Hormel Foods (HRL) 10-K 5 Dec 24 2024 FY Annual report Financial data

Cover

Cover - USD ($)	12 Months Ended
	Oct. 27, 2024	Dec. 01, 2024	Apr. 28, 2024
Entity Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Oct. 27, 2024
Current Fiscal Year End Date	--10-27
Document Transition Report	false
Entity File Number	1-2402
Entity Registrant Name	HORMEL FOODS CORPORATION
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	41-0319970
Entity Address, Address Line One	1 Hormel Place
Entity Address, City or Town	Austin
Entity Address, State or Province	MN
Entity Address, Postal Zip Code	55912-3680
City Area Code	507
Local Phone Number	437-5611
Title of 12(b) Security	Common Stock $0.01465 par value
Trading Symbol	HRL
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Smaller Reporting Company	false
Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction	false
Shell Company	false
Entity Public Float			$ 10,250,143,536
Documents Incorporated by Reference	Portions of the Proxy Statement for the Annual Meeting of Stockholders to be held January 28, 2025, are incorporated by reference into Part III, Items 10-14. The Proxy Statement will be filed with the Securities and Exchange Commission within 120 days after the end of the fiscal year to which this report relates.
Entity Central Index Key	0000048465
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	FY
Common Stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding (in shares)		549,012,922
Common Stock, Nonvoting
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding (in shares)		0

Audit Information

Audit Information	12 Months Ended
	Oct. 27, 2024
Audit Information [Abstract]
Auditor Name	Ernst & Young LLP
Auditor Location	Minneapolis, Minnesota
Auditor Firm ID	42

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Oct. 27, 2024	Oct. 29, 2023	Oct. 30, 2022
Income Statement [Abstract]
Net Sales	$ 11,920,797	$ 12,110,010	$ 12,458,806
Cost of Products Sold	9,898,659	10,110,169	10,294,120
Gross Profit	2,022,138	1,999,841	2,164,686
Selling, General, and Administrative	1,005,294	942,167	879,265
Equity in Earnings of Affiliates	51,088	42,754	27,185
Goodwill and Intangible Impairment	0	28,383	0
Operating Income	1,067,932	1,072,046	1,312,607
Interest and Investment Income	48,396	14,828	28,012
Interest Expense	80,894	73,402	62,515
Earnings Before Income Taxes	1,035,434	1,013,472	1,278,103
Provision for Income Taxes	230,803	220,552	277,877
Net Earnings	804,631	792,920	1,000,226
Less: Net Earnings (Loss) Attributable to Noncontrolling Interest	(407)	(653)	239
Net Earnings Attributable to Hormel Foods Corporation	$ 805,038	$ 793,572	$ 999,987
Net Earnings Per Share:
Basic (in dollars per share)	$ 1.47	$ 1.45	$ 1.84
Diluted (in dollars per share)	$ 1.47	$ 1.45	$ 1.82
Weighted-average Shares Outstanding:
Basic (in shares)	548,129	546,421	544,918
Diluted (in shares)	548,832	548,982	549,566

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Oct. 27, 2024	Oct. 29, 2023	Oct. 30, 2022
Statement of Comprehensive Income [Abstract]
Net Earnings	$ 804,631	$ 792,920	$ 1,000,226
Other Comprehensive Income (Loss), Net of Tax:
Foreign Currency Translation	15,618	3,588	(39,393)
Pension and Other Benefits	(3,333)	11,632	65,587
Derivatives and Hedging	11,075	(38,940)	(5,267)
Equity Method Investments	(14,050)	6,847	0
Total Other Comprehensive Income (Loss)	9,310	(16,874)	20,927
Comprehensive Income	813,941	776,045	1,021,153
Less: Comprehensive Income (Loss) Attributable to Noncontrolling Interest	(18)	(836)	(542)
Comprehensive Income Attributable to Hormel Foods Corporation	$ 813,959	$ 776,881	$ 1,021,695

Consolidated Statements of Fina

Consolidated Statements of Financial Position - USD ($) $ in Thousands	Oct. 27, 2024	Oct. 29, 2023
Assets
Cash and Cash Equivalents	$ 741,881	$ 736,532
Short-term Marketable Securities	24,742	16,664
Accounts Receivable (Net of Allowance for Doubtful Accounts of $3,712 at October 27, 2024 and $3,557 at October 29, 2023)	817,908	817,391
Inventories	1,576,300	1,680,406
Taxes Receivable	50,380	7,242
Prepaid Expenses and Other Current Assets	35,265	39,014
Total Current Assets	3,246,476	3,297,249
Goodwill	4,923,487	4,928,464
Other Intangibles	1,732,705	1,757,171
Pension Assets	205,964	204,697
Investments in Affiliates	719,481	725,121
Other Assets	411,889	370,252
Property, Plant, and Equipment
Land	75,159	74,626
Buildings	1,503,519	1,458,354
Equipment	2,905,058	2,781,730
Construction in Progress	228,726	195,665
Less: Allowance for Depreciation	(2,517,734)	(2,344,557)
Net Property, Plant, and Equipment	2,194,728	2,165,818
Total Assets	13,434,729	13,448,772
Liabilities and Shareholders’ Investment
Accounts Payable	735,604	771,397
Accrued Expenses	66,380	51,679
Accrued Marketing Expenses	108,156	87,452
Employee-related Expenses	283,490	263,330
Interest and Dividends Payable	175,941	172,178
Taxes Payable	21,916	15,212
Current Maturities of Long-term Debt	7,813	950,529
Total Current Liabilities	1,399,299	2,311,776
Long-term Debt Less Current Maturities	2,850,944	2,358,719
Pension and Post-retirement Benefits	379,891	349,268
Deferred Income Taxes	589,366	498,106
Other Long-term Liabilities	211,219	191,917
Shareholders’ Investment
Preferred Stock, Par Value $0.01 a Share — Authorized 160,000,000 Shares; Issued — None	0	0
Additional Paid-in Capital	571,178	506,179
Accumulated Other Comprehensive Loss	(263,331)	(272,252)
Retained Earnings	7,677,537	7,492,952
Hormel Foods Corporation Shareholders’ Investment	7,993,420	7,734,885
Noncontrolling Interest	10,590	4,100
Total Shareholders’ Investment	8,004,011	7,738,985
Total Liabilities and Shareholders’ Investment	13,434,729	13,448,772
Common Stock, Nonvoting
Shareholders’ Investment
Common Stock	0	0
Common Stock
Shareholders’ Investment
Common Stock	$ 8,037	$ 8,007

Consolidated Statements of Fi_2

Consolidated Statements of Financial Position (Parenthetical) - USD ($) $ in Thousands	Oct. 27, 2024	Oct. 29, 2023
Accounts Receivable, Allowance for Doubtful Accounts	$ 3,712	$ 3,557
Preferred Stock, Par Value (in dollars per share)	$ 0.01	$ 0.01
Preferred Stock, Authorized (in shares)	160,000,000	160,000,000
Preferred Stock, Issued (in shares)	0	0
Common Stock, Nonvoting
Common Stock, Par Value (in dollars per share)	$ 0.01	$ 0.01
Common Stock, Authorized (in shares)	400,000,000	400,000,000
Common Stock, Issued (in shares)	0	0
Common Stock
Common Stock, Par Value (in dollars per share)	$ 0.01465	$ 0.01465
Common Stock, Authorized (in shares)	1,600,000,000	1,600,000,000
Common Stock, Issued (in shares)	548,605,305	546,599,420

Consolidated Statements of Chan

Consolidated Statements of Changes in Shareholders’ Investment - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Oct. 27, 2024	Oct. 29, 2023	Oct. 30, 2022
Increase (Decrease) in Shareholders' Investment
Beginning Balance	$ 7,738,985	$ 7,540,219	$ 6,978,360
Net Earnings (Loss)	804,631	792,920	1,000,226
Other Comprehensive Income (Loss)	9,310	(16,874)	20,927
Purchases of Common Stock		(12,303)
Contribution from Noncontrolling Interest	6,508
Stock-based Compensation Expense	23,233	24,077	27,786
Exercise of Stock Options/ Restricted Shares	40,713	12,018	79,927
Shares Retired		0
Declared Dividends	(619,370)	(601,072)	(567,007)
Ending Balance	$ 8,004,011	$ 7,738,985	$ 7,540,219
Common Stock
Increase (Decrease) in Shareholders' Investment
Beginning Balance (in shares)	546,599	546,237	542,412
Beginning Balance	$ 8,007	$ 8,002	$ 7,946
Stock-based Compensation Expense (in shares)	54	44	37
Stock-based Compensation Expense	$ 1		$ 1
Exercise of Stock Options/ Restricted Shares (in shares)	1,951	629	3,787
Exercise of Stock Options/ Restricted Shares	$ 28	$ 9	$ 55
Shares Retired (in shares)		(310)
Shares Retired		$ (5)
Ending Balance (in shares)	548,605	546,599	546,237
Ending Balance	$ 8,037	$ 8,007	$ 8,002
Treasury Stock
Increase (Decrease) in Shareholders' Investment
Beginning Balance (in shares)	0	0	0
Beginning Balance	$ 0	$ 0	$ 0
Purchases of Common Stock (in shares)		(310)
Purchases of Common Stock		$ (12,303)
Shares Retired (in shares)		(310)
Shares Retired		$ 12,303
Ending Balance (in shares)	0	0	0
Ending Balance	$ 0	$ 0	$ 0
Additional Paid-In Capital
Increase (Decrease) in Shareholders' Investment
Beginning Balance	506,179	469,468	360,336
Stock-based Compensation Expense	23,231	24,077	27,786
Exercise of Stock Options/ Restricted Shares	40,685	12,009	79,871
Shares Retired		(277)
Declared Dividends	1,083	902	1,475
Ending Balance	571,178	506,179	469,468
Retained Earnings
Increase (Decrease) in Shareholders' Investment
Beginning Balance	7,492,952	7,313,374	6,881,870
Net Earnings (Loss)	805,038	793,572	999,987
Shares Retired		(12,021)
Declared Dividends	(620,453)	(601,974)	(568,482)
Ending Balance	7,677,537	7,492,952	7,313,374
Accumulated Other Comprehensive Income (Loss)
Increase (Decrease) in Shareholders' Investment
Beginning Balance	(272,252)	(255,561)	(277,269)
Other Comprehensive Income (Loss)	8,921	(16,691)	21,708
Ending Balance	(263,331)	(272,252)	(255,561)
Non-controlling Interest
Increase (Decrease) in Shareholders' Investment
Beginning Balance	4,100	4,936	5,478
Net Earnings (Loss)	(407)	(653)	239
Other Comprehensive Income (Loss)	389	(183)	(782)
Contribution from Noncontrolling Interest	6,508
Ending Balance	$ 10,590	$ 4,100	$ 4,936

Consolidated Statements of Ch_2

Consolidated Statements of Changes in Shareholders’ Investment (Parenthetical) - $ / shares	12 Months Ended
	Oct. 27, 2024	Oct. 29, 2023	Oct. 30, 2022
Statement of Stockholders' Equity [Abstract]
Declared Dividends (in dollars per share)	$ 1.13	$ 1.10	$ 1.04

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Oct. 27, 2024	Oct. 29, 2023	Oct. 30, 2022
Operating Activities
Net Earnings	$ 804,631	$ 792,920	$ 1,000,226
Adjustments to Reconcile to Net Cash Provided by (Used in) Operating Activities:
Depreciation	233,827	227,331	213,026
Amortization	23,929	25,980	22,859
Equity in Earnings of Affiliates	(51,088)	(42,754)	(27,185)
Distributions Received from Equity Method Investees	46,055	38,160	43,039
Provision for Deferred Income Taxes	87,670	31,794	177,000
Non-cash Investment Activities	(23,557)	(2,392)	19,298
Stock-based Compensation Expense	23,233	24,077	24,943
Operating Lease Cost	37,590	29,072	20,633
Goodwill and Intangible Impairment	0	28,383	0
Other Non-cash, Net	16,292	20,034	12,931
Changes in Operating Assets and Liabilities, Net of Divestitures:
Decrease (Increase) in Accounts Receivable	1,899	48,998	28,365
Decrease (Increase) in Inventories	95,283	35,714	(351,663)
Decrease (Increase) in Prepaid Expenses and Other Assets	13,143	(68,666)	(15,460)
Increase (Decrease) in Pension and Post-retirement Benefits	24,350	18,272	(29,392)
Increase (Decrease) in Accounts Payable and Accrued Expenses	(27,200)	(140,519)	(14,511)
Increase (Decrease) in Net Income Taxes Payable	(39,317)	(18,557)	10,869
Net Cash Provided by (Used in) Operating Activities	1,266,738	1,047,847	1,134,977
Investing Activities
Net Sale (Purchase) of Securities	(6,088)	(42)
Net Sale (Purchase) of Securities			2,493
Proceeds from Sale of Business	25,006	0	0
Purchases of Property, Plant, and Equipment	(256,441)	(270,211)	(278,918)
Proceeds from Sales of Property, Plant, and Equipment	474	5,322	1,224
Proceeds from (Purchases of) Affiliates and Other Investments	(7,970)	(427,709)	2,404
Proceeds from Company-owned Life Insurance	8,112	3,096	14,761
Net Cash Provided by (Used in) Investing Activities	(236,907)	(689,544)	(258,037)
Financing Activities
Proceeds from Long-term Debt	497,765	1,980	0
Payment of Debt Issuance Costs	(1,105)	0	0
Repayments of Long-term Debt and Finance Leases	(959,017)	(8,827)	(8,673)
Dividends Paid on Common Stock	(614,960)	(592,932)	(557,839)
Share Repurchase	0	(12,303)	0
Proceeds from Exercise of Stock Options	40,713	12,018	79,827
Proceeds from Noncontrolling Interest	6,508	0	0
Net Cash Provided by (Used in) Financing Activities	(1,030,096)	(600,064)	(486,684)
Effect of Exchange Rate Changes on Cash	5,614	(3,814)	(21,679)
Increase (Decrease) in Cash and Cash Equivalents	5,349	(245,575)	368,577
Cash and Cash Equivalents at Beginning of Year	736,532	982,107	613,530
Cash and Cash Equivalents at End of Year	741,881	736,532	982,107
Supplemental Non-cash Financing and Investing Activities:
Purchases of Property, Plant, and Equipment included in Accounts Payable	$ 21,996	$ 21,175	$ 19,104

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Oct. 27, 2024
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Principles of Consolidation: The Consolidated Financial Statements include the accounts of Hormel Foods Corporation (the Company) and all its majority-owned subsidiaries after elimination of intercompany accounts, transactions, and profits. Financial information from certain foreign subsidiaries is reported on a one-month lag. Use of Estimates: The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. Rounding: Certain amounts in the Consolidated Financial Statements and associated notes may not foot due to rounding. All percentages have been calculated using unrounded amounts. Fiscal Year: The Company’s fiscal year ends on the last Sunday in October. Fiscal years 2024, 2023, and 2022 consisted of 52 weeks. Fiscal year 2025 will consist of 52 weeks. Reportable Segments: As of October 30, 2022, the Company had four operating and reportable segments: Grocery Products, Refrigerated Foods, Jennie-O Turkey Store, and International and Other. At the beginning of fiscal 2023, the Company transitioned to a new strategic operating model, which aligns its businesses to be more agile, consumer and customer focused, and market driven. Effective on October 31, 2022, the Company operates with the following three operating and reportable segments: Retail, Foodservice, and International, which are consistent with how the Company’s chief operating decision maker assesses performance and allocates resources. This change had no impact on the consolidated results of operations, financial position, shareholders’ investment, or cash flows. Prior period segment results have been retrospectively recast to reflect the new reportable segments. Cash and Cash Equivalents: The Company considers all investments with an original maturity of three months or less on their acquisition date to be cash equivalents. The Company’s cash equivalents as of October 27, 2024 and October 29, 2023, consisted primarily of bank deposits, money market funds rated AAA, or other highly liquid investment accounts. The Net Asset Value (NAV) of the Company’s money market funds is based on the market value of the securities in the portfolio. Fair Value Measurements: Pursuant to the provisions of Accounting Standards Codification (ASC) 820, Fair Value Measurements and Disclosures , the Company measures certain assets and liabilities at fair value or discloses the fair value of certain assets and liabilities recorded at cost in the Consolidated Financial Statements. Fair value is calculated as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). ASC 820 establishes a fair value hierarchy which requires assets and liabilities measured at fair value to be categorized into one of three levels based on the inputs used in the valuation. The Company classifies assets and liabilities in their entirety based on the lowest level of input significant to the fair value measurement. The three levels are defined as follows: Level 1: Observable inputs based on quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2: Observable inputs, other than those included in Level 1, based on quoted prices for similar assets and liabilities in active markets, or quoted prices for identical assets and liabilities in inactive markets. Level 3: Unobservable inputs that reflect an entity’s own assumptions about what inputs a market participant would use in pricing the asset or liability based on the best information available in the circumstances. See additional discussion regarding the Company’s fair value measurements in Note F - Derivatives and Hedging, Note G - Pension and Other Post-Retirement Benefits, and Note I - Fair Value Measurements. Compensation: The Company maintains a rabbi trust to fund certain supplemental executive retirement plans and deferred compensation plans. The rabbi trust is reflected in Other Assets and deferred compensation liabilities in Other Long-term Liabilities on the Consolidated Statements of Financial Position. The securities held by the trust are classified as trading securities. Therefore, unrealized gains and losses associated with these investments are included in Interest and Investment Income on the Consolidated Statements of Operations. The Company also has corporate-owned life insurance policies on certain participants in the deferred compensation plans. The cash surrender value of these policies is included in Other Assets on the Consolidated Statements of Financial Position. Inventories: Inventories are stated at the lower of cost or net realizable value. Cost is determined principally under the average cost method. Adjustments to the Company’s lower of cost or net realizable value inventory reserve are reflected in Cost of Products Sold in the Consolidated Statements of Operations. Property, Plant, and Equipment: Property, Plant, and Equipment are stated at cost and the Company recognizes depreciation using the straight-line method over the estimated useful life of the assets. Costs associated with software developed or obtained for internal use, including third-party development fees incurred during the application development stage, are capitalized and amortized on a straight-line basis. Depreciation has been computed principally using asset lives of 20 to 40 years for buildings and 3 to 14 years for software and equipment. Leases: The Company determines if an arrangement contains a lease at inception. Right-of-use assets and lease liabilities are recognized based on the present value of future minimum lease payments over the lease term at the commencement date. Leases with an initial term of twelve months or less are not recorded on the Consolidated Statements of Financial Position. The Company combines lease and non-lease components together in determining the minimum lease payments for all leases. The length of the lease term used in recording right-of-use assets and lease liabilities is based on the contractually required lease term adjusted for any options to renew, early terminate, or purchase the lease that are reasonably certain of being exercised. Most leases include one or more options to renew or terminate. The exercise of lease renewal and termination options is at the Company’s discretion and generally is not reasonably certain at lease commencement. The Company’s lease agreements typically do not contain material residual value guarantees. The Company has one lease with an immaterial residual value guarantee that is included in the minimum lease payments. Certain lease agreements include rental payment increases over the lease term that can be fixed or variable. Fixed payment increases and variable payment increases based on an index or rate are included in the initial lease liability using the index or rate at commencement date. Variable payment increases not based on an index or rate are recognized as incurred. If the rate implicit in the lease is not readily determinable, the Company used its periodic incremental borrowing rate, based on the information available at commencement date, to determine the present value of future lease payments. Leases and right-of-use assets that existed prior to the adoption of Accounting Standards Update 2016-02, Leases (Topic 842) were valued using the incremental borrowing rate on October 28, 2019. Impairment of Long-Lived Assets and Definite-Lived Intangible Assets: Definite-lived intangible assets are amortized over their estimated useful lives. The Company reviews long-lived assets and definite-lived intangible assets for impairment annually, or more frequently when events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If impairment indicators are present and the estimated future undiscounted cash flows are less than the carrying value of the assets and any related goodwill, the carrying value is reduced to the estimated fair value. The Company recorded no material impairment charges for long-lived or definite-lived assets in fiscal years 2024, 2023, or 2022. Goodwill and Other Indefinite-Lived Intangibles: Indefinite-lived intangible assets are originally recorded at their estimated fair values at the date of acquisition. Goodwill is the residual after allocating the purchase price to net assets acquired. Acquired goodwill and other indefinite-lived intangible assets are allocated to reporting units that will receive the related benefits. Goodwill and indefinite-lived intangible assets are tested annually for impairment during the fourth quarter or more frequently if impairment indicators arise. See additional discussion regarding the Company’s goodwill and intangible assets in Note C - Goodwill and Intangible Assets. Goodwill In conducting the annual impairment test for goodwill, the Company has the option to first assess qualitative factors to determine whether it is more likely than not (> 50 percent likelihood) the fair value of any reporting unit is less than its carrying amount. If the Company elects to perform a qualitative assessment and determines an impairment is more likely than not, the Company is required to perform a quantitative impairment test. Otherwise, no further analysis is required. Alternatively, the Company may elect to proceed directly to the quantitative impairment test. In conducting a qualitative assessment, the Company analyzes actual and projected growth trends for net sales, gross margin, and segment profit for each reporting unit, as well as historical performance versus plan and the results of prior quantitative tests. Additionally, the Company assesses factors that may impact the business’s financial results such as macroeconomic conditions and the related impact, market-related exposures, plans to market for sale all or a portion of the business, competitive changes, new or discontinued product lines, and changes in key personnel. If performed, the quantitative goodwill impairment test is performed at the reporting unit level. First, the fair value of each reporting unit is compared to its corresponding carrying value, including goodwill. The fair value of each reporting unit is estimated using discounted cash flow valuations (Level 3), which incorporate assumptions regarding future growth rates, terminal values, and discount rates. The estimates and assumptions used consider historical performance and are consistent with the assumptions used in determining future profit plans for each reporting unit, which are approved by the Company’s Board of Directors. If the quantitative assessment results in the carrying value exceeding the fair value of any reporting unit, the results from the quantitative analysis will be relied upon to determine both the existence and amount of goodwill impairment. An impairment loss will be recognized for the amount by which the reporting unit’s carrying amount exceeds its fair value, not to exceed the carrying amount of goodwill in that reporting unit. As a result of organizational changes in the first quarter of fiscal 2023, the Company conducted an assessment of its operating segments and reporting units. Based on this analysis, goodwill was reallocated using the relative fair value approach. Prior to the goodwill reallocation, an impairment assessment was performed which indicated no impairment to the Company’s reporting units. Subsequent to the goodwill reallocation, the Company completed quantitative impairment testing on each new reporting unit. The fair value of each reporting unit exceeded its carrying amount; therefore, no impairment charges were recorded. During the fourth quarter of fiscal 2024, the Company completed its annual goodwill impairment tests by performing qualitative assessments. No impairment charges were recorded as a result of the annual assessments in fiscal years 2024, 2023, and 2022. Indefinite-Lived Intangibles In conducting the annual impairment test for its indefinite-lived intangible assets, the Company first performs a qualitative assessment to determine whether it is more likely than not (> 50 percent likelihood) an indefinite-lived intangible asset is impaired. If the Company concludes this is the case, a quantitative test for impairment must be performed. Otherwise, the Company does not need to perform a quantitative test. In conducting the qualitative assessment, the Company analyzes growth rates for historical and projected net sales and the results of prior quantitative tests. Additionally, each operating segment assesses items that may impact the value of their intangible assets or the applicable royalty rates to determine if impairment may be indicated. If performed, the quantitative impairment test compares the fair value and carrying amount of the indefinite-lived intangible asset. The fair value of indefinite-lived intangible assets is primarily determined on the basis of estimated discounted value using the relief from royalty method (Level 3), which incorporates assumptions regarding future sales projections, discount rates and royalty rates. If the carrying amount exceeds fair value, the indefinite-lived intangible asset is considered impaired, and an impairment charge is recorded for the difference. Even if not required, the Company may elect to perform the quantitative test in order to gain further assurance in the qualitative assessment. During the fourth quarter of fiscal 2024, 2023, and 2022, the Company completed its annual indefinite-lived asset impairment tests by performing qualitative assessments. In fiscal 2023, the qualitative assessment determined the Justin ’ s ® trade name was more likely than not impaired, and the Company performed a quantitative impairment test. As a result of the quantitative impairment test, a $28.4 million intangible asset impairment charge was recorded for the Justin ’ s ® trade name. No other impairment charges were recorded as a result of the assessments in fiscal years 2024, 2023, and 2022. Pension and Other Post-retirement Benefits: The Company has elected to use the corridor approach to recognize expenses related to its defined benefit pension and other post-retirement benefit plans. Under the corridor approach, actuarial gains or losses resulting from experience and changes in assumptions are deferred and amortized over future periods. For the defined benefit pension plans, the unrecognized gains and losses are amortized when the net gain or loss exceeds 10 percent of the greater of the projected benefit obligation or the fair value of plan assets at the beginning of the year. For the other post-retirement plans, the unrecognized gains and losses are amortized when the net gain or loss exceeds 10 percent of the accumulated pension benefit obligation at the beginning of the year. For plans with primarily active participants, net gains or losses in excess of the corridor are amortized over the average remaining service period of participating employees expected to receive benefits under those plans. For plans with primarily inactive participants, net gains or losses in excess of the corridor are amortized over the average remaining life of the participants receiving benefits under those plans. Contingent Liabilities: The Company may be subject to investigations, legal proceedings, or claims related to the ongoing operation of its business, including claims both by and against the Company. Such proceedings typically involve claims related to product liability, contract disputes, antitrust regulations, wage and hour laws, employment practices, or other actions brought by employees, consumers, competitors, government agencies, or suppliers. The Company establishes accruals for its potential exposure for claims when losses become probable and reasonably estimable. Where the Company is able to reasonably estimate a range of probable losses, but no amount within the range is more likely than another, the Company records the amount at the low end of the range. The Company also discloses the nature of claims against the Company when losses are reasonably possible and material; in this situation, the Company also discloses an estimate of the possible loss, range of loss, or that an estimate cannot be made. Foreign Currency Translation: Assets and liabilities denominated in foreign currency are translated at the current exchange rate as of the date of the Consolidated Statements of Financial Position. Amounts in the Consolidated Statements of Operations are translated at the average monthly exchange rate. Translation adjustments resulting from fluctuations in exchange rates are recorded as a component of Accumulated Other Comprehensive Loss within Shareholders’ Investment. When calculating foreign currency translation, the Company has deemed its foreign investments to be permanent in nature and has not provided for taxes on currency translation adjustments arising from converting the investment in a foreign currency to U.S. dollars. Derivatives and Hedging Activity: The Company uses derivative instruments to manage its exposure to commodity prices and interest rates. Hedge accounting is used for cash flow and fair value hedging programs that qualify in accordance with ASC 815, Derivatives and Hedging . 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. The derivative instruments are recorded at fair value on the Consolidated Statements of Financial Position. 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 cash flow impacts from the derivative instruments are primarily included in Operating Activities in the Consolidated Statements of Cash Flows. Additional information on hedging activities is presented in Note F - Derivatives and Hedging. Equity Method Investments: The Company has a number of investments for which its voting interests are in excess of 20 percent but not greater than 50 percent and for which there are no other indicators of control. The Company accounts for such investments under the equity method of accounting and its underlying share of each investee’s equity, along with any balances due to or from affiliates, is reported on the Consolidated Statements of Financial Position as part of Investments in Affiliates. The Company records its interest in the net earnings of its equity method investments, along with adjustments for unrealized profits on intra-entity transactions and amortization of basis differences, within Equity in Earnings of Affiliates in the Consolidated Statements of Operations. Financial results for certain entities are reported on a 30- to 90-day lag. The Company regularly monitors and evaluates the fair value of its equity method investments. If events and circumstances, such as ongoing or projected decreases in earnings or significant business disruptions, indicate that a decline in the fair value of these assets has occurred and is other than temporary, the Company records a charge in Equity in Earnings of Affiliates in the Consolidated Statements of Operations. The Company did not record an impairment charge on any of its equity method investments in fiscal 2024 or 2022. In fiscal 2023, the Company recorded a $7.0 million impairment related to a corporate venturing investment. See additional information pertaining to the Company’s equity method investments in Note D - Investments in Affiliates. The Company uses the cumulative earnings approach to determine the cash flow presentation of distributions from equity method investments. Distributions received are reflected in operating activities in the Consolidated Statements of Cash Flows unless the cumulative distributions exceed the portion of the cumulative equity in earnings of the equity method investment. Distributions in excess of the cumulative equity in earnings are deemed to be returns of the investment and classified as investing activities in the Consolidated Statements of Cash Flows. Revenue Recognition: The Company’s customer contracts predominantly contain a single performance obligation to fulfill customer orders for the purchase of specified products. Revenue from product sales is primarily identified by purchase orders (contracts), which in some cases are governed by a master sales agreement. The purchase orders in combination with the invoice typically specify quantity and product(s) ordered, shipping terms, and certain aspects of the transaction price including discounts. Contracts are at standalone pricing or governed by pricing lists or brackets. The Company’s revenue is recognized at the point in time when performance obligations have been satisfied and control of the product has transferred to the customer. This is typically once the ordered product is received or picked up by the customer. Revenue is recognized at the net consideration the Company expects to receive in exchange for the goods. The amount of net consideration recognized includes estimates of variable consideration, including costs for trade promotion programs, consumer incentives, and allowances and discounts associated with distressed or potentially unsaleable products. A majority of the Company’s revenue is short-term in nature with shipments within one year from order date. The Company’s payment terms generally range between seven The Company promotes products through advertising, consumer incentives, and trade promotions. These promotional programs include, but are not limited to, discounts, slotting fees, coupons, rebates, and in-store display incentives. Customer trade promotion and consumer incentive activities are recorded as a reduction to revenue and a corresponding accrued liability based on amounts estimated as variable consideration. The Company discloses revenue by reportable segment and class of similar product in Note P - Segment Reporting. Allowance for Doubtful Accounts: The Company estimates the Allowance for Doubtful Accounts based on a combination of factors, evaluations, and historical data while considering current and future economic conditions. Advertising Expenses: Advertising costs are included in Selling, General, and Administrative expenses in the Consolidated Statements of Operations and expensed when incurred. Advertising expenses include all media advertising but exclude the costs associated with samples, demonstrations, and market research. Advertising costs for fiscal years 2024, 2023, and 2022 were $163.3 million, $160.1 million, and $157.3 million, respectively. Shipping and Handling Costs: The Company’s shipping and handling expenses are included in Cost of Products Sold in the Consolidated Statements of Operations. Research and Development Expenses: Research and development costs are expensed as incurred and are primarily included in Selling, General, and Administrative expenses in the Consolidated Statements of Operations. Research and development expenses incurred for fiscal years 2024, 2023, and 2022 were $36.1 million, $33.7 million, and $34.7 million, respectively. Income Taxes: The Company records income taxes in accordance with the liability method of accounting. Deferred taxes are recognized for the estimated taxes ultimately payable or recoverable based on enacted tax law. Changes in enacted tax rates are reflected in the tax provision as they occur. In accordance with ASC 740, Income Taxes , the Company recognizes a tax position in its financial statements when it is more likely than not that the position will be sustained upon examination based on the technical merits of the position. That position is then measured at the largest amount of benefit that is greater than 50 percent likely of being realized upon ultimate settlement. Stock-Based Compensation: The Company records stock-based compensation expense in accordance with ASC 718, Compensation – Stock Compensation . The Company recognizes stock-based compensation expense ratably over the shorter of the vesting period or the grantee’s retirement eligibility date. These costs are primarily included in Selling, General, and Administrative expenses in the Consolidated Statements of Operations. The Company estimates forfeitures at the time of grant based on historical experience and revises in subsequent periods if actual forfeitures differ. Share Repurchases: The Company may purchase shares of its common stock through open market and privately negotiated transactions pursuant to share repurchase authorizations approved by the Company's Board of Directors and at prices deemed appropriate by management. The timing and amount of repurchase transactions under the repurchase authorization depend on market conditions as well as corporate and regulatory considerations. For additional share repurchases information, see Part II, Item 5 - Market for Registrants’ Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities. Supplemental Cash Flow Information: Non-cash investment activities presented in the Consolidated Statements of Cash Flows primarily consist of unrealized gains or losses on the Company’s rabbi trust. Changes in the value of these investments are presented in Interest and Investment Income in the Consolidated Statements of Operations. Reclassifications: Certain reclassifications of previously reported amounts have been made to conform to the current year presentation. The reclassifications had no impact on the Consolidated Statements of Operations, Consolidated Statements of Comprehensive Income, Consolidated Statements of Financial Position, Consolidated Statements of Shareholders' Investment, or Consolidated Statements of Cash Flows. Accounting Changes and Recent Accounting Pronouncements: New Accounting Pronouncements Recently Adopted Fiscal 2024 No new accounting standards were adopted during fiscal 2024. Fiscal 2023 No new accounting standards were adopted during fiscal 2023. Fiscal 2022 In December 2019, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2019-12, Income Taxes - Simplifying the Accounting for Income Taxes (Topic 740). The updated guidance simplifies the accounting for income taxes by removing certain exceptions in Topic 740 and clarifying and amending existing guidance. The amendments are effective for fiscal years beginning after December 15, 2020, with early adoption permitted. The Company adopted the provisions of this new accounting standard at the beginning of fiscal 2022 and adoption did not have a material impact on its Consolidated Financial Statements. New Accounting Pronouncements Not Yet Adopted In November 2023, the FASB issued ASU 2023-07 Segment Reporting (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 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 impact of adopting the updated provisions. In March 2024, the SEC adopted a final rule under SEC Release Nos. 33-11275 and 34-99678, The Enhancement and Standardization of Climate-Related Disclosures for Investors , to enhance and standardize climate-related disclosures. The rule will require companies to disclose material Scope 1 and Scope 2 greenhouse gas emissions; climate-related risks, governance, and oversight; and the financial effects of severe weather events and other natural conditions. These disclosures are required to be phased in starting with annual reporting periods beginning in 2025; however, this rule has been stayed pending the outcome of legal challenges. The Company is assessing the impact of adoption on our Consolidated Financial Statements and related disclosures in the event that the stay is lifted. In November 2024, the FASB issued ASU 2024-03 Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. The new guidance is intended to provide investors more detailed disclosures around specific types of expenses. The new disclosures require certain details for expenses presented on the face of the Consolidated Statements of Operations as well as selling expenses to be presented in the notes to the financial statements. The update is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted. The disclosure updates are required to be applied prospectively with the option for retrospective application. The Company is currently assessing the impact and timing of adopting the updated provisions. Recently issued accounting standards or pronouncements not disclosed have been excluded as they are currently not relevant to the Company.

