Hormel Foods (HRL) 10-Q 6 Mar 15 2015 Q1 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	3 Months Ended
	Jan. 25, 2015	Mar. 01, 2015
Entity Registrant Name	HORMEL FOODS CORP /DE/
Entity Central Index Key	48465
Document Type	10-Q
Document Period End Date	25-Jan-15
Amendment Flag	FALSE
Current Fiscal Year End Date	-15
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q1
Common stock
Entity Common Stock, Shares Outstanding		264,067,446
Common stock, non-voting
Entity Common Stock, Shares Outstanding		0

CONSOLIDATED_STATEMENTS_OF_FIN

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (USD $)	Jan. 25, 2015	Oct. 26, 2014
In Thousands, unless otherwise specified
CURRENT ASSETS
Cash and cash equivalents	$527,097	$334,174
Accounts receivable	578,238	609,526
Inventories	1,016,788	1,054,552
Income taxes receivable		25,678
Deferred income taxes	86,853	86,853
Prepaid expenses	29,534	15,250
Other current assets	7,821	6,738
TOTAL CURRENT ASSETS	2,246,331	2,132,771
GOODWILL	1,225,449	1,226,406
OTHER INTANGIBLES	552,820	554,890
PENSION ASSETS	134,876	130,284
INVESTMENTS IN AND RECEIVABLES FROM AFFILIATES	255,777	264,451
OTHER ASSETS	147,133	145,050
PROPERTY, PLANT AND EQUIPMENT
Land	61,813	61,809
Buildings	810,674	803,722
Equipment	1,644,200	1,597,044
Construction in progress	73,153	119,657
Property, Plant and Equipment, Gross	2,589,840	2,582,232
Less allowance for depreciation	-1,592,603	-1,580,465
Property, Plant and Equipment, Net	997,237	1,001,767
TOTAL ASSETS	5,559,623	5,455,619
CURRENT LIABILITIES
Accounts payable	407,419	484,042
Accrued expenses	96,453	76,836
Accrued workers compensation	37,622	35,406
Accrued marketing expenses	117,992	89,561
Employee related expenses	147,730	209,874
Taxes payable	61,020	5,507
Interest and dividends payable	69,068	53,466
TOTAL CURRENT LIABILITIES	937,304	954,692
LONG-TERM DEBT-less current maturities	250,000	250,000
PENSION AND POST-RETIREMENT BENEFITS	504,649	502,693
OTHER LONG-TERM LIABILITIES	105,491	112,176
DEFERRED INCOME TAXES	29,863	24,002
SHAREHOLDERS' INVESTMENT
Preferred stock, par value $.01 a share-authorized 160,000,000 shares; issued-none
Additional paid-in capital	7,550
Accumulated other comprehensive loss	-200,037	-207,700
Retained earnings	3,911,548	3,805,654
HORMEL FOODS CORPORATION SHAREHOLDERS' INVESTMENT	3,726,790	3,605,678
NONCONTROLLING INTEREST	5,526	6,378
TOTAL SHAREHOLDERS' INVESTMENT	3,732,316	3,612,056
TOTAL LIABILITIES AND SHAREHOLDERS' INVESTMENT	5,559,623	5,455,619
Common stock, non-voting
SHAREHOLDERS' INVESTMENT
Common stock
Common stock
SHAREHOLDERS' INVESTMENT
Common stock	$7,729	$7,724

CONSOLIDATED_STATEMENTS_OF_FIN1

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (Parenthetical) (USD $)	Jan. 25, 2015	Oct. 26, 2014
Preferred stock, par value (in dollars per share)	$0.01	$0.01
Preferred stock, authorized shares	160,000,000	160,000,000
Preferred stock, issued shares	0	0
Common stock, non-voting
Common stock, par value (in dollars per share)	$0.01	$0.01
Common stock, authorized shares	400,000,000	400,000,000
Common stock, issued shares	0	0
Common stock
Common stock, par value (in dollars per share)	$0.03	$0.03
Common stock, authorized shares	800,000,000	800,000,000
Common stock, issued shares	263,772,397	263,613,201

CONSOLDIATED_STATEMENTS_OF_OPE

CONSOLDIATED STATEMENTS OF OPERATIONS (USD $)	3 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Jan. 25, 2015	Jan. 26, 2014
CONSOLDIATED STATEMENTS OF OPERATIONS
Net sales	$2,395,073	$2,242,672
Cost of products sold	1,950,468	1,844,030
GROSS PROFIT	444,605	398,642
Selling, general and administrative	180,299	166,189
Equity in earnings of affiliates	1,660	4,739
OPERATING INCOME	265,966	237,192
Other income and expense:
Interest and investment income	1,149	1,173
Interest expense	-3,078	-3,094
EARNINGS BEFORE INCOME TAXES	264,037	235,271
Provision for income taxes	91,607	80,813
NET EARNINGS	172,430	154,458
Less: Net earnings attributable to noncontrolling interest	712	1,110
NET EARNINGS ATTRIBUTABLE TO HORMEL FOODS CORPORATION	$171,718	$153,348
NET EARNINGS PER SHARE:
BASIC (in dollars per share)	$0.65	$0.58
DILUTED (in dollars per share)	$0.64	$0.57
WEIGHTED-AVERAGE SHARES OUTSTANDING:
BASIC (in shares)	263,676	263,752
DILUTED (in shares)	270,061	270,224
DIVIDENDS DECLARED PER SHARE: (in dollars per share)	$0.25	$0.20

CONSOLDIATED_STATEMENTS_OF_COM

CONSOLDIATED STATEMENTS OF COMPREHENSIVE INCOME (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Jan. 25, 2015	Jan. 26, 2014
CONSOLDIATED STATEMENTS OF COMPREHENSIVE INCOME
NET EARNINGS	$172,430	$154,458
Other comprehensive income (loss), net of tax:
Foreign currency translation	777	-2,291
Pension and other benefits	1,897	1,019
Deferred hedging	5,006	-472
TOTAL OTHER COMPREHENSIVE INCOME (LOSS)	7,680	-1,744
COMPREHENSIVE INCOME	180,110	152,714
Less: Comprehensive income attributable to noncontrolling interest	729	1,138
COMPREHENSIVE INCOME ATTRIBUTABLE TO HORMEL FOODS CORPORATION	$179,381	$151,576

CONSOLDIATED_STATEMENTS_OF_CHA

CONSOLDIATED STATEMENTS OF CHANGES IN SHAREHOLDERS' INVESTMENT (EQUITY) (USD $)	Common stock	Treasury Stock	Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Income (Loss)	Non-controlling Interest	Total
In Thousands, unless otherwise specified
Balance at Oct. 27, 2013	$7,725			$3,452,529	($149,214)	$5,539	$3,316,579
Increase (Decrease) in Shareholders' Equity
Net earnings				602,677		3,349	606,026
Other comprehensive (loss) income					-58,486	-10	-58,496
Purchases of common stock		-58,937					-58,937
Stock-based compensation expense	1		14,392				14,393
Exercise of stock options/nonvested shares	35		6,068				6,103
Shares retired	-37	58,937	-20,460	-38,440
Distribution to noncontrolling interest						-2,500	-2,500
Declared cash dividends - $.25 and $.80 per share during the quarter ended January 25 , 2015, and for the year ended October 26, 2014, respectively				-211,112			-211,112
Balance at Oct. 26, 2014	7,724			3,805,654	-207,700	6,378	3,612,056
Increase (Decrease) in Shareholders' Equity
Net earnings				171,718		712	172,430
Other comprehensive (loss) income					7,663	17	7,680
Stock-based compensation expense			5,524				5,524
Exercise of stock options/nonvested shares	5		2,026				2,031
Distribution to noncontrolling interest						-1,581	-1,581
Declared cash dividends - $.25 and $.80 per share during the quarter ended January 25 , 2015, and for the year ended October 26, 2014, respectively				-65,824			-65,824
Balance at Jan. 25, 2015	$7,729		$7,550	$3,911,548	($200,037)	$5,526	$3,732,316

CONSOLDIATED_STATEMENTS_OF_CHA1

CONSOLDIATED STATEMENTS OF CHANGES IN SHAREHOLDERS' INVESTMENT (Parenthetical) (USD $)	3 Months Ended		12 Months Ended
	Jan. 25, 2015	Jan. 26, 2014	Oct. 26, 2014
CONSOLDIATED STATEMENTS OF CHANGES IN SHAREHOLDERS' INVESTMENT
Declared cash dividends (in dollars per share)	$0.25	$0.20	$0.80

CONSOLDIATED_STATEMENTS_OF_CAS

CONSOLDIATED STATEMENTS OF CASH FLOWS (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Jan. 25, 2015	Jan. 26, 2014
OPERATING ACTIVITIES
Net earnings	$172,430	$154,458
Adjustments to reconcile to net cash provided by operating activities:
Depreciation	30,720	29,429
Amortization of intangibles	2,039	2,331
Equity in earnings of affiliates, net of dividends	-1,639	5,285
Provision for deferred income taxes	1,161	428
Gain on property/equipment sales and plant facilities	-5,117	-369
Non-cash investment activities	-1,068	-135
Stock-based compensation expense	5,524	4,957
Excess tax benefit from stock-based compensation	-2,963	-4,111
Changes in operating assets and liabilities, net of acquisitions:
Decrease in accounts receivable	31,288	46,476
Decrease in inventories	36,824	46,161
Decrease (increase) in prepaid expenses and other current assets	18,354	-4,297
Increase in pension and post-retirement benefits	327	1,234
(Decrease) increase in accounts payable and accrued expenses	-39,944	32,445
Other	-1,434
NET CASH PROVIDED BY OPERATING ACTIVITIES	246,502	314,292
INVESTING ACTIVITIES
Acquisitions of businesses/intangibles		-41,401
Purchases of property/equipment	-27,674	-37,038
Proceeds from sales of property/equipment	9,931	4,278
Decrease in investments, equity in affiliates, and other assets	14,932	4,028
NET CASH USED IN INVESTING ACTIVITIES	-2,811	-70,133
FINANCING ACTIVITIES
Dividends paid on common stock	-52,801	-44,833
Proceeds from exercise of stock options	2,057	3,437
Excess tax benefit from stock-based compensation	2,963	4,111
Distribution to noncontrolling interest	-1,581
NET CASH USED IN FINANCING ACTIVITIES	-49,362	-37,285
EFFECT OF EXCHANGE RATE CHANGES ON CASH	-1,406	-1,044
INCREASE IN CASH AND CASH EQUIVALENTS	192,923	205,830
Cash and cash equivalents at beginning of year	334,174	434,014
CASH AND CASH EQUIVALENTS AT END OF QUARTER	$527,097	$639,844

