Hormel Foods (HRL) 10-Q 4 Sep 24 2024 Q3 Quarterly report Financial data

COVER

COVER - shares	9 Months Ended
	Jul. 28, 2024	Sep. 01, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jul. 28, 2024
Document Transition Report	false
Entity File Number	1-2402
Entity Registrant Name	HORMEL FOODS CORPORATION
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	41-0319970
Entity Address, Address Line One	1 Hormel Place
Entity Address, City or Town	Austin
Entity Address, State or Province	MN
Entity Address, Postal Zip Code	55912-3680
City Area Code	507
Local Phone Number	437-5611
Title of 12(b) Security	Common Stock
Trading Symbol	HRL
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Smaller Reporting Company	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0000048465
Amendment Flag	false
Current Fiscal Year End Date	--10-27
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Common Stock $0.01465 par value
Document Information [Line Items]
Entity Common Stock, Shares Outstanding (in shares)		548,363,619
Common Stock Nonvoting $0.01 par value
Document Information [Line Items]
Entity Common Stock, Shares Outstanding (in shares)		0

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Jul. 28, 2024	Jul. 30, 2023	Jul. 28, 2024	Jul. 30, 2023
Income Statement [Abstract]
Net Sales	$ 2,898,443	$ 2,963,299	$ 8,782,706	$ 8,911,930
Cost of Products Sold	2,410,075	2,465,251	7,281,798	7,426,514
Gross Profit	488,369	498,048	1,500,908	1,485,417
Selling, General, and Administrative	259,653	291,073	766,707	725,621
Equity in Earnings of Affiliates	7,977	9,784	39,250	42,213
Operating Income	236,693	216,759	773,452	802,009
Interest and Investment Income	10,484	9,239	43,416	20,700
Interest Expense	21,459	18,372	61,464	55,042
Earnings Before Income Taxes	225,719	207,626	755,404	767,666
Provision for Income Taxes	48,984	45,055	170,733	170,230
Net Earnings	176,735	162,571	584,671	597,437
Less: Net Earnings (Loss) Attributable to Noncontrolling Interest	34	(108)	(170)	(200)
Net Earnings Attributable to Hormel Foods Corporation	$ 176,701	$ 162,679	$ 584,842	$ 597,637
Net Earnings Per Share
Basic (in dollars per share)	$ 0.32	$ 0.30	$ 1.07	$ 1.09
Diluted (in dollars per share)	$ 0.32	$ 0.30	$ 1.07	$ 1.09
Weighted-average Shares Outstanding
Basic (in shares)	548,685	546,358	547,858	546,389
Diluted (in shares)	549,266	548,637	548,624	549,227

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jul. 28, 2024	Jul. 30, 2023	Jul. 28, 2024	Jul. 30, 2023
Statement of Comprehensive Income [Abstract]
Net Earnings	$ 176,735	$ 162,571	$ 584,671	$ 597,437
Other Comprehensive Income (Loss), Net of Tax:
Foreign Currency Translation	(29,075)	(10,572)	(36,931)	27,362
Pension and Other Benefits	2,008	2,195	6,205	7,368
Derivatives and Hedging	(18,601)	2,518	(1,397)	(31,058)
Equity Method Investments	(6,770)	8,733	(10,330)	10,141
Total Other Comprehensive Income (Loss)	(52,438)	2,875	(42,453)	13,813
Comprehensive Income	124,297	165,445	542,218	611,250
Less: Comprehensive Income (Loss) Attributable to Noncontrolling Interest	(357)	(510)	(502)	(338)
Comprehensive Income Attributable to Hormel Foods Corporation	$ 124,653	$ 165,955	$ 542,720	$ 611,588

CONSOLIDATED STATEMENTS OF FINA

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION - USD ($) $ in Thousands	Jul. 28, 2024	Oct. 29, 2023
Assets
Cash and Cash Equivalents	$ 537,476	$ 736,532
Short-term Marketable Securities	24,454	16,664
Accounts Receivable (Net of Allowance for Doubtful Accounts of $3,678 at July 28, 2024, and $3,557 at October 29, 2023)	727,054	817,391
Inventories	1,649,649	1,680,406
Prepaid Expenses and Other Current Assets	58,814	46,256
Total Current Assets	2,997,446	3,297,249
Goodwill	4,923,731	4,928,464
Other Intangibles	1,743,615	1,757,171
Pension Assets	190,947	204,697
Investments in Affiliates	680,386	725,121
Other Assets	409,125	370,252
Property, Plant, and Equipment
Land	74,670	74,626
Buildings	1,471,787	1,458,354
Equipment	2,815,248	2,781,730
Construction in Progress	274,823	195,665
Less: Allowance for Depreciation	(2,467,997)	(2,344,557)
Net Property, Plant, and Equipment	2,168,531	2,165,818
Total Assets	13,113,781	13,448,772
Liabilities and Shareholders’ Investment
Accounts Payable	675,167	771,397
Accrued Expenses	74,789	51,679
Accrued Marketing Expenses	113,012	87,452
Employee-related Expenses	248,954	263,330
Interest and Dividends Payable	171,079	172,178
Taxes Payable	18,513	15,212
Current Maturities of Long-term Debt	8,232	950,529
Total Current Liabilities	1,309,746	2,311,776
Long-term Debt Less Current Maturities	2,851,621	2,358,719
Pension and Post-retirement Benefits	359,083	349,268
Deferred Income Taxes	499,098	498,106
Other Long-term Liabilities	217,008	191,917
Shareholders’ Investment
Preferred Stock	0	0
Additional Paid-in Capital	560,849	506,179
Accumulated Other Comprehensive Loss	(314,373)	(272,252)
Retained Earnings	7,612,610	7,492,952
Hormel Foods Corporation Shareholders’ Investment	7,867,119	7,734,885
Noncontrolling Interest	10,106	4,100
Total Shareholders’ Investment	7,877,225	7,738,985
Total Liabilities and Shareholders’ Investment	13,113,781	13,448,772
Common Stock, Nonvoting
Shareholders’ Investment
Common Stock	0	0
Common Stock
Shareholders’ Investment
Common Stock	$ 8,033	$ 8,007

CONSOLIDATED STATEMENTS OF FI_2

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (PARENTHETICAL) - USD ($) $ in Thousands	Jul. 28, 2024	Oct. 29, 2023
Accounts Receivable, Allowance for Doubtful Accounts	$ 3,678	$ 3,557
Preferred Stock, Par Value (in dollars per share)	$ 0.01	$ 0.01
Preferred Stock, Authorized Shares (in shares)	160,000,000	160,000,000
Preferred Stock, Issued Shares (in shares)	0	0
Common Stock, Nonvoting
Common Stock, Par Value (in dollars per share)	$ 0.01	$ 0.01
Common Stock, Authorized Shares (in shares)	400,000,000	400,000,000
Common Stock, Issued Shares (in shares)	0	0
Common Stock
Common Stock, Par Value (in dollars per share)	$ 0.01465	$ 0.01465
Common Stock, Authorized Shares (in shares)	1,600,000,000	1,600,000,000
Common Stock, Issued Shares (in shares)	548,328,587	546,599,420

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' INVESTMENT - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Jul. 28, 2024	Jul. 30, 2023	Jul. 28, 2024	Jul. 30, 2023
Increase (Decrease) in Shareholders' Investment
Beginning balance	$ 7,896,452	$ 7,691,615	$ 7,738,985	$ 7,540,219
Net Earnings (Loss)	176,735	162,571	584,671	597,437
Other Comprehensive Income (Loss)	(52,438)	2,875	(42,453)	13,813
Contribution from Noncontrolling Interest			6,508
Purchases of Common Stock				(12,303)
Stock-based Compensation Expense	5,107	5,034	20,112	20,946
Exercise of Stock Options/Restricted Shares	6,325	5,933	33,784	8,489
Shares Retired				0
Declared Dividends	(154,957)	(150,165)	(464,383)	(450,738)
Ending balance	$ 7,877,225	$ 7,717,863	$ 7,877,225	$ 7,717,863
Common Stock
Increase (Decrease) in Shareholders' Investment
Beginning balance (in shares)	548,030	546,255	546,599	546,237
Beginning balance	$ 8,028	$ 8,002	$ 8,007	$ 8,002
Stock-based Compensation Expense (in shares)			52	44
Stock-based Compensation Expense			$ 1
Exercise of Stock Options/Restricted Shares (in shares)	299	212	1,677	496
Exercise of Stock Options/Restricted Shares	$ 4	$ 3	$ 24	$ 7
Shares Retired (in shares)				(310)
Shares Retired				$ (5)
Ending balance (in shares)	548,329	546,467	548,329	546,467
Ending balance	$ 8,033	$ 8,005	$ 8,033	$ 8,005
Treasury Stock
Increase (Decrease) in Shareholders' Investment
Beginning balance (in shares)	0	0	0	0
Beginning balance	$ 0	$ 0	$ 0	$ 0
Purchases of Common Stock (in shares)				(310)
Purchases of Common Stock				$ (12,303)
Shares Retired (in shares)				(310)
Shares Retired				$ 12,303
Ending balance (in shares)	0	0	0	0
Ending balance	$ 0	$ 0	$ 0	$ 0
Additional Paid-in Capital
Increase (Decrease) in Shareholders' Investment
Beginning balance	549,130	488,100	506,179	469,468
Stock-based Compensation Expense	5,107	5,034	20,110	20,946
Exercise of Stock Options/Restricted Shares	6,321	5,931	33,760	8,482
Shares Retired				(277)
Declared Dividends	291	239	800	685
Ending balance	560,849	499,304	560,849	499,304
Retained Earnings
Increase (Decrease) in Shareholders' Investment
Beginning balance	7,591,157	7,435,292	7,492,952	7,313,374
Net Earnings (Loss)	176,701	162,679	584,842	597,637
Shares Retired				(12,021)
Declared Dividends	(155,248)	(150,404)	(465,183)	(451,423)
Ending balance	7,612,610	7,447,567	7,612,610	7,447,567
Accumulated Other Comprehensive Income (Loss)
Increase (Decrease) in Shareholders' Investment
Beginning balance	(262,325)	(244,887)	(272,252)	(255,561)
Other Comprehensive Income (Loss)	(52,048)	3,277	(42,121)	13,950
Ending balance	(314,373)	(241,610)	(314,373)	(241,610)
Non- controlling Interest
Increase (Decrease) in Shareholders' Investment
Beginning balance	10,462	5,108	4,100	4,936
Net Earnings (Loss)	34	(108)	(170)	(200)
Other Comprehensive Income (Loss)	(390)	(402)	(332)	(138)
Contribution from Noncontrolling Interest			6,508
Ending balance	$ 10,106	$ 4,598	$ 10,106	$ 4,598

CONSOLIDATED STATEMENTS OF CH_2

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' INVESTMENT (PARENTHETICAL) - $ / shares	3 Months Ended		9 Months Ended
	Jul. 28, 2024	Jul. 30, 2023	Jul. 28, 2024	Jul. 30, 2023
Statement of Stockholders' Equity [Abstract]
Declared Dividends (in dollars per share)	$ 0.2825	$ 0.2750	$ 0.8475	$ 0.8250