Acquisitions and Divestitures

Acquisitions and Divestitures	12 Months Ended
	Oct. 27, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
Acquisitions and Divestitures	Acquisitions and Divestitures Divestitures: On October 18, 2024, the Company completed the sale of its equity interests in Hormel Health Labs, LLC (Hormel Health Labs) and related assets to Lyons Health Labs Holdco, LLC. The preliminary purchase price was $25.0 million, pending final working capital adjustments. The divestiture resulted in a pre-tax gain of $3.9 million, which was recognized in Selling, General and Administrative on the Consolidated Statements of Operations. Results of operations for Hormel Health Labs were reflected within the Foodservice segment through the date of divestiture.

Goodwill and Intangible Assets

Goodwill and Intangible Assets	12 Months Ended
	Oct. 27, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets	Goodwill and Intangible Assets Goodwill: The change in the carrying amount of goodwill for the fiscal years ended October 27, 2024 and October 29, 2023, is: In thousands Grocery Refrigerated Jennie-O Retail Foodservice International Total Balance at October 30, 2022 $ 2,398,354 $ 2,094,421 $ 176,628 $ — $ — $ 256,427 $ 4,925,829 Goodwill Reallocation (2,398,354) (2,094,421) (176,628) 2,916,796 1,750,594 2,013 — Foreign Currency Translation — — — — — 2,635 2,635 Balance at October 29, 2023 $ — $ — $ — $ 2,916,796 $ 1,750,594 $ 261,074 $ 4,928,464 Goodwill Sold — — — — (2,239) — (2,239) Foreign Currency Translation — — — — — (2,738) (2,738) Balance at October 27, 2024 $ — $ — $ — $ 2,916,796 $ 1,748,355 $ 258,336 $ 4,923,487 Goodwill was reallocated as of October 31, 2022, due to organizational changes as described in Note A - Summary of Significant Accounting Policies. The goodwill sold during fiscal 2024 was due to the divestiture of Hormel Health Labs. Intangible Assets: The carrying amounts for indefinite-lived intangible assets are: In thousands October 27, 2024 October 29, 2023 Brands/Trade Names/Trademarks $ 1,629,582 $ 1,636,807 Other Intangibles 184 184 Foreign Currency Translation (6,655) (5,893) Total Indefinite-lived Intangible Assets $ 1,623,112 $ 1,631,098 The decrease in fiscal 2024 was primarily due to the trademarks associated with the divestiture of Hormel Health Labs. The gross carrying amount and accumulated amortization for definite-lived intangible assets are: October 27, 2024 October 29, 2023 In thousands Gross Carrying Amount Accumulated Amortization Gross Accumulated Customer Relationships $ 168,239 $ (93,536) $ 168,239 $ (82,658) Other Intangibles 59,241 (20,107) 59,241 (15,857) Trade Names/Trademarks 6,210 (5,996) 6,540 (5,089) Foreign Currency Translation — (4,458) — (4,344) Total Definite-lived Intangible Assets $ 233,690 $ (124,097) $ 234,020 $ (107,947) Amortization expense on intangible assets for the last three fiscal years is as follows: In thousands Amortization Expense 2024 $ 16,366 2023 18,386 2022 19,274 Estimated annual amortization expense on intangible assets for the five fiscal years after October 27, 2024, is as follows: In thousands Amortization Expense 2025 $ 14,624 2026 14,169 2027 13,927 2028 12,972 2029 11,504 During the fourth quarter of fiscal years 2024, 2023, and 2022, the Company completed required annual impairment tests of indefinite-lived intangible assets and goodwill. In fiscal 2023, an impairment was indicated for the Justin’s ® trade name, resulting in an impairment charge of $28.4 million. The expense was reflected in the Retail segment and included in Goodwill and Intangible Impairment in the Consolidated Statements of Operations. No other impairment was indicated. Useful lives of intangible assets were also reviewed during this process with no material changes identified.

Investments in Affiliates

Investments in Affiliates	12 Months Ended
	Oct. 27, 2024
Equity Method Investments and Joint Ventures [Abstract]
Investments in Affiliates	Investments in Affiliates Equity in Earnings of Affiliates consists of: In thousands % Owned Fiscal Year Ended October 27, 2024 October 29, 2023 October 30, 2022 MegaMex Foods, LLC (1) 50% $ 24,784 $ 40,501 $ 19,861 Other Equity Method Investments (2) Various (25 - 45%) 26,304 2,253 7,324 Total Equity in Earnings of Affiliates $ 51,088 $ 42,754 $ 27,185 (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: In thousands Fiscal Year Ended October 27, 2024 October 29, 2023 October 30, 2022 Dividends $ 46,055 $ 38,160 $ 43,039 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 approximately 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 an aggregate purchase price of $425.8 million, including associated transaction costs. The transactions were funded using the Company’s cash on hand. Based on a third-party valuation, the Company’s basis difference between the fair value of the investment and proportionate share of the carrying value of Garudafood’s net assets is $324.8 million. The basis difference related to inventory, property, plant and equipment, and certain intangible assets is being amortized through Equity in Earnings of Affiliates over the associated useful lives. As of October 27, 2024, the remaining basis difference was $328.1 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 $295.6 million as of October 25, 2024. In fiscal 2023, the Company recorded a $7.0 million impairment charge related to a corporate venturing investment to recognize a decline in fair value not believed to be temporary. The impact is reflected in Equity in Earnings of Affiliates on the Consolidated Statements of Operations. The Company determined that no other-than-temporary impairment existed for any other equity method investments as of October 27, 2024. The Company recognized a basis difference of $21.3 million associated with the formation of MegaMex Foods, LLC, of which $8.5 million was remaining as of October 27, 2024. This difference is being amortized through Equity in Earnings of Affiliates.

Inventories

Inventories	12 Months Ended
	Oct. 27, 2024
Inventory Disclosure [Abstract]
Inventories	Inventories Principal components of inventories are: In thousands October 27, 2024 October 29, 2023 Finished Products $ 881,295 $ 954,432 Raw Materials and Work-in-Process 427,834 448,535 Operating Supplies 147,333 168,289 Maintenance Materials and Parts 119,837 109,151 Total Inventories $ 1,576,300 $ 1,680,406

Derivatives and Hedging

Derivatives and Hedging	12 Months Ended
	Oct. 27, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives and Hedging	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. 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, the related gains or losses 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 two one 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 anticipated debt transactions. 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 $950 million aggregate principal amount of its 0.650% 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 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 for which it has not applied hedge accounting. Activity related to derivatives not designated for hedge accounting was immaterial to the consolidated financial statements during fiscal years 2024, 2023, and 2022. Volume: The Company’s outstanding contracts related to its commodity hedging programs include: In millions October 27, 2024 October 29, 2023 Corn 29.2 bushels 30.7 bushels Lean Hogs 175.6 pounds 144.2 pounds Natural Gas 4.2 MMBtu 3.0 MMBtu Diesel Fuel 4.0 gallons — gallons Fair Value of Derivatives: The gross fair values of the Company’s derivative instruments designated as hedges are: October 27, 2024 October 29, 2023 In thousands Assets Liabilities Assets Liabilities Gross Fair Value of Commodity Contracts $ 9,851 $ (12,638) $ 13,747 $ (26,980) Counterparty and Collateral Netting Offset (1) (1,785) 12,638 5,226 26,980 Amounts Recognized on Consolidated Statements of Financial Position (2) $ 8,066 $ — $ 18,972 $ — (1) Per the terms of the Company's master netting arrangements, the gross fair value of the Company's commodity contracts were offset by the right to reclaim net cash collateral of $10.9 million and $32.2 million as of October 27, 2024 and October 29, 2023, respectively. (2) The Company's commodity contracts are located in Prepaid Expenses and Other Current Assets 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 October 27, 2024 October 29, 2023 Commodity Contracts Accounts Payable (1) $ (2,902) $ (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. As of October 29, 2023, the carrying amount of the 2024 Notes included a cumulative fair value hedging adjustment of $7.5 million from discontinued hedges. The 2024 Notes were paid on June 3, 2024. Accumulated Other Comprehensive Loss Impact: As of October 27, 2024, the Company included in AOCL pre-tax hedging losses of $8.8 million on commodity contracts and gains of $11.5 million related to interest rate settled positions. The Company expects to recognize the majority of the losses on commodity contracts over the next twelve months. Gains on interest rate contracts offset the hedged interest payments over the tenor of the associated debt instruments. The pre-tax gains or (losses) recognized in AOCL related to the Company’s derivative instruments are: In thousands Fiscal Year Ended October 27, 2024 October 29, 2023 Commodity Contracts $ (12,898) $ (50,353) Excluded Component (1) 2,136 1,127 (1) 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. The pre-tax gains (losses) reclassified from AOCL into earnings related to the Company’s derivative instruments are: In thousands Location on Fiscal Year Ended October 27, 2024 October 29, 2023 Commodity Contracts Cost of Products Sold $ (26,445) $ 1,225 Interest Rate Contracts Interest Expense 988 988 See Note H - Accumulated Other Comprehensive Loss for the after-tax impact of these gains or losses on Net Earnings. Consolidated Statements of Operations Impact: The effect on the Consolidated Statements of Operations for pre-tax gains (losses) related to the Company’s derivative instruments are: Fiscal Year Ended In thousands October 27, 2024 October 29, 2023 October 30, 2022 Net Earnings Attributable to Hormel Foods Corporation $ 805,038 $ 793,572 $ 999,987 Cash Flow Hedges - Commodity Contracts Gain (Loss) Reclassified from AOCL (26,445) 1,225 55,350 Amortization of Excluded Component from Options (2,774) (5,835) (4,369) Gain (Loss) Reclassified from AOCL Due to Discontinuance of Cash Flow Hedges (1) — — 2,242 Fair Value Hedges - Commodity Contracts Gain (Loss) on Commodity Futures (2) 6,263 656 (18,122) Total Gain (Loss) on Commodity Contracts (3) $ (22,957) $ (3,955) $ 35,101 Cash Flow Hedges - Interest Rate Contracts Gain (Loss) Reclassified from AOCL 988 988 988 Fair Value Hedge - Interest Rate Contracts Gain (Loss) on Interest Rate Swap — — 928 Amortization of Loss Due to Discontinuance of Fair Value Hedge (4) (7,451) (12,499) (1,923) Total Gain (Loss) on Interest Rate Contracts (5) $ (6,463) $ (11,511) $ (7) Total Gain (Loss) Recognized in Earnings $ (29,420) $ (15,466) $ 35,094 (1) In fiscal year 2022, the Company discontinued hedge accounting related to corn usage that was deemed no longer probable to occur resulting in the immediate recognition of gains of $2.2 million (1.0 million bushels). (2) Represents gains or losses on commodity contracts designated as fair value hedges that were closed during the year, which were offset by a corresponding gain or loss on the underlying hedged purchase commitment. Additional gains or losses related to changes in the fair value of open commodity contracts, along with the offsetting gain or loss on the hedged purchase commitment, are also marked-to-market through earnings with no impact on a net basis. (3) Total Gain (Loss) on Commodity Contracts is recognized in earnings through Cost of Products Sold. (4) Represents the fair value hedging adjustment amortized through earnings. (5) Total Gain (Loss) on Interest Rate Contracts is recognized in earnings through Interest Expense.

Pension and Other Post-retireme

Pension and Other Post-retirement Benefits	12 Months Ended
	Oct. 27, 2024
Retirement Benefits [Abstract]
Pension and Other Post-retirement Benefits	Pension and Other Post-retirement Benefits The Company has several defined benefit plans and defined contribution plans covering most employees. Benefits for defined benefit pension plans covering certain bargaining unit employees are provided based on stated amounts for each year of service. Plan benefits covering certain non-bargaining unit hourly and salaried employees are based on final average compensation, age, and years of service for benefits accrued prior to January 1, 2017. In the fourth quarter of fiscal 2022, an amendment was enacted for the non-bargaining unit employee plan which changed the design from a stable value benefit to a cash balance benefit effective January 1, 2023. This amendment also called for benefits to be calculated retroactively to January 1, 2017. The cash balance design establishes hypothetical accounts for employees that are credited with an amount equal to a specified percent of their pay plus interest. Total costs associated with the Company’s defined contribution benefit plans in fiscal years 2024, 2023, and 2022 were $42.5 million, $41.0 million, and $47.9 million, respectively. Certain groups of employees are eligible for post-retirement health or welfare benefits. Benefits for retired employees vary for each group depending on respective retirement dates and applicable plan coverage in effect. Contribution requirements for retired employees are governed by the Company's Retiree Health Care Payment Program and may change each year as the cost to provide coverage is determined. Net periodic cost of defined benefit plans included the following for fiscal years ending: Pension Benefits Post-retirement Benefits In thousands October 27, 2024 October 29, 2023 October 30, 2022 October 27, 2024 October 29, 2023 October 30, 2022 Service Cost $ 36,118 $ 35,607 $ 40,076 $ 163 $ 248 $ 469 Interest Cost 73,344 68,630 50,558 11,571 12,064 7,684 Expected Return on Plan Assets (77,510) (78,285) (108,248) — — — Amortization of Prior Service Cost (Credit) (886) (1,843) (1,496) 8 8 8 Recognized Actuarial Loss (Gain) 13,268 13,303 12,530 (1,265) (29) 2,439 Net Periodic Cost $ 44,334 $ 37,413 $ (6,581) $ 10,476 $ 12,290 $ 10,600 Non-service cost components of net pension and post-retirement benefit cost are presented within Interest and Investment Income in the Consolidated Statements of Operations. Actuarial gains and losses and any adjustments resulting from plan amendments are deferred and amortized over periods ranging from 8 to 12 years for pension benefits and 13 years for post-retirement benefits. The following amounts have not been recognized in net periodic pension cost and are included in Accumulated Other Comprehensive Loss: Pension Benefits Post-retirement Benefits In thousands October 27, 2024 October 29, 2023 October 27, 2024 October 29, 2023 Unrecognized Prior Service (Cost) Credit $ (8,435) $ (7,549) $ 525 $ (138) Unrecognized Actuarial (Loss) Gain (260,538) (270,468) 21,318 35,483 The following is a reconciliation of the beginning and ending balances of the benefit obligation, fair value of plan assets, and funded status of the plans as of the measurement dates: Pension Benefits Post-retirement Benefits In thousands October 27, 2024 October 29, 2023 October 27, 2024 October 29, 2023 Change in Benefit Obligation: Benefit Obligation at Beginning of Year $ 1,174,380 $ 1,200,013 $ 186,199 $ 211,986 Service Cost 36,118 35,607 163 248 Interest Cost 73,344 68,630 11,571 12,064 Actuarial (Gain) Loss (1) 143,280 (51,106) 12,826 (17,421) Plan Amendments — 3,307 (654) — Participant Contributions — — 2,001 2,137 Medicare Part D Subsidy — — 110 449 Benefits Paid (87,396) (82,071) (20,637) (23,263) Benefit Obligation at End of Year $ 1,339,726 $ 1,174,380 $ 191,578 $ 186,199 (1) Actuarial losses in fiscal 2024 were primarily due to the change in the discount rate assumptions utilized in measuring plan obligations. Pension Benefits Post-retirement Benefits In thousands October 27, 2024 October 29, 2023 October 27, 2024 October 29, 2023 Change in Plan Assets: Fair Value of Plan Assets at Beginning of Year $ 1,185,672 $ 1,240,200 $ — $ — Actual Return on Plan Assets 217,453 15,810 — — Participant Contributions — — 2,001 2,137 Employer Contributions 12,031 11,733 18,636 21,126 Benefits Paid (87,396) (82,071) (20,637) (23,263) Fair Value of Plan Assets at End of Year $ 1,327,760 $ 1,185,672 $ — $ — Funded Status at End of Year $ (11,966) $ 11,292 $ (191,578) $ (186,199) Amounts recognized on the Consolidated Statements of Financial Position are as follows: Pension Benefits Post-retirement Benefits In thousands October 27, 2024 October 29, 2023 October 27, 2024 October 29, 2023 Pension Assets $ 205,964 $ 204,697 $ — $ — Employee-related Expenses (12,501) (12,023) (17,115) (18,313) Pension and Post-retirement Benefits (205,429) (181,382) (174,463) (167,886) Net Amount Recognized $ (11,966) $ 11,292 $ (191,578) $ (186,199) The accumulated benefit obligation for all pension plans was $1.3 billion as of October 27, 2024 and $1.2 billion as of October 29, 2023. The following table provides information for pension plans with projected and accumulated benefit obligations in excess of plan assets: In thousands October 27, 2024 October 29, 2023 Projected Benefit Obligation $ 217,929 $ 193,404 Accumulated Benefit Obligation 215,448 191,888 Fair Value of Plan Assets — — Weighted-average assumptions used to determine benefit obligations are as follows: October 27, 2024 October 29, 2023 Discount Rate 5.44 % 6.49 % Rate of Future Compensation Increase (For Plans that Base Benefits on Final Compensation Level) 4.09 % 4.06 % Interest Crediting Rate (For Cash Balance Plan) 4.50 % 4.98 % Weighted-average assumptions used to determine net periodic benefit costs are as follows: October 27, 2024 October 29, 2023 October 30, 2022 Discount Rate 6.49 % 5.92 % 3.00 % Rate of Future Compensation Increase (For Plans that Base Benefits on Final Compensation Level) 4.06 % 3.95 % 4.14 % Expected Long-term Return on Plan Assets 6.75 % 6.50 % 6.50 % Interest Crediting Rate (For Cash Balance Plan) (1) 4.98 % 4.42 % — % (1) Cash balance plan enacted in the fourth quarter of fiscal 2022. The expected long-term rate of return on plan assets is based on fair value and developed in consultation with outside advisors. A range is determined based on the composition of the asset portfolio, historical long-term rates of return, and estimates of future performance. The interest crediting rate is determined annually based on the U.S. 30-year Treasury rate with a floor of 2.65 percent. For measurement purposes, an 8 percent annual rate of increase in the per capita cost of covered health care benefits for pre-Medicare and post-Medicare retirees’ coverage is assumed for 2025. The pre-Medicare and post-Medicare rate is assumed to decrease to 5 percent for 2030 and remain steady thereafter. The Company’s funding policy is to make annual contributions of not less than the minimum required by applicable regulations. The Company expects to make contributions of $30.4 million during fiscal 2025, which represent benefit payments for unfunded plans. Benefits expected to be paid over the next ten fiscal years are as follows: In thousands Pension Benefits Post-retirement Benefits 2025 $ 89,209 $ 17,572 2026 92,954 17,186 2027 96,868 16,638 2028 99,026 16,089 2029 102,538 15,487 2030-2034 539,612 69,105 Plan assets for certain defined benefit pension plans are held in the Hormel Foods Corporation Master Trust (Master Trust). The investment strategy for the Master Trust attempts to minimize the long-term cost of pension benefits, reduce the volatility of pension expense, and achieve a healthy funded status for the plans. The Company establishes target allocations in consultation with outside advisors through the use of asset-liability modeling in an effort to match the duration of the plan assets with the duration of the Company’s projected benefit liability. The actual and target weighted-average asset allocations for the Company’s pension plan assets as of the plan measurement date are as follows: October 27, 2024 October 29, 2023 Asset Category Actual % Target Actual % Target Fixed Income 49.5 40 – 60 47.6 40 – 60 Global Stocks 33.1 20 – 55 31.2 20 – 55 Real Estate 5.6 0 – 10 8.0 0 – 10 Private Equity 6.1 0 – 15 6.7 0 – 15 Gold 2.4 0 – 5 2.4 0 – 5 Hedge Funds 1.8 0 – 10 2.1 0 – 10 Cash and Cash Equivalents 1.5 0 – 5 2.0 0 – 5 The following tables show the categories of defined benefit pension plan assets and the level under which fair values were determined pursuant to the provisions of ASC 820. Assets measured at fair value using the net asset value (NAV) per share practical expedient are not required to be classified in the fair value hierarchy. These amounts are provided to permit reconciliation to the total fair value of plan assets. Fair Value Measurements as of October 27, 2024 In thousands Total Quoted Prices Significant Other Significant Plan Assets in Fair Value Hierarchy Cash Equivalents $ 19,397 $ — $ 19,397 $ — Private Equity Domestic 35,958 — — 35,958 International 45,080 — — 45,080 Real Estate Funds Domestic 6,249 — — 6,249 Fixed Income U.S. Government Issues 175,715 152,721 22,994 — Municipal Issues 9,938 — 9,938 — Corporate Issues – Domestic 261,344 — 261,344 — Corporate Issues – Foreign 41,088 — 41,088 — Global Stocks – Mutual Funds Domestic 8,451 8,451 — — Plan Assets in Fair Value Hierarchy $ 603,219 $ 161,172 $ 354,760 $ 87,287 Plan Assets at Net Asset Value Real Estate – Domestic $ 67,765 Global Stocks – Collective Investment Funds 431,494 Global Stocks – Gold 32,022 Hedge Funds 24,192 Fixed Income – Hedge Funds 35,017 Fixed Income – Collective Investment Funds 134,051 Plan Assets at Net Asset Value $ 724,541 Total Plan Assets at Fair Value $ 1,327,760 Fair Value Measurements as of October 29, 2023 In thousands Total Quoted Prices Significant Other Significant Plan Assets in Fair Value Hierarchy Cash Equivalents $ 23,643 $ 461 $ 23,182 $ — Private Equity Domestic 31,383 — — 31,383 International 48,065 — — 48,065 Fixed Income U.S. Government Issues 171,949 123,683 48,266 — Municipal Issues 9,884 — 9,884 — Corporate Issues – Domestic 226,202 — 226,202 — Corporate Issues – Foreign 36,133 — 36,133 — Plan Assets in Fair Value Hierarchy $ 547,258 $ 124,144 $ 343,667 $ 79,448 Plan Assets at Net Asset Value Real Estate – Domestic $ 95,315 Global Stocks – Collective Investment Funds 369,513 Global Stocks – Gold 28,163 Hedge Funds 24,965 Fixed Income – Hedge Funds 64,613 Fixed Income – Collective Investment Funds 55,845 Plan Assets at Net Asset Value $ 638,414 Total Plan Assets at Fair Value $ 1,185,672 The following is a description of the valuation methodologies used for instruments measured at fair value, including the general classification of such instruments: Cash Equivalents: These Level 1 and Level 2 investments consist primarily of cash and highly liquid money market mutual funds traded in active markets in addition to highly liquid futures and T-bills with an observable daily settlement price. Private Equity : These Level 3 investments consist of various collective investment funds, which are managed by a third party, invested in a well-diversified portfolio of equity investments from top performing, high quality firms focused on U.S. and foreign small to mid-markets, venture capitalists, and entrepreneurs with a concentration in areas of innovation. Investment strategies include buyouts, growth capital, buildups, and distressed, as well as early stages of company development mainly in the U.S. The fair value of these funds is based on the fair value of the underlying investments. Real Estate Funds : These Level 3 investments include ownership in closed-ended real estate funds targeting value added real estate opportunities. These funds manage diversified portfolios of commercial properties with broad sector exposure. Investment strategies aim to acquire, hold, or dispose of investments with the goal of achieving current and/or capital appreciation. These funds have a predetermined life and are illiquid investments. Fixed Income: The Level 1 investments include U.S. Treasury bonds and notes, which are valued at the closing price reported on the active market in which the individual securities are traded. The Level 2 investments consist principally of U.S. government securities, which are valued daily using institutional bond quote sources and mortgage-backed securities pricing sources, and municipal, domestic, and foreign securities, which are valued daily using institutional bond quote sources. Global Stocks – Mutual Funds : These investments include holdings of mutual funds that are SEC-registered open-end investment companies that pool money from many investors and invests the money in stocks, bonds, short-term money-market instruments, other securities or assets, or some combination of these investments. Shares of these companies are liquid and traded daily on public market exchanges. Real Estate – Domestic: These investments include ownership in open-ended real estate funds, which manage diversified portfolios of commercial properties within the office, residential, retail, and industrial property sectors. Investment strategies aim to acquire, own, hold, or dispose of investments with the goal of achieving current income and/or capital appreciation. The real estate investments are valued at the NAV of shares held by the Master Trust. Requests to redeem shares are granted on a quarterly basis with either 45 or 90 days advance notice, subject to availability of cash. Global Stocks – Collective Investment Funds: These investments include commingled funds consisting of a mix of U.S. common stocks and foreign common stocks. The collective investment funds are valued at the NAV of shares held by the Master Trust. The investment strategy is to obtain long-term capital appreciation by focusing on companies generating above average earnings growth and are leading growth businesses in the marketplace. All funds are daily liquid with the exception of one that is available on the first business day of the month for subscriptions and withdrawals. Global Stocks – Gold: This investment is a limited partnership consisting of physical gold, global mining industry common stocks, and to a limited extent, other precious metals. The limited partnership is valued at the NAV of shares held by the Master Trust. This fund allows for weekly subscriptions and monthly redemptions. Hedge Funds: These investments are designed to provide diversification to an overall institutional portfolio and, in particular, provide protection against equity market downturns. They are comprised of Commodity Trading Advisor Managed Futures, Global Macro (Discretionary and/or Quant) and Long Volatility/Tail Risk Hedging strategies. The hedge funds are valued at the NAV of shares held by the Master Trust. Requests to redeem shares are granted daily, monthly, or quarterly. Fixed Income – Hedge Funds: These investments target absolute, risk-adjusted returns by taking advantage of price dislocations and inconsistencies within credit markets. Funds are comprised primarily of U.S. and European corporate credit and structured credit. The investments are valued at the NAV of shares held by the Master Trust. Requests to redeem shares are granted on a quarterly basis on the three-year fund anniversary with a ninety-day notice period. Fixed Income – Collective Investment Funds: These investments include commingled funds consisting of a mix of U.S. government and investment grade corporate bonds. The collective investment funds are valued at NAV of the shares held by the Master Trust. The investment strategy is to achieve an investment return that approximates as closely to the Bloomberg Barclays U.S. Aggregate Bond Index over the long-term by investing in the securities that comprise the benchmark. There are no restrictions on redemptions. A reconciliation of the beginning and ending balance of the investments measured at fair value using significant unobservable inputs (Level 3) is as follows: In thousands October 27, 2024 October 29, 2023 Fair Value at Beginning of Year $ 79,448 $ 88,154 Purchases, Issuances, and Settlements (Net) 1,029 (8,926) Unrealized Gains (Losses) (2,144) (8,525) Realized Gains (Losses) 569 6,455 Interest and Dividend Income 8,385 2,290 Fair Value at End of Year $ 87,287 $ 79,448 During fiscal 2024, the value of the Level 3 investments ranged from $78.5 million to $87.3 million, with an average value of $82.9 million. The Company has commitments totaling $180.9 million for the investments within the pension plans. The unfunded commitment balance for each investment category is as follows: In thousands October 27, 2024 October 29, 2023 Domestic Equity $ 34,111 $ 16,835 International Equity 10,058 11,396 Unfunded Commitment Balance $ 44,169 $ 28,231 Funding for future capital calls will come from existing pension plan assets and not from additional cash contributions by the Company.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss	12 Months Ended
	Oct. 27, 2024
Equity [Abstract]
Accumulated Other Comprehensive Loss	Accumulated Other Comprehensive Loss Components of Accumulated Other Comprehensive Loss are as follows: In thousands Foreign Pension & Other Benefits Derivatives & Hedging Equity Method Investments Accumulated Balance at October 31, 2021 $ (51,181) $ (261,211) $ 35,123 $ — $ (277,269) Unrecognized Gains (Losses) Gross (38,612) 73,361 51,623 — 86,372 Tax Effect — (17,942) (12,384) — (30,326) Reclassification into Net Earnings Gross — 13,481 (1) (58,580) (2) — (45,099) Tax Effect — (3,312) 14,073 — 10,761 Change Net of Tax (38,612) 65,587 (5,267) — 21,708 Balance at October 30, 2022 $ (89,793) $ (195,624) $ 29,856 $ — $ (255,561) Unrecognized Gains (Losses) Gross 3,771 3,878 (49,226) 15,082 (26,495) Tax Effect — (880) 11,998 — 11,118 Reclassification into Net Earnings Gross — 11,439 (1) (2,213) (2) (8,235) (3) 991 Tax Effect — (2,806) 501 — (2,305) Change Net of Tax 3,771 11,632 (38,940) 6,847 (16,691) Balance at October 29, 2023 $ (86,022) $ (183,993) $ (9,084) $ 6,847 $ (272,252) Unrecognized Gains (Losses) Gross 15,229 (15,583) (10,762) (9,219) (20,336) Tax Effect — 3,869 2,571 — 6,440 Reclassification into Net Earnings Gross — 11,125 (1) 25,456 (2) (4,831) (3) 31,750 Tax Effect — (2,744) (6,190) — (8,933) Change Net of Tax 15,229 (3,333) 11,075 (14,050) 8,921 Balance at October 27, 2024 $ (70,794) $ (187,325) $ 1,991 $ (7,204) $ (263,331) (1) Included in computation of net periodic cost. See Note G - Pension and Other Post-Retirement Benefits for additional information. (2) Included in Cost of Products Sold and Interest Expense in the Consolidated Statements of Operations. See Note F - Derivatives and Hedging for additional information. (3) Included in Equity in Earnings of Affiliates in the Consolidated Statements of Operations.