GENERAL

GENERAL	3 Months Ended
	Jan. 25, 2015
GENERAL
GENERAL	NOTE AGENERAL
	Basis of Presentation
	The accompanying unaudited consolidated financial statements of Hormel Foods Corporation (the Company) have been prepared in accordance with generally accepted accounting principles for interim financial information, and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X.  Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements.  In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation have been included.  Operating results for the interim period are not necessarily indicative of the results that may be expected for the full year.  The balance sheet at October 26, 2014, has been derived from the audited financial statements at that date but does not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements.  For further information, refer to the consolidated financial statements and footnotes included in the Company’s Annual Report on Form 10-K for the fiscal year ended October 26, 2014.
	Investments
	The Company maintains a rabbi trust to fund certain supplemental executive retirement plans and deferred income plans, which is included in other assets on the Consolidated Statements of Financial Position.  The securities held by the trust are classified as trading securities.  Therefore, unrealized gains and losses associated with these investments are included in the Company’s earnings.  Securities held by the trust generated a gain of $1.5 million for the quarter ended January 25, 2015, compared to a gain of $0.5 million for the quarter ended January 26, 2014.  The Company has transitioned the majority of this portfolio to more fixed return investments to reduce the exposure to volatility in equity markets.
	Supplemental Cash Flow Information
	Non-cash investment activities presented on the Consolidated Statements of Cash Flows generally consist of unrealized gains or losses on the Company’s rabbi trust, amortization of affordable housing investments, and amortization of bond financing costs.  The noted investments are included in other assets on the Consolidated Statements of Financial Position.  Changes in the value of these investments are included in the Company’s net earnings and are presented in the Consolidated Statements of Operations as either interest and investment income (loss) or interest expense, as appropriate.
	Guarantees
	The Company enters into various agreements guaranteeing specified obligations of affiliated parties.  The Company’s guarantees either terminate in one year or remain in place until such time as the Company revokes the agreement.  The Company currently provides revocable standby letters of credit totaling $3.5 million to guarantee obligations that may arise under worker compensation claims of an affiliated party.  This potential obligation is not reflected in the Company’s Consolidated Statements of Financial Position.
	New Accounting Pronouncements
	In January 2014, the FASB updated the guidance within ASC 323, Investments-Equity Method and Joint Ventures.  The update provides guidance on accounting for investments by a reporting entity in flow-through limited liability entities that manage or invest in affordable housing projects that qualify for the low-income housing tax credit.  The amendments modify the conditions that a reporting entity must meet to be eligible to use a method other than the equity or cost methods to account for qualified affordable housing project investments.  If the modified conditions are met, the amendments permit an entity to make an accounting policy election to amortize the initial cost of the investment in proportion to the amount of tax credits and other tax benefits received and recognize the net investment performance in the income statement as a component of income tax expense (benefit). Additionally, the amendments introduce new recurring disclosures about all investments in qualified affordable housing projects irrespective of the method used to account for the investments.  The updated guidance is to be applied retrospectively, and is effective for fiscal years, and interim periods within those years, beginning after December 15, 2014, with early adoption permitted.  The Company expects to adopt the new provisions of this accounting standard at the beginning of fiscal year 2016, and adoption is not expected to have a material impact on the consolidated financial statements.
	In May 2014, the FASB issued ASC 606, Revenue from Contracts with Customers.  This topic converges the guidance within U.S. generally accepted accounting principles and international financial reporting standards and supersedes ASC 605, Revenue Recognition.  The new standard requires companies to recognize revenue to depict the transfer of goods or services to customers in amounts that reflect the consideration to which the company expects to be entitled in exchange for those goods or services.  The new standard will also result in enhanced disclosures about revenue, provide guidance for transactions that were not previously addressed comprehensively, and improve guidance for multiple-element arrangements.  The new guidance is effective for annual reporting periods beginning after December 15, 2016, including interim reporting periods within that reporting period, and early application is not permitted.  Accordingly, the Company plans to adopt the provisions of this new accounting standard at the beginning of fiscal year 2018, and is currently assessing the impact on its consolidated financial statements.

ACQUISITIONS

ACQUISITIONS	3 Months Ended
	Jan. 25, 2015
ACQUISITIONS
ACQUISITIONS	NOTE BACQUISITIONS
	On August 11, 2014, the Company acquired CytoSport Holdings, Inc. (CytoSport) of Benicia, California for a preliminary purchase price of $424.3 million in cash.  The purchase price is preliminary pending final working capital and other purchase accounting adjustments, and was funded by the Company with cash on hand and by utilizing funds from its revolving line of credit.  The agreement provides for a potential additional payment of up to $20.0 million subject to meeting specific financial performance criteria over the next two years.  The Company has recognized $10.3 million related to this potential payment as of January 25, 2015, based on the current estimated fair value determined by an independent appraisal.
	The acquisition was accounted for as a business combination using the acquisition method.  The Company has estimated the acquisition date fair values of the assets acquired and liabilities assumed, using independent appraisals and other analyses, and is in the process of determining final working capital adjustments.  Therefore, a preliminary allocation of the purchase price to the acquired assets, liabilities, and goodwill is presented in the table below.
	(in thousands)
	Accounts receivable	$	37,541
	Inventory	62,246
	Prepaid and other assets	3,133
	Property, plant and equipment	8,119
	Intangible assets	183,607
	Goodwill	263,829
	Current liabilities	(52,298		)
	Long-term liabilities	(25,182		)
	Deferred taxes	(56,667		)
	Purchase price	$	424,328
	The liabilities shown above include $15.0 million representing potential payments owed under a supplier agreement, which are contingent on future production levels.
	Goodwill is calculated as the excess of the purchase price over the fair value of the net assets recognized.  The goodwill recorded as part of the acquisition primarily reflects the value of the assembled workforce, manufacturing synergies, and the potential to expand presence in alternate channels.  The goodwill balance is not expected to be deductible for income tax purposes. The goodwill and intangible assets have been allocated to the Specialty Foods and International & Other reporting segments.
	Operating results for this acquisition have been included in the Company’s Consolidated Statements of Operations from the date of acquisition and are reflected in the Specialty Foods and International & Other reporting segments.  The acquisition contributed $64.2 million of net sales for the first quarter of fiscal 2015.    CytoSport is the maker of Muscle Milk® products and is a leading provider of premium protein products in the sports nutrition category.  CytoSport’s brands align with the Company’s focus on protein while further diversifying the Company’s portfolio.
	On November 26, 2013, the Company acquired the China based SKIPPY peanut butter business from Conopco, Inc. (doing business as Unilever United States Inc.), of Englewood Cliffs, N.J. for a final purchase price of $41.9 million in cash.  This acquisition includes the Weifang, China manufacturing facility and all sales in Mainland China.  The purchase price was funded by the Company with cash on hand.
	Operating results for this acquisition have been included in the Company’s Consolidated Statements of Operations from the date of acquisition and are reflected in the International & Other reporting segment.  The acquisition contributed an incremental $5.9 million of net sales for the first quarter of fiscal 2015.
	SKIPPY is a well-established brand that allows the Company to expand its presence in the center of the store with a non-meat protein product and reinforces the Company’s balanced product portfolio.  The acquisition also provides the opportunity to strengthen the Company’s global presence and complements the international sales strategy for the SPAM family of products.
	Pro forma results of operations are not presented, as no acquisition in fiscal years 2015 or 2014 was considered material, individually or in the aggregate, to the consolidated Company.

STOCKBASED_COMPENSATION

STOCK-BASED COMPENSATION	3 Months Ended
	Jan. 25, 2015
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION	NOTE CSTOCK-BASED COMPENSATION
	The Company issues stock options and nonvested shares as part of its stock incentive plans for employees and non-employee directors.  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.  The Company recognizes stock-based compensation expense ratably over the shorter of the requisite service period or vesting period.  The fair value of stock-based compensation granted to retirement-eligible individuals is expensed at the time of grant.
	A reconciliation of the number of options outstanding and exercisable (in thousands) as of January 25, 2015, and changes during the quarter then ended, is as follows:
		Shares	Weighted-		Weighted-	Aggregate
			Average		Average	Intrinsic Value
			Exercise Price		Remaining	(in thousands)
					Contractual
					Term
	Outstanding at October 26, 2014	17,402	$
			24.61
	Granted	1,169	52.76
	Exercised	285	19.69
	Outstanding at January 25, 2015	18,286	$		5.4 years	$ 491,242
			26.49
	Exercisable at January 25, 2015	13,740	$		4.4 years	$ 430,900
			21.99
	The weighted-average grant date fair value of stock options granted and the total intrinsic value of options exercised (in thousands) during the first quarter of fiscal years 2015 and 2014 are as follows:
		Three Months Ended
		January 25,	January 26,
		2015	2014
	Weighted-average grant date fair value	$   10.08	$	9.89
	Intrinsic value of exercised options	$   9,192	$	13,402
	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:
		Three Months Ended
		January 25,	January 26,
		2015	2014
	Risk-free interest rate	2.20%	2.50%
	Dividend yield	1.90%	1.70%
	Stock price volatility	19.00%	20.00%
	Expected option life	8 years	8 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 stripped U.S. Treasury yields as of the grant date where the remaining term is approximately the expected life of the option.  The dividend yield is set 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 set based primarily on historical volatility.  As a reasonableness test, implied volatility from exchange traded options is also examined to validate the volatility range obtained from the historical analysis.  The expected life assumption is set 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 employee and non-employee director groups.
	The Company’s nonvested shares granted on or before September 26, 2010, vest after five years or upon retirement.  Nonvested shares granted between September 27, 2010, and July 27, 2014, vest after one year.  Nonvested shares granted on or after July 28, 2014, vest on the earlier of the day before the Company’s next annual meeting date or one year.  There were no changes to the balance of nonvested shares during the first quarter, with 70 thousand shares outstanding at a weighted-average grant date fair value of $33.58 as of January 25, 2015.  No shares vested during the first quarter of fiscal year 2015 or fiscal year 2014.
	Stock-based compensation expense, along with the related income tax benefit, for the first quarter of fiscal years 2015 and 2014 is presented in the table below.
		Three Months Ended
	(in thousands)	January 25,	January 26,
		2015	2014
	Stock-based compensation expense recognized	$ 5,524	$   4,957
	Income tax benefit recognized	2,097	1,884
	After-tax stock-based compensation expense	$ 3,427	$   3,073
	At January 25, 2015, there was $14.4 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 3.1 years.  During the quarter ended January 25, 2015, cash received from stock option exercises was $2.1 million compared to $3.4 million for the quarter ended January 26, 2014.  The total tax benefit to be realized for tax deductions from these option exercises for the quarter ended January 25, 2015, was $3.5 million compared to $5.1 million in the comparable quarter of fiscal 2014.
	Shares issued for option exercises and nonvested shares may be either authorized but unissued shares, or shares of treasury stock acquired in the open market or otherwise.