CONSOLIDATED CONDENSED STATEMEN

CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Jul. 28, 2024	Jul. 30, 2023
Operating Activities
Net Earnings	$ 584,671	$ 597,437
Adjustments to Reconcile to Net Cash Provided by (Used in) Operating Activities:
Depreciation and Amortization	191,354	187,326
Equity in Earnings of Affiliates	(39,250)	(42,213)
Distributions Received from Equity Method Investees	32,997	28,160
Provision for Deferred Income Taxes	(1,422)	(273)
Non-cash Investment Activities	(20,502)	(12,047)
Stock-based Compensation Expense	20,112	20,946
Operating Lease Cost	27,869	16,497
Other Non-cash, Net	18,510	12,295
Changes in Operating Assets and Liabilities:
Decrease (Increase) in Accounts Receivable	89,428	81,423
Decrease (Increase) in Inventories	30,596	(20,536)
Decrease (Increase) in Prepaid Expenses and Other Assets	(7,719)	(52,117)
Increase (Decrease) in Pension and Post-retirement Benefits	32,042	29,571
Increase (Decrease) in Accounts Payable and Accrued Expenses	(95,374)	(131,204)
Increase (Decrease) in Net Income Taxes Payable	(5,196)	13,491
Net Cash Provided by (Used in) Operating Activities	858,117	728,756
Investing Activities
Net Sale (Purchase) of Securities	(6,106)	(49)
Purchases of Property, Plant, and Equipment	(172,656)	(168,529)
Proceeds from Sales of Property, Plant, and Equipment	432	5,306
Proceeds from (Purchases of) Affiliates and Other Investments	(6,681)	(427,195)
Proceeds from Company-owned Life Insurance	8,112	1,980
Net Cash Provided by (Used in) Investing Activities	(176,899)	(588,489)
Financing Activities
Proceeds from Long-term Debt	497,765	1,980
Payment of Debt Issuance Costs	(1,105)	0
Repayments of Long-term Debt and Finance Leases	(956,797)	(6,584)
Dividends Paid on Common Stock	(459,978)	(442,560)
Share Repurchase	0	(12,303)
Proceeds from Exercise of Stock Options	33,784	8,489
Proceeds from Noncontrolling Interest	6,508	0
Net Cash Provided by (Used in) Financing Activities	(879,823)	(450,977)
Effect of Exchange Rate Changes on Cash	(453)	(2,273)
Increase (Decrease) in Cash and Cash Equivalents	(199,057)	(312,983)
Cash and Cash Equivalents at Beginning of Year	736,532	982,107
Cash and Cash Equivalents at End of Period	537,476	669,124
Supplemental Non-cash Financing and Investing Activities:
Purchases of property, plant, and equipment included in accounts payable	$ 18,635	$ 2,527

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
	Jul. 28, 2024
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	NOTE A - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation: The accompanying unaudited consolidated financial statements of Hormel Foods Corporation (the Company) have been prepared in accordance with accounting principles generally accepted in the United States (U.S.) for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include certain information and footnotes required by U.S. generally accepted accounting principles (GAAP) for comprehensive financial statements. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation have been included. Operating results and cash flows for the interim period are not necessarily indicative of the results that may be expected for the full year. These statements should be reviewed in conjunction with the consolidated financial statements and associated notes included in the Company’s Annual Report on Form 10-K for the fiscal year ended October 29, 2023. The significant accounting policies used in preparing these interim consolidated financial statements are consistent with those described in Note A - Summary of Significant Accounting Policies to the consolidated financial statements in the Form 10-K. The Company has determined there have been no material changes in the Company’s significant accounting policies, including estimates and assumptions, as disclosed in its Annual Report on Form 10-K for the fiscal year ended October 29, 2023. Rounding: Certain amounts in the Consolidated Financial Statements and associated notes may not foot due to rounding. All percentages have been calculated using unrounded amounts. Reclassifications: Certain reclassifications of previously reported amounts have been made to conform to the current year presentation. 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 Condensed 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 Condensed Statements of Cash Flows. Accounting Changes and Recent Accounting Pronouncements: New Accounting Pronouncements Not Yet Adopted In November 2023, the FASB issued ASU 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. 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. Early adoption is 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. In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The update is intended to enhance transparency and decision usefulness of income tax disclosures. This ASU updates income tax disclosure requirements by requiring specific categories and greater disaggregation within the rate reconciliation and disaggregation of income taxes paid by jurisdiction. The update is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. 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.

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS	9 Months Ended
	Jul. 28, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
GOODWILL AND INTANGIBLE ASSETS	NOTE B - GOODWILL AND INTANGIBLE ASSETS Goodwill: The change in the carrying amount of goodwill for the nine months ended July 28, 2024, is: In thousands Retail Foodservice International Total Balance at October 29, 2023 $ 2,916,796 $ 1,750,594 $ 261,074 $ 4,928,464 Foreign Currency Translation — — (4,733) (4,733) Balance at July 28, 2024 $ 2,916,796 $ 1,750,594 $ 256,341 $ 4,923,731 Intangible Assets: The carrying amounts for indefinite-lived intangible assets are: In thousands July 28, 2024 October 29, 2023 Brands/Trade Names/Trademarks $ 1,636,807 $ 1,636,807 Other Intangibles 184 184 Foreign Currency Translation (6,893) (5,893) Total Indefinite-lived Intangible Assets $ 1,630,099 $ 1,631,098 The gross carrying amount and accumulated amortization for definite-lived intangible assets are: July 28, 2024 October 29, 2023 In thousands Gross Carrying Accumulated Gross Carrying Accumulated Customer Lists/Relationships $ 168,239 $ (90,951) $ 168,239 $ (82,658) Other Intangibles 59,241 (19,045) 59,241 (15,857) Trade Names/Trademarks 6,210 (5,687) 6,540 (5,089) Foreign Currency Translation — (4,492) — (4,344) Total Definite-lived Intangible Assets $ 233,690 $ (120,174) $ 234,020 $ (107,947) Amortization expense on intangible assets is as follows: Quarter Ended Nine Months Ended In thousands July 28, 2024 July 30, 2023 July 28, 2024 July 30, 2023 Amortization Expense $ 3,968 $ 4,605 $ 12,409 $ 13,806 Estimated annual amortization expense on intangible assets for the five fiscal years after October 29, 2023, is as follows: In thousands Amortization Expense 2024 $ 16,381 2025 14,681 2026 14,210 2027 13,940 2028 13,009

INVESTMENTS IN AFFILIATES

INVESTMENTS IN AFFILIATES	9 Months Ended
	Jul. 28, 2024
Equity Method Investments and Joint Ventures [Abstract]
INVESTMENTS IN AFFILIATES	NOTE C - INVESTMENTS IN AFFILIATES Equity in Earnings of Affiliates consists of: Quarter Ended Nine Months Ended In thousands % Owned July 28, 2024 July 30, 2023 July 28, 2024 July 30, 2023 MegaMex Foods, LLC (1) 50% $ 3,066 $ 8,099 $ 19,444 $ 34,712 Other Equity Method Investments (2) Various (20-50%) 4,912 1,685 19,806 7,501 Total Equity in Earnings of Affiliates $ 7,977 $ 9,784 $ 39,250 $ 42,213 (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 consists of: Quarter Ended Nine Months Ended In thousands July 28, 2024 July 30, 2023 July 28, 2024 July 30, 2023 Dividends $ 7,266 $ 14,509 $ 32,997 $ 28,160 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 expanded the Company’s presence in Southeast Asia to support the global execution of the entertaining and snacking strategy. 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 July 28, 2024, the remaining basis difference was $304.1 million, which includes the impact of foreign currency translation. Based on quoted market prices, the fair value of the common stock held in Garudafood was $258.4 million as of July 26, 2024. The Company recognized a basis difference of $21.3 million associated with the formation of MegaMex Foods, LLC, of which $8.7 million was remaining as of July 28, 2024. This difference is being amortized through Equity in Earnings of Affiliates.

INVENTORIES

INVENTORIES	9 Months Ended
	Jul. 28, 2024
Inventory, Net [Abstract]
INVENTORIES	NOTE D - INVENTORIES Principal components of inventories are: In thousands July 28, 2024 October 29, 2023 Finished Products $ 936,454 $ 954,432 Raw Materials and Work-in-Process 447,098 448,535 Operating Supplies 148,341 168,289 Maintenance Materials and Parts 117,755 109,151 Total Inventories $ 1,649,649 $ 1,680,406

DERIVATIVES AND HEDGING

DERIVATIVES AND HEDGING	9 Months Ended
	Jul. 28, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
DERIVATIVES AND HEDGING	NOTE E - DERIVATIVES AND HEDGING The Company uses hedging programs to manage risk associated with various 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 uses futures, swaps, and options contracts to offset price fluctuations in the Company’s future purchases of grain, lean hogs, natural gas, and diesel fuel. These contracts are designated as cash flow hedges; therefore, 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, natural gas, or diesel fuel 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 lean hog and grain 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 was amortized through earnings over the remaining life of the debt. In the third quarter of fiscal 2024, the fair value hedging adjustment was completely amortized to correspond with the payment of the 2024 Notes upon maturity. 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 was immaterial to the consolidated financial statements during the quarter and nine months ended July 28, 2024, and July 30, 2023. Volume: The Company’s outstanding contracts related to its commodity hedging programs include: In millions July 28, 2024 October 29, 2023 Corn 27.6 bushels 30.7 bushels Lean Hogs 186.3 pounds 144.2 pounds Natural Gas 3.5 MMBtu 3.0 MMBtu Diesel Fuel 0.9 gallons — gallons 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 July 28, 2024 October 29, 2023 Commodity Contracts (1) Other Current Assets $ (18,987) $ (13,233) (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 July 28, 2024 was offset by the right to reclaim net cash collateral of $29.3 million contained within the master netting arrangement. The gross liability position as of October 29, 2023 was offset by the right to reclaim net cash collateral of $32.2 million. See Note H - 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 July 28, 2024 October 29, 2023 Commodity Contracts Accounts Payable (1) $ (4,160) $ (4,914) Interest Rate Contracts Current Maturities of Long-term Debt (2) — (442,549) (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. The 2024 Notes were paid on June 3, 2024, and there was no cumulative fair value hedging adjustment from discontinued hedges. Accumulated Other Comprehensive Loss Impact: As of July 28, 2024, the Company included in AOCL hedging losses (before tax) of $25.5 million on commodity contracts and gains (before tax) of $11.7 million related to interest rate settled positions. The Company expects to recognize the majority of the losses on commodity contracts over the next twelve months. Gains on interest rate contracts offset the hedged interest payments over the tenor of the associated debt instruments. The effect on AOCL for gains or losses (before tax) related to the Company’s derivative instruments are: Gain/(Loss) Recognized in AOCL (1) Gain/(Loss) Reclassified from AOCL into Earnings (1) Location on Quarter Ended Quarter Ended In thousands July 28, 2024 July 30, 2023 July 28, 2024 July 30, 2023 Cash Flow Hedges Commodity Contracts $ (26,172) $ (2,600) $ (1,541) $ (5,758) Cost of Products Sold Excluded Component (2) 299 423 — — Interest Rate Contracts — — 247 247 Interest Expense Gain/(Loss) Recognized in AOCL (1) Gain/(Loss) Reclassified from AOCL into Earnings (1) Location on Consolidated Statements of Operations Nine Months Ended Nine Months Ended in thousands July 28, 2024 July 30, 2023 July 28, 2024 July 30, 2023 Cash Flow Hedges Commodity Contracts $ (24,487) $ (34,151) $ (21,297) $ 5,833 Cost of Products Sold Excluded Component (2) 2,112 (268) — — Interest Rate Contracts — — 741 741 Interest Expense (1) See Note G - Accumulated Other Comprehensive Loss for the after-tax impact of these gains or losses on Net Earnings. (2) Represents the time value of commodity 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: Quarter Ended Nine Months Ended In thousands July 28, 2024 July 30, 2023 July 28, 2024 July 30, 2023 Net Earnings Attributable to Hormel Foods Corporation $ 176,701 $ 162,679 $ 584,842 $ 597,637 Cash Flow Hedges - Commodity Contracts Gain (Loss) Reclassified from AOCL (1,541) (5,758) (21,297) 5,833 Amortization of Excluded Component from Options (472) (1,531) (2,478) (4,441) Fair Value Hedges - Commodity Contracts Gain (Loss) on Commodity Futures (1) 1,139 1,019 5,766 (440) Total Gain (Loss) on Commodity Contracts (2) (874) (6,271) (18,008) 952 Cash Flow Hedges - Interest Rate Contracts Gain (Loss) Reclassified from AOCL 247 247 741 741 Fair Value Hedge - Interest Rate Contracts Amortization of Loss Due to Discontinuance of Fair Value Hedge (3) (1,202) (3,125) (7,451) (9,374) Total Gain (Loss) on Interest Rate Contracts (4) (955) (2,878) (6,710) (8,633) Total Gain (Loss) Recognized in Earnings $ (1,828) $ (9,148) $ (24,718) $ (7,681) (1) Represents gains or losses on commodity contracts designated as fair value hedges that were closed during the quarter and nine months ended July 28, 2024, and July 30, 2023, which were offset by a corresponding gain or loss on the underlying hedged purchase commitment. Additional gains or losses related to changes in the fair value of open commodity contracts, along with the offsetting gain or loss on the hedged purchase commitment, are also marked-to-market through earnings with no impact on a net basis. (2) Total Gain (Loss) on Commodity Contracts is recognized in earnings through Cost of Products Sold. (3) Represents the fair value hedging adjustment amortized through earnings. (4) Total Gain (Loss) on Interest Rate Contracts is recognized in earnings through Interest Expense.