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Oct. 27, 2024
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements The Company’s financial assets and liabilities carried at fair value on a recurring basis and their level within the fair value hierarchy are presented in the tables below. See additional discussion of fair value measurements in Note A - Summary of Significant Accounting Policies. Fair Value Measurements at October 27, 2024 Total Fair Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) In thousands Assets at Fair Value Cash and Cash Equivalents $ 741,881 $ 741,188 $ 693 $ — Short-term Marketable Securities 24,742 5,134 19,608 — Other Trading Securities 209,729 — 209,729 — Commodity Derivatives 9,890 9,575 314 — Total Assets at Fair Value $ 986,243 $ 755,898 $ 230,345 $ — Liabilities at Fair Value Deferred Compensation $ 62,101 $ — $ 62,101 $ — Commodity Derivatives 12,638 11,127 1,510 — Total Liabilities at Fair Value $ 74,738 $ 11,127 $ 63,611 $ — Fair Value Measurements at October 29, 2023 Total Fair Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) In thousands Assets at Fair Value Cash and Cash Equivalents $ 736,532 $ 735,387 $ 1,145 $ — Short-term Marketable Securities 16,664 2,499 14,164 — Other Trading Securities 188,162 — 188,162 — Commodity Derivatives 13,768 13,702 66 — Total Assets at Fair Value $ 955,126 $ 751,589 $ 203,538 $ — Liabilities at Fair Value Deferred Compensation $ 55,222 $ — $ 55,222 $ — Commodity Derivatives 27,071 26,732 339 — Total Liabilities at Fair Value $ 82,293 $ 26,732 $ 55,561 $ — The following methods and assumptions were used to estimate the fair value of the financial assets and liabilities above: Cash and Cash Equivalents: 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. Short-term Marketable Securities: 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. Deferred Compensation and Other Trading Securities: The Company maintains a rabbi trust to fund certain supplemental executive retirement plans and 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 majority of the funds held in the rabbi trust relate to supplemental executive retirement plans and are invested in fixed income investments. The declared rate on these investments 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. Investments held by the rabbi trust generated gains (losses) of $21.6 million, $3.2 million, and $(16.8) million for fiscal years 2024, 2023, and 2022, respectively. 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 investment selections within the deferred compensation plans. Commodity Derivatives: 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, lean 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 U.S. Department of Agriculture 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 Prepaid Expenses and Other Current Assets or Accounts Payable, as appropriate, on the Consolidated Statements of Financial Position. As of October 27, 2024, the Company has recognized the right to reclaim net cash collateral of $10.9 million from various counterparties (including cash of $26.5 million less $15.6 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 $2.5 billion as of October 27, 2024 and $2.7 billion as of October 29, 2023. See Note L - Long-term Debt and Other Borrowing Arrangements for additional information. The Company measures certain nonfinancial assets and liabilities at fair value, which are recognized or disclosed on a nonrecurring basis (e.g., goodwill, intangible assets, and property, plant, and equipment). During fiscal year 2023, the Company recorded a $28.4 million impairment charge on the Justin's ® trade name and a $7.0 million impairment charge on a corporate venturing investment. See additional discussion in Note C - Goodwill and Intangible Assets and Note D - Investments in Affiliates. During fiscal years 2024, 2023, and 2022, there were no other material remeasurements of assets or liabilities at fair value on a nonrecurring basis subsequent to their initial recognition.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Oct. 27, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Purchase Commitments: To ensure a steady supply of hogs and turkeys and keep the cost of products stable, the Company has entered into contracts with producers for the purchase of hogs and turkeys at formula-based prices over periods up to 9 years and 8 years, respectively. The Company has also entered into grow-out contracts with independent farmers to raise turkeys for the Company for periods up to 25 years. Under these arrangements, the Company owns the livestock, feed, and other supplies while the independent farmers provide facilities and labor. In addition, the Company has contracted for the purchase of corn, soybean meal, feed ingredients, and other raw materials from independent suppliers for periods up to 2 years. As of October 27, 2024, the Company is committed to make purchases under these contracts, assuming current price levels, for future fiscal years: In thousands 2025 $ 1,234,988 2026 625,872 2027 313,814 2028 179,145 2029 66,480 Later Years 176,713 Total $ 2,597,012 Purchases under these contracts for fiscal years 2024, 2023, and 2022 were $1.3 billion, $1.4 billion, and $1.2 billion, respectively. Other Commitments and Guarantees: The Company has commitments of approximately $31.0 million related to infrastructure improvements supporting various manufacturing facilities and $38.3 million for a media advertising agreement as of October 27, 2024. As of October 27, 2024, the Company has $49.3 million of standby letters of credit issued on its behalf. The standby letters of credit are primarily related to the Company’s self-insured workers' compensation programs. This amount includes revocable standby letters of credit totaling $2.7 million for obligations of an affiliated party that may arise under workers' compensation claims. Letters of credit are not reflected on the Consolidated Statements of Financial Position. Legal Proceedings: The Company is a party to various legal proceedings related to the ongoing operation of its business, including claims both by and against the Company. At any time, such proceedings typically involve claims related to product liability, labeling, contracts, antitrust regulations, intellectual property, competition laws, employment practices, or other actions brought by employees, customers, consumers, competitors, or suppliers. The Company establishes accruals for its potential exposure, as appropriate, for claims against the Company when losses become probable and reasonably estimable. However, future developments or settlements are uncertain and may require the Company to change such accruals as proceedings progress. Resolution of any currently known matter, either individually or in the aggregate, is not expected to have a material effect on the Company’s financial condition, results of operations, or liquidity. Pork Antitrust Litigation Beginning in June 2018, a series of putative class action complaints were filed against the Company, as well as several other pork-processing companies and a benchmarking service called Agri Stats, in the 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 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 (Non-Class Direct-Action Plaintiffs), 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 and were paid during the second half of fiscal 2024. 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. The Company cannot reasonably estimate any reasonably possible loss. 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. The Company cannot reasonably estimate any reasonably possible loss. 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. Tax Proceedings: Two current Company subsidiaries organized in Brazil, Clean Field Comércio de Produtos de Alimentícios LTDA and Omamori Indústria de Alimentos LTDA, the results of which are reported in the International segment, as well as one former subsidiary, Talis Distribuidora de Alimentos LTDA, received tax deficiency notices from the State of São Paulo Tax Authority Office alleging underpayment of ICMS and ICMS-ST taxes, which are similar to value added taxes, for multiple tax years. The subsidiaries have filed objections to appeal these tax deficiency notices, and the proceedings are in various stages of the administrative review process. Any adverse outcomes at the administrative level are expected to be eligible for further appeal through judicial processes. The Company has not recognized a loss relating to any of these assessments. The Company cannot at this time reasonably estimate any reasonably possible loss.

Leases

Leases	12 Months Ended
	Oct. 27, 2024
Leases [Abstract]
Leases	Leases The Company has operating leases for manufacturing facilities, office space, warehouses, transportation equipment, as well as miscellaneous real estate and equipment contracts. Finance leases primarily include turkey growing facilities and an aircraft. The Company’s lessor portfolio consists primarily of immaterial operating leases of farmland to third parties. Lease information included on the Consolidated Statements of Financial Position are: In thousands Location on Consolidated Statements of October 27, 2024 October 29, 2023 Right-of-Use Assets Operating Other Assets $ 147,698 $ 131,920 Finance Net Property, Plant, and Equipment 30,484 37,999 Total Right-of-Use Assets $ 178,183 $ 169,919 Lease Liabilities Current Operating Accrued Expenses $ 32,068 $ 26,238 Finance Current Maturities of Long-term Debt 7,383 8,597 Long-term Operating Other Long-term Liabilities 121,286 109,237 Finance Long-term Debt Less Current Maturities 20,158 27,488 Total Lease Liabilities $ 180,894 $ 171,560 Lease expenses are: Fiscal Year Ended In thousands October 27, 2024 October 29, 2023 October 30, 2022 Operating Lease Cost (1) $ 42,200 $ 34,209 $ 25,702 Finance Lease Cost Amortization of Right-of-Use Assets 7,562 7,594 7,965 Interest on Lease Liabilities 1,042 1,361 1,707 Variable Lease Cost (2) 390,032 511,906 463,439 Total Lease Cost $ 440,836 $ 555,070 $ 498,813 (1) Includes short-term lease costs, which are immaterial. (2) ASC 842 - Leases requires disclosure of payments related to agreements with an embedded lease that are not otherwise reflected on the Consolidated Statements of Financial Position. The Company’s variable lease costs primarily include inventory-related expenses, such as materials, labor, and overhead from manufacturing and service agreements that contain embedded leases. Variability of these costs is determined based on usage or output and may vary for other reasons such as changes in material prices. The weighted-average remaining lease term and discount rate for lease liabilities included on the Consolidated Statements of Financial Position are: October 27, 2024 October 29, 2023 Weighted-average Remaining Lease Term Operating Leases 6.1 years 6.0 years Finance Leases 4.4 years 5.3 years Weighted-average Discount Rate Operating Leases 4.43 % 4.43 % Finance Leases 3.27 % 3.37 % Supplemental cash flow and other information related to leases for the fiscal year ended are: In thousands October 27, 2024 October 29, 2023 October 30, 2022 Cash Paid for Amounts Included in the Measurement of Lease Liabilities Operating Cash Flows from Operating Leases $ 35,619 $ 29,436 $ 24,098 Operating Cash Flows from Finance Leases 1,042 1,361 1,707 Financing Cash Flows from Finance Leases 8,599 8,407 8,491 Right-of-Use Assets obtained in exchange for new finance lease liabilities 55 19 — Right-of-Use Assets obtained in exchange for new operating lease liabilities 48,294 84,087 19,646 The maturity of the Company’s lease liabilities as of October 27, 2024, are: In thousands Operating Leases Finance Leases (1) Total (2) 2025 $ 38,343 $ 8,126 $ 46,469 2026 34,674 5,691 40,364 2027 26,020 4,335 30,354 2028 17,481 10,542 28,023 2029 16,180 685 16,865 2030 and beyond 43,040 — 43,040 Total Lease Payments $ 175,738 $ 29,377 $ 205,115 Less: Imputed Interest 22,385 1,836 24,222 Present Value of Lease Liabilities $ 153,354 $ 27,541 $ 180,894 (1) Over the life of the lease contracts, finance lease payments include $7.2 million related to purchase options which are reasonably certain of being exercised.
Leases	Leases The Company has operating leases for manufacturing facilities, office space, warehouses, transportation equipment, as well as miscellaneous real estate and equipment contracts. Finance leases primarily include turkey growing facilities and an aircraft. The Company’s lessor portfolio consists primarily of immaterial operating leases of farmland to third parties. Lease information included on the Consolidated Statements of Financial Position are: In thousands Location on Consolidated Statements of October 27, 2024 October 29, 2023 Right-of-Use Assets Operating Other Assets $ 147,698 $ 131,920 Finance Net Property, Plant, and Equipment 30,484 37,999 Total Right-of-Use Assets $ 178,183 $ 169,919 Lease Liabilities Current Operating Accrued Expenses $ 32,068 $ 26,238 Finance Current Maturities of Long-term Debt 7,383 8,597 Long-term Operating Other Long-term Liabilities 121,286 109,237 Finance Long-term Debt Less Current Maturities 20,158 27,488 Total Lease Liabilities $ 180,894 $ 171,560 Lease expenses are: Fiscal Year Ended In thousands October 27, 2024 October 29, 2023 October 30, 2022 Operating Lease Cost (1) $ 42,200 $ 34,209 $ 25,702 Finance Lease Cost Amortization of Right-of-Use Assets 7,562 7,594 7,965 Interest on Lease Liabilities 1,042 1,361 1,707 Variable Lease Cost (2) 390,032 511,906 463,439 Total Lease Cost $ 440,836 $ 555,070 $ 498,813 (1) Includes short-term lease costs, which are immaterial. (2) ASC 842 - Leases requires disclosure of payments related to agreements with an embedded lease that are not otherwise reflected on the Consolidated Statements of Financial Position. The Company’s variable lease costs primarily include inventory-related expenses, such as materials, labor, and overhead from manufacturing and service agreements that contain embedded leases. Variability of these costs is determined based on usage or output and may vary for other reasons such as changes in material prices. The weighted-average remaining lease term and discount rate for lease liabilities included on the Consolidated Statements of Financial Position are: October 27, 2024 October 29, 2023 Weighted-average Remaining Lease Term Operating Leases 6.1 years 6.0 years Finance Leases 4.4 years 5.3 years Weighted-average Discount Rate Operating Leases 4.43 % 4.43 % Finance Leases 3.27 % 3.37 % Supplemental cash flow and other information related to leases for the fiscal year ended are: In thousands October 27, 2024 October 29, 2023 October 30, 2022 Cash Paid for Amounts Included in the Measurement of Lease Liabilities Operating Cash Flows from Operating Leases $ 35,619 $ 29,436 $ 24,098 Operating Cash Flows from Finance Leases 1,042 1,361 1,707 Financing Cash Flows from Finance Leases 8,599 8,407 8,491 Right-of-Use Assets obtained in exchange for new finance lease liabilities 55 19 — Right-of-Use Assets obtained in exchange for new operating lease liabilities 48,294 84,087 19,646 The maturity of the Company’s lease liabilities as of October 27, 2024, are: In thousands Operating Leases Finance Leases (1) Total (2) 2025 $ 38,343 $ 8,126 $ 46,469 2026 34,674 5,691 40,364 2027 26,020 4,335 30,354 2028 17,481 10,542 28,023 2029 16,180 685 16,865 2030 and beyond 43,040 — 43,040 Total Lease Payments $ 175,738 $ 29,377 $ 205,115 Less: Imputed Interest 22,385 1,836 24,222 Present Value of Lease Liabilities $ 153,354 $ 27,541 $ 180,894 (1) Over the life of the lease contracts, finance lease payments include $7.2 million related to purchase options which are reasonably certain of being exercised.
Leases	Leases The Company has operating leases for manufacturing facilities, office space, warehouses, transportation equipment, as well as miscellaneous real estate and equipment contracts. Finance leases primarily include turkey growing facilities and an aircraft. The Company’s lessor portfolio consists primarily of immaterial operating leases of farmland to third parties. Lease information included on the Consolidated Statements of Financial Position are: In thousands Location on Consolidated Statements of October 27, 2024 October 29, 2023 Right-of-Use Assets Operating Other Assets $ 147,698 $ 131,920 Finance Net Property, Plant, and Equipment 30,484 37,999 Total Right-of-Use Assets $ 178,183 $ 169,919 Lease Liabilities Current Operating Accrued Expenses $ 32,068 $ 26,238 Finance Current Maturities of Long-term Debt 7,383 8,597 Long-term Operating Other Long-term Liabilities 121,286 109,237 Finance Long-term Debt Less Current Maturities 20,158 27,488 Total Lease Liabilities $ 180,894 $ 171,560 Lease expenses are: Fiscal Year Ended In thousands October 27, 2024 October 29, 2023 October 30, 2022 Operating Lease Cost (1) $ 42,200 $ 34,209 $ 25,702 Finance Lease Cost Amortization of Right-of-Use Assets 7,562 7,594 7,965 Interest on Lease Liabilities 1,042 1,361 1,707 Variable Lease Cost (2) 390,032 511,906 463,439 Total Lease Cost $ 440,836 $ 555,070 $ 498,813 (1) Includes short-term lease costs, which are immaterial. (2) ASC 842 - Leases requires disclosure of payments related to agreements with an embedded lease that are not otherwise reflected on the Consolidated Statements of Financial Position. The Company’s variable lease costs primarily include inventory-related expenses, such as materials, labor, and overhead from manufacturing and service agreements that contain embedded leases. Variability of these costs is determined based on usage or output and may vary for other reasons such as changes in material prices. The weighted-average remaining lease term and discount rate for lease liabilities included on the Consolidated Statements of Financial Position are: October 27, 2024 October 29, 2023 Weighted-average Remaining Lease Term Operating Leases 6.1 years 6.0 years Finance Leases 4.4 years 5.3 years Weighted-average Discount Rate Operating Leases 4.43 % 4.43 % Finance Leases 3.27 % 3.37 % Supplemental cash flow and other information related to leases for the fiscal year ended are: In thousands October 27, 2024 October 29, 2023 October 30, 2022 Cash Paid for Amounts Included in the Measurement of Lease Liabilities Operating Cash Flows from Operating Leases $ 35,619 $ 29,436 $ 24,098 Operating Cash Flows from Finance Leases 1,042 1,361 1,707 Financing Cash Flows from Finance Leases 8,599 8,407 8,491 Right-of-Use Assets obtained in exchange for new finance lease liabilities 55 19 — Right-of-Use Assets obtained in exchange for new operating lease liabilities 48,294 84,087 19,646 The maturity of the Company’s lease liabilities as of October 27, 2024, are: In thousands Operating Leases Finance Leases (1) Total (2) 2025 $ 38,343 $ 8,126 $ 46,469 2026 34,674 5,691 40,364 2027 26,020 4,335 30,354 2028 17,481 10,542 28,023 2029 16,180 685 16,865 2030 and beyond 43,040 — 43,040 Total Lease Payments $ 175,738 $ 29,377 $ 205,115 Less: Imputed Interest 22,385 1,836 24,222 Present Value of Lease Liabilities $ 153,354 $ 27,541 $ 180,894 (1) Over the life of the lease contracts, finance lease payments include $7.2 million related to purchase options which are reasonably certain of being exercised.

