Hormel Foods (HRL) 10-Q 4 Sep 15 2015 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Jul. 26, 2015	Aug. 30, 2015
Entity Registrant Name	HORMEL FOODS CORP /DE/
Entity Central Index Key	48,465
Document Type	10-Q
Document Period End Date	Jul. 26, 2015
Amendment Flag	false
Current Fiscal Year End Date	--10-25
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q3
Common stock
Entity Common Stock, Shares Outstanding		264,516,878
Common stock, non-voting
Entity Common Stock, Shares Outstanding		0

CONSOLIDATED STATEMENTS OF FINA

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION - USD ($) $ in Thousands	Jul. 26, 2015	Oct. 26, 2014
CURRENT ASSETS
Cash and cash equivalents	$ 349,169	$ 334,174
Accounts receivable	549,056	609,526
Inventories	984,452	1,054,552
Income taxes receivable	15,466	25,678
Deferred income taxes	81,407	86,853
Prepaid expenses	17,376	15,250
Other current assets	6,850	6,738
TOTAL CURRENT ASSETS	2,003,776	2,132,771
GOODWILL	1,978,907	1,226,406
OTHER INTANGIBLES	548,967	554,890
PENSION ASSETS	166,743	130,284
INVESTMENTS IN AND RECEIVABLES FROM AFFILIATES	245,618	264,451
OTHER ASSETS	145,260	145,050
PROPERTY, PLANT AND EQUIPMENT
Land	70,950	61,809
Buildings	815,111	803,722
Equipment	1,678,830	1,597,044
Construction in progress	63,876	119,657
Property, Plant and Equipment, Gross	2,628,767	2,582,232
Less allowance for depreciation	(1,626,957)	(1,580,465)
Property, Plant and Equipment, Net	1,001,810	1,001,767
TOTAL ASSETS	6,091,081	5,455,619
CURRENT LIABILITIES
Accounts payable	393,795	484,042
Short-term debt	350,000
Accrued expenses	64,212	76,836
Accrued workers compensation	38,608	35,406
Accrued marketing expenses	125,146	89,561
Employee related expenses	197,304	209,874
Taxes payable	6,812	5,507
Interest and dividends payable	69,230	53,466
TOTAL CURRENT LIABILITIES	1,245,107	954,692
LONG-TERM DEBT-less current maturities	250,000	250,000
PENSION AND POST-RETIREMENT BENEFITS	508,667	502,693
OTHER LONG-TERM LIABILITIES	110,713	112,176
DEFERRED INCOME TAXES	$ 40,582	$ 24,002
SHAREHOLDERS' INVESTMENT
Preferred stock, par value $.01 a share-authorized 160,000,000 shares; issued-none
Additional paid-in capital	$ 10,318
Accumulated other comprehensive loss	(191,843)	$ (207,700)
Retained earnings	4,106,566	3,805,654
HORMEL FOODS CORPORATION SHAREHOLDERS' INVESTMENT	3,932,786	3,605,678
NONCONTROLLING INTEREST	3,226	6,378
TOTAL SHAREHOLDERS' INVESTMENT	3,936,012	3,612,056
TOTAL LIABILITIES AND SHAREHOLDERS' INVESTMENT	$ 6,091,081	$ 5,455,619
Common stock, non-voting
SHAREHOLDERS' INVESTMENT
Common stock
Common stock
SHAREHOLDERS' INVESTMENT
Common stock	$ 7,745	$ 7,724

CONSOLIDATED STATEMENTS OF FIN3

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (Parenthetical) - $ / shares	Jul. 26, 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)	$ 0.0293	$ 0.0293
Common stock, authorized shares	800,000,000	800,000,000
Common stock, issued shares	264,322,372	263,613,201

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Jul. 26, 2015	Jul. 27, 2014	Jul. 26, 2015	Jul. 27, 2014
CONSOLIDATED STATEMENTS OF OPERATIONS
Net sales	$ 2,188,587	$ 2,284,947	$ 6,863,005	$ 6,772,485
Cost of products sold	1,779,197	1,920,948	5,549,454	5,631,086
GROSS PROFIT	409,390	363,999	1,313,551	1,141,399
Selling, general and administrative	184,627	153,035	554,659	485,009
Equity in earnings of affiliates	6,396	3,540	15,930	11,862
OPERATING INCOME	231,159	214,504	774,822	668,252
Other income and expense:
Interest and investment income	189	1,603	2,455	2,470
Interest expense	(3,129)	(3,125)	(9,290)	(9,312)
EARNINGS BEFORE INCOME TAXES	228,219	212,982	767,987	661,410
Provision for income taxes	81,263	73,968	268,166	227,232
NET EARNINGS	146,956	139,014	499,821	434,178
Less: Net earnings attributable to noncontrolling interest	18	1,039	964	2,765
NET EARNINGS ATTRIBUTABLE TO HORMEL FOODS CORPORATION	$ 146,938	$ 137,975	$ 498,857	$ 431,413
NET EARNINGS PER SHARE:
BASIC (in dollars per share)	$ 0.56	$ 0.52	$ 1.89	$ 1.63
DILUTED (in dollars per share)	$ 0.54	$ 0.51	$ 1.85	$ 1.60
WEIGHTED-AVERAGE SHARES OUTSTANDING:
BASIC (in shares)	264,258	263,983	263,987	263,887
DILUTED (in shares)	270,602	270,400	270,369	270,345
DIVIDENDS DECLARED PER SHARE: (in dollars per share)	$ 0.25	$ 0.20	$ 0.75	$ 0.60

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jul. 26, 2015	Jul. 27, 2014	Jul. 26, 2015	Jul. 27, 2014
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
NET EARNINGS	$ 146,956	$ 139,014	$ 499,821	$ 434,178
Other comprehensive income (loss), net of tax:
Foreign currency translation	(1,133)	305	(955)	(1,335)
Pension and other benefits	1,904	915	5,706	2,922
Deferred hedging	7,168	(10,663)	10,725	(4,171)
TOTAL OTHER COMPREHENSIVE INCOME (LOSS)	7,939	(9,443)	15,476	(2,584)
COMPREHENSIVE INCOME	154,895	129,571	515,297	431,594
Less: Comprehensive income attributable to noncontrolling interest	43	1,049	978	2,738
COMPREHENSIVE INCOME ATTRIBUTABLE TO HORMEL FOODS CORPORATION	$ 154,852	$ 128,522	$ 514,319	$ 428,856

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' INVESTMENT (EQUITY) - USD ($) $ in Thousands	Common stock	Treasury Stock	Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Income (Loss)	Non-controlling Interest	Total
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 income (loss)					(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 - $.75 and $.80 per share during the six months ended April 26, 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				498,857		964	499,821
Other comprehensive income (loss)					15,462	14	15,476
Stock-based compensation expense	1		14,259				14,260
Exercise of stock options/nonvested shares	20		7,940				7,960
Purchase of additional ownership from noncontrolling interest			(11,881)		395	(2,549)	(14,035)
Distribution to noncontrolling interest						(1,581)	(1,581)
Declared cash dividends - $.75 and $.80 per share during the six months ended April 26, 2015, and for the year ended October 26, 2014, respectively				(197,945)			(197,945)
Balance at Jul. 26, 2015	$ 7,745		$ 10,318	$ 4,106,566	$ (191,843)	$ 3,226	$ 3,936,012

CONSOLIDATED STATEMENTS OF CHA7

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' INVESTMENT (Parenthetical) - $ / shares	3 Months Ended		9 Months Ended		12 Months Ended
	Jul. 26, 2015	Jul. 27, 2014	Jul. 26, 2015	Jul. 27, 2014	Oct. 26, 2014
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' INVESTMENT
Declared cash dividends (in dollars per share)	$ 0.25	$ 0.20	$ 0.75	$ 0.60	$ 0.80