GOODWILL_AND_INTANGIBLE_ASSETS

GOODWILL AND INTANGIBLE ASSETS	3 Months Ended
	Jan. 25, 2015
GOODWILL AND INTANGIBLE ASSETS
GOODWILL AND INTANGIBLE ASSETS	NOTE DGOODWILL AND INTANGIBLE ASSETS
	The carrying amounts of goodwill for the quarter ended January 25, 2015, are presented in the table below.  The reduction during the first quarter is entirely due to the sale of an immaterial product line.
	(in thousands)	Grocery		Refrigerated			JOTS			Specialty		International			Total
		Products		Foods						Foods		& Other
	Balance as of October 26, 2014	$	322,942	$	96,643		$	203,214		$	470,857	$	132,750		$	1,226,406
	Disposal	-521		-435			-			-		-1			-957
	Balance as of January 25, 2015	$	322,421	$	96,208		$	203,214		$	470,857	$	132,749		$	1,225,449
	The gross carrying amount and accumulated amortization for definite-lived intangible assets are presented in the table below.
		January 25, 2015							October 26, 2014
	(in thousands)	Gross Carrying			Accumulated				Gross Carrying			Accumulated
		Amount			Amortization				Amount			Amortization
		$	58,090		$	(11,135	)		$	67,540		$	(19,336	)
	Customer lists/relationships
	Proprietary software & technology	14,820			(13,902		)		14,820			(13,542		)
	Formulas & recipes	13,540			(12,064		)		17,854			(15,955		)
	Other intangibles	1,770			(1,565		)		4,746			(4,503		)
	Total	$	88,220		$	(38,666	)		$	104,960		$	(53,336	)
	Amortization expense was $2.1 million for the quarter ended January 25, 2015, compared to $2.3 million for the quarter ended January 26, 2014.
	Estimated annual amortization expense for the five fiscal years after October 26, 2014, is as follows:
	(in thousands)
	2015	$
		7,554
	2016	5,591
	2017	5,118
	2018	4,876
	2019	4,833
	The carrying amounts for indefinite-lived intangible assets are presented in the table below.
	(in thousands)	January 25, 2015			October 26, 2014
	Brands/tradenames/trademarks	$	495,282		$	495,282
	Other intangibles	7,984			7,984
	Total	$	503,266		$	503,266

INVESTMENTS_IN_AND_RECEIVABLES

INVESTMENTS IN AND RECEIVABLES FROM AFFILIATES	3 Months Ended
	Jan. 25, 2015
INVESTMENTS IN AND RECEIVABLES FROM AFFILIATES
INVESTMENTS IN AND RECEIVABLES FROM AFFILIATES	NOTE EINVESTMENTS IN AND RECEIVABLES FROM AFFILIATES
	The Company accounts for its majority-owned operations under the consolidation method.  Investments in which the Company owns a minority interest, and for which there are no other indicators of control, are accounted for under the equity or cost method.  These investments, along with any related receivables from affiliates, are included in the Consolidated Statements of Financial Position as investments in and receivables from affiliates.
	Investments in and receivables from affiliates consists of the following:
	(in thousands)	Segment	% Owned		January 25,	October 26,
					2015	2014
	MegaMex Foods, LLC	Grocery Products	50%		$  200,332	$  208,221
	Foreign Joint Ventures	International & Other	Various (26-50%)		55,445	56,230
	Total				$  255,777	$  264,451
	Equity in earnings of affiliates consists of the following:
			Three Months Ended
	(in thousands)	Segment	January 25,		January 26,
			2015		2014
	MegaMex Foods, LLC	Grocery Products	$  8,057		$  2,528
	Foreign Joint Ventures	International & Other	(6,397	)	2,211
	Total		$  1,660		$  4,739
	The decrease in equity in earnings in the first quarter of fiscal 2015 compared to the prior year included nonrecurring charges related to the exit from international joint venture businesses.  There were twenty-two thousand dollars of dividends received from affiliates for the three months ended January 25, 2015, compared to  $10.0 million dividends received for the three months ended January 26, 2014.
	The Company recognized a basis difference of $21.3 million associated with the formation of MegaMex Foods, LLC, of which $16.8 million is remaining as of January 25, 2015.  This difference is being amortized through equity in earnings of affiliates.

EARNINGS_PER_SHARE_DATA

EARNINGS PER SHARE DATA	3 Months Ended
	Jan. 25, 2015
EARNINGS PER SHARE DATA
EARNINGS PER SHARE DATA	NOTE FEARNINGS PER SHARE DATA
	The reported net earnings attributable to the Company were used when computing basic and diluted earnings per share.  The following table sets forth the shares used as the denominator for those computations:
		Three Months Ended
	(in thousands)	January 25,	January 26,
		2015	2014
	Basic weighted-average shares outstanding	263,676	263,752
	Dilutive potential common shares	6,385	6,472
	Diluted weighted-average shares outstanding	270,061	270,224
	For the three months ended January 25, 2015, and January 26, 2014, a total of 0.7 million and 0.6 million weighted- average stock options, respectively, were not included in the computation of dilutive potential common shares since their inclusion would have had an antidilutive effect on earnings per share.

ACCUMULATED_OTHER_COMPREHENSIV

ACCUMULATED OTHER COMPREHENSIVE LOSS	3 Months Ended
	Jan. 25, 2015
ACCUMULATED OTHER COMPREHENSIVE LOSS
ACCUMULATED OTHER COMPREHENSIVE LOSS	NOTE GACCUMULATED OTHER COMPREHENSIVE LOSS
	Components of accumulated other comprehensive loss are as follows:
	(in thousands)		Foreign		Pension &	Deferred Gain	Accumulated
			Currency		Other Benefits	(Loss) -	Other
			Translation			Hedging	Comprehensive
							Loss
	Balance at October 26, 2014		$  7,480		$  (205,986)	$     (9,194)	$   (207,700)
	Unrecognized gains:
	Gross		760		11	3,663	4,434
	Tax effect				-4	-1,383	-1,387
	Reclassification into net earnings:
	Gross				3,047 (1)	4,379 (2)	7,426
	Tax effect				-1,157	-1,653	-2,810
	Net of tax amount		760		1,897	5,006	7,663
	Balance at January 25, 2015		$  8,240		$  (204,089)	$   (4,188)	$   (200,037)
		-1		Included in the computation of net periodic cost (see Note K “Pension and Other Post-Retirement Benefits” for additional details).
		-2		Included in cost of products sold in the Consolidated Statements of Operations.

INVENTORIES

INVENTORIES	3 Months Ended
	Jan. 25, 2015
INVENTORIES
INVENTORIES	NOTE HINVENTORIES
	Principal components of inventories are:
	(in thousands)	January 25,		October 26,
		2015		2014
	Finished products	$	571,275	$	604,946
	Raw materials and work-in-process	263,618		274,105
	Materials and supplies	181,895		175,501
	Total	$	1,016,788	$	1,054,552

DERIVATIVES_AND_HEDGING

DERIVATIVES AND HEDGING	3 Months Ended
	Jan. 25, 2015
DERIVATIVES AND HEDGING
DERIVATIVES AND HEDGING	NOTE IDERIVATIVES AND HEDGING
	The Company uses hedging programs to manage price risk associated with commodity purchases.  These programs utilize futures contracts and swaps to manage the Company’s exposure to price fluctuations in the commodities markets.  The Company has determined that its programs which are designated as hedges are highly effective in offsetting the changes in fair value or cash flows generated by the items hedged.
	Cash Flow Hedges:  The Company currently utilizes corn futures to offset the price fluctuation in the Company’s future direct grain purchases, and has historically entered into various swaps to hedge the purchases of grain and natural gas at certain plant locations.  The financial instruments are designated and accounted for as cash flow hedges, and the Company measures the effectiveness of the hedges at least quarterly.  Effective gains or losses related to these cash flow hedges are reported in accumulated other comprehensive loss (AOCL) and reclassified into earnings, through cost of products sold, in the period or periods in which the hedged transactions affect earnings.  Any gains or losses related to hedge ineffectiveness are recognized in the current period cost of products sold.  The Company typically does not hedge its grain or natural gas exposure beyond the next two upcoming fiscal years.  As of January 25, 2015, and October 26, 2014, the Company had the following outstanding commodity futures contracts that were entered into to hedge forecasted purchases:
			Volume
	Commodity		January 25, 2015		October 26, 2014
	Corn		17.3 million bushels		18.3 million bushels
	As of January 25, 2015, the Company has included in AOCL, hedging losses of $6.7 million (before tax) relating to these positions, compared to losses of $14.8 million (before tax) as of October 26, 2014.  The Company expects to recognize the majority of these losses over the next 12 months.
	Fair Value Hedges:  The Company utilizes futures to minimize the price risk assumed when forward priced contracts are offered to the Company’s commodity suppliers.  The intent of the program is to make the forward priced commodities cost nearly the same as cash market purchases at the date of delivery.  The futures contracts are designated and accounted for as fair value hedges, and the Company measures the effectiveness of the hedges at least quarterly.  Changes in the fair value of the futures contracts, along with the gain or loss on the hedged purchase commitment, are marked-to-market through earnings and are recorded on the Consolidated Statements of Financial Position as a current asset and liability, respectively.  Effective gains or losses related to these fair value hedges are recognized through cost of products sold in the period or periods in which the hedged transactions affect earnings.  Any gains or losses related to hedge ineffectiveness are recognized in the current period cost of products sold.  As of January 25, 2015, and October 26, 2014, the Company had the following outstanding commodity futures contracts designated as fair value hedges:
			Volume
	Commodity		January 25, 2015		October 26, 2014
	Corn		6.6 million bushels		8.0 million bushels
	Lean hogs		0.4 million cwt		0.7 million cwt
	Other Derivatives:  During fiscal years 2015 and 2014, the Company has held certain futures and options contract positions as part of a merchandising program and to manage the Company’s exposure to fluctuations in commodity markets.  The Company has not applied hedge accounting to these positions.
	As of January 25, 2015, and October 26, 2014, the Company had the following outstanding futures related to these programs:
			Volume
	Commodity		January 25, 2015		October 26, 2014
	Corn		1.9 million bushels		2.9 million bushels
	Fair Values:  The fair values of the Company’s derivative instruments (in thousands) as of January 25, 2015, and October 26, 2014, were as follows:
					Fair Value (1)
			Location on		January 25,	October 26,
			Consolidated		2015	2014
			Statements of Financial
			Position
	Asset Derivatives:
	Derivatives Designated as Hedges:
	Commodity contracts		Other current assets		$  3,827	$   (7,124)
	Derivatives Not Designated as Hedges:
	Commodity contracts		Other current assets		-316	-938
	Total Asset Derivatives				$  3,511	$   (8,062)
	(1)  Amounts represent the gross fair value of derivative assets and liabilities.  The Company nets the derivative assets and liabilities for each of its hedging programs, including cash collateral, when a master netting arrangement exists between the Company and the counterparty to the derivative contract.  The amount or timing of cash collateral balances may impact the classification of the derivative in the Consolidated Statements of Financial Position.  See Note J “Fair Value Measurements” for a discussion of these net amounts as reported in the Consolidated Statements of Financial Position.
	Derivative Gains and Losses:  Gains or losses (before tax, in thousands) related to the Company’s derivative instruments for the first quarter ended January 25, 2015, and January 26, 2014, were as follows:
			Gain/(Loss)			Location on	Gain/(Loss)		Gain/(Loss)
			Recognized in			Consolidated	Reclassified from		Recognized in Earnings
			AOCL				AOCL into Earnings		(Ineffective
			(Effective Portion) (1)				(Effective Portion) (1)		Portion) (2)(4)
			Three Months Ended				Three Months Ended		Three Months Ended
	Cash Flow Hedges:		January 25,		January 26,	Statements	January 25,	January 26,	January 25,	January 26,
			2015		2014	of Operations	2015	2014	2015	2014
	Commodity contracts		$   3,663		$   (4,004)	Cost of products sold	$   (4,379)	$   (3,249)	$       0	$      (294)
						Location on	Gain/(Loss)		Gain/(Loss)
						Consolidated	Recognized in Earnings		Recognized in Earnings
							(Effective Portion) (3)		(Ineffective
									Portion) (2)(5)
							Three Months Ended		Three Months Ended
	Fair Value Hedges:					Statements	January 25,	January 26,	January 25,	January 26,
						of Operations	2015	2014	2015	2014
	Commodity contracts					Cost of products sold	$  (168)	$     1,254	$     (110)	$     (38)
						Location on	Gain/(Loss)
						Consolidated	Recognized
							in Earnings
							Three Months Ended
	Derivatives Not					Statements	January 25,	January 26,
	Designated as Hedges:					of Operations	2015	2014
	Commodity contracts					Cost of products sold	$   129	$  (517)
		-1		Amounts represent gains or losses in AOCL before tax.  See Note G “Accumulated Other Comprehensive Loss” or the Consolidated Statements of Comprehensive Income for the after-tax impact of these gains or losses on net earnings.
		-2		There were no gains or losses excluded from the assessment of hedge effectiveness during the quarter.
		-3		Amounts represent losses on commodity contracts designated as fair value hedges that were closed during the quarter, which were offset by a corresponding gain 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.
		-4		There were no gains or losses resulting from the discontinuance of cash flow hedges during the quarter.
		-5		There were no gains or losses recognized as a result of a hedged firm commitment no longer qualifying as a fair value hedge during the quarter.