Long-term Debt and Other Borrow

Long-term Debt and Other Borrowing Arrangements	12 Months Ended
	Oct. 27, 2024
Debt Disclosure [Abstract]
Long-term Debt and Other Borrowing Arrangements	Long-term Debt and Other Borrowing Arrangements Long-term Debt consists of: In thousands October 27, 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 (6,687) (7,016) Unamortized Debt Issuance Costs (15,628) (16,278) Interest Rate Swap Liabilities (1) — (7,451) Finance Lease Liabilities (2) 27,541 36,085 Other Financing Arrangements 3,530 3,908 Total Debt 2,858,756 3,309,247 Less: Current Maturities of Long-term Debt 7,813 950,529 Long-term Debt Less Current Maturities $ 2,850,944 $ 2,358,719 (1) See Note F - Derivatives and Hedging for additional information. (2) See Note K - Leases 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 F - Derivatives and Hedging for additional information. If a change of control triggering event occurs, the Company must offer to purchase the notes at a purchase price equal to 101% of their principal amount, plus accrued and unpaid interest, if any, to the date of purchase. 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 October 27, 2024, and October 29, 2023, the Company had no outstanding borrowings from this facility. Debt Covenants: The Company is required by certain covenants in its debt agreements to maintain specified levels of financial ratios and financial position. As of October 27, 2024, the Company was in compliance with all covenants. Interest Payments: Total interest paid in the last three fiscal years is as follows: In millions Interest Payments 2024 $ 70.3 2023 57.1 2022 57.0

Stock-Based Compensation

Stock-Based Compensation	12 Months Ended
	Oct. 27, 2024
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	Stock-Based Compensation The Company issues stock options, restricted stock units, restricted shares, and deferred stock units as part of its stock incentive plans for employees and nonemployee directors. Stock-based compensation expense for fiscal years 2024, 2023, and 2022, was $23.2 million, $24.1 million, and $24.9 million, respectively. As of October 27, 2024, there was $15.4 million of total unrecognized compensation expense from stock-based compensation arrangements granted under the plans. This compensation is expected to be recognized over a weighted-average period of approximately 1.8 years. During fiscal years 2024, 2023, and 2022, cash received from stock option exercises was $40.7 million, $12.0 million, and $79.8 million, respectively. Shares issued for option exercises, restricted stock units, restricted shares, and deferred stock units may be either authorized but unissued shares or shares of treasury stock. The number of shares available for future grants was 8.2 million at October 27, 2024, 10.1 million at October 29, 2023, and 11.1 million at October 30, 2022. Stock Options: The Company’s policy is to grant options with the exercise price equal to the market price of the common stock on the date of grant. Options typically vest over four years and expire ten years after the date of the grant. A reconciliation of the number of options outstanding and exercisable as of October 27, 2024, is: Shares Weighted-average Exercise Price Weighted-average Remaining Contractual Term (Years) Aggregate Stock Options Outstanding at October 29, 2023 16,384 $ 37.61 Granted 1,757 31.46 Exercised (1,827) 24.28 Forfeited (61) 42.74 Expired (259) 37.94 Stock Options Outstanding at October 27, 2024 15,994 $ 38.43 4.4 $ 5,547 Stock Options Exercisable at October 27, 2024 12,641 $ 38.51 3.3 $ 5,451 The weighted-average grant date fair value of stock options granted and the total intrinsic value of options exercised are: Fiscal Year Ended In thousands, except per share amounts October 27, 2024 October 29, 2023 October 30, 2022 Weighted-average Grant Date Fair Value $ 5.95 $ 10.06 $ 7.09 Intrinsic Value of Exercised Options 16,259 6,350 109,745 The fair value of each option award is calculated on the date of grant using the Black-Scholes valuation model utilizing the following weighted-average assumptions: Fiscal Year Ended October 27, 2024 October 29, 2023 October 30, 2022 Risk-free Interest Rate 4.1 % 3.5 % 1.6 % Dividend Yield 3.6 % 2.4 % 2.4 % Stock Price Volatility 21.5 % 21.1 % 20.4 % Expected Option Life 7.5 years 7.4 years 7.5 years As part of the annual valuation process, the Company reassesses the appropriateness of the inputs used in the valuation models. The Company establishes the risk-free interest rate using U.S. Treasury yields as of the grant date. The dividend yield is based on the dividend rate approved by the Company’s Board of Directors and the stock price on the grant date. The expected volatility assumption is based on historical volatility. The expected life assumption is based on an analysis of past exercise behavior by option holders. In performing the valuations for option grants, the Company has not stratified option holders as exercise behavior has historically been consistent across all employees. Restricted Stock Units: Restricted stock units are valued equal to the market price of the common stock on the date of the grant and generally vest after three years. These awards accumulate dividend equivalents, which are provided as additional units and are subject to the same vesting requirements as the underlying grant. A reconciliation of the restricted stock units as of October 27, 2024, is: Shares Weighted- average Grant Date Fair Value Weighted-average Remaining Contractual Term (Years) Aggregate Restricted Stock Units Outstanding at October 29, 2023 723 $ 45.59 Granted 394 31.39 Dividend Equivalents 29 34.94 Vested (245) 44.78 Forfeited (18) 43.63 Restricted Stock Units Outstanding at October 27, 2024 882 $ 39.22 1.3 $ 27,391 The weighted-average grant date fair value of restricted stock units granted, the total fair value of restricted stock units granted, and the fair value of restricted stock units that have vested are: Fiscal Year Ended In thousands, except per share amounts October 27, 2024 October 29, 2023 October 30, 2022 Weighted-average Grant Date Fair Value $ 31.39 $ 45.96 $ 44.14 Fair Value of Restricted Stock Units Granted 12,355 10,889 15,980 Fair Value of Restricted Stock Units Vested 10,988 8,466 1,893 Restricted Shares : Restricted shares awarded to nonemployee directors annually on February 1 are subject to a restricted period which expires the date of the Company’s next annual stockholders' meeting. Newly elected directors receive a prorated award of restricted shares of the Company's common stock, which expires on the date of the Company's second succeeding annual stockholders' meeting. A reconciliation of the restricted shares as of October 27, 2024, is: Shares Weighted- average Grant Date Fair Value Restricted Shares Outstanding at October 29, 2023 44 $ 44.14 Granted 54 30.89 Vested (35) 45.34 Forfeited (9) 34.44 Restricted Shares Outstanding at October 27, 2024 53 $ 31.51 The weighted-average grant date fair value of restricted shares granted, the total fair value of restricted shares granted, and the fair value of shares that have vested are: Fiscal Year Ended In thousands, except per share amounts October 27, 2024 October 29, 2023 October 30, 2022 Weighted-average Grant Date Fair Value $ 30.89 $ 44.14 $ 47.11 Fair Value of Restricted Shares Granted 1,680 1,920 1,760 Fair Value of Restricted Shares Vested 1,600 1,760 1,760 Deferred Stock Units : Nonemployee directors can elect to receive all or a portion of their annual retainer in the form of non-forfeitable deferred stock units which vest immediately. The deferred stock units accumulate dividend equivalents, which are provided as additional units. Each deferred stock unit represents the right to receive one share of the Company’s common stock following the completion of the director’s service. During fiscal 2024, the Company granted 13 thousand units, credited dividend equivalents of 4 thousand units, and distributed 15 thousand units, which had a weighted-average fair value on the grant date of $33.22, $32.15, and $18.42 per share, respectively. As of October 27, 2024, 121 thousand units were outstanding, which had a weighted-average fair value on the grant date of $39.51 per share and an aggregate intrinsic fair value of $3.7 million.

Income Taxes

Income Taxes	12 Months Ended
	Oct. 27, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The components of the Provision for Income Taxes are as follows: Fiscal Year Ended In thousands October 27, 2024 October 29, 2023 October 30, 2022 Current U.S. Federal $ 110,928 $ 161,016 $ 67,638 State 17,002 20,166 20,054 Foreign 15,203 7,576 13,185 Total Current 143,133 188,758 100,877 Deferred U.S. Federal 74,461 23,221 164,091 State 14,868 8,602 13,638 Foreign (1,659) (29) (729) Total Deferred 87,670 31,794 177,000 Total Provision for Income Taxes $ 230,803 $ 220,552 $ 277,877 The Company has elected to treat global intangible low-taxed income (GILTI) as a period cost. Deferred Income Taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the deferred income tax liabilities and assets are as follows: In thousands October 27, 2024 October 29, 2023 Deferred Tax Liabilities Goodwill and Intangible Assets $ (556,263) $ (477,282) Tax over Book Depreciation and Basis Differences (211,554) (233,802) Other, net (39,618) (33,105) Deferred Tax Assets Pension and Other Post-retirement Benefits 50,078 42,952 Employee Compensation Related Liabilities 70,339 65,958 Marketing and Promotional Accruals 9,833 16,972 Inventory 6,853 46,856 Other, net 84,733 75,562 Net Deferred Tax (Liabilities) Assets $ (585,599) $ (495,889) Reconciliation of the statutory federal income tax rate to the Company’s effective tax rate is as follows: Fiscal Year Ended October 27, 2024 October 29, 2023 October 30, 2022 U.S. Statutory Rate 21.0 % 21.0 % 21.0 % State Taxes on Income, Net of Federal Tax Benefit 2.6 2.5 2.4 Stock-based Compensation (0.1) (0.1) (1.5) Foreign-derived Intangible Income Deduction — (1.3) (0.4) All Other, net (1.2) (0.3) 0.2 Effective Tax Rate 22.3 % 21.8 % 21.7 % As of October 27, 2024, the Company had $362.6 million of undistributed earnings from non-U.S. subsidiaries. The Company maintains all earnings as permanently reinvested. Accordingly, no additional income taxes have been provided for withholding tax, state tax, or other taxes. Total income taxes paid during fiscal years 2024, 2023, and 2022 were $186.4 million, $205.0 million, and $93.1 million, respectively. Fiscal year 2024 included amounts paid for the purchase of federal transferable energy credits. The changes in unrecognized tax benefits, excluding interest and penalties, for fiscal years 2024 and 2023 are as follows: In thousands Balance as of October 30, 2022 $ 19,520 Tax Positions Related to the Current Period Increases 3,876 Tax Positions Related to Prior Periods Increases 2,131 Decreases (1,708) Settlements (811) Decreases Related to a Lapse of Applicable Statute of Limitations (3,881) Balance as of October 29, 2023 $ 19,127 Tax Positions Related to the Current Period Increases 3,151 Tax Positions Related to Prior Periods Increases 1,449 Decreases (443) Settlements (2,341) Decreases Related to a Lapse of Applicable Statute of Limitations (3,183) Balance as of October 27, 2024 $ 17,760 Unrecognized tax benefits, including interest and penalties, are recorded in Other Long-term Liabilities on the Consolidated Statements of Financial Position. If recognized as of October 27, 2024, these benefits would impact the Company’s effective tax rate by $15.9 million compared to $17.0 million as of October 29, 2023. The Company includes accrued interest and penalties related to uncertain tax positions in Provision for Income Taxes, with immaterial expenses included during fiscal 2024, 2023, and 2022. The amount of accrued interest and penalties at October 27, 2024 and October 29, 2023, associated with unrecognized tax benefits was $2.3 million and $2.4 million, respectively. Tax Examinations: The Company is regularly audited by federal, state, and foreign 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 October 27, 2024, it was not possible to reasonably estimate the effect of any amount of such change to previously recorded uncertain tax positions. The Company is subject to various examinations by foreign tax authorities. With limited exceptions, the Company is no longer subject to foreign tax examinations for fiscal years prior to 2018 for material jurisdictions. Tax Legislation: The Inflation Reduction Act of 2022 (IRA) was signed into law on August 16, 2022. The IRA made several changes to the U.S. tax code, including a 15% corporate minimum tax which applied to the Company beginning in fiscal year 2024 and did not have a material impact on the provision for income taxes or financial statements. The Organization for Economic Co-operation and Development created a Pillar Two Framework, which generally provides for a minimum effective tax rate of 15%. The Company is evaluating the potential impact on future fiscal periods, pending legislative adoption by individual countries.

Earnings Per Share Data

Earnings Per Share Data	12 Months Ended
	Oct. 27, 2024
Earnings Per Share [Abstract]
Earnings Per Share Data	Earnings Per Share Data The reported net earnings attributable to the Company were used when computing basic and diluted earnings per share. Diluted earnings per share was calculated using the treasury stock method. The shares used as the denominator for those computations are as follows: Fiscal Year Ended In thousands October 27, 2024 October 29, 2023 October 30, 2022 Basic Weighted-average Shares Outstanding 548,129 546,421 544,918 Dilutive Potential Common Shares 703 2,562 4,648 Diluted Weighted-average Shares Outstanding 548,832 548,982 549,566 Antidilutive Potential Common Shares 17,878 6,834 1,915

Segment Reporting

Segment Reporting	12 Months Ended
	Oct. 27, 2024
Segment Reporting [Abstract]
Segment Reporting	Segment Reporting The Company develops, processes, and distributes a wide array of food products in a variety of markets. The Company reports its results in the following three segments: Retail, Foodservice, and International, which are 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 in the United States. 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 products for foodservice, convenience store, and commercial customers located in the United States. 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 expenses at the corporate level. Equity in Earnings of Affiliates is included in segment profit; however, earnings attributable to the Company’s corporate venturing investments and noncontrolling interests are excluded. These items are included below as Net Unallocated Expense and Noncontrolling Interest when reconciling to Earnings Before Income Taxes. 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. The Company’s CODM reviews assets at a consolidated level and does not use assets by segment to evaluate performance or allocate resources. Therefore, the Company does not disclose assets by segment. In thousands Fiscal Year Ended October 27, 2024 October 29, 2023 October 30, 2022 Net Sales Retail $ 7,374,149 $ 7,749,039 $ 7,987,598 Foodservice 3,845,118 3,639,492 3,691,408 International 701,529 721,479 779,799 Total Net Sales $ 11,920,797 $ 12,110,010 $ 12,458,806 Segment Profit Retail $ 562,768 $ 577,690 $ 721,832 Foodservice 596,292 595,682 547,686 International 92,084 55,234 107,642 Total Segment Profit $ 1,251,144 $ 1,228,606 $ 1,377,161 Net Unallocated Expense 215,304 214,482 99,297 Noncontrolling Interest (407) (653) 239 Earnings Before Income Taxes $ 1,035,434 $ 1,013,472 $ 1,278,103 Depreciation and Amortization Retail $ 140,103 $ 145,690 $ 135,824 Foodservice 78,949 74,370 69,577 International 19,151 15,627 16,072 Corporate 19,553 17,623 14,413 Total Depreciation and Amortization $ 257,756 $ 253,311 $ 235,885 The Company’s products primarily consist of meat and other food products. Total revenue contributed by classes of similar products are: Fiscal Year Ended In thousands October 27, 2024 October 29, 2023 October 30, 2022 Perishable $ 8,548,802 $ 8,511,795 $ 8,737,486 Shelf-stable 3,371,995 3,598,215 3,721,320 Total Net Sales $ 11,920,797 $ 12,110,010 $ 12,458,806 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. The Company has a global presence selling its products in all 50 U.S. states as well as several major international markets. No individual foreign country is material to the consolidated results. Additionally, the Company’s long-lived assets located in foreign countries are not significant. Total net sales attributed to the U.S. and all foreign countries in total are: Fiscal Year Ended In thousands October 27, 2024 October 29, 2023 October 30, 2022 U.S. $ 11,283,978 $ 11,515,094 $ 11,776,883 Foreign 636,819 594,915 681,923 Total Net Sales $ 11,920,797 $ 12,110,010 $ 12,458,806 Sales to Walmart Inc. and its subsidiaries (Walmart) represented 15.6% or $2.0 billion, 15.5% or $2.0 billion, and 15.6% or $2.1 billion of the Company’s consolidated gross sales less returns and allowances in fiscal 2024, 2023, and 2022, respectively. Walmart is a customer for the Company’s Retail and International segments.

SCHEDULE II - VALUATION AND QUA

SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS AND RESERVES	12 Months Ended
	Oct. 27, 2024
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS AND RESERVES	SCHEDULE II – VALUATION AND QUALIFYING ACCOUNTS AND RESERVES In thousands Additions/(Benefits) Classification Balance at Charged to Cost and Expenses Charged to Other Accounts (Describe) Deductions (Describe) Balance at Valuation reserve deduction from assets account: Fiscal year ended October 27, 2024 Allowance for doubtful accounts receivable $ 3,557 $ 286 $ — $ 337 (1) $ 3,712 (206) (2) Fiscal year ended October 29, 2023 Allowance for doubtful accounts receivable $ 3,507 $ 289 $ — $ 275 (1) $ 3,557 (36) (2) Fiscal year ended October 30, 2022 Allowance for doubtful accounts receivable $ 4,033 $ (646) $ — $ 31 (1) $ 3,507 (151) (2) (1) Uncollectible accounts written off. (2) Recoveries on accounts previously written off.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
	Oct. 27, 2024	Oct. 29, 2023	Oct. 30, 2022
Pay vs Performance Disclosure
Net Earnings Attributable to Hormel Foods Corporation	$ 805,038	$ 793,572	$ 999,987

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Oct. 27, 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

Insider Trading Policies and Pr

Insider Trading Policies and Procedures	12 Months Ended
	Oct. 27, 2024
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Oct. 27, 2024
Accounting Policies [Abstract]
Principles of Consolidation	Principles of Consolidation: The Consolidated Financial Statements include the accounts of Hormel Foods Corporation (the Company) and all its majority-owned subsidiaries after elimination of intercompany accounts, transactions, and profits. Financial information from certain foreign subsidiaries is reported on a one-month lag.
Use of Estimates	Use of Estimates: The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.
Fiscal Year	Fiscal Year: The Company’s fiscal year ends on the last Sunday in October. Fiscal years 2024, 2023, and 2022 consisted of 52 weeks. Fiscal year 2025 will consist of 52 weeks.
Cash and Cash Equivalents	Cash and Cash Equivalents: The Company considers all investments with an original maturity of three months or less on their acquisition date to be cash equivalents. The Company’s cash equivalents as of October 27, 2024 and October 29, 2023, consisted primarily of bank deposits, money market funds rated AAA, or other highly liquid investment accounts. The Net Asset Value (NAV) of the Company’s money market funds is based on the market value of the securities in the portfolio.
Fair Value Measurements	Fair Value Measurements: Pursuant to the provisions of Accounting Standards Codification (ASC) 820, Fair Value Measurements and Disclosures , the Company measures certain assets and liabilities at fair value or discloses the fair value of certain assets and liabilities recorded at cost in the Consolidated Financial Statements. Fair value is calculated as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). ASC 820 establishes a fair value hierarchy which requires assets and liabilities measured at fair value to be categorized into one of three levels based on the inputs used in the valuation. The Company classifies assets and liabilities in their entirety based on the lowest level of input significant to the fair value measurement. The three levels are defined as follows: Level 1: Observable inputs based on quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2: Observable inputs, other than those included in Level 1, based on quoted prices for similar assets and liabilities in active markets, or quoted prices for identical assets and liabilities in inactive markets. Level 3: Unobservable inputs that reflect an entity’s own assumptions about what inputs a market participant would use in pricing the asset or liability based on the best information available in the circumstances.
Compensation	Compensation: The Company maintains a rabbi trust to fund certain supplemental executive retirement plans and deferred compensation plans. The rabbi trust is reflected in Other Assets and deferred compensation liabilities in Other Long-term Liabilities on the Consolidated Statements of Financial Position. The securities held by the trust are classified as trading securities. Therefore, unrealized gains and losses associated with these investments are included in Interest and Investment Income on the Consolidated Statements of Operations. The Company also has corporate-owned life insurance policies on certain participants in the deferred compensation plans. The cash surrender value of these policies is included in Other Assets on the Consolidated Statements of Financial Position.
Inventories	Inventories: Inventories are stated at the lower of cost or net realizable value. Cost is determined principally under the average cost method. Adjustments to the Company’s lower of cost or net realizable value inventory reserve are reflected in Cost of Products Sold in the Consolidated Statements of Operations.
Property, Plant, and Equipment	Property, Plant, and Equipment: Property, Plant, and Equipment are stated at cost and the Company recognizes depreciation using the straight-line method over the estimated useful life of the assets. Costs associated with software developed or obtained for internal use, including third-party development fees incurred during the application development stage, are capitalized and amortized on a straight-line basis. Depreciation has been computed principally using asset lives of 20 to 40 years for buildings and 3 to 14 years for software and equipment.
Leases, Lessee	Leases: The Company determines if an arrangement contains a lease at inception. Right-of-use assets and lease liabilities are recognized based on the present value of future minimum lease payments over the lease term at the commencement date. Leases with an initial term of twelve months or less are not recorded on the Consolidated Statements of Financial Position. The Company combines lease and non-lease components together in determining the minimum lease payments for all leases. The length of the lease term used in recording right-of-use assets and lease liabilities is based on the contractually required lease term adjusted for any options to renew, early terminate, or purchase the lease that are reasonably certain of being exercised. Most leases include one or more options to renew or terminate. The exercise of lease renewal and termination options is at the Company’s discretion and generally is not reasonably certain at lease commencement. The Company’s lease agreements typically do not contain material residual value guarantees. The Company has one lease with an immaterial residual value guarantee that is included in the minimum lease payments. Certain lease agreements include rental payment increases over the lease term that can be fixed or variable. Fixed payment increases and variable payment increases based on an index or rate are included in the initial lease liability using the index or rate at commencement date. Variable payment increases not based on an index or rate are recognized as incurred. If the rate implicit in the lease is not readily determinable, the Company used its periodic incremental borrowing rate, based on the information available at commencement date, to determine the present value of future lease payments. Leases and right-of-use assets that existed prior to the adoption of Accounting Standards Update 2016-02, Leases (Topic 842) were valued using the incremental borrowing rate on October 28, 2019.
Leases, Lessor	Leases: The Company determines if an arrangement contains a lease at inception. Right-of-use assets and lease liabilities are recognized based on the present value of future minimum lease payments over the lease term at the commencement date. Leases with an initial term of twelve months or less are not recorded on the Consolidated Statements of Financial Position. The Company combines lease and non-lease components together in determining the minimum lease payments for all leases. The length of the lease term used in recording right-of-use assets and lease liabilities is based on the contractually required lease term adjusted for any options to renew, early terminate, or purchase the lease that are reasonably certain of being exercised. Most leases include one or more options to renew or terminate. The exercise of lease renewal and termination options is at the Company’s discretion and generally is not reasonably certain at lease commencement. The Company’s lease agreements typically do not contain material residual value guarantees. The Company has one lease with an immaterial residual value guarantee that is included in the minimum lease payments. Certain lease agreements include rental payment increases over the lease term that can be fixed or variable. Fixed payment increases and variable payment increases based on an index or rate are included in the initial lease liability using the index or rate at commencement date. Variable payment increases not based on an index or rate are recognized as incurred. If the rate implicit in the lease is not readily determinable, the Company used its periodic incremental borrowing rate, based on the information available at commencement date, to determine the present value of future lease payments. Leases and right-of-use assets that existed prior to the adoption of Accounting Standards Update 2016-02, Leases (Topic 842) were valued using the incremental borrowing rate on October 28, 2019.
Impairment of Long-Lived Assets and Definite-Lived Intangible Assets	Impairment of Long-Lived Assets and Definite-Lived Intangible Assets:
Goodwill and Other Indefinite-Lived Intangibles	Goodwill and Other Indefinite-Lived Intangibles: Indefinite-lived intangible assets are originally recorded at their estimated fair values at the date of acquisition. Goodwill is the residual after allocating the purchase price to net assets acquired. Acquired goodwill and other indefinite-lived intangible assets are allocated to reporting units that will receive the related benefits. Goodwill and indefinite-lived intangible assets are tested annually for impairment during the fourth quarter or more frequently if impairment indicators arise. See additional discussion regarding the Company’s goodwill and intangible assets in Note C - Goodwill and Intangible Assets. Goodwill In conducting the annual impairment test for goodwill, the Company has the option to first assess qualitative factors to determine whether it is more likely than not (> 50 percent likelihood) the fair value of any reporting unit is less than its carrying amount. If the Company elects to perform a qualitative assessment and determines an impairment is more likely than not, the Company is required to perform a quantitative impairment test. Otherwise, no further analysis is required. Alternatively, the Company may elect to proceed directly to the quantitative impairment test. In conducting a qualitative assessment, the Company analyzes actual and projected growth trends for net sales, gross margin, and segment profit for each reporting unit, as well as historical performance versus plan and the results of prior quantitative tests. Additionally, the Company assesses factors that may impact the business’s financial results such as macroeconomic conditions and the related impact, market-related exposures, plans to market for sale all or a portion of the business, competitive changes, new or discontinued product lines, and changes in key personnel. If performed, the quantitative goodwill impairment test is performed at the reporting unit level. First, the fair value of each reporting unit is compared to its corresponding carrying value, including goodwill. The fair value of each reporting unit is estimated using discounted cash flow valuations (Level 3), which incorporate assumptions regarding future growth rates, terminal values, and discount rates. The estimates and assumptions used consider historical performance and are consistent with the assumptions used in determining future profit plans for each reporting unit, which are approved by the Company’s Board of Directors. If the quantitative assessment results in the carrying value exceeding the fair value of any reporting unit, the results from the quantitative analysis will be relied upon to determine both the existence and amount of goodwill impairment. An impairment loss will be recognized for the amount by which the reporting unit’s carrying amount exceeds its fair value, not to exceed the carrying amount of goodwill in that reporting unit. As a result of organizational changes in the first quarter of fiscal 2023, the Company conducted an assessment of its operating segments and reporting units. Based on this analysis, goodwill was reallocated using the relative fair value approach. Prior to the goodwill reallocation, an impairment assessment was performed which indicated no impairment to the Company’s reporting units. Subsequent to the goodwill reallocation, the Company completed quantitative impairment testing on each new reporting unit. The fair value of each reporting unit exceeded its carrying amount; therefore, no impairment charges were recorded. During the fourth quarter of fiscal 2024, the Company completed its annual goodwill impairment tests by performing qualitative assessments. No impairment charges were recorded as a result of the annual assessments in fiscal years 2024, 2023, and 2022. Indefinite-Lived Intangibles In conducting the annual impairment test for its indefinite-lived intangible assets, the Company first performs a qualitative assessment to determine whether it is more likely than not (> 50 percent likelihood) an indefinite-lived intangible asset is impaired. If the Company concludes this is the case, a quantitative test for impairment must be performed. Otherwise, the Company does not need to perform a quantitative test. In conducting the qualitative assessment, the Company analyzes growth rates for historical and projected net sales and the results of prior quantitative tests. Additionally, each operating segment assesses items that may impact the value of their intangible assets or the applicable royalty rates to determine if impairment may be indicated. If performed, the quantitative impairment test compares the fair value and carrying amount of the indefinite-lived intangible asset. The fair value of indefinite-lived intangible assets is primarily determined on the basis of estimated discounted value using the relief from royalty method (Level 3), which incorporates assumptions regarding future sales projections, discount rates and royalty rates. If the carrying amount exceeds fair value, the indefinite-lived intangible asset is considered impaired, and an impairment charge is recorded for the difference. Even if not required, the Company may elect to perform the quantitative test in order to gain further assurance in the qualitative assessment.
Goodwill	Goodwill In conducting the annual impairment test for goodwill, the Company has the option to first assess qualitative factors to determine whether it is more likely than not (> 50 percent likelihood) the fair value of any reporting unit is less than its carrying amount. If the Company elects to perform a qualitative assessment and determines an impairment is more likely than not, the Company is required to perform a quantitative impairment test. Otherwise, no further analysis is required. Alternatively, the Company may elect to proceed directly to the quantitative impairment test. In conducting a qualitative assessment, the Company analyzes actual and projected growth trends for net sales, gross margin, and segment profit for each reporting unit, as well as historical performance versus plan and the results of prior quantitative tests. Additionally, the Company assesses factors that may impact the business’s financial results such as macroeconomic conditions and the related impact, market-related exposures, plans to market for sale all or a portion of the business, competitive changes, new or discontinued product lines, and changes in key personnel. If performed, the quantitative goodwill impairment test is performed at the reporting unit level. First, the fair value of each reporting unit is compared to its corresponding carrying value, including goodwill. The fair value of each reporting unit is estimated using discounted cash flow valuations (Level 3), which incorporate assumptions regarding future growth rates, terminal values, and discount rates. The estimates and assumptions used consider historical performance and are consistent with the assumptions used in determining future profit plans for each reporting unit, which are approved by the Company’s Board of Directors. If the quantitative assessment results in the carrying value exceeding the fair value of any reporting unit, the results from the quantitative analysis will be relied upon to determine both the existence and amount of goodwill impairment. An impairment loss will be recognized for the amount by which the reporting unit’s carrying amount exceeds its fair value, not to exceed the carrying amount of goodwill in that reporting unit.
Pension and Other Post-retirement Benefits	Pension and Other Post-retirement Benefits: The Company has elected to use the corridor approach to recognize expenses related to its defined benefit pension and other post-retirement benefit plans. Under the corridor approach, actuarial gains or losses resulting from experience and changes in assumptions are deferred and amortized over future periods. For the defined benefit pension plans, the unrecognized gains and losses are amortized when the net gain or loss exceeds 10 percent of the greater of the projected benefit obligation or the fair value of plan assets at the beginning of the year. For the other post-retirement plans, the unrecognized gains and losses are amortized when the net gain or loss exceeds 10 percent of the accumulated pension benefit obligation at the beginning of the year. For plans with primarily active participants, net gains or losses in excess of the corridor are amortized over the average remaining service period of participating employees expected to receive benefits under those plans. For plans with primarily inactive participants, net gains or losses in excess of the corridor are amortized over the average remaining life of the participants receiving benefits under those plans.
Contingent Liabilities	Contingent Liabilities: The Company may be subject to investigations, legal proceedings, or claims related to the ongoing operation of its business, including claims both by and against the Company. Such proceedings typically involve claims related to product liability, contract disputes, antitrust regulations, wage and hour laws, employment practices, or other actions brought by employees, consumers, competitors, government agencies, or suppliers. The Company establishes accruals for its potential exposure for claims when losses become probable and reasonably estimable. Where the Company is able to reasonably estimate a range of probable losses, but no amount within the range is more likely than another, the Company records the amount at the low end of the range. The Company also discloses the nature of claims against the Company when losses are reasonably possible and material; in this situation, the Company also discloses an estimate of the possible loss, range of loss, or that an estimate cannot be made.
Foreign Currency Translation	Foreign Currency Translation: Assets and liabilities denominated in foreign currency are translated at the current exchange rate as of the date of the Consolidated Statements of Financial Position. Amounts in the Consolidated Statements of Operations are translated at the average monthly exchange rate. Translation adjustments resulting from fluctuations in exchange rates are recorded as a component of Accumulated Other Comprehensive Loss within Shareholders’ Investment. When calculating foreign currency translation, the Company has deemed its foreign investments to be permanent in nature and has not provided for taxes on currency translation adjustments arising from converting the investment in a foreign currency to U.S. dollars.
Derivatives and Hedging Activity	Derivatives and Hedging Activity: The Company uses derivative instruments to manage its exposure to commodity prices and interest rates. Hedge accounting is used for cash flow and fair value hedging programs that qualify in accordance with ASC 815, Derivatives and Hedging . 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.
Equity Method Investments	Equity Method Investments: The Company has a number of investments for which its voting interests are in excess of 20 percent but not greater than 50 percent and for which there are no other indicators of control. The Company accounts for such investments under the equity method of accounting and its underlying share of each investee’s equity, along with any balances due to or from affiliates, is reported on the Consolidated Statements of Financial Position as part of Investments in Affiliates. The Company records its interest in the net earnings of its equity method investments, along with adjustments for unrealized profits on intra-entity transactions and amortization of basis differences, within Equity in Earnings of Affiliates in the Consolidated Statements of Operations. Financial results for certain entities are reported on a 30- to 90-day lag.
Revenue Recognition and Shipping and Handling Costs	Revenue Recognition: The Company’s customer contracts predominantly contain a single performance obligation to fulfill customer orders for the purchase of specified products. Revenue from product sales is primarily identified by purchase orders (contracts), which in some cases are governed by a master sales agreement. The purchase orders in combination with the invoice typically specify quantity and product(s) ordered, shipping terms, and certain aspects of the transaction price including discounts. Contracts are at standalone pricing or governed by pricing lists or brackets. The Company’s revenue is recognized at the point in time when performance obligations have been satisfied and control of the product has transferred to the customer. This is typically once the ordered product is received or picked up by the customer. Revenue is recognized at the net consideration the Company expects to receive in exchange for the goods. The amount of net consideration recognized includes estimates of variable consideration, including costs for trade promotion programs, consumer incentives, and allowances and discounts associated with distressed or potentially unsaleable products. A majority of the Company’s revenue is short-term in nature with shipments within one year from order date. The Company’s payment terms generally range between seven The Company promotes products through advertising, consumer incentives, and trade promotions. These promotional programs include, but are not limited to, discounts, slotting fees, coupons, rebates, and in-store display incentives. Customer trade promotion and consumer incentive activities are recorded as a reduction to revenue and a corresponding accrued liability based on amounts estimated as variable consideration. The Company discloses revenue by reportable segment and class of similar product in Note P - Segment Reporting. Shipping and Handling Costs: The Company’s shipping and handling expenses are included in Cost of Products Sold in the Consolidated Statements of Operations.
Allowance for Doubtful Accounts	Allowance for Doubtful Accounts: The Company estimates the Allowance for Doubtful Accounts based on a combination of factors, evaluations, and historical data while considering current and future economic conditions.
Advertising Expenses	Advertising Expenses:
Research and Development Expenses	Research and Development Expenses:
Income Taxes	Income Taxes: The Company records income taxes in accordance with the liability method of accounting. Deferred taxes are recognized for the estimated taxes ultimately payable or recoverable based on enacted tax law. Changes in enacted tax rates are reflected in the tax provision as they occur. In accordance with ASC 740, Income Taxes , the Company recognizes a tax position in its financial statements when it is more likely than not that the position will be sustained upon examination based on the technical merits of the position. That position is then measured at the largest amount of benefit that is greater than 50 percent likely of being realized upon ultimate settlement.
Stock-Based Compensation	Stock-Based Compensation: The Company records stock-based compensation expense in accordance with ASC 718, Compensation – Stock Compensation . The Company recognizes stock-based compensation expense ratably over the shorter of the vesting period or the grantee’s retirement eligibility date. These costs are primarily included in Selling, General, and Administrative expenses in the Consolidated Statements of Operations. The Company estimates forfeitures at the time of grant based on historical experience and revises in subsequent periods if actual forfeitures differ.
Share Repurchases	Share Repurchases:
Supplemental Cash Flow Information	Supplemental Cash Flow Information: Non-cash investment activities presented in the Consolidated Statements of Cash Flows primarily consist of unrealized gains or losses on the Company’s rabbi trust. Changes in the value of these investments are presented in Interest and Investment Income in the Consolidated Statements of Operations.
Accounting Changes and Recent Accounting Pronouncements	Accounting Changes and Recent Accounting Pronouncements: New Accounting Pronouncements Recently Adopted Fiscal 2024 No new accounting standards were adopted during fiscal 2024. Fiscal 2023 No new accounting standards were adopted during fiscal 2023. Fiscal 2022 In December 2019, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2019-12, Income Taxes - Simplifying the Accounting for Income Taxes (Topic 740). The updated guidance simplifies the accounting for income taxes by removing certain exceptions in Topic 740 and clarifying and amending existing guidance. The amendments are effective for fiscal years beginning after December 15, 2020, with early adoption permitted. The Company adopted the provisions of this new accounting standard at the beginning of fiscal 2022 and adoption did not have a material impact on its Consolidated Financial Statements. New Accounting Pronouncements Not Yet Adopted In November 2023, the FASB issued ASU 2023-07 Segment Reporting (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 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 impact of adopting the updated provisions. In March 2024, the SEC adopted a final rule under SEC Release Nos. 33-11275 and 34-99678, The Enhancement and Standardization of Climate-Related Disclosures for Investors , to enhance and standardize climate-related disclosures. The rule will require companies to disclose material Scope 1 and Scope 2 greenhouse gas emissions; climate-related risks, governance, and oversight; and the financial effects of severe weather events and other natural conditions. These disclosures are required to be phased in starting with annual reporting periods beginning in 2025; however, this rule has been stayed pending the outcome of legal challenges. The Company is assessing the impact of adoption on our Consolidated Financial Statements and related disclosures in the event that the stay is lifted. In November 2024, the FASB issued ASU 2024-03 Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. The new guidance is intended to provide investors more detailed disclosures around specific types of expenses. The new disclosures require certain details for expenses presented on the face of the Consolidated Statements of Operations as well as selling expenses to be presented in the notes to the financial statements. The update is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted. The disclosure updates are required to be applied prospectively with the option for retrospective application. The Company is currently assessing the impact and timing of adopting the updated provisions. Recently issued accounting standards or pronouncements not disclosed have been excluded as they are currently not relevant to the Company.
Segment Reporting	Segment Reporting The Company develops, processes, and distributes a wide array of food products in a variety of markets. The Company reports its results in the following three segments: Retail, Foodservice, and International, which are consistent with how the Company’s chief operating decision maker (CODM) assesses performance and allocates resources. The Retail segment consists primarily of the processing, marketing, and sale of food products sold predominantly in the retail market in the United States. 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 products for foodservice, convenience store, and commercial customers located in the United States. 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 expenses at the corporate level. Equity in Earnings of Affiliates is included in segment profit; however, earnings attributable to the Company’s corporate venturing investments and noncontrolling interests are excluded. These items are included below as Net Unallocated Expense and Noncontrolling Interest when reconciling to Earnings Before Income Taxes.