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Jul. 26, 2015	Jul. 27, 2014
OPERATING ACTIVITIES
Net earnings	$ 499,821	$ 434,178
Adjustments to reconcile to net cash provided by operating activities:
Depreciation	92,842	90,189
Amortization of intangibles	6,185	6,945
Equity in earnings of affiliates, net of dividends	21,395	7,279
Provision for deferred income taxes	9,619	2,382
Gain on property/equipment sales and plant facilities	(6,645)	(1,261)
Non-cash investment activities	(1,198)	(1,852)
Stock-based compensation expense	14,260	12,690
Excess tax benefit from stock-based compensation	(14,139)	(17,814)
Changes in operating assets and liabilities, net of acquisitions:
Decrease in accounts receivable	78,970	14,995
Decrease (increase) in inventories	89,375	(106,231)
Decrease in prepaid expenses and other current assets	45,310	5,034
Increase in pension and post-retirement benefits	(21,575)	(25,873)
Decrease in accounts payable and accrued expenses	(125,311)	(26,295)
Other	1,336
NET CASH PROVIDED BY OPERATING ACTIVITIES	690,245	394,366
INVESTING ACTIVITIES
Acquisitions of businesses/intangibles	(768,339)	(41,876)
Purchases of property/equipment	(96,802)	(111,827)
Proceeds from sales of property/equipment	15,024	8,568
Decrease in investments, equity in affiliates, and other assets	3,424	905
NET CASH USED IN INVESTING ACTIVITIES	(846,693)	(144,230)
FINANCING ACTIVITIES
Proceeds from short-term debt	350,000
Dividends paid on common stock	(184,761)	(150,360)
Share repurchase		(28,068)
Proceeds from exercise of stock options	7,837	8,496
Excess tax benefit from stock-based compensation	14,139	17,814
Payment to noncontrolling interest	(11,702)
Distribution to noncontrolling interest	(1,581)
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES	173,932	(152,118)
EFFECT OF EXCHANGE RATE CHANGES ON CASH	(2,489)	(1,055)
INCREASE IN CASH AND CASH EQUIVALENTS	14,995	96,963
Cash and cash equivalents at beginning of year	334,174	434,014
CASH AND CASH EQUIVALENTS AT END OF QUARTER	$ 349,169	$ 530,977

GENERAL

GENERAL	9 Months Ended
	Jul. 26, 2015
GENERAL
GENERAL	NOTE A GENERAL 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 losses of $0.6 million and gains of $2.4 million for the third quarter and nine months ended July 26, 2015, respectively, compared to gains of $1.6 million and $3.0 million for the third quarter and nine months ended July 27, 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. On March 16, 2015, the Company purchased the remaining 19.29% ownership interest in its Shanghai Hormel Foods Corporation joint venture from the minority partner Shanghai Shangshi Meat Products Co. Ltd., resulting in 100.0% ownership of that business at the end of the second quarter. The interest was purchased with $11.7 million in cash, along with the transfer of land use rights and buildings held by the joint venture. The difference between the fair value of the consideration given and the reduction in the noncontrolling interest was recognized as an $11.9 million reduction in additional paid-in capital attributable to the Company. The Company will continue to manufacture at the Shanghai facility by leasing the land use rights and buildings from the previous minority partner. 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 workers 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 Financial Accounting Standards Board (FASB) updated the guidance within Accounting Standards Codification (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 its 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. On July 8, 2015, the FASB approved a one-year deferral of the effective date. The new guidance is effective for annual reporting periods beginning after December 15, 2017, including interim reporting periods within that reporting period, and early application is not permitted. Accordingly, the Company expects to adopt the provisions of this new accounting standard at the beginning of fiscal year 2019, and is currently assessing the impact on its consolidated financial statements. In April 2015, the FASB updated the guidance within ASC 835, Interest . The update provides guidance on simplifying the presentation of debt issuance cost. The amendments require debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability. The new guidance is effective for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years, with early adoption permitted. The Company expects to adopt the new provisions of this accounting standard at the beginning of fiscal year 2017, and is currently assessing the impact on its consolidated financial statements. In April 2015, the FASB updated the guidance within ASC 715, Compensation – Retirement Benefits . The update provides guidance on simplifying the measurement date for defined benefit plan assets and obligations. The amendments allow employers with fiscal year ends that do not coincide with a calendar month end to make an accounting policy election to measure defined benefit plan assets and obligations as of the end of the month closest to their fiscal year ends. The new guidance is effective for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years, with early adoption permitted. The Company expects to adopt the new provisions of this accounting standard at the beginning of fiscal year 2017, and adoption is not expected to have a material impact on its consolidated financial statements. In May 2015, the FASB updated the guidance within ASC 820, Fair Value Measurements and Disclosures . The update provides guidance on the disclosures for investments in certain entities that calculate net asset value (NAV) per share (or its equivalent). The amendments remove the requirement to categorize within the fair value hierarchy all investments for which fair value is measured using the NAV per share (or its equivalent) as a practical expedient. The updated guidance is to be applied retrospectively and is effective for annual reporting periods beginning after December 15, 2015, and interim periods within those fiscal years, with early application permitted. The Company expects to adopt the provisions of this new accounting standard at the beginning of fiscal year 2017, and is currently assessing the impact on its consolidated financial statements.

ACQUISITIONS

ACQUISITIONS	9 Months Ended
	Jul. 26, 2015
ACQUISITIONS
ACQUISITIONS	NOTE B ACQUISITIONS On July 13, 2015, the Company acquired Applegate Farms, LLC (Applegate) of Bridgewater, New Jersey for a preliminary purchase price of $771.8 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 short-term financing. 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 as the Company is in the process of obtaining an independent appraisal. The Company has recorded goodwill and will record intangible assets and the related deferred taxes once identified by an independent appraisal. 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 $ Inventory Prepaid and other assets Property, plant and equipment Goodwill and intangibles Current liabilities Purchase price $ 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 Applegate ® brand, the supply chain for natural and organic products, and the potential to expand presence in the natural and organic channels. A portion of the goodwill balance is expected to be deductible for income tax purposes. The goodwill has been allocated to the Refrigerated Foods segment. The Company recognized $8.6 million of transaction costs in the third quarter related to the acquisition and the charges were reported in selling, general and administrative expense in the Company’s Consolidated Statements of Operations. 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 Refrigerated Foods reporting segment. The acquisition contributed $12.4 million of net sales for the third quarter ended July 26, 2015. Applegate ® is the No. 1 brand in natural and organic value-added prepared meats and this acquisition will allow the Company to expand the breadth of its protein offerings to provide consumers more choice in that fast growing category. On August 11, 2014, the Company acquired CytoSport Holdings, Inc. (CytoSport) of Benicia, California for a preliminary purchase price of $420.9 million in cash. The purchase price is preliminary pending final 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 two years subsequent to the year of acquisition. The Company has recognized a $10.3 million liability related to this potential payment as of July 26, 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 purchase accounting 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 $ Inventory Prepaid and other assets Property, plant and equipment Intangible assets Goodwill Current liabilities Long-term liabilities Deferred taxes Purchase price $ The liabilities shown above include $21.9 million representing potential payments owed under a supplier agreement, which are contingent on future production levels through fiscal year 2018. 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 $84.5 million and $235.9 million of net sales for the third quarter and nine months ended July 26, 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, New Jersey 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. 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 was considered material, individually or in the aggregate, to the consolidated Company.