FAIR_VALUE_MEASUREMENTS

FAIR VALUE MEASUREMENTS	3 Months Ended
	Jan. 25, 2015
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS	NOTE JFAIR VALUE MEASUREMENTS
	Pursuant to the provisions of ASC 820, Fair Value Measurements and Disclosures (ASC 820), 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.  Assets and liabilities are classified 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.
	The Company’s financial assets and liabilities that are measured at fair value on a recurring basis as of January 25, 2015, and October 26, 2014, and their level within the fair value hierarchy, are presented in the tables below.
			Fair Value Measurements at January 25, 2015
	(in thousands)		Fair Value at		Quoted Prices		Significant		Significant
			January 25,		in Active		Other		Unobservable
			2015		Markets for		Observable		Inputs
					Identical Assets		Inputs		(Level 3)
					(Level 1)		(Level 2)
	Assets at Fair Value:
	Cash and cash equivalents (1)		$	527,097	$	527,097	$	-	$	-
	Other trading securities (2)		118,709		40,000		78,709		-
	Commodity derivatives (3)		5,146		5,146		-		-
	Total Assets at Fair Value		$	650,952	$	572,243	$	78709	$	-
	Liabilities at Fair Value:
	Deferred compensation (2)		$	54,682	$	24,083	$	30,599	$	-
	Total Liabilities at Fair Value		$	54,682	$	24,083	$	30,599	$	-
			Fair Value Measurements at October 26, 2014
	(in thousands)		Fair Value at		Quoted Prices		Significant		Significant
			October 26,		in Active		Other		Unobservable
			2014		Markets for		Observable		Inputs
					Identical Assets		Inputs		(Level 3)
					(Level 1)		(Level 2)
	Assets at Fair Value:
	Cash and cash equivalents (1)		$	334,174	$	334,174	$	-	$	-
	Other trading securities (2)		117,249		39,120		78,129		-
	Commodity derivatives (3)		3,461		3,461		-		-
	Total Assets at Fair Value		$	454,884	$	376,755	$	78,129	$	-
	Liabilities at Fair Value:
	Deferred compensation (2)		$	54,809	$	23,642	$	31,167	$	-
	Total Liabilities at Fair Value		$	54,809	$	23,642	$	31,167	$	-
	The following methods and assumptions were used to estimate the fair value of the financial assets and liabilities above:
		-1		The Company’s cash equivalents consist primarily of bank deposits, money market funds rated AAA, or other highly liquid investment accounts.  As these investments have a maturity date of three months or less, the carrying value approximates fair value.
		-2		The Company holds trading securities as part of a rabbi trust to fund certain supplemental executive retirement plans and deferred income plans.  The rabbi trust is included in other assets on the Consolidated Statements of Financial Position and is valued based on the underlying fair value of each fund held by the trust.  A majority of the funds held related to the supplemental executive retirement plans have been invested in fixed income funds managed by a third party.  The declared rate on these funds is set based on a formula using the yield of the general account investment portfolio that supports the fund, adjusted for expenses and other charges.  The rate is guaranteed for one year at issue, and may be reset annually on the policy anniversary, subject to a guaranteed minimum rate.  As the value is based on adjusted market rates, and the fixed rate is only reset on an annual basis, these funds are classified as Level 2.  The remaining funds held are also managed by a third party, and include equity securities, money market accounts, bond funds, or other portfolios for which there is an active quoted market.
	Therefore these securities are classified as Level 1.  The related deferred compensation liabilities are included in other long-term liabilities on the Consolidated Statements of Financial Position and are valued based on the underlying investment selections held in each participant’s account.  Investment options generally mirror those funds held by the rabbi trust, for which there is an active quoted market.  Therefore these investment balances are classified as Level 1.  The Company also offers a fixed rate investment option to participants.  The rate earned on these investments is adjusted annually based on a specified percentage of the United States Internal Revenue Service ( I.R.S.) Applicable Federal Rates in effect and therefore these balances are classified as Level 2.
		-3		The Company’s commodity derivatives represent futures contracts used in its hedging or other programs to offset price fluctuations associated with purchases of corn, and to minimize the price risk assumed when forward priced contracts are offered to the Company’s commodity suppliers.  The Company’s futures contracts for corn are traded on the Chicago Board of Trade, while futures contracts for lean hogs are traded on the Chicago Mercantile Exchange.  These are active markets with quoted prices available and therefore these contracts are classified as Level 1.  All derivatives are reviewed for potential credit risk and risk of nonperformance.  The Company nets the derivative assets and liabilities for each of its hedging programs, including cash collateral, when a master netting arrangement exists between the Company and the counterparty to the derivative contract.  The net balance for each program is included in other current assets or accounts payable, as appropriate, in the Consolidated Statements of Financial Position.  As of January 25, 2015, the Company has recognized the right to reclaim net cash collateral of $2.7 million from various counterparties (including $23.8 million of cash less $21.1 million of realized losses on closed positions).  As of October 26, 2014, the Company had recognized the right to reclaim net cash collateral of $11.5 million from various counterparties (including $55.6 million of cash less $44.1 million of realized losses on closed positions).
	The Company’s financial assets and liabilities also include accounts receivable, accounts payable, and other liabilities, for which carrying value approximates fair value.  The Company does not carry its long-term debt at fair value in its Consolidated Statements of Financial Position.  Based on borrowing rates available to the Company for long-term financing with similar terms and average maturities, the fair value of long-term debt, utilizing discounted cash flows (Level 2), was $283.3 million as of January 25, 2015, and $273.8 million as of October 26, 2014.
	In accordance with the provisions of ASC 820, the Company also measures certain nonfinancial assets and liabilities at fair value that are recognized or disclosed on a nonrecurring basis (e.g. goodwill, intangible assets, and property, plant and equipment).  During the first quarter ended January 25, 2015, and January 26, 2014, there were no remeasurements of assets or liabilities at fair value on a nonrecurring basis subsequent to their initial recognition.

PENSION_AND_OTHER_POSTRETIREME

PENSION AND OTHER POST-RETIREMENT BENEFITS	3 Months Ended
	Jan. 25, 2015
PENSION AND OTHER POST-RETIREMENT BENEFITS
PENSION AND OTHER POST-RETIREMENT BENEFITS	NOTE KPENSION AND OTHER POST-RETIREMENT BENEFITS
	Net periodic benefit cost for pension and other post-retirement benefit plans consists of the following:
		Pension Benefits				Post-retirement Benefits
		Three Months Ended				Three Months Ended
	(in thousands)	January 25,		January 26,		January 25,		January 26,
		2015		2014		2015		2014
	Service cost	$	7,199	$	6,503	$	442	$	483
	Interest cost	13,131		13,374		3,336		3,785
	Expected return on plan assets	-22,198		-21,115		-		-
	Amortization of prior service cost	-1,220		-1,243		-334		-334
	Recognized actuarial loss (gain)	4,601		3,182		-		-1
	Net periodic cost	$	1,513	$	701	$	3,444	$	3,933

INCOME_TAXES

INCOME TAXES	3 Months Ended
	Jan. 25, 2015
INCOME TAXES
INCOME TAXES	NOTE LINCOME TAXES
	The amount of unrecognized tax benefits, including interest and penalties, at January 25, 2015, recorded in other long-term liabilities was $23.2 million, of which $15.7 million would impact the Company’s effective tax rate if recognized.  The Company includes accrued interest and penalties related to uncertain tax positions in income tax expense, with no net interest or penalties included in expense in the first quarter of fiscal 2015.  The amount of accrued interest and penalties at January 25, 2015, associated with unrecognized tax benefits was $2.8 million.
	The Company is regularly audited by federal and state taxing authorities.  During the fourth quarter of fiscal year 2014 the I.R.S. opened an examination of the Company’s consolidated federal income tax returns for fiscal year 2013; that audit is still ongoing.  During the first quarter of fiscal year 2015 the Company entered into a voluntary program with the I.R.S. called Compliance Assurance Process (“CAP”).  The objective of CAP is to contemporaneously work with the I.R.S. to achieve federal tax compliance and resolve all or most of the issues prior to filing of the tax return.  The Company has elected to participate in the CAP program for 2015 and 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 2008.  While it is reasonably possible that one or more of these audits may be completed within the next 12 months and that the related unrecognized tax benefits may change, based on the status of the examinations it is not possible to reasonably estimate the effect of any amount of such change to previously recorded uncertain tax positions.