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	12 Months Ended
	Oct. 27, 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 fiscal years ended October 27, 2024 and October 29, 2023, is: In thousands Grocery Refrigerated Jennie-O Retail Foodservice International Total Balance at October 30, 2022 $ 2,398,354 $ 2,094,421 $ 176,628 $ — $ — $ 256,427 $ 4,925,829 Goodwill Reallocation (2,398,354) (2,094,421) (176,628) 2,916,796 1,750,594 2,013 — Foreign Currency Translation — — — — — 2,635 2,635 Balance at October 29, 2023 $ — $ — $ — $ 2,916,796 $ 1,750,594 $ 261,074 $ 4,928,464 Goodwill Sold — — — — (2,239) — (2,239) Foreign Currency Translation — — — — — (2,738) (2,738) Balance at October 27, 2024 $ — $ — $ — $ 2,916,796 $ 1,748,355 $ 258,336 $ 4,923,487
Schedule of carrying amounts for indefinite-lived intangible assets	The carrying amounts for indefinite-lived intangible assets are: In thousands October 27, 2024 October 29, 2023 Brands/Trade Names/Trademarks $ 1,629,582 $ 1,636,807 Other Intangibles 184 184 Foreign Currency Translation (6,655) (5,893) Total Indefinite-lived Intangible Assets $ 1,623,112 $ 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: October 27, 2024 October 29, 2023 In thousands Gross Carrying Amount Accumulated Amortization Gross Accumulated Customer Relationships $ 168,239 $ (93,536) $ 168,239 $ (82,658) Other Intangibles 59,241 (20,107) 59,241 (15,857) Trade Names/Trademarks 6,210 (5,996) 6,540 (5,089) Foreign Currency Translation — (4,458) — (4,344) Total Definite-lived Intangible Assets $ 233,690 $ (124,097) $ 234,020 $ (107,947)
Schedule of amortization expense on intangible assets	Amortization expense on intangible assets for the last three fiscal years is as follows: In thousands Amortization Expense 2024 $ 16,366 2023 18,386 2022 19,274
Schedule of estimated annual amortization expense on intangible assets	Estimated annual amortization expense on intangible assets for the five fiscal years after October 27, 2024, is as follows: In thousands Amortization Expense 2025 $ 14,624 2026 14,169 2027 13,927 2028 12,972 2029 11,504

Investments in Affiliates (Tabl

Investments in Affiliates (Tables)	12 Months Ended
	Oct. 27, 2024
Equity Method Investments and Joint Ventures [Abstract]
Schedule of equity in earnings of affiliates	Equity in Earnings of Affiliates consists of: In thousands % Owned Fiscal Year Ended October 27, 2024 October 29, 2023 October 30, 2022 MegaMex Foods, LLC (1) 50% $ 24,784 $ 40,501 $ 19,861 Other Equity Method Investments (2) Various (25 - 45%) 26,304 2,253 7,324 Total Equity in Earnings of Affiliates $ 51,088 $ 42,754 $ 27,185 (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: In thousands Fiscal Year Ended October 27, 2024 October 29, 2023 October 30, 2022 Dividends $ 46,055 $ 38,160 $ 43,039

Inventories (Tables)

Inventories (Tables)	12 Months Ended
	Oct. 27, 2024
Inventory Disclosure [Abstract]
Principal components of inventories	Principal components of inventories are: In thousands October 27, 2024 October 29, 2023 Finished Products $ 881,295 $ 954,432 Raw Materials and Work-in-Process 427,834 448,535 Operating Supplies 147,333 168,289 Maintenance Materials and Parts 119,837 109,151 Total Inventories $ 1,576,300 $ 1,680,406

Derivatives and Hedging (Tables

Derivatives and Hedging (Tables)	12 Months Ended
	Oct. 27, 2024
Derivatives and hedging
Schedule of gross fair values of derivative instruments	The gross fair values of the Company’s derivative instruments designated as hedges are: October 27, 2024 October 29, 2023 In thousands Assets Liabilities Assets Liabilities Gross Fair Value of Commodity Contracts $ 9,851 $ (12,638) $ 13,747 $ (26,980) Counterparty and Collateral Netting Offset (1) (1,785) 12,638 5,226 26,980 Amounts Recognized on Consolidated Statements of Financial Position (2) $ 8,066 $ — $ 18,972 $ — (1) Per the terms of the Company's master netting arrangements, the gross fair value of the Company's commodity contracts were offset by the right to reclaim net cash collateral of $10.9 million and $32.2 million as of October 27, 2024 and October 29, 2023, respectively. (2) The Company's commodity contracts are located in Prepaid Expenses and Other Current Assets 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 October 27, 2024 October 29, 2023 Commodity Contracts Accounts Payable (1) $ (2,902) $ (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. As of October 29, 2023, the carrying amount of the 2024 Notes included a cumulative fair value hedging adjustment of $7.5 million from discontinued hedges. The 2024 Notes were paid on June 3, 2024.
Schedule of gains or losses (before tax) related to derivative instruments	The pre-tax gains or (losses) recognized in AOCL related to the Company’s derivative instruments are: In thousands Fiscal Year Ended October 27, 2024 October 29, 2023 Commodity Contracts $ (12,898) $ (50,353) Excluded Component (1) 2,136 1,127 (1) 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. The pre-tax gains (losses) reclassified from AOCL into earnings related to the Company’s derivative instruments are: In thousands Location on Fiscal Year Ended October 27, 2024 October 29, 2023 Commodity Contracts Cost of Products Sold $ (26,445) $ 1,225 Interest Rate Contracts Interest Expense 988 988 See Note H - Accumulated Other Comprehensive Loss for the after-tax impact of these gains or losses on Net Earnings. Consolidated Statements of Operations Impact: The effect on the Consolidated Statements of Operations for pre-tax gains (losses) related to the Company’s derivative instruments are: Fiscal Year Ended In thousands October 27, 2024 October 29, 2023 October 30, 2022 Net Earnings Attributable to Hormel Foods Corporation $ 805,038 $ 793,572 $ 999,987 Cash Flow Hedges - Commodity Contracts Gain (Loss) Reclassified from AOCL (26,445) 1,225 55,350 Amortization of Excluded Component from Options (2,774) (5,835) (4,369) Gain (Loss) Reclassified from AOCL Due to Discontinuance of Cash Flow Hedges (1) — — 2,242 Fair Value Hedges - Commodity Contracts Gain (Loss) on Commodity Futures (2) 6,263 656 (18,122) Total Gain (Loss) on Commodity Contracts (3) $ (22,957) $ (3,955) $ 35,101 Cash Flow Hedges - Interest Rate Contracts Gain (Loss) Reclassified from AOCL 988 988 988 Fair Value Hedge - Interest Rate Contracts Gain (Loss) on Interest Rate Swap — — 928 Amortization of Loss Due to Discontinuance of Fair Value Hedge (4) (7,451) (12,499) (1,923) Total Gain (Loss) on Interest Rate Contracts (5) $ (6,463) $ (11,511) $ (7) Total Gain (Loss) Recognized in Earnings $ (29,420) $ (15,466) $ 35,094 (1) In fiscal year 2022, the Company discontinued hedge accounting related to corn usage that was deemed no longer probable to occur resulting in the immediate recognition of gains of $2.2 million (1.0 million bushels). (2) Represents gains or losses on commodity contracts designated as fair value hedges that were closed during the year, which were offset by a corresponding gain or loss on the underlying hedged purchase commitment. Additional gains or losses related to changes in the fair value of open commodity contracts, along with the offsetting gain or loss on the hedged purchase commitment, are also marked-to-market through earnings with no impact on a net basis. (3) Total Gain (Loss) on Commodity Contracts is recognized in earnings through Cost of Products Sold. (4) Represents the fair value hedging adjustment amortized through earnings. (5) Total Gain (Loss) on Interest Rate Contracts is recognized in earnings through Interest Expense.
Cash Flow Hedges
Derivatives and hedging
Schedule of outstanding commodity futures contracts	The Company’s outstanding contracts related to its commodity hedging programs include: In millions October 27, 2024 October 29, 2023 Corn 29.2 bushels 30.7 bushels Lean Hogs 175.6 pounds 144.2 pounds Natural Gas 4.2 MMBtu 3.0 MMBtu Diesel Fuel 4.0 gallons — gallons

Pension and Other Post-retire_2

Pension and Other Post-retirement Benefits (Tables)	12 Months Ended
	Oct. 27, 2024
Retirement Benefits [Abstract]
Schedule of net periodic cost of defined benefit plans	Net periodic cost of defined benefit plans included the following for fiscal years ending: Pension Benefits Post-retirement Benefits In thousands October 27, 2024 October 29, 2023 October 30, 2022 October 27, 2024 October 29, 2023 October 30, 2022 Service Cost $ 36,118 $ 35,607 $ 40,076 $ 163 $ 248 $ 469 Interest Cost 73,344 68,630 50,558 11,571 12,064 7,684 Expected Return on Plan Assets (77,510) (78,285) (108,248) — — — Amortization of Prior Service Cost (Credit) (886) (1,843) (1,496) 8 8 8 Recognized Actuarial Loss (Gain) 13,268 13,303 12,530 (1,265) (29) 2,439 Net Periodic Cost $ 44,334 $ 37,413 $ (6,581) $ 10,476 $ 12,290 $ 10,600
Schedule of amounts that have not been recognized in net periodic pension cost and are included in accumulated other comprehensive loss	The following amounts have not been recognized in net periodic pension cost and are included in Accumulated Other Comprehensive Loss: Pension Benefits Post-retirement Benefits In thousands October 27, 2024 October 29, 2023 October 27, 2024 October 29, 2023 Unrecognized Prior Service (Cost) Credit $ (8,435) $ (7,549) $ 525 $ (138) Unrecognized Actuarial (Loss) Gain (260,538) (270,468) 21,318 35,483
Schedule of reconciliation of the beginning and ending balances of the benefit obligation, the fair value of plan assets, and the funded status of the plans	The following is a reconciliation of the beginning and ending balances of the benefit obligation, fair value of plan assets, and funded status of the plans as of the measurement dates: Pension Benefits Post-retirement Benefits In thousands October 27, 2024 October 29, 2023 October 27, 2024 October 29, 2023 Change in Benefit Obligation: Benefit Obligation at Beginning of Year $ 1,174,380 $ 1,200,013 $ 186,199 $ 211,986 Service Cost 36,118 35,607 163 248 Interest Cost 73,344 68,630 11,571 12,064 Actuarial (Gain) Loss (1) 143,280 (51,106) 12,826 (17,421) Plan Amendments — 3,307 (654) — Participant Contributions — — 2,001 2,137 Medicare Part D Subsidy — — 110 449 Benefits Paid (87,396) (82,071) (20,637) (23,263) Benefit Obligation at End of Year $ 1,339,726 $ 1,174,380 $ 191,578 $ 186,199 (1) Actuarial losses in fiscal 2024 were primarily due to the change in the discount rate assumptions utilized in measuring plan obligations. Pension Benefits Post-retirement Benefits In thousands October 27, 2024 October 29, 2023 October 27, 2024 October 29, 2023 Change in Plan Assets: Fair Value of Plan Assets at Beginning of Year $ 1,185,672 $ 1,240,200 $ — $ — Actual Return on Plan Assets 217,453 15,810 — — Participant Contributions — — 2,001 2,137 Employer Contributions 12,031 11,733 18,636 21,126 Benefits Paid (87,396) (82,071) (20,637) (23,263) Fair Value of Plan Assets at End of Year $ 1,327,760 $ 1,185,672 $ — $ — Funded Status at End of Year $ (11,966) $ 11,292 $ (191,578) $ (186,199)
Schedule of amounts recognized in the Consolidated Statements of Financial Position	Amounts recognized on the Consolidated Statements of Financial Position are as follows: Pension Benefits Post-retirement Benefits In thousands October 27, 2024 October 29, 2023 October 27, 2024 October 29, 2023 Pension Assets $ 205,964 $ 204,697 $ — $ — Employee-related Expenses (12,501) (12,023) (17,115) (18,313) Pension and Post-retirement Benefits (205,429) (181,382) (174,463) (167,886) Net Amount Recognized $ (11,966) $ 11,292 $ (191,578) $ (186,199)
Schedule of information for pension plans with accumulated benefit obligations in excess of plan assets	The following table provides information for pension plans with projected and accumulated benefit obligations in excess of plan assets: In thousands October 27, 2024 October 29, 2023 Projected Benefit Obligation $ 217,929 $ 193,404 Accumulated Benefit Obligation 215,448 191,888 Fair Value of Plan Assets — —
Schedule of weighted-average assumptions used to determine benefit obligations and net periodic benefit costs	Weighted-average assumptions used to determine benefit obligations are as follows: October 27, 2024 October 29, 2023 Discount Rate 5.44 % 6.49 % Rate of Future Compensation Increase (For Plans that Base Benefits on Final Compensation Level) 4.09 % 4.06 % Interest Crediting Rate (For Cash Balance Plan) 4.50 % 4.98 % Weighted-average assumptions used to determine net periodic benefit costs are as follows: October 27, 2024 October 29, 2023 October 30, 2022 Discount Rate 6.49 % 5.92 % 3.00 % Rate of Future Compensation Increase (For Plans that Base Benefits on Final Compensation Level) 4.06 % 3.95 % 4.14 % Expected Long-term Return on Plan Assets 6.75 % 6.50 % 6.50 % Interest Crediting Rate (For Cash Balance Plan) (1) 4.98 % 4.42 % — % (1) Cash balance plan enacted in the fourth quarter of fiscal 2022.
Schedule of benefits expected to be paid over the next ten fiscal years	Benefits expected to be paid over the next ten fiscal years are as follows: In thousands Pension Benefits Post-retirement Benefits 2025 $ 89,209 $ 17,572 2026 92,954 17,186 2027 96,868 16,638 2028 99,026 16,089 2029 102,538 15,487 2030-2034 539,612 69,105
Schedule of actual and target weighted-average asset allocations for pension plan assets	The actual and target weighted-average asset allocations for the Company’s pension plan assets as of the plan measurement date are as follows: October 27, 2024 October 29, 2023 Asset Category Actual % Target Actual % Target Fixed Income 49.5 40 – 60 47.6 40 – 60 Global Stocks 33.1 20 – 55 31.2 20 – 55 Real Estate 5.6 0 – 10 8.0 0 – 10 Private Equity 6.1 0 – 15 6.7 0 – 15 Gold 2.4 0 – 5 2.4 0 – 5 Hedge Funds 1.8 0 – 10 2.1 0 – 10 Cash and Cash Equivalents 1.5 0 – 5 2.0 0 – 5
Schedule of categories of defined benefit pension plan assets and the level under which fair values were determined in the fair value hierarchy	The following tables show the categories of defined benefit pension plan assets and the level under which fair values were determined pursuant to the provisions of ASC 820. Assets measured at fair value using the net asset value (NAV) per share practical expedient are not required to be classified in the fair value hierarchy. These amounts are provided to permit reconciliation to the total fair value of plan assets. Fair Value Measurements as of October 27, 2024 In thousands Total Quoted Prices Significant Other Significant Plan Assets in Fair Value Hierarchy Cash Equivalents $ 19,397 $ — $ 19,397 $ — Private Equity Domestic 35,958 — — 35,958 International 45,080 — — 45,080 Real Estate Funds Domestic 6,249 — — 6,249 Fixed Income U.S. Government Issues 175,715 152,721 22,994 — Municipal Issues 9,938 — 9,938 — Corporate Issues – Domestic 261,344 — 261,344 — Corporate Issues – Foreign 41,088 — 41,088 — Global Stocks – Mutual Funds Domestic 8,451 8,451 — — Plan Assets in Fair Value Hierarchy $ 603,219 $ 161,172 $ 354,760 $ 87,287 Plan Assets at Net Asset Value Real Estate – Domestic $ 67,765 Global Stocks – Collective Investment Funds 431,494 Global Stocks – Gold 32,022 Hedge Funds 24,192 Fixed Income – Hedge Funds 35,017 Fixed Income – Collective Investment Funds 134,051 Plan Assets at Net Asset Value $ 724,541 Total Plan Assets at Fair Value $ 1,327,760 Fair Value Measurements as of October 29, 2023 In thousands Total Quoted Prices Significant Other Significant Plan Assets in Fair Value Hierarchy Cash Equivalents $ 23,643 $ 461 $ 23,182 $ — Private Equity Domestic 31,383 — — 31,383 International 48,065 — — 48,065 Fixed Income U.S. Government Issues 171,949 123,683 48,266 — Municipal Issues 9,884 — 9,884 — Corporate Issues – Domestic 226,202 — 226,202 — Corporate Issues – Foreign 36,133 — 36,133 — Plan Assets in Fair Value Hierarchy $ 547,258 $ 124,144 $ 343,667 $ 79,448 Plan Assets at Net Asset Value Real Estate – Domestic $ 95,315 Global Stocks – Collective Investment Funds 369,513 Global Stocks – Gold 28,163 Hedge Funds 24,965 Fixed Income – Hedge Funds 64,613 Fixed Income – Collective Investment Funds 55,845 Plan Assets at Net Asset Value $ 638,414 Total Plan Assets at Fair Value $ 1,185,672
Schedule of reconciliation of the beginning and ending balance of the investments measured at fair value using significant unobservable inputs (Level 3)	A reconciliation of the beginning and ending balance of the investments measured at fair value using significant unobservable inputs (Level 3) is as follows: In thousands October 27, 2024 October 29, 2023 Fair Value at Beginning of Year $ 79,448 $ 88,154 Purchases, Issuances, and Settlements (Net) 1,029 (8,926) Unrealized Gains (Losses) (2,144) (8,525) Realized Gains (Losses) 569 6,455 Interest and Dividend Income 8,385 2,290 Fair Value at End of Year $ 87,287 $ 79,448
Schedule of unfunded private equity commitment balance for each investment category	The unfunded commitment balance for each investment category is as follows: In thousands October 27, 2024 October 29, 2023 Domestic Equity $ 34,111 $ 16,835 International Equity 10,058 11,396 Unfunded Commitment Balance $ 44,169 $ 28,231

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Loss (Tables)	12 Months Ended
	Oct. 27, 2024
Equity [Abstract]
Schedule of components of accumulated other comprehensive loss	Components of Accumulated Other Comprehensive Loss are as follows: In thousands Foreign Pension & Other Benefits Derivatives & Hedging Equity Method Investments Accumulated Balance at October 31, 2021 $ (51,181) $ (261,211) $ 35,123 $ — $ (277,269) Unrecognized Gains (Losses) Gross (38,612) 73,361 51,623 — 86,372 Tax Effect — (17,942) (12,384) — (30,326) Reclassification into Net Earnings Gross — 13,481 (1) (58,580) (2) — (45,099) Tax Effect — (3,312) 14,073 — 10,761 Change Net of Tax (38,612) 65,587 (5,267) — 21,708 Balance at October 30, 2022 $ (89,793) $ (195,624) $ 29,856 $ — $ (255,561) Unrecognized Gains (Losses) Gross 3,771 3,878 (49,226) 15,082 (26,495) Tax Effect — (880) 11,998 — 11,118 Reclassification into Net Earnings Gross — 11,439 (1) (2,213) (2) (8,235) (3) 991 Tax Effect — (2,806) 501 — (2,305) Change Net of Tax 3,771 11,632 (38,940) 6,847 (16,691) Balance at October 29, 2023 $ (86,022) $ (183,993) $ (9,084) $ 6,847 $ (272,252) Unrecognized Gains (Losses) Gross 15,229 (15,583) (10,762) (9,219) (20,336) Tax Effect — 3,869 2,571 — 6,440 Reclassification into Net Earnings Gross — 11,125 (1) 25,456 (2) (4,831) (3) 31,750 Tax Effect — (2,744) (6,190) — (8,933) Change Net of Tax 15,229 (3,333) 11,075 (14,050) 8,921 Balance at October 27, 2024 $ (70,794) $ (187,325) $ 1,991 $ (7,204) $ (263,331) (1) Included in computation of net periodic cost. See Note G - Pension and Other Post-Retirement Benefits for additional information. (2) Included in Cost of Products Sold and Interest Expense in the Consolidated Statements of Operations. See Note F - Derivatives and Hedging for additional information. (3) Included in Equity in Earnings of Affiliates in the Consolidated Statements of Operations.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	12 Months Ended
	Oct. 27, 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. See additional discussion of fair value measurements in Note A - Summary of Significant Accounting Policies. Fair Value Measurements at October 27, 2024 Total Fair Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) In thousands Assets at Fair Value Cash and Cash Equivalents $ 741,881 $ 741,188 $ 693 $ — Short-term Marketable Securities 24,742 5,134 19,608 — Other Trading Securities 209,729 — 209,729 — Commodity Derivatives 9,890 9,575 314 — Total Assets at Fair Value $ 986,243 $ 755,898 $ 230,345 $ — Liabilities at Fair Value Deferred Compensation $ 62,101 $ — $ 62,101 $ — Commodity Derivatives 12,638 11,127 1,510 — Total Liabilities at Fair Value $ 74,738 $ 11,127 $ 63,611 $ — Fair Value Measurements at October 29, 2023 Total Fair Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) In thousands Assets at Fair Value Cash and Cash Equivalents $ 736,532 $ 735,387 $ 1,145 $ — Short-term Marketable Securities 16,664 2,499 14,164 — Other Trading Securities 188,162 — 188,162 — Commodity Derivatives 13,768 13,702 66 — Total Assets at Fair Value $ 955,126 $ 751,589 $ 203,538 $ — Liabilities at Fair Value Deferred Compensation $ 55,222 $ — $ 55,222 $ — Commodity Derivatives 27,071 26,732 339 — Total Liabilities at Fair Value $ 82,293 $ 26,732 $ 55,561 $ —

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Oct. 27, 2024
Commitments and Contingencies Disclosure [Abstract]
Schedule of purchase commitments	As of October 27, 2024, the Company is committed to make purchases under these contracts, assuming current price levels, for future fiscal years: In thousands 2025 $ 1,234,988 2026 625,872 2027 313,814 2028 179,145 2029 66,480 Later Years 176,713 Total $ 2,597,012

Leases (Tables)

Leases (Tables)	12 Months Ended
	Oct. 27, 2024
Leases [Abstract]
Schedule of supplemental balance sheet information, lease term, and discount rate	Lease information included on the Consolidated Statements of Financial Position are: In thousands Location on Consolidated Statements of October 27, 2024 October 29, 2023 Right-of-Use Assets Operating Other Assets $ 147,698 $ 131,920 Finance Net Property, Plant, and Equipment 30,484 37,999 Total Right-of-Use Assets $ 178,183 $ 169,919 Lease Liabilities Current Operating Accrued Expenses $ 32,068 $ 26,238 Finance Current Maturities of Long-term Debt 7,383 8,597 Long-term Operating Other Long-term Liabilities 121,286 109,237 Finance Long-term Debt Less Current Maturities 20,158 27,488 Total Lease Liabilities $ 180,894 $ 171,560 The weighted-average remaining lease term and discount rate for lease liabilities included on the Consolidated Statements of Financial Position are: October 27, 2024 October 29, 2023 Weighted-average Remaining Lease Term Operating Leases 6.1 years 6.0 years Finance Leases 4.4 years 5.3 years Weighted-average Discount Rate Operating Leases 4.43 % 4.43 % Finance Leases 3.27 % 3.37 %
Schedule of lease expenses and supplemental cash flow and other information related to leases	Lease expenses are: Fiscal Year Ended In thousands October 27, 2024 October 29, 2023 October 30, 2022 Operating Lease Cost (1) $ 42,200 $ 34,209 $ 25,702 Finance Lease Cost Amortization of Right-of-Use Assets 7,562 7,594 7,965 Interest on Lease Liabilities 1,042 1,361 1,707 Variable Lease Cost (2) 390,032 511,906 463,439 Total Lease Cost $ 440,836 $ 555,070 $ 498,813 (1) Includes short-term lease costs, which are immaterial. (2) ASC 842 - Leases requires disclosure of payments related to agreements with an embedded lease that are not otherwise reflected on the Consolidated Statements of Financial Position. The Company’s variable lease costs primarily include inventory-related expenses, such as materials, labor, and overhead from manufacturing and service agreements that contain embedded leases. Variability of these costs is determined based on usage or output and may vary for other reasons such as changes in material prices. Supplemental cash flow and other information related to leases for the fiscal year ended are: In thousands October 27, 2024 October 29, 2023 October 30, 2022 Cash Paid for Amounts Included in the Measurement of Lease Liabilities Operating Cash Flows from Operating Leases $ 35,619 $ 29,436 $ 24,098 Operating Cash Flows from Finance Leases 1,042 1,361 1,707 Financing Cash Flows from Finance Leases 8,599 8,407 8,491 Right-of-Use Assets obtained in exchange for new finance lease liabilities 55 19 — Right-of-Use Assets obtained in exchange for new operating lease liabilities 48,294 84,087 19,646
Schedule of maturities of financing lease liabilities	The maturity of the Company’s lease liabilities as of October 27, 2024, are: In thousands Operating Leases Finance Leases (1) Total (2) 2025 $ 38,343 $ 8,126 $ 46,469 2026 34,674 5,691 40,364 2027 26,020 4,335 30,354 2028 17,481 10,542 28,023 2029 16,180 685 16,865 2030 and beyond 43,040 — 43,040 Total Lease Payments $ 175,738 $ 29,377 $ 205,115 Less: Imputed Interest 22,385 1,836 24,222 Present Value of Lease Liabilities $ 153,354 $ 27,541 $ 180,894 (1) Over the life of the lease contracts, finance lease payments include $7.2 million related to purchase options which are reasonably certain of being exercised.
Schedule of maturities of operating lease liabilities	The maturity of the Company’s lease liabilities as of October 27, 2024, are: In thousands Operating Leases Finance Leases (1) Total (2) 2025 $ 38,343 $ 8,126 $ 46,469 2026 34,674 5,691 40,364 2027 26,020 4,335 30,354 2028 17,481 10,542 28,023 2029 16,180 685 16,865 2030 and beyond 43,040 — 43,040 Total Lease Payments $ 175,738 $ 29,377 $ 205,115 Less: Imputed Interest 22,385 1,836 24,222 Present Value of Lease Liabilities $ 153,354 $ 27,541 $ 180,894 (1) Over the life of the lease contracts, finance lease payments include $7.2 million related to purchase options which are reasonably certain of being exercised.