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	9 Months Ended
	Jul. 26, 2015
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION	NOTE C STOCK-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 July 26, 2015, and changes during the nine months then ended, is as follows: Shares Weighted- Average Exercise Price Weighted- Average Remaining Contractual Term Aggregate Intrinsic Value (in thousands) Outstanding at October 26, 2014 $ 24.61 Granted Exercised Forfeited Outstanding at July 26, 2015 5.2 years $ 536,506 Exercisable at July 26, 2015 $ 22.64 4.2 years $ 470,362 The weighted-average grant date fair value of stock options granted and the total intrinsic value of options exercised (in thousands) during the third quarter and first nine months of fiscal years 2015 and 2014, are as follows: Three Months Ended Nine Months Ended July 26, 2015 July 27, 2014 July 26, 2015 July 27, 2014 Weighted-average grant date fair value $ $ $ $ Intrinsic value of exercised options $ $ $ $ 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 Nine Months Ended July 26, 2015 July 27, 2014 July 26, 2015 July 27, 2014 Risk-free interest rate Dividend yield Stock price volatility Expected option life 8 years 8 years 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. A reconciliation of the nonvested shares (in thousands) as of July 26, 2015, and changes during the nine months then ended, is as follows: Shares Weighted- Average Grant- Date Fair Value Nonvested at October 26, 2014 $ 33.58 Granted Vested Nonvested at July 26, 2015 $ 51.74 The weighted-average grant date fair value of nonvested shares granted, the total fair value (in thousands) of nonvested shares granted, and the fair value (in thousands) of shares that have vested during the first nine months of fiscal years 2015 and 2014, are as follows: Nine Months Ended July 26, 2015 July 27, 2014 Weighted-average grant date fair value $ 51.74 $ 43.46 Fair value of nonvested shares granted $ 1,920 $ 1,440 Fair value of shares vested $ 2,347 $ 2,056 Stock-based compensation expense, along with the related income tax benefit, for the third quarter and first nine months of fiscal years 2015 and 2014 is presented in the table below. Three Months Ended Nine Months Ended (in thousands) July 26, 2015 July 27, 2014 July 26, 2015 July 27, 2014 Stock-based compensation expense recognized $ 1,711 $ 1,746 $ 14,260 $ 12,690 Income tax benefit recognized After-tax stock-based compensation expense $ 1,062 $ 1,083 $ 8,846 $ 7,868 At July 26, 2015, there was $10.7 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 2.7 years. During the third quarter and nine months ended July 26, 2015, cash received from stock option exercises was $1.8 million and $7.8 million, respectively, compared to $3.0 million and $8.5 million for the third quarter and nine months ended July 27, 2014. The total tax benefit to be realized for tax deductions from these option exercises for the third quarter and nine months ended July 26, 2015, was $3.9 million and $16.3 million, respectively, compared to $8.9 million and $21.0 million in the comparable periods 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	9 Months Ended
	Jul. 26, 2015
GOODWILL AND INTANGIBLE ASSETS
GOODWILL AND INTANGIBLE ASSETS	NOTE D GOODWILL AND INTANGIBLE ASSETS The carrying amounts of goodwill for the third quarter and nine months ended July 26, 2015, are presented in the table below. The additions during the third quarter are entirely due to the acquisition of Applegate on July 13, 2015. The goodwill amounts are preliminary pending final working capital adjustments. Purchase adjustments during the third quarter relate to the CytoSport acquisition. The reduction in the first nine months is entirely due to the sale of an immaterial product line. (in thousands) Grocery Products Refrigerated Foods JOTS Specialty Foods International & Other Total Balance as of April 26, 2015 $ $ $ $ $ $ Goodwill acquired - - - - Purchase adjustments - - - - Balance as of July 26, 2015 $ $ $ $ $ $ (in thousands) Grocery Products Refrigerated Foods JOTS Specialty Foods International & Other Total Balance as of October 26, 2014 $ $ $ $ $ $ Goodwill acquired - - - - Purchase adjustments - - - - Disposal - - Balance as of July 26, 2015 $ $ $ $ $ $ The gross carrying amount and accumulated amortization for definite-lived intangible assets are presented in the table below. (in thousands) July 26, 2015 October 26, 2014 Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Customer lists/relationships $ $ $ $ Proprietary software & technology Formulas & recipes Other intangibles Total $ $ $ $ Amortization expense was $2.3 million and $6.3 million for the third quarter and nine months ended July 26, 2015, respectively, compared to $2.3 million and $6.9 million for the third quarter and nine months ended July 27, 2014. Estimated annual amortization expense for the five fiscal years after October 26, 2014, is as follows: (in thousands) 2015 $ 7,919 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) July 26, 2015 October 26, 2014 Brands/tradenames/trademarks $ $ Other intangibles Total $ $

INVESTMENTS IN AND RECEIVABLES

INVESTMENTS IN AND RECEIVABLES FROM AFFILIATES	9 Months Ended
	Jul. 26, 2015
INVESTMENTS IN AND RECEIVABLES FROM AFFILIATES
INVESTMENTS IN AND RECEIVABLES FROM AFFILIATES	NOTE E INVESTMENTS 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 July 26, 2015 October 26, 2014 MegaMex Foods, LLC Grocery Products 50% $ $ Foreign Joint Ventures International & Other Various (26-50%) Total $ $ Equity in earnings of affiliates consists of the following: Three Months Ended Nine Months Ended (in thousands) Segment July 26, 2015 July 27, 2014 July 26, 2015 July 27, 2014 MegaMex Foods, LLC Grocery Products $ $ $ $ Foreign Joint Ventures International & Other Total $ $ $ $ Equity in earnings in the first nine months of fiscal 2015 included nonrecurring charges related to the exit from international joint venture businesses. There were $27.3 million and $37.3 million of dividends received from affiliates for the three and nine months ended July 26, 2015, respectively, compared to $9.1 million and $19.1 million dividends received for the three and nine months ended July 27, 2014. The Company recognized a basis difference of $21.3 million associated with the formation of MegaMex Foods, LLC, of which $16.4 million is remaining as of July 26, 2015. This difference is being amortized through equity in earnings of affiliates.

EARNINGS PER SHARE DATA

EARNINGS PER SHARE DATA	9 Months Ended
	Jul. 26, 2015
EARNINGS PER SHARE DATA
EARNINGS PER SHARE DATA	NOTE F EARNINGS PER SHARE DATA The reported net earnings attributable to the Company were used when computing basic and diluted earnings per share. The following table sets forth the shares used as the denominator for those computations: Three Months Ended Nine Months Ended (in thousands) July 26, 2015 July 27, 2014 July 26, 2015 July 27, 2014 Basic weighted-average shares outstanding Dilutive potential common shares Diluted weighted-average shares outstanding For the third quarter and nine months ended July 26, 2015, twelve thousand 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, compared to thirty-seven thousand and 0.6 million for the third quarter and nine months ended July 27, 2014.