SEGMENT_REPORTING

SEGMENT REPORTING	3 Months Ended
	Jan. 25, 2015
SEGMENT REPORTING
SEGMENT REPORTING	NOTE MSEGMENT 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 five segments: Grocery Products, Refrigerated Foods, Jennie-O Turkey Store, Specialty Foods, and International & Other.
	The Grocery Products segment consists primarily of the processing, marketing, and sale of shelf-stable food products sold predominantly in the retail market.  This segment also includes the results from the Company’s MegaMex joint venture.
	The Refrigerated Foods segment includes the Hormel Refrigerated operating segment and the Affiliated Business Units.  This segment consists primarily of the processing, marketing, and sale of branded and unbranded pork and beef products for retail, foodservice, and fresh product customers.  The Affiliated Business Units include the Farmer John, Burke Corporation, and Dan’s Prize businesses.  Through fiscal 2014, this segment also included Precept Foods, LLC, a 50.01 percent owned joint venture that was dissolved at the end of the fiscal year.
	The Jennie-O Turkey Store segment consists primarily of the processing, marketing, and sale of branded and unbranded turkey products for retail, foodservice, and fresh product customers.
	The Specialty Foods segment includes the Diamond Crystal Brands, CytoSport/Century Foods International, and Hormel Specialty Products operating segments.  This segment consists of the packaging and sale of private label shelf stable products, nutritional products, sugar, and condiments to industrial, retail, and foodservice customers.  This segment also includes the processing, marketing, and sale of nutritional food products and supplements to hospitals, nursing homes, and other marketers of nutritional products.
	The International & Other segment includes the Hormel Foods International operating segment, which manufactures, markets, and sells Company products internationally.  This segment also includes the results from the Company’s international joint ventures and miscellaneous corporate sales.
	Intersegment sales are recorded at prices that approximate cost and are eliminated in the Consolidated Statements of Operations.  The Company does not allocate investment income, interest expense, and interest income to its segments when measuring performance.  The Company also retains various other income and unallocated expenses at corporate.  Equity in earnings of affiliates is included in segment operating profit; however, earnings attributable to the Company’s noncontrolling interests are excluded.  These items are included below as net interest and investment expense (income), general corporate expense, and noncontrolling interest when reconciling to earnings before income taxes.
	Sales and operating profits for each of the Company’s reportable segments and reconciliation to earnings before income taxes are set forth below.  The Company is an integrated enterprise, characterized by substantial intersegment cooperation, cost allocations, and sharing of assets.  Therefore, the Company does not represent that these segments, if operated independently, would report the operating profit and other financial information shown below.
		Three Months Ended
	(in thousands)	January 25,		January 26,
		2015		2014
	Sales to Unaffiliated Customers
	Grocery Products	$	409,751	$	401,520
	Refrigerated Foods	1,144,215		1,128,421
	Jennie-O Turkey Store	440,019		399,400
	Specialty Foods	263,274		195,979
	International & Other	137,814		117,352
	Total	$	2,395,073	$	2,242,672
	Intersegment Sales
	Grocery Products	$	-	$	-
	Refrigerated Foods	4,183		5,746
	Jennie-O Turkey Store	35,384		33,129
	Specialty Foods	21		34
	International & Other	-		-
	Total	$	39,588	$	38,909
	Intersegment elimination	-39,588		-38,909
	Total	$	-	$	-
	Net Sales
	Grocery Products	$	409,751	$	401,520
	Refrigerated Foods	1,148,398		1,134,167
	Jennie-O Turkey Store	475,403		432,529
	Specialty Foods	263,295		196,013
	International & Other	137,814		117,352
	Intersegment elimination	-39,588		-38,909
	Total	$	2,395,073	$	2,242,672
	Segment Operating Profit
	Grocery Products	$	41,375	$	56,342
	Refrigerated Foods	101,152		85,299
	Jennie-O Turkey Store	93,020		59,545
	Specialty Foods	18,576		21,255
	International & Other	14,384		22,557
	Total segment operating profit	$	268,507	$	244,998
	Net interest and investment expense (income)	1,929		1,921
	General corporate expense	3,253		8,916
	Noncontrolling interest	712		1,110
	Earnings before income taxes	$	264,037	$	235,271

ACQUISITIONS_Tables

ACQUISITIONS (Tables) (CytoSport Holdings)	12 Months Ended
	Oct. 25, 2015
CytoSport Holdings
Schedule of allocation of the purchase price to the acquired assets, liabilities, and goodwill
	(in thousands)
	Accounts receivable	$	37,541
	Inventory	62,246
	Prepaid and other assets	3,133
	Property, plant and equipment	8,119
	Intangible assets	183,607
	Goodwill	263,829
	Current liabilities	(52,298		)
	Long-term liabilities	(25,182		)
	Deferred taxes	(56,667		)
	Purchase price	$	424,328

STOCKBASED_COMPENSATION_Tables

STOCK-BASED COMPENSATION (Tables)	3 Months Ended
	Jan. 25, 2015
STOCK-BASED COMPENSATION
Schedule of reconciliation of the number of options outstanding and exercisable	A reconciliation of the number of options outstanding and exercisable (in thousands) as of January 25, 2015, and changes during the quarter then ended, is as follows:
		Shares	Weighted-		Weighted-	Aggregate
			Average		Average	Intrinsic Value
			Exercise Price		Remaining	(in thousands)
					Contractual
					Term
	Outstanding at October 26, 2014	17,402	$
			24.61
	Granted	1,169	52.76
	Exercised	285	19.69
	Outstanding at January 25, 2015	18,286	$		5.4 years	$ 491,242
			26.49
	Exercisable at January 25, 2015	13,740	$		4.4 years	$ 430,900
			21.99
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 (in thousands) during the first quarter of fiscal years 2015 and 2014 are as follows:
		Three Months Ended
		January 25,	January 26,
		2015	2014
	Weighted-average grant date fair value	$   10.08	$	9.89
	Intrinsic value of exercised options	$   9,192	$	13,402
Schedule of weighted-average assumptions used to calculate fair value of each option award
		Three Months Ended
		January 25,	January 26,
		2015	2014
	Risk-free interest rate	2.20%	2.50%
	Dividend yield	1.90%	1.70%
	Stock price volatility	19.00%	20.00%
	Expected option life	8 years	8 years
Schedule of stock-based compensation expense, along with the related income tax benefit
		Three Months Ended
	(in thousands)	January 25,	January 26,
		2015	2014
	Stock-based compensation expense recognized	$ 5,524	$   4,957
	Income tax benefit recognized	2,097	1,884
	After-tax stock-based compensation expense	$ 3,427	$   3,073

GOODWILL_AND_INTANGIBLE_ASSETS1

GOODWILL AND INTANGIBLE ASSETS (Tables)	3 Months Ended
	Jan. 25, 2015
GOODWILL AND INTANGIBLE ASSETS
Schedule of changes in the carrying amount of goodwill
	(in thousands)	Grocery		Refrigerated			JOTS			Specialty		International			Total
		Products		Foods						Foods		& Other
	Balance as of October 26, 2014	$	322,942	$	96,643		$	203,214		$	470,857	$	132,750		$	1,226,406
	Disposal	-521		-435			-			-		-1			-957
	Balance as of January 25, 2015	$	322,421	$	96,208		$	203,214		$	470,857	$	132,749		$	1,225,449
Schedule of gross carrying amount and accumulated amortization for definite-lived intangible assets
		January 25, 2015							October 26, 2014
	(in thousands)	Gross Carrying			Accumulated				Gross Carrying			Accumulated
		Amount			Amortization				Amount			Amortization
		$	58,090		$	(11,135	)		$	67,540		$	(19,336	)
	Customer lists/relationships
	Proprietary software & technology	14,820			(13,902		)		14,820			(13,542		)
	Formulas & recipes	13,540			(12,064		)		17,854			(15,955		)
	Other intangibles	1,770			(1,565		)		4,746			(4,503		)
	Total	$	88,220		$	(38,666	)		$	104,960		$	(53,336	)
Schedule of estimated annual amortization expense	Estimated annual amortization expense for the five fiscal years after October 26, 2014, is as follows:
	(in thousands)
	2015	$
		7,554
	2016	5,591
	2017	5,118
	2018	4,876
	2019	4,833
Schedule of carrying amounts for indefinite-lived intangible assets
	(in thousands)	January 25, 2015			October 26, 2014
	Brands/tradenames/trademarks	$	495,282		$	495,282
	Other intangibles	7,984			7,984
	Total	$	503,266		$	503,266

INVESTMENTS_IN_AND_RECEIVABLES1

INVESTMENTS IN AND RECEIVABLES FROM AFFILIATES (Tables)	3 Months Ended
	Jan. 25, 2015
INVESTMENTS IN AND RECEIVABLES FROM AFFILIATES
Schedule of investments in and receivables from affiliates and equity in earnings of affiliates	Investments in and receivables from affiliates consists of the following:
	(in thousands)	Segment	% Owned		January 25,	October 26,
					2015	2014
	MegaMex Foods, LLC	Grocery Products	50%		$  200,332	$  208,221
	Foreign Joint Ventures	International & Other	Various (26-50%)		55,445	56,230
	Total				$  255,777	$  264,451
	Equity in earnings of affiliates consists of the following:
			Three Months Ended
	(in thousands)	Segment	January 25,		January 26,
			2015		2014
	MegaMex Foods, LLC	Grocery Products	$  8,057		$  2,528
	Foreign Joint Ventures	International & Other	(6,397	)	2,211
	Total		$  1,660		$  4,739

EARNINGS_PER_SHARE_DATA_Tables

EARNINGS PER SHARE DATA (Tables)	3 Months Ended
	Jan. 25, 2015
EARNINGS PER SHARE DATA
Schedule of denominator for the computation of basic and diluted earnings per share
		Three Months Ended
	(in thousands)	January 25,	January 26,
		2015	2014
	Basic weighted-average shares outstanding	263,676	263,752
	Dilutive potential common shares	6,385	6,472
	Diluted weighted-average shares outstanding	270,061	270,224

ACCUMULATED_OTHER_COMPREHENSIV1

ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables)	3 Months Ended
	Jan. 25, 2015
ACCUMULATED OTHER COMPREHENSIVE LOSS
Schedule of components of accumulated other comprehensive loss
	(in thousands)		Foreign		Pension &	Deferred Gain	Accumulated
			Currency		Other Benefits	(Loss) -	Other
			Translation			Hedging	Comprehensive
							Loss
	Balance at October 26, 2014		$  7,480		$  (205,986)	$     (9,194)	$   (207,700)
	Unrecognized gains:
	Gross		760		11	3,663	4,434
	Tax effect				-4	-1,383	-1,387
	Reclassification into net earnings:
	Gross				3,047 (1)	4,379 (2)	7,426
	Tax effect				-1,157	-1,653	-2,810
	Net of tax amount		760		1,897	5,006	7,663
	Balance at January 25, 2015		$  8,240		$  (204,089)	$   (4,188)	$   (200,037)
		-1		Included in the computation of net periodic cost (see Note K “Pension and Other Post-Retirement Benefits” for additional details).
		-2		Included in cost of products sold in the Consolidated Statements of Operations.

INVENTORIES_Tables

INVENTORIES (Tables)	3 Months Ended
	Jan. 25, 2015
INVENTORIES
Principal components of inventories
	(in thousands)	January 25,		October 26,
		2015		2014
	Finished products	$	571,275	$	604,946
	Raw materials and work-in-process	263,618		274,105
	Materials and supplies	181,895		175,501
	Total	$	1,016,788	$	1,054,552

DERIVATIVES_AND_HEDGING_Tables

DERIVATIVES AND HEDGING (Tables)	3 Months Ended
	Jan. 25, 2015
Derivatives and hedging
Schedule of fair values of derivative instruments	The fair values of the Company’s derivative instruments (in thousands) as of January 25, 2015, and October 26, 2014, were as follows:
					Fair Value (1)
			Location on		January 25,	October 26,
			Consolidated		2015	2014
			Statements of Financial
			Position
	Asset Derivatives:
	Derivatives Designated as Hedges:
	Commodity contracts		Other current assets		$  3,827	$   (7,124)
	Derivatives Not Designated as Hedges:
	Commodity contracts		Other current assets		-316	-938
	Total Asset Derivatives				$  3,511	$   (8,062)
	(1)  Amounts represent the gross fair value of derivative assets and liabilities.  The Company nets the derivative assets and liabilities for each of its hedging programs, including cash collateral, when a master netting arrangement exists between the Company and the counterparty to the derivative contract.  The amount or timing of cash collateral balances may impact the classification of the derivative in the Consolidated Statements of Financial Position.  See Note J “Fair Value Measurements” for a discussion of these net amounts as reported in the Consolidated Statements of Financial Position.
Schedule of gains or losses (before tax) related to derivative instruments	Gains or losses (before tax, in thousands) related to the Company’s derivative instruments for the first quarter ended January 25, 2015, and January 26, 2014, were as follows:
			Gain/(Loss)			Location on	Gain/(Loss)		Gain/(Loss)
			Recognized in			Consolidated	Reclassified from		Recognized in Earnings
			AOCL				AOCL into Earnings		(Ineffective
			(Effective Portion) (1)				(Effective Portion) (1)		Portion) (2)(4)
			Three Months Ended				Three Months Ended		Three Months Ended
	Cash Flow Hedges:		January 25,		January 26,	Statements	January 25,	January 26,	January 25,	January 26,
			2015		2014	of Operations	2015	2014	2015	2014
	Commodity contracts		$   3,663		$   (4,004)	Cost of products sold	$   (4,379)	$   (3,249)	$       0	$      (294)
						Location on	Gain/(Loss)		Gain/(Loss)
						Consolidated	Recognized in Earnings		Recognized in Earnings
							(Effective Portion) (3)		(Ineffective
									Portion) (2)(5)
							Three Months Ended		Three Months Ended
	Fair Value Hedges:					Statements	January 25,	January 26,	January 25,	January 26,
						of Operations	2015	2014	2015	2014
	Commodity contracts					Cost of products sold	$  (168)	$     1,254	$     (110)	$     (38)
						Location on	Gain/(Loss)
						Consolidated	Recognized
							in Earnings
							Three Months Ended
	Derivatives Not					Statements	January 25,	January 26,
	Designated as Hedges:					of Operations	2015	2014
	Commodity contracts					Cost of products sold	$   129	$  (517)
		-1		Amounts represent gains or losses in AOCL before tax.  See Note G “Accumulated Other Comprehensive Loss” or the Consolidated Statements of Comprehensive Income for the after-tax impact of these gains or losses on net earnings.
		-2		There were no gains or losses excluded from the assessment of hedge effectiveness during the quarter.
		-3		Amounts represent losses on commodity contracts designated as fair value hedges that were closed during the quarter, which were offset by a corresponding gain 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.
		-4		There were no gains or losses resulting from the discontinuance of cash flow hedges during the quarter.
		-5		There were no gains or losses recognized as a result of a hedged firm commitment no longer qualifying as a fair value hedge during the quarter.
Derivatives not designated as hedges
Derivatives and hedging
Schedule of outstanding commodity futures contracts
			Volume
	Commodity		January 25, 2015		October 26, 2014
	Corn		1.9 million bushels		2.9 million bushels
Cash Flow Hedges
Derivatives and hedging
Schedule of outstanding commodity futures contracts
			Volume
	Commodity		January 25, 2015		October 26, 2014
	Corn		17.3 million bushels		18.3 million bushels
Fair Value Hedges
Derivatives and hedging
Schedule of outstanding commodity futures contracts
			Volume
	Commodity		January 25, 2015		October 26, 2014
	Corn		6.6 million bushels		8.0 million bushels
	Lean hogs		0.4 million cwt		0.7 million cwt

FAIR_VALUE_MEASUREMENTS_Tables

FAIR VALUE MEASUREMENTS (Tables)	3 Months Ended
	Jan. 25, 2015
FAIR VALUE MEASUREMENTS
Schedule of financial assets and liabilities carried at fair value on a recurring basis
			Fair Value Measurements at January 25, 2015
	(in thousands)		Fair Value at		Quoted Prices		Significant		Significant
			January 25,		in Active		Other		Unobservable
			2015		Markets for		Observable		Inputs
					Identical Assets		Inputs		(Level 3)
					(Level 1)		(Level 2)
	Assets at Fair Value:
	Cash and cash equivalents (1)		$	527,097	$	527,097	$	-	$	-
	Other trading securities (2)		118,709		40,000		78,709		-
	Commodity derivatives (3)		5,146		5,146		-		-
	Total Assets at Fair Value		$	650,952	$	572,243	$	78709	$	-
	Liabilities at Fair Value:
	Deferred compensation (2)		$	54,682	$	24,083	$	30,599	$	-
	Total Liabilities at Fair Value		$	54,682	$	24,083	$	30,599	$	-
			Fair Value Measurements at October 26, 2014
	(in thousands)		Fair Value at		Quoted Prices		Significant		Significant
			October 26,		in Active		Other		Unobservable
			2014		Markets for		Observable		Inputs
					Identical Assets		Inputs		(Level 3)
					(Level 1)		(Level 2)
	Assets at Fair Value:
	Cash and cash equivalents (1)		$	334,174	$	334,174	$	-	$	-
	Other trading securities (2)		117,249		39,120		78,129		-
	Commodity derivatives (3)		3,461		3,461		-		-
	Total Assets at Fair Value		$	454,884	$	376,755	$	78,129	$	-
	Liabilities at Fair Value:
	Deferred compensation (2)		$	54,809	$	23,642	$	31,167	$	-
	Total Liabilities at Fair Value		$	54,809	$	23,642	$	31,167	$	-
	The following methods and assumptions were used to estimate the fair value of the financial assets and liabilities above:
		-1		The Company’s cash equivalents consist primarily of bank deposits, money market funds rated AAA, or other highly liquid investment accounts.  As these investments have a maturity date of three months or less, the carrying value approximates fair value.
		-2		The Company holds trading securities as part of a rabbi trust to fund certain supplemental executive retirement plans and deferred income plans.  The rabbi trust is included in other assets on the Consolidated Statements of Financial Position and is valued based on the underlying fair value of each fund held by the trust.  A majority of the funds held related to the supplemental executive retirement plans have been invested in fixed income funds managed by a third party.  The declared rate on these funds is set based on a formula using the yield of the general account investment portfolio that supports the fund, adjusted for expenses and other charges.  The rate is guaranteed for one year at issue, and may be reset annually on the policy anniversary, subject to a guaranteed minimum rate.  As the value is based on adjusted market rates, and the fixed rate is only reset on an annual basis, these funds are classified as Level 2.  The remaining funds held are also managed by a third party, and include equity securities, money market accounts, bond funds, or other portfolios for which there is an active quoted market.
	Therefore these securities are classified as Level 1.  The related deferred compensation liabilities are included in other long-term liabilities on the Consolidated Statements of Financial Position and are valued based on the underlying investment selections held in each participant’s account.  Investment options generally mirror those funds held by the rabbi trust, for which there is an active quoted market.  Therefore these investment balances are classified as Level 1.  The Company also offers a fixed rate investment option to participants.  The rate earned on these investments is adjusted annually based on a specified percentage of the United States Internal Revenue Service ( I.R.S.) Applicable Federal Rates in effect and therefore these balances are classified as Level 2.
		-3		The Company’s commodity derivatives represent futures contracts used in its hedging or other programs to offset price fluctuations associated with purchases of corn, and to minimize the price risk assumed when forward priced contracts are offered to the Company’s commodity suppliers.  The Company’s futures contracts for corn are traded on the Chicago Board of Trade, while futures contracts for lean hogs are traded on the Chicago Mercantile Exchange.  These are active markets with quoted prices available and therefore these contracts are classified as Level 1.  All derivatives are reviewed for potential credit risk and risk of nonperformance.  The Company nets the derivative assets and liabilities for each of its hedging programs, including cash collateral, when a master netting arrangement exists between the Company and the counterparty to the derivative contract.  The net balance for each program is included in other current assets or accounts payable, as appropriate, in the Consolidated Statements of Financial Position.  As of January 25, 2015, the Company has recognized the right to reclaim net cash collateral of $2.7 million from various counterparties (including $23.8 million of cash less $21.1 million of realized losses on closed positions).  As of October 26, 2014, the Company had recognized the right to reclaim net cash collateral of $11.5 million from various counterparties (including $55.6 million of cash less $44.1 million of realized losses on closed positions).

PENSION_AND_OTHER_POSTRETIREME1

PENSION AND OTHER POST-RETIREMENT BENEFITS (Tables)	3 Months Ended
	Jan. 25, 2015
PENSION AND OTHER POST-RETIREMENT BENEFITS
Schedule of net periodic cost of defined benefit plans
		Pension Benefits				Post-retirement Benefits
		Three Months Ended				Three Months Ended
	(in thousands)	January 25,		January 26,		January 25,		January 26,
		2015		2014		2015		2014
	Service cost	$	7,199	$	6,503	$	442	$	483
	Interest cost	13,131		13,374		3,336		3,785
	Expected return on plan assets	-22,198		-21,115		-		-
	Amortization of prior service cost	-1,220		-1,243		-334		-334
	Recognized actuarial loss (gain)	4,601		3,182		-		-1
	Net periodic cost	$	1,513	$	701	$	3,444	$	3,933

SEGMENT_REPORTING_Tables

SEGMENT REPORTING (Tables)	3 Months Ended
	Jan. 25, 2015
SEGMENT REPORTING
Schedule of operating profit and other financial information
		Three Months Ended
	(in thousands)	January 25,		January 26,
		2015		2014
	Sales to Unaffiliated Customers
	Grocery Products	$	409,751	$	401,520
	Refrigerated Foods	1,144,215		1,128,421
	Jennie-O Turkey Store	440,019		399,400
	Specialty Foods	263,274		195,979
	International & Other	137,814		117,352
	Total	$	2,395,073	$	2,242,672
	Intersegment Sales
	Grocery Products	$	-	$	-
	Refrigerated Foods	4,183		5,746
	Jennie-O Turkey Store	35,384		33,129
	Specialty Foods	21		34
	International & Other	-		-
	Total	$	39,588	$	38,909
	Intersegment elimination	-39,588		-38,909
	Total	$	-	$	-
	Net Sales
	Grocery Products	$	409,751	$	401,520
	Refrigerated Foods	1,148,398		1,134,167
	Jennie-O Turkey Store	475,403		432,529
	Specialty Foods	263,295		196,013
	International & Other	137,814		117,352
	Intersegment elimination	-39,588		-38,909
	Total	$	2,395,073	$	2,242,672
	Segment Operating Profit
	Grocery Products	$	41,375	$	56,342
	Refrigerated Foods	101,152		85,299
	Jennie-O Turkey Store	93,020		59,545
	Specialty Foods	18,576		21,255
	International & Other	14,384		22,557
	Total segment operating profit	$	268,507	$	244,998
	Net interest and investment expense (income)	1,929		1,921
	General corporate expense	3,253		8,916
	Noncontrolling interest	712		1,110
	Earnings before income taxes	$	264,037	$	235,271

GENERAL_Details

GENERAL (Details) (USD $)	3 Months Ended
In Millions, unless otherwise specified	Jan. 25, 2015	Jan. 26, 2014
Guarantees
Guarantee term	The Company's guarantees either terminate in one year or remain in place until such time as the Company revokes the agreement
Revocable standby letters of credit
Guarantees
Standby letters of credit	$3.50
Rabbi trust
Investments
Gains related to securities held	$1.50	$0.50

ACQUISITIONS_Detail

ACQUISITIONS (Detail) (USD $)	3 Months Ended		0 Months Ended
	Jan. 25, 2015	Jan. 26, 2014	Aug. 11, 2014	Nov. 26, 2013	Oct. 26, 2014
Acquisitions
Purchase price		$41,401,000
Allocation of the purchase price to the acquired assets, liabilities, and goodwill
Goodwill	1,225,449,000				1,226,406,000
Net sales	2,395,073,000	2,242,672,000
CytoSport Holdings
Acquisitions
Purchase price			424,300,000
Potential additional payment			20,000,000
Term for additional payment			2 years
Recognized amount related to potential additional payment	10,300,000
Allocation of the purchase price to the acquired assets, liabilities, and goodwill
Accounts receivable			37,541,000
Inventory			62,246,000
Prepaid and other assets			3,133,000
Property, plant and equipment			8,119,000
Intangible assets			183,607,000
Goodwill			263,829,000
Current liabilities			-52,298,000
Long-term liabilities			-25,182,000
Deferred taxes			-56,667,000
Purchase price			424,328,000
Potential payments owed under a supplier agreement			15,000,000
Net sales	64,200,000
SKIPPY | China
Acquisitions
Purchase price				41,900,000
Allocation of the purchase price to the acquired assets, liabilities, and goodwill
Incremental net sales	$5,900,000

STOCKBASED_COMPENSATION_Detail

STOCK-BASED COMPENSATION (Details)	3 Months Ended
	Jan. 25, 2015
Maximum | Shares granted on or after July 28, 2014
Stock-based compensation
Vesting period	1 year
Stock options
Stock-based compensation
Vesting period	4 years
Stock option expiration period	10 years
Nonvested shares | Shares granted on or before September 26, 2010
Stock-based compensation
Vesting period	5 years
Nonvested shares | Shares granted between September 27, 2010, and July 27, 2014
Stock-based compensation
Vesting period	1 year

STOCKBASED_COMPENSATION_Detail1

STOCK-BASED COMPENSATION (Details 2) (USD $)	3 Months Ended
Share data in Thousands, except Per Share data, unless otherwise specified	Jan. 25, 2015	Jan. 26, 2014	Oct. 26, 2014
Stock-based compensation expense, along with the related income tax benefit
Stock based compensation expense recognized	$5,524,000	$4,957,000
Income tax benefit recognized	-2,097,000	-1,884,000
After-tax stock-based compensation expense	3,427,000	3,073,000
Stock-based compensation expense unrecognized	14,400,000
Period for recognition of unrecognized stock-based compensation expense	3 years 1 month 6 days
Stock options
Stock-based compensation
Cash received from stock options exercised	2,100,000	3,400,000
Tax benefit realized from stock options, aggregate	3,500,000	5,100,000
Reconciliation of Stock Options
Outstanding, at the beginning of the period (in shares)	17,402
Granted (in shares)	1,169
Exercised (in shares)	285
Outstanding, at the end of the period (in shares)	18,286
Exercisable at the end of the period (in shares)	13,740
Weighted-Average Exercise Price
Outstanding at the beginning of the period (in dollars per share)	$24.61
Granted (in dollars per share)	$52.76
Exercised (in dollars per share)	$19.69
Outstanding at the end of the period (in dollars per share)	$26.49
Exercisable at end of period (in dollars per share)	$21.99
Weighted-Average Remaining Contractual Term
Outstanding at the end of the period	5 years 4 months 24 days
Exercisable at end of period	4 years 4 months 24 days
Aggregate Intrinsic Value
Outstanding at the end of the period	491,242,000		486,023,000
Exercisable at end of period	430,900,000
Weighted-average grant date fair value of stock options granted, and the total intrinsic value of options exercised
Weighted-average grant date fair value of options granted (in dollars per share)	$10.08	$9.89
Intrinsic value of exercised options	$9,192,000	$13,402,000
Weighted-average assumptions used to calculate fair value of each ordinary option award
Risk-free interest rate (as a percent)	2.20%	2.50%
Dividend yield (as a percent)	1.90%	1.70%
Stock price volatility (as a percent)	19.00%	20.00%
Expected option life	8 years	8 years
Nonvested shares
Reconciliation of the nonvested shares
Nonvested shares outstanding	70
Weighted average grant date fair value of nonvested shares outstanding (in dollars per share)	$33.58
Nonvested shares vested in period	0	0

GOODWILL_AND_INTANGIBLE_ASSETS2

GOODWILL AND INTANGIBLE ASSETS (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Jan. 25, 2015	Oct. 26, 2014
Changes in the carrying amount of goodwill
Balance at the beginning of the period	$1,226,406
Disposal	-957
Balance at the end of the period	1,225,449
Grocery Products
Changes in the carrying amount of goodwill
Balance at the beginning of the period	322,942
Disposal	-521
Balance at the end of the period	322,421
Refrigerated Foods
Changes in the carrying amount of goodwill
Balance at the beginning of the period	96,643
Disposal	-435
Balance at the end of the period	96,208
Jennie-O Turkey Store
Changes in the carrying amount of goodwill
Balance at the beginning of the period		203,214
Balance at the end of the period	203,214	203,214
Specialty Foods
Changes in the carrying amount of goodwill
Balance at the beginning of the period		470,857
Balance at the end of the period	470,857	470,857
International & Other
Changes in the carrying amount of goodwill
Balance at the beginning of the period	132,750
Disposal	-1
Balance at the end of the period	$132,749

GOODWILL_AND_INTANGIBLE_ASSETS3

GOODWILL AND INTANGIBLE ASSETS (Details 2) (USD $)	3 Months Ended
	Jan. 25, 2015	Jan. 26, 2014	Oct. 26, 2014
Gross carrying amount and accumulated amortization for definite-lived intangible assets
Gross Carrying Amount	$88,220,000		$104,960,000
Accumulated Amortization	-38,666,000		-53,336,000
Amortization expense	2,100,000	2,300,000
Estimated Amortization Expense
2015			7,554,000
2016			5,591,000
2017			5,118,000
2018			4,876,000
2019			4,833,000
Customer lists/relationships
Gross carrying amount and accumulated amortization for definite-lived intangible assets
Gross Carrying Amount	58,090,000		67,540,000
Accumulated Amortization	-11,135,000		-19,336,000
Proprietary software and technology
Gross carrying amount and accumulated amortization for definite-lived intangible assets
Gross Carrying Amount	14,820,000		14,820,000
Accumulated Amortization	-13,902,000		-13,542,000
Formulas and recipes
Gross carrying amount and accumulated amortization for definite-lived intangible assets
Gross Carrying Amount	13,540,000		17,854,000
Accumulated Amortization	-12,064,000		-15,955,000
Other intangibles
Gross carrying amount and accumulated amortization for definite-lived intangible assets
Gross Carrying Amount	1,770,000		4,746,000
Accumulated Amortization	($1,565,000)		($4,503,000)

GOODWILL_AND_INTANGIBLE_ASSETS4

GOODWILL AND INTANGIBLE ASSETS (Details 3) (USD $)	Jan. 25, 2015	Oct. 26, 2014
In Thousands, unless otherwise specified
Carrying amounts for indefinite-lived intangible assets
Carrying amounts for indefinite-lived intangible assets	$503,266	$503,266
Brands/trade names/trademarks
Carrying amounts for indefinite-lived intangible assets
Carrying amounts for indefinite-lived intangible assets	495,282	495,282
Other intangibles
Carrying amounts for indefinite-lived intangible assets
Carrying amounts for indefinite-lived intangible assets	$7,984	$7,984

INVESTMENTS_IN_AND_RECEIVABLES2

INVESTMENTS IN AND RECEIVABLES FROM AFFILIATES (Details) (USD $)	3 Months Ended
	Jan. 25, 2015	Jan. 26, 2014	Oct. 26, 2014	Oct. 26, 2009
Investments in and receivables from affiliates
Investments in and receivables from affiliates	$255,777,000		$264,451,000
Equity in earnings of affiliates	1,660,000	4,739,000
Dividends received from affiliates	22,000	10,000,000
MegaMex Foods, LLC
Investments in and receivables from affiliates
Ownership percentage	50.00%
Investments in and receivables from affiliates	200,332,000		208,221,000
Equity in earnings of affiliates	8,057,000	2,528,000
Excess of investment over the underlying equity in net assets of the joint venture	16,800,000			21,300,000
Foreign Joint Ventures
Investments in and receivables from affiliates
Investments in and receivables from affiliates	55,445,000		56,230,000
Equity in earnings of affiliates	($6,397,000)	$2,211,000
Foreign Joint Ventures | Minimum
Investments in and receivables from affiliates
Ownership percentage	26.00%
Foreign Joint Ventures | Maximum
Investments in and receivables from affiliates
Ownership percentage	50.00%

EARNINGS_PER_SHARE_DATA_Detail

EARNINGS PER SHARE DATA (Details)	3 Months Ended
	Jan. 25, 2015	Jan. 26, 2014
EARNINGS PER SHARE DATA
Basic weighted-average shares outstanding	263,676,000	263,752,000
Dilutive potential common shares	6,385,000	6,472,000
Diluted weighted-average shares outstanding	270,061,000	270,224,000
Weighted average stock options not included in the computation of dilutive potential common shares	700,000	600,000

ACCUMULATED_OTHER_COMPREHENSIV2

ACCUMULATED OTHER COMPREHENSIVE LOSS (Detail) (USD $)	3 Months Ended		12 Months Ended
In Thousands, unless otherwise specified	Jan. 25, 2015	Jan. 26, 2014	Oct. 26, 2014
Accumulated Other Comprehensive Loss
Balance at beginning of period	($207,700)
Reclassification into net earnings:
Net of tax amount	7,680	-1,744	-58,496
Balance at end of period	-200,037		-207,700
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Loss
Balance at beginning of period	-207,700
Unrecognized (losses) gains:
Gross	4,434
Tax effect	-1,387
Reclassification into net earnings:
Gross	7,426
Tax effect	-2,810
Net of tax amount	7,663		-58,486
Balance at end of period	-200,037		-207,700
Foreign Currency Translation
Accumulated Other Comprehensive Loss
Balance at beginning of period	7,480
Unrecognized (losses) gains:
Gross	760
Reclassification into net earnings:
Net of tax amount	760
Balance at end of period	8,240
Pension & Other Benefits
Accumulated Other Comprehensive Loss
Balance at beginning of period	-205,986
Unrecognized (losses) gains:
Gross	11
Tax effect	-4
Reclassification into net earnings:
Gross	3,047
Tax effect	-1,157
Net of tax amount	1,897
Balance at end of period	-204,089
Deferred Gain (Loss) - Hedging
Accumulated Other Comprehensive Loss
Balance at beginning of period	-9,194
Unrecognized (losses) gains:
Gross	3,663
Tax effect	-1,383
Reclassification into net earnings:
Gross	4,379
Tax effect	-1,653
Net of tax amount	5,006
Balance at end of period	($4,188)

INVENTORIES_Details

INVENTORIES (Details) (USD $)	Jan. 25, 2015	Oct. 26, 2014
In Thousands, unless otherwise specified
INVENTORIES
Finished products	$571,275	$604,946
Raw materials and work-in-process	263,618	274,105
Materials and supplies	181,895	175,501
Total	$1,016,788	$1,054,552

DERIVATIVES_AND_HEDGING_Detail

DERIVATIVES AND HEDGING (Details) (USD $)	3 Months Ended	12 Months Ended
In Millions, unless otherwise specified	Jan. 25, 2015	Oct. 26, 2014
	bu	bu
Derivatives and hedging
Maximum number of upcoming fiscal years to hedge grain or natural gas exposure	2 years
Accumulated change, pretax, in accumulated gains and (losses) from derivative instruments designated and qualifying as the effective portion of cash flow hedges	-6.7	-14.8
The Company expects to recognize the majority of hedging losses over this period	12 months
Corn | Derivatives not designated as hedges
Derivatives and hedging
Futures contracts, Volume	1,900,000	2,900,000
Corn | Cash Flow Hedges
Derivatives and hedging
Futures contracts, Volume	17,300,000	18,300,000
Corn | Fair Value Hedges
Derivatives and hedging
Futures contracts, Volume	6,600,000	8,000,000
Lean hogs | Fair Value Hedges
Derivatives and hedging
Futures contracts, Volume ( in centum weight)	400,000	700,000

DERIVATIVES_AND_HEDGING_Detail1

DERIVATIVES AND HEDGING (Details 2) (USD $)	Jan. 25, 2015	Oct. 26, 2014
In Thousands, unless otherwise specified
Derivatives fair value
Asset Derivatives, Other current assets	$3,511
Liability Derivatives, Other current assets		-8,062
Derivatives Designated as Hedges | Commodity contracts | Other current assets
Derivatives fair value
Asset Derivatives, Other current assets	3,827
Liability Derivatives, Other current assets		-7,124
Derivatives not designated as hedges | Commodity contracts | Other current assets
Derivatives fair value
Liability Derivatives, Other current assets	($316)	($938)

DERIVATIVES_AND_HEDGING_Detail2

DERIVATIVES AND HEDGING (Details 3) (USD $)	3 Months Ended
	Jan. 25, 2015	Jan. 26, 2014
Derivative instruments gains or losses (before tax)
Gains or losses excluded from the assessment of cash flow hedge effectiveness	$0	$0
Gains or losses excluded from the assessment of fair value hedge effectiveness	0	0
Gains or losses resulting from the discontinuance of cash flow hedges	0	0
Gains or losses recognized as a result of a hedged firm commitment no longer qualifying as a fair value hedge	0	0
Derivatives not designated as hedges | Commodity contracts | Cost of products sold
Derivative instruments gains or losses (before tax)
Gain/(Loss) Recognized in Earnings	129,000	-517,000
Cash Flow Hedges | Commodity contracts
Derivative instruments gains or losses (before tax)
Gain/(Loss) Recognized in AOCL (Effective Portion)	3,663,000	-4,004,000
Cash Flow Hedges | Commodity contracts | Cost of products sold
Derivative instruments gains or losses (before tax)
Gain/(Loss) Reclassified from AOCL into Earnings (Effective Portion)	-4,379,000	-3,249,000
Gain/(Loss) Recognized in Earnings (Ineffective Portion)	0	-294,000
Fair Value Hedges | Derivatives Designated as Hedges | Commodity contracts | Cost of products sold
Derivative instruments gains or losses (before tax)
Gain/(Loss) Recognized in Earnings (Effective Portion)	-168,000	1,254,000
Gain/(Loss) Recognized in Earnings (Ineffective Portion)	($110,000)	($38,000)

FAIR_VALUE_MEASUREMENTS_Detail

FAIR VALUE MEASUREMENTS (Details) (USD $)	3 Months Ended
	Jan. 25, 2015	Oct. 26, 2014
Methods and assumptions used to estimate the fair value of the financial assets and liabilities
Guarantee period at issue for rate of return on fixed income funds	1 year
Recognized right to reclaim net cash collateral	$2,700,000	$11,500,000
Cash collateral posted	23,800,000	55,600,000
Realized losses on closed positions	21,100,000	44,100,000
Fair value, long-term debt
Fair value of long-term debt (including current maturities)	283,300,000	273,800,000
Recurring basis | Fair Value
Assets at Fair Value:
Cash and cash equivalents	527,097,000	334,174,000
Other trading securities	118,709,000	117,249,000
Commodity derivatives	5,146,000	3,461,000
Total Assets at Fair Value	650,952,000	454,884,000
Liabilities at Fair Value:
Deferred compensation	54,682,000	54,809,000
Total Liabilities at Fair Value	54,682,000	54,809,000
Recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1)
Assets at Fair Value:
Cash and cash equivalents	527,097,000	334,174,000
Other trading securities	40,000,000	39,120,000
Commodity derivatives	5,146,000	3,461,000
Total Assets at Fair Value	572,243,000	376,755,000
Liabilities at Fair Value:
Deferred compensation	24,083,000	23,642,000
Total Liabilities at Fair Value	24,083,000	23,642,000
Recurring basis | Significant Other Observable Inputs (Level 2)
Assets at Fair Value:
Other trading securities	78,709,000	78,129,000
Total Assets at Fair Value	78,709,000	78,129,000
Liabilities at Fair Value:
Deferred compensation	30,599,000	31,167,000
Total Liabilities at Fair Value	$30,599,000	$31,167,000

PENSION_AND_OTHER_POSTRETIREME2

PENSION AND OTHER POST-RETIREMENT BENEFITS (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Jan. 25, 2015	Jan. 26, 2014
Pension Benefits
Net periodic cost of defined benefit plans
Service cost	$7,199	$6,503
Interest cost	13,131	13,374
Expected return on plan assets	-22,198	-21,115
Amortization of prior service cost	-1,220	-1,243
Recognized actuarial (gain) loss	4,601	3,182
Net periodic cost	1,513	701
Post-retirement Benefits
Net periodic cost of defined benefit plans
Service cost	442	483
Interest cost	3,336	3,785
Amortization of prior service cost	-334	-334
Recognized actuarial (gain) loss		-1
Net periodic cost	$3,444	$3,933

INCOME_TAXES_Detail

INCOME TAXES (Detail) (USD $)	3 Months Ended
In Millions, unless otherwise specified	Jan. 25, 2015
INCOME TAXES
Unrecognized tax benefits including interest and penalties	$23.20
Portion of unrecognized tax benefit including interest and penalties, that if recognized, would impact effective tax rate	15.7
Interest and penalties expense related to uncertain tax positions recognized in income tax expense	0
Accrued interest and penalties, associated with unrecognized tax benefits	$2.80

SEGMENT_REPORTING_Detail

SEGMENT REPORTING (Detail) (USD $)	3 Months Ended		12 Months Ended
In Thousands, unless otherwise specified	Jan. 25, 2015	Jan. 26, 2014	Oct. 26, 2014
	segment
SEGMENT REPORTING
Number of reportable business segments	5
Operating profit and other financial information
Sales	$2,395,073	$2,242,672
Segment Operating Profit	268,507	244,998
Net interest and investment expense (income)	1,929	1,921
General corporate expense	3,253	8,916
Noncontrolling interest	712	1,110
EARNINGS BEFORE INCOME TAXES	264,037	235,271
Intersegment sales
Operating profit and other financial information
Sales	39,588	38,909
Operating segment
Operating profit and other financial information
Sales	2,395,073	2,242,672
Intersegment elimination
Operating profit and other financial information
Sales	-39,588	-38,909
Grocery Products
Operating profit and other financial information
Sales	409,751	401,520
Segment Operating Profit	41,375	56,342
Grocery Products | Operating segment
Operating profit and other financial information
Sales	409,751	401,520
Refrigerated Foods
Operating profit and other financial information
Sales	1,144,215	1,128,421
Segment Operating Profit	101,152	85,299
Refrigerated Foods | Intersegment sales
Operating profit and other financial information
Sales	4,183	5,746
Refrigerated Foods | Operating segment
Operating profit and other financial information
Sales	1,148,398	1,134,167
Jennie-O Turkey Store
Operating profit and other financial information
Sales	440,019	399,400
Segment Operating Profit	93,020	59,545
Jennie-O Turkey Store | Intersegment sales
Operating profit and other financial information
Sales	35,384	33,129
Jennie-O Turkey Store | Operating segment
Operating profit and other financial information
Sales	475,403	432,529
Specialty Foods
Operating profit and other financial information
Sales	263,274	195,979
Segment Operating Profit	18,576	21,255
Specialty Foods | Intersegment sales
Operating profit and other financial information
Sales	21	34
Specialty Foods | Operating segment
Operating profit and other financial information
Sales	263,295	196,013
International & Other
Operating profit and other financial information
Sales	137,814	117,352
Segment Operating Profit	14,384	22,557
International & Other | Operating segment
Operating profit and other financial information
Sales	$137,814	$117,352
Precept Foods, LLC
Operating profit and other financial information
Ownership percentage held by entity in joint venture			50.01%