 30-year Treasury rate with a floor of 2.65 percent. For measurement purposes, an 8 percent annual rate of increase in the per capita cost of covered health care benefits for pre-Medicare and post-Medicare retirees’ coverage is assumed for 2024. The pre-Medicare and post-Medicare rate is assumed to decrease to 5 percent for 2029 and remain steady thereafter. The Company’s funding policy is to make annual contributions of not less than the minimum required by applicable regulations. The Company expects to make contributions of $31.3 million during fiscal 2024, which represent benefit payments for unfunded plans. Benefits expected to be paid over the next ten fiscal years are as follows: In thousands Pension Benefits Post-retirement Benefits 2024 $ 85,068 $ 18,871 2025 87,841 18,430 2026 92,386 17,865 2027 95,000 17,262 2028 97,973 16,649 2029-2033 517,376 73,091 Plan assets for certain defined benefit pension plans are held in the Hormel Foods Corporation Master Trust (Master Trust). The investment strategy for the Master Trust attempts to minimize the long-term cost of pension benefits, reduce the volatility of pension expense, and achieve a healthy funded status for the plans. The Company establishes target allocations in consultation with outside advisors through the use of asset-liability modeling in an effort to match the duration of the plan assets with the duration of the Company’s projected benefit liability. The actual and target weighted-average asset allocations for the Company’s pension plan assets as of the plan measurement date are as follows: October 29, 2023 October 30, 2022 Asset Category Actual % Target Actual % Target Fixed Income 47.6 40 – 60 43.3 40 – 60 Global Stocks 31.2 20 – 55 36.9 20 – 55 Real Estate 8.0 0 – 10 8.6 0 – 10 Private Equity 6.7 0 – 15 7.1 0 – 10 Gold 2.4 0 – 5 — 0 – 0 Hedge Funds 2.1 0 – 10 2.1 0 – 10 Cash and Cash Equivalents 2.0 0 – 5 1.9 0 – 5 The following tables show the categories of defined benefit pension plan assets and the level under which fair values were determined pursuant to the provisions of ASC 820. Assets measured at fair value using the net asset value (NAV) per share practical expedient are not required to be classified in the fair value hierarchy. These amounts are provided to permit reconciliation to the total fair value of plan assets. Fair Value Measurements as of October 29, 2023 In thousands Total Quoted Prices Significant Other Significant Plan Assets in Fair Value Hierarchy Cash Equivalents (1) $ 23,643 $ 461 $ 23,182 $ — Private Equity (2) Domestic 31,383 — — 31,383 International 48,065 — — 48,065 Fixed Income (3) U.S. Government Issues 171,949 123,683 48,266 — Municipal Issues 9,884 — 9,884 — Corporate Issues – Domestic 226,202 — 226,202 — Corporate Issues – Foreign 36,133 — 36,133 — Plan Assets in Fair Value Hierarchy $ 547,258 $ 124,144 $ 343,667 $ 79,448 Plan Assets at Net Asset Value Real Estate – Domestic (4) $ 95,315 Global Stocks – Collective Investment Funds (5) 369,513 Global Stocks – Gold (6) 28,163 Hedge Funds (7) 24,965 Fixed Income – Hedge Funds (8) 64,613 Fixed Income – Collective Investment Funds (9) 55,845 Plan Assets at Net Asset Value $ 638,414 Total Plan Assets at Fair Value $ 1,185,672 Fair Value Measurements as of October 30, 2022 In thousands Total Quoted Prices Significant Other Significant Plan Assets in Fair Value Hierarchy Cash Equivalents (1) $ 23,162 $ — $ 23,162 $ — Private Equity (2) Domestic 37,032 — — 37,032 International 51,122 — — 51,122 Fixed Income (3) U.S. Government Issues 166,461 109,643 56,818 — Municipal Issues 10,541 — 10,541 — Corporate Issues – Domestic 244,044 — 244,044 — Corporate Issues – Foreign 41,759 — 41,759 — Plan Assets in Fair Value Hierarchy $ 574,121 $ 109,643 $ 376,324 $ 88,154 Plan Assets at Net Asset Value Real Estate – Domestic (4) $ 106,951 Global Stocks – Collective Investment Funds (5) 458,045 Hedge Funds (7) 26,273 Fixed Income – Hedge Funds (8) 62,025 Fixed Income – Collective Investment Funds (9) 12,785 Plan Assets at Net Asset Value $ 666,080 Total Plan Assets at Fair Value $ 1,240,200 The following is a description of the valuation methodologies used for instruments measured at fair value, including the general classification of such instruments: (1) Cash Equivalents: These Level 1 and Level 2 investments consist primarily of cash and highly liquid money market mutual funds traded in active markets in addition to highly liquid futures and T-bills with an observable daily settlement price. (2) Private Equity: These Level 3 investments consist of various collective investment funds, which are managed by a third party, invested in a well-diversified portfolio of equity investments from top performing, high quality firms focused on U.S. and foreign small to mid-markets, venture capitalists, and entrepreneurs with a concentration in areas of innovation. Investment strategies include buyouts, growth capital, buildups, and distressed, as well as early stages of company development mainly in the U.S. The fair value of these funds is based on the fair value of the underlying investments. (3) Fixed Income: The Level 1 investments include U.S. Treasury bonds and notes, which are valued at the closing price reported on the active market in which the individual securities are traded. The Level 2 investments consist principally of U.S. government securities, which are valued daily using institutional bond quote sources and mortgage-backed securities pricing sources, and municipal, domestic, and foreign securities, which are valued daily using institutional bond quote sources. (4) Real Estate – Domestic: These investments include ownership in open-ended real estate funds, which manage diversified portfolios of commercial properties within the office, residential, retail, and industrial property sectors. Investment strategies aim to acquire, own, hold, or dispose of investments with the goal of achieving current income and/or capital appreciation. The real estate investments are valued at the NAV of shares held by the Master Trust. Requests to redeem shares are granted on a quarterly basis with either 45 or 90 days advance notice, subject to availability of cash. (5) Global Stocks – Collective Investment Funds: These investments include commingled funds consisting of a mix of U.S. common stocks and foreign common stocks. The collective investment funds are valued at the NAV of shares held by the Master Trust. The investment strategy is to obtain long-term capital appreciation by focusing on companies generating above average earnings growth and are leading growth businesses in the marketplace. All funds are daily liquid with the exception of one that is available on the first business day of the month for subscriptions and withdrawals. (6) Global Stocks – Gold: This investment is a limited partnership consisting of physical gold, global mining industry common stocks, and to a limited extent, other precious metals. The limited partnership is valued at the NAV of shares held by the Master Trust. This fund allows for weekly subscriptions and monthly redemptions. (7) Hedge Funds: These investments are designed to provide diversification to an overall institutional portfolio and, in particular, provide protection against equity market downturns. They are comprised of Commodity Trading Advisor Managed Futures, Global Macro (Discretionary and/or Quant) and Long Volatility/Tail Risk Hedging strategies. The hedge funds are valued at the NAV of shares held by the Master Trust. Requests to redeem shares are granted daily, monthly or quarterly. (8) Fixed Income – Hedge Funds: These investments target absolute, risk-adjusted returns by taking advantage of price dislocations and inconsistencies within credit markets. Funds are comprised primarily of U.S. and European corporate credit and structured credit. The investments are valued at the NAV of shares held by the Master Trust. Requests to redeem shares are granted on a quarterly basis on the three year fund anniversary with a ninety day notice period. (9) Fixed Income – Collective Investment Funds: These investments include commingled funds consisting of a mix of U.S. government and investment grade corporate bonds. The collective investment funds are valued at NAV of the shares held by the Master Trust. The investment strategy is to achieve an investment return that approximates as closely to the Bloomberg Barclays U.S. Aggregate Bond Index over the long-term by investing in the securities that comprise the benchmark. There are no restrictions on redemptions. A reconciliation of the beginning and ending balance of the investments measured at fair value using significant unobservable inputs (Level 3) is as follows: In thousands October 29, 2023 October 30, 2022 Fair Value at Beginning of Year $ 88,154 $ 109,419 Purchases, Issuances, and Settlements (Net) (8,926) (29,188) Unrealized Gains (Losses) (1) (8,525) (18,027) Realized Gains 6,455 (604) Interest and Dividend Income 2,290 26,554 Fair Value at End of Year $ 79,448 $ 88,154 (1) Included in Accumulated Other Comprehensive Loss on the Consolidated Statements of Financial Position. During fiscal 2023, the value of the Level 3 investments ranged from $77.8 million to $88.2 million, with an average value of $81.2 million. The Company has commitments totaling $151.9 million for the investments within the pension plans. The unfunded commitment balance for each investment category is as follows: In thousands October 29, 2023 October 30, 2022 Domestic Equity $ 16,835 $ 2,146 International Equity 11,396 10,466 Unfunded Commitment Balance $ 28,231 $ 12,612 Funding for future capital calls will come from existing pension plan assets and not from additional cash contributions by the Company.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss	12 Months Ended
	Oct. 29, 2023
Equity [Abstract]
Accumulated Other Comprehensive Loss	Accumulated Other Comprehensive Loss Components of Accumulated Other Comprehensive Loss are as follows: In thousands Foreign Pension & Other Benefits Derivatives & Hedging Equity Method Investments Accumulated Balance at October 25, 2020 $ (64,161) $ (333,178) $ 2,089 $ — $ (395,250) Unrecognized Gains (Losses) Gross 12,980 72,623 75,084 — 160,687 Tax Effect — (17,715) (18,259) — (35,974) Reclassification into Net Earnings Gross — 22,597 (1) (31,443) (2) — (8,846) Tax Effect — (5,538) 7,652 — 2,114 Change Net of Tax 12,980 71,967 33,034 — 117,981 Balance at October 31, 2021 $ (51,181) $ (261,211) $ 35,123 $ — $ (277,269) Unrecognized Gains (Losses) Gross (38,612) 73,361 51,623 — 86,372 Tax Effect — (17,942) (12,384) — (30,326) Reclassification into Net Earnings Gross — 13,481 (1) (58,580) (2) — (45,099) Tax Effect — (3,312) 14,073 — 10,761 Change Net of Tax (38,612) 65,587 (5,267) — 21,708 Balance at October 30, 2022 $ (89,793) $ (195,624) $ 29,856 $ — $ (255,561) Unrecognized Gains (Losses) Gross 3,771 3,878 (49,226) 15,082 (26,495) Tax Effect — (880) 11,998 — 11,118 Reclassification into Net Earnings Gross — 11,439 (1) (2,213) (2) (8,235) (3) 991 Tax Effect — (2,806) 501 — (2,305) Change Net of Tax 3,771 11,632 (38,940) 6,847 (16,691) Balance at October 29, 2023 $ (86,022) $ (183,993) $ (9,084) $ 6,847 $ (272,252) (1) Included in computation of net periodic cost. See Note G - Pension and Other Post-Retirement Benefits for additional information. (2) Included in Cost of Products Sold and Interest Expense in the Consolidated Statements of Operations. See Note F - Derivatives and Hedging for additional information. (3) Included in Equity in Earnings of Affiliates in the Consolidated Statements of Operations.

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Oct. 29, 2023
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements The Company’s financial assets and liabilities carried at fair value on a recurring basis as of October 29, 2023 and October 30, 2022, and their level within the fair value hierarchy are presented in the table below. Fair Value Measurements at October 29, 2023 Total Fair Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) In thousands Assets at Fair Value Cash and Cash Equivalents (1) $ 736,532 $ 735,387 $ 1,145 $ — Short-term Marketable Securities (2) 16,664 2,499 14,164 — Other Trading Securities (3) 188,162 — 188,162 — Commodity Derivatives (4) 9,330 9,603 (273) — Total Assets at Fair Value $ 950,688 $ 747,489 $ 203,199 $ — Liabilities at Fair Value Deferred Compensation (3) $ 55,222 $ — $ 55,222 $ — Total Liabilities at Fair Value $ 55,222 $ — $ 55,222 $ — Fair Value Measurements at October 30, 2022 Total Fair Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) In thousands Assets at Fair Value Cash and Cash Equivalents (1) $ 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 percent of the U.S. 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 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. Securities held by the rabbi trust generated gains (losses) of $3.2 million, $(16.8) million, and $21.2 million for fiscal years 2023, 2022, and 2021, 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, on the Consolidated Statements of Financial Position. As of October 29, 2023, the Company has recognized the right to reclaim net cash collateral of $32.2 million from various counterparties (including cash of $42.6 million less $10.4 million of realized loss). As of October 30, 2022, the Company had recognized 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 the Consolidated Statements of Financial Position. The fair value of long-term debt, utilizing discounted cash flows (Level 2), was $2.7 billion as of October 29, 2023 and $2.7 billion as of October 30, 2022. See Note L - Long-Term Debt and Other Borrowing Arrangements for additional information. The Company measures certain nonfinancial assets and liabilities at fair value, which are recognized or disclosed on a nonrecurring basis (e.g., goodwill, intangible assets, and property, plant, and equipment). During fiscal year 2023, the Company recorded a $28.4 million impairment charge on the Justin's ® trade name and a $7.0 million impairment charge on a corporate venturing investment. See additional discussion in Note C - Goodwill and Intangible Assets and Note D - Investments in Affiliates. During fiscal years 2023, 2022, and 2021, there were no other material remeasurements of assets or liabilities at fair value on a nonrecurring basis subsequent to their initial recognition.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Oct. 29, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Purchase Commitments: To ensure a steady supply of hogs and turkeys and keep the cost of products stable, the Company has entered into contracts with producers for the purchase of hogs and turkeys at formula-based prices over periods up to 5 years and 9 years, respectively. The Company has also entered into grow-out contracts with independent farmers to raise turkeys for the Company for periods up to 25 years. Under these arrangements, the Company owns the livestock, feed, and other supplies while the independent farmers provide facilities and labor. In addition, the Company has contracted for the purchase of corn, soybean meal, feed ingredients, and other raw materials from independent suppliers for periods up to 2 years. As of October 29, 2023, the Company is committed to make purchases under these contracts, assuming current price levels, for future fiscal years: In thousands 2024 $ 1,228,731 2025 762,253 2026 415,489 2027 182,925 2028 114,843 Later Years 58,931 Total $ 2,763,172 Purchases under these contracts for fiscal years 2023, 2022, and 2021 were $1.4 billion, $1.2 billion, and $1.1 billion, respectively. Other Commitments and Guarantees: The Company has commitments of approximately $48.2 million related to infrastructure improvements supporting various manufacturing facilities and $62.0 million for a media advertising agreement as of October 29, 2023. As of October 29, 2023, the Company has $48.6 million of standby letters of credit issued on its behalf. The standby letters of credit are primarily related to the Company’s self-insured workers compensation programs. This amount includes revocable standby letters of credit totaling $2.7 million for obligations of an affiliated party that may arise under workers compensation claims. Letters of credit are not reflected on the Consolidated Statements of Financial Position. Legal Proceedings: The Company is a party to various legal proceedings related to the ongoing operation of its business, including claims both by and against the Company. At any time, such proceedings typically involve claims related to product liability, labeling, contracts, antitrust regulations, intellectual property, competition laws, employment practices, or other actions brought by employees, customers, consumers, competitors, or suppliers. The Company establishes accruals for its potential exposure, as appropriate, for claims against the Company when losses become probable and reasonably estimable. However, future developments or settlements are uncertain and may require the Company to change such accruals as proceedings progress. Resolution of any currently known matter, either individually or in the aggregate, is not expected to have a material effect on the Company’s financial condition, results of operations, or liquidity. Pork Antitrust Litigation Beginning in June 2018, a series of putative class action complaints were filed against the Company, as well as several other pork-processing companies and a benchmarking service called Agri Stats in the United States District Court for the District of Minnesota styled In re Pork Antitrust Litigation (the Pork Antitrust Civil Litigation). The plaintiffs allege, among other things, that beginning in January 2009, the defendants conspired and combined to fix, raise, maintain, and stabilize the price of pork and pork products—including through the use of Agri Stats—in violation of federal antitrust laws. The complaints on behalf of the putative classes of indirect purchasers also include causes of action under various state unfair competition laws, consumer protection laws, and unjust enrichment common laws. The plaintiffs seek treble damages, injunctive relief, pre-and post-judgment interest, costs, and attorneys’ fees. Since the original filing, certain direct-action plaintiffs have opted out of class treatment and are proceeding with individual direct actions making similar claims, and others may do so in the future. The Company has not recorded any liability for these matters as it does not believe a loss is probable, and it cannot reasonably estimate any reasonably possible loss as the Company believes that it has valid and meritorious defenses against the allegations. The Offices of the Attorney General in New Mexico and Alaska have filed complaints against the Company and certain of its pork subsidiaries, as well as several other pork processing companies and Agri Stats. The complaints are based on allegations similar to those asserted in the Pork Antitrust Civil Litigation and allege violations of state antitrust, unfair trade practice, and unjust enrichment laws based on allegations of conspiracies to exchange information and manipulate the supply of pork. The Company has not recorded any liability for these matters as it does not believe a loss is probable, and it cannot reasonably estimate any reasonably possible loss as the Company believes that it has valid and meritorious defenses against the allegations. Turkey Antitrust Litigation Beginning in December 2019, a series of putative class action complaints were filed against the Company, as well as several other turkey-processing companies and a benchmarking service called Agri Stats, in the U.S. District Court for the Northern District of Illinois styled In re Turkey Antitrust Litigation . The plaintiffs allege, among other things, that from at least 2010 to 2017, the defendants conspired and combined to fix, raise, maintain, and stabilize the price of turkey products—including through the use of Agri Stats—in violation of federal antitrust laws. The complaints on behalf of the putative classes of indirect purchasers also include causes of action under various state unfair competition laws, consumer protection laws, and unjust enrichment common laws. The plaintiffs seek treble damages, injunctive relief, pre-and post-judgment interest, costs, and attorneys’ fees. Since the original filing, certain direct-action plaintiffs have opted out of class treatment and are proceeding with individual direct actions making similar claims, and others may do so in the future. The Company has not recorded any liability for these matters as it does not believe a loss is probable, and it cannot reasonably estimate any reasonably possible loss as the Company believes that it has valid and meritorious defenses against the allegations. Poultry Wages Antitrust Litigation In December 2019, a putative class of non-supervisory production and maintenance employees at poultry-processing plants in the continental United States filed an amended consolidated class action complaint against the Company and various other poultry processing companies in the United States District Court for the District of Maryland styled Jien, et al. v. Perdue Farms, Inc., et al . The plaintiffs allege that since 2009, the defendants directly and through a wage survey and benchmarking service exchanged information regarding compensation in an effort to depress and fix wages and benefits for employees at poultry-processing plants, feed mills, and hatcheries in violation of federal antitrust laws. The plaintiffs seek, among other things, treble monetary damages, punitive damages, restitution, and pre-and post-judgment interest, as well as declaratory and injunctive relief. In July 2022, the Court partially granted the Company’s motion to dismiss, and dismissed plaintiffs’ per se wage-fixing claim as to the Company. The Company has not recorded any liability for this matter as it does not believe a loss is probable, and it cannot reasonably estimate any reasonably possible loss as the Company believes that it has valid and meritorious defenses against the allegations. Red Meat Wages Antitrust Litigation In November 2022, a putative class of non-supervisory production and maintenance employees at “red meat” processing plants in the continental United States filed a class action complaint against the Company and various other beef- and pork-processing companies in the United States District Court for the District of Colorado styled Brown, et al. v. JBS USA Food Co., et al . The plaintiffs allege that since 2014, the defendants directly and through a wage survey and benchmarking service exchanged information regarding compensation in an effort to depress and fix wages and benefits for employees at beef- and pork-processing plants in violation of federal antitrust laws. The plaintiffs seek, among other things, treble monetary damages, punitive damages, restitution, and pre-and post-judgment interest, as well as declaratory and injunctive relief. The Company has not recorded any liability for this matter as it does not believe a loss is probable, and it cannot reasonably estimate any reasonably possible loss as the Company believes that it has valid and meritorious defenses against the allegations.