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE LOSS	9 Months Ended
	Jul. 26, 2015
ACCUMULATED OTHER COMPREHENSIVE LOSS
ACCUMULATED OTHER COMPREHENSIVE LOSS	NOTE G ACCUMULATED OTHER COMPREHENSIVE LOSS Components of accumulated other comprehensive loss are as follows: (in thousands) Foreign Currency Translation Pension & Other Benefits Deferred Gain (Loss) - Hedging Accumulated Other Comprehensive Loss Balance at April 26, 2015 $ $ ) $ ) $ ) Unrecognized gains: Gross ) Tax effect ) ) Reclassification into net earnings: Gross (1) (2) Tax effect ) ) ) Net of tax amount ) Balance at July 26, 2015 $ $ ) $ $ ) (in thousands) Foreign Currency Translation Pension & Other Benefits Deferred Gain (Loss) - Hedging Accumulated Other Comprehensive Loss Balance at October 26, 2014 $ $ ) $ ) $ ) Unrecognized gains: Gross ) Tax effect ) ) ) Reclassification into net earnings: Gross (1) (2) Tax effect ) ) ) Net of tax amount ) Purchase of additional ownership from noncontrolling interest Balance at July 26, 2015 $ $ ) $ $ ) (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	9 Months Ended
	Jul. 26, 2015
INVENTORIES
INVENTORIES	NOTE H INVENTORIES Principal components of inventories are: (in thousands) July 26, 2015 October 26, 2014 Finished products $ $ Raw materials and work-in-process Materials and supplies Total $ $

DERIVATIVES AND HEDGING

DERIVATIVES AND HEDGING	9 Months Ended
	Jul. 26, 2015
DERIVATIVES AND HEDGING
DERIVATIVES AND HEDGING	NOTE I DERIVATIVES 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 July 26, 2015, and October 26, 2014, the Company had the following outstanding commodity futures contracts that were entered into to hedge forecasted purchases: Volume Commodity July 26, 2015 October 26, 2014 Corn 20.5 million bushels 18.3 million bushels As of July 26, 2015, the Company has included in AOCL, hedging gains of $2.4 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 gains 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 July 26, 2015, and October 26, 2014, the Company had the following outstanding commodity futures contracts designated as fair value hedges: Volume Commodity July 26, 2015 October 26, 2014 Corn 8.0 million bushels 8.0 million bushels Lean hogs 0.3 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 July 26, 2015, and October 26, 2014, the Company had the following outstanding futures related to these programs: Volume Commodity July 26, 2015 October 26, 2014 Corn 3.2 million bushels 2.9 million bushels Fair Values: The fair values of the Company’s derivative instruments (in thousands) as of July 26, 2015, and October 26, 2014, were as follows: Fair Value (1) Location on Consolidated Statements of Financial Position July 26, 2015 October 26, 2014 Asset Derivatives: Derivatives Designated as Hedges: Commodity contracts Other current assets $ 1,986 $ (7,124) Derivatives Not Designated as Hedges: Commodity contracts Other current assets Total Asset Derivatives $ 2,638 $ (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 third quarter ended July 26, 2015, and July 27, 2014, were as follows: Gain/(Loss) Recognized in AOCL (Effective Portion) (1) Location on Consolidated Statements of Operations Gain/(Loss) Reclassified from AOCL into Earnings (Effective Portion) (1) Gain/(Loss) Recognized in Earnings (Ineffective Portion) (2) (4) Three Months Ended Three Months Ended Three Months Ended Cash Flow Hedges: July 26, 2015 July 27, 2014 July 26, 2015 July 27, 2014 July 26, 2015 July 27, 2014 Commodity contracts $ 8,184 $ (18,159) Cost of products sold $ (3,330 ) $ (1,028) $ (6,127 ) $ (30) Location on Consolidated Statements of Operations Gain/(Loss) Recognized in Earnings (Effective Portion) (3) Gain/(Loss) Recognized in Earnings (Ineffective Portion) (2) (5) Three Months Ended Three Months Ended Fair Value Hedges: July 26, 2015 July 27, 2014 July 26, 2015 July 27, 2014 Commodity contracts Cost of products sold $ (1,727 ) $ (6,685) $ 2,221 $ 266 Location on Consolidated Statements of Operations Gain/(Loss) Recognized in Earnings Three Months Ended Derivatives Not Designated as Hedges: July 26, 2015 July 27, 2014 Commodity contracts Cost of products sold $ 310 $ (2,453) Derivative Gains and Losses: Gains or losses (before tax, in thousands) related to the Company’s derivative instruments for the nine months ended July 26, 2015, and July 27, 2014, were as follows: Gain/(Loss) Recognized in AOCL (Effective Portion) (1) Location on Consolidated Statements of Operations Gain/(Loss) Reclassified from AOCL into Earnings (Effective Portion) (1) Gain/(Loss) Recognized in Earnings (Ineffective Portion) (2)(4) Nine Months Ended Nine Months Ended Nine Months Ended Cash Flow Hedges: July 26, 2015 July 27, 2014 July 26, 2015 July 27, 2014 July 26, 2015 July 27, 2014 Commodity contracts $ $ Cost of products sold $ $ $ (6,127) $ Location on Consolidated Statements of Operations Gain/(Loss) Recognized in Earnings (Effective Portion) (3) Gain/(Loss) Recognized in Earnings (Ineffective Portion) (2)(5) Nine Months Ended Nine Months Ended Fair Value Hedges: July 26, 2015 July 27, 2014 July 26, 2015 July 27, 2014 Commodity contracts Cost of products sold $ $ $ $ Location on Consolidated Statements of Operations Gain/(Loss) Recognized in Earnings Nine Months Ended Derivatives Not Designated as Hedges: July 26, 2015 July 27, 2014 Commodity contracts Cost of products sold $ $ (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 third quarter or first nine months. During the third quarter, due to market volatility the Company temporarily suspended hedge accounting for its Jennie-O Turkey Store corn futures contracts for a three week period of time. During the time of suspension, all gains or losses related to these contracts were recognized as ineffectiveness in earnings as incurred. (3) Amounts represent losses on commodity contracts designated as fair value hedges that were closed during the third quarter or first nine months, 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 third quarter or first nine months. (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 third quarter or first nine months.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	9 Months Ended
	Jul. 26, 2015
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS	NOTE J FAIR 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 July 26, 2015, and October 26, 2014, and their level within the fair value hierarchy, are presented in the tables below. Fair Value Measurements at July 26, 2015 (in thousands) Fair Value at July 26, 2015 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets at Fair Value: Cash and cash equivalents (1) $ $ $ - $ - Other trading securities (2) - Commodity derivatives (3) - - Total Assets at Fair Value $ $ $ $ - Liabilities at Fair Value: Deferred compensation (2) $ $ $ $ - Total Liabilities at Fair Value $ $ $ $ - Fair Value Measurements at October 26, 2014 (in thousands) Fair Value at October 26, 2014 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets at Fair Value: Cash and cash equivalents (1) $ $ $ - $ - Other trading securities (2) - Commodity derivatives (3) - - Total Assets at Fair Value $ $ $ $ - Liabilities at Fair Value: Deferred compensation (2) $ $ $ $ - Total Liabilities at Fair Value $ $ $ $ - 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 July 26, 2015, the Company has recognized the right to reclaim net cash collateral of $0.7 million from various counterparties (including $8.8 million of cash less $8.1 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 $273.6 million as of July 26, 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 nine months ended July 26, 2015, and July 27, 2014, there were no remeasurements of assets or liabilities at fair value on a nonrecurring basis subsequent to their initial recognition.

PENSION AND OTHER POST-RETIREME

PENSION AND OTHER POST-RETIREMENT BENEFITS	9 Months Ended
	Jul. 26, 2015
PENSION AND OTHER POST-RETIREMENT BENEFITS
PENSION AND OTHER POST-RETIREMENT BENEFITS	NOTE K PENSION AND OTHER POST-RETIREMENT BENEFITS Net periodic benefit cost for pension and other post-retirement benefit plans consists of the following: Pension Benefits Three Months Ended Nine Months Ended (in thousands) July 26, 2015 July 27, 2014 July 26, 2015 July 27, 2014 Service cost $ $ $ $ Interest cost Expected return on plan assets Amortization of prior service cost Recognized actuarial loss Net periodic cost $ $ $ $ Post-retirement Benefits Three Months Ended Nine Months Ended (in thousands) July 26, 2015 July 27, 2014 July 26, 2015 July 27, 2014 Service cost $ $ $ $ Interest cost Amortization of prior service cost Recognized actuarial gain - Net periodic cost $ $ $ $ During the third quarter of fiscal 2015, the Company made discretionary contributions of $22.7 million to fund its pension plans, compared to discretionary contributions of $25.6 million during the third quarter of fiscal 2014.