Long-term Debt and Other Borr_2

Long-term Debt and Other Borrowing Arrangements (Tables)	12 Months Ended
	Oct. 27, 2024
Debt Disclosure [Abstract]
Schedule of long-term debt	Long-term Debt consists of: In thousands October 27, 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 (6,687) (7,016) Unamortized Debt Issuance Costs (15,628) (16,278) Interest Rate Swap Liabilities (1) — (7,451) Finance Lease Liabilities (2) 27,541 36,085 Other Financing Arrangements 3,530 3,908 Total Debt 2,858,756 3,309,247 Less: Current Maturities of Long-term Debt 7,813 950,529 Long-term Debt Less Current Maturities $ 2,850,944 $ 2,358,719 (1) See Note F - Derivatives and Hedging for additional information. (2) See Note K - Leases for additional information.
Schedule of interest paid	Total interest paid in the last three fiscal years is as follows: In millions Interest Payments 2024 $ 70.3 2023 57.1 2022 57.0

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	12 Months Ended
	Oct. 27, 2024
Share-Based Payment Arrangement [Abstract]
Schedule of reconciliation of the number of options outstanding and exercisable	A reconciliation of the number of options outstanding and exercisable as of October 27, 2024, is: Shares Weighted-average Exercise Price Weighted-average Remaining Contractual Term (Years) Aggregate Stock Options Outstanding at October 29, 2023 16,384 $ 37.61 Granted 1,757 31.46 Exercised (1,827) 24.28 Forfeited (61) 42.74 Expired (259) 37.94 Stock Options Outstanding at October 27, 2024 15,994 $ 38.43 4.4 $ 5,547 Stock Options Exercisable at October 27, 2024 12,641 $ 38.51 3.3 $ 5,451
Schedule of weighted-average grant date fair value of stock options granted and the total intrinsic value of options exercised	The weighted-average grant date fair value of stock options granted and the total intrinsic value of options exercised are: Fiscal Year Ended In thousands, except per share amounts October 27, 2024 October 29, 2023 October 30, 2022 Weighted-average Grant Date Fair Value $ 5.95 $ 10.06 $ 7.09 Intrinsic Value of Exercised Options 16,259 6,350 109,745
Schedule of weighted-average assumptions used to calculate fair value of each option award	The fair value of each option award is calculated on the date of grant using the Black-Scholes valuation model utilizing the following weighted-average assumptions: Fiscal Year Ended October 27, 2024 October 29, 2023 October 30, 2022 Risk-free Interest Rate 4.1 % 3.5 % 1.6 % Dividend Yield 3.6 % 2.4 % 2.4 % Stock Price Volatility 21.5 % 21.1 % 20.4 % Expected Option Life 7.5 years 7.4 years 7.5 years
Schedule of reconciliation of the nonvested shares	A reconciliation of the restricted stock units as of October 27, 2024, is: Shares Weighted- average Grant Date Fair Value Weighted-average Remaining Contractual Term (Years) Aggregate Restricted Stock Units Outstanding at October 29, 2023 723 $ 45.59 Granted 394 31.39 Dividend Equivalents 29 34.94 Vested (245) 44.78 Forfeited (18) 43.63 Restricted Stock Units Outstanding at October 27, 2024 882 $ 39.22 1.3 $ 27,391 Shares Weighted- average Grant Date Fair Value Restricted Shares Outstanding at October 29, 2023 44 $ 44.14 Granted 54 30.89 Vested (35) 45.34 Forfeited (9) 34.44 Restricted Shares Outstanding at October 27, 2024 53 $ 31.51
Schedule of the weighted-average grant date fair value and fair value of nonvested shares granted	The weighted-average grant date fair value of restricted stock units granted, the total fair value of restricted stock units granted, and the fair value of restricted stock units that have vested are: Fiscal Year Ended In thousands, except per share amounts October 27, 2024 October 29, 2023 October 30, 2022 Weighted-average Grant Date Fair Value $ 31.39 $ 45.96 $ 44.14 Fair Value of Restricted Stock Units Granted 12,355 10,889 15,980 Fair Value of Restricted Stock Units Vested 10,988 8,466 1,893 The weighted-average grant date fair value of restricted shares granted, the total fair value of restricted shares granted, and the fair value of shares that have vested are: Fiscal Year Ended In thousands, except per share amounts October 27, 2024 October 29, 2023 October 30, 2022 Weighted-average Grant Date Fair Value $ 30.89 $ 44.14 $ 47.11 Fair Value of Restricted Shares Granted 1,680 1,920 1,760 Fair Value of Restricted Shares Vested 1,600 1,760 1,760

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Oct. 27, 2024
Income Tax Disclosure [Abstract]
Schedule of components of provision for income taxes	The components of the Provision for Income Taxes are as follows: Fiscal Year Ended In thousands October 27, 2024 October 29, 2023 October 30, 2022 Current U.S. Federal $ 110,928 $ 161,016 $ 67,638 State 17,002 20,166 20,054 Foreign 15,203 7,576 13,185 Total Current 143,133 188,758 100,877 Deferred U.S. Federal 74,461 23,221 164,091 State 14,868 8,602 13,638 Foreign (1,659) (29) (729) Total Deferred 87,670 31,794 177,000 Total Provision for Income Taxes $ 230,803 $ 220,552 $ 277,877
Schedule of significant components of the deferred income tax liabilities and assets	Significant components of the deferred income tax liabilities and assets are as follows: In thousands October 27, 2024 October 29, 2023 Deferred Tax Liabilities Goodwill and Intangible Assets $ (556,263) $ (477,282) Tax over Book Depreciation and Basis Differences (211,554) (233,802) Other, net (39,618) (33,105) Deferred Tax Assets Pension and Other Post-retirement Benefits 50,078 42,952 Employee Compensation Related Liabilities 70,339 65,958 Marketing and Promotional Accruals 9,833 16,972 Inventory 6,853 46,856 Other, net 84,733 75,562 Net Deferred Tax (Liabilities) Assets $ (585,599) $ (495,889)
Schedule of reconciliation of the statutory federal income tax rate to the effective tax rate	Reconciliation of the statutory federal income tax rate to the Company’s effective tax rate is as follows: Fiscal Year Ended October 27, 2024 October 29, 2023 October 30, 2022 U.S. Statutory Rate 21.0 % 21.0 % 21.0 % State Taxes on Income, Net of Federal Tax Benefit 2.6 2.5 2.4 Stock-based Compensation (0.1) (0.1) (1.5) Foreign-derived Intangible Income Deduction — (1.3) (0.4) All Other, net (1.2) (0.3) 0.2 Effective Tax Rate 22.3 % 21.8 % 21.7 %
Schedule of changes in the unrecognized tax benefits, excluding interest and penalties	The changes in unrecognized tax benefits, excluding interest and penalties, for fiscal years 2024 and 2023 are as follows: In thousands Balance as of October 30, 2022 $ 19,520 Tax Positions Related to the Current Period Increases 3,876 Tax Positions Related to Prior Periods Increases 2,131 Decreases (1,708) Settlements (811) Decreases Related to a Lapse of Applicable Statute of Limitations (3,881) Balance as of October 29, 2023 $ 19,127 Tax Positions Related to the Current Period Increases 3,151 Tax Positions Related to Prior Periods Increases 1,449 Decreases (443) Settlements (2,341) Decreases Related to a Lapse of Applicable Statute of Limitations (3,183) Balance as of October 27, 2024 $ 17,760

Earnings Per Share Data (Tables

Earnings Per Share Data (Tables)	12 Months Ended
	Oct. 27, 2024
Earnings Per Share [Abstract]
Schedule of reconciliation of the shares used in the computation of basic and diluted earnings per share	The shares used as the denominator for those computations are as follows: Fiscal Year Ended In thousands October 27, 2024 October 29, 2023 October 30, 2022 Basic Weighted-average Shares Outstanding 548,129 546,421 544,918 Dilutive Potential Common Shares 703 2,562 4,648 Diluted Weighted-average Shares Outstanding 548,832 548,982 549,566 Antidilutive Potential Common Shares 17,878 6,834 1,915

Segment Reporting (Tables)

Segment Reporting (Tables)	12 Months Ended
	Oct. 27, 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. The Company’s CODM reviews assets at a consolidated level and does not use assets by segment to evaluate performance or allocate resources. Therefore, the Company does not disclose assets by segment. In thousands Fiscal Year Ended October 27, 2024 October 29, 2023 October 30, 2022 Net Sales Retail $ 7,374,149 $ 7,749,039 $ 7,987,598 Foodservice 3,845,118 3,639,492 3,691,408 International 701,529 721,479 779,799 Total Net Sales $ 11,920,797 $ 12,110,010 $ 12,458,806 Segment Profit Retail $ 562,768 $ 577,690 $ 721,832 Foodservice 596,292 595,682 547,686 International 92,084 55,234 107,642 Total Segment Profit $ 1,251,144 $ 1,228,606 $ 1,377,161 Net Unallocated Expense 215,304 214,482 99,297 Noncontrolling Interest (407) (653) 239 Earnings Before Income Taxes $ 1,035,434 $ 1,013,472 $ 1,278,103 Depreciation and Amortization Retail $ 140,103 $ 145,690 $ 135,824 Foodservice 78,949 74,370 69,577 International 19,151 15,627 16,072 Corporate 19,553 17,623 14,413 Total Depreciation and Amortization $ 257,756 $ 253,311 $ 235,885
Schedule of total revenues contributed by classes of similar products	Total revenue contributed by classes of similar products are: Fiscal Year Ended In thousands October 27, 2024 October 29, 2023 October 30, 2022 Perishable $ 8,548,802 $ 8,511,795 $ 8,737,486 Shelf-stable 3,371,995 3,598,215 3,721,320 Total Net Sales $ 11,920,797 $ 12,110,010 $ 12,458,806
Schedule of total net sales attributable to U.S. and all foreign countries	Total net sales attributed to the U.S. and all foreign countries in total are: Fiscal Year Ended In thousands October 27, 2024 October 29, 2023 October 30, 2022 U.S. $ 11,283,978 $ 11,515,094 $ 11,776,883 Foreign 636,819 594,915 681,923 Total Net Sales $ 11,920,797 $ 12,110,010 $ 12,458,806

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Reportable Segments (Details) - segment			12 Months Ended
	Oct. 31, 2022	Oct. 30, 2022	Oct. 27, 2024
Accounting Policies [Abstract]
Number of operating segments	3	4
Number of reportable segments	3	4	3

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Property, Plant and Equipment (Details)	Oct. 27, 2024
Buildings | Minimum
Property, Plant and Equipment
Estimated useful life	20 years
Buildings | Maximum
Property, Plant and Equipment
Estimated useful life	40 years
Equipment and software | Minimum
Property, Plant and Equipment
Estimated useful life	3 years
Equipment and software | Maximum
Property, Plant and Equipment
Estimated useful life	14 years

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Leases (Details)	12 Months Ended
	Oct. 27, 2024 renewalOption lease
Accounting Policies [Abstract]
Finance lease, number of renewal or termination options	1
Operating lease, number of renewal or termination options	1
Finance lease, number of leases with residual value guarantee | lease	1

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Impairment of Long-Lived Assets and Definite-Lived Intangible Assets (Details) - USD ($)	12 Months Ended
	Oct. 27, 2024	Oct. 29, 2023	Oct. 30, 2022
Accounting Policies [Abstract]
Impairment charges, finite-lived assets	$ 0	$ 0	$ 0
Impairment charges, definite-lived assets	$ 0	$ 0	$ 0

Summary of Significant Accoun_7

Summary of Significant Accounting Policies - Goodwill and Indefinite-Lived Intangibles (Details) - USD ($)		3 Months Ended				12 Months Ended
	Oct. 30, 2022	Oct. 27, 2024	Oct. 29, 2023	Jan. 29, 2023	Oct. 30, 2022	Oct. 27, 2024	Oct. 29, 2023	Oct. 30, 2022
Indefinite-lived Intangible Assets [Line Items]
Goodwill, impairment charges	$ 0			$ 0		$ 0	$ 0	$ 0
Goodwill and Intangible Impairment						0	28,383,000	0
Trade Name, Justin's
Indefinite-lived Intangible Assets [Line Items]
Goodwill and Intangible Impairment							28,400,000
Trade Name, Excluding Justin's
Indefinite-lived Intangible Assets [Line Items]
Goodwill and Intangible Impairment		$ 0	$ 0		$ 0	$ 0	$ 0	$ 0

Summary of Significant Accoun_8

Summary of Significant Accounting Policies - Equity Method Investments (Details) - USD ($)	12 Months Ended
	Oct. 27, 2024	Oct. 29, 2023	Oct. 30, 2022
Schedule of Equity Method Investments [Line Items]
Impairment charges on equity method investments	$ 0		$ 0
Corporate Venturing Investment
Schedule of Equity Method Investments [Line Items]
Impairment charges on equity method investments		$ 7,000,000

Summary of Significant Accoun_9

Summary of Significant Accounting Policies - Revenue Recognition (Details)	12 Months Ended
	Oct. 27, 2024
Minimum
Revenue from External Customer [Line Items]
Payment term	7 days
Maximum
Revenue from External Customer [Line Items]
Payment term	60 days

Summary of Significant Accou_10

Summary of Significant Accounting Policies - Advertising Expenses (Details) - USD ($) $ in Millions	12 Months Ended
	Oct. 27, 2024	Oct. 29, 2023	Oct. 30, 2022
Advertising Expenses
Advertising costs	$ 163.3	$ 160.1	$ 157.3

Summary of Significant Accou_11

Summary of Significant Accounting Policies - Research and Development Expenses (Details) - USD ($) $ in Millions	12 Months Ended
	Oct. 27, 2024	Oct. 29, 2023	Oct. 30, 2022
Research and Development Expenses
Research and development expense	$ 36.1	$ 33.7	$ 34.7

Acquisitions and Divestitures (

Acquisitions and Divestitures (Details) - Disposal Group, Disposed of by Sale, Not Discontinued Operations - Hormel Health Labs, LLC $ in Millions	Oct. 18, 2024 USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Preliminary purchase price, sale of business	$ 25
Pre-tax gain, sale of business	$ 3.9

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets - Changes in Carrying Amount of Goodwill (Details) - USD ($) $ in Thousands	12 Months Ended
	Oct. 27, 2024	Oct. 29, 2023
Changes in the carrying amount of goodwill
Balance at the beginning of the period	$ 4,928,464	$ 4,925,829
Goodwill Reallocation		0
Goodwill Sold	(2,239)
Foreign Currency Translation	(2,738)	2,635
Balance at the end of the period	4,923,487	4,928,464
Grocery Products
Changes in the carrying amount of goodwill
Balance at the beginning of the period	0	2,398,354
Goodwill Reallocation		(2,398,354)
Goodwill Sold	0
Foreign Currency Translation	0	0
Balance at the end of the period	0	0
Refrigerated Foods
Changes in the carrying amount of goodwill
Balance at the beginning of the period	0	2,094,421
Goodwill Reallocation		(2,094,421)
Goodwill Sold	0
Foreign Currency Translation	0	0
Balance at the end of the period	0	0
Jennie-O Turkey Store
Changes in the carrying amount of goodwill
Balance at the beginning of the period	0	176,628
Goodwill Reallocation		(176,628)
Goodwill Sold	0
Foreign Currency Translation	0	0
Balance at the end of the period	0	0
Retail
Changes in the carrying amount of goodwill
Balance at the beginning of the period	2,916,796	0
Goodwill Reallocation		2,916,796
Goodwill Sold	0
Foreign Currency Translation	0	0
Balance at the end of the period	2,916,796	2,916,796
Foodservice
Changes in the carrying amount of goodwill
Balance at the beginning of the period	1,750,594	0
Goodwill Reallocation		1,750,594
Goodwill Sold	(2,239)
Foreign Currency Translation	0	0
Balance at the end of the period	1,748,355	1,750,594
International
Changes in the carrying amount of goodwill
Balance at the beginning of the period	261,074	256,427
Goodwill Reallocation		2,013
Goodwill Sold	0
Foreign Currency Translation	(2,738)	2,635
Balance at the end of the period	$ 258,336	$ 261,074

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets - Carrying Amounts Indefinite Lived Intangible Assets (Details) - USD ($) $ in Thousands	Oct. 27, 2024	Oct. 29, 2023
Carrying amounts for indefinite-lived intangible assets
Total Indefinite-lived Intangible Assets	$ 1,623,112	$ 1,631,098
Brands/Trade Names/Trademarks
Carrying amounts for indefinite-lived intangible assets
Total Indefinite-lived Intangible Assets	1,629,582	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	$ 6,655	$ 5,893

Goodwill and Intangible Asset_4

Goodwill and Intangible Assets - Definite Lived Intangibles Assets (Details) - USD ($) $ in Thousands	Oct. 27, 2024	Oct. 29, 2023
Gross carrying amount and accumulated amortization for definite-lived intangible assets
Gross Carrying Amount	$ 233,690	$ 234,020
Accumulated Amortization	(124,097)	(107,947)
Customer Relationships
Gross carrying amount and accumulated amortization for definite-lived intangible assets
Gross Carrying Amount	168,239	168,239
Accumulated Amortization	(93,536)	(82,658)
Other Intangibles
Gross carrying amount and accumulated amortization for definite-lived intangible assets
Gross Carrying Amount	59,241	59,241
Accumulated Amortization	(20,107)	(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	(5,996)	(5,089)
Foreign Currency Translation
Gross carrying amount and accumulated amortization for definite-lived intangible assets
Gross Carrying Amount	0	0
Accumulated Amortization	$ (4,458)	$ (4,344)

Goodwill and Intangible Asset_5

Goodwill and Intangible Assets - Amortization Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Oct. 27, 2024	Oct. 29, 2023	Oct. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense	$ 16,366	$ 18,386	$ 19,274

Goodwill and Intangible Asset_6

Goodwill and Intangible Assets - Estimated Amortization Expense (Details) $ in Thousands	Oct. 27, 2024 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2025	$ 14,624
2026	14,169
2027	13,927
2028	12,972
2029	$ 11,504

Goodwill and Intangible Asset_7

Goodwill and Intangible Assets - Narrative (Details) - USD ($)	3 Months Ended			12 Months Ended
	Oct. 27, 2024	Oct. 29, 2023	Oct. 30, 2022	Oct. 27, 2024	Oct. 29, 2023	Oct. 30, 2022
Indefinite-lived Intangible Assets [Line Items]
Goodwill and intangible asset impairment charge				$ 0	$ 28,383,000	$ 0
Trade Name, Justin's
Indefinite-lived Intangible Assets [Line Items]
Goodwill and intangible asset impairment charge					28,400,000
Trade Name, Excluding Justin's
Indefinite-lived Intangible Assets [Line Items]
Goodwill and intangible asset impairment charge	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0

Investments in Affiliates - Sch

Investments in Affiliates - Schedule of Equity in Earnings of Affiliates (Details) - USD ($) $ in Thousands	12 Months Ended
	Oct. 27, 2024	Oct. 29, 2023	Oct. 30, 2022
Schedule of Equity Method Investments [Line Items]
Total Equity in Earnings of Affiliates	$ 51,088	$ 42,754	$ 27,185
MegaMex Foods, LLC
Schedule of Equity Method Investments [Line Items]
% Owned	50%	50%	50%
Total Equity in Earnings of Affiliates	$ 24,784	$ 40,501	$ 19,861
Other Equity Method Investments
Schedule of Equity Method Investments [Line Items]
Total Equity in Earnings of Affiliates	$ 26,304	$ 2,253	$ 7,324
Other Equity Method Investments | Minimum
Schedule of Equity Method Investments [Line Items]
% Owned	25%	25%	25%
Other Equity Method Investments | Maximum
Schedule of Equity Method Investments [Line Items]
% Owned	45%	45%	45%

Investments in Affiliates - S_2

Investments in Affiliates - Schedule of Distributions Received from Equity Method Investees (Details) - USD ($) $ in Thousands	12 Months Ended
	Oct. 27, 2024	Oct. 29, 2023	Oct. 30, 2022
Investment, Affiliated Issuer
Schedule of Equity Method Investments [Line Items]
Dividends	$ 46,055	$ 38,160	$ 43,039

Investments in Affiliates - Nar

Investments in Affiliates - Narrative (Details) - USD ($)		12 Months Ended
	Dec. 15, 2022	Oct. 27, 2024	Oct. 29, 2023	Oct. 30, 2022	Oct. 25, 2024	Apr. 12, 2023	Oct. 26, 2009
Schedule of Equity Method Investments [Line Items]
Impairment charges on equity method investments		$ 0		$ 0
Garudafood
Schedule of Equity Method Investments [Line Items]
Ownership percentage	29%					30%
Purchase price	$ 425,800,000
Basis difference between fair value and carrying value of investment	$ 324,800,000	$ 328,100,000
Fair value of common stock					$ 295,600,000
Corporate Venturing Investment
Schedule of Equity Method Investments [Line Items]
Impairment charges on equity method investments			$ 7,000,000
MegaMex Foods, LLC
Schedule of Equity Method Investments [Line Items]
Ownership percentage		50%	50%	50%
Basis difference between fair value and carrying value of investment		$ 8,500,000					$ 21,300,000

Inventories - Schedule of Princ

Inventories - Schedule of Principal Components of Inventories (Details) - USD ($) $ in Thousands	Oct. 27, 2024	Oct. 29, 2023
Inventory Disclosure [Abstract]
Finished Products	$ 881,295	$ 954,432
Raw Materials and Work-in-Process	427,834	448,535
Operating Supplies	147,333	168,289
Maintenance Materials and Parts	119,837	109,151
Total Inventories	$ 1,576,300	$ 1,680,406

Derivatives and Hedging - Narra

Derivatives and Hedging - Narrative (Details)	3 Months Ended	12 Months Ended
	Jul. 25, 2021	Oct. 27, 2024 USD ($)	Jan. 30, 2022 USD ($)	Jun. 03, 2021 USD ($)	Apr. 25, 2021 USD ($) derivative
Notes due June 2024 | Senior Notes
Derivatives and Hedging
Aggregate principal amount of debt			$ 950,000,000	$ 950,000,000
Interest rate		0.65%	0.65%	0.65%
Grain
Derivatives and Hedging
Maximum number of upcoming fiscal periods to hedge exposure		2 years
Lean Hogs
Derivatives and Hedging
Maximum number of upcoming fiscal periods to hedge exposure		1 year
Interest Rate Locks | Cash Flow Hedges | Designated as Hedging
Derivatives and Hedging
Number of hedging instruments | derivative					2
Total notional amount of hedging					$ 1,250,000,000
Interest Rate Locks | Cash Flow Hedges | Designated as Hedging | Minimum
Derivatives and Hedging
Tenor of hedging contracts	7 years
Interest Rate Locks | Cash Flow Hedges | Designated as Hedging | Maximum
Derivatives and Hedging
Tenor of hedging contracts	30 years
Interest Rate Swap | Fair Value Hedges | Designated as Hedging
Derivatives and Hedging
Total notional amount of hedging			$ 450,000,000
Commodity Contracts
Derivatives and Hedging
Hedging gains (losses) expected to be recognized the next twelve months		$ (8,800,000)
Interest Rate Contracts
Derivatives and Hedging
Hedging gains (losses) expected to be recognized the next twelve months		$ 11,500,000

Derivatives and Hedging - Outst

Derivatives and Hedging - Outstanding Contracts (Details) - Cash Flow Hedges lb in Millions, gal in Millions, bu in Millions, MMBTU in Millions	12 Months Ended
	Oct. 27, 2024 MMBTU lb bu gal	Oct. 29, 2023 MMBTU lb gal bu	Oct. 30, 2022 bu
Corn
Derivatives and Hedging
Future contracts, volume (in bushels)	29.2	30.7
Corn | Designated as Hedging
Derivatives and Hedging
Future contracts, volume (in bushels)			1
Lean Hogs
Derivatives and Hedging
Futures contracts, volume (in pounds) | lb	175.6	144.2
Natural Gas | Designated as Hedging
Derivatives and Hedging
Futures contracts, energy (in MMBtu) | MMBTU	4.2	3
Commodity Contract, Diesel Fuel | Designated as Hedging
Derivatives and Hedging
Future contracts, volume (in bushels) | gal	4	0

Derivatives and Hedging - Gross

Derivatives and Hedging - Gross Fair Value of Derivatives (Details) - USD ($) $ in Thousands	Oct. 27, 2024	Oct. 29, 2023
Derivatives fair value
Counterparty and Collateral Netting Offset, Assets	$ (1,785)	$ 5,226
Counterparty and Collateral Netting Offset, Liabilities	12,638	26,980
Amounts Recognized on Consolidated Statements of Financial Position, Assets	8,066	18,972
Amounts Recognized on Consolidated Statements of Financial Position, Liabilities	0	0
Derivative asset, statement of financial position [Extensible Enumeration]	8,066	18,972
Derivative liability, statement of financial position [Extensible Enumeration]	0	0
Right to reclaim cash collateral within master netting arrangement	10,900	32,200
Designated as Hedging | Commodity Contracts | Prepaid Expenses and Other Current Assets
Derivatives fair value
Gross Fair Value of Commodity Contracts, Assets	9,851	13,747
Gross Fair Value of Commodity Contracts, Liabilities	$ (12,638)	$ (26,980)

Derivatives and Hedging - Fair

Derivatives and Hedging - Fair Value Hedge Assets (Liabilities) (Details) - USD ($) $ in Thousands	Oct. 27, 2024	Oct. 29, 2023
Derivatives fair value
Cumulative basis adjustment of carrying amount of hedged portion of 2024 Notes	$ 0	$ 7,451
Accounts Payable | Commodity Contracts | Fair Value Hedges
Derivatives fair value
Carrying Amount of Hedged Assets (Liabilities)	(2,902)	(4,914)
Current Maturities of Long-term Debt | Interest Rate Contract | Fair Value Hedges
Derivatives fair value
Carrying Amount of Hedged Assets (Liabilities)	$ 0	$ (442,549)

Derivatives and Hedging - Effec

Derivatives and Hedging - Effect of AOCL for Gains or Losses (Before Tax) (Details) - Cash Flow Hedges - Designated as Hedging - USD ($) $ in Thousands	12 Months Ended
	Oct. 27, 2024	Oct. 29, 2023	Oct. 30, 2022
Commodity Contracts
Derivative instruments gains or losses (before tax)
Gain/(Loss) Reclassified from AOCL into Earnings	$ (26,445)	$ 1,225	$ 55,350
Commodity Contracts | Cost of Products Sold
Derivative instruments gains or losses (before tax)
Gain/(Loss) Recognized in AOCL	(12,898)	(50,353)
Gain/(Loss) Reclassified from AOCL into Earnings	(26,445)	1,225
Corn | Cost of Products Sold
Derivative instruments gains or losses (before tax)
Excluded component	2,136	1,127
Interest Rate Contracts | Interest Expense
Derivative instruments gains or losses (before tax)
Gain/(Loss) Reclassified from AOCL into Earnings	$ 988	$ 988

Derivatives and Hedging - Conso

Derivatives and Hedging - Consolidated Statements of Operations Impact of Gains or Losses on Derivative Instruments (Details) $ in Thousands, bu in Millions	12 Months Ended
	Oct. 27, 2024 USD ($) bu	Oct. 29, 2023 USD ($) bu	Oct. 30, 2022 USD ($) bu
Derivatives and Hedging
Net Earnings Attributable to Hormel Foods Corporation	$ 805,038	$ 793,572	$ 999,987
Cash Flow Hedges | Corn
Fair Value Hedges
Future contracts, volume (in bushels) | bu	29.2	30.7
Designated as Hedging
Fair Value Hedges
Total Gain (Loss) Recognized in Earnings	$ (29,420)	$ (15,466)	35,094
Designated as Hedging | Commodity Contracts
Fair Value Hedges
Total Gain (Loss) Recognized in Earnings	(22,957)	(3,955)	35,101
Designated as Hedging | Interest Rate Contracts
Fair Value Hedges
Total Gain (Loss) Recognized in Earnings	(6,463)	(11,511)	(7)
Designated as Hedging | Cash Flow Hedges | Commodity Contracts
Cash Flow Hedges - Commodity Contracts
Gain (Loss) Reclassified from AOCL	(26,445)	1,225	55,350
Amortization of Excluded Component from Options	(2,774)	(5,835)	(4,369)
Gain (Loss) Reclassified from AOCL Due to Discontinuance of Cash Flow Hedges	0	0	2,242
Designated as Hedging | Cash Flow Hedges | Interest Rate Locks
Cash Flow Hedges - Commodity Contracts
Gain (Loss) Reclassified from AOCL	988	988	988
Designated as Hedging | Cash Flow Hedges | Corn
Cash Flow Hedges - Commodity Contracts
Gain (Loss) Reclassified from AOCL Due to Discontinuance of Cash Flow Hedges			$ 2,200
Fair Value Hedges
Future contracts, volume (in bushels) | bu			1
Designated as Hedging | Fair Value Hedges | Commodity Contracts
Fair Value Hedges
Gain (Loss) on Commodity Futures and Interest Rate Swap	6,263	656	$ (18,122)
Designated as Hedging | Fair Value Hedges | Interest Rate Swap
Fair Value Hedges
Gain (Loss) on Commodity Futures and Interest Rate Swap	0	0	928
Amortization of Loss Due to Discontinuance of Fair Value Hedge	$ (7,451)	$ (12,499)	$ (1,923)

Pension and Other Post-retire_3

Pension and Other Post-retirement Benefits - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Oct. 27, 2024	Oct. 29, 2023	Oct. 30, 2022
Pension and Other Post-retirement Benefits
Total costs, defined contribution benefit plans	$ 42,500	$ 41,000	$ 47,900
Interest crediting rate floor	2.65%
Pension Benefits
Pension and Other Post-retirement Benefits
Pension plans accumulated benefit obligation	$ 1,300,000	1,200,000
Expected contribution representing benefit payments for unfunded plans during next fiscal year	30,400
Fair value of investments	1,327,760	1,185,672	1,240,200
Pension Benefits | Significant Unobservable Inputs (Level 3)
Pension and Other Post-retirement Benefits
Fair value of investments	87,287	79,448	88,154
Pension Benefits | Private Equity
Pension and Other Post-retirement Benefits
Commitments for investments	$ 180,900
Pension Benefits | Real Estate
Pension and Other Post-retirement Benefits
Advance notice to requests redemption of shares, first option	45 days
Advance notice to requests redemption of shares, second option	90 days
Pension Benefits | Real Estate | Significant Unobservable Inputs (Level 3)
Pension and Other Post-retirement Benefits
Fair value of investments	$ 6,249
Pension Benefits | Fixed Income – Hedge Funds
Pension and Other Post-retirement Benefits
Advance notice to requests redemption of shares, first option	90 days
Advance notice to request redemption of shares, fund anniversary	3 years
Post-retirement Benefits
Pension and Other Post-retirement Benefits
Amortization period of actuarial gains and losses and any adjustments resulting from plan amendments	13 years
Increase in per capita cost of covered health care benefits assumed for next fiscal year (as a percent)	8%
Expected ultimate pre-Medicare and post-Medicare rate (as a percent)	5%
Year that reaches the ultimate trend rate	2030
Fair value of investments	$ 0	$ 0	$ 0
Minimum | Pension Benefits
Pension and Other Post-retirement Benefits
Amortization period of actuarial gains and losses and any adjustments resulting from plan amendments	8 years
Minimum | Pension Benefits | Private Equity | Significant Unobservable Inputs (Level 3)
Pension and Other Post-retirement Benefits
Fair value of investments	$ 78,500
Maximum | Pension Benefits
Pension and Other Post-retirement Benefits
Amortization period of actuarial gains and losses and any adjustments resulting from plan amendments	12 years
Maximum | Pension Benefits | Private Equity | Significant Unobservable Inputs (Level 3)
Pension and Other Post-retirement Benefits
Fair value of investments	$ 87,300
Weighted Average | Pension Benefits | Private Equity | Significant Unobservable Inputs (Level 3)
Pension and Other Post-retirement Benefits
Fair value of investments	$ 82,900

Pension and Other Post-retire_4

Pension and Other Post-retirement Benefits - Costs and Obligations (Details) - USD ($) $ in Thousands	12 Months Ended
	Oct. 27, 2024	Oct. 29, 2023	Oct. 30, 2022
Net periodic cost of defined benefit plans
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Interest Cost, Statement of Income or Comprehensive Income [Extensible Enumeration]	Interest and Investment Income	Interest and Investment Income	Interest and Investment Income
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) Excluding Service Cost, Statement of Income or Comprehensive Income [Extensible Enumeration]	Interest and Investment Income	Interest and Investment Income	Interest and Investment Income
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Amortization of Prior Service Cost (Credit), Statement of Income or Comprehensive Income [Extensible Enumeration]	Interest and Investment Income	Interest and Investment Income	Interest and Investment Income
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Amortization of Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Interest and Investment Income	Interest and Investment Income	Interest and Investment Income
Pension Benefits
Net periodic cost of defined benefit plans
Service Cost	$ 36,118	$ 35,607	$ 40,076
Interest Cost	73,344	68,630	50,558
Expected Return on Plan Assets	(77,510)	(78,285)	(108,248)
Amortization of Prior Service Cost (Credit)	(886)	(1,843)	(1,496)
Recognized Actuarial Loss (Gain)	13,268	13,303	12,530
Net Periodic Cost	44,334	37,413	(6,581)
Post-retirement Benefits
Net periodic cost of defined benefit plans
Service Cost	163	248	469
Interest Cost	11,571	12,064	7,684
Expected Return on Plan Assets	0	0	0
Amortization of Prior Service Cost (Credit)	8	8	8
Recognized Actuarial Loss (Gain)	(1,265)	(29)	2,439
Net Periodic Cost	$ 10,476	$ 12,290	$ 10,600

Pension and Other Post-retire_5

Pension and Other Post-retirement Benefits - Actuarial Gains and Losses (Details) - USD ($) $ in Thousands	Oct. 27, 2024	Oct. 29, 2023
Pension Benefits
Amounts recognized in accumulated other comprehensive loss
Unrecognized Prior Service (Cost) Credit	$ (8,435)	$ (7,549)
Unrecognized Actuarial (Loss) Gain	(260,538)	(270,468)
Post-retirement Benefits
Amounts recognized in accumulated other comprehensive loss
Unrecognized Prior Service (Cost) Credit	525	(138)
Unrecognized Actuarial (Loss) Gain	$ 21,318	$ 35,483

Pension and Other Post-retire_6

Pension and Other Post-retirement Benefits - Change in Benefit Obligation (Details) - USD ($) $ in Thousands	12 Months Ended
	Oct. 27, 2024	Oct. 29, 2023	Oct. 30, 2022
Pension Benefits
Change in Benefit Obligation:
Benefit Obligation at Beginning of Year	$ 1,174,380	$ 1,200,013
Service Cost	36,118	35,607	$ 40,076
Interest Cost	73,344	68,630	50,558
Actuarial (Gain) Loss	143,280	(51,106)
Plan Amendments	0	3,307
Participant Contributions	0	0
Medicare Part D Subsidy	0	0
Benefits Paid	(87,396)	(82,071)
Benefit Obligation at End of Year	1,339,726	1,174,380	1,200,013
Post-retirement Benefits
Change in Benefit Obligation:
Benefit Obligation at Beginning of Year	186,199	211,986
Service Cost	163	248	469
Interest Cost	11,571	12,064	7,684
Actuarial (Gain) Loss	12,826	(17,421)
Plan Amendments	(654)	0
Participant Contributions	2,001	2,137
Medicare Part D Subsidy	110	449
Benefits Paid	(20,637)	(23,263)
Benefit Obligation at End of Year	$ 191,578	$ 186,199	$ 211,986

Pension and Other Post-retire_7

Pension and Other Post-retirement Benefits - Change in Plan Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Oct. 27, 2024	Oct. 29, 2023
Pension Benefits
Change in Plan Assets:
Fair Value of Plan Assets at Beginning of Year	$ 1,185,672	$ 1,240,200
Actual Return on Plan Assets	217,453	15,810
Participant Contributions	0	0
Employer Contributions	12,031	11,733
Benefits Paid	(87,396)	(82,071)
Fair Value of Plan Assets at End of Year	1,327,760	1,185,672
Funded Status at End of Year	(11,966)	11,292
Post-retirement Benefits
Change in Plan Assets:
Fair Value of Plan Assets at Beginning of Year	0	0
Actual Return on Plan Assets	0	0
Participant Contributions	2,001	2,137
Employer Contributions	18,636	21,126
Benefits Paid	(20,637)	(23,263)
Fair Value of Plan Assets at End of Year	0	0
Funded Status at End of Year	$ (191,578)	$ (186,199)

Pension and Other Post-retire_8

Pension and Other Post-retirement Benefits - Amounts in Financial Position (Details) - USD ($) $ in Thousands	Oct. 27, 2024	Oct. 29, 2023
Amounts recognized in the Consolidated Statements of Financial Position
Pension Assets	$ 205,964	$ 204,697
Pension and Post-retirement Benefits	(379,891)	(349,268)
Pension Benefits
Amounts recognized in the Consolidated Statements of Financial Position
Pension Assets	205,964	204,697
Employee-related Expenses	(12,501)	(12,023)
Pension and Post-retirement Benefits	(205,429)	(181,382)
Net Amount Recognized	(11,966)	11,292
Post-retirement Benefits
Amounts recognized in the Consolidated Statements of Financial Position
Pension Assets	0	0
Employee-related Expenses	(17,115)	(18,313)
Pension and Post-retirement Benefits	(174,463)	(167,886)
Net Amount Recognized	$ (191,578)	$ (186,199)

Pension and Other Post-retire_9

Pension and Other Post-retirement Benefits - Accumulated Benefit Obligations (Details) - Pension Benefits - USD ($) $ in Thousands	Oct. 27, 2024	Oct. 29, 2023
Accumulated benefit obligation in excess of plan assets
Projected Benefit Obligation	$ 217,929	$ 193,404
Accumulated Benefit Obligation	215,448	191,888
Fair Value of Plan Assets	$ 0	$ 0

Pension and Other Post-retir_10

Pension and Other Post-retirement Benefits - Assumptions (Details) - Pension Benefits	12 Months Ended
	Oct. 27, 2024	Oct. 29, 2023	Oct. 30, 2022
Weighted-average assumptions used to determine benefit obligations
Discount Rate	5.44%	6.49%
Rate of Future Compensation Increase (For Plans that Base Benefits on Final Compensation Level)	4.09%	4.06%
Interest Crediting Rate (For Cash Balance Plan)	4.50%	4.98%
Weighted-average assumptions used to determine net periodic benefit costs
Discount Rate	6.49%	5.92%	3%
Rate of Future Compensation Increase (For Plans that Base Benefits on Final Compensation Level)	4.06%	3.95%	4.14%
Expected Long-term Return on Plan Assets	6.75%	6.50%	6.50%
Interest Crediting Rate (For Cash Balance Plan)	4.98%	4.42%	0%

Pension and Other Post-retir_11

Pension and Other Post-retirement Benefits - Benefits Expected to be Paid (Details) $ in Thousands	Oct. 27, 2024 USD ($)
Pension Benefits
Expected future benefit payments
2025	$ 89,209
2026	92,954
2027	96,868
2028	99,026
2029	102,538
2030-2034	539,612
Post-retirement Benefits
Expected future benefit payments
2025	17,572
2026	17,186
2027	16,638
2028	16,089
2029	15,487
2030-2034	$ 69,105

Pension and Other Post-retir_12

Pension and Other Post-retirement Benefits - Weighted-average Asset Allocations of Plan Assets (Details) - Pension Benefits	Oct. 27, 2024	Oct. 29, 2023
Fixed Income
Pension and Other Post-retirement Benefits
Actual %	49.50%	47.60%
Fixed Income | Minimum
Pension and Other Post-retirement Benefits
Target Range %	40%	40%
Fixed Income | Maximum
Pension and Other Post-retirement Benefits
Target Range %	60%	60%
Global Stocks
Pension and Other Post-retirement Benefits
Actual %	33.10%	31.20%
Global Stocks | Minimum
Pension and Other Post-retirement Benefits
Target Range %	20%	20%
Global Stocks | Maximum
Pension and Other Post-retirement Benefits
Target Range %	55%	55%
Real Estate
Pension and Other Post-retirement Benefits
Actual %	5.60%	8%
Real Estate | Minimum
Pension and Other Post-retirement Benefits
Target Range %	0%	0%
Real Estate | Maximum
Pension and Other Post-retirement Benefits
Target Range %	10%	10%
Private Equity
Pension and Other Post-retirement Benefits
Actual %	6.10%	6.70%
Private Equity | Minimum
Pension and Other Post-retirement Benefits
Target Range %	0%	0%
Private Equity | Maximum
Pension and Other Post-retirement Benefits
Target Range %	15%	15%
Gold
Pension and Other Post-retirement Benefits
Actual %	2.40%	2.40%
Gold | Minimum
Pension and Other Post-retirement Benefits
Target Range %	0%	0%
Gold | Maximum
Pension and Other Post-retirement Benefits
Target Range %	5%	5%
Hedge Funds
Pension and Other Post-retirement Benefits
Actual %	1.80%	2.10%
Hedge Funds | Minimum
Pension and Other Post-retirement Benefits
Target Range %	0%	0%
Hedge Funds | Maximum
Pension and Other Post-retirement Benefits
Target Range %	10%	10%
Cash and Cash Equivalents
Pension and Other Post-retirement Benefits
Actual %	1.50%	2%
Cash and Cash Equivalents | Minimum
Pension and Other Post-retirement Benefits
Target Range %	0%	0%
Cash and Cash Equivalents | Maximum
Pension and Other Post-retirement Benefits
Target Range %	5%	5%

Pension and Other Post-retir_13

Pension and Other Post-retirement Benefits - Categories of Plan Assets and Valuation Level (Details) - Pension Benefits - USD ($) $ in Thousands	Oct. 27, 2024	Oct. 29, 2023	Oct. 30, 2022
Fair values of defined benefit pension plan investments by asset category and fair value hierarchy level
Fair Value of Plan Assets	$ 1,327,760	$ 1,185,672	$ 1,240,200
Fair Value
Fair values of defined benefit pension plan investments by asset category and fair value hierarchy level
Fair Value of Plan Assets	603,219	547,258
Net Asset Value
Fair values of defined benefit pension plan investments by asset category and fair value hierarchy level
Fair Value of Plan Assets	724,541	638,414
Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair values of defined benefit pension plan investments by asset category and fair value hierarchy level
Fair Value of Plan Assets	161,172	124,144
Significant Other Observable Inputs (Level 2)
Fair values of defined benefit pension plan investments by asset category and fair value hierarchy level
Fair Value of Plan Assets	354,760	343,667
Significant Unobservable Inputs (Level 3)
Fair values of defined benefit pension plan investments by asset category and fair value hierarchy level
Fair Value of Plan Assets	87,287	79,448	$ 88,154
Cash Equivalents | Fair Value
Fair values of defined benefit pension plan investments by asset category and fair value hierarchy level
Fair Value of Plan Assets	19,397	23,643
Cash Equivalents | Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair values of defined benefit pension plan investments by asset category and fair value hierarchy level
Fair Value of Plan Assets	0	461
Cash Equivalents | Significant Other Observable Inputs (Level 2)
Fair values of defined benefit pension plan investments by asset category and fair value hierarchy level
Fair Value of Plan Assets	19,397	23,182
Cash Equivalents | Significant Unobservable Inputs (Level 3)
Fair values of defined benefit pension plan investments by asset category and fair value hierarchy level
Fair Value of Plan Assets	0	0
Domestic | Fair Value
Fair values of defined benefit pension plan investments by asset category and fair value hierarchy level
Fair Value of Plan Assets	35,958	31,383
Domestic | Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair values of defined benefit pension plan investments by asset category and fair value hierarchy level
Fair Value of Plan Assets	0	0
Domestic | Significant Other Observable Inputs (Level 2)
Fair values of defined benefit pension plan investments by asset category and fair value hierarchy level
Fair Value of Plan Assets	0	0
Domestic | Significant Unobservable Inputs (Level 3)
Fair values of defined benefit pension plan investments by asset category and fair value hierarchy level
Fair Value of Plan Assets	35,958	31,383
International | Fair Value
Fair values of defined benefit pension plan investments by asset category and fair value hierarchy level
Fair Value of Plan Assets	45,080	48,065
International | Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair values of defined benefit pension plan investments by asset category and fair value hierarchy level
Fair Value of Plan Assets	0	0
International | Significant Other Observable Inputs (Level 2)
Fair values of defined benefit pension plan investments by asset category and fair value hierarchy level
Fair Value of Plan Assets	0	0
International | Significant Unobservable Inputs (Level 3)
Fair values of defined benefit pension plan investments by asset category and fair value hierarchy level
Fair Value of Plan Assets	45,080	48,065
U.S. Government Issues | Fair Value
Fair values of defined benefit pension plan investments by asset category and fair value hierarchy level
Fair Value of Plan Assets	175,715	171,949
U.S. Government Issues | Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair values of defined benefit pension plan investments by asset category and fair value hierarchy level
Fair Value of Plan Assets	152,721	123,683
U.S. Government Issues | Significant Other Observable Inputs (Level 2)
Fair values of defined benefit pension plan investments by asset category and fair value hierarchy level
Fair Value of Plan Assets	22,994	48,266
U.S. Government Issues | Significant Unobservable Inputs (Level 3)
Fair values of defined benefit pension plan investments by asset category and fair value hierarchy level
Fair Value of Plan Assets	0	0
Municipal Issues | Fair Value
Fair values of defined benefit pension plan investments by asset category and fair value hierarchy level
Fair Value of Plan Assets	9,938	9,884
Municipal Issues | Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair values of defined benefit pension plan investments by asset category and fair value hierarchy level
Fair Value of Plan Assets	0	0
Municipal Issues | Significant Other Observable Inputs (Level 2)
Fair values of defined benefit pension plan investments by asset category and fair value hierarchy level
Fair Value of Plan Assets	9,938	9,884
Municipal Issues | Significant Unobservable Inputs (Level 3)
Fair values of defined benefit pension plan investments by asset category and fair value hierarchy level
Fair Value of Plan Assets	0	0
Corporate Issues – Domestic | Fair Value
Fair values of defined benefit pension plan investments by asset category and fair value hierarchy level
Fair Value of Plan Assets	261,344	226,202
Corporate Issues – Domestic | Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair values of defined benefit pension plan investments by asset category and fair value hierarchy level
Fair Value of Plan Assets	0	0
Corporate Issues – Domestic | Significant Other Observable Inputs (Level 2)
Fair values of defined benefit pension plan investments by asset category and fair value hierarchy level
Fair Value of Plan Assets	261,344	226,202
Corporate Issues – Domestic | Significant Unobservable Inputs (Level 3)
Fair values of defined benefit pension plan investments by asset category and fair value hierarchy level
Fair Value of Plan Assets	0	0
Corporate Issues – Foreign | Fair Value
Fair values of defined benefit pension plan investments by asset category and fair value hierarchy level
Fair Value of Plan Assets	41,088	36,133
Corporate Issues – Foreign | Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair values of defined benefit pension plan investments by asset category and fair value hierarchy level
Fair Value of Plan Assets	0	0
Corporate Issues – Foreign | Significant Other Observable Inputs (Level 2)
Fair values of defined benefit pension plan investments by asset category and fair value hierarchy level
Fair Value of Plan Assets	41,088	36,133
Corporate Issues – Foreign | Significant Unobservable Inputs (Level 3)
Fair values of defined benefit pension plan investments by asset category and fair value hierarchy level
Fair Value of Plan Assets	0	0
Real Estate – Domestic | Fair Value
Fair values of defined benefit pension plan investments by asset category and fair value hierarchy level
Fair Value of Plan Assets	6,249
Real Estate – Domestic | Net Asset Value
Fair values of defined benefit pension plan investments by asset category and fair value hierarchy level
Fair Value of Plan Assets	67,765	95,315
Real Estate – Domestic | Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair values of defined benefit pension plan investments by asset category and fair value hierarchy level
Fair Value of Plan Assets	0
Real Estate – Domestic | Significant Other Observable Inputs (Level 2)
Fair values of defined benefit pension plan investments by asset category and fair value hierarchy level
Fair Value of Plan Assets	0
Real Estate – Domestic | Significant Unobservable Inputs (Level 3)
Fair values of defined benefit pension plan investments by asset category and fair value hierarchy level
Fair Value of Plan Assets	6,249
Global Stocks | Fair Value
Fair values of defined benefit pension plan investments by asset category and fair value hierarchy level
Fair Value of Plan Assets	8,451
Global Stocks | Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair values of defined benefit pension plan investments by asset category and fair value hierarchy level
Fair Value of Plan Assets	8,451
Global Stocks | Significant Other Observable Inputs (Level 2)
Fair values of defined benefit pension plan investments by asset category and fair value hierarchy level
Fair Value of Plan Assets	0
Global Stocks | Significant Unobservable Inputs (Level 3)
Fair values of defined benefit pension plan investments by asset category and fair value hierarchy level
Fair Value of Plan Assets	0
Global Stocks – Collective Investment Funds | Net Asset Value
Fair values of defined benefit pension plan investments by asset category and fair value hierarchy level
Fair Value of Plan Assets	431,494	369,513
Global Stocks – Gold | Net Asset Value
Fair values of defined benefit pension plan investments by asset category and fair value hierarchy level
Fair Value of Plan Assets	32,022	28,163
Hedge Funds | Net Asset Value
Fair values of defined benefit pension plan investments by asset category and fair value hierarchy level
Fair Value of Plan Assets	24,192	24,965
Fixed Income – Hedge Funds | Net Asset Value
Fair values of defined benefit pension plan investments by asset category and fair value hierarchy level
Fair Value of Plan Assets	35,017	64,613
Fixed Income – Collective Investment Funds | Net Asset Value
Fair values of defined benefit pension plan investments by asset category and fair value hierarchy level
Fair Value of Plan Assets	$ 134,051	$ 55,845

Pension and Other Post-retir_14

Pension and Other Post-retirement Benefits - Changes in Fair Value (Details) - Pension Benefits - USD ($) $ in Thousands	12 Months Ended
	Oct. 27, 2024	Oct. 29, 2023
Change in Plan Assets:
Fair Value of Plan Assets at Beginning of Year	$ 1,185,672	$ 1,240,200
Fair Value of Plan Assets at End of Year	1,327,760	1,185,672
Significant Unobservable Inputs (Level 3)
Change in Plan Assets:
Fair Value of Plan Assets at Beginning of Year	79,448	88,154
Purchases, Issuances, and Settlements (Net)	1,029	(8,926)
Unrealized Gains (Losses)	(2,144)	(8,525)
Realized Gains (Losses)	569	6,455
Interest and Dividend Income	8,385	2,290
Fair Value of Plan Assets at End of Year	$ 87,287	$ 79,448

Pension and Other Post-retir_15

Pension and Other Post-retirement Benefits - Commitments (Details) - Pension Benefits - USD ($) $ in Thousands	12 Months Ended
	Oct. 27, 2024	Oct. 29, 2023
Investment commitment
Unfunded Commitment Balance	$ 44,169	$ 28,231
Domestic Equity
Investment commitment
Unfunded Commitment Balance	34,111	16,835
International Equity
Investment commitment
Unfunded Commitment Balance	$ 10,058	$ 11,396

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Loss - Components of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	12 Months Ended
	Oct. 27, 2024	Oct. 29, 2023	Oct. 30, 2022
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning Balance	$ 7,734,885
Unrecognized Gains (Losses)
Gross	(20,336)	$ (26,495)	$ 86,372
Tax Effect	6,440	11,118	(30,326)
Reclassification into Net Earnings
Gross	31,750	991	(45,099)
Tax Effect	(8,933)	(2,305)	10,761
Change Net of Tax	8,921	(16,691)	21,708
Ending Balance	7,993,420	7,734,885
Accumulated Other Comprehensive Loss
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning Balance	(272,252)	(255,561)	(277,269)
Reclassification into Net Earnings
Ending Balance	(263,331)	(272,252)	(255,561)
Foreign Currency Translation
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning Balance	(86,022)	(89,793)	(51,181)
Unrecognized Gains (Losses)
Gross	15,229	3,771	(38,612)
Tax Effect	0	0	0
Reclassification into Net Earnings
Gross	0	0	0
Tax Effect	0	0	0
Change Net of Tax	15,229	3,771	(38,612)
Ending Balance	(70,794)	(86,022)	(89,793)
Pension & Other Benefits
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning Balance	(183,993)	(195,624)	(261,211)
Unrecognized Gains (Losses)
Gross	(15,583)	3,878	73,361
Tax Effect	3,869	(880)	(17,942)
Reclassification into Net Earnings
Gross	11,125	11,439	13,481
Tax Effect	(2,744)	(2,806)	(3,312)
Change Net of Tax	(3,333)	11,632	65,587
Ending Balance	(187,325)	(183,993)	(195,624)
Derivatives & Hedging
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning Balance	(9,084)	29,856	35,123
Unrecognized Gains (Losses)
Gross	(10,762)	(49,226)	51,623
Tax Effect	2,571	11,998	(12,384)
Reclassification into Net Earnings
Gross	25,456	(2,213)	(58,580)
Tax Effect	(6,190)	501	14,073
Change Net of Tax	11,075	(38,940)	(5,267)
Ending Balance	1,991	(9,084)	29,856
Equity Method Investments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning Balance	6,847	0	0
Unrecognized Gains (Losses)
Gross	(9,219)	15,082	0
Tax Effect	0	0	0
Reclassification into Net Earnings
Gross	(4,831)	(8,235)	0
Tax Effect	0	0	0
Change Net of Tax	(14,050)	6,847	0
Ending Balance	$ (7,204)	$ 6,847	$ 0

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Assets and Liabilities Carried at Fair Value (Details) - USD ($) $ in Thousands	Oct. 27, 2024	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
Liabilities at Fair Value
Derivative Liability, Current, Statement of Financial Position [Extensible Enumeration]	Accounts Payable	Accounts Payable
Recurring basis
Assets at Fair Value
Cash and Cash Equivalents	$ 741,881	$ 736,532
Short-term Marketable Securities	24,742	16,664
Other Trading Securities	209,729	188,162
Commodity Derivatives	9,890	13,768
Total Assets at Fair Value	986,243	955,126
Liabilities at Fair Value
Deferred Compensation	62,101	55,222
Derivative Liability, Current	12,638	27,071
Total Liabilities at Fair Value	74,738	82,293
Recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1)
Assets at Fair Value
Cash and Cash Equivalents	741,188	735,387
Short-term Marketable Securities	5,134	2,499
Other Trading Securities	0	0
Commodity Derivatives	9,575	13,702
Total Assets at Fair Value	755,898	751,589
Liabilities at Fair Value
Deferred Compensation	0	0
Derivative Liability, Current	11,127	26,732
Total Liabilities at Fair Value	11,127	26,732
Recurring basis | Significant Other Observable Inputs (Level 2)
Assets at Fair Value
Cash and Cash Equivalents	693	1,145
Short-term Marketable Securities	19,608	14,164
Other Trading Securities	209,729	188,162
Commodity Derivatives	314	66
Total Assets at Fair Value	230,345	203,538
Liabilities at Fair Value
Deferred Compensation	62,101	55,222
Derivative Liability, Current	1,510	339
Total Liabilities at Fair Value	63,611	55,561
Recurring basis | Significant Unobservable Inputs (Level 3)
Assets at Fair Value
Cash and Cash Equivalents	0	0
Short-term Marketable Securities	0	0
Other Trading Securities	0	0
Commodity Derivatives	0	0
Total Assets at Fair Value	0	0
Liabilities at Fair Value
Deferred Compensation	0	0
Derivative Liability, Current	0	0
Total Liabilities at Fair Value	$ 0	$ 0

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details) - USD ($)	12 Months Ended
	Oct. 27, 2024	Oct. 29, 2023	Oct. 30, 2022
Fair Value Measurements
Right to reclaim cash collateral within master netting arrangement	$ 10,900,000	$ 32,200,000
Right to reclaim cash collateral, cash portion	26,500,000	42,600,000
Realized loss on closed positions	15,600,000	10,400,000
Fair value of long-term debt (including current maturities)	2,500,000,000	2,700,000,000
Goodwill and Intangible Impairment	0	28,383,000	$ 0
Impairment charges on equity method investments	0		0
Trade Name, Justin's
Fair Value Measurements
Goodwill and Intangible Impairment		28,400,000
Corporate Venturing Investment
Fair Value Measurements
Impairment charges on equity method investments		7,000,000
Rabbi trust
Fair Value Measurements
Gains (losses) related to securities held	$ 21,600,000	$ 3,200,000	$ (16,800,000)

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details) $ in Millions		3 Months Ended	12 Months Ended
	Aug. 20, 2024 USD ($)	Apr. 28, 2024 USD ($)	Oct. 27, 2024 USD ($) subsidiary	Oct. 29, 2023 USD ($)	Oct. 30, 2022 USD ($)
Long-term Purchase Commitment [Line Items]
Purchases under contracts			$ 1,300	$ 1,400	$ 1,200
Standby letters of credit issued			49.3
Revocable standby letters of credit, included in issued			$ 2.7
Number of current subsidiaries received income tax deficiency notice | subsidiary			2
Number of former subsidiaries received income tax deficiency notice | subsidiary			1
Pork Antitrust Litigation, Direct Purchaser Plaintiffs | Settled Litigation
Long-term Purchase Commitment [Line Items]
Damages awarded		$ 4.9
Pork Antitrust Litigation, Commercial and Institutional Indirect Purchaser Plaintiffs | Settled Litigation
Long-term Purchase Commitment [Line Items]
Damages awarded		2.4
Pork Antitrust Litigation, Consumer Indirect Purchaser Plaintiffs | Settled Litigation
Long-term Purchase Commitment [Line Items]
Damages awarded		$ 4.5
Poultry Wages Antitrust Litigation | Settled Litigation
Long-term Purchase Commitment [Line Items]
Damages awarded	$ 3.5
Red Meat Wages Antitrust Litigation | Settled Litigation
Long-term Purchase Commitment [Line Items]
Damages awarded	$ 13.5
Infrastructure improvements supporting various manufacturing facilities
Long-term Purchase Commitment [Line Items]
Commitments, amount			$ 31
Media advertising agreement
Long-term Purchase Commitment [Line Items]
Commitments, amount			$ 38.3
Maximum | Hog contracts
Long-term Purchase Commitment [Line Items]
Purchase commitments, time period (up to)			9 years
Maximum | Turkey contracts
Long-term Purchase Commitment [Line Items]
Purchase commitments, time period (up to)			8 years
Maximum | Grow-out contracts
Long-term Purchase Commitment [Line Items]
Purchase commitments, time period (up to)			25 years
Maximum | Corn, soybean meal, feed ingredients and other raw materials
Long-term Purchase Commitment [Line Items]
Purchase commitments, time period (up to)			2 years

Commitments and Contingencies_2

Commitments and Contingencies - Schedule of Commitments (Details) $ in Thousands	Oct. 27, 2024 USD ($)
Purchase commitments
2025	$ 1,234,988
2026	625,872
2027	313,814
2028	179,145
2029	66,480
Later Years	176,713
Total	$ 2,597,012

Leases - Schedule of Supplement

Leases - Schedule of Supplemental Balance Sheet Information (Details) - USD ($) $ in Thousands	Oct. 27, 2024	Oct. 29, 2023
Right-of-Use Assets
Operating	$ 147,698	$ 131,920
Finance	30,484	37,999
Total Right-of-Use Assets	178,183	169,919
Current
Operating	32,068	26,238
Finance	7,383	8,597
Long-term
Operating	121,286	109,237
Finance	20,158	27,488
Total Lease Liabilities	$ 180,894	$ 171,560
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other Assets	Other Assets
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Property, Plant, and Equipment and Finance Lease Right-of-Use Asset, after Accumulated Depreciation and Amortization	Property, Plant, and Equipment and Finance Lease Right-of-Use Asset, after Accumulated Depreciation and Amortization
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Accrued Expenses	Accrued Expenses
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Current Maturities of Long-term Debt	Current Maturities of Long-term Debt
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other Long-term Liabilities	Other Long-term Liabilities
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Long-term Debt Less Current Maturities	Long-term Debt Less Current Maturities

Leases - Schedule of Lease Cost

Leases - Schedule of Lease Cost (Details) - USD ($) $ in Thousands	12 Months Ended
	Oct. 27, 2024	Oct. 29, 2023	Oct. 30, 2022
Leases [Abstract]
Operating Lease Cost	$ 42,200	$ 34,209	$ 25,702
Finance Lease Cost
Amortization of Right-of-Use Assets	7,562	7,594	7,965
Interest on Lease Liabilities	1,042	1,361	1,707
Variable Lease Cost	390,032	511,906	463,439
Total Lease Cost	$ 440,836	$ 555,070	$ 498,813

Leases - Schedule of Weighted-A

Leases - Schedule of Weighted-Average Information (Details)	Oct. 27, 2024	Oct. 29, 2023
Weighted-average Remaining Lease Term
Operating Leases	6 years 1 month 6 days	6 years
Finance Leases	4 years 4 months 24 days	5 years 3 months 18 days
Weighted-average Discount Rate
Operating Leases	4.43%	4.43%
Finance Leases	3.27%	3.37%

Leases - Schedule of Suppleme_2

Leases - Schedule of Supplemental Cash Flow and Other Information Related (Details) - USD ($) $ in Thousands	12 Months Ended
	Oct. 27, 2024	Oct. 29, 2023	Oct. 30, 2022
Cash Paid for Amounts Included in the Measurement of Lease Liabilities
Operating Cash Flows from Operating Leases	$ 35,619	$ 29,436	$ 24,098
Operating Cash Flows from Finance Leases	1,042	1,361	1,707
Financing Cash Flows from Finance Leases	8,599	8,407	8,491
Right-of-Use Assets obtained in exchange for new finance lease liabilities	55	19	0
Right-of-Use Assets obtained in exchange for new operating lease liabilities	$ 48,294	$ 84,087	$ 19,646

Leases - Schedule of Maturities

Leases - Schedule of Maturities of Lease Liabilities (Details) - USD ($) $ in Thousands	Oct. 27, 2024	Oct. 29, 2023
Operating Leases
2025	$ 38,343
2026	34,674
2027	26,020
2028	17,481
2029	16,180
2030 and beyond	43,040
Total Lease Payments	175,738
Less: Imputed Interest	22,385
Present Value of Lease Liabilities	153,354
Finance Leases
2025	8,126
2026	5,691
2027	4,335
2028	10,542
2029	685
2030 and beyond	0
Total Lease Payments	29,377
Less: Imputed Interest	1,836
Present Value of Lease Liabilities	27,541	$ 36,085
Total
2025	46,469
2026	40,364
2027	30,354
2028	28,023
2029	16,865
2030 and beyond	43,040
Total Lease Payments	205,115
Less: Imputed Interest	24,222
Present Value of Lease Liabilities	180,894
Finance lease payments, included amount, purchase asset reasonably certain	7,200
Minimum lease payments excluded from lease payments for leases signed but not yet commenced	$ 36,000

Long-term Debt and Other Borr_3

Long-term Debt and Other Borrowing Arrangements - Schedule of Long-term Debt (Details) - USD ($) $ in Thousands	Oct. 27, 2024	Mar. 08, 2024	Oct. 29, 2023	Jan. 30, 2022	Jun. 03, 2021	Jun. 11, 2020
Debt Instrument [Line Items]
Unamortized Debt Issuance Costs	$ (15,628)		$ (16,278)
Interest Rate Swap Liabilities	0		(7,451)
Finance Lease Liabilities	27,541		36,085
Other Financing Arrangements	3,530		3,908
Total Debt	2,858,756		3,309,247
Less: Current Maturities of Long-term Debt	7,813		950,529
Long-term Debt Less Current Maturities	2,850,944		2,358,719
Senior Notes
Debt Instrument [Line Items]
Unamortized Discount on Senior Notes	$ (6,687)		(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%	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 ($)	Oct. 27, 2024 USD ($)	Oct. 29, 2023 USD ($)	Apr. 16, 2023 interest_period	Jan. 30, 2022 USD ($)
Senior Notes | Unsecured Senior Notes Due March 2027
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						$ 950,000,000
Interest rate				0.65%			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 | Unsecured Senior Notes Due June 2030
Debt Instrument [Line Items]
Aggregate principal amount of debt issued						$ 1,000,000,000
Interest rate						1.80%	1.80%
Redemption price, percentage						101%
Revolving line of credit | Revolving Credit Facility
Debt Instrument [Line Items]
Borrowing capacity under credit facility					$ 750,000,000
Additional uncommitted option under credit facility					$ 375,000,000
Number of extension options | extension_option			2
Extension option, period			1 year
Number of permitted interest periods | interest_period			15						8
Amount outstanding under credit facility							$ 0	$ 0
Revolving line of credit | Revolving Credit Facility | Minimum
Debt Instrument [Line Items]
Variable fee percentage for availability of credit line					0.05%
Revolving line of credit | Revolving Credit Facility | Minimum | Base Rate
Debt Instrument [Line Items]
Margin over interest rate percentage					0%
Revolving line of credit | Revolving Credit Facility | Minimum | Eurocurrency Rate
Debt Instrument [Line Items]
Margin over interest rate percentage					0.575%
Revolving line of credit | Revolving Credit Facility | Maximum
Debt Instrument [Line Items]
Variable fee percentage for availability of credit line					0.10%
Revolving line of credit | Revolving Credit Facility | Maximum | Base Rate
Debt Instrument [Line Items]
Margin over interest rate percentage					0.15%
Revolving line of credit | Revolving Credit Facility | Maximum | Eurocurrency Rate
Debt Instrument [Line Items]
Margin over interest rate percentage					1.15%

Long-term Debt and Other Borr_5

Long-term Debt and Other Borrowing Arrangements - Schedule of Interest Paid (Details) - USD ($) $ in Millions	12 Months Ended
	Oct. 27, 2024	Oct. 29, 2023	Oct. 30, 2022
Debt Disclosure [Abstract]
Interest Payments	$ 70.3	$ 57.1	$ 57

Stock-Based Compensation - Narr

Stock-Based Compensation - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Oct. 27, 2024	Oct. 29, 2023	Oct. 30, 2022
Stock-Based Compensation
Stock-based compensation expense recognized	$ 23,200	$ 24,100	$ 24,900
Stock-based compensation expense unrecognized	$ 15,400
Period for recognition of unrecognized stock-based compensation expense	1 year 9 months 18 days
Cash received from stock options exercises	$ 40,713	$ 12,018	$ 79,827
Number of shares available for future grants (in shares)	8,200,000	10,100,000	11,100,000
Stock options
Stock-Based Compensation
Vesting period	4 years
Stock option expiration period	10 years
Time-vested Restricted Stock Units
Stock-Based Compensation
Vesting period	3 years
Granted (in shares)	394,000
Granted, weighted-average grant date fair value (in dollars per share)	$ 31.39	$ 45.96	$ 44.14
Outstanding (in shares)	882,000	723,000
Outstanding, weighted-average grant date fair value (in dollars per share)	$ 39.22	$ 45.59
Deferred Stock Units | Share-Based Payment Arrangement, Nonemployee | Director
Stock-Based Compensation
Rights to receive common stock after completion of service, number of shares (in shares)	1
Granted (in shares)	13,000
Credited dividend equivalents (in shares)	4,000
Outstanding (in shares)	121,000
Outstanding, weighted-average grant date fair value (in dollars per share)	$ 39.51
Outstanding, aggregate intrinsic fair value	$ 3,700
Common Stock | Share-Based Payment Arrangement, Nonemployee | Director
Stock-Based Compensation
Distributed (in shares)	15,000
Granted, weighted-average grant date fair value (in dollars per share)	$ 33.22
Reinvested dividend equivalents, weighted-average grant date fair value (in dollars per share)	32.15
Distributed, weighted-average grant date fair value (in dollars per share)	$ 18.42

Stock-Based Compensation - Opti

Stock-Based Compensation - Option Activity (Details) - Stock options $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Oct. 27, 2024 USD ($) $ / shares shares
Shares (in thousands)
Outstanding at the beginning of the period (in shares) | shares	16,384
Granted (in shares) | shares	1,757
Exercised (in shares) | shares	(1,827)
Forfeited (in shares) | shares	(61)
Expired (in shares) | shares	(259)
Outstanding at the end of the period (in shares) | shares	15,994
Exercisable at the end of the period (in shares) | shares	12,641
Weighted-average Exercise Price
Outstanding at the beginning of the period (in dollars per share) | $ / shares	$ 37.61
Granted (in dollars per share) | $ / shares	31.46
Exercised (in dollars per share) | $ / shares	24.28
Forfeited (in dollars per share) | $ / shares	42.74
Expired (in dollars per share) | $ / shares	37.94
Outstanding at the end of the period (in dollars per share) | $ / shares	38.43
Exercisable at the end of period (in dollars per share) | $ / shares	$ 38.51
Weighted-average Remaining Contractual Term (Years)
Outstanding at the end of the period	4 years 4 months 24 days
Exercisable at the end of period	3 years 3 months 18 days
Aggregate Intrinsic Value (in thousands)
Outstanding at the end of the period | $	$ 5,547
Exercisable at the end of period | $	$ 5,451

Stock-Based Compensation - Op_2

Stock-Based Compensation - Option Valuation (Details) - Stock options - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Oct. 27, 2024	Oct. 29, 2023	Oct. 30, 2022
Weighted-average grant date fair value of stock options granted, and the total intrinsic value of options exercised
Weighted-average Grant Date Fair Value (in dollars per share)	$ 5.95	$ 10.06	$ 7.09
Intrinsic Value of Exercised Options	$ 16,259	$ 6,350	$ 109,745
Weighted-average assumptions used to calculate fair value of each ordinary option award
Risk-free Interest Rate	4.10%	3.50%	1.60%
Dividend Yield	3.60%	2.40%	2.40%
Stock Price Volatility	21.50%	21.10%	20.40%
Expected Option Life	7 years 6 months	7 years 4 months 24 days	7 years 6 months

Stock-Based Compensation - Rest

Stock-Based Compensation - Restricted Shares (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Oct. 27, 2024	Oct. 29, 2023	Oct. 30, 2022
Aggregate Intrinsic Value (in thousands)
Restricted Stock Units Outstanding at October 27, 2024	$ 27,391
Restricted Stock Units
Stock-Based Compensation
Vesting period (after)	3 years
Shares (in thousands)
Beginning of Period (in shares)	723
Granted (in shares)	394
Dividend Equivalents (in shares)	29
Vested (in shares)	(245)
Forfeited (in shares)	(18)
End of Period (in shares)	882	723
Weighted- average Grant Date Fair Value
Beginning of Period (in dollars per share)	$ 45.59
Granted (in dollars per share)	31.39	$ 45.96	$ 44.14
Dividend Equivalents (in dollars per share)	34.94
Vested (in dollars per share)	44.78
Forfeited (in dollars per share)	43.63
End of Period (in dollars per share)	$ 39.22	45.59
Weighted-average Remaining Contractual Term (Years)
Restricted Stock Units Outstanding at October 27, 2024	1 year 3 months 18 days
Weighted-average grant date fair value, the total fair value of restricted shares granted, and the fair value of shares that have vested
Weighted-average Grant Date Fair Value (in dollars per share)	$ 31.39	$ 45.96	$ 44.14
Fair Value of Restricted Shares Granted	$ 12,355	$ 10,889	$ 15,980
Fair Value of Restricted Shares Vested	$ 10,988	$ 8,466	$ 1,893
Restricted Shares
Shares (in thousands)
Beginning of Period (in shares)	44
Granted (in shares)	54
Vested (in shares)	(35)
Forfeited (in shares)	(9)
End of Period (in shares)	53	44
Weighted- average Grant Date Fair Value
Beginning of Period (in dollars per share)	$ 44.14
Granted (in dollars per share)	30.89	$ 44.14	$ 47.11
Vested (in dollars per share)	45.34
Forfeited (in dollars per share)	34.44
End of Period (in dollars per share)	31.51	44.14
Weighted-average grant date fair value, the total fair value of restricted shares granted, and the fair value of shares that have vested
Weighted-average Grant Date Fair Value (in dollars per share)	$ 30.89	$ 44.14	$ 47.11
Fair Value of Restricted Shares Granted	$ 1,680	$ 1,920	$ 1,760
Fair Value of Restricted Shares Vested	$ 1,600	$ 1,760	$ 1,760

Income Taxes - Provision (Detai

Income Taxes - Provision (Details) - USD ($) $ in Thousands	12 Months Ended
	Oct. 27, 2024	Oct. 29, 2023	Oct. 30, 2022
Current
U.S. Federal	$ 110,928	$ 161,016	$ 67,638
State	17,002	20,166	20,054
Foreign	15,203	7,576	13,185
Total Current	143,133	188,758	100,877
Deferred
U.S. Federal	74,461	23,221	164,091
State	14,868	8,602	13,638
Foreign	(1,659)	(29)	(729)
Total Deferred	87,670	31,794	177,000
Total Provision for Income Taxes	$ 230,803	$ 220,552	$ 277,877

Income Taxes - Deferred Income

Income Taxes - Deferred Income Taxes (Details) - USD ($) $ in Thousands	Oct. 27, 2024	Oct. 29, 2023
Deferred Tax Liabilities
Goodwill and Intangible Assets	$ (556,263)	$ (477,282)
Tax over Book Depreciation and Basis Differences	(211,554)	(233,802)
Other, net	(39,618)	(33,105)
Deferred Tax Assets
Pension and Other Post-retirement Benefits	50,078	42,952
Employee Compensation Related Liabilities	70,339	65,958
Marketing and Promotional Accruals	9,833	16,972
Inventory	6,853	46,856
Other, net	84,733	75,562
Net Deferred Tax (Liabilities) Assets	$ (585,599)	$ (495,889)

Income Taxes - Rate Reconciliat

Income Taxes - Rate Reconciliation (Details)	12 Months Ended
	Oct. 27, 2024	Oct. 29, 2023	Oct. 30, 2022
Reconciliation of the statutory federal income tax rate to the effective tax rate
U.S. Statutory Rate	21%	21%	21%
State Taxes on Income, Net of Federal Tax Benefit	2.60%	2.50%	2.40%
Stock-based Compensation	(0.10%)	(0.10%)	(1.50%)
Foreign-derived Intangible Income Deduction	0%	(1.30%)	(0.40%)
All Other, net	(1.20%)	(0.30%)	0.20%
Effective Tax Rate	22.30%	21.80%	21.70%

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Oct. 27, 2024	Oct. 29, 2023	Oct. 30, 2022
Income Tax Disclosure [Abstract]
Undistributed earnings from non-U.S. subsidiaries	$ 362.6
Income taxes paid	186.4	$ 205	$ 93.1
Portion of unrecognized tax benefit including interest and penalties, that if recognized, would impact effective tax rate	15.9	17
Accrued interest and penalties, associated with unrecognized tax benefits	$ 2.3	$ 2.4

Income Taxes - Unrecognized Tax

Income Taxes - Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Oct. 27, 2024	Oct. 29, 2023
Changes in unrecognized tax benefits
Balance at the beginning of the period	$ 19,127	$ 19,520
Tax Positions Related to the Current Period
Increases	3,151	3,876
Tax Positions Related to Prior Periods
Increases	1,449	2,131
Decreases	(443)	(1,708)
Settlements	(2,341)	(811)
Decreases Related to a Lapse of Applicable Statute of Limitations	(3,183)	(3,881)
Balance at the end of the period	$ 17,760	$ 19,127

Earnings Per Share Data - Share

Earnings Per Share Data - Shares Used as Denominator (Details) - shares shares in Thousands	12 Months Ended
	Oct. 27, 2024	Oct. 29, 2023	Oct. 30, 2022
Earnings Per Share [Abstract]
Basic Weighted-average Shares Outstanding (in shares)	548,129	546,421	544,918
Dilutive Potential Common Shares (in shares)	703	2,562	4,648
Diluted Weighted-average Shares Outstanding (in shares)	548,832	548,982	549,566
Antidilutive Potential Common Shares (in shares)	17,878	6,834	1,915

Segment Reporting - Narrative (

Segment Reporting - Narrative (Details) $ in Billions			12 Months Ended
	Oct. 31, 2022 segment	Oct. 30, 2022 segment	Oct. 27, 2024 USD ($) segment state	Oct. 29, 2023 USD ($)	Oct. 30, 2022 USD ($)
Segment Reporting Information [Line Items]
Number of segments | segment	3	4	3
Number of states selling products | state			50
Walmart | Customer concentration | Revenue Benchmark
Segment Reporting Information [Line Items]
Revenue, less returns and allowances | $			$ 2	$ 2	$ 2.1
Concentration risk, percentage			15.60%	15.50%	15.60%

Segment Reporting - Financial M

Segment Reporting - Financial Measures (Details) - USD ($) $ in Thousands	12 Months Ended
	Oct. 27, 2024	Oct. 29, 2023	Oct. 30, 2022
Operating profit and other financial information
Net Sales	$ 11,920,797	$ 12,110,010	$ 12,458,806
Segment Profit	1,067,932	1,072,046	1,312,607
Net Unallocated Expense	215,304	214,482	99,297
Noncontrolling Interest	(407)	(653)	239
Earnings Before Income Taxes	1,035,434	1,013,472	1,278,103
Depreciation and Amortization	257,756	253,311	235,885
Operating Segment
Operating profit and other financial information
Segment Profit	1,251,144	1,228,606	1,377,161
Corporate
Operating profit and other financial information
Depreciation and Amortization	19,553	17,623	14,413
Retail | Operating Segment
Operating profit and other financial information
Net Sales	7,374,149	7,749,039	7,987,598
Segment Profit	562,768	577,690	721,832
Depreciation and Amortization	140,103	145,690	135,824
Foodservice | Operating Segment
Operating profit and other financial information
Net Sales	3,845,118	3,639,492	3,691,408
Segment Profit	596,292	595,682	547,686
Depreciation and Amortization	78,949	74,370	69,577
International | Operating Segment
Operating profit and other financial information
Net Sales	701,529	721,479	779,799
Segment Profit	92,084	55,234	107,642
Depreciation and Amortization	$ 19,151	$ 15,627	$ 16,072

Segment Reporting - Revenues by

Segment Reporting - Revenues by Classes of Similar Products (Details) - USD ($) $ in Thousands	12 Months Ended
	Oct. 27, 2024	Oct. 29, 2023	Oct. 30, 2022
Percentage of revenue by classes of products
Total Net Sales	$ 11,920,797	$ 12,110,010	$ 12,458,806
Perishable
Percentage of revenue by classes of products
Total Net Sales	8,548,802	8,511,795	8,737,486
Shelf-stable
Percentage of revenue by classes of products
Total Net Sales	$ 3,371,995	$ 3,598,215	$ 3,721,320

Segment Reporting - Revenues _2

Segment Reporting - Revenues by Geographic Locations (Details) - USD ($) $ in Thousands	12 Months Ended
	Oct. 27, 2024	Oct. 29, 2023	Oct. 30, 2022
Revenues attributable to U.S. and Foreign countries
Total Net Sales	$ 11,920,797	$ 12,110,010	$ 12,458,806
U.S.
Revenues attributable to U.S. and Foreign countries
Total Net Sales	11,283,978	11,515,094	11,776,883
Foreign
Revenues attributable to U.S. and Foreign countries
Total Net Sales	$ 636,819	$ 594,915	$ 681,923

SCHEDULE II - VALUATION AND Q_2

SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS AND RESERVES (Details) - USD ($) $ in Thousands	12 Months Ended
	Oct. 27, 2024	Oct. 29, 2023	Oct. 30, 2022
Change in valuation and qualifying accounts and reserves
Balance at Beginning of Period	$ 3,557	$ 3,507	$ 4,033
Charged to Cost and Expenses	286	289	(646)
Charged to Other Accounts (Describe)	0	0
Deductions-Describe, Uncollectible accounts written off	337	275	31
Deductions-Describe, Recoveries on accounts previously written off	(206)	(36)	(151)
Balance at End of Period	$ 3,712	$ 3,557	3,507
Sadler's Smokehouse
Change in valuation and qualifying accounts and reserves
Charged to Other Accounts (Describe)			$ 0