Leases

Leases	12 Months Ended
	Oct. 29, 2023
Leases [Abstract]
Leases	Leases The Company has operating leases for manufacturing facilities, office space, warehouses, transportation equipment, as well as miscellaneous real estate and equipment contracts. Finance leases primarily include turkey growing facilities and an aircraft. The Company's lessor portfolio consists primarily of immaterial operating leases of farmland to third parties. Lease information included on the Consolidated Statements of Financial Position are: In thousands Location on Consolidated Statements of October 29, 2023 October 30, 2022 Right-of-Use Assets Operating Other Assets $ 131,920 $ 73,613 Finance Net Property, Plant, and Equipment 37,999 45,563 Total Right-of-Use Assets $ 169,919 $ 119,176 Liabilities Current Operating Accrued Expenses $ 26,238 $ 21,183 Finance Current Maturities of Long-term Debt 8,597 8,391 Noncurrent Operating Other Long-term Liabilities 109,237 55,571 Finance Long-term Debt Less Current Maturities 27,488 36,082 Total Lease Liabilities $ 171,560 $ 121,227 Lease expenses are: Fiscal Year Ended In thousands October 29, 2023 October 30, 2022 October 31, 2021 Operating Lease Cost (1) $ 34,209 $ 25,702 $ 21,993 Finance Lease Cost Amortization of Right-of-Use Assets 7,594 7,965 8,104 Interest on Lease Liabilities 1,361 1,707 2,019 Variable Lease Cost (2) 511,906 463,439 544,635 Net Lease Cost $ 555,070 $ 498,813 $ 576,751 (1) Includes short-term lease costs, which are immaterial. (2) ASC 842 - Leases requires disclosure of payments related to agreements with an embedded lease that are not otherwise reflected on the balance sheet. The Company's variable lease costs primarily include inventory related expenses, such as materials, labor, and overhead from manufacturing and service agreements that contain embedded leases. Variability of these costs is determined based on usage or output and may vary for other reasons such as changes in material prices. The weighted-average remaining lease term and discount rate for lease liabilities included on the Consolidated Statements of Financial Position are: October 29, 2023 October 30, 2022 Weighted-average Remaining Lease Term Operating Leases 6.0 years 5.3 years Finance Leases 5.3 years 6.3 years Weighted-average Discount Rate Operating Leases 4.43 % 2.08 % Finance Leases 3.37 % 3.44 % Supplemental cash flow and other information related to leases for the fiscal year ended are: In thousands October 29, 2023 October 30, 2022 October 31, 2021 Cash Paid for Amounts Included in the Measurement of Lease Liabilities Operating Cash Flows from Operating Leases $ 29,436 $ 24,098 $ 20,305 Operating Cash Flows from Finance Leases 1,361 1,707 2,019 Financing Cash Flows from Finance Leases 8,407 8,491 8,598 Right-of-Use Assets obtained in exchange for new finance lease liabilities 19 — — Right-of-Use Assets obtained in exchange for new operating lease liabilities 84,087 19,646 31,962 The maturity of the Company's lease liabilities as of October 29, 2023, are: In thousands Operating Leases Finance Leases (1) Total (2) 2024 $ 31,718 $ 9,637 $ 41,355 2025 29,050 8,101 37,152 2026 26,066 5,666 31,732 2027 19,769 4,314 24,083 2028 12,873 10,542 23,414 2029 and beyond 35,608 685 36,293 Total Lease Payments $ 155,084 $ 38,944 $ 194,028 Less: Imputed Interest 19,609 2,859 22,468 Present Value of Lease Liabilities $ 135,475 $ 36,085 $ 171,560 (1) Over the life of the lease contracts, finance lease payments include $8.1 million related to purchase options which are reasonably certain of being exercised.
Leases	Leases The Company has operating leases for manufacturing facilities, office space, warehouses, transportation equipment, as well as miscellaneous real estate and equipment contracts. Finance leases primarily include turkey growing facilities and an aircraft. The Company's lessor portfolio consists primarily of immaterial operating leases of farmland to third parties. Lease information included on the Consolidated Statements of Financial Position are: In thousands Location on Consolidated Statements of October 29, 2023 October 30, 2022 Right-of-Use Assets Operating Other Assets $ 131,920 $ 73,613 Finance Net Property, Plant, and Equipment 37,999 45,563 Total Right-of-Use Assets $ 169,919 $ 119,176 Liabilities Current Operating Accrued Expenses $ 26,238 $ 21,183 Finance Current Maturities of Long-term Debt 8,597 8,391 Noncurrent Operating Other Long-term Liabilities 109,237 55,571 Finance Long-term Debt Less Current Maturities 27,488 36,082 Total Lease Liabilities $ 171,560 $ 121,227 Lease expenses are: Fiscal Year Ended In thousands October 29, 2023 October 30, 2022 October 31, 2021 Operating Lease Cost (1) $ 34,209 $ 25,702 $ 21,993 Finance Lease Cost Amortization of Right-of-Use Assets 7,594 7,965 8,104 Interest on Lease Liabilities 1,361 1,707 2,019 Variable Lease Cost (2) 511,906 463,439 544,635 Net Lease Cost $ 555,070 $ 498,813 $ 576,751 (1) Includes short-term lease costs, which are immaterial. (2) ASC 842 - Leases requires disclosure of payments related to agreements with an embedded lease that are not otherwise reflected on the balance sheet. The Company's variable lease costs primarily include inventory related expenses, such as materials, labor, and overhead from manufacturing and service agreements that contain embedded leases. Variability of these costs is determined based on usage or output and may vary for other reasons such as changes in material prices. The weighted-average remaining lease term and discount rate for lease liabilities included on the Consolidated Statements of Financial Position are: October 29, 2023 October 30, 2022 Weighted-average Remaining Lease Term Operating Leases 6.0 years 5.3 years Finance Leases 5.3 years 6.3 years Weighted-average Discount Rate Operating Leases 4.43 % 2.08 % Finance Leases 3.37 % 3.44 % Supplemental cash flow and other information related to leases for the fiscal year ended are: In thousands October 29, 2023 October 30, 2022 October 31, 2021 Cash Paid for Amounts Included in the Measurement of Lease Liabilities Operating Cash Flows from Operating Leases $ 29,436 $ 24,098 $ 20,305 Operating Cash Flows from Finance Leases 1,361 1,707 2,019 Financing Cash Flows from Finance Leases 8,407 8,491 8,598 Right-of-Use Assets obtained in exchange for new finance lease liabilities 19 — — Right-of-Use Assets obtained in exchange for new operating lease liabilities 84,087 19,646 31,962 The maturity of the Company's lease liabilities as of October 29, 2023, are: In thousands Operating Leases Finance Leases (1) Total (2) 2024 $ 31,718 $ 9,637 $ 41,355 2025 29,050 8,101 37,152 2026 26,066 5,666 31,732 2027 19,769 4,314 24,083 2028 12,873 10,542 23,414 2029 and beyond 35,608 685 36,293 Total Lease Payments $ 155,084 $ 38,944 $ 194,028 Less: Imputed Interest 19,609 2,859 22,468 Present Value of Lease Liabilities $ 135,475 $ 36,085 $ 171,560 (1) Over the life of the lease contracts, finance lease payments include $8.1 million related to purchase options which are reasonably certain of being exercised.
Leases	Leases The Company has operating leases for manufacturing facilities, office space, warehouses, transportation equipment, as well as miscellaneous real estate and equipment contracts. Finance leases primarily include turkey growing facilities and an aircraft. The Company's lessor portfolio consists primarily of immaterial operating leases of farmland to third parties. Lease information included on the Consolidated Statements of Financial Position are: In thousands Location on Consolidated Statements of October 29, 2023 October 30, 2022 Right-of-Use Assets Operating Other Assets $ 131,920 $ 73,613 Finance Net Property, Plant, and Equipment 37,999 45,563 Total Right-of-Use Assets $ 169,919 $ 119,176 Liabilities Current Operating Accrued Expenses $ 26,238 $ 21,183 Finance Current Maturities of Long-term Debt 8,597 8,391 Noncurrent Operating Other Long-term Liabilities 109,237 55,571 Finance Long-term Debt Less Current Maturities 27,488 36,082 Total Lease Liabilities $ 171,560 $ 121,227 Lease expenses are: Fiscal Year Ended In thousands October 29, 2023 October 30, 2022 October 31, 2021 Operating Lease Cost (1) $ 34,209 $ 25,702 $ 21,993 Finance Lease Cost Amortization of Right-of-Use Assets 7,594 7,965 8,104 Interest on Lease Liabilities 1,361 1,707 2,019 Variable Lease Cost (2) 511,906 463,439 544,635 Net Lease Cost $ 555,070 $ 498,813 $ 576,751 (1) Includes short-term lease costs, which are immaterial. (2) ASC 842 - Leases requires disclosure of payments related to agreements with an embedded lease that are not otherwise reflected on the balance sheet. The Company's variable lease costs primarily include inventory related expenses, such as materials, labor, and overhead from manufacturing and service agreements that contain embedded leases. Variability of these costs is determined based on usage or output and may vary for other reasons such as changes in material prices. The weighted-average remaining lease term and discount rate for lease liabilities included on the Consolidated Statements of Financial Position are: October 29, 2023 October 30, 2022 Weighted-average Remaining Lease Term Operating Leases 6.0 years 5.3 years Finance Leases 5.3 years 6.3 years Weighted-average Discount Rate Operating Leases 4.43 % 2.08 % Finance Leases 3.37 % 3.44 % Supplemental cash flow and other information related to leases for the fiscal year ended are: In thousands October 29, 2023 October 30, 2022 October 31, 2021 Cash Paid for Amounts Included in the Measurement of Lease Liabilities Operating Cash Flows from Operating Leases $ 29,436 $ 24,098 $ 20,305 Operating Cash Flows from Finance Leases 1,361 1,707 2,019 Financing Cash Flows from Finance Leases 8,407 8,491 8,598 Right-of-Use Assets obtained in exchange for new finance lease liabilities 19 — — Right-of-Use Assets obtained in exchange for new operating lease liabilities 84,087 19,646 31,962 The maturity of the Company's lease liabilities as of October 29, 2023, are: In thousands Operating Leases Finance Leases (1) Total (2) 2024 $ 31,718 $ 9,637 $ 41,355 2025 29,050 8,101 37,152 2026 26,066 5,666 31,732 2027 19,769 4,314 24,083 2028 12,873 10,542 23,414 2029 and beyond 35,608 685 36,293 Total Lease Payments $ 155,084 $ 38,944 $ 194,028 Less: Imputed Interest 19,609 2,859 22,468 Present Value of Lease Liabilities $ 135,475 $ 36,085 $ 171,560 (1) Over the life of the lease contracts, finance lease payments include $8.1 million related to purchase options which are reasonably certain of being exercised.

Long-term Debt and Other Borrow

Long-term Debt and Other Borrowing Arrangements	12 Months Ended
	Oct. 29, 2023
Debt Disclosure [Abstract]
Long-term Debt and Other Borrowing Arrangements	Long-term Debt and Other Borrowing Arrangements Long-term Debt consists of: In thousands October 29, 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 (7,016) (7,750) Unamortized Debt Issuance Costs (16,278) (19,856) Interest Rate Swap Liabilities (1) (7,451) (19,950) Finance Lease Liabilities (2) 36,085 44,473 Other Financing Arrangements 3,908 2,429 Total $ 3,309,247 $ 3,299,345 Less: Current Maturities of Long-term Debt 950,529 8,796 Long-term Debt Less Current Maturities $ 2,358,719 $ 3,290,549 (1) See Note F - Derivatives and Hedging for additional information. (2) See Note K - Leases 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 (2024 Notes), $750.0 million aggregate principal amount of its 1.700% notes due 2028 (2028 Notes), and $600.0 million aggregate principal amount of its 3.050% notes due 2051 (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 F - 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 Statement of Financial Position. On June 11, 2020, the Company issued senior notes in an aggregate principal amount of $1.0 billion due 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 U.S. 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 October 29, 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 October 29, 2023, the Company was in compliance with all covenants. Interest Payments: Total interest paid in the last three fiscal years is as follows: In millions 2023 $ 57.1 2022 57.0 2021 25.1

Stock-Based Compensation

Stock-Based Compensation	12 Months Ended
	Oct. 29, 2023
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	Stock-Based Compensation The Company issues stock options, restricted stock units, restricted shares, and deferred stock units as part of its stock incentive plans for employees and nonemployee directors. Stock-based compensation expense for fiscal years 2023, 2022, and 2021, was $24.1 million, $24.9 million, and $24.7 million, respectively. The Company recognizes stock-based compensation expense ratably over the shorter of the vesting period or the individual's retirement eligibility date. As of October 29, 2023, there was $16.2 million of total unrecognized compensation expense from stock-based compensation arrangements granted under the plans. This compensation is expected to be recognized over a weighted-average period of approximately 1.6 years. During fiscal years 2023, 2022, and 2021, cash received from stock option exercises was $12.0 million, $79.8 million, and $45.9 million, respectively. Shares issued for option exercises, restricted stock units, restricted shares, and deferred stock units may be either authorized but unissued shares or shares of treasury stock. The number of shares available for future grants was 10.1 million at October 29, 2023, 11.1 million at October 30, 2022, and 12.5 million at October 31, 2021. Stock Options: The Company’s policy is to grant options with the exercise price equal to the market price of the common stock on the date of grant. Options typically vest over four years and expire ten years after the date of the grant. A reconciliation of the number of options outstanding and exercisable as of October 29, 2023, is: Shares Weighted-average Exercise Price Weighted-average Remaining Contractual Term (Years) Aggregate Stock Options Outstanding at October 30, 2022 16,130 $ 36.85 Granted 1,002 46.46 Exercised (518) 29.24 Forfeited (147) 41.51 Expired (84) 42.55 Stock Options Outstanding at October 29, 2023 16,384 $ 37.61 4.3 $ 18,845 Stock Options Exercisable at October 29, 2023 13,611 $ 36.00 3.5 $ 18,845 The weighted-average grant date fair value of stock options granted and the total intrinsic value of options exercised are: Fiscal Year Ended October 29, October 30, October 31, In thousands, except per share amounts 2023 2022 2021 Weighted-average Grant Date Fair Value $ 10.06 $ 7.09 $ 7.52 Intrinsic Value of Exercised Options 6,350 109,745 94,108 The fair value of each option award is calculated on the date of grant using the Black-Scholes valuation model utilizing the following weighted-average assumptions: Fiscal Year Ended October 29, October 30, October 31, 2023 2022 2021 Risk-free Interest Rate 3.5 % 1.6 % 1.0 % Dividend Yield 2.4 % 2.4 % 2.1 % Stock Price Volatility 21.1 % 20.4 % 20.0 % Expected Option Life 7.4 years 7.5 years 7.4 years As part of the annual valuation process, the Company reassesses the appropriateness of the inputs used in the valuation models. The Company establishes the risk-free interest rate using U.S. Treasury yields as of the grant date. The dividend yield is based on the dividend rate approved by the Company’s Board of Directors and the stock price on the grant date. The expected volatility assumption is based on historical volatility. The expected life assumption is based on an analysis of past exercise behavior by option holders. In performing the valuations for option grants, the Company has not stratified option holders as exercise behavior has historically been consistent across all employees. Restricted Stock Units: Restricted stock units are valued equal to the market price of the common stock on the date of the grant and generally vest after three years. These awards accumulate dividend equivalents, which are provided as additional units and are subject to the same vesting requirements as the underlying grant. A reconciliation of the restricted stock units as of October 29, 2023, is: Shares Weighted- average Grant Date Fair Value Weighted-average Remaining Contractual Term (Years) Aggregate Restricted Stock Units Outstanding at October 30, 2022 681 $ 45.53 Granted 237 45.96 Dividend Equivalents 18 41.44 Vested (185) 45.88 Forfeited (28) 45.64 Restricted Stock Units Outstanding at October 29, 2023 723 $ 45.59 1.3 $ 22,692 The weighted-average grant date fair value of restricted stock units granted, the total fair value of restricted stock units granted, and the fair value of restricted stock units that have vested are: Fiscal Year Ended October 29, October 30, October 31, In thousands, except per share amounts 2023 2022 2021 Weighted-average Grant Date Fair Value $ 45.96 $ 44.14 $ 47.52 Fair Value of Restricted Stock Units Granted 10,889 15,980 10,699 Fair Value of Restricted Stock Units Vested 8,466 1,893 1,460 Restricted Shares : Restricted shares awarded to nonemployee directors annually on February 1 are subject to a restricted period which expires the date of the Company’s next annual stockholders meeting. Newly elected directors receive a prorated award of restricted shares of the Company's common stock, which expires on the date of the Company's second succeeding annual stockholders meeting. A reconciliation of the restricted shares as of October 29, 2023, is: Shares Weighted- average Grant Date Fair Value Restricted Shares Outstanding at October 30, 2022 37 $ 47.11 Granted 44 44.14 Vested (37) 47.11 Restricted Shares Outstanding at October 29, 2023 44 $ 44.14 The weighted-average grant date fair value of restricted shares granted, the total fair value of restricted shares granted, and the fair value of shares that have vested are: Fiscal Year Ended October 29, October 30, October 31, In thousands, except per share amounts 2023 2022 2021 Weighted-average Grant Date Fair Value $ 44.14 $ 47.11 $ 46.92 Fair Value of Restricted Shares Granted 1,920 1,760 1,760 Fair Value of Restricted Shares Vested 1,760 1,760 2,133 Deferred Stock Units : Nonemployee directors can elect to receive all or a portion of their annual retainer in the form of non-forfeitable deferred stock units which vest immediately. The deferred stock units accumulate dividend equivalents, which are provided as additional units. Each deferred stock unit represents the right to receive one share of the Company’s common stock following the completion of the director’s service. During fiscal 2023, the Company granted 17.5 thousand units, credited dividend equivalents of 2.7 thousand units and distributed 6.9 thousand units, which had a weighted-average fair value on the grant date of $38.93, $42.70, and $17.26 per share, respectively. As of October 29, 2023, 118.2 thousand units were outstanding, which had a weighted-average fair value on the grant date of $37.84 per share and an aggregate intrinsic fair value of $3.7 million.

Income Taxes

Income Taxes	12 Months Ended
	Oct. 29, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The components of the Provision for Income Taxes are as follows: Fiscal Year Ended In thousands October 29, 2023 October 30, 2022 October 31, 2021 Current U.S. Federal $ 161,016 $ 67,638 $ 171,732 State 20,166 20,054 7,541 Foreign 7,576 13,185 9,079 Total Current 188,758 100,877 188,352 Deferred U.S. Federal 23,221 164,091 23,507 State 8,602 13,638 2,220 Foreign (29) (729) 2,950 Total Deferred 31,794 177,000 28,677 Total Provision for Income Taxes $ 220,552 $ 277,877 $ 217,029 The Company has elected to treat global intangible low-taxed income (GILTI) as a period cost. Deferred Income Taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the deferred income tax liabilities and assets are as follows: In thousands October 29, 2023 October 30, 2022 Deferred Tax Liabilities Goodwill and Intangible Assets $ (477,282) $ (404,295) Tax over Book Depreciation and Basis Differences (233,802) (246,411) Other, net (33,105) (21,467) Deferred Tax Assets Pension and Other Post-retirement Benefits 42,952 42,794 Employee Compensation Related Liabilities 65,958 65,461 Marketing and Promotional Accruals 16,972 29,045 Inventory 46,856 10,368 Other, net 75,562 51,966 Net Deferred Tax (Liabilities) Assets $ (495,889) $ (472,539) Reconciliation of the statutory federal income tax rate to the Company’s effective tax rate is as follows: Fiscal Year Ended October 29, 2023 October 30, 2022 October 31, 2021 U.S. Statutory Rate 21.0 % 21.0 % 21.0 % State Taxes on Income, Net of Federal Tax Benefit 2.5 2.4 0.8 Stock-based Compensation (0.1) (1.5) (1.6) Foreign-derived Intangible Income Deduction (1.3) (0.4) (0.4) All Other, net (0.3) 0.2 (0.5) Effective Tax Rate 21.8 % 21.7 % 19.3 % As of October 29, 2023, the Company had $299.3 million of undistributed earnings from non-U.S. subsidiaries. The Company maintains all earnings as permanently reinvested. Accordingly, no additional income taxes have been provided for withholding tax, state tax, or other taxes. Total income taxes paid during fiscal years 2023, 2022, and 2021 were $205.0 million, $93.1 million, and $167.0 million, respectively. The following table sets forth changes in the unrecognized tax benefits, excluding interest and penalties, for fiscal years 2023 and 2022. In thousands Balance as of October 31, 2021 $ 22,092 Tax Positions Related to the Current Period Increases 3,618 Tax Positions Related to Prior Periods Increases 1,890 Decreases (1,789) Settlements (2,509) Decreases Related to a Lapse of Applicable Statute of Limitations (3,782) Balance as of October 30, 2022 $ 19,520 Tax Positions Related to the Current Period Increases 3,876 Tax Positions Related to Prior Periods Increases 2,131 Decreases (1,708) Settlements (811) Decreases Related to a Lapse of Applicable Statute of Limitations (3,881) Balance as of October 29, 2023 $ 19,127 Unrecognized tax benefits, including interest and penalties, are recorded in Other Long-term Liabilities. If recognized as of October 29, 2023 and October 30, 2022, $17.0 million, and $17.2 million, respectively, would impact the Company’s effective tax rate. The Company includes accrued interest and penalties related to uncertain tax positions in Provision for Income Taxes, with immaterial losses included during fiscal 2023, 2022 and 2021. The amount of accrued interest and penalties at October 29, 2023 and October 30, 2022, associated with unrecognized tax benefits was $2.4 million and $2.3 million, respectively. The Company is regularly audited by federal and state taxing authorities. The IRS concluded its examination of fiscal 2021 in the second quarter of fiscal 2023. 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	12 Months Ended
	Oct. 29, 2023
Earnings Per Share [Abstract]
Earnings Per Share Data	Earnings Per Share Data The reported net earnings attributable to the Company were used when computing basic and diluted earnings per share. Diluted earnings per share was calculated using the treasury stock method. The following table sets forth the shares used as the denominator for those computations. Fiscal Year Ended In thousands October 29, 2023 October 30, 2022 October 31, 2021 Basic Weighted-Average Shares Outstanding 546,421 544,918 541,114 Dilutive Potential Common Shares 2,562 4,648 6,466 Diluted Weighted-Average Shares Outstanding 548,982 549,566 547,580 Antidilutive Potential Common Shares 6,834 1,915 2,839

Segment Reporting

Segment Reporting	12 Months Ended
	Oct. 29, 2023
Segment Reporting [Abstract]
Segment Reporting	Segment Reporting The Company develops, processes, and distributes a wide array of food products in a variety of markets. As described 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 are 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, equity method investments, and royalty arrangements. 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. 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 corporate venturing investments and 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 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. In thousands Fiscal Year Ended October 29, 2023 October 30, 2022 October 31, 2021 Net Sales Retail $ 7,749,039 $ 7,987,598 $ 7,418,079 Foodservice 3,639,492 3,691,408 3,130,174 International 721,479 779,799 837,936 Total Net Sales $ 12,110,010 $ 12,458,806 $ 11,386,189 Segment Profit Retail $ 577,690 $ 721,832 $ 690,127 Foodservice 595,682 547,686 431,992 International 55,234 107,642 116,585 Total Segment Profit $ 1,228,606 $ 1,377,161 $ 1,238,704 Net Unallocated Expense 214,482 99,297 112,836 Noncontrolling Interest (653) 239 301 Earnings Before Income Taxes $ 1,013,472 $ 1,278,103 $ 1,126,170 Depreciation and Amortization Retail $ 145,690 $ 135,824 $ 124,627 Foodservice 74,370 69,577 53,954 International 15,627 16,072 16,482 Corporate 17,623 14,413 14,246 Total Depreciation and Amortization $ 253,311 $ 235,885 $ 209,309 The Company’s products primarily consist of meat and other food products. Total revenue contributed by classes of similar products are: Fiscal Year Ended In thousands October 29, 2023 October 30, 2022 October 31, 2021 Perishable $ 8,511,795 $ 8,737,486 $ 8,437,851 Shelf-stable 3,598,215 3,721,320 2,948,338 Total Net Sales $ 12,110,010 $ 12,458,806 $ 11,386,189 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. Revenues from external customers are classified as domestic or foreign based on the location where title passes. No individual foreign country is material to the consolidated results. Additionally, the Company’s long-lived assets located in foreign countries are not significant. Total net sales attributed to the U.S. and all foreign countries in total are: Fiscal Year Ended In thousands October 29, 2023 October 30, 2022 October 31, 2021 U.S. $ 11,515,094 $ 11,776,883 $ 10,653,088 Foreign 594,915 681,923 733,101 Total Net Sales $ 12,110,010 $ 12,458,806 $ 11,386,189 In fiscal 2023, sales to Walmart Inc. (Walmart) represented $2.0 billion or 15.5% of the Company’s consolidated gross sales less returns and allowances compared to $2.1 billion or 15.6% in fiscal 2022. Walmart is a customer for the Company's Retail and International segments.