INCOME TAXES

INCOME TAXES	9 Months Ended
	Jul. 26, 2015
INCOME TAXES
INCOME TAXES	NOTE L INCOME TAXES The amount of unrecognized tax benefits, including interest and penalties, at July 26, 2015, recorded in other long-term liabilities was $24.7 million, of which $16.1 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 $40 thousand and $0.4 million included in expense for both the third quarter and first nine months, respectively, of fiscal 2015. The amount of accrued interest and penalties at July 26, 2015, associated with unrecognized tax benefits was $3.2 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 the 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 2010. 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	9 Months Ended
	Jul. 26, 2015
SEGMENT REPORTING
SEGMENT REPORTING	NOTE M SEGMENT REPORTING The Company develops, processes, and distributes a wide array of food products in a variety of markets. The Company reports its results in the following 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, the Affiliated Business Units, and Applegate. 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 Nine Months Ended (in thousands) July 26, 2015 July 27, 2014 July 26, 2015 July 27, 2014 Sales to Unaffiliated Customers Grocery Products $ $ $ $ Refrigerated Foods Jennie-O Turkey Store Specialty Foods International & Other Total $ $ $ $ Intersegment Sales Grocery Products $ - $ - $ - $ - Refrigerated Foods Jennie-O Turkey Store Specialty Foods International & Other - - - - Total $ $ $ $ Intersegment elimination Total $ - $ - $ - $ - Net Sales Grocery Products $ $ $ $ Refrigerated Foods Jennie-O Turkey Store Specialty Foods International & Other Intersegment elimination Total $ $ $ $ Segment Operating Profit Grocery Products $ $ $ $ Refrigerated Foods Jennie-O Turkey Store Specialty Foods International & Other Total segment operating profit $ $ Net interest and investment expense General corporate expense Noncontrolling interest Earnings before income taxes $ $ $ $

ACQUISITIONS (Tables)

ACQUISITIONS (Tables)	9 Months Ended
	Jul. 26, 2015
Applegate
Schedule of allocation of the purchase price to the acquired assets, liabilities, and goodwill	(in thousands) Accounts receivable $ Inventory Prepaid and other assets Property, plant and equipment Goodwill and intangibles Current liabilities Purchase price $
CytoSport Holdings
Schedule of allocation of the purchase price to the acquired assets, liabilities, and goodwill	(in thousands) Accounts receivable $ Inventory Prepaid and other assets Property, plant and equipment Intangible assets Goodwill Current liabilities Long-term liabilities Deferred taxes Purchase price $

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	9 Months Ended
	Jul. 26, 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 July 26, 2015, and changes during the nine months then ended, is as follows: Shares Weighted- Average Exercise Price Weighted- Average Remaining Contractual Term Aggregate Intrinsic Value (in thousands) Outstanding at October 26, 2014 $ 24.61 Granted Exercised Forfeited Outstanding at July 26, 2015 5.2 years $ 536,506 Exercisable at July 26, 2015 $ 22.64 4.2 years $ 470,362
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 third quarter and first nine months of fiscal years 2015 and 2014, are as follows: Three Months Ended Nine Months Ended July 26, 2015 July 27, 2014 July 26, 2015 July 27, 2014 Weighted-average grant date fair value $ $ $ $ Intrinsic value of exercised options $ $ $ $
Schedule of weighted-average assumptions used to calculate fair value of each option award	Three Months Ended Nine Months Ended July 26, 2015 July 27, 2014 July 26, 2015 July 27, 2014 Risk-free interest rate Dividend yield Stock price volatility Expected option life 8 years 8 years 8 years 8 years
Schedule of reconciliation of the nonvested shares	A reconciliation of the nonvested shares (in thousands) as of July 26, 2015, and changes during the nine months then ended, is as follows: Shares Weighted- Average Grant- Date Fair Value Nonvested at October 26, 2014 $ 33.58 Granted Vested Nonvested at July 26, 2015 $ 51.74
Schedule of weighted-average grant date fair value of nonvested shares granted, the total fair value of nonvested shares granted, and the fair value of nonvested shares vested	The weighted-average grant date fair value of nonvested shares granted, the total fair value (in thousands) of nonvested shares granted, and the fair value (in thousands) of shares that have vested during the first nine months of fiscal years 2015 and 2014, are as follows: Nine Months Ended July 26, 2015 July 27, 2014 Weighted-average grant date fair value $ 51.74 $ 43.46 Fair value of nonvested shares granted $ 1,920 $ 1,440 Fair value of shares vested $ 2,347 $ 2,056
Schedule of stock-based compensation expense, along with the related income tax benefit	Three Months Ended Nine Months Ended (in thousands) July 26, 2015 July 27, 2014 July 26, 2015 July 27, 2014 Stock-based compensation expense recognized $ 1,711 $ 1,746 $ 14,260 $ 12,690 Income tax benefit recognized After-tax stock-based compensation expense $ 1,062 $ 1,083 $ 8,846 $ 7,868

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS (Tables)	9 Months Ended
	Jul. 26, 2015
GOODWILL AND INTANGIBLE ASSETS
Schedule of changes in the carrying amount of goodwill	(in thousands) Grocery Products Refrigerated Foods JOTS Specialty Foods International & Other Total Balance as of April 26, 2015 $ $ $ $ $ $ Goodwill acquired - - - - Purchase adjustments - - - - Balance as of July 26, 2015 $ $ $ $ $ $ (in thousands) Grocery Products Refrigerated Foods JOTS Specialty Foods International & Other Total Balance as of October 26, 2014 $ $ $ $ $ $ Goodwill acquired - - - - Purchase adjustments - - - - Disposal - - Balance as of July 26, 2015 $ $ $ $ $ $
Schedule of gross carrying amount and accumulated amortization for definite-lived intangible assets	(in thousands) July 26, 2015 October 26, 2014 Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Customer lists/relationships $ $ $ $ Proprietary software & technology Formulas & recipes Other intangibles Total $ $ $ $
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 $ 7,919 2016 5,591 2017 5,118 2018 4,876 2019 4,833
Schedule of carrying amounts for indefinite-lived intangible assets	(in thousands) July 26, 2015 October 26, 2014 Brands/tradenames/trademarks $ $ Other intangibles Total $ $

INVESTMENTS IN AND RECEIVABLE25

INVESTMENTS IN AND RECEIVABLES FROM AFFILIATES (Tables)	9 Months Ended
	Jul. 26, 2015
INVESTMENTS IN AND RECEIVABLES FROM AFFILIATES
Schedule of investments in and receivables from affiliates	(in thousands) Segment % Owned July 26, 2015 October 26, 2014 MegaMex Foods, LLC Grocery Products 50% $ $ Foreign Joint Ventures International & Other Various (26-50%) Total $ $
Schedule of equity in earnings of affiliates	Three Months Ended Nine Months Ended (in thousands) Segment July 26, 2015 July 27, 2014 July 26, 2015 July 27, 2014 MegaMex Foods, LLC Grocery Products $ $ $ $ Foreign Joint Ventures International & Other Total $ $ $ $

EARNINGS PER SHARE DATA (Tables

EARNINGS PER SHARE DATA (Tables)	9 Months Ended
	Jul. 26, 2015
EARNINGS PER SHARE DATA
Schedule of denominator for the computation of basic and diluted earnings per share	Three Months Ended Nine Months Ended (in thousands) July 26, 2015 July 27, 2014 July 26, 2015 July 27, 2014 Basic weighted-average shares outstanding Dilutive potential common shares Diluted weighted-average shares outstanding