PENSION AND OTHER POST-RETIREME

PENSION AND OTHER POST-RETIREMENT BENEFITS	9 Months Ended
	Jul. 28, 2024
Retirement Benefits [Abstract]
PENSION AND OTHER POST-RETIREMENT BENEFITS	NOTE F - PENSION AND OTHER POST-RETIREMENT BENEFITS Net periodic cost for pension and other post-retirement benefit plans consists of: Pension Benefits Quarter Ended Nine Months Ended In thousands July 28, 2024 July 30, 2023 July 28, 2024 July 30, 2023 Service Cost $ 9,033 $ 8,902 $ 27,108 $ 26,705 Interest Cost 18,336 17,157 55,008 51,472 Expected Return on Plan Assets (19,377) (19,571) (58,132) (58,714) Amortization of Prior Service Cost (221) (461) (664) (1,383) Recognized Actuarial (Gain) Loss 3,317 3,325 9,951 9,976 Net Periodic Cost $ 11,086 $ 9,353 $ 33,270 $ 28,058 Post-retirement Benefits Quarter Ended Nine Months Ended In thousands July 28, 2024 July 30, 2023 July 28, 2024 July 30, 2023 Service Cost $ 41 $ 62 $ 123 $ 185 Interest Cost 2,895 3,016 8,687 9,044 Amortization of Prior Service Cost 2 2 6 6 Recognized Actuarial (Gain) Loss (317) (7) (952) (21) Net Periodic Cost $ 2,621 $ 3,073 $ 7,864 $ 9,214 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.

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE LOSS	9 Months Ended
	Jul. 28, 2024
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]
ACCUMULATED OTHER COMPREHENSIVE LOSS	NOTE G - ACCUMULATED OTHER COMPREHENSIVE LOSS Components of Accumulated Other Comprehensive Loss are as follows: In thousands Foreign Pension & Derivatives & Hedging Equity Accumulated Balance at April 28, 2024 $ (93,937) $ (179,795) $ 8,121 $ 3,286 $ (262,325) Unrecognized Gains (Losses) — — Gross (28,685) (90) (25,873) (5,079) (59,726) Tax Effect — — 6,286 — 6,286 Reclassification into Net Earnings — — — — Gross — 2,781 (1) 1,294 (2) (1,691) (3) 2,383 Tax Effect — (683) (308) — (991) Change Net of Tax (28,685) 2,008 (18,601) (6,770) (52,048) Balance at July 28, 2024 $ (122,621) $ (177,788) $ (10,481) $ (3,484) $ (314,373) Balance at October 29, 2023 $ (86,022) $ (183,993) $ (9,084) $ 6,847 $ (272,252) Unrecognized Gains (Losses) Gross (36,599) (87) (22,375) (5,113) (64,174) Tax Effect — — 5,417 — 5,417 Reclassification into Net Earnings Gross — 8,341 (1) 20,555 (2) (5,217) (3) 23,679 Tax Effect — (2,049) (4,994) — (7,043) Change Net of Tax (36,599) 6,205 (1,397) (10,330) (42,121) Balance at July 28, 2024 $ (122,621) $ (177,788) $ (10,481) $ (3,484) $ (314,373) (1) Included in computation of net periodic cost. See Note F - Pension and Other Post-Retirement Benefits for additional information. (2) Included in Cost of Products Sold and Interest Expense in the Consolidated Statements of Operations. See Note E - Derivatives and Hedging for additional information. (3) Included in Equity in Earnings of Affiliates in the Consolidated Statements of Operations.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	9 Months Ended
	Jul. 28, 2024
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	NOTE H - FAIR VALUE MEASUREMENTS Accounting guidance establishes a fair value hierarchy which requires assets and liabilities measured at fair value to be categorized into one of the three levels below based on the inputs used in the valuation. Level 1: Observable inputs based on quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2: Observable inputs, other than those included in Level 1, based on quoted prices for similar assets and liabilities in active markets, or quoted prices for identical assets and liabilities in inactive markets. Level 3: Unobservable inputs that reflect an entity’s own assumptions about what inputs a market participant would use in pricing the asset or liability based on the best information available in the circumstances. The Company’s financial assets and liabilities carried at fair value on a recurring basis and their level within the fair value hierarchy are presented in the tables below. Fair Value Measurements at July 28, 2024 In thousands Total Fair Quoted Prices Significant Significant Assets at Fair Value Cash and Cash Equivalents (1) $ 537,476 $ 537,008 $ 468 $ — Short-term Marketable Securities (2) 24,454 4,970 19,484 — Other Trading Securities (3) 206,980 — 206,980 — Commodity Derivatives (4) 7,067 9,298 (2,231) — Total Assets at Fair Value $ 775,976 $ 551,276 $ 224,700 $ — Liabilities at Fair Value Deferred Compensation (3) $ 61,425 $ — $ 61,425 $ — Total Liabilities at Fair Value $ 61,425 $ — $ 61,425 $ — Fair Value Measurements at October 29, 2023 In thousands Total Fair Quoted Prices Significant Significant 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 $ — 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. During the quarter and nine months ended July 28, 2024, securities held by the rabbi trust generated gains of $4.9 million, and $18.8 million, respectively, compared to gains of $5.1 million and $12.1 million for the quarter and nine months ended July 30, 2023, 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, diesel fuel, 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, diesel fuel, and pork swap contracts that are over-the-counter instruments classified as Level 2. The value of the natural gas and diesel fuel 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 July 28, 2024, the Company had recognized the right to reclaim net cash collateral of $29.3 million from various counterparties (including cash of $37.7 million less $8.4 million of realized loss). As of October 29, 2023, the Company had 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). 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 $2.4 billion as of July 28, 2024, and $2.7 billion as of October 29, 2023. See Note J - Long-Term Debt and Other Borrowing Arrangements for additional information.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
	Jul. 28, 2024
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	NOTE I - COMMITMENTS AND CONTINGENCIES Except as described below, there were no material changes outside the ordinary course of business during the quarter and nine months ended July 28, 2024, to the contractual obligations and other commitments last disclosed in the Company’s Annual Report on Form 10-K for the fiscal year ended October 29, 2023. 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 U.S. District Court for the District of Minnesota styled In re Pork Antitrust Litigation (the Pork Antitrust Litigation). Class Plaintiffs consist of Direct Purchaser Plaintiffs, Commercial and Institutional Indirect Purchaser Plaintiffs, and Consumer Indirect Purchaser Plaintiffs. The Class 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 Non-Class Direct-Action Plaintiffs including the Offices of the Attorney General in New Mexico and Alaska, have opted out of class treatment and are proceeding with individual direct actions making similar claims, and others may do so in the future. Although the Company strongly denies liability, continues to deny the allegations asserted by the Class Plaintiffs, and believes it has valid defenses, to avoid the uncertainty, risk, expense, and distraction of continued litigation involving the Class Plaintiffs, the Company executed settlement agreements providing for payments by the Company to the Direct Purchaser Plaintiffs of $4.9 million, the Commercial and Institutional Indirect Purchaser Plaintiffs of $2.4 million, and the Consumer Indirect Purchaser Plaintiffs of $4.5 million. The settlement amounts were recorded in Selling, General, and Administrative in the Consolidated Statements of Operations in the second quarter of fiscal 2024. Payments totaling $7.3 million were made in the third quarter of fiscal 2024, and $4.5 million is reflected within Accrued Expenses on the Consolidated Statements of Financial Position for the third quarter of fiscal 2024. The $4.5 million settlement amount was paid in August 2024, subsequent to the end of the third quarter. The Company continues to defend against the claims of the Non-Class Direct-Action Plaintiffs. The Company has not recorded any liability for the non-class 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 U.S. filed an amended consolidated class action complaint against Jennie-O Turkey Store, Inc. and various other poultry processing companies in the U.S. District Court for the District of Maryland styled Jien, et al. v. Perdue Farms, Inc., et al . (the Poultry Wages Antitrust Litigation). In the operative amended complaint filed in February 2022, the plaintiffs allege that, since 2000, the defendants directly and through wage surveys and a 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 complaint sought, 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. Although the Company strongly denies liability, continues to deny the allegations asserted by the plaintiffs, and believes it has valid defenses, to avoid the uncertainty, risk, expense, and distraction of continued litigation, the Company executed a settlement agreement with the plaintiffs on August 20, 2024, to settle this matter for the payment of $3.5 million. The settlement remains subject to Court approval. The Company recorded the agreed-upon settlement amount in Selling, General, and Administrative in the Consolidated Statements of Operations and in Accrued Expenses on the Consolidated Statements of Financial Position for the third quarter of fiscal 2024. The agreed-upon settlement amount will be paid following preliminary Court approval. 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 U.S. filed a class action complaint against the Company and various other beef- and pork-processing companies in the U.S. District Court for the District of Colorado styled Brown, et al. v. JBS USA Food Co., et al . (the Red Meat Wages Antitrust Litigation). In the operative amended complaint filed in January 2024, the plaintiffs allege that, since 2000, the defendants directly and through wage surveys and a 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 complaint sought, among other things, treble monetary damages, punitive damages, restitution, and pre- and post-judgment interest, as well as declaratory and injunctive relief. Although the Company strongly denies liability, continues to deny the allegations asserted by the plaintiffs, and believes it has valid defenses, to avoid the uncertainty, risk, expense, and distraction of continued litigation, the Company executed a settlement agreement with the plaintiffs on August 20, 2024, to settle this matter for the payment of $13.5 million and the provision of certain data and information. The settlement remains subject to Court approval. The Company recorded the agreed-upon settlement amount in Selling, General, and Administrative in the Consolidated Statements of Operations and in Accrued Expenses on the Consolidated Statements of Financial Position for the third quarter of fiscal 2024. The agreed-upon settlement amount will be paid following preliminary Court approval.