SCHEDULE II - VALUATION AND QUA

SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS AND RESERVES	12 Months Ended
	Oct. 29, 2023
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS AND RESERVES	SCHEDULE II – VALUATION AND QUALIFYING ACCOUNTS AND RESERVES In thousands Additions/(Benefits) Classification Balance at Charged to Cost and Expenses Charged to Other Accounts (Describe) Deductions (Describe) Balance at Valuation reserve deduction from assets account: Fiscal year ended October 29, 2023 Allowance for doubtful accounts receivable $ 3,507 $ 289 $ — $ 275 (1) $ 3,557 (36) (2) Fiscal year ended October 30, 2022 Allowance for doubtful accounts receivable $ 4,033 $ (646) $ — $ 31 (1) $ 3,507 (151) (2) Fiscal year ended October 31, 2021 Allowance for doubtful accounts receivable $ 4,012 $ 146 $ (12) (3) $ 138 (1) $ 4,033 (25) (2) (1) Uncollectible accounts written off. (2) Recoveries on accounts previously written off. (3) Consolidation of the Sadler's reserve.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
	Oct. 29, 2023	Oct. 30, 2022	Oct. 31, 2021
Pay vs Performance Disclosure
Net Earnings Attributable to Hormel Foods Corporation	$ 793,572	$ 999,987	$ 908,839

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Oct. 29, 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)	12 Months Ended
	Oct. 29, 2023
Accounting Policies [Abstract]
Principles of Consolidation	Principles of Consolidation: The Consolidated Financial Statements include the accounts of Hormel Foods Corporation (the Company) and all its majority-owned subsidiaries after elimination of intercompany accounts, transactions, and profits.
Use of Estimates	Use of Estimates: The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.
Fiscal Year	Fiscal Year: The Company’s fiscal year ends on the last Sunday in October. Fiscal years 2023 and 2022 consisted of 52 weeks. Fiscal year 2021 consisted of 53 weeks. Fiscal year 2024 will consist of 52 weeks.
Cash and Cash Equivalents	Cash and Cash Equivalents: The Company considers all investments with an original maturity of three months or less on their acquisition date to be cash equivalents. The Company’s cash equivalents as of October 29, 2023 and October 30, 2022, consisted primarily of bank deposits, money market funds rated AAA, or other highly liquid investment accounts. The Net Asset Value (NAV) of the Company’s money market funds is based on the market value of the securities in the portfolio.
Fair Value Measurements	Fair Value Measurements: Pursuant to the provisions of Accounting Standards Codification (ASC) 820, Fair Value Measurements and Disclosures , the Company measures certain assets and liabilities at fair value or discloses the fair value of certain assets and liabilities recorded at cost in the Consolidated Financial Statements. Fair value is calculated as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). ASC 820 establishes a fair value hierarchy which requires assets and liabilities measured at fair value to be categorized into one of three levels based on the inputs used in the valuation. The Company classifies assets and liabilities in their entirety based on the lowest level of input significant to the fair value measurement. The three levels are defined as follows: Level 1: Observable inputs based on quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2: Observable inputs, other than those included in Level 1, based on quoted prices for similar assets and liabilities in active markets, or quoted prices for identical assets and liabilities in inactive markets. Level 3: Unobservable inputs that reflect an entity’s own assumptions about what inputs a market participant would use in pricing the asset or liability based on the best information available in the circumstances.
Compensation	Compensation: The Company maintains a rabbi trust to fund certain supplemental executive retirement plans and deferred compensation plans. Under the plans, participants can defer certain types of compensation and elect to receive a return on the deferred amounts based on the changes in fair value of various investment options, primarily a variety of mutual funds. The Company has corporate-owned life insurance policies on certain participants in the deferred compensation plans. The cash surrender value of the policies is included in Other Assets on the Consolidated Statements of Financial Position. The securities held by the trust are classified as trading securities. Therefore, unrealized gains and losses associated with these investments
Inventories	Inventories: Inventories are stated at the lower of cost or net realizable value. Cost is determined principally under the average cost method. Adjustments to the Company’s lower of cost or net realizable value inventory reserve are reflected in Cost of Products Sold in the Consolidated Statements of Operations.
Property, Plant and Equipment	Property, Plant, and Equipment: Property, Plant, and Equipment are stated at cost. The Company uses the straight-line method in computing depreciation. The annual provisions for depreciation have been computed principally using the following ranges of asset lives: buildings 20 to 40 years, and equipment 3 to 14 years.
Leases, Lessee	Leases: The Company determines if an arrangement contains a lease at inception. Right-of-use assets and lease liabilities are recognized based on the present value of future minimum lease payments over the lease term at the commencement date. Leases with an initial term of twelve months or less are not recorded on the Consolidated Statements of Financial Position. The Company combines lease and non-lease components together in determining the minimum lease payments for all leases. The length of the lease term used in recording right-of-use assets and lease liabilities is based on the contractually required lease term adjusted for any options to renew, early terminate, or purchase the lease that are reasonably certain of being exercised. Most leases include one or more options to renew or terminate. The exercise of lease renewal and termination options is at the Company’s discretion and generally is not reasonably certain at lease commencement. The Company’s lease agreements typically do not contain material residual value guarantees. The Company has one lease with an immaterial residual value guarantee that is included in the minimum lease payments. Certain lease agreements include rental payment increases over the lease term that can be fixed or variable. Fixed payment increases and variable payment increases based on an index or rate are included in the initial lease liability using the index or rate at commencement date. Variable payment increases not based on an index or rate are recognized as incurred. If the rate implicit in the lease is not readily determinable, the Company used its periodic incremental borrowing rate, based on the information available at commencement date, to determine the present value of future lease payments. Leases and right-of-use assets that existed prior to the adoption of Accounting Standards Update 2016-02, Leases (Topic 842) were valued using the incremental borrowing rate on October 28, 2019.
Leases, Lessor	Leases: The Company determines if an arrangement contains a lease at inception. Right-of-use assets and lease liabilities are recognized based on the present value of future minimum lease payments over the lease term at the commencement date. Leases with an initial term of twelve months or less are not recorded on the Consolidated Statements of Financial Position. The Company combines lease and non-lease components together in determining the minimum lease payments for all leases. The length of the lease term used in recording right-of-use assets and lease liabilities is based on the contractually required lease term adjusted for any options to renew, early terminate, or purchase the lease that are reasonably certain of being exercised. Most leases include one or more options to renew or terminate. The exercise of lease renewal and termination options is at the Company’s discretion and generally is not reasonably certain at lease commencement. The Company’s lease agreements typically do not contain material residual value guarantees. The Company has one lease with an immaterial residual value guarantee that is included in the minimum lease payments. Certain lease agreements include rental payment increases over the lease term that can be fixed or variable. Fixed payment increases and variable payment increases based on an index or rate are included in the initial lease liability using the index or rate at commencement date. Variable payment increases not based on an index or rate are recognized as incurred. If the rate implicit in the lease is not readily determinable, the Company used its periodic incremental borrowing rate, based on the information available at commencement date, to determine the present value of future lease payments. Leases and right-of-use assets that existed prior to the adoption of Accounting Standards Update 2016-02, Leases (Topic 842) were valued using the incremental borrowing rate on October 28, 2019.
Impairment of Long-Lived Assets and Definite-Lived Intangible Assets	Impairment of Long-Lived Assets and Definite-Lived Intangible Assets:
Goodwill and Other Indefinite-Lived Intangibles	Goodwill and Other Indefinite-Lived Intangibles: Indefinite-lived intangible assets are originally recorded at their estimated fair values at date of acquisition. Goodwill is the residual after allocating the purchase price to net assets acquired. Acquired goodwill and other indefinite-lived intangible assets are allocated to reporting units that will receive the related benefits. Goodwill and indefinite-lived intangible assets are tested annually for impairment during the fourth quarter following the annual planning process or more frequently if impairment indicators arise. See additional discussion regarding the Company’s goodwill and intangible assets in Note C - Goodwill and Intangible Assets. Goodwill In conducting the annual impairment test for goodwill, the Company has the option to first assess qualitative factors to determine whether it is more likely than not (> 50 percent likelihood) the fair value of any reporting unit is less than its carrying amount. If the Company elects to perform a qualitative assessment and determines an impairment is more likely than not, the Company is required to perform a quantitative impairment test. Otherwise, no further analysis is required. Alternatively, the Company may elect to proceed directly to the quantitative impairment test. In conducting a qualitative assessment, the Company analyzes actual and projected growth trends for net sales, gross margin and segment profit for each reporting unit, as well as historical performance versus plan and the results of prior quantitative tests. Additionally, the Company assesses factors that may impact the business's financial results such as macroeconomic conditions and the related impact, market-related exposures, plans to market for sale all or a portion of the business, competitive changes, new or discontinued product lines, and changes in key personnel. If performed, the quantitative goodwill impairment test is performed at the reporting unit level. First, the fair value of each reporting unit is compared to its corresponding carrying value, including goodwill. The fair value of each reporting unit is estimated using discounted cash flow valuations (Level 3), which incorporate assumptions regarding future growth rates, terminal values and discount rates. The estimates and assumptions used consider historical performance and are consistent with the assumptions used in determining future profit plans for each reporting unit, which are approved by the Company’s Board of Directors. If the quantitative assessment results in the carrying value exceeding the fair value of any reporting unit, the results from the quantitative analysis will be relied upon to determine both the existence and amount of goodwill impairment. An impairment loss will be recognized for the amount by which the reporting unit’s carrying amount exceeds its fair value, not to exceed the carrying amount of goodwill in that reporting unit. As a result of organizational changes in the first quarter of fiscal 2023, 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. Prior to the goodwill reallocation, an impairment assessment was performed which indicated no impairment to the Company's reporting units. Subsequent to the goodwill reallocation, the Company completed quantitative impairment testing on each new reporting unit. The fair value of each reporting unit exceeded its carrying amount; therefore, no impairment charges were recorded. During the fourth quarter of fiscal 2023, the Company completed its annual goodwill impairment tests and performed qualitative assessments. No impairment charges were recorded as a result of the annual assessments in fiscal years 2023, 2022, and 2021. Indefinite-Lived Intangibles In conducting the annual impairment test for its indefinite-lived intangible assets, the Company first performs a qualitative assessment to determine whether it is more likely than not (> 50 percent likelihood) an indefinite-lived intangible asset is impaired. If the Company concludes this is the case, a quantitative test for impairment must be performed. Otherwise, the Company does not need to perform a quantitative test. In conducting the qualitative assessment, the Company analyzes growth rates for historical and projected net sales and the results of prior quantitative tests. Additionally, each operating segment assesses items that may impact the value of their intangible assets or the applicable royalty rates to determine if impairment may be indicated. If performed, the quantitative impairment test compares the fair value and carrying amount of the indefinite-lived intangible asset. The fair value of indefinite-lived intangible assets is primarily determined on the basis of estimated discounted value using the relief from royalty method (Level 3), which incorporates assumptions regarding future sales projections, discount rates and royalty rates. If the carrying amount exceeds fair value, the indefinite-lived intangible asset is considered impaired, and an impairment charge is recorded for the difference. Even if not required, the Company may elect to perform the quantitative test in order to gain further assurance in the qualitative assessment.
Goodwill	Goodwill In conducting the annual impairment test for goodwill, the Company has the option to first assess qualitative factors to determine whether it is more likely than not (> 50 percent likelihood) the fair value of any reporting unit is less than its carrying amount. If the Company elects to perform a qualitative assessment and determines an impairment is more likely than not, the Company is required to perform a quantitative impairment test. Otherwise, no further analysis is required. Alternatively, the Company may elect to proceed directly to the quantitative impairment test. In conducting a qualitative assessment, the Company analyzes actual and projected growth trends for net sales, gross margin and segment profit for each reporting unit, as well as historical performance versus plan and the results of prior quantitative tests. Additionally, the Company assesses factors that may impact the business's financial results such as macroeconomic conditions and the related impact, market-related exposures, plans to market for sale all or a portion of the business, competitive changes, new or discontinued product lines, and changes in key personnel. If performed, the quantitative goodwill impairment test is performed at the reporting unit level. First, the fair value of each reporting unit is compared to its corresponding carrying value, including goodwill. The fair value of each reporting unit is estimated using discounted cash flow valuations (Level 3), which incorporate assumptions regarding future growth rates, terminal values and discount rates. The estimates and assumptions used consider historical performance and are consistent with the assumptions used in determining future profit plans for each reporting unit, which are approved by the Company’s Board of Directors. If the quantitative assessment results in the carrying value exceeding the fair value of any reporting unit, the results from the quantitative analysis will be relied upon to determine both the existence and amount of goodwill impairment. An impairment loss will be recognized for the amount by which the reporting unit’s carrying amount exceeds its fair value, not to exceed the carrying amount of goodwill in that reporting unit.
Pension and Other Post-retirement Benefits	Pension and Other Post-retirement Benefits: The Company has elected to use the corridor approach to recognize expenses related to its defined benefit pension and other post-retirement benefit plans. Under the corridor approach, actuarial gains or losses resulting from experience and changes in assumptions are deferred and amortized over future periods. For the defined benefit pension plans, the unrecognized gains and losses are amortized when the net gain or loss exceeds 10 percent of the greater of the projected benefit obligation or the fair value of plan assets at the beginning of the year. For the other post-retirement plans, the unrecognized gains and losses are amortized when the net gain or loss exceeds 10 percent of the accumulated pension benefit obligation at the beginning of the year. For plans with primarily active participants, net gains or losses in excess of the corridor are amortized over the average remaining service period of participating employees expected to receive benefits under those plans. For plans with primarily inactive participants, net gains or losses in excess of the corridor are amortized over the average remaining life of the participants receiving benefits under those plans.
Contingent Liabilities	Contingent Liabilities: The Company may be subject to investigations, legal proceedings, or claims related to the ongoing operation of its business, including claims both by and against the Company. Such proceedings typically involve claims related to product liability, contract disputes, antitrust regulations, wage and hour laws, employment practices, or other actions brought by employees, consumers, competitors or suppliers. The Company establishes accruals for its potential exposure for claims when losses become probable and reasonably estimable. Where the Company is able to reasonably estimate a range of potential losses, the Company records the amount within that range which constitutes the Company’s best estimate. The Company also discloses the nature of and range of loss for claims against the Company when losses are reasonably possible and material.
Foreign Currency Translation	Foreign Currency Translation: Assets and liabilities denominated in foreign currency are translated at the current exchange rate as of the date of the Consolidated Statements of Financial Position. Amounts in the Consolidated Statements of Operations are translated at the average monthly exchange rate. Translation adjustments resulting from fluctuations in exchange rates are recorded as a component of Accumulated Other Comprehensive Loss within Shareholders’ Investment. When calculating foreign currency translation, the Company deemed its foreign investments to be permanent in nature and has not provided for taxes on currency translation adjustments arising from converting the investment in a foreign currency to U.S. dollars.
Derivatives and Hedging Activity	Derivatives and Hedging Activity:
Equity Method Investments	Equity Method Investments: The Company has a number of investments for which its voting interests are in excess of 20 percent but not greater than 50 percent and for which there are no other indicators of control. The Company accounts for such investments under the equity method of accounting and its underlying share of each investee’s equity, along with any balances due to or from affiliates, is reported on the Consolidated Statements of Financial Position as part of Investments in Affiliates. The Company records its interest in the net earnings of its equity method investments, along with adjustments for unrealized profits on intra-entity transactions and amortization of basis differences, within Equity in Earnings of Affiliates in the Consolidated Statements of Operations. Financial results for certain entities are reported on a 30- to 90-day lag.
Revenue Recognition and Shipping and Handling Costs	Revenue Recognition: The Company’s customer contracts predominantly contain a single performance obligation to fulfill customer orders for the purchase of specified products. Revenue from product sales is primarily identified by purchase orders (“contracts”), which in some cases are governed by a master sales agreement. The purchase orders in combination with the invoice typically specify quantity and product(s) ordered, shipping terms, and certain aspects of the transaction price including discounts. Contracts are at standalone pricing or governed by pricing lists or brackets. The Company's revenue is recognized at the point in time when performance obligations have been satisfied and control of the product has transferred to the customer. This is typically once the shipped product is received or picked up by the customer. Revenue is recognized at the net consideration the Company expects to receive in exchange for the goods. The amount of net consideration recognized includes estimates of variable consideration, including costs for trade promotion programs, consumer incentives, and allowances and discounts associated with distressed or potentially unsaleable products. A majority of the Company’s revenue is short-term in nature with shipments within one year from order date. The Company's payment terms generally range between 7 to 45 days and vary by sales channel and other factors. The Company accounts for shipping and handling costs as contract fulfillment costs and excludes taxes imposed on and collected from customers in revenue producing transactions from the transaction price. The Company does not have significant deferred revenue or unbilled receivable balances as a result of transactions with customers. Costs to obtain contracts with a duration of one year or less are expensed and included in the Consolidated Statements of Operations. The Company promotes products through advertising, consumer incentives, and trade promotions. These programs include discounts, slotting fees, coupons, rebates, and in-store display incentives. Customer trade promotion and consumer incentive activities are recorded as a reduction to the sale price based on amounts estimated as variable consideration. The Company estimates variable consideration at the expected value method to determine the total consideration which the Company expects to be entitled. Estimated amounts are included in the transaction price to the extent it is probable that a significant reversal of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is resolved. The Company’s estimates of variable consideration and determination of whether to include estimated amounts in the transaction price are based largely on an assessment of anticipated performance and all information (historical, current, and forecasted) that is reasonably available. The Company discloses revenue by reportable segment and class of similar product in Note P - Segment Reporting. Shipping and Handling Costs: The Company’s shipping and handling expenses are included in Cost of Products Sold in the Consolidated Statements of Operations.
Allowance for Doubtful Accounts	Allowance for Doubtful Accounts: The Company estimates the Allowance for Doubtful Accounts based on a combination of factors, evaluations, and historical data while considering current and future economic conditions.
Advertising Expenses	Advertising Expenses:
Research and Development Expenses	Research and Development Expenses:
Income Taxes	Income Taxes: The Company records income taxes in accordance with the liability method of accounting. Deferred taxes are recognized for the estimated taxes ultimately payable or recoverable based on enacted tax law. Changes in enacted tax rates are reflected in the tax provision as they occur. In accordance with ASC 740, Income Taxes , the Company recognizes a tax position in its financial statements when it is more likely than not that the position will be sustained upon examination based on the technical merits of the position. That position is then measured at the largest amount of benefit that is greater than 50 percent likely of being realized upon ultimate settlement.
Stock-Based Compensation	Stock-Based Compensation: The Company records stock-based compensation expense in accordance with ASC 718, Compensation – Stock Compensation . For options subject to graded vesting, the Company recognizes stock-based compensation expense ratably over the shorter of the vesting period or the individual's retirement eligibility date. The Company estimates forfeitures at the time of grant based on historical experience and revises in subsequent periods if actual forfeitures differ.
Share Repurchases	Share Repurchases:
Supplemental Cash Flow Information	Supplemental Cash Flow Information: Non-cash investment activities presented in the Consolidated Statements of Cash Flows primarily consist of unrealized gains or losses on the Company’s rabbi trust. The noted investments are included in Other Assets on the Consolidated Statements of Financial Position. Changes in the value of these investments are presented in the Consolidated Statements of Operations as Interest and Investment Income.
Accounting Changes and Recent Accounting Pronouncements	Accounting Changes and Recent Accounting Pronouncements: New Accounting Pronouncements Recently Adopted Fiscal 2023 No new accounting standards were adopted during fiscal 2023. Fiscal 2022 In December 2019, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2019-12, Income Taxes - Simplifying the Accounting for Income Taxes (Topic 740). The updated guidance simplifies the accounting for income taxes by removing certain exceptions in Topic 740 and clarifying and amending existing guidance. The amendments are effective for fiscal years beginning after December 15, 2020, with early adoption permitted. The Company adopted the provisions of this new accounting standard at the beginning of fiscal 2022 and adoption did not have a material impact on its consolidated financial statements. New Accounting Pronouncements Not Yet Adopted In November 2023, the FASB issued ASU 2023-07 Segment Reporting - Improving Reportable Segment Disclosures (Topic 280). The update is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant expenses. The ASU requires disclosures to include significant segment expenses that are regularly provided to the chief operating decision maker (CODM), a description of other segment items by reportable segment, and any additional measures of a segment's profit or loss used by the CODM when deciding how to allocate resources. The ASU also requires all annual disclosures currently required by Topic 280 to be included in interim periods. The update is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted and requires retrospective application to all prior periods presented in the financial statements. The Company is currently assessing the timing and impact of adopting the updated provisions. Recently issued accounting standards or pronouncements not disclosed have been excluded as they are currently not relevant to the Company.
Segment Reporting	Segment Reporting The Company develops, processes, and distributes a wide array of food products in a variety of markets. As described 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 are 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, equity method investments, and royalty arrangements. 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. 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 corporate venturing investments and noncontrolling interests are excluded. These items are included below as Net Unallocated Expense and Noncontrolling Interest when reconciling to Earnings Before Income Taxes.

Acquisitions and Divestitures (

Acquisitions and Divestitures (Tables)	12 Months Ended
	Oct. 29, 2023
Business Combination and Asset Acquisition [Abstract]
Schedule of allocation of purchase price	Allocations of the purchase price to acquired assets, including goodwill and intangibles assets, are presented in the table below. In thousands Purchase Price Allocation Inventory $ 149,224 Property, Plant, and Equipment 170,958 Goodwill 2,313,064 Other Intangibles: Trade Names 712,000 Customer Relationships 51,000 Purchase Price $ 3,396,246
Schedule of unaudited pro forma financial information	The following unaudited pro forma financial information presents the combined results of operations as if the acquisition of the Planters ® snack nuts business had occurred on October 27, 2019. These unaudited pro forma results do not necessarily reflect the actual results of operations that would have been achieved had the acquisition occurred on that date, nor are they necessarily indicative of future results of operations. Fiscal Year Ended In thousands October 31, 2021 Pro Forma Net Sales $ 12,061,686 Pro Forma Net Earnings Attributable to Hormel Foods Corporation 985,881

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	12 Months Ended
	Oct. 29, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of changes in the carrying amount of goodwill	The changes in the carrying amount of goodwill for the fiscal years ended October 29, 2023 and October 30, 2022, are: In thousands Grocery Refrigerated Jennie-O Retail Foodservice International Total Balance at October 31, 2021 $ 2,398,354 $ 2,094,421 $ 176,628 $ — $ — $ 259,699 $ 4,929,102 Foreign Currency Translation — — — — — (3,273) (3,273) Balance at October 30, 2022 $ 2,398,354 $ 2,094,421 $ 176,628 $ — $ — $ 256,427 $ 4,925,829 Goodwill Reallocation (2,398,354) (2,094,421) (176,628) 2,916,796 1,750,594 2,013 — Foreign Currency Translation — — — — — 2,635 2,635 Balance at October 29, 2023 $ — $ — $ — $ 2,916,796 $ 1,750,594 $ 261,074 $ 4,928,464
Schedule of carrying amounts for indefinite-lived intangible assets	The carrying amounts for indefinite-lived intangible assets are: October 29, October 30, In thousands 2023 2022 Brands/Trade Names/Trademarks $ 1,636,807 $ 1,665,190 Other Intangibles 184 184 Foreign Currency Translation (5,893) (6,599) Total $ 1,631,098 $ 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: October 29, 2023 October 30, 2022 Gross Gross Carrying Accumulated Carrying Accumulated In thousands Amount Amortization Amount Amortization Customer Lists/Relationships $ 168,239 $ (82,658) $ 168,239 $ (69,779) Other Intangibles 59,241 (15,857) 59,241 (11,606) Trade Names/Trademarks 6,540 (5,089) 10,536 (7,828) Foreign Currency Translation — (4,344) — (4,551) Total $ 234,020 $ (107,947) $ 238,016 $ (93,764)
Schedule of amortization expense on intangible assets	Amortization expense on intangible assets for the last three fiscal years was: In thousands 2023 $ 18,386 2022 19,274 2021 17,518
Schedule of estimated annual amortization expense on intangible assets	Estimated annual amortization expense on intangible assets for the five fiscal years after October 29, 2023, is as follows: In thousands 2024 $ 16,381 2025 14,681 2026 14,210 2027 13,940 2028 13,009

Investments in Affiliates (Tabl

Investments in Affiliates (Tables)	12 Months Ended
	Oct. 29, 2023
Equity Method Investments and Joint Ventures [Abstract]
Schedule of equity in earnings of affiliates	Equity in Earnings of Affiliates consists of: In thousands % Owned Fiscal Year Ended October 29, 2023 October 30, 2022 October 31, 2021 MegaMex Foods, LLC (1) 50% $ 40,501 $ 19,861 $ 38,178 Other Equity Method Investments (2) Various (20 - 50%) 2,253 7,324 9,585 Total Equity in Earnings of Affiliates $ 42,754 $ 27,185 $ 47,763 (1) MegaMex, Foods, LLC, is reflected in the Retail Segment. (2) Other Equity Method Investments are primarily reflected in the International Segment but also include corporate venturing investments.
Schedule of distributions received from equity method investees	Distributions received from equity method investees include: In thousands Fiscal Year Ended October 29, 2023 October 30, 2022 October 31, 2021 Dividends $ 38,160 $ 43,039 $ 44,999

Inventories (Tables)

Inventories (Tables)	12 Months Ended
	Oct. 29, 2023
Inventory Disclosure [Abstract]
Principal components of inventories	Principal components of inventories are: In thousands October 29, 2023 October 30, 2022 Finished Products $ 954,432 $ 974,160 Raw Materials and Work-in-Process 448,535 440,193 Operating Supplies 168,289 206,289 Maintenance Materials and Parts 109,151 95,417 Total $ 1,680,406 $ 1,716,059

Derivatives and Hedging (Tables

Derivatives and Hedging (Tables)	12 Months Ended
	Oct. 29, 2023
Derivatives and hedging
Schedule of gross fair values of derivative instruments	The gross fair values of the Company’s derivative instruments designated as hedges are: In thousands Location on Consolidated Statements of Financial Position October 29, 2023 October 30, 2022 Commodity Contracts (1) Other Current Assets $ (13,233) $ 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 Statements of Financial Position. The gross liability position as of October 29, 2023, is offset by the right to reclaim net cash collateral of $32.2 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 I - Fair Value Measurements for a discussion of these net amounts as reported on the Consolidated Statements of Financial Position.
Schedule of fair value hedge assets (liabilities)	The carrying amount of the Company’s fair value hedged assets (liabilities) are: In thousands Location on Consolidated Statements of Financial Position October 29, 2023 October 30, 2022 Commodity Contracts Accounts Payable (1) $ (4,914) $ 5,725 Interest Rate Contracts Current Maturities of Long-term Debt (2) (442,549) — Interest Rate Contracts Long-term Debt Less Current Maturities (2) — (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 October 29, 2023, the carrying amount of the 2024 Notes included a cumulative fair value hedging adjustment of $7.5 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 Statements of Financial Position.
Schedule of gains or losses (before tax) 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) Location on Gain/(Loss) Reclassified from AOCL into Earnings (1) In thousands Fiscal Year Ended Fiscal Year Ended Cash Flow Hedges: October 29, 2023 October 30, 2022 October 29, 2023 October 30, 2022 Commodity Contracts $ (50,353) $ 56,371 Cost of Products Sold $ 1,225 $ 57,592 Excluded Component (2) 1,127 (4,748) — — Interest Rate Contracts — — Interest Expense 988 988 (1) See Note H - Accumulated Other Comprehensive Loss for the after-tax impact of these gains or losses on Net Earnings. (2) Represents the time value of corn options excluded from the assessment of effectiveness for which the difference between changes in fair value and periodic amortization is recorded in AOCL. Consolidated Statements of Operations Impact: The effect on the Consolidated Statements of Operations for gains or losses (before tax) related to the Company's derivative instruments are: Fiscal Year Ended In thousands October 29, 2023 October 30, 2022 October 31, 2021 Net Earnings Attributable to Hormel Foods Corporation $ 793,572 $ 999,987 $ 908,839 Cash Flow Hedges - Commodity Contracts Gain (Loss) Reclassified from AOCL 1,225 55,350 31,787 Amortization of Excluded Component from Options (5,835) (4,369) (3,033) Gain (Loss) Reclassified from AOCL Due to Discontinuance of Cash Flow Hedges (1) — 2,242 (743) Fair Value Hedges - Commodity Contracts Gain (Loss) on Commodity Futures (2) 656 (18,122) (28,078) Total Gain (Loss) on Commodity Contracts (3) $ (3,955) $ 35,101 $ (67) Cash Flow Hedges - Interest Rate Locks Gain (Loss) Reclassified from AOCL 988 988 399 Fair Value Hedge - Interest Rate Swap Gain (Loss) on Interest Rate Swap — 928 — Amortization of Loss Due to Discontinuance of Fair Value Hedge (4) (12,499) (1,923) — Total Gain (Loss) on Interest Rate Contracts (5) $ (11,511) $ (7) $ 399 Total Gain (Loss) Recognized in Earnings $ (15,466) $ 35,094 $ 332 (1) In fiscal years 2022 and 2021, the Company discontinued hedge accounting related to corn usage that was deemed no longer probable to occur resulting in the immediate recognition of gains of $2.2 million (1.0 million bushels) and losses of $0.7 million (2.8 million bushels), respectively. (2) Represents gains or losses on commodity contracts designated as fair value hedges that were closed during the year, which were offset by a corresponding gain or loss on the underlying hedged purchase commitment. Additional gains or losses related to changes in the fair value of open commodity contracts, along with the offsetting gain or loss on the hedged purchase commitment, are also marked-to-market through earnings with no impact on a net basis. (3) Total Gain (Loss) on Commodity Contracts is recognized in earnings through Cost of Products Sold. (4) 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
Derivatives and hedging
Schedule of outstanding commodity futures contracts	The Company's outstanding contracts related to its commodity hedging programs include: In millions October 29, 2023 October 30, 2022 Corn 30.7 bushels 34.3 bushels Lean Hogs 144.2 pounds 177.5 pounds Natural Gas 3.0 MMBtu — MMBtu

Pension and Other Post-retire_2

Pension and Other Post-retirement Benefits (Tables)	12 Months Ended
	Oct. 29, 2023
Retirement Benefits [Abstract]
Schedule of net periodic cost of defined benefit plans	Net periodic cost of defined benefit plans included the following for fiscal years ending: Pension Benefits Post-retirement Benefits In thousands October 29, 2023 October 30, 2022 October 31, 2021 October 29, 2023 October 30, 2022 October 31, 2021 Service Cost $ 35,607 $ 40,076 $ 37,127 $ 248 $ 469 $ 533 Interest Cost 68,630 50,558 50,399 12,064 7,684 7,945 Expected Return on Plan Assets (78,285) (108,248) (102,693) — — — Amortization of Prior Service Cost (Credit) (1,843) (1,496) (1,496) 8 8 (669) Recognized Actuarial Loss (Gain) 13,303 12,530 22,742 (29) 2,439 2,020 Net Periodic Cost $ 37,413 $ (6,581) $ 6,080 $ 12,290 $ 10,600 $ 9,830
Schedule of amounts that have not been recognized in net periodic pension cost and are included in accumulated other comprehensive loss	The following amounts have not been recognized in net periodic pension cost and are included in Accumulated Other Comprehensive Loss: Pension Benefits Post-retirement Benefits In thousands October 29, 2023 October 30, 2022 October 29, 2023 October 30, 2022 Unrecognized Prior Service (Cost) Credit $ (7,549) $ (2,399) $ (138) $ (146) Unrecognized Actuarial (Loss) Gain (270,468) (272,401) 35,483 18,044
Schedule of reconciliation of the beginning and ending balances of the benefit obligation, the fair value of plan assets, and the funded status of the plans	The following is a reconciliation of the beginning and ending balances of the benefit obligation, fair value of plan assets, and funded status of the plans as of the measurement dates: Pension Benefits Post-retirement Benefits In thousands October 29, 2023 October 30, 2022 October 29, 2023 October 30, 2022 Change in Benefit Obligation: Benefit Obligation at Beginning of Year $ 1,200,013 $ 1,711,958 $ 211,986 $ 274,666 Service Cost 35,607 40,076 248 469 Interest Cost 68,630 50,558 12,064 7,684 Actuarial (Gain) Loss (1) (51,106) (515,995) (17,421) (51,219) Plan Amendments 3,307 (2,722) — — Participant Contributions — — 2,137 1,808 Medicare Part D Subsidy — — 449 448 Benefits Paid (82,071) (83,862) (23,263) (21,868) Benefit Obligation at End of Year $ 1,174,380 $ 1,200,013 $ 186,199 $ 211,986 (1) Actuarial gains in fiscal 2022 were primarily due to the change in the discount rate assumptions utilized in measuring plan obligations. Pension Benefits Post-retirement Benefits In thousands October 29, 2023 October 30, 2022 October 29, 2023 October 30, 2022 Change in Plan Assets: Fair Value of Plan Assets at Beginning of Year $ 1,240,200 $ 1,698,596 $ — $ — Actual Return on Plan Assets 15,810 (387,244) — — Participant Contributions — — 2,137 1,808 Employer Contributions 11,733 12,711 21,126 20,060 Benefits Paid (82,071) (83,862) (23,263) (21,868) Fair Value of Plan Assets at End of Year $ 1,185,672 $ 1,240,200 $ — $ — Funded Status at End of Year $ 11,292 $ 40,187 $ (186,199) $ (211,986)
Schedule of amounts recognized in the Consolidated Statements of Financial Position	Amounts recognized on the Consolidated Statements of Financial Position are as follows: Pension Benefits Post-retirement Benefits In thousands October 29, 2023 October 30, 2022 October 29, 2023 October 30, 2022 Pension Assets $ 204,697 $ 245,566 $ — $ — Employee-Related Expenses (12,023) (11,571) (18,313) (19,962) Pension and Post-retirement Benefits (181,382) (193,808) (167,886) (192,024) Net Amount Recognized $ 11,292 $ 40,187 $ (186,199) $ (211,986)
Schedule of information for pension plans with accumulated benefit obligations in excess of plan assets	The following table provides information for pension plans with projected and accumulated benefit obligations in excess of plan assets: In thousands October 29, 2023 October 30, 2022 Projected Benefit Obligation $ 193,404 $ 205,379 Accumulated Benefit Obligation 191,888 204,302 Fair Value of Plan Assets — —
Schedule of weighted-average assumptions used to determine benefit obligations and net periodic benefit costs	Weighted-average assumptions used to determine benefit obligations are as follows: October 29, 2023 October 30, 2022 Discount Rate 6.49 % 5.92 % Rate of Future Compensation Increase (For Plans that Base Benefits on Final Compensation Level) 4.06 % 3.95 % Interest Crediting Rate (For Cash Balance Plan) 4.98 % 4.42 % Weighted-average assumptions used to determine net periodic benefit costs are as follows: October 29, 2023 October 30, 2022 October 31, 2021 Discount Rate 5.92 % 3.00 % 3.06 % Rate of Future Compensation Increase (For Plans that Base Benefits on Final Compensation Level) 3.95 % 4.14 % 4.09 % Expected Long-term Return on Plan Assets 6.50 % 6.50 % 6.75 % Interest Crediting Rate (For Cash Balance Plan) (1) 4.42 % — % — % (1) Cash balance plan enacted in the fourth quarter of fiscal 2022.
Schedule of benefits expected to be paid over the next ten fiscal years	Benefits expected to be paid over the next ten fiscal years are as follows: In thousands Pension Benefits Post-retirement Benefits 2024 $ 85,068 $ 18,871 2025 87,841 18,430 2026 92,386 17,865 2027 95,000 17,262 2028 97,973 16,649 2029-2033 517,376 73,091
Schedule of actual and target weighted-average asset allocations for pension plan assets	The actual and target weighted-average asset allocations for the Company’s pension plan assets as of the plan measurement date are as follows: October 29, 2023 October 30, 2022 Asset Category Actual % Target Actual % Target Fixed Income 47.6 40 – 60 43.3 40 – 60 Global Stocks 31.2 20 – 55 36.9 20 – 55 Real Estate 8.0 0 – 10 8.6 0 – 10 Private Equity 6.7 0 – 15 7.1 0 – 10 Gold 2.4 0 – 5 — 0 – 0 Hedge Funds 2.1 0 – 10 2.1 0 – 10 Cash and Cash Equivalents 2.0 0 – 5 1.9 0 – 5
Schedule of categories of defined benefit pension plan assets and the level under which fair values were determined in the fair value hierarchy	The following tables show the categories of defined benefit pension plan assets and the level under which fair values were determined pursuant to the provisions of ASC 820. Assets measured at fair value using the net asset value (NAV) per share practical expedient are not required to be classified in the fair value hierarchy. These amounts are provided to permit reconciliation to the total fair value of plan assets. Fair Value Measurements as of October 29, 2023 In thousands Total Quoted Prices Significant Other Significant Plan Assets in Fair Value Hierarchy Cash Equivalents (1) $ 23,643 $ 461 $ 23,182 $ — Private Equity (2) Domestic 31,383 — — 31,383 International 48,065 — — 48,065 Fixed Income (3) U.S. Government Issues 171,949 123,683 48,266 — Municipal Issues 9,884 — 9,884 — Corporate Issues – Domestic 226,202 — 226,202 — Corporate Issues – Foreign 36,133 — 36,133 — Plan Assets in Fair Value Hierarchy $ 547,258 $ 124,144 $ 343,667 $ 79,448 Plan Assets at Net Asset Value Real Estate – Domestic (4) $ 95,315 Global Stocks – Collective Investment Funds (5) 369,513 Global Stocks – Gold (6) 28,163 Hedge Funds (7) 24,965 Fixed Income – Hedge Funds (8) 64,613 Fixed Income – Collective Investment Funds (9) 55,845 Plan Assets at Net Asset Value $ 638,414 Total Plan Assets at Fair Value $ 1,185,672 Fair Value Measurements as of October 30, 2022 In thousands Total Quoted Prices Significant Other Significant Plan Assets in Fair Value Hierarchy Cash Equivalents (1) $ 23,162 $ — $ 23,162 $ — Private Equity (2) Domestic 37,032 — — 37,032 International 51,122 — — 51,122 Fixed Income (3) U.S. Government Issues 166,461 109,643 56,818 — Municipal Issues 10,541 — 10,541 — Corporate Issues – Domestic 244,044 — 244,044 — Corporate Issues – Foreign 41,759 — 41,759 — Plan Assets in Fair Value Hierarchy $ 574,121 $ 109,643 $ 376,324 $ 88,154 Plan Assets at Net Asset Value Real Estate – Domestic (4) $ 106,951 Global Stocks – Collective Investment Funds (5) 458,045 Hedge Funds (7) 26,273 Fixed Income – Hedge Funds (8) 62,025 Fixed Income – Collective Investment Funds (9) 12,785 Plan Assets at Net Asset Value $ 666,080 Total Plan Assets at Fair Value $ 1,240,200 The following is a description of the valuation methodologies used for instruments measured at fair value, including the general classification of such instruments: (1) Cash Equivalents: These Level 1 and Level 2 investments consist primarily of cash and highly liquid money market mutual funds traded in active markets in addition to highly liquid futures and T-bills with an observable daily settlement price. (2) Private Equity: These Level 3 investments consist of various collective investment funds, which are managed by a third party, invested in a well-diversified portfolio of equity investments from top performing, high quality firms focused on U.S. and foreign small to mid-markets, venture capitalists, and entrepreneurs with a concentration in areas of innovation. Investment strategies include buyouts, growth capital, buildups, and distressed, as well as early stages of company development mainly in the U.S. The fair value of these funds is based on the fair value of the underlying investments. (3) Fixed Income: The Level 1 investments include U.S. Treasury bonds and notes, which are valued at the closing price reported on the active market in which the individual securities are traded. The Level 2 investments consist principally of U.S. government securities, which are valued daily using institutional bond quote sources and mortgage-backed securities pricing sources, and municipal, domestic, and foreign securities, which are valued daily using institutional bond quote sources. (4) Real Estate – Domestic: These investments include ownership in open-ended real estate funds, which manage diversified portfolios of commercial properties within the office, residential, retail, and industrial property sectors. Investment strategies aim to acquire, own, hold, or dispose of investments with the goal of achieving current income and/or capital appreciation. The real estate investments are valued at the NAV of shares held by the Master Trust. Requests to redeem shares are granted on a quarterly basis with either 45 or 90 days advance notice, subject to availability of cash. (5) Global Stocks – Collective Investment Funds: These investments include commingled funds consisting of a mix of U.S. common stocks and foreign common stocks. The collective investment funds are valued at the NAV of shares held by the Master Trust. The investment strategy is to obtain long-term capital appreciation by focusing on companies generating above average earnings growth and are leading growth businesses in the marketplace. All funds are daily liquid with the exception of one that is available on the first business day of the month for subscriptions and withdrawals. (6) Global Stocks – Gold: This investment is a limited partnership consisting of physical gold, global mining industry common stocks, and to a limited extent, other precious metals. The limited partnership is valued at the NAV of shares held by the Master Trust. This fund allows for weekly subscriptions and monthly redemptions. (7) Hedge Funds: These investments are designed to provide diversification to an overall institutional portfolio and, in particular, provide protection against equity market downturns. They are comprised of Commodity Trading Advisor Managed Futures, Global Macro (Discretionary and/or Quant) and Long Volatility/Tail Risk Hedging strategies. The hedge funds are valued at the NAV of shares held by the Master Trust. Requests to redeem shares are granted daily, monthly or quarterly. (8) Fixed Income – Hedge Funds: These investments target absolute, risk-adjusted returns by taking advantage of price dislocations and inconsistencies within credit markets. Funds are comprised primarily of U.S. and European corporate credit and structured credit. The investments are valued at the NAV of shares held by the Master Trust. Requests to redeem shares are granted on a quarterly basis on the three year fund anniversary with a ninety day notice period. (9) Fixed Income – Collective Investment Funds: These investments include commingled funds consisting of a mix of U.S. government and investment grade corporate bonds. The collective investment funds are valued at NAV of the shares held by the Master Trust. The investment strategy is to achieve an investment return that approximates as closely to the Bloomberg Barclays U.S. Aggregate Bond Index over the long-term by investing in the securities that comprise the benchmark. There are no restrictions on redemptions.
Schedule of reconciliation of the beginning and ending balance of the investments measured at fair value using significant unobservable inputs (Level 3)	A reconciliation of the beginning and ending balance of the investments measured at fair value using significant unobservable inputs (Level 3) is as follows: In thousands October 29, 2023 October 30, 2022 Fair Value at Beginning of Year $ 88,154 $ 109,419 Purchases, Issuances, and Settlements (Net) (8,926) (29,188) Unrealized Gains (Losses) (1) (8,525) (18,027) Realized Gains 6,455 (604) Interest and Dividend Income 2,290 26,554 Fair Value at End of Year $ 79,448 $ 88,154
Schedule of unfunded private equity commitment balance for each investment category	The unfunded commitment balance for each investment category is as follows: In thousands October 29, 2023 October 30, 2022 Domestic Equity $ 16,835 $ 2,146 International Equity 11,396 10,466 Unfunded Commitment Balance $ 28,231 $ 12,612

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Loss (Tables)	12 Months Ended
	Oct. 29, 2023
Equity [Abstract]
Schedule of components of accumulated other comprehensive loss	Components of Accumulated Other Comprehensive Loss are as follows: In thousands Foreign Pension & Other Benefits Derivatives & Hedging Equity Method Investments Accumulated Balance at October 25, 2020 $ (64,161) $ (333,178) $ 2,089 $ — $ (395,250) Unrecognized Gains (Losses) Gross 12,980 72,623 75,084 — 160,687 Tax Effect — (17,715) (18,259) — (35,974) Reclassification into Net Earnings Gross — 22,597 (1) (31,443) (2) — (8,846) Tax Effect — (5,538) 7,652 — 2,114 Change Net of Tax 12,980 71,967 33,034 — 117,981 Balance at October 31, 2021 $ (51,181) $ (261,211) $ 35,123 $ — $ (277,269) Unrecognized Gains (Losses) Gross (38,612) 73,361 51,623 — 86,372 Tax Effect — (17,942) (12,384) — (30,326) Reclassification into Net Earnings Gross — 13,481 (1) (58,580) (2) — (45,099) Tax Effect — (3,312) 14,073 — 10,761 Change Net of Tax (38,612) 65,587 (5,267) — 21,708 Balance at October 30, 2022 $ (89,793) $ (195,624) $ 29,856 $ — $ (255,561) Unrecognized Gains (Losses) Gross 3,771 3,878 (49,226) 15,082 (26,495) Tax Effect — (880) 11,998 — 11,118 Reclassification into Net Earnings Gross — 11,439 (1) (2,213) (2) (8,235) (3) 991 Tax Effect — (2,806) 501 — (2,305) Change Net of Tax 3,771 11,632 (38,940) 6,847 (16,691) Balance at October 29, 2023 $ (86,022) $ (183,993) $ (9,084) $ 6,847 $ (272,252) (1) Included in computation of net periodic cost. See Note G - Pension and Other Post-Retirement Benefits for additional information. (2) Included in Cost of Products Sold and Interest Expense in the Consolidated Statements of Operations. See Note F - Derivatives and Hedging for additional information. (3) Included in Equity in Earnings of Affiliates in the Consolidated Statements of Operations.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	12 Months Ended
	Oct. 29, 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 as of October 29, 2023 and October 30, 2022, and their level within the fair value hierarchy are presented in the table below. Fair Value Measurements at October 29, 2023 Total Fair Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) In thousands Assets at Fair Value Cash and Cash Equivalents (1) $ 736,532 $ 735,387 $ 1,145 $ — Short-term Marketable Securities (2) 16,664 2,499 14,164 — Other Trading Securities (3) 188,162 — 188,162 — Commodity Derivatives (4) 9,330 9,603 (273) — Total Assets at Fair Value $ 950,688 $ 747,489 $ 203,199 $ — Liabilities at Fair Value Deferred Compensation (3) $ 55,222 $ — $ 55,222 $ — Total Liabilities at Fair Value $ 55,222 $ — $ 55,222 $ — Fair Value Measurements at October 30, 2022 Total Fair Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) In thousands Assets at Fair Value Cash and Cash Equivalents (1) $ 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 percent of the U.S. 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 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. Securities held by the rabbi trust generated gains (losses) of $3.2 million, $(16.8) million, and $21.2 million for fiscal years 2023, 2022, and 2021, 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, on the Consolidated Statements of Financial Position. As of October 29, 2023, the Company has recognized the right to reclaim net cash collateral of $32.2 million from various counterparties (including cash of $42.6 million less $10.4 million of realized loss). As of October 30, 2022, the Company had recognized 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).

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Oct. 29, 2023
Commitments and Contingencies Disclosure [Abstract]
Schedule of purchase commitments	As of October 29, 2023, the Company is committed to make purchases under these contracts, assuming current price levels, for future fiscal years: In thousands 2024 $ 1,228,731 2025 762,253 2026 415,489 2027 182,925 2028 114,843 Later Years 58,931 Total $ 2,763,172

Leases (Tables)

Leases (Tables)	12 Months Ended
	Oct. 29, 2023
Leases [Abstract]
Schedule of supplemental balance sheet information, lease term, and discount rate	Lease information included on the Consolidated Statements of Financial Position are: In thousands Location on Consolidated Statements of October 29, 2023 October 30, 2022 Right-of-Use Assets Operating Other Assets $ 131,920 $ 73,613 Finance Net Property, Plant, and Equipment 37,999 45,563 Total Right-of-Use Assets $ 169,919 $ 119,176 Liabilities Current Operating Accrued Expenses $ 26,238 $ 21,183 Finance Current Maturities of Long-term Debt 8,597 8,391 Noncurrent Operating Other Long-term Liabilities 109,237 55,571 Finance Long-term Debt Less Current Maturities 27,488 36,082 Total Lease Liabilities $ 171,560 $ 121,227 The weighted-average remaining lease term and discount rate for lease liabilities included on the Consolidated Statements of Financial Position are: October 29, 2023 October 30, 2022 Weighted-average Remaining Lease Term Operating Leases 6.0 years 5.3 years Finance Leases 5.3 years 6.3 years Weighted-average Discount Rate Operating Leases 4.43 % 2.08 % Finance Leases 3.37 % 3.44 %
Schedule of lease expenses and supplemental cash flow and other information related to leases	Lease expenses are: Fiscal Year Ended In thousands October 29, 2023 October 30, 2022 October 31, 2021 Operating Lease Cost (1) $ 34,209 $ 25,702 $ 21,993 Finance Lease Cost Amortization of Right-of-Use Assets 7,594 7,965 8,104 Interest on Lease Liabilities 1,361 1,707 2,019 Variable Lease Cost (2) 511,906 463,439 544,635 Net Lease Cost $ 555,070 $ 498,813 $ 576,751 (1) Includes short-term lease costs, which are immaterial. (2) ASC 842 - Leases requires disclosure of payments related to agreements with an embedded lease that are not otherwise reflected on the balance sheet. The Company's variable lease costs primarily include inventory related expenses, such as materials, labor, and overhead from manufacturing and service agreements that contain embedded leases. Variability of these costs is determined based on usage or output and may vary for other reasons such as changes in material prices. Supplemental cash flow and other information related to leases for the fiscal year ended are: In thousands October 29, 2023 October 30, 2022 October 31, 2021 Cash Paid for Amounts Included in the Measurement of Lease Liabilities Operating Cash Flows from Operating Leases $ 29,436 $ 24,098 $ 20,305 Operating Cash Flows from Finance Leases 1,361 1,707 2,019 Financing Cash Flows from Finance Leases 8,407 8,491 8,598 Right-of-Use Assets obtained in exchange for new finance lease liabilities 19 — — Right-of-Use Assets obtained in exchange for new operating lease liabilities 84,087 19,646 31,962
Schedule of maturities of financing lease liabilities	The maturity of the Company's lease liabilities as of October 29, 2023, are: In thousands Operating Leases Finance Leases (1) Total (2) 2024 $ 31,718 $ 9,637 $ 41,355 2025 29,050 8,101 37,152 2026 26,066 5,666 31,732 2027 19,769 4,314 24,083 2028 12,873 10,542 23,414 2029 and beyond 35,608 685 36,293 Total Lease Payments $ 155,084 $ 38,944 $ 194,028 Less: Imputed Interest 19,609 2,859 22,468 Present Value of Lease Liabilities $ 135,475 $ 36,085 $ 171,560 (1) Over the life of the lease contracts, finance lease payments include $8.1 million related to purchase options which are reasonably certain of being exercised.
Schedule of maturities of operating lease liabilities	The maturity of the Company's lease liabilities as of October 29, 2023, are: In thousands Operating Leases Finance Leases (1) Total (2) 2024 $ 31,718 $ 9,637 $ 41,355 2025 29,050 8,101 37,152 2026 26,066 5,666 31,732 2027 19,769 4,314 24,083 2028 12,873 10,542 23,414 2029 and beyond 35,608 685 36,293 Total Lease Payments $ 155,084 $ 38,944 $ 194,028 Less: Imputed Interest 19,609 2,859 22,468 Present Value of Lease Liabilities $ 135,475 $ 36,085 $ 171,560 (1) Over the life of the lease contracts, finance lease payments include $8.1 million related to purchase options which are reasonably certain of being exercised.

Long-term Debt and Other Borr_2

Long-term Debt and Other Borrowing Arrangements (Tables)	12 Months Ended
	Oct. 29, 2023
Debt Disclosure [Abstract]
Schedule of long-term debt	Long-term Debt consists of: In thousands October 29, 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 (7,016) (7,750) Unamortized Debt Issuance Costs (16,278) (19,856) Interest Rate Swap Liabilities (1) (7,451) (19,950) Finance Lease Liabilities (2) 36,085 44,473 Other Financing Arrangements 3,908 2,429 Total $ 3,309,247 $ 3,299,345 Less: Current Maturities of Long-term Debt 950,529 8,796 Long-term Debt Less Current Maturities $ 2,358,719 $ 3,290,549 (1) See Note F - Derivatives and Hedging for additional information. (2) See Note K - Leases for additional information.
Schedule of interest paid	Total interest paid in the last three fiscal years is as follows: In millions 2023 $ 57.1 2022 57.0 2021 25.1

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	12 Months Ended
	Oct. 29, 2023
Share-Based Payment Arrangement [Abstract]
Schedule of reconciliation of the number of options outstanding and exercisable	A reconciliation of the number of options outstanding and exercisable as of October 29, 2023, is: Shares Weighted-average Exercise Price Weighted-average Remaining Contractual Term (Years) Aggregate Stock Options Outstanding at October 30, 2022 16,130 $ 36.85 Granted 1,002 46.46 Exercised (518) 29.24 Forfeited (147) 41.51 Expired (84) 42.55 Stock Options Outstanding at October 29, 2023 16,384 $ 37.61 4.3 $ 18,845 Stock Options Exercisable at October 29, 2023 13,611 $ 36.00 3.5 $ 18,845
Schedule of weighted-average grant date fair value of stock options granted and the total intrinsic value of options exercised	The weighted-average grant date fair value of stock options granted and the total intrinsic value of options exercised are: Fiscal Year Ended October 29, October 30, October 31, In thousands, except per share amounts 2023 2022 2021 Weighted-average Grant Date Fair Value $ 10.06 $ 7.09 $ 7.52 Intrinsic Value of Exercised Options 6,350 109,745 94,108
Schedule of weighted-average assumptions used to calculate fair value of each option award	The fair value of each option award is calculated on the date of grant using the Black-Scholes valuation model utilizing the following weighted-average assumptions: Fiscal Year Ended October 29, October 30, October 31, 2023 2022 2021 Risk-free Interest Rate 3.5 % 1.6 % 1.0 % Dividend Yield 2.4 % 2.4 % 2.1 % Stock Price Volatility 21.1 % 20.4 % 20.0 % Expected Option Life 7.4 years 7.5 years 7.4 years
Schedule of reconciliation of the nonvested shares	A reconciliation of the restricted stock units as of October 29, 2023, is: Shares Weighted- average Grant Date Fair Value Weighted-average Remaining Contractual Term (Years) Aggregate Restricted Stock Units Outstanding at October 30, 2022 681 $ 45.53 Granted 237 45.96 Dividend Equivalents 18 41.44 Vested (185) 45.88 Forfeited (28) 45.64 Restricted Stock Units Outstanding at October 29, 2023 723 $ 45.59 1.3 $ 22,692 Shares Weighted- average Grant Date Fair Value Restricted Shares Outstanding at October 30, 2022 37 $ 47.11 Granted 44 44.14 Vested (37) 47.11 Restricted Shares Outstanding at October 29, 2023 44 $ 44.14
Schedule of the weighted-average grant date fair value and fair value of nonvested shares granted	The weighted-average grant date fair value of restricted stock units granted, the total fair value of restricted stock units granted, and the fair value of restricted stock units that have vested are: Fiscal Year Ended October 29, October 30, October 31, In thousands, except per share amounts 2023 2022 2021 Weighted-average Grant Date Fair Value $ 45.96 $ 44.14 $ 47.52 Fair Value of Restricted Stock Units Granted 10,889 15,980 10,699 Fair Value of Restricted Stock Units Vested 8,466 1,893 1,460 The weighted-average grant date fair value of restricted shares granted, the total fair value of restricted shares granted, and the fair value of shares that have vested are: Fiscal Year Ended October 29, October 30, October 31, In thousands, except per share amounts 2023 2022 2021 Weighted-average Grant Date Fair Value $ 44.14 $ 47.11 $ 46.92 Fair Value of Restricted Shares Granted 1,920 1,760 1,760 Fair Value of Restricted Shares Vested 1,760 1,760 2,133

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Oct. 29, 2023
Income Tax Disclosure [Abstract]
Schedule of components of provision for income taxes	The components of the Provision for Income Taxes are as follows: Fiscal Year Ended In thousands October 29, 2023 October 30, 2022 October 31, 2021 Current U.S. Federal $ 161,016 $ 67,638 $ 171,732 State 20,166 20,054 7,541 Foreign 7,576 13,185 9,079 Total Current 188,758 100,877 188,352 Deferred U.S. Federal 23,221 164,091 23,507 State 8,602 13,638 2,220 Foreign (29) (729) 2,950 Total Deferred 31,794 177,000 28,677 Total Provision for Income Taxes $ 220,552 $ 277,877 $ 217,029
Schedule of significant components of the deferred income tax liabilities and assets	Significant components of the deferred income tax liabilities and assets are as follows: In thousands October 29, 2023 October 30, 2022 Deferred Tax Liabilities Goodwill and Intangible Assets $ (477,282) $ (404,295) Tax over Book Depreciation and Basis Differences (233,802) (246,411) Other, net (33,105) (21,467) Deferred Tax Assets Pension and Other Post-retirement Benefits 42,952 42,794 Employee Compensation Related Liabilities 65,958 65,461 Marketing and Promotional Accruals 16,972 29,045 Inventory 46,856 10,368 Other, net 75,562 51,966 Net Deferred Tax (Liabilities) Assets $ (495,889) $ (472,539)
Schedule of reconciliation of the statutory federal income tax rate to the effective tax rate	Reconciliation of the statutory federal income tax rate to the Company’s effective tax rate is as follows: Fiscal Year Ended October 29, 2023 October 30, 2022 October 31, 2021 U.S. Statutory Rate 21.0 % 21.0 % 21.0 % State Taxes on Income, Net of Federal Tax Benefit 2.5 2.4 0.8 Stock-based Compensation (0.1) (1.5) (1.6) Foreign-derived Intangible Income Deduction (1.3) (0.4) (0.4) All Other, net (0.3) 0.2 (0.5) Effective Tax Rate 21.8 % 21.7 % 19.3 %
Schedule of changes in the unrecognized tax benefits, excluding interest and penalties	The following table sets forth changes in the unrecognized tax benefits, excluding interest and penalties, for fiscal years 2023 and 2022. In thousands Balance as of October 31, 2021 $ 22,092 Tax Positions Related to the Current Period Increases 3,618 Tax Positions Related to Prior Periods Increases 1,890 Decreases (1,789) Settlements (2,509) Decreases Related to a Lapse of Applicable Statute of Limitations (3,782) Balance as of October 30, 2022 $ 19,520 Tax Positions Related to the Current Period Increases 3,876 Tax Positions Related to Prior Periods Increases 2,131 Decreases (1,708) Settlements (811) Decreases Related to a Lapse of Applicable Statute of Limitations (3,881) Balance as of October 29, 2023 $ 19,127

Earnings Per Share Data (Tables

Earnings Per Share Data (Tables)	12 Months Ended
	Oct. 29, 2023
Earnings Per Share [Abstract]
Schedule of reconciliation of the shares used in the computation of basic and diluted earnings per share	The following table sets forth the shares used as the denominator for those computations. Fiscal Year Ended In thousands October 29, 2023 October 30, 2022 October 31, 2021 Basic Weighted-Average Shares Outstanding 546,421 544,918 541,114 Dilutive Potential Common Shares 2,562 4,648 6,466 Diluted Weighted-Average Shares Outstanding 548,982 549,566 547,580 Antidilutive Potential Common Shares 6,834 1,915 2,839

Segment Reporting (Tables)

Segment Reporting (Tables)	12 Months Ended
	Oct. 29, 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 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. In thousands Fiscal Year Ended October 29, 2023 October 30, 2022 October 31, 2021 Net Sales Retail $ 7,749,039 $ 7,987,598 $ 7,418,079 Foodservice 3,639,492 3,691,408 3,130,174 International 721,479 779,799 837,936 Total Net Sales $ 12,110,010 $ 12,458,806 $ 11,386,189 Segment Profit Retail $ 577,690 $ 721,832 $ 690,127 Foodservice 595,682 547,686 431,992 International 55,234 107,642 116,585 Total Segment Profit $ 1,228,606 $ 1,377,161 $ 1,238,704 Net Unallocated Expense 214,482 99,297 112,836 Noncontrolling Interest (653) 239 301 Earnings Before Income Taxes $ 1,013,472 $ 1,278,103 $ 1,126,170 Depreciation and Amortization Retail $ 145,690 $ 135,824 $ 124,627 Foodservice 74,370 69,577 53,954 International 15,627 16,072 16,482 Corporate 17,623 14,413 14,246 Total Depreciation and Amortization $ 253,311 $ 235,885 $ 209,309
Schedule of total revenues contributed by classes of similar products	Total revenue contributed by classes of similar products are: Fiscal Year Ended In thousands October 29, 2023 October 30, 2022 October 31, 2021 Perishable $ 8,511,795 $ 8,737,486 $ 8,437,851 Shelf-stable 3,598,215 3,721,320 2,948,338 Total Net Sales $ 12,110,010 $ 12,458,806 $ 11,386,189
Schedule of total net sales attributable to U.S. and all foreign countries	Total net sales attributed to the U.S. and all foreign countries in total are: Fiscal Year Ended In thousands October 29, 2023 October 30, 2022 October 31, 2021 U.S. $ 11,515,094 $ 11,776,883 $ 10,653,088 Foreign 594,915 681,923 733,101 Total Net Sales $ 12,110,010 $ 12,458,806 $ 11,386,189

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Reportable Segments (Details) - segment			12 Months Ended
	Oct. 31, 2022	Oct. 30, 2022	Oct. 29, 2023
Accounting Policies [Abstract]
Number of operating segments	3	4
Number of reportable segments	3	4	3

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Compensation (Details) - USD ($) $ in Millions	12 Months Ended
	Oct. 29, 2023	Oct. 30, 2022	Oct. 31, 2021
Rabbi trust
Investments
Gains (losses) related to securities held	$ 3.2	$ (16.8)	$ 21.2

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Property, Plant and Equipment (Details)	Oct. 29, 2023
Buildings | Minimum
Property, Plant and Equipment
Estimated useful life	20 years
Buildings | Maximum
Property, Plant and Equipment
Estimated useful life	40 years
Equipment | Minimum
Property, Plant and Equipment
Estimated useful life	3 years
Equipment | Maximum
Property, Plant and Equipment
Estimated useful life	14 years

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Leases (Details)	12 Months Ended
	Oct. 29, 2023 lease renewalOption
Accounting Policies [Abstract]
Finance lease, number of renewal or termination options	1
Operating lease, number of renewal or termination options	1
Finance lease, number of leases with residual value guarantee | lease	1

Summary of Significant Accoun_7

Summary of Significant Accounting Policies - Impairment of Long-Lived Assets and Definite-Lived Intangible Assets (Details) - USD ($)	12 Months Ended
	Oct. 29, 2023	Oct. 30, 2022	Oct. 31, 2021
Accounting Policies [Abstract]
Impairment charges, finite-lived assets	$ 0	$ 0	$ 0
Impairment charges, definite-lived assets	$ 0	$ 0	$ 0

Summary of Significant Accoun_8

Summary of Significant Accounting Policies - Goodwill and Indefinite-Lived Intangibles (Details) - USD ($)		3 Months Ended				12 Months Ended
	Oct. 30, 2022	Oct. 29, 2023	Jan. 29, 2023	Oct. 30, 2022	Oct. 31, 2021	Oct. 29, 2023	Oct. 30, 2022	Oct. 31, 2021
Indefinite-lived Intangible Assets [Line Items]
Goodwill, impairment charges	$ 0		$ 0			$ 0	$ 0	$ 0
Goodwill and Intangible Impairment						28,383,000	0	0
Trade Name, Justin's
Indefinite-lived Intangible Assets [Line Items]
Goodwill and Intangible Impairment		$ 28,400,000
Trade Name, Excluding Justin's
Indefinite-lived Intangible Assets [Line Items]
Goodwill and Intangible Impairment		$ 0		$ 0	$ 0	$ 0	$ 0	$ 0

Summary of Significant Accoun_9

Summary of Significant Accounting Policies - Equity Method Investments (Details) - USD ($)	12 Months Ended
	Oct. 29, 2023	Oct. 30, 2022	Oct. 31, 2021
Schedule of Equity Method Investments [Line Items]
Impairment charges on equity method investments		$ 0	$ 0
Corporate Venturing Investment
Schedule of Equity Method Investments [Line Items]
Impairment charges on equity method investments	$ 7,000,000

Summary of Significant Accou_10

Summary of Significant Accounting Policies - Revenue Recognition (Details)	12 Months Ended
	Oct. 29, 2023
Minimum
Revenue from External Customer [Line Items]
Payment term	7 days
Maximum
Revenue from External Customer [Line Items]
Payment term	45 days

Summary of Significant Accou_11

Summary of Significant Accounting Policies - Advertising Expenses (Details) - USD ($) $ in Millions	12 Months Ended
	Oct. 29, 2023	Oct. 30, 2022	Oct. 31, 2021
Advertising Expenses
Advertising costs	$ 160.1	$ 157.3	$ 138.5

Summary of Significant Accou_12

Summary of Significant Accounting Policies - Research and Development Expenses (Details) - USD ($) $ in Millions	12 Months Ended
	Oct. 29, 2023	Oct. 30, 2022	Oct. 31, 2021
Research and Development Expenses
Research and development expense	$ 33.7	$ 34.7	$ 33.6

Acquisitions and Divestitures -

Acquisitions and Divestitures - Narrative (Details) - Planters Snack Nuts Business - USD ($) $ in Millions		12 Months Ended
	Jun. 07, 2021	Oct. 29, 2023	Oct. 30, 2022	Oct. 31, 2021
Acquisitions
Final purchase price	$ 3,400
Net sales contributed by acquisition		$ 952.5	$ 1,000	$ 410.8
Acquisition-related costs				30.3
Acquisition adjustments related to the preliminary revaluation of acquired inventory				12.9
Acquisition-related costs and adjustments				$ 43.2

Acquisitions and Divestitures_2

Acquisitions and Divestitures - Allocation of Purchase Price (Details) - USD ($) $ in Thousands	Oct. 29, 2023	Oct. 30, 2022	Oct. 31, 2021	Jun. 07, 2021
Acquisitions
Goodwill	$ 4,928,464	$ 4,925,829	$ 4,929,102
Planters Snack Nuts Business
Acquisitions
Inventory				$ 149,224
Property, Plant, and Equipment				170,958
Goodwill				2,313,064
Purchase Price				3,396,246
Planters Snack Nuts Business | Trade Names
Acquisitions
Other Intangibles				712,000
Planters Snack Nuts Business | Customer Relationships
Acquisitions
Other Intangibles				$ 51,000

Acquisitions and Divestitures_3

Acquisitions and Divestitures - Unaudited Pro Forma Financial Information (Details) - Planters Snack Nuts Business $ in Thousands	12 Months Ended
	Oct. 30, 2022 USD ($)
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]
Pro Forma Net Sales	$ 12,061,686
Pro Forma Net Earnings Attributable to Hormel Foods Corporation	$ 985,881

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets - Changes in Carrying Amount of Goodwill (Details) - USD ($) $ in Thousands	12 Months Ended
	Oct. 29, 2023	Oct. 30, 2022
Changes in the carrying amount of goodwill
Balance at the beginning of the period	$ 4,925,829	$ 4,929,102
Foreign Currency Translation	2,635	(3,273)
Goodwill Reallocation	0
Balance at the end of the period	4,928,464	4,925,829
Grocery Products
Changes in the carrying amount of goodwill
Balance at the beginning of the period	2,398,354	2,398,354
Foreign Currency Translation	0	0
Goodwill Reallocation	(2,398,354)
Balance at the end of the period	0	2,398,354
Refrigerated Foods
Changes in the carrying amount of goodwill
Balance at the beginning of the period	2,094,421	2,094,421
Foreign Currency Translation	0	0
Goodwill Reallocation	(2,094,421)
Balance at the end of the period	0	2,094,421
Jennie-O Turkey Store
Changes in the carrying amount of goodwill
Balance at the beginning of the period	176,628	176,628
Foreign Currency Translation	0	0
Goodwill Reallocation	(176,628)
Balance at the end of the period	0	176,628
Retail
Changes in the carrying amount of goodwill
Balance at the beginning of the period	0	0
Foreign Currency Translation	0	0
Goodwill Reallocation	2,916,796
Balance at the end of the period	2,916,796	0
Foodservice
Changes in the carrying amount of goodwill
Balance at the beginning of the period	0	0
Foreign Currency Translation	0	0
Goodwill Reallocation	1,750,594
Balance at the end of the period	1,750,594	0
International
Changes in the carrying amount of goodwill
Balance at the beginning of the period	256,427	259,699
Foreign Currency Translation	2,635	(3,273)
Goodwill Reallocation	2,013
Balance at the end of the period	$ 261,074	$ 256,427

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets - Carrying Amounts Indefinite Lived Intangible Assets (Details) - USD ($) $ in Thousands	Oct. 29, 2023	Oct. 30, 2022
Carrying amounts for indefinite-lived intangible assets
Total	$ 1,631,098	$ 1,658,775
Brands/Trade Names/Trademarks
Carrying amounts for indefinite-lived intangible assets
Total	1,636,807	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	$ 5,893	$ 6,599

Goodwill and Intangible Asset_4

Goodwill and Intangible Assets - Definite Lived Intangibles Assets (Details) - USD ($) $ in Thousands	Oct. 29, 2023	Oct. 30, 2022
Gross carrying amount and accumulated amortization for definite-lived intangible assets
Gross Carrying Amount	$ 234,020	$ 238,016
Accumulated Amortization	(107,947)	(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	(82,658)	(69,779)
Other Intangibles
Gross carrying amount and accumulated amortization for definite-lived intangible assets
Gross Carrying Amount	59,241	59,241
Accumulated Amortization	(15,857)	(11,606)
Trade Names/Trademarks
Gross carrying amount and accumulated amortization for definite-lived intangible assets
Gross Carrying Amount	6,540	10,536
Accumulated Amortization	(5,089)	(7,828)
Foreign Currency Translation
Gross carrying amount and accumulated amortization for definite-lived intangible assets
Gross Carrying Amount	0	0
Accumulated Amortization	$ (4,344)	$ (4,551)

Goodwill and Intangible Asset_5

Goodwill and Intangible Assets - Amortization Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Oct. 29, 2023	Oct. 30, 2022	Oct. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense	$ 18,386	$ 19,274	$ 17,518

Goodwill and Intangible Asset_6

Goodwill and Intangible Assets - Estimated Amortization Expense (Details) $ in Thousands	Oct. 29, 2023 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2024	$ 16,381
2025	14,681
2026	14,210
2027	13,940
2028	$ 13,009

Goodwill and Intangible Asset_7

Goodwill and Intangible Assets - Narrative (Details) - USD ($)	3 Months Ended			12 Months Ended
	Oct. 29, 2023	Oct. 30, 2022	Oct. 31, 2021	Oct. 29, 2023	Oct. 30, 2022	Oct. 31, 2021
Indefinite-lived Intangible Assets [Line Items]
Goodwill and intangible asset impairment charge				$ 28,383,000	$ 0	$ 0
Trade Name, Justin's
Indefinite-lived Intangible Assets [Line Items]
Goodwill and intangible asset impairment charge	$ 28,400,000
Trade Name, Excluding Justin's
Indefinite-lived Intangible Assets [Line Items]
Goodwill and intangible asset impairment charge	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0

Investments in Affiliates - Sch

Investments in Affiliates - Schedule of Equity in Earnings of Affiliates (Details) - USD ($) $ in Thousands	12 Months Ended
	Oct. 29, 2023	Oct. 30, 2022	Oct. 31, 2021
Schedule of Equity Method Investments [Line Items]
Total Equity in Earnings of Affiliates	$ 42,754	$ 27,185	$ 47,763
MegaMex Foods, LLC
Schedule of Equity Method Investments [Line Items]
% Owned	50%	50%	50%
Total Equity in Earnings of Affiliates	$ 40,501	$ 19,861	$ 38,178
Other Equity Method Investments
Schedule of Equity Method Investments [Line Items]
Total Equity in Earnings of Affiliates	$ 2,253	$ 7,324	$ 9,585
Other Equity Method Investments | Minimum
Schedule of Equity Method Investments [Line Items]
% Owned	20%	20%	20%
Other Equity Method Investments | Maximum
Schedule of Equity Method Investments [Line Items]
% Owned	50%	50%	50%

Investments in Affiliates - S_2

Investments in Affiliates - Schedule of Distributions Received from Equity Method Investees (Details) - USD ($) $ in Thousands	12 Months Ended
	Oct. 29, 2023	Oct. 30, 2022	Oct. 31, 2021
Investment, Affiliated Issuer
Schedule of Equity Method Investments [Line Items]
Dividends	$ 38,160	$ 43,039	$ 44,999

Investments in Affiliates - Nar

Investments in Affiliates - Narrative (Details) - USD ($)		12 Months Ended
	Dec. 15, 2022	Oct. 29, 2023	Oct. 30, 2022	Oct. 31, 2021	Jul. 30, 2023	Jul. 28, 2023	Apr. 12, 2023	Oct. 26, 2009
Schedule of Equity Method Investments [Line Items]
Impairment charges on equity method investments			$ 0	$ 0
Garudafood
Schedule of Equity Method Investments [Line Items]
Ownership percentage	29%						30%
Purchase price	$ 425,800,000
Basis difference between fair value and carrying value of investment	$ 324,800,000				$ 324,600,000
Fair value of common stock						$ 291,200,000
Corporate Venturing Investment
Schedule of Equity Method Investments [Line Items]
Impairment charges on equity method investments		$ 7,000,000
MegaMex Foods, LLC
Schedule of Equity Method Investments [Line Items]
Ownership percentage		50%	50%	50%
Basis difference between fair value and carrying value of investment		$ 9,300,000						$ 21,300,000

Inventories - Schedule of Princ

Inventories - Schedule of Principal Components of Inventories (Details) - USD ($) $ in Thousands	Oct. 29, 2023	Oct. 30, 2022
Inventory Disclosure [Abstract]
Finished Products	$ 954,432	$ 974,160
Raw Materials and Work-in-Process	448,535	440,193
Operating Supplies	168,289	206,289
Maintenance Materials and Parts	109,151	95,417
Total	$ 1,680,406	$ 1,716,059

Derivatives and Hedging - Narra

Derivatives and Hedging - Narrative (Details)	3 Months Ended	12 Months Ended
	Jul. 25, 2021	Oct. 29, 2023 USD ($)	Jan. 30, 2022 USD ($)	Apr. 25, 2021 USD ($) derivative
Grain
Derivatives and Hedging
Maximum number of upcoming fiscal periods to hedge exposure		2 years
Lean Hogs
Derivatives and Hedging
Maximum number of upcoming fiscal periods to hedge exposure		12 months
Interest Rate Locks | Cash Flow Hedges | Designated as Hedging
Derivatives and Hedging
Number of hedging instruments | derivative				2
Total notional amount of hedging				$ 1,250,000,000
Interest Rate Locks | Cash Flow Hedges | Designated as Hedging | Minimum
Derivatives and Hedging
Tenor of hedging contracts	7 years
Interest Rate Locks | Cash Flow Hedges | Designated as Hedging | Maximum
Derivatives and Hedging
Tenor of hedging contracts	30 years
Interest Rate Swap | Fair Value Hedges | Designated as Hedging
Derivatives and Hedging
Total notional amount of hedging			$ 450,000,000
Commodity Contracts
Derivatives and Hedging
Hedging gains (losses) expected to be recognized the next twelve months		$ (24,500,000)
Interest Rate Contracts
Derivatives and Hedging
Hedging gains (losses) expected to be recognized the next twelve months		$ 12,500,000

Derivatives and Hedging - Outst

Derivatives and Hedging - Outstanding Contracts (Details) - Cash Flow Hedges lb in Millions, bu in Millions, MMBTU in Millions	12 Months Ended
	Oct. 29, 2023 MMBTU lb bu	Oct. 30, 2022 MMBTU lb bu	Oct. 31, 2021 bu
Corn
Derivatives and Hedging
Future contracts, volume (in bushels)	30.7	34.3
Corn | Designated as Hedging
Derivatives and Hedging
Future contracts, volume (in bushels)		1	2.8
Lean Hogs
Derivatives and Hedging
Futures contracts, volume (in pounds) | lb	144.2	177.5
Natural Gas | Designated as Hedging
Derivatives and Hedging
Futures contracts, energy (in MMBTu) | MMBTU	3	0

Derivatives and Hedging - Fair

Derivatives and Hedging - Fair Value of Derivatives (Details) - USD ($) $ in Thousands	Oct. 29, 2023	Oct. 30, 2022
Derivatives fair value
Right to reclaim cash collateral within master netting arrangement	$ 32,200
Obligation to return cash collateral within master netting arrangement		$ 1,300
Designated as Hedging | Commodity Contracts | Other Current Assets
Derivatives fair value
Fair values of derivative instruments	$ (13,233)	$ 13,504

Derivatives and Hedging - Fai_2

Derivatives and Hedging - Fair Value Hedge Assets (Liabilities) (Details) - USD ($) $ in Thousands	Oct. 29, 2023	Oct. 30, 2022
Derivatives fair value
Cumulative basis adjustment of carrying amount of hedged portion of 2024 Notes	$ 7,451	$ 19,950
Accounts Payable | Commodity Contracts | Fair Value Hedges
Derivatives fair value
Carrying Amount of Hedged Assets (Liabilities)	(4,914)	5,725
Current Maturities of Long-term Debt | Interest Rate Contracts | Fair Value Hedges
Derivatives fair value
Carrying Amount of Hedged Assets (Liabilities)	(442,549)	0
Long-term Debt - Less Current Maturities | Interest Rate Contracts | Fair Value Hedges
Derivatives fair value
Carrying Amount of Hedged Assets (Liabilities)	$ 0	$ (430,050)

Derivatives and Hedging - Effec

Derivatives and Hedging - Effect of AOCL for Gains or Losses (Before Tax) (Details) - Cash Flow Hedges - Designated as Hedging - USD ($) $ in Thousands	12 Months Ended
	Oct. 29, 2023	Oct. 30, 2022	Oct. 31, 2021
Commodity Contracts
Derivative instruments gains or losses (before tax)
Gain/(Loss) Reclassified from AOCL into Earnings	$ 1,225	$ 55,350	$ 31,787
Commodity Contracts | Cost of Products Sold
Derivative instruments gains or losses (before tax)
Gain/(Loss) Recognized in AOCL	(50,353)	56,371
Gain/(Loss) Reclassified from AOCL into Earnings	1,225	57,592
Corn | Cost of Products Sold
Derivative instruments gains or losses (before tax)
Excluded component	1,127	(4,748)
Excluded component	0	0
Interest Rate Contracts | Interest Expense
Derivative instruments gains or losses (before tax)
Gain/(Loss) Recognized in AOCL	0	0
Gain/(Loss) Reclassified from AOCL into Earnings	$ 988	$ 988

Derivatives and Hedging - Conso

Derivatives and Hedging - Consolidated Statements of Operations Impact of Gains or Losses on Derivative Instruments (Details) $ in Thousands, bu in Millions	12 Months Ended
	Oct. 29, 2023 USD ($) bu	Oct. 30, 2022 USD ($) bu	Oct. 31, 2021 USD ($) bu
Derivatives and Hedging
Net Earnings Attributable to Hormel Foods Corporation	$ 793,572	$ 999,987	$ 908,839
Cash Flow Hedges | Corn
Fair Value Hedges
Future contracts, volume (in bushels) | bu	30.7	34.3
Designated as Hedging
Fair Value Hedges
Total Gain (Loss) Recognized in Earnings	$ (15,466)	$ 35,094	332
Designated as Hedging | Commodity Contracts
Fair Value Hedges
Total Gain (Loss) Recognized in Earnings	(3,955)	35,101	(67)
Designated as Hedging | Interest Rate Contracts
Fair Value Hedges
Total Gain (Loss) Recognized in Earnings	(11,511)	(7)	399
Designated as Hedging | Cash Flow Hedges | Commodity Contracts
Cash Flow Hedges - Commodity Contracts
Gain (Loss) Reclassified from AOCL	1,225	55,350	31,787
Amortization of Excluded Component from Options	(5,835)	(4,369)	(3,033)
Gain (Loss) Reclassified from AOCL Due to Discontinuance of Cash Flow Hedges	0	2,242	(743)
Designated as Hedging | Cash Flow Hedges | Interest Rate Locks
Cash Flow Hedges - Commodity Contracts
Gain (Loss) Reclassified from AOCL	988	988	399
Designated as Hedging | Cash Flow Hedges | Corn
Cash Flow Hedges - Commodity Contracts
Gain (Loss) Reclassified from AOCL Due to Discontinuance of Cash Flow Hedges		$ 2,200	$ (700)
Fair Value Hedges
Future contracts, volume (in bushels) | bu		1	2.8
Designated as Hedging | Fair Value Hedges | Commodity Contracts
Fair Value Hedges
Gain (Loss) on Commodity Futures and Interest Rate Swap	656	$ (18,122)	$ (28,078)
Designated as Hedging | Fair Value Hedges | Interest Rate Swap
Fair Value Hedges
Gain (Loss) on Commodity Futures and Interest Rate Swap	0	928	0
Amortization of Loss Due to Discontinuance of Fair Value Hedge	$ (12,499)	$ (1,923)	$ 0

Pension and Other Post-retire_3

Pension and Other Post-retirement Benefits - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Oct. 29, 2023	Oct. 30, 2022	Oct. 31, 2021
Pension and Other Post-retirement Benefits
Total costs, defined contribution benefit plans	$ 41,000	$ 47,900	$ 46,700
30-Year Treasury Rate
Pension and Other Post-retirement Benefits
Interest crediting rate floor	2.65%
Pension Benefits
Pension and Other Post-retirement Benefits
Pension plans accumulated benefit obligation	$ 1,200,000	1,200,000
Expected contribution representing benefit payments for unfunded plans during next fiscal year	31,300
Fair value of investments	1,185,672	1,240,200	1,698,596
Pension Benefits | Significant Unobservable Inputs (Level 3)
Pension and Other Post-retirement Benefits
Fair value of investments	79,448	88,154	109,419
Pension Benefits | Private Equity
Pension and Other Post-retirement Benefits
Commitments for investments	$ 151,900
Post-retirement Benefits
Pension and Other Post-retirement Benefits
Increase in per capita cost of covered health care benefits assumed for next fiscal year (as a percent)	8%
Expected ultimate pre-Medicare and post-Medicare rate (as a percent)	5%
Year that reaches the ultimate trend rate	2029
Fair value of investments	$ 0	$ 0	$ 0
Minimum | Pension Benefits
Pension and Other Post-retirement Benefits
Amortization period of actuarial gains and losses and any adjustments resulting from plan amendments	8 years
Minimum | Pension Benefits | Private Equity | Significant Unobservable Inputs (Level 3)
Pension and Other Post-retirement Benefits
Fair value of investments	$ 77,800
Minimum | Post-retirement Benefits
Pension and Other Post-retirement Benefits
Amortization period of actuarial gains and losses and any adjustments resulting from plan amendments	13 years
Maximum | Pension Benefits
Pension and Other Post-retirement Benefits
Amortization period of actuarial gains and losses and any adjustments resulting from plan amendments	21 years
Maximum | Pension Benefits | Private Equity | Significant Unobservable Inputs (Level 3)
Pension and Other Post-retirement Benefits
Fair value of investments	$ 88,200
Maximum | Post-retirement Benefits
Pension and Other Post-retirement Benefits
Amortization period of actuarial gains and losses and any adjustments resulting from plan amendments	14 years
Weighted Average | Pension Benefits | Private Equity | Significant Unobservable Inputs (Level 3)
Pension and Other Post-retirement Benefits
Fair value of investments	$ 81,200

Pension and Other Post-retire_4

Pension and Other Post-retirement Benefits - Costs And Obligations (Details) - USD ($) $ in Thousands	12 Months Ended
	Oct. 29, 2023	Oct. 30, 2022	Oct. 31, 2021
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
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
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
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
Pension Benefits
Net periodic cost of defined benefit plans
Service Cost	$ 35,607	$ 40,076	$ 37,127
Interest Cost	68,630	50,558	50,399
Expected Return on Plan Assets	(78,285)	(108,248)	(102,693)
Amortization of Prior Service Cost (Credit)	(1,843)	(1,496)	(1,496)
Recognized Actuarial Loss (Gain)	13,303	12,530	22,742
Net Periodic Cost	37,413	(6,581)	6,080
Post-retirement Benefits
Net periodic cost of defined benefit plans
Service Cost	248	469	533
Interest Cost	12,064	7,684	7,945
Expected Return on Plan Assets	0	0	0
Amortization of Prior Service Cost (Credit)	8	8	(669)
Recognized Actuarial Loss (Gain)	(29)	2,439	2,020
Net Periodic Cost	$ 12,290	$ 10,600	$ 9,830

Pension and Other Post-retire_5

Pension and Other Post-retirement Benefits - Actuarial Gains and Losses (Details) - USD ($) $ in Thousands	Oct. 29, 2023	Oct. 30, 2022
Pension Benefits
Amounts recognized in accumulated other comprehensive loss
Unrecognized Prior Service (Cost) Credit	$ (7,549)	$ (2,399)
Unrecognized Actuarial (Loss) Gain	(270,468)	(272,401)
Post-retirement Benefits
Amounts recognized in accumulated other comprehensive loss
Unrecognized Prior Service (Cost) Credit	(138)	(146)
Unrecognized Actuarial (Loss) Gain	$ 35,483	$ 18,044

Pension and Other Post-retire_6

Pension and Other Post-retirement Benefits - Change in Benefit Obligation (Details) - USD ($) $ in Thousands	12 Months Ended
	Oct. 29, 2023	Oct. 30, 2022	Oct. 31, 2021
Pension Benefits
Change in Benefit Obligation:
Benefit Obligation at Beginning of Year	$ 1,200,013	$ 1,711,958
Service Cost	35,607	40,076	$ 37,127
Interest Cost	68,630	50,558	50,399
Actuarial (Gain) Loss	(51,106)	(515,995)
Plan Amendments	3,307	(2,722)
Participant Contributions	0	0
Medicare Part D Subsidy	0	0
Benefits Paid	(82,071)	(83,862)
Benefit Obligation at End of Year	1,174,380	1,200,013	1,711,958
Post-retirement Benefits
Change in Benefit Obligation:
Benefit Obligation at Beginning of Year	211,986	274,666
Service Cost	248	469	533
Interest Cost	12,064	7,684	7,945
Actuarial (Gain) Loss	(17,421)	(51,219)
Plan Amendments	0	0
Participant Contributions	2,137	1,808
Medicare Part D Subsidy	449	448
Benefits Paid	(23,263)	(21,868)
Benefit Obligation at End of Year	$ 186,199	$ 211,986	$ 274,666

Pension and Other Post-retire_7

Pension and Other Post-retirement Benefits - Change in Plan Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Oct. 29, 2023	Oct. 30, 2022
Pension Benefits
Change in Plan Assets:
Fair Value of Plan Assets at Beginning of Year	$ 1,240,200	$ 1,698,596
Actual Return on Plan Assets	15,810	(387,244)
Participant Contributions	0	0
Employer Contributions	11,733	12,711
Benefits Paid	(82,071)	(83,862)
Fair Value of Plan Assets at End of Year	1,185,672	1,240,200
Funded Status at End of Year	11,292	40,187
Post-retirement Benefits
Change in Plan Assets:
Fair Value of Plan Assets at Beginning of Year	0	0
Actual Return on Plan Assets	0	0
Participant Contributions	2,137	1,808
Employer Contributions	21,126	20,060
Benefits Paid	(23,263)	(21,868)
Fair Value of Plan Assets at End of Year	0	0
Funded Status at End of Year	$ (186,199)	$ (211,986)

Pension and Other Post-retire_8

Pension and Other Post-retirement Benefits - Amounts in Financial Position (Details) - USD ($) $ in Thousands	Oct. 29, 2023	Oct. 30, 2022
Amounts recognized in the Consolidated Statements of Financial Position
Pension Assets	$ 204,697	$ 245,566
Pension and Post-retirement Benefits	(349,268)	(385,832)
Pension Benefits
Amounts recognized in the Consolidated Statements of Financial Position
Pension Assets	204,697	245,566
Employee-Related Expenses	(12,023)	(11,571)
Pension and Post-retirement Benefits	(181,382)	(193,808)
Net Amount Recognized	11,292	40,187
Post-retirement Benefits
Amounts recognized in the Consolidated Statements of Financial Position
Pension Assets	0	0
Employee-Related Expenses	(18,313)	(19,962)
Pension and Post-retirement Benefits	(167,886)	(192,024)
Net Amount Recognized	$ (186,199)	$ (211,986)

Pension and Other Post-retire_9

Pension and Other Post-retirement Benefits - Accumulated Benefit Obligations (Details) - Pension Benefits - USD ($) $ in Thousands	Oct. 29, 2023	Oct. 30, 2022
Accumulated benefit obligation in excess of plan assets
Projected Benefit Obligation	$ 193,404	$ 205,379
Accumulated Benefit Obligation	191,888	204,302
Fair Value of Plan Assets	$ 0	$ 0

Pension and Other Post-retir_10

Pension and Other Post-retirement Benefits - Assumptions (Details) - Pension Benefits	12 Months Ended
	Oct. 29, 2023	Oct. 30, 2022	Oct. 31, 2021
Weighted-average assumptions used to determine benefit obligations
Discount Rate	6.49%	5.92%
Rate of Future Compensation Increase (For Plans that Base Benefits on Final Compensation Level)	4.06%	3.95%
Interest Crediting Rate (For Cash Balance Plan)	4.98%	4.42%
Weighted-average assumptions used to determine net periodic benefit costs
Discount Rate	5.92%	3%	3.06%
Rate of Future Compensation Increase (For Plans that Base Benefits on Final Compensation Level)	3.95%	4.14%	4.09%
Expected Long-term Return on Plan Assets	6.50%	6.50%	6.75%
Interest Crediting Rate (For Cash Balance Plan)	4.42%	0%	0%

Pension and Other Post-retir_11

Pension and Other Post-retirement Benefits - Benefits Expected to be Paid (Details) $ in Thousands	Oct. 29, 2023 USD ($)
Pension Benefits
Expected future benefit payments
2024	$ 85,068
2025	87,841
2026	92,386
2027	95,000
2028	97,973
2029-2033	517,376
Post-retirement Benefits
Expected future benefit payments
2024	18,871
2025	18,430
2026	17,865
2027	17,262
2028	16,649
2029-2033	$ 73,091

Pension and Other Post-retir_12

Pension and Other Post-retirement Benefits - Weighted-average Asset Allocations of Plan Assets (Details) - Pension Benefits	Oct. 29, 2023	Oct. 30, 2022
Fixed Income
Pension and Other Post-retirement Benefits
Actual %	47.60%	43.30%
Fixed Income | Minimum
Pension and Other Post-retirement Benefits
Target Range %	40%	40%
Fixed Income | Maximum
Pension and Other Post-retirement Benefits
Target Range %	60%	60%
Global Stocks
Pension and Other Post-retirement Benefits
Actual %	31.20%	36.90%
Global Stocks | Minimum
Pension and Other Post-retirement Benefits
Target Range %	20%	20%
Global Stocks | Maximum
Pension and Other Post-retirement Benefits
Target Range %	55%	55%
Real Estate
Pension and Other Post-retirement Benefits
Actual %	8%	8.60%
Real Estate | Minimum
Pension and Other Post-retirement Benefits
Target Range %	0%	0%
Real Estate | Maximum
Pension and Other Post-retirement Benefits
Target Range %	10%	10%
Private Equity
Pension and Other Post-retirement Benefits
Actual %	6.70%	7.10%
Private Equity | Minimum
Pension and Other Post-retirement Benefits
Target Range %	0%	0%
Private Equity | Maximum
Pension and Other Post-retirement Benefits
Target Range %	15%	10%
Gold
Pension and Other Post-retirement Benefits
Actual %	2.40%	0%
Gold | Minimum
Pension and Other Post-retirement Benefits
Target Range %	0%	0%
Gold | Maximum
Pension and Other Post-retirement Benefits
Target Range %	5%	0%
Hedge Funds
Pension and Other Post-retirement Benefits
Actual %	2.10%	2.10%
Hedge Funds | Minimum
Pension and Other Post-retirement Benefits
Target Range %	0%	0%
Hedge Funds | Maximum
Pension and Other Post-retirement Benefits
Target Range %	10%	10%
Cash and Cash Equivalents
Pension and Other Post-retirement Benefits
Actual %	2%	1.90%
Cash and Cash Equivalents | Minimum
Pension and Other Post-retirement Benefits
Target Range %	0%	0%
Cash and Cash Equivalents | Maximum
Pension and Other Post-retirement Benefits
Target Range %	5%	5%

Pension and Other Post-retir_13

Pension and Other Post-retirement Benefits - Categories of Plan Assets and Valuation Level (Details) - Pension Benefits - USD ($) $ in Thousands	12 Months Ended
	Oct. 29, 2023	Oct. 30, 2022	Oct. 31, 2021
Fair values of defined benefit pension plan investments by asset category and fair value hierarchy level
Fair Value of Plan Assets	$ 1,185,672	$ 1,240,200	$ 1,698,596
Fair Value
Fair values of defined benefit pension plan investments by asset category and fair value hierarchy level
Fair Value of Plan Assets	547,258	574,121
Net Asset Value
Fair values of defined benefit pension plan investments by asset category and fair value hierarchy level
Fair Value of Plan Assets	638,414	666,080
Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair values of defined benefit pension plan investments by asset category and fair value hierarchy level
Fair Value of Plan Assets	124,144	109,643
Significant Other Observable Inputs (Level 2)
Fair values of defined benefit pension plan investments by asset category and fair value hierarchy level
Fair Value of Plan Assets	343,667	376,324
Significant Unobservable Inputs (Level 3)
Fair values of defined benefit pension plan investments by asset category and fair value hierarchy level
Fair Value of Plan Assets	79,448	88,154	$ 109,419
Cash Equivalents | Fair Value
Fair values of defined benefit pension plan investments by asset category and fair value hierarchy level
Fair Value of Plan Assets	23,643	23,162
Cash Equivalents | Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair values of defined benefit pension plan investments by asset category and fair value hierarchy level
Fair Value of Plan Assets	461	0
Cash Equivalents | Significant Other Observable Inputs (Level 2)
Fair values of defined benefit pension plan investments by asset category and fair value hierarchy level
Fair Value of Plan Assets	23,182	23,162
Cash Equivalents | Significant Unobservable Inputs (Level 3)
Fair values of defined benefit pension plan investments by asset category and fair value hierarchy level
Fair Value of Plan Assets	0	0
Domestic | Fair Value
Fair values of defined benefit pension plan investments by asset category and fair value hierarchy level
Fair Value of Plan Assets	31,383	37,032
Domestic | Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair values of defined benefit pension plan investments by asset category and fair value hierarchy level
Fair Value of Plan Assets	0	0
Domestic | Significant Other Observable Inputs (Level 2)
Fair values of defined benefit pension plan investments by asset category and fair value hierarchy level
Fair Value of Plan Assets	0	0
Domestic | Significant Unobservable Inputs (Level 3)
Fair values of defined benefit pension plan investments by asset category and fair value hierarchy level
Fair Value of Plan Assets	31,383	37,032
International | Fair Value
Fair values of defined benefit pension plan investments by asset category and fair value hierarchy level
Fair Value of Plan Assets	48,065	51,122
International | Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair values of defined benefit pension plan investments by asset category and fair value hierarchy level
Fair Value of Plan Assets	0	0
International | Significant Other Observable Inputs (Level 2)
Fair values of defined benefit pension plan investments by asset category and fair value hierarchy level
Fair Value of Plan Assets	0	0
International | Significant Unobservable Inputs (Level 3)
Fair values of defined benefit pension plan investments by asset category and fair value hierarchy level
Fair Value of Plan Assets	48,065	51,122
U.S. Government Issues | Fair Value
Fair values of defined benefit pension plan investments by asset category and fair value hierarchy level
Fair Value of Plan Assets	171,949	166,461
U.S. Government Issues | Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair values of defined benefit pension plan investments by asset category and fair value hierarchy level
Fair Value of Plan Assets	123,683	109,643
U.S. Government Issues | Significant Other Observable Inputs (Level 2)
Fair values of defined benefit pension plan investments by asset category and fair value hierarchy level
Fair Value of Plan Assets	48,266	56,818
U.S. Government Issues | Significant Unobservable Inputs (Level 3)
Fair values of defined benefit pension plan investments by asset category and fair value hierarchy level
Fair Value of Plan Assets	0	0
Municipal Issues | Fair Value
Fair values of defined benefit pension plan investments by asset category and fair value hierarchy level
Fair Value of Plan Assets	9,884	10,541
Municipal Issues | Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair values of defined benefit pension plan investments by asset category and fair value hierarchy level
Fair Value of Plan Assets	0	0
Municipal Issues | Significant Other Observable Inputs (Level 2)
Fair values of defined benefit pension plan investments by asset category and fair value hierarchy level
Fair Value of Plan Assets	9,884	10,541
Municipal Issues | Significant Unobservable Inputs (Level 3)
Fair values of defined benefit pension plan investments by asset category and fair value hierarchy level
Fair Value of Plan Assets	0	0
Corporate Issues – Domestic | Fair Value
Fair values of defined benefit pension plan investments by asset category and fair value hierarchy level
Fair Value of Plan Assets	226,202	244,044
Corporate Issues – Domestic | Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair values of defined benefit pension plan investments by asset category and fair value hierarchy level
Fair Value of Plan Assets	0	0
Corporate Issues – Domestic | Significant Other Observable Inputs (Level 2)
Fair values of defined benefit pension plan investments by asset category and fair value hierarchy level
Fair Value of Plan Assets	226,202	244,044
Corporate Issues – Domestic | Significant Unobservable Inputs (Level 3)
Fair values of defined benefit pension plan investments by asset category and fair value hierarchy level
Fair Value of Plan Assets	0	0
Corporate Issues – Foreign | Fair Value
Fair values of defined benefit pension plan investments by asset category and fair value hierarchy level
Fair Value of Plan Assets	36,133	41,759
Corporate Issues – Foreign | Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair values of defined benefit pension plan investments by asset category and fair value hierarchy level
Fair Value of Plan Assets	0	0
Corporate Issues – Foreign | Significant Other Observable Inputs (Level 2)
Fair values of defined benefit pension plan investments by asset category and fair value hierarchy level
Fair Value of Plan Assets	36,133	41,759
Corporate Issues – Foreign | Significant Unobservable Inputs (Level 3)
Fair values of defined benefit pension plan investments by asset category and fair value hierarchy level
Fair Value of Plan Assets	$ 0	0
Real Estate – Domestic
Fair values of defined benefit pension plan investments by asset category and fair value hierarchy level
Advance notice to requests redemption of shares, first option	45 days
Advance notice to requests redemption of shares, second option	90 days
Real Estate – Domestic | Net Asset Value
Fair values of defined benefit pension plan investments by asset category and fair value hierarchy level
Fair Value of Plan Assets	$ 95,315	106,951
Global Stocks - Collective Investment Funds | Net Asset Value
Fair values of defined benefit pension plan investments by asset category and fair value hierarchy level
Fair Value of Plan Assets	369,513	458,045
Gold | Net Asset Value
Fair values of defined benefit pension plan investments by asset category and fair value hierarchy level
Fair Value of Plan Assets	28,163
Hedge Funds | Net Asset Value
Fair values of defined benefit pension plan investments by asset category and fair value hierarchy level
Fair Value of Plan Assets	$ 24,965	26,273
Fixed Income - Hedge Funds
Fair values of defined benefit pension plan investments by asset category and fair value hierarchy level
Advance notice to requests redemption of shares, first option	90 days
Advance notice to request redemption of shares, fund anniversary	3 years
Fixed Income - Hedge Funds | Net Asset Value
Fair values of defined benefit pension plan investments by asset category and fair value hierarchy level
Fair Value of Plan Assets	$ 64,613	62,025
Fixed Income - Collective Investment Funds | Net Asset Value
Fair values of defined benefit pension plan investments by asset category and fair value hierarchy level
Fair Value of Plan Assets	$ 55,845	$ 12,785

Pension and Other Post-retir_14

Pension and Other Post-retirement Benefits - Changes In Fair Value (Details) - Pension Benefits - USD ($) $ in Thousands	12 Months Ended
	Oct. 29, 2023	Oct. 30, 2022
Change in Plan Assets:
Fair Value of Plan Assets at Beginning of Year	$ 1,240,200	$ 1,698,596
Fair Value of Plan Assets at End of Year	1,185,672	1,240,200
Significant Unobservable Inputs (Level 3)
Change in Plan Assets:
Fair Value of Plan Assets at Beginning of Year	88,154	109,419
Purchases, Issuances, and Settlements (Net)	(8,926)	(29,188)
Unrealized Gains/(Losses)	(8,525)	(18,027)
Realized Gains	6,455	(604)
Interest and Dividend Income	2,290	26,554
Fair Value of Plan Assets at End of Year	$ 79,448	$ 88,154

Pension and Other Post-retir_15

Pension and Other Post-retirement Benefits - Commitments (Details) - Pension Benefits - USD ($) $ in Thousands	12 Months Ended
	Oct. 29, 2023	Oct. 30, 2022
Investment commitment
Unfunded Commitment Balance	$ 28,231	$ 12,612
Domestic Equity
Investment commitment
Unfunded Commitment Balance	16,835	2,146
International Equity
Investment commitment
Unfunded Commitment Balance	$ 11,396	$ 10,466

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Loss - Components of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	12 Months Ended
	Oct. 29, 2023	Oct. 30, 2022	Oct. 31, 2021
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning Balance	$ 7,535,284
Unrecognized Gains (Losses)
Gross	(26,495)	$ 86,372	$ 160,687
Tax Effect	11,118	(30,326)	(35,974)
Reclassification into Net Earnings
Gross	991	(45,099)	(8,846)
Tax Effect	(2,305)	10,761	2,114
Change Net of Tax	(16,691)	21,708	117,981
Ending Balance	7,734,885	7,535,284
Accumulated Other Comprehensive Loss
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning Balance	(255,561)	(277,269)	(395,250)
Reclassification into Net Earnings
Ending Balance	(272,252)	(255,561)	(277,269)
Foreign Currency Translation
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning Balance	(89,793)	(51,181)	(64,161)
Unrecognized Gains (Losses)
Gross	3,771	(38,612)	12,980
Tax Effect	0	0	0
Reclassification into Net Earnings
Gross	0	0	0
Tax Effect	0	0	0
Change Net of Tax	3,771	(38,612)	12,980
Ending Balance	(86,022)	(89,793)	(51,181)
Pension & Other Benefits
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning Balance	(195,624)	(261,211)	(333,178)
Unrecognized Gains (Losses)
Gross	3,878	73,361	72,623
Tax Effect	(880)	(17,942)	(17,715)
Reclassification into Net Earnings
Gross	11,439	13,481	22,597
Tax Effect	(2,806)	(3,312)	(5,538)
Change Net of Tax	11,632	65,587	71,967
Ending Balance	(183,993)	(195,624)	(261,211)
Derivatives & Hedging
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning Balance	29,856	35,123	2,089
Unrecognized Gains (Losses)
Gross	(49,226)	51,623	75,084
Tax Effect	11,998	(12,384)	(18,259)
Reclassification into Net Earnings
Gross	(2,213)	(58,580)	(31,443)
Tax Effect	501	14,073	7,652
Change Net of Tax	(38,940)	(5,267)	33,034
Ending Balance	(9,084)	29,856	35,123
Equity Method Investments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning Balance	0	0	0
Unrecognized Gains (Losses)
Gross	15,082	0	0
Tax Effect	0	0	0
Reclassification into Net Earnings
Gross	(8,235)	0	0
Tax Effect	0	0	0
Change Net of Tax	6,847	0	0
Ending Balance	$ 6,847	$ 0	$ 0

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Assets and Liabilities Carried at Fair Value (Details) - USD ($) $ in Thousands	12 Months Ended
	Oct. 29, 2023	Oct. 30, 2022	Oct. 31, 2021
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
Right To Reclaim Net Cash Collateral, Commodity Derivatives [Abstract]
Right to reclaim net cash collateral	$ 32,200
Right to reclaim cash collateral, cash portion	42,600
Realized gains (losses) on closed positions	(10,400)	$ 26,200
Obligation to return cash collateral		1,300
Obligation to return cash collateral, cash portion		27,500
Rabbi trust
Right To Reclaim Net Cash Collateral, Commodity Derivatives [Abstract]
Gains (losses) related to securities held	3,200	(16,800)	$ 21,200
Recurring basis
Assets at Fair Value
Cash and Cash Equivalents	736,532	982,107
Short-term Marketable Securities	16,664	16,149
Other Trading Securities	188,162	186,243
Commodity Derivatives	9,330	12,448
Total Assets at Fair Value	950,688	1,196,947
Liabilities at Fair Value
Deferred Compensation	55,222	57,790
Total Liabilities at Fair Value	55,222	57,790
Recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1)
Assets at Fair Value
Cash and Cash Equivalents	735,387	980,730
Short-term Marketable Securities	2,499	8,763
Other Trading Securities	0	0
Commodity Derivatives	9,603	12,228
Total Assets at Fair Value	747,489	1,001,721
Liabilities at Fair Value
Deferred Compensation	0	0
Total Liabilities at Fair Value	0	0
Recurring basis | Significant Other Observable Inputs (Level 2)
Assets at Fair Value
Cash and Cash Equivalents	1,145	1,377
Short-term Marketable Securities	14,164	7,386
Other Trading Securities	188,162	186,243
Commodity Derivatives	(273)	220
Total Assets at Fair Value	203,199	195,226
Liabilities at Fair Value
Deferred Compensation	55,222	57,790
Total Liabilities at Fair Value	55,222	57,790
Recurring basis | Significant Unobservable Inputs (Level 3)
Assets at Fair Value
Cash and Cash Equivalents	0	0
Short-term Marketable Securities	0	0
Other Trading Securities	0	0
Commodity Derivatives	0	0
Total Assets at Fair Value	0	0
Liabilities at Fair Value
Deferred Compensation	0	0
Total Liabilities at Fair Value	$ 0	$ 0

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details) - USD ($)	12 Months Ended
	Oct. 29, 2023	Oct. 30, 2022	Oct. 31, 2021
Fair Value Measurements
Fair value of long-term debt (including current maturities)	$ 2,700,000,000	$ 2,700,000,000
Impairment charges on equity method investments		$ 0	$ 0
Corporate Venturing Investment
Fair Value Measurements
Impairment charges on equity method investments	$ 7,000,000

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Oct. 29, 2023	Oct. 30, 2022	Oct. 31, 2021
Long-term Purchase Commitment [Line Items]
Purchases under contracts	$ 1,400	$ 1,200	$ 1,100
Standby letters of credit issued	48.6
Revocable standby letters of credit, included in issued	2.7
Infrastructure improvements supporting various manufacturing facilities
Long-term Purchase Commitment [Line Items]
Commitments, amount	48.2
Media advertising agreement
Long-term Purchase Commitment [Line Items]
Commitments, amount	$ 62
Maximum | Hog contracts
Long-term Purchase Commitment [Line Items]
Purchase commitments, time period (up to)	5 years
Maximum | Turkey contracts
Long-term Purchase Commitment [Line Items]
Purchase commitments, time period (up to)	9 years
Maximum | Grow-out contracts
Long-term Purchase Commitment [Line Items]
Purchase commitments, time period (up to)	25 years
Maximum | Corn, soybean meal, feed ingredients and other raw materials
Long-term Purchase Commitment [Line Items]
Purchase commitments, time period (up to)	2 years

Commitments and Contingencies_2

Commitments and Contingencies - Schedule of Commitments (Details) $ in Thousands	Oct. 29, 2023 USD ($)
Purchase commitments
2024	$ 1,228,731
2025	762,253
2026	415,489
2027	182,925
2028	114,843
Later Years	58,931
Total	$ 2,763,172

Leases - Schedule of Supplement

Leases - Schedule of Supplemental Balance Sheet Information (Details) - USD ($) $ in Thousands	Oct. 29, 2023	Oct. 30, 2022
Right-of-Use Assets
Operating	$ 131,920	$ 73,613
Finance	37,999	45,563
Total Right-of-Use Assets	169,919	119,176
Current
Operating	26,238	21,183
Finance	8,597	8,391
Noncurrent
Operating	109,237	55,571
Finance	27,488	36,082
Total Lease Liabilities	$ 171,560	$ 121,227
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other Assets	Other Assets
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Property, Plant, and Equipment and Finance Lease Right-of-Use Asset, after Accumulated Depreciation and Amortization	Property, Plant, and Equipment and Finance Lease Right-of-Use Asset, after Accumulated Depreciation and Amortization
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Accrued Expenses	Accrued Expenses
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Current Maturities of Long-term Debt	Current Maturities of Long-term Debt
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other Long-term Liabilities	Other Long-term Liabilities
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Long-term Debt Less Current Maturities	Long-term Debt Less Current Maturities

Leases - Schedule of Lease Cost

Leases - Schedule of Lease Cost (Details) - USD ($) $ in Thousands	12 Months Ended
	Oct. 29, 2023	Oct. 30, 2022	Oct. 31, 2021
Leases [Abstract]
Operating Lease Cost	$ 34,209	$ 25,702	$ 21,993
Finance Lease Cost
Amortization of Right-of-Use Assets	7,594	7,965	8,104
Interest on Lease Liabilities	1,361	1,707	2,019
Variable Lease Cost	511,906	463,439	544,635
Net Lease Cost	$ 555,070	$ 498,813	$ 576,751

Leases - Schedule of Weighted-A

Leases - Schedule of Weighted-Average Information (Details)	Oct. 29, 2023	Oct. 30, 2022
Weighted-average Remaining Lease Term
Operating Leases	6 years	5 years 3 months 18 days
Finance Leases	5 years 3 months 18 days	6 years 3 months 18 days
Weighted-average Discount Rate
Operating Leases	4.43%	2.08%
Finance Leases	3.37%	3.44%

Leases - Schedule of Suppleme_2

Leases - Schedule of Supplemental Cash Flow and Other Information Related (Details) - USD ($) $ in Thousands	12 Months Ended
	Oct. 29, 2023	Oct. 30, 2022	Oct. 31, 2021
Cash Paid for Amounts Included in the Measurement of Lease Liabilities
Operating Cash Flows from Operating Leases	$ 29,436	$ 24,098	$ 20,305
Operating Cash Flows from Finance Leases	1,361	1,707	2,019
Financing Cash Flows from Finance Leases	8,407	8,491	8,598
Right-of-Use Assets obtained in exchange for new finance lease liabilities	19	0	0
Right-of-Use Assets obtained in exchange for new operating lease liabilities	$ 84,087	$ 19,646	$ 31,962

Leases - Schedule of Maturities

Leases - Schedule of Maturities of Lease Liabilities (Details) - USD ($) $ in Thousands	Oct. 29, 2023	Oct. 30, 2022
Operating Leases
2024	$ 31,718
2025	29,050
2026	26,066
2027	19,769
2028	12,873
2029 and beyond	35,608
Total Lease Payments	155,084
Less: Imputed Interest	19,609
Present Value of Lease Liabilities	135,475
Finance Leases
2024	9,637
2025	8,101
2026	5,666
2027	4,314
2028	10,542
2029 and beyond	685
Total Lease Payments	38,944
Less: Imputed Interest	2,859
Present Value of Lease Liabilities	36,085	$ 44,473
Total
2024	41,355
2025	37,152
2026	31,732
2027	24,083
2028	23,414
2029 and beyond	36,293
Total Lease Payments	194,028
Less: Imputed Interest	22,468
Present Value of Lease Liabilities	171,560
Finance lease payments, included amount, purchase asset reasonably certain	8,100
Minimum lease payments excluded from lease payments for leases signed but not yet commenced	$ 31,200

Long-term Debt and Other Borr_3

Long-term Debt and Other Borrowing Arrangements - Schedule of Long-term Debt (Details) - USD ($) $ in Thousands	Oct. 29, 2023	Oct. 30, 2022	Jun. 03, 2021	Jun. 11, 2020
Debt Instrument [Line Items]
Unamortized Debt Issuance Costs	$ (16,278)	$ (19,856)
Interest Rate Swap Liabilities	(7,451)	(19,950)
Finance Lease Liabilities	36,085	44,473
Other Financing Arrangements	3,908	2,429
Total	3,309,247	3,299,345
Less: Current Maturities of Long-term Debt	950,529	8,796
Long-term Debt Less Current Maturities	2,358,719	3,290,549
Senior Notes
Debt Instrument [Line Items]
Unamortized Discount on Senior Notes	$ (7,016)	(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 interest_period extension_option	Jun. 03, 2021 USD ($)	May 06, 2021 USD ($)	Jun. 11, 2020 USD ($)	Oct. 29, 2023 USD ($)	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 | Unsecured Senior Notes Due June 2030
Debt Instrument [Line Items]
Aggregate principal amount of debt issued				$ 1,000,000,000
Interest rate				1.80%	1.80%
Redemption price, percentage				101%
Revolving line of credit | Revolving Credit Facility
Debt Instrument [Line Items]
Borrowing capacity under credit facility			$ 750,000,000
Additional uncommitted option under credit facility			$ 375,000,000
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
Revolving line of credit | Revolving Credit Facility | Minimum
Debt Instrument [Line Items]
Variable fee percentage for availability of credit line			0.05%
Revolving line of credit | Revolving Credit Facility | Minimum | Base Rate
Debt Instrument [Line Items]
Margin over interest rate percentage			0%
Revolving line of credit | Revolving Credit Facility | Minimum | Eurocurrency Rate
Debt Instrument [Line Items]
Margin over interest rate percentage			0.575%
Revolving line of credit | Revolving Credit Facility | Maximum
Debt Instrument [Line Items]
Variable fee percentage for availability of credit line			0.10%
Revolving line of credit | Revolving Credit Facility | Maximum | Base Rate
Debt Instrument [Line Items]
Margin over interest rate percentage			0.15%
Revolving line of credit | Revolving Credit Facility | Maximum | Eurocurrency Rate
Debt Instrument [Line Items]
Margin over interest rate percentage			1.15%

Long-term Debt and Other Borr_5

Long-term Debt and Other Borrowing Arrangements - Schedule of Interest Paid (Details) - USD ($) $ in Millions	12 Months Ended
	Oct. 29, 2023	Oct. 30, 2022	Oct. 31, 2021
Debt Disclosure [Abstract]
Interest paid	$ 57.1	$ 57	$ 25.1

Stock-Based Compensation - Narr

Stock-Based Compensation - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Oct. 29, 2023	Oct. 30, 2022	Oct. 31, 2021
Stock-Based Compensation
Stock-based compensation expense recognized	$ 24,100	$ 24,900	$ 24,700
Stock-based compensation expense unrecognized	$ 16,200
Period for recognition of unrecognized stock-based compensation expense	1 year 7 months 6 days
Cash received from stock options exercises	$ 12,018	$ 79,827	$ 45,919
Number of shares available for future grants (in shares)	10,100,000	11,100,000	12,500,000
Stock options
Stock-Based Compensation
Vesting period	4 years
Stock option expiration period	10 years
Time-vested Restricted Stock Units
Stock-Based Compensation
Vesting period	3 years
Granted (in shares)	237,000
Granted, weighted-average grant date fair value (in dollars per share)	$ 45.96	$ 44.14	$ 47.52
Outstanding (in shares)	723,000	681,000
Outstanding, weighted-average grant date fair value (in dollars per share)	$ 45.59	$ 45.53
Deferred Stock Units | Share-Based Payment Arrangement, Nonemployee | Director
Stock-Based Compensation
Rights to receive common stock after completion of service, number of shares (in shares)	1
Granted (in shares)	17,500
Credited dividend equivalents (in shares)	2,700
Outstanding (in shares)	118,200
Outstanding, weighted-average grant date fair value (in dollars per share)	$ 37.84
Outstanding, aggregate intrinsic fair value	$ 3,700
Common Stock | Share-Based Payment Arrangement, Nonemployee | Director
Stock-Based Compensation
Distributed (in shares)	6,900
Granted, weighted-average grant date fair value (in dollars per share)	$ 38.93
Reinvested dividend equivalents, weighted-average grant date fair value (in dollars per share)	42.70
Distributed, weighted-average grant date fair value (in dollars per share)	$ 17.26

Stock-Based Compensation - Opti

Stock-Based Compensation - Option Activity (Details) - Stock options $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Oct. 29, 2023 USD ($) $ / shares shares
Shares (in thousands)
Outstanding at the beginning of the period (in shares) | shares	16,130
Granted (in shares) | shares	1,002
Exercised (in shares) | shares	(518)
Forfeited (in shares) | shares	(147)
Expired (in shares) | shares	(84)
Outstanding at the end of the period (in shares) | shares	16,384
Exercisable at the end of the period (in shares) | shares	13,611
Weighted-average Exercise Price
Outstanding at the beginning of the period (in dollars per share) | $ / shares	$ 36.85
Granted (in dollars per share) | $ / shares	46.46
Exercised (in dollars per share) | $ / shares	29.24
Forfeited (in dollars per share) | $ / shares	41.51
Expired (in dollars per share) | $ / shares	42.55
Outstanding at the end of the period (in dollars per share) | $ / shares	37.61
Exercisable at the end of period (in dollars per share) | $ / shares	$ 36
Weighted-average Remaining Contractual Term (Years)
Outstanding at the end of the period	4 years 3 months 18 days
Exercisable at the end of period	3 years 6 months
Aggregate Intrinsic Value (in thousands)
Outstanding at the end of the period | $	$ 18,845
Exercisable at the end of period | $	$ 18,845

Stock-Based Compensation - Op_2

Stock-Based Compensation - Option Valuation (Details) - Stock options - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Oct. 29, 2023	Oct. 30, 2022	Oct. 31, 2021
Weighted-average grant date fair value of stock options granted, and the total intrinsic value of options exercised
Weighted-average Grant Date Fair Value (in dollars per share)	$ 10.06	$ 7.09	$ 7.52
Intrinsic Value of Exercised Options	$ 6,350	$ 109,745	$ 94,108
Weighted-average assumptions used to calculate fair value of each ordinary option award
Risk-free Interest Rate	3.50%	1.60%	1%
Dividend Yield	2.40%	2.40%	2.10%
Stock Price Volatility	21.10%	20.40%	20%
Expected Option Life	7 years 4 months 24 days	7 years 6 months	7 years 4 months 24 days

Stock-Based Compensation - Rest

Stock-Based Compensation - Restricted Shares (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Oct. 29, 2023	Oct. 30, 2022	Oct. 31, 2021
Aggregate Intrinsic Value (in thousands)
Restricted Stock Units Outstanding at October 29, 2023	$ 22,692
Restricted Stock Units
Stock-Based Compensation
Vesting period (after)	3 years
Shares (in thousands)
Beginning of Period (in shares)	681
Granted (in shares)	237
Dividend Equivalents (in shares)	18
Vested (in shares)	(185)
Forfeited (in shares)	(28)
End of Period (in shares)	723	681
Weighted- average Grant Date Fair Value
Beginning of Period (in dollars per share)	$ 45.53
Granted (in dollars per share)	45.96	$ 44.14	$ 47.52
Dividend Equivalents (in dollars per share)	41.44
Vested (in dollars per share)	45.88
Forfeited (in dollars per share)	45.64
End of Period (in dollars per share)	$ 45.59	45.53
Weighted-average Remaining Contractual Term (Years)
Restricted Stock Units Outstanding at October 29, 2023	1 year 3 months 18 days
Weighted-average grant date fair value, the total fair value of restricted shares granted, and the fair value of shares that have vested
Weighted-average Grant Date Fair Value (in dollars per share)	$ 45.96	$ 44.14	$ 47.52
Fair Value of Restricted Shares Granted	$ 10,889	$ 15,980	$ 10,699
Fair Value of Restricted Shares Vested	$ 8,466	$ 1,893	$ 1,460
Restricted Shares
Shares (in thousands)
Beginning of Period (in shares)	37
Granted (in shares)	44
Vested (in shares)	(37)
End of Period (in shares)	44	37
Weighted- average Grant Date Fair Value
Beginning of Period (in dollars per share)	$ 47.11
Granted (in dollars per share)	44.14	$ 47.11	$ 46.92
Vested (in dollars per share)	47.11
End of Period (in dollars per share)	44.14	47.11
Weighted-average grant date fair value, the total fair value of restricted shares granted, and the fair value of shares that have vested
Weighted-average Grant Date Fair Value (in dollars per share)	$ 44.14	$ 47.11	$ 46.92
Fair Value of Restricted Shares Granted	$ 1,920	$ 1,760	$ 1,760
Fair Value of Restricted Shares Vested	$ 1,760	$ 1,760	$ 2,133

Income Taxes - Provision (Detai

Income Taxes - Provision (Details) - USD ($) $ in Thousands	12 Months Ended
	Oct. 29, 2023	Oct. 30, 2022	Oct. 31, 2021
Current
U.S. Federal	$ 161,016	$ 67,638	$ 171,732
State	20,166	20,054	7,541
Foreign	7,576	13,185	9,079
Total Current	188,758	100,877	188,352
Deferred
U.S. Federal	23,221	164,091	23,507
State	8,602	13,638	2,220
Foreign	(29)	(729)	2,950
Total Deferred	31,794	177,000	28,677
Total Provision for Income Taxes	$ 220,552	$ 277,877	$ 217,029

Income Taxes - Deferred Income

Income Taxes - Deferred Income Taxes (Details) - USD ($) $ in Thousands	Oct. 29, 2023	Oct. 30, 2022
Deferred Tax Liabilities
Goodwill and Intangible Assets	$ (477,282)	$ (404,295)
Tax over Book Depreciation and Basis Differences	(233,802)	(246,411)
Other, net	(33,105)	(21,467)
Deferred Tax Assets
Pension and Other Post-retirement Benefits	42,952	42,794
Employee Compensation Related Liabilities	65,958	65,461
Marketing and Promotional Accruals	16,972	29,045
Inventory	46,856	10,368
Other, net	75,562	51,966
Net Deferred Tax (Liabilities) Assets	$ (495,889)	$ (472,539)

Income Taxes - Rate Reconciliat

Income Taxes - Rate Reconciliation (Details)	12 Months Ended
	Oct. 29, 2023	Oct. 30, 2022	Oct. 31, 2021
Reconciliation of the statutory federal income tax rate to the effective tax rate
U.S. Statutory Rate	21%	21%	21%
State Taxes on Income, Net of Federal Tax Benefit	2.50%	2.40%	0.80%
Stock-based Compensation	(0.10%)	(1.50%)	(1.60%)
Foreign-derived Intangible Income Deduction	(1.30%)	(0.40%)	(0.40%)
All Other, net	(0.30%)	0.20%	(0.50%)
Effective Tax Rate	21.80%	21.70%	19.30%

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Oct. 29, 2023	Oct. 30, 2022	Oct. 31, 2021
Income Tax Disclosure [Abstract]
Undistributed earnings from non-U.S. subsidiaries	$ 299.3
Income taxes paid	205	$ 93.1	$ 167
Portion of unrecognized tax benefit including interest and penalties, that if recognized, would impact effective tax rate	17	17.2
Accrued interest and penalties, associated with unrecognized tax benefits	$ 2.4	$ 2.3

Income Taxes - Unrecognized Tax

Income Taxes - Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Oct. 29, 2023	Oct. 30, 2022
Changes in unrecognized tax benefits
Balance at the beginning of the period	$ 19,520	$ 22,092
Tax Positions Related to the Current Period
Increases	3,876	3,618
Tax Positions Related to Prior Periods
Increases	2,131	1,890
Decreases	(1,708)	(1,789)
Settlements	(811)	(2,509)
Decreases Related to a Lapse of Applicable Statute of Limitations	(3,881)	(3,782)
Balance at the end of the period	$ 19,127	$ 19,520

Earnings Per Share Data - Share

Earnings Per Share Data - Shares Used as Denominator (Details) - shares shares in Thousands	12 Months Ended
	Oct. 29, 2023	Oct. 30, 2022	Oct. 31, 2021
Earnings Per Share [Abstract]
Basic Weighted-Average Shares Outstanding (in shares)	546,421	544,918	541,114
Dilutive Potential Common Shares (in shares)	2,562	4,648	6,466
Diluted Weighted-Average Shares Outstanding (in shares)	548,982	549,566	547,580
Antidilutive Potential Common Shares (in shares)	6,834	1,915	2,839

Segment Reporting - Narrative (

Segment Reporting - Narrative (Details) $ in Billions			12 Months Ended
	Oct. 31, 2022 segment	Oct. 30, 2022 segment	Oct. 29, 2023 USD ($) segment	Oct. 30, 2022 USD ($)
Segment Reporting Information [Line Items]
Number of segments | segment	3	4	3
Walmart | Customer concentration | Revenue Benchmark
Segment Reporting Information [Line Items]
Revenue, less returns and allowances | $			$ 2	$ 2.1
Concentration risk, percentage			15.50%	15.60%

Segment Reporting - Financial M

Segment Reporting - Financial Measures (Details) - USD ($) $ in Thousands	12 Months Ended
	Oct. 29, 2023	Oct. 30, 2022	Oct. 31, 2021
Operating profit and other financial information
Net Sales	$ 12,110,010	$ 12,458,806	$ 11,386,189
Segment Profit	1,072,046	1,312,607	1,122,599
Net Unallocated Expense	214,482	99,297	112,836
Noncontrolling Interest	(653)	239	301
Earnings Before Income Taxes	1,013,472	1,278,103	1,126,170
Depreciation and Amortization	253,311	235,885	209,309
Operating Segment
Operating profit and other financial information
Segment Profit	1,228,606	1,377,161	1,238,704
Corporate
Operating profit and other financial information
Depreciation and Amortization	17,623	14,413	14,246
Retail | Operating Segment
Operating profit and other financial information
Net Sales	7,749,039	7,987,598	7,418,079
Segment Profit	577,690	721,832	690,127
Depreciation and Amortization	145,690	135,824	124,627
Foodservice | Operating Segment
Operating profit and other financial information
Net Sales	3,639,492	3,691,408	3,130,174
Segment Profit	595,682	547,686	431,992
Depreciation and Amortization	74,370	69,577	53,954
International | Operating Segment
Operating profit and other financial information
Net Sales	721,479	779,799	837,936
Segment Profit	55,234	107,642	116,585
Depreciation and Amortization	$ 15,627	$ 16,072	$ 16,482

Segment Reporting - Revenues by

Segment Reporting - Revenues by Classes of Similar Products (Details) - USD ($) $ in Thousands	12 Months Ended
	Oct. 29, 2023	Oct. 30, 2022	Oct. 31, 2021
Percentage of revenue by classes of products
Total Net Sales	$ 12,110,010	$ 12,458,806	$ 11,386,189
Perishable
Percentage of revenue by classes of products
Total Net Sales	8,511,795	8,737,486	8,437,851
Shelf-stable
Percentage of revenue by classes of products
Total Net Sales	$ 3,598,215	$ 3,721,320	$ 2,948,338

Segment Reporting - Revenues _2

Segment Reporting - Revenues by Geographic Locations (Details) - USD ($) $ in Thousands	12 Months Ended
	Oct. 29, 2023	Oct. 30, 2022	Oct. 31, 2021
Revenues attributable to U.S. and Foreign countries
Total Net Sales	$ 12,110,010	$ 12,458,806	$ 11,386,189
U.S.
Revenues attributable to U.S. and Foreign countries
Total Net Sales	11,515,094	11,776,883	10,653,088
Foreign
Revenues attributable to U.S. and Foreign countries
Total Net Sales	$ 594,915	$ 681,923	$ 733,101

SCHEDULE II - VALUATION AND Q_2

SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS AND RESERVES (Details) - USD ($) $ in Thousands	12 Months Ended
	Oct. 29, 2023	Oct. 30, 2022	Oct. 31, 2021
Change in valuation and qualifying accounts and reserves
Balance at Beginning of Period	$ 3,507	$ 4,033	$ 4,012
Charged to Cost and Expenses	289	(646)	146
Charged to Other Accounts (Describe)	0	0
Deductions-Describe, Uncollectible accounts written off	275	31	138
Deductions-Describe, Recoveries on accounts previously written off	(36)	(151)	(25)
Balance at End of Period	$ 3,557	$ 3,507	4,033
Sadler's Smokehouse
Change in valuation and qualifying accounts and reserves
Charged to Other Accounts (Describe)			$ (12)