ACCUMULATED OTHER COMPREHENSI27

ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables)	9 Months Ended
	Jul. 26, 2015
ACCUMULATED OTHER COMPREHENSIVE LOSS
Schedule of components of accumulated other comprehensive loss	(in thousands) Foreign Currency Translation Pension & Other Benefits Deferred Gain (Loss) - Hedging Accumulated Other Comprehensive Loss Balance at April 26, 2015 $ $ ) $ ) $ ) Unrecognized gains: Gross ) Tax effect ) ) Reclassification into net earnings: Gross (1) (2) Tax effect ) ) ) Net of tax amount ) Balance at July 26, 2015 $ $ ) $ $ ) (in thousands) Foreign Currency Translation Pension & Other Benefits Deferred Gain (Loss) - Hedging Accumulated Other Comprehensive Loss Balance at October 26, 2014 $ $ ) $ ) $ ) Unrecognized gains: Gross ) Tax effect ) ) ) Reclassification into net earnings: Gross (1) (2) Tax effect ) ) ) Net of tax amount ) Purchase of additional ownership from noncontrolling interest Balance at July 26, 2015 $ $ ) $ $ ) (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)	9 Months Ended
	Jul. 26, 2015
INVENTORIES
Principal components of inventories	(in thousands) July 26, 2015 October 26, 2014 Finished products $ $ Raw materials and work-in-process Materials and supplies Total $ $

DERIVATIVES AND HEDGING (Tables

DERIVATIVES AND HEDGING (Tables)	9 Months Ended
	Jul. 26, 2015
Derivatives and hedging
Schedule of fair values of derivative instruments	The fair values of the Company’s derivative instruments (in thousands) as of July 26, 2015, and October 26, 2014, were as follows: Fair Value (1) Location on Consolidated Statements of Financial Position July 26, 2015 October 26, 2014 Asset Derivatives: Derivatives Designated as Hedges: Commodity contracts Other current assets $ 1,986 $ (7,124) Derivatives Not Designated as Hedges: Commodity contracts Other current assets Total Asset Derivatives $ 2,638 $ (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 third quarter ended July 26, 2015, and July 27, 2014, were as follows: Gain/(Loss) Recognized in AOCL (Effective Portion) (1) Location on Consolidated Statements of Operations Gain/(Loss) Reclassified from AOCL into Earnings (Effective Portion) (1) Gain/(Loss) Recognized in Earnings (Ineffective Portion) (2) (4) Three Months Ended Three Months Ended Three Months Ended Cash Flow Hedges: July 26, 2015 July 27, 2014 July 26, 2015 July 27, 2014 July 26, 2015 July 27, 2014 Commodity contracts $ 8,184 $ (18,159) Cost of products sold $ (3,330 ) $ (1,028) $ (6,127 ) $ (30) Location on Consolidated Statements of Operations Gain/(Loss) Recognized in Earnings (Effective Portion) (3) Gain/(Loss) Recognized in Earnings (Ineffective Portion) (2) (5) Three Months Ended Three Months Ended Fair Value Hedges: July 26, 2015 July 27, 2014 July 26, 2015 July 27, 2014 Commodity contracts Cost of products sold $ (1,727 ) $ (6,685) $ 2,221 $ 266 Location on Consolidated Statements of Operations Gain/(Loss) Recognized in Earnings Three Months Ended Derivatives Not Designated as Hedges: July 26, 2015 July 27, 2014 Commodity contracts Cost of products sold $ 310 $ (2,453) Gains or losses (before tax, in thousands) related to the Company’s derivative instruments for the nine months ended July 26, 2015, and July 27, 2014, were as follows: Gain/(Loss) Recognized in AOCL (Effective Portion) (1) Location on Consolidated Statements of Operations Gain/(Loss) Reclassified from AOCL into Earnings (Effective Portion) (1) Gain/(Loss) Recognized in Earnings (Ineffective Portion) (2)(4) Nine Months Ended Nine Months Ended Nine Months Ended Cash Flow Hedges: July 26, 2015 July 27, 2014 July 26, 2015 July 27, 2014 July 26, 2015 July 27, 2014 Commodity contracts $ $ Cost of products sold $ $ $ (6,127) $ Location on Consolidated Statements of Operations Gain/(Loss) Recognized in Earnings (Effective Portion) (3) Gain/(Loss) Recognized in Earnings (Ineffective Portion) (2)(5) Nine Months Ended Nine Months Ended Fair Value Hedges: July 26, 2015 July 27, 2014 July 26, 2015 July 27, 2014 Commodity contracts Cost of products sold $ $ $ $ Location on Consolidated Statements of Operations Gain/(Loss) Recognized in Earnings Nine Months Ended Derivatives Not Designated as Hedges: July 26, 2015 July 27, 2014 Commodity contracts Cost of products sold $ $ (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 third quarter or first nine months. During the third quarter, due to market volatility the Company temporarily suspended hedge accounting for its Jennie-O Turkey Store corn futures contracts for a three week period of time. During the time of suspension, all gains or losses related to these contracts were recognized as ineffectiveness in earnings as incurred. (3) Amounts represent losses on commodity contracts designated as fair value hedges that were closed during the third quarter or first nine months, 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 third quarter or first nine months. (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 third quarter or first nine months.
Derivatives not designated as hedges
Derivatives and hedging
Schedule of outstanding commodity futures contracts	Volume Commodity July 26, 2015 October 26, 2014 Corn 3.2 million bushels 2.9 million bushels
Cash Flow Hedges
Derivatives and hedging
Schedule of outstanding commodity futures contracts	Volume Commodity July 26, 2015 October 26, 2014 Corn 20.5 million bushels 18.3 million bushels
Fair Value Hedges
Derivatives and hedging
Schedule of outstanding commodity futures contracts	Volume Commodity July 26, 2015 October 26, 2014 Corn 8.0 million bushels 8.0 million bushels Lean hogs 0.3 million cwt 0.7 million cwt

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	9 Months Ended
	Jul. 26, 2015
FAIR VALUE MEASUREMENTS
Schedule of financial assets and liabilities carried at fair value on a recurring basis	Fair Value Measurements at July 26, 2015 (in thousands) Fair Value at July 26, 2015 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets at Fair Value: Cash and cash equivalents (1) $ $ $ - $ - Other trading securities (2) - Commodity derivatives (3) - - Total Assets at Fair Value $ $ $ $ - Liabilities at Fair Value: Deferred compensation (2) $ $ $ $ - Total Liabilities at Fair Value $ $ $ $ - Fair Value Measurements at October 26, 2014 (in thousands) Fair Value at October 26, 2014 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets at Fair Value: Cash and cash equivalents (1) $ $ $ - $ - Other trading securities (2) - Commodity derivatives (3) - - Total Assets at Fair Value $ $ $ $ - Liabilities at Fair Value: Deferred compensation (2) $ $ $ $ - Total Liabilities at Fair Value $ $ $ $ - 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 July 26, 2015, the Company has recognized the right to reclaim net cash collateral of $0.7 million from various counterparties (including $8.8 million of cash less $8.1 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 POST-RETIRE31

PENSION AND OTHER POST-RETIREMENT BENEFITS (Tables)	9 Months Ended
	Jul. 26, 2015
PENSION AND OTHER POST-RETIREMENT BENEFITS
Schedule of net periodic cost of defined benefit plans	Pension Benefits Three Months Ended Nine Months Ended (in thousands) July 26, 2015 July 27, 2014 July 26, 2015 July 27, 2014 Service cost $ $ $ $ Interest cost Expected return on plan assets Amortization of prior service cost Recognized actuarial loss Net periodic cost $ $ $ $ Post-retirement Benefits Three Months Ended Nine Months Ended (in thousands) July 26, 2015 July 27, 2014 July 26, 2015 July 27, 2014 Service cost $ $ $ $ Interest cost Amortization of prior service cost Recognized actuarial gain - Net periodic cost $ $ $ $

SEGMENT REPORTING (Tables)