LONG-TERM DEBT AND OTHER BORROW

LONG-TERM DEBT AND OTHER BORROWING ARRANGEMENTS	9 Months Ended
	Jul. 28, 2024
Debt Disclosure [Abstract]
LONG-TERM DEBT AND OTHER BORROWING ARRANGEMENTS	NOTE J - LONG-TERM DEBT AND OTHER BORROWING ARRANGEMENTS Long-term Debt consists of: In thousands July 28, 2024 October 29, 2023 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 4.800% Interest Due Semi-annually through March 2027 Maturity Date 500,000 — Senior Unsecured Notes, with Interest at 0.650% Interest Due Semi-annually through June 2024 Maturity Date — 950,000 Unamortized Discount on Senior Notes (6,897) (7,016) Unamortized Debt Issuance Costs (16,341) (16,278) Interest Rate Swap Liabilities (1) — (7,451) Finance Lease Liabilities 29,600 36,085 Other Financing Arrangements 3,490 3,908 Total 2,859,853 3,309,247 Less: Current Maturities of Long-term Debt 8,232 950,529 Long-term Debt Less Current Maturities $ 2,851,621 $ 2,358,719 (1) See Note E - Derivatives and Hedging for additional information. Senior Unsecured Notes: On March 8, 2024, the Company issued senior notes in an aggregate principal amount of $500.0 million due March 2027. The notes bear interest at a fixed rate of 4.800% per annum. Interest accrues on the notes from March 8, 2024, and is payable semi-annually in arrears on March 30 and September 30 of each year, commencing September 30, 2024. The notes may be redeemed in whole or in part at any time at the applicable redemption prices. If a change of control triggering event occurs, the Company must offer to purchase the notes at a purchase price equal to 101% of their principal amount, plus accrued and unpaid interest, if any, to the date of purchase. On June 3, 2021, the Company issued $950.0 million aggregate principal amount of its 0.650% notes due June 2024 (2024 Notes), $750.0 million aggregate principal amount of its 1.700% notes due June 2028 (2028 Notes), and $600.0 million aggregate principal amount of its 3.050% notes due June 2051 (2051 Notes). The notes may be redeemed in whole or in part at any time at the applicable redemption price. Interest accrues per annum at the stated rates and is paid semi-annually in arrears on June 3 and December 3 of each year, commencing December 3, 2021. Interest rate risk was hedged utilizing interest rate locks on the 2028 Notes and 2051 Notes. The Company lifted the hedges in conjunction with the issuance of these notes. See Note E - Derivatives and Hedging for additional information. If a change of control triggering event occurs, the Company must offer to purchase the notes at a purchase price equal to 101% of their principal amount, plus accrued and unpaid interest, if any, to the date of purchase. The Company repaid the $950.0 million 2024 Notes upon maturity on June 3, 2024. On June 11, 2020, the Company issued senior notes in an aggregate principal amount of $1.0 billion due June 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 prices. 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 unsecured revolving credit agreement. The Amendment provided 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%. A variable fee of 0.050% to 0.100% is paid for the availability of this credit line. Extensions of credit under the facility may be made in the form of revolving loans, swingline loans, and letters of credit. The lending commitments under the agreement are scheduled to expire on May 6, 2026, at which time the Company will be required to pay in full all obligations then outstanding. As of July 28, 2024, and October 29, 2023, the Company had no outstanding draws from this facility. Debt Covenants: The Company is required by certain covenants in its debt agreements to maintain specified levels of financial ratios and financial position. As of July 28, 2024, the Company was in compliance with all covenants.

INCOME TAXES

INCOME TAXES	9 Months Ended
	Jul. 28, 2024
Income Tax Disclosure [Abstract]
INCOME TAXES	NOTE K - INCOME TAXES The Company’s tax provision is determined using an estimated annual effective tax rate and adjusted for discrete taxable events that may occur during the quarter. The effects of tax legislation are recognized in the period in which the law is enacted. The deferred tax assets and liabilities are remeasured using enacted tax rates expected to apply to taxable income in the years the related temporary differences are anticipated to reverse. The Company’s effective tax rate for the quarter and nine months ended July 28, 2024, was 21.7% and 22.6%, respectively, compared to 21.7% and 22.2%, respectively, for the corresponding periods a year ago. The Company benefited from the purchase of federal transferable energy credits in the third quarter of fiscal 2024. The Company benefited from the impact of higher federal deductions in the third quarter of fiscal 2023. Unrecognized tax benefits, including interest and penalties, are recorded in Other Long-term Liabilities. If recognized as of July 28, 2024, these benefits would impact the Company’s effective tax rate by $17.2 million compared to $19.6 million as of July 30, 2023. The Company includes accrued interest and penalties related to uncertain tax positions in Provision for Income Taxes, with immaterial losses included during the quarter ended July 28, 2024, and July 30, 2023. The amount of accrued interest and penalties associated with unrecognized tax benefits was $2.7 million at July 28, 2024, and $3.2 million at July 30, 2023. 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. The IRS placed the Company in the Bridge phase of the Compliance Assurance Process (CAP) for fiscal years 2020 and 2023. 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 2025. 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, as of July 28, 2024, it was not possible to reasonably estimate the effect of any amount of such change to previously recorded uncertain tax positions.

EARNINGS PER SHARE DATA

EARNINGS PER SHARE DATA	9 Months Ended
	Jul. 28, 2024
Earnings Per Share [Abstract]
EARNINGS PER SHARE DATA	NOTE L - EARNINGS PER SHARE DATA The reported net earnings attributable to the Company were used when computing basic and diluted earnings per share. Diluted earnings per share was calculated using the treasury stock method. The shares used as the denominator for those computations are as follows: Quarter Ended Nine Months Ended In thousands July 28, 2024 July 30, 2023 July 28, 2024 July 30, 2023 Basic Weighted-average Shares Outstanding 548,685 546,358 547,858 546,389 Dilutive Potential Common Shares 581 2,279 766 2,838 Diluted Weighted-average Shares Outstanding 549,266 548,637 548,624 549,227 Antidilutive Potential Common Shares 17,560 7,589 17,888 5,998

SEGMENT REPORTING

SEGMENT REPORTING	9 Months Ended
	Jul. 28, 2024
Segment Reporting [Abstract]
SEGMENT REPORTING	NOTE M - SEGMENT REPORTING The Company develops, processes, and distributes a wide array of food products in a variety of markets. The Company reports its results in the following three segments: Retail, Foodservice, and International, which is consistent with how the Company’s chief operating decision maker (CODM) assesses performance and allocates resources. 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, international equity method investments, and international royalty arrangements. Financial measures for each of the Company’s reportable segments are set forth below. Intersegment sales are eliminated in consolidation and are not reviewed when evaluating segment performance. The Company does not allocate deferred compensation, non-recurring expenses associated with the transform and modernize initiative, investment income, interest expense, or interest income to its segments when measuring performance. The Company also retains various other income and expense items 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. The Company is an integrated enterprise, characterized by substantial intersegment cooperation, cost allocations, and sharing of assets. Therefore, the Company does not represent that these segments, if operated independently, would report the profit and other financial information shown below. Quarter Ended Nine Months Ended In thousands July 28, 2024 July 30, 2023 July 28, 2024 July 30, 2023 Net Sales Retail $ 1,767,251 $ 1,891,746 $ 5,467,078 $ 5,765,786 Foodservice 954,021 890,949 2,799,110 2,607,140 International 177,171 180,605 516,517 539,005 Total Net Sales $ 2,898,443 $ 2,963,299 $ 8,782,706 $ 8,911,930 Segment Profit Retail $ 127,932 $ 151,128 $ 409,836 $ 459,031 Foodservice 142,487 146,270 441,952 428,110 International 21,792 12,222 65,026 45,723 Total Segment Profit 292,211 309,619 916,814 932,863 Net Unallocated Expense 66,526 101,886 161,239 164,997 Noncontrolling Interest 34 (108) (170) (200) Earnings Before Income Taxes $ 225,719 $ 207,626 $ 755,404 $ 767,666 The Company’s products primarily consist of meat and other food products. Total revenue contributed by classes of similar products are: Quarter Ended Nine Months Ended In thousands July 28, 2024 July 30, 2023 July 28, 2024 July 30, 2023 Perishable $ 2,115,087 $ 2,068,787 $ 6,251,076 $ 6,222,485 Shelf-stable 783,356 894,512 2,531,630 2,689,445 Total Net Sales $ 2,898,443 $ 2,963,299 $ 8,782,706 $ 8,911,930 Perishable includes fresh meats, frozen items, refrigerated meal solutions, bacon, sausages, hams, guacamole, and other items that require refrigeration. Shelf-stable includes canned luncheon meats, nut butters, snack nuts, chili, shelf-stable microwaveable meals, hash, stews, tortillas, salsas, tortilla chips, nutritional food supplements, and other items that do not require refrigeration.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jul. 28, 2024	Jul. 30, 2023	Jul. 28, 2024	Jul. 30, 2023
Pay vs Performance Disclosure
Net Earnings Attributable to Hormel Foods Corporation	$ 176,701	$ 162,679	$ 584,842	$ 597,637

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Jul. 28, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Jul. 28, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation: The accompanying unaudited consolidated financial statements of Hormel Foods Corporation (the Company) have been prepared in accordance with accounting principles generally accepted in the United States (U.S.) for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include certain information and footnotes required by U.S. generally accepted accounting principles (GAAP) for comprehensive financial statements. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation have been included. Operating results and cash flows for the interim period are not necessarily indicative of the results that may be expected for the full year.
Reclassifications	Reclassifications: Certain reclassifications of previously reported amounts have been made to conform to the current year presentation. 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 Condensed 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 Condensed Statements of Cash Flows.
Accounting Changes and Recent Accounting Pronouncements	Accounting Changes and Recent Accounting Pronouncements: New Accounting Pronouncements Not Yet Adopted In November 2023, the FASB issued ASU 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. 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. Early adoption is 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. In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The update is intended to enhance transparency and decision usefulness of income tax disclosures. This ASU updates income tax disclosure requirements by requiring specific categories and greater disaggregation within the rate reconciliation and disaggregation of income taxes paid by jurisdiction. The update is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. 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.
Fair Value Measurements	Accounting guidance establishes a fair value hierarchy which requires assets and liabilities measured at fair value to be categorized into one of the three levels below based on the inputs used in the valuation. Level 1: Observable inputs based on quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2: Observable inputs, other than those included in Level 1, based on quoted prices for similar assets and liabilities in active markets, or quoted prices for identical assets and liabilities in inactive markets. Level 3: Unobservable inputs that reflect an entity’s own assumptions about what inputs a market participant would use in pricing the asset or liability based on the best information available in the circumstances.
Segment Reporting	The Company develops, processes, and distributes a wide array of food products in a variety of markets. The Company reports its results in the following three segments: Retail, Foodservice, and International, which is consistent with how the Company’s chief operating decision maker (CODM) assesses performance and allocates resources. 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, international equity method investments, and international royalty arrangements. Financial measures for each of the Company’s reportable segments are set forth below. Intersegment sales are eliminated in consolidation and are not reviewed when evaluating segment performance. The Company does not allocate deferred compensation, non-recurring expenses associated with the transform and modernize initiative, investment income, interest expense, or interest income to its segments when measuring performance. The Company also retains various other income and expense items 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.

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS (Tables)	9 Months Ended
	Jul. 28, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of changes in the carrying amount of goodwill	The change in the carrying amount of goodwill for the nine months ended July 28, 2024, is: In thousands Retail Foodservice International Total Balance at October 29, 2023 $ 2,916,796 $ 1,750,594 $ 261,074 $ 4,928,464 Foreign Currency Translation — — (4,733) (4,733) Balance at July 28, 2024 $ 2,916,796 $ 1,750,594 $ 256,341 $ 4,923,731
Schedule of carrying amounts for indefinite-lived intangible assets	The carrying amounts for indefinite-lived intangible assets are: In thousands July 28, 2024 October 29, 2023 Brands/Trade Names/Trademarks $ 1,636,807 $ 1,636,807 Other Intangibles 184 184 Foreign Currency Translation (6,893) (5,893) Total Indefinite-lived Intangible Assets $ 1,630,099 $ 1,631,098
Schedule of gross carrying amount and accumulated amortization for definite-lived intangible assets	The gross carrying amount and accumulated amortization for definite-lived intangible assets are: July 28, 2024 October 29, 2023 In thousands Gross Carrying Accumulated Gross Carrying Accumulated Customer Lists/Relationships $ 168,239 $ (90,951) $ 168,239 $ (82,658) Other Intangibles 59,241 (19,045) 59,241 (15,857) Trade Names/Trademarks 6,210 (5,687) 6,540 (5,089) Foreign Currency Translation — (4,492) — (4,344) Total Definite-lived Intangible Assets $ 233,690 $ (120,174) $ 234,020 $ (107,947)
Schedule of amortization expense	Amortization expense on intangible assets is as follows: Quarter Ended Nine Months Ended In thousands July 28, 2024 July 30, 2023 July 28, 2024 July 30, 2023 Amortization Expense $ 3,968 $ 4,605 $ 12,409 $ 13,806
Schedule of estimated annual amortization expense	Estimated annual amortization expense on intangible assets for the five fiscal years after October 29, 2023, is as follows: In thousands Amortization Expense 2024 $ 16,381 2025 14,681 2026 14,210 2027 13,940 2028 13,009

INVESTMENTS IN AFFILIATES (Tabl

INVESTMENTS IN AFFILIATES (Tables)	9 Months Ended
	Jul. 28, 2024
Equity Method Investments and Joint Ventures [Abstract]
Schedule of equity in earnings of affiliates	Equity in Earnings of Affiliates consists of: Quarter Ended Nine Months Ended In thousands % Owned July 28, 2024 July 30, 2023 July 28, 2024 July 30, 2023 MegaMex Foods, LLC (1) 50% $ 3,066 $ 8,099 $ 19,444 $ 34,712 Other Equity Method Investments (2) Various (20-50%) 4,912 1,685 19,806 7,501 Total Equity in Earnings of Affiliates $ 7,977 $ 9,784 $ 39,250 $ 42,213 (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 consists of: Quarter Ended Nine Months Ended In thousands July 28, 2024 July 30, 2023 July 28, 2024 July 30, 2023 Dividends $ 7,266 $ 14,509 $ 32,997 $ 28,160

INVENTORIES (Tables)

INVENTORIES (Tables)	9 Months Ended
	Jul. 28, 2024
Inventory, Net [Abstract]
Schedule of principal components of inventories	Principal components of inventories are: In thousands July 28, 2024 October 29, 2023 Finished Products $ 936,454 $ 954,432 Raw Materials and Work-in-Process 447,098 448,535 Operating Supplies 148,341 168,289 Maintenance Materials and Parts 117,755 109,151 Total Inventories $ 1,649,649 $ 1,680,406

DERIVATIVES AND HEDGING (Tables

DERIVATIVES AND HEDGING (Tables)	9 Months Ended
	Jul. 28, 2024
Derivative [Line Items]
Schedule of 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 July 28, 2024 October 29, 2023 Commodity Contracts (1) Other Current Assets $ (18,987) $ (13,233) (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 July 28, 2024 was offset by the right to reclaim net cash collateral of $29.3 million contained within the master netting arrangement. The gross liability position as of October 29, 2023 was offset by the right to reclaim net cash collateral of $32.2 million. See Note H - 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 July 28, 2024 October 29, 2023 Commodity Contracts Accounts Payable (1) $ (4,160) $ (4,914) Interest Rate Contracts Current Maturities of Long-term Debt (2) — (442,549) (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. The 2024 Notes were paid on June 3, 2024, and there was no cumulative fair value hedging adjustment from discontinued hedges.
Schedule of gains or losses related to derivative instruments	The effect on AOCL for gains or losses (before tax) related to the Company’s derivative instruments are: Gain/(Loss) Recognized in AOCL (1) Gain/(Loss) Reclassified from AOCL into Earnings (1) Location on Quarter Ended Quarter Ended In thousands July 28, 2024 July 30, 2023 July 28, 2024 July 30, 2023 Cash Flow Hedges Commodity Contracts $ (26,172) $ (2,600) $ (1,541) $ (5,758) Cost of Products Sold Excluded Component (2) 299 423 — — Interest Rate Contracts — — 247 247 Interest Expense Gain/(Loss) Recognized in AOCL (1) Gain/(Loss) Reclassified from AOCL into Earnings (1) Location on Consolidated Statements of Operations Nine Months Ended Nine Months Ended in thousands July 28, 2024 July 30, 2023 July 28, 2024 July 30, 2023 Cash Flow Hedges Commodity Contracts $ (24,487) $ (34,151) $ (21,297) $ 5,833 Cost of Products Sold Excluded Component (2) 2,112 (268) — — Interest Rate Contracts — — 741 741 Interest Expense (1) See Note G - Accumulated Other Comprehensive Loss for the after-tax impact of these gains or losses on Net Earnings. (2) Represents the time value of commodity 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: Quarter Ended Nine Months Ended In thousands July 28, 2024 July 30, 2023 July 28, 2024 July 30, 2023 Net Earnings Attributable to Hormel Foods Corporation $ 176,701 $ 162,679 $ 584,842 $ 597,637 Cash Flow Hedges - Commodity Contracts Gain (Loss) Reclassified from AOCL (1,541) (5,758) (21,297) 5,833 Amortization of Excluded Component from Options (472) (1,531) (2,478) (4,441) Fair Value Hedges - Commodity Contracts Gain (Loss) on Commodity Futures (1) 1,139 1,019 5,766 (440) Total Gain (Loss) on Commodity Contracts (2) (874) (6,271) (18,008) 952 Cash Flow Hedges - Interest Rate Contracts Gain (Loss) Reclassified from AOCL 247 247 741 741 Fair Value Hedge - Interest Rate Contracts Amortization of Loss Due to Discontinuance of Fair Value Hedge (3) (1,202) (3,125) (7,451) (9,374) Total Gain (Loss) on Interest Rate Contracts (4) (955) (2,878) (6,710) (8,633) Total Gain (Loss) Recognized in Earnings $ (1,828) $ (9,148) $ (24,718) $ (7,681) (1) Represents gains or losses on commodity contracts designated as fair value hedges that were closed during the quarter and nine months ended July 28, 2024, and July 30, 2023, which were offset by a corresponding gain or loss on the underlying hedged purchase commitment. Additional gains or losses related to changes in the fair value of open commodity contracts, along with the offsetting gain or loss on the hedged purchase commitment, are also marked-to-market through earnings with no impact on a net basis. (2) Total Gain (Loss) on Commodity Contracts is recognized in earnings through Cost of Products Sold. (3) Represents the fair value hedging adjustment amortized through earnings. (4) Total Gain (Loss) on Interest Rate Contracts is recognized in earnings through Interest Expense.
Cash Flow Hedges
Derivative [Line Items]
Schedule of outstanding commodity futures contracts	The Company’s outstanding contracts related to its commodity hedging programs include: In millions July 28, 2024 October 29, 2023 Corn 27.6 bushels 30.7 bushels Lean Hogs 186.3 pounds 144.2 pounds Natural Gas 3.5 MMBtu 3.0 MMBtu Diesel Fuel 0.9 gallons — gallons

PENSION AND OTHER POST-RETIRE_2

PENSION AND OTHER POST-RETIREMENT BENEFITS (Tables)	9 Months Ended
	Jul. 28, 2024
Retirement Benefits [Abstract]
Schedule of net periodic cost of defined benefit plans	Net periodic cost for pension and other post-retirement benefit plans consists of: Pension Benefits Quarter Ended Nine Months Ended In thousands July 28, 2024 July 30, 2023 July 28, 2024 July 30, 2023 Service Cost $ 9,033 $ 8,902 $ 27,108 $ 26,705 Interest Cost 18,336 17,157 55,008 51,472 Expected Return on Plan Assets (19,377) (19,571) (58,132) (58,714) Amortization of Prior Service Cost (221) (461) (664) (1,383) Recognized Actuarial (Gain) Loss 3,317 3,325 9,951 9,976 Net Periodic Cost $ 11,086 $ 9,353 $ 33,270 $ 28,058 Post-retirement Benefits Quarter Ended Nine Months Ended In thousands July 28, 2024 July 30, 2023 July 28, 2024 July 30, 2023 Service Cost $ 41 $ 62 $ 123 $ 185 Interest Cost 2,895 3,016 8,687 9,044 Amortization of Prior Service Cost 2 2 6 6 Recognized Actuarial (Gain) Loss (317) (7) (952) (21) Net Periodic Cost $ 2,621 $ 3,073 $ 7,864 $ 9,214

ACCUMULATED OTHER COMPREHENSI_2

ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables)	9 Months Ended
	Jul. 28, 2024
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]
Schedule of components of accumulated other comprehensive loss	Components of Accumulated Other Comprehensive Loss are as follows: In thousands Foreign Pension & Derivatives & Hedging Equity Accumulated Balance at April 28, 2024 $ (93,937) $ (179,795) $ 8,121 $ 3,286 $ (262,325) Unrecognized Gains (Losses) — — Gross (28,685) (90) (25,873) (5,079) (59,726) Tax Effect — — 6,286 — 6,286 Reclassification into Net Earnings — — — — Gross — 2,781 (1) 1,294 (2) (1,691) (3) 2,383 Tax Effect — (683) (308) — (991) Change Net of Tax (28,685) 2,008 (18,601) (6,770) (52,048) Balance at July 28, 2024 $ (122,621) $ (177,788) $ (10,481) $ (3,484) $ (314,373) Balance at October 29, 2023 $ (86,022) $ (183,993) $ (9,084) $ 6,847 $ (272,252) Unrecognized Gains (Losses) Gross (36,599) (87) (22,375) (5,113) (64,174) Tax Effect — — 5,417 — 5,417 Reclassification into Net Earnings Gross — 8,341 (1) 20,555 (2) (5,217) (3) 23,679 Tax Effect — (2,049) (4,994) — (7,043) Change Net of Tax (36,599) 6,205 (1,397) (10,330) (42,121) Balance at July 28, 2024 $ (122,621) $ (177,788) $ (10,481) $ (3,484) $ (314,373) (1) Included in computation of net periodic cost. See Note F - Pension and Other Post-Retirement Benefits for additional information. (2) Included in Cost of Products Sold and Interest Expense in the Consolidated Statements of Operations. See Note E - Derivatives and Hedging for additional information. (3) Included in Equity in Earnings of Affiliates in the Consolidated Statements of Operations.

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	9 Months Ended
	Jul. 28, 2024
Fair Value Disclosures [Abstract]
Schedule of financial assets and liabilities carried at fair value on a recurring basis	The Company’s financial assets and liabilities carried at fair value on a recurring basis and their level within the fair value hierarchy are presented in the tables below. Fair Value Measurements at July 28, 2024 In thousands Total Fair Quoted Prices Significant Significant Assets at Fair Value Cash and Cash Equivalents (1) $ 537,476 $ 537,008 $ 468 $ — Short-term Marketable Securities (2) 24,454 4,970 19,484 — Other Trading Securities (3) 206,980 — 206,980 — Commodity Derivatives (4) 7,067 9,298 (2,231) — Total Assets at Fair Value $ 775,976 $ 551,276 $ 224,700 $ — Liabilities at Fair Value Deferred Compensation (3) $ 61,425 $ — $ 61,425 $ — Total Liabilities at Fair Value $ 61,425 $ — $ 61,425 $ — Fair Value Measurements at October 29, 2023 In thousands Total Fair Quoted Prices Significant Significant 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 $ — 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. During the quarter and nine months ended July 28, 2024, securities held by the rabbi trust generated gains of $4.9 million, and $18.8 million, respectively, compared to gains of $5.1 million and $12.1 million for the quarter and nine months ended July 30, 2023, 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, diesel fuel, 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, diesel fuel, and pork swap contracts that are over-the-counter instruments classified as Level 2. The value of the natural gas and diesel fuel 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 July 28, 2024, the Company had recognized the right to reclaim net cash collateral of $29.3 million from various counterparties (including cash of $37.7 million less $8.4 million of realized loss). As of October 29, 2023, the Company had 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).

LONG-TERM DEBT AND OTHER BORR_2

LONG-TERM DEBT AND OTHER BORROWING ARRANGEMENTS (Tables)	9 Months Ended
	Jul. 28, 2024
Debt Disclosure [Abstract]
Schedule of long-term debt	Long-term Debt consists of: In thousands July 28, 2024 October 29, 2023 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 4.800% Interest Due Semi-annually through March 2027 Maturity Date 500,000 — Senior Unsecured Notes, with Interest at 0.650% Interest Due Semi-annually through June 2024 Maturity Date — 950,000 Unamortized Discount on Senior Notes (6,897) (7,016) Unamortized Debt Issuance Costs (16,341) (16,278) Interest Rate Swap Liabilities (1) — (7,451) Finance Lease Liabilities 29,600 36,085 Other Financing Arrangements 3,490 3,908 Total 2,859,853 3,309,247 Less: Current Maturities of Long-term Debt 8,232 950,529 Long-term Debt Less Current Maturities $ 2,851,621 $ 2,358,719 (1) See Note E - Derivatives and Hedging for additional information.

EARNINGS PER SHARE DATA (Tables

EARNINGS PER SHARE DATA (Tables)	9 Months Ended
	Jul. 28, 2024
Earnings Per Share [Abstract]
Schedule of denominator for the computation of basic and diluted earnings per share	The shares used as the denominator for those computations are as follows: Quarter Ended Nine Months Ended In thousands July 28, 2024 July 30, 2023 July 28, 2024 July 30, 2023 Basic Weighted-average Shares Outstanding 548,685 546,358 547,858 546,389 Dilutive Potential Common Shares 581 2,279 766 2,838 Diluted Weighted-average Shares Outstanding 549,266 548,637 548,624 549,227 Antidilutive Potential Common Shares 17,560 7,589 17,888 5,998

SEGMENT REPORTING (Tables)

SEGMENT REPORTING (Tables)	9 Months Ended
	Jul. 28, 2024
Segment Reporting [Abstract]
Schedule of sales and operating profits for each of the reportable segments and reconciliation to earnings before income taxes	The Company is an integrated enterprise, characterized by substantial intersegment cooperation, cost allocations, and sharing of assets. Therefore, the Company does not represent that these segments, if operated independently, would report the profit and other financial information shown below. Quarter Ended Nine Months Ended In thousands July 28, 2024 July 30, 2023 July 28, 2024 July 30, 2023 Net Sales Retail $ 1,767,251 $ 1,891,746 $ 5,467,078 $ 5,765,786 Foodservice 954,021 890,949 2,799,110 2,607,140 International 177,171 180,605 516,517 539,005 Total Net Sales $ 2,898,443 $ 2,963,299 $ 8,782,706 $ 8,911,930 Segment Profit Retail $ 127,932 $ 151,128 $ 409,836 $ 459,031 Foodservice 142,487 146,270 441,952 428,110 International 21,792 12,222 65,026 45,723 Total Segment Profit 292,211 309,619 916,814 932,863 Net Unallocated Expense 66,526 101,886 161,239 164,997 Noncontrolling Interest 34 (108) (170) (200) Earnings Before Income Taxes $ 225,719 $ 207,626 $ 755,404 $ 767,666
Schedule of total revenues contributed by sales channel	Total revenue contributed by classes of similar products are: Quarter Ended Nine Months Ended In thousands July 28, 2024 July 30, 2023 July 28, 2024 July 30, 2023 Perishable $ 2,115,087 $ 2,068,787 $ 6,251,076 $ 6,222,485 Shelf-stable 783,356 894,512 2,531,630 2,689,445 Total Net Sales $ 2,898,443 $ 2,963,299 $ 8,782,706 $ 8,911,930

GOODWILL AND INTANGIBLE ASSET_2

GOODWILL AND INTANGIBLE ASSETS - Changes in Carrying Amounts of Goodwill (Details) $ in Thousands	9 Months Ended
	Jul. 28, 2024 USD ($)
Changes in the carrying amount of goodwill
Beginning Balance	$ 4,928,464
Foreign Currency Translation	(4,733)
Ending Balance	4,923,731
Retail
Changes in the carrying amount of goodwill
Beginning Balance	2,916,796
Foreign Currency Translation	0
Ending Balance	2,916,796
Foodservice
Changes in the carrying amount of goodwill
Beginning Balance	1,750,594
Foreign Currency Translation	0
Ending Balance	1,750,594
International
Changes in the carrying amount of goodwill
Beginning Balance	261,074
Foreign Currency Translation	(4,733)
Ending Balance	$ 256,341

GOODWILL AND INTANGIBLE ASSET_3

GOODWILL AND INTANGIBLE ASSETS - Indefinite Lived Intangible Assets (Details) - USD ($) $ in Thousands	Jul. 28, 2024	Oct. 29, 2023
Carrying amounts for indefinite-lived intangible assets
Total Indefinite-lived Intangible Assets	$ 1,630,099	$ 1,631,098
Brands/Trade Names/Trademarks
Carrying amounts for indefinite-lived intangible assets
Total Indefinite-lived Intangible Assets	1,636,807	1,636,807
Other Intangibles
Carrying amounts for indefinite-lived intangible assets
Total Indefinite-lived Intangible Assets	184	184
Foreign Currency Translation
Carrying amounts for indefinite-lived intangible assets
Total Indefinite-lived Intangible Assets	$ 6,893	$ 5,893

GOODWILL AND INTANGIBLE ASSET_4

GOODWILL AND INTANGIBLE ASSETS - Definite Lived Intangibles Assets (Details) - USD ($) $ in Thousands	Jul. 28, 2024	Oct. 29, 2023
Gross carrying amount and accumulated amortization for definite-lived intangible assets
Gross Carrying Amount	$ 233,690	$ 234,020
Accumulated Amortization	(120,174)	(107,947)
Customer Lists/Relationships
Gross carrying amount and accumulated amortization for definite-lived intangible assets
Gross Carrying Amount	168,239	168,239
Accumulated Amortization	(90,951)	(82,658)
Other Intangibles
Gross carrying amount and accumulated amortization for definite-lived intangible assets
Gross Carrying Amount	59,241	59,241
Accumulated Amortization	(19,045)	(15,857)
Trade Names/Trademarks
Gross carrying amount and accumulated amortization for definite-lived intangible assets
Gross Carrying Amount	6,210	6,540
Accumulated Amortization	(5,687)	(5,089)
Foreign Currency Translation
Gross carrying amount and accumulated amortization for definite-lived intangible assets
Gross Carrying Amount	0	0
Accumulated Amortization	$ (4,492)	$ (4,344)

GOODWILL AND INTANGIBLE ASSET_5

GOODWILL AND INTANGIBLE ASSETS - Amortization Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jul. 28, 2024	Jul. 30, 2023	Jul. 28, 2024	Jul. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization Expense	$ 3,968	$ 4,605	$ 12,409	$ 13,806

GOODWILL AND INTANGIBLE ASSET_6

GOODWILL AND INTANGIBLE ASSETS - Estimated Annual 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

INVESTMENTS IN AFFILIATES - Sch

INVESTMENTS IN AFFILIATES - Schedule of Equity in Earnings of Affiliates (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jul. 28, 2024	Jul. 30, 2023	Jul. 28, 2024	Jul. 30, 2023
Investments In and Receivables from Affiliates
Total Equity in Earnings of Affiliates	$ 7,977	$ 9,784	$ 39,250	$ 42,213
MegaMex Foods, LLC
Investments In and Receivables from Affiliates
% Owned	50%	50%	50%	50%
Total Equity in Earnings of Affiliates	$ 3,066	$ 8,099	$ 19,444	$ 34,712
Other Equity Method Investments
Investments In and Receivables from Affiliates
Total Equity in Earnings of Affiliates	$ 4,912	$ 1,685	$ 19,806	$ 7,501
Other Equity Method Investments | Minimum
Investments In and Receivables from Affiliates
% Owned	20%	20%	20%	20%
Other Equity Method Investments | Maximum
Investments In and Receivables from Affiliates
% Owned	50%	50%	50%	50%

INVESTMENTS IN AFFILIATES - S_2

INVESTMENTS IN AFFILIATES - Schedule of Distributions Received from Equity Method Investees (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jul. 28, 2024	Jul. 30, 2023	Jul. 28, 2024	Jul. 30, 2023
Investment, Affiliated Issuer
Investments In and Receivables from Affiliates
Dividends	$ 7,266	$ 14,509	$ 32,997	$ 28,160

INVESTMENTS IN AFFILIATES - Nar

INVESTMENTS IN AFFILIATES - Narrative (Details) - USD ($) $ in Millions	Dec. 15, 2022	Jul. 28, 2024	Jul. 26, 2024	Jul. 30, 2023	Apr. 12, 2023	Oct. 26, 2009
Garudafood
Schedule of Equity Method Investments [Line Items]
Ownership percentage	29%				30%
Purchase price	$ 425.8
Basis difference between fair value and carrying value of investment	$ 324.8	$ 304.1
Fair value			$ 258.4
MegaMex Foods, LLC
Schedule of Equity Method Investments [Line Items]
Ownership percentage		50%		50%
Basis difference between fair value and carrying value of investment		$ 8.7				$ 21.3

INVENTORIES - Schedule of Princ

INVENTORIES - Schedule of Principal Components of Inventories (Details) - USD ($) $ in Thousands	Jul. 28, 2024	Oct. 29, 2023
Inventory, Net [Abstract]
Finished Products	$ 936,454	$ 954,432
Raw Materials and Work-in-Process	447,098	448,535
Operating Supplies	148,341	168,289
Maintenance Materials and Parts	117,755	109,151
Total Inventories	$ 1,649,649	$ 1,680,406

DERIVATIVES AND HEDGING - Narra

DERIVATIVES AND HEDGING - Narrative (Details) $ in Millions	3 Months Ended	9 Months Ended
	Jul. 25, 2021	Jul. 28, 2024 USD ($)	Jan. 30, 2022 USD ($)	Apr. 25, 2021 USD ($) derivative
Commodity Contracts
Derivative [Line Items]
Hedging gains (losses) to be recognized within next twelve months		$ (25.5)
Natural Gas
Derivative [Line Items]
Maximum length of time to hedge exposure		2 years
Corn
Derivative [Line Items]
Maximum length of time to hedge exposure		2 years
Lean Hogs
Derivative [Line Items]
Maximum length of time to hedge exposure		12 months
Interest Rate Locks | Derivatives designated as hedges | Cash Flow Hedges
Derivative [Line Items]
Number of hedging instruments | derivative				2
Total notional amount of hedging				$ 1,250
Interest Rate Locks | Derivatives designated as hedges | Cash Flow Hedges | Minimum
Derivative [Line Items]
Tenor of hedging contracts	7 years
Interest Rate Locks | Derivatives designated as hedges | Cash Flow Hedges | Maximum
Derivative [Line Items]
Tenor of hedging contracts	30 years
Interest Rate Swap | Derivatives designated as hedges | Fair Value Hedges
Derivative [Line Items]
Total notional amount of hedging			$ 450
Interest Rate Contracts
Derivative [Line Items]
Hedging gains (losses) to be recognized within next twelve months		$ 11.7

DERIVATIVES AND HEDGING - Outst

DERIVATIVES AND HEDGING - Outstanding Commodity Future Contracts (Details) - Cash Flow Hedges - Derivatives designated as hedges lb in Millions, gal in Millions, bu in Millions, MMBTU in Millions	9 Months Ended	12 Months Ended
	Jul. 28, 2024 MMBTU lb gal bu	Oct. 29, 2023 MMBTU lb gal bu
Corn
Derivative [Line Items]
Futures contracts, volume (in bushels) | bu	27.6	30.7
Futures contracts, volume (in gallons) | bu	27.6	30.7
Lean Hogs
Derivative [Line Items]
Futures contracts, mass (in pounds) | lb	186.3	144.2
Natural Gas
Derivative [Line Items]
Futures contracts, energy (in MMBTu) | MMBTU	3.5	3
Diesel Fuel
Derivative [Line Items]
Futures contracts, volume (in bushels) | gal	0.9	0
Futures contracts, volume (in gallons) | gal	0.9	0

DERIVATIVES AND HEDGING - Fair

DERIVATIVES AND HEDGING - Fair Value of Derivatives (Details) - USD ($) $ in Thousands	Jul. 28, 2024	Oct. 29, 2023
Derivatives fair value
Liability, right to reclaim net cash collateral	$ 29,300	$ 32,200
Derivatives designated as hedges | Cash Flow Hedges | Commodity Contracts
Derivatives fair value
Gross fair value	$ (18,987)	$ (13,233)

DERIVATIVES AND HEDGING - Fai_2

DERIVATIVES AND HEDGING - Fair Value Hedge Assets (Liabilities) (Details) - Fair Value Hedges - USD ($) $ in Thousands	Jul. 28, 2024	Oct. 29, 2023
Commodity Contracts | Accounts Payable
Derivatives fair value
Carrying amount of fair value hedged assets (liabilities)	$ (4,160)	$ (4,914)
Interest Rate Contracts | Current Maturities of Long-term Debt
Derivatives fair value
Carrying amount of fair value hedged assets (liabilities)	$ 0	$ (442,549)

DERIVATIVES AND HEDGING - Effec

DERIVATIVES AND HEDGING - Effects on Accumulated Other Comprehensive Gains and Losses (Before Tax) of Derivative Instruments (Details) - Derivatives designated as hedges - Cash Flow Hedges - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jul. 28, 2024	Jul. 30, 2023	Jul. 28, 2024	Jul. 30, 2023
Commodity Contracts
Derivative instruments gains or losses (before tax)
Gain/(Loss) Reclassified from AOCL into Earnings	$ (1,541)	$ (5,758)	$ (21,297)	$ 5,833
Interest Rate Contracts
Derivative instruments gains or losses (before tax)
Gain/(Loss) Reclassified from AOCL into Earnings	247	247	741	741
Cost of Products Sold | Commodity Contracts
Derivative instruments gains or losses (before tax)
Gain/(Loss) Recognized in AOCL	(26,172)	(2,600)	(24,487)	(34,151)
Gain/(Loss) Reclassified from AOCL into Earnings	(1,541)	(5,758)	(21,297)	5,833
Cost of Products Sold | Corn Options
Derivative instruments gains or losses (before tax)
Excluded Component	299	423	2,112	(268)
Excluded Component	0	0	0	0
Interest Expense | Interest Rate Contracts
Derivative instruments gains or losses (before tax)
Gain/(Loss) Recognized in AOCL	0	0	0	0
Gain/(Loss) Reclassified from AOCL into Earnings	$ 247	$ 247	$ 741	$ 741

DERIVATIVES AND HEDGING - Conso

DERIVATIVES AND HEDGING - Consolidated Condensed Statements of Operations Impact of Gains or Losses on Derivative Instruments (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jul. 28, 2024	Jul. 30, 2023	Jul. 28, 2024	Jul. 30, 2023
Derivative [Line Items]
Net Earnings Attributable to Hormel Foods Corporation	$ 176,701	$ 162,679	$ 584,842	$ 597,637
Fair Value Hedges
Total Gain (Loss) Recognized in Earnings	(1,828)	(9,148)	(24,718)	(7,681)
Derivatives designated as hedges | Commodity Contracts
Fair Value Hedges
Total Gain (Loss) Recognized in Earnings	(874)	(6,271)	(18,008)	952
Derivatives designated as hedges | Interest Rate Contracts
Fair Value Hedges
Total Gain (Loss) Recognized in Earnings	(955)	(2,878)	(6,710)	(8,633)
Derivatives designated as hedges | Cash Flow Hedges | Commodity Contracts
Cash Flow Hedges
Gain (Loss) Reclassified from AOCL	(1,541)	(5,758)	(21,297)	5,833
Amortization of Excluded Component from Options	(472)	(1,531)	(2,478)	(4,441)
Derivatives designated as hedges | Cash Flow Hedges | Interest Rate Contracts
Cash Flow Hedges
Gain (Loss) Reclassified from AOCL	247	247	741	741
Derivatives designated as hedges | Fair Value Hedges | Commodity Contracts
Fair Value Hedges
Gain (Loss) on Commodity Futures	1,139	1,019	5,766	(440)
Derivatives designated as hedges | Fair Value Hedges | Interest Rate Contracts
Fair Value Hedges
Amortization of Loss Due to Discontinuance of Fair Value Hedge	$ (1,202)	$ (3,125)	$ (7,451)	$ (9,374)

PENSION AND OTHER POST-RETIRE_3

PENSION AND OTHER POST-RETIREMENT BENEFITS - Schedule of Net Periodic Benefit Costs (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jul. 28, 2024	Jul. 30, 2023	Jul. 28, 2024	Jul. 30, 2023
Net periodic cost of defined benefit plans
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Interest Cost, Statement of Income or Comprehensive Income [Extensible Enumeration]	Interest and Investment Income	Interest and Investment Income	Interest and Investment Income	Interest and Investment Income
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) Excluding Service Cost, Statement of Income or Comprehensive Income [Extensible Enumeration]	Interest and Investment Income	Interest and Investment Income	Interest and Investment Income	Interest and Investment Income
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Amortization of Prior Service Cost (Credit), Statement of Income or Comprehensive Income [Extensible Enumeration]	Interest and Investment Income	Interest and Investment Income	Interest and Investment Income	Interest and Investment Income
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Amortization of Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Interest and Investment Income	Interest and Investment Income	Interest and Investment Income	Interest and Investment Income
Pension Benefits
Net periodic cost of defined benefit plans
Service Cost	$ 9,033	$ 8,902	$ 27,108	$ 26,705
Interest Cost	18,336	17,157	55,008	51,472
Expected Return on Plan Assets	(19,377)	(19,571)	(58,132)	(58,714)
Amortization of Prior Service Cost	(221)	(461)	(664)	(1,383)
Recognized Actuarial (Gain) Loss	3,317	3,325	9,951	9,976
Net Periodic Cost	11,086	9,353	33,270	28,058
Post-retirement Benefits
Net periodic cost of defined benefit plans
Service Cost	41	62	123	185
Interest Cost	2,895	3,016	8,687	9,044
Amortization of Prior Service Cost	2	2	6	6
Recognized Actuarial (Gain) Loss	(317)	(7)	(952)	(21)
Net Periodic Cost	$ 2,621	$ 3,073	$ 7,864	$ 9,214

ACCUMULATED OTHER COMPREHENSI_3

ACCUMULATED OTHER COMPREHENSIVE LOSS - Schedule of Components (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Jul. 28, 2024	Jul. 28, 2024
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning Balance		$ 7,734,885
Unrecognized Gains (Losses)
Gross	$ (59,726)	(64,174)
Tax Effect	6,286	5,417
Reclassification into Net Earnings
Gross	2,383	23,679
Tax Effect	(991)	(7,043)
Change Net of Tax	(52,048)	(42,121)
Ending Balance	7,867,119	7,867,119
Accumulated Other Comprehensive Loss
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning Balance	(262,325)	(272,252)
Reclassification into Net Earnings
Ending Balance	(314,373)	(314,373)
Foreign Currency Translation
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning Balance	(93,937)	(86,022)
Unrecognized Gains (Losses)
Gross	(28,685)	(36,599)
Tax Effect	0	0
Reclassification into Net Earnings
Gross	0	0
Tax Effect	0	0
Change Net of Tax	(28,685)	(36,599)
Ending Balance	(122,621)	(122,621)
Pension & Other Benefits
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning Balance	(179,795)	(183,993)
Unrecognized Gains (Losses)
Gross	(90)	(87)
Tax Effect	0	0
Reclassification into Net Earnings
Gross	2,781	8,341
Tax Effect	(683)	(2,049)
Change Net of Tax	2,008	6,205
Ending Balance	(177,788)	(177,788)
Derivatives & Hedging
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning Balance	8,121	(9,084)
Unrecognized Gains (Losses)
Gross	(25,873)	(22,375)
Tax Effect	6,286	5,417
Reclassification into Net Earnings
Gross	1,294	20,555
Tax Effect	(308)	(4,994)
Change Net of Tax	(18,601)	(1,397)
Ending Balance	(10,481)	(10,481)
Equity Method Investments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning Balance	3,286	6,847
Unrecognized Gains (Losses)
Gross	(5,079)	(5,113)
Tax Effect	0	0
Reclassification into Net Earnings
Gross	(1,691)	(5,217)
Tax Effect	0	0
Change Net of Tax	(6,770)	(10,330)
Ending Balance	$ (3,484)	$ (3,484)

FAIR VALUE MEASUREMENTS - Finan

FAIR VALUE MEASUREMENTS - Financial Assets and Liabilities Carried at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jul. 28, 2024	Jul. 30, 2023	Jul. 28, 2024	Jul. 30, 2023	Oct. 29, 2023
Assets at Fair Value
Derivative Asset, Current, Statement of Financial Position [Extensible Enumeration]	Prepaid Expenses and Other Current Assets		Prepaid Expenses and Other Current Assets		Prepaid Expenses and Other Current Assets
Right To Reclaim Net Cash Collateral, Commodity Derivatives [Abstract]
Right to reclaim net cash collateral	$ 29,300		$ 29,300		$ 32,200
Right to reclaim net cash collateral, cash portion	37,700		37,700		42,600
Realized loss on closed positions	8,400		8,400		10,400
Rabbi trust
Right To Reclaim Net Cash Collateral, Commodity Derivatives [Abstract]
Gains related to securities held by the trust	4,900	$ 5,100	18,800	$ 12,100
Recurring basis
Assets at Fair Value
Cash and Cash Equivalents	537,476		537,476		736,532
Short-term Marketable Securities	24,454		24,454		16,664
Other Trading Securities	206,980		206,980		188,162
Commodity Derivatives	7,067		7,067		9,330
Total Assets at Fair Value	775,976		775,976		950,688
Liabilities at Fair Value
Deferred Compensation	61,425		61,425		55,222
Total Liabilities at Fair Value	61,425		61,425		55,222
Recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1)
Assets at Fair Value
Cash and Cash Equivalents	537,008		537,008		735,387
Short-term Marketable Securities	4,970		4,970		2,499
Other Trading Securities	0		0		0
Commodity Derivatives	9,298		9,298		9,603
Total Assets at Fair Value	551,276		551,276		747,489
Liabilities at Fair Value
Deferred Compensation	0		0		0
Total Liabilities at Fair Value	0		0		0
Recurring basis | Significant Other Observable Inputs (Level 2)
Assets at Fair Value
Cash and Cash Equivalents	468		468		1,145
Short-term Marketable Securities	19,484		19,484		14,164
Other Trading Securities	206,980		206,980		188,162
Commodity Derivatives	(2,231)		(2,231)		(273)
Total Assets at Fair Value	224,700		224,700		203,199
Liabilities at Fair Value
Deferred Compensation	61,425		61,425		55,222
Total Liabilities at Fair Value	61,425		61,425		55,222
Recurring basis | Significant Unobservable Inputs (Level 3)
Assets at Fair Value
Cash and Cash Equivalents	0		0		0
Short-term Marketable Securities	0		0		0
Other Trading Securities	0		0		0
Commodity Derivatives	0		0		0
Total Assets at Fair Value	0		0		0
Liabilities at Fair Value
Deferred Compensation	0		0		0
Total Liabilities at Fair Value	$ 0		$ 0		$ 0

FAIR VALUE MEASUREMENTS - Narra

FAIR VALUE MEASUREMENTS - Narrative (Details) - USD ($) $ in Billions	Jul. 28, 2024	Oct. 29, 2023
Fair Value Disclosures [Abstract]
Fair value of long-term debt, utilizing discounted cash flows (Level 2)	$ 2.4	$ 2.7

COMMITMENTS AND CONTINGENCIES -

COMMITMENTS AND CONTINGENCIES - Narrative (Details) - USD ($) $ in Thousands		1 Months Ended	3 Months Ended
	Aug. 20, 2024	Aug. 31, 2024	Jul. 28, 2024	Apr. 28, 2024	Oct. 29, 2023
Loss Contingencies [Line Items]
Accrued expense			$ 74,789		$ 51,679
Pork Antitrust Litigation, Direct Purchaser Plaintiffs and Commercial and Institutional Indirect Purchaser Plaintiffs | Settled Litigation
Loss Contingencies [Line Items]
Damages paid			7,300
Pork Antitrust Litigation, Direct Purchaser Plaintiffs | Settled Litigation
Loss Contingencies [Line Items]
Damages awarded				$ 4,900
Pork Antitrust Litigation, Commercial and Institutional Indirect Purchaser Plaintiffs | Settled Litigation
Loss Contingencies [Line Items]
Damages awarded				2,400
Pork Antitrust Litigation, Consumer Indirect Purchaser Plaintiffs | Settled Litigation
Loss Contingencies [Line Items]
Damages awarded				$ 4,500
Accrued expense			$ 4,500
Pork Antitrust Litigation, Consumer Indirect Purchaser Plaintiffs | Settled Litigation | Subsequent Event
Loss Contingencies [Line Items]
Damages paid		$ 4,500
Poultry Wages Antitrust Litigation | Settled Litigation | Subsequent Event
Loss Contingencies [Line Items]
Damages awarded	$ 3,500
Red Meat Wages Antitrust Litigation | Settled Litigation | Subsequent Event
Loss Contingencies [Line Items]
Damages awarded	$ 13,500

LONG-TERM DEBT AND OTHER BORR_3

LONG-TERM DEBT AND OTHER BORROWING ARRANGEMENTS - Schedule of Long-term Debt (Details) - USD ($) $ in Thousands	Jul. 28, 2024	Mar. 08, 2024	Oct. 29, 2023	Jun. 03, 2021	Jun. 11, 2020
Debt Instrument [Line Items]
Unamortized Debt Issuance Costs	$ (16,341)		$ (16,278)
Interest Rate Swap Liabilities	0		(7,451)
Finance Lease Liabilities	29,600		36,085
Other Financing Arrangements	3,490		3,908
Total	2,859,853		3,309,247
Less: Current Maturities of Long-term Debt	8,232		950,529
Long-term Debt Less Current Maturities	2,851,621		2,358,719
Senior Notes
Debt Instrument [Line Items]
Unamortized Discount on Senior Notes	$ (6,897)		(7,016)
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 4.800% Interest Due Semi-annually through March 2027 Maturity Date
Debt Instrument [Line Items]
Interest rate	4.80%	4.80%
Senior Notes	$ 500,000		0
Senior Notes | Senior Unsecured Notes, with Interest at 0.650% Interest Due Semi-annually through June 2024 Maturity Date
Debt Instrument [Line Items]
Interest rate	0.65%			0.65%
Senior Notes	$ 0		$ 950,000

LONG-TERM DEBT AND OTHER BORR_4

LONG-TERM DEBT AND OTHER BORROWING ARRANGEMENTS - Narrative (Details)	Jun. 03, 2024 USD ($)	Mar. 08, 2024 USD ($)	Apr. 17, 2023 extension_option interest_period	Jun. 03, 2021 USD ($)	May 06, 2021 USD ($)	Jun. 11, 2020 USD ($)	Jul. 28, 2024 USD ($)	Oct. 29, 2023 USD ($)	Apr. 16, 2023 interest_period
Senior Notes | 2027 Notes
Debt Instrument [Line Items]
Aggregate principal amount of debt issued		$ 500,000,000
Interest rate		4.80%					4.80%
Redemption price, percentage		101%
Senior Notes | 2024 Notes
Debt Instrument [Line Items]
Aggregate principal amount of debt issued				$ 950,000,000
Interest rate				0.65%			0.65%
Redemption price, percentage				101%
Repayment of matured senior unsecured notes	$ 950,000,000
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 | 2030 Notes
Debt Instrument [Line Items]
Aggregate principal amount of debt issued						$ 1,000,000,000
Interest rate						1.80%	1.80%
Redemption price, percentage						101%
Credit Facility | Unsecured Revolving Credit Facility
Debt Instrument [Line Items]
Borrowing capacity under credit facility					$ 750,000,000
Additional uncommitted option under credit facility					$ 375,000,000
Number of extension options | extension_option			2
Extension option, period			1 year
Number of permitted interest periods | interest_period			15						8
Amount outstanding under credit facility							$ 0	$ 0
Credit Facility | Unsecured Revolving Credit Facility | Minimum
Debt Instrument [Line Items]
Variable fee percentage for availability of line of credit					0.05%
Credit Facility | Unsecured Revolving Credit Facility | Minimum | Base Rate
Debt Instrument [Line Items]
Margin over interest rate percentage					0%
Credit Facility | Unsecured Revolving Credit Facility | Minimum | Eurocurrency rate
Debt Instrument [Line Items]
Margin over interest rate percentage					0.575%
Credit Facility | Unsecured Revolving Credit Facility | Maximum
Debt Instrument [Line Items]
Variable fee percentage for availability of line of credit					0.10%
Credit Facility | Unsecured Revolving Credit Facility | Maximum | Base Rate
Debt Instrument [Line Items]
Margin over interest rate percentage					0.15%
Credit Facility | Unsecured Revolving Credit Facility | Maximum | Eurocurrency rate
Debt Instrument [Line Items]
Margin over interest rate percentage					1.15%

INCOME TAXES - Narrative (Detai

INCOME TAXES - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Jul. 28, 2024	Jul. 30, 2023	Jul. 28, 2024	Jul. 30, 2023
Income Tax Disclosure [Abstract]
Effective tax rate	21.70%	21.70%	22.60%	22.20%
Unrecognized tax benefits that would impact effective tax rate	$ 17.2	$ 19.6	$ 17.2	$ 19.6
Accrued interest and penalties associated with unrecognized tax benefits	$ 2.7	$ 3.2	$ 2.7	$ 3.2

EARNINGS PER SHARE DATA - Share

EARNINGS PER SHARE DATA - Shares Used as Denominator (Details) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Jul. 28, 2024	Jul. 30, 2023	Jul. 28, 2024	Jul. 30, 2023
Earnings Per Share [Abstract]
Basic Weighted-average Shares Outstanding (in shares)	548,685	546,358	547,858	546,389
Dilutive Potential Common Shares (in shares)	581	2,279	766	2,838
Diluted Weighted-average Shares Outstanding (in shares)	549,266	548,637	548,624	549,227
Antidilutive Potential Common Shares (in shares)	17,560	7,589	17,888	5,998

SEGMENT REPORTING - Narrative (

SEGMENT REPORTING - Narrative (Details)	9 Months Ended
	Jul. 28, 2024 segment
Segment Reporting [Abstract]
Number of reportable segments	3

SEGMENT REPORTING - Sales and O

SEGMENT REPORTING - Sales and Operating Profits for Each Reportable and Reconciliation to Earnings Before Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jul. 28, 2024	Jul. 30, 2023	Jul. 28, 2024	Jul. 30, 2023
Operating profit and other financial information
Total Net Sales	$ 2,898,443	$ 2,963,299	$ 8,782,706	$ 8,911,930
Segment Profit	236,693	216,759	773,452	802,009
Net Unallocated Expense	66,526	101,886	161,239	164,997
Noncontrolling Interest	34	(108)	(170)	(200)
Earnings Before Income Taxes	225,719	207,626	755,404	767,666
Retail
Operating profit and other financial information
Total Net Sales	1,767,251	1,891,746	5,467,078	5,765,786
Foodservice
Operating profit and other financial information
Total Net Sales	954,021	890,949	2,799,110	2,607,140
International
Operating profit and other financial information
Total Net Sales	177,171	180,605	516,517	539,005
Operating Segments
Operating profit and other financial information
Segment Profit	292,211	309,619	916,814	932,863
Operating Segments | Retail
Operating profit and other financial information
Segment Profit	127,932	151,128	409,836	459,031
Operating Segments | Foodservice
Operating profit and other financial information
Segment Profit	142,487	146,270	441,952	428,110
Operating Segments | International
Operating profit and other financial information
Segment Profit	$ 21,792	$ 12,222	$ 65,026	$ 45,723

SEGMENT REPORTING - Revenue Con

SEGMENT REPORTING - Revenue Contributed by Sales Channel (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jul. 28, 2024	Jul. 30, 2023	Jul. 28, 2024	Jul. 30, 2023
Revenue from External Customer [Line Items]
Total Net Sales	$ 2,898,443	$ 2,963,299	$ 8,782,706	$ 8,911,930
Perishable
Revenue from External Customer [Line Items]
Total Net Sales	2,115,087	2,068,787	6,251,076	6,222,485
Shelf-stable
Revenue from External Customer [Line Items]
Total Net Sales	$ 783,356	$ 894,512	$ 2,531,630	$ 2,689,445