SEGMENT REPORTING (Tables)	9 Months Ended
	Jul. 26, 2015
SEGMENT REPORTING
Schedule of operating profit and other financial information	Three Months Ended Nine Months Ended (in thousands) July 26, 2015 July 27, 2014 July 26, 2015 July 27, 2014 Sales to Unaffiliated Customers Grocery Products $ $ $ $ Refrigerated Foods Jennie-O Turkey Store Specialty Foods International & Other Total $ $ $ $ Intersegment Sales Grocery Products $ - $ - $ - $ - Refrigerated Foods Jennie-O Turkey Store Specialty Foods International & Other - - - - Total $ $ $ $ Intersegment elimination Total $ - $ - $ - $ - Net Sales Grocery Products $ $ $ $ Refrigerated Foods Jennie-O Turkey Store Specialty Foods International & Other Intersegment elimination Total $ $ $ $ Segment Operating Profit Grocery Products $ $ $ $ Refrigerated Foods Jennie-O Turkey Store Specialty Foods International & Other Total segment operating profit $ $ Net interest and investment expense General corporate expense Noncontrolling interest Earnings before income taxes $ $ $ $

GENERAL (Details)

GENERAL (Details) - USD ($) $ in Thousands	Mar. 16, 2015	Jul. 26, 2015	Jul. 27, 2014	Jul. 26, 2015	Jul. 27, 2014
Supplemental Cash Flow Information
Cash amount of ownership interest purchased				$ 11,702
Reduction in additional paid-in capital				$ 14,035
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		$ 3,500		$ 3,500
Shanghai Hormel Foods Corporation
Supplemental Cash Flow Information
Percent of ownership interest purchased	19.29%
Ownership percentage	100.00%
Cash amount of ownership interest purchased	$ 11,700
Reduction in additional paid-in capital	$ 11,900
Rabbi trust
Investments
(Losses) gains related to securities held		$ (600)	$ 1,600	$ 2,400	$ 3,000

ACQUISITIONS (Detail)

ACQUISITIONS (Detail) - USD ($) $ in Thousands	Jul. 13, 2015	Aug. 11, 2014	Nov. 26, 2013	Jul. 26, 2015	Jul. 27, 2014	Jul. 26, 2015	Jul. 27, 2014	Apr. 26, 2015	Oct. 26, 2014
Acquisitions
Purchase price						$ 768,339	$ 41,876
Allocation of the purchase price to the acquired assets, liabilities, and goodwill
Goodwill				$ 1,978,907		1,978,907		$ 1,228,933	$ 1,226,406
Transaction costs				8,600		8,600
Net sales				2,188,587	$ 2,284,947	6,863,005	$ 6,772,485
Applegate
Acquisitions
Purchase price	$ 771,800
Allocation of the purchase price to the acquired assets, liabilities, and goodwill
Accounts receivable	25,460
Inventory	20,214
Prepaid and other assets	2,916
Property, plant and equipment	3,463
Goodwill and intangibles	743,422
Current liabilities	(23,660)
Purchase price	$ 771,815
Net sales				12,400
CytoSport Holdings
Acquisitions
Purchase price		$ 420,900
Potential additional payment		$ 20,000
Term for additional payment		2 years
Recognized amount related to potential additional payment				10,300		10,300
Allocation of the purchase price to the acquired assets, liabilities, and goodwill
Accounts receivable		$ 30,580
Inventory		62,246
Prepaid and other assets		3,133
Property, plant and equipment		8,119
Intangible assets		183,607
Goodwill		274,238
Current liabilities		(59,366)
Long-term liabilities		(25,038)
Deferred taxes		(56,667)
Purchase price		420,852
Potential payments owed under a supplier agreement		$ 21,900
Net sales				$ 84,500		$ 235,900
SKIPPY | China
Acquisitions
Purchase price			$ 41,900

STOCK-BASED COMPENSATION (Detai

STOCK-BASED COMPENSATION (Details)	9 Months Ended
	Jul. 26, 2015
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
Nonvested shares | Maximum | Shares granted on or after July 28, 2014
Stock-based compensation
Vesting period	1 year

STOCK-BASED COMPENSATION (Det36

STOCK-BASED COMPENSATION (Details 2) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Jul. 26, 2015	Jul. 27, 2014	Jul. 26, 2015	Jul. 27, 2014
Stock-based compensation expense, along with the related income tax benefit
Stock based compensation expense recognized	$ 1,711	$ 1,746	$ 14,260	$ 12,690
Income tax benefit recognized	(649)	(663)	(5,414)	(4,822)
After-tax stock-based compensation expense	1,062	1,083	$ 8,846	7,868
Stock-based compensation expense unrecognized	10,700
Period for recognition of unrecognized stock-based compensation expense			2 years 8 months 12 days
Stock options
Stock-based compensation
Cash received from stock options exercised	1,800	3,000	$ 7,800	8,500
Tax benefit realized from stock options, aggregate	$ 3,900	$ 8,900	$ 16,300	$ 21,000
Reconciliation of Stock Options
Outstanding, at the beginning of the period (in shares)			17,402
Granted (in shares)			1,514
Exercised (in shares)			1,147
Forfeited (in shares)			1
Outstanding, at the end of the period (in shares)	17,768		17,768
Exercisable at the end of the period (in shares)	13,469
Weighted-Average Exercise Price
Outstanding at the beginning of the period (in dollars per share)			$ 24.61
Granted (in dollars per share)			52.55
Exercised (in dollars per share)			18.83
Forfeited (in dollars per share)			18.71
Outstanding at the end of the period (in dollars per share)	$ 27.37		$ 27.37
Exercisable at end of period (in dollars per share)	$ 22.64
Weighted-Average Remaining Contractual Term
Outstanding at the end of the period			5 years 2 months 12 days
Exercisable at end of period			4 years 2 months 12 days
Aggregate Intrinsic Value
Outstanding at the end of the period	$ 536,506
Exercisable at end of period	$ 470,362
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)	$ 10.11	$ 10.52	$ 9.84	$ 9.70
Intrinsic value of exercised options	$ 10,223	$ 23,512	$ 42,824	$ 55,481
Weighted-average assumptions used to calculate fair value of each ordinary option award
Risk-free interest rate (as a percent)	1.90%	2.60%	2.10%	2.50%
Dividend yield (as a percent)	1.80%	1.70%	1.90%	1.80%
Stock price volatility (as a percent)	19.00%	20.00%	19.00%	20.00%
Expected option life	8 years	8 years	8 years	8 years
Nonvested shares
Reconciliation of the nonvested shares
Nonvested shares at the beginning of the period			70
Nonvested shares granted in period			37
Nonvested shares vested in period			70
Nonvested shares at the end of the period	37		37
Weighted Average Grant Date Fair Value
Nonvested shares at the beginning of the period (in dollars per share)			$ 33.58
Nonvested shares granted in period (in dollars per share)			51.74
Nonvested shares vested in period (in dollars per share)			33.58
Nonvested shares at the end of the period (in dollars per share)	$ 51.74	$ 43.46	51.74	$ 43.46
Weighted-average grant date fair value, the total fair value of nonvested shares granted, and the fair value of shares that have vested
Weighted average grant date fair value (in dollars per share)	$ 51.74	$ 43.46	$ 33.58	$ 43.46
Fair value of nonvested shares granted			$ 1,920	$ 1,440
Fair value of shares vested			$ 2,347	$ 2,056

GOODWILL AND INTANGIBLE ASSET37

GOODWILL AND INTANGIBLE ASSETS (Details) - Jul. 26, 2015 - USD ($) $ in Thousands	Total	Total
Changes in the carrying amount of goodwill
Balance at the beginning of the period	$ 1,228,933	$ 1,226,406
Purchase adjustments	6,916	10,400
Disposal		(957)
Goodwill acquired	743,058	743,058
Balance at the end of the period	1,978,907	1,978,907
Grocery Products
Changes in the carrying amount of goodwill
Balance at the beginning of the period	322,421	322,942
Disposal		(521)
Balance at the end of the period	322,421	322,421
Refrigerated Foods
Changes in the carrying amount of goodwill
Balance at the beginning of the period	96,208	96,643
Disposal		(435)
Goodwill acquired	743,058	743,058
Balance at the end of the period	839,266	839,266
Jennie-O Turkey Store
Changes in the carrying amount of goodwill
Balance at the beginning of the period	203,214	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	474,341	470,857
Purchase adjustments	6,916	10,400
Balance at the end of the period	481,257	481,257
International & Other
Changes in the carrying amount of goodwill
Balance at the beginning of the period	132,749	132,750
Disposal		(1)
Balance at the end of the period	$ 132,749	$ 132,749

GOODWILL AND INTANGIBLE ASSET38

GOODWILL AND INTANGIBLE ASSETS (Details 2) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jul. 26, 2015	Jul. 27, 2014	Jul. 26, 2015	Jul. 27, 2014	Oct. 26, 2014
Gross carrying amount and accumulated amortization for definite-lived intangible assets
Gross Carrying Amount	$ 79,870		$ 79,870		$ 104,960
Accumulated Amortization	(34,169)		(34,169)		(53,336)
Amortization expense	2,300	$ 2,300	6,300	$ 6,900
Estimated Amortization Expense
2,015					7,919
2,016					5,591
2,017					5,118
2,018					4,876
2,019					4,833
Customer lists/relationships
Gross carrying amount and accumulated amortization for definite-lived intangible assets
Gross Carrying Amount	56,390		56,390		67,540
Accumulated Amortization	(11,893)		(11,893)		(19,336)
Proprietary software and technology
Gross carrying amount and accumulated amortization for definite-lived intangible assets
Gross Carrying Amount	14,820		14,820		14,820
Accumulated Amortization	(14,596)		(14,596)		(13,542)
Formulas and recipes
Gross carrying amount and accumulated amortization for definite-lived intangible assets
Gross Carrying Amount	7,490		7,490		17,854
Accumulated Amortization	(6,654)		(6,654)		(15,955)
Other intangibles
Gross carrying amount and accumulated amortization for definite-lived intangible assets
Gross Carrying Amount	1,170		1,170		4,746
Accumulated Amortization	$ (1,026)		$ (1,026)		$ (4,503)

GOODWILL AND INTANGIBLE ASSET39

GOODWILL AND INTANGIBLE ASSETS (Details 3) - USD ($) $ in Thousands	Jul. 26, 2015	Oct. 26, 2014
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 RECEIVABLE40

INVESTMENTS IN AND RECEIVABLES FROM AFFILIATES (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jul. 26, 2015	Jul. 27, 2014	Jul. 26, 2015	Jul. 27, 2014	Oct. 26, 2014	Oct. 26, 2009
Investments in and receivables from affiliates
Investments in and receivables from affiliates	$ 245,618		$ 245,618		$ 264,451
Equity in earnings of affiliates	6,396	$ 3,540	15,930	$ 11,862
Dividends received from affiliates	$ 27,300	9,100	$ 37,300	19,100
MegaMex Foods, LLC
Investments in and receivables from affiliates
Ownership percentage	50.00%		50.00%
Investments in and receivables from affiliates	$ 186,770		$ 186,770		208,221
Equity in earnings of affiliates	4,928	2,945	20,142	10,002
Excess of investment over the underlying equity in net assets of the joint venture	16,400		16,400			$ 21,300
Foreign Joint Ventures
Investments in and receivables from affiliates
Investments in and receivables from affiliates	58,848		58,848		$ 56,230
Equity in earnings of affiliates	$ 1,468	$ 595	$ (4,212)	$ 1,860
Foreign Joint Ventures | Minimum
Investments in and receivables from affiliates
Ownership percentage	26.00%		26.00%
Foreign Joint Ventures | Maximum
Investments in and receivables from affiliates
Ownership percentage	50.00%		50.00%

EARNINGS PER SHARE DATA (Detail

EARNINGS PER SHARE DATA (Details) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Jul. 26, 2015	Jul. 27, 2014	Jul. 26, 2015	Jul. 27, 2014
EARNINGS PER SHARE DATA
Basic weighted-average shares outstanding	264,258	263,983	263,987	263,887
Dilutive potential common shares	6,344	6,417	6,382	6,458
Diluted weighted-average shares outstanding	270,602	270,400	270,369	270,345
Weighted average stock options not included in the computation of dilutive potential common shares	12	37	600	600

ACCUMULATED OTHER COMPREHENSI42

ACCUMULATED OTHER COMPREHENSIVE LOSS (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Jul. 26, 2015	Jul. 27, 2014	Jul. 26, 2015	Jul. 27, 2014	Oct. 26, 2014
Accumulated Other Comprehensive Loss
Balance at beginning of period			$ (207,700)
Reclassification into net earnings:
Net of tax amount	$ 7,939	$ (9,443)	15,476	$ (2,584)	$ (58,496)
Purchase of additional ownership from noncontrolling interest			(14,035)
Balance at end of period	(191,843)		(191,843)		(207,700)
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Loss
Balance at beginning of period	(199,757)		(207,700)
Unrecognized (losses) gains:
Gross	7,026		5,856
Tax effect	(3,089)		(2,576)
Reclassification into net earnings:
Gross	6,400		19,602
Tax effect	(2,423)		(7,420)
Net of tax amount	7,914		15,462		(58,486)
Purchase of additional ownership from noncontrolling interest			395
Balance at end of period	(191,843)		(191,843)		(207,700)
Foreign Currency Translation
Accumulated Other Comprehensive Loss
Balance at beginning of period	8,064		7,480
Unrecognized (losses) gains:
Gross	(1,158)		(969)
Reclassification into net earnings:
Net of tax amount	(1,158)		(969)
Purchase of additional ownership from noncontrolling interest			395
Balance at end of period	6,906		6,906		7,480
Pension & Other Benefits
Accumulated Other Comprehensive Loss
Balance at beginning of period	(202,184)		(205,986)
Unrecognized (losses) gains:
Gross			11
Tax effect			(4)
Reclassification into net earnings:
Gross	3,070		9,188
Tax effect	(1,166)		(3,489)
Net of tax amount	1,904		5,706
Balance at end of period	(200,280)		(200,280)		(205,986)
Deferred Gain (Loss) - Hedging
Accumulated Other Comprehensive Loss
Balance at beginning of period	(5,637)		(9,194)
Unrecognized (losses) gains:
Gross	8,184		6,814
Tax effect	(3,089)		(2,572)
Reclassification into net earnings:
Gross	3,330		10,414
Tax effect	(1,257)		(3,931)
Net of tax amount	7,168		10,725
Balance at end of period	$ 1,531		$ 1,531		$ (9,194)

INVENTORIES (Details)

INVENTORIES (Details) - USD ($) $ in Thousands	Jul. 26, 2015	Oct. 26, 2014
INVENTORIES
Finished products	$ 567,297	$ 604,946
Raw materials and work-in-process	216,434	274,105
Materials and supplies	200,721	175,501
Total	$ 984,452	$ 1,054,552

DERIVATIVES AND HEDGING (Detail

DERIVATIVES AND HEDGING (Details) item in Millions, bu in Millions, $ in Millions	9 Months Ended	12 Months Ended
	Jul. 26, 2015USD ($)itembu	Oct. 26, 2014USD ($)itembu
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 | $	$ 2.4	$ (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	3.2	2.9
Corn | Cash Flow Hedges
Derivatives and hedging
Futures contracts, Volume	20.5	18.3
Corn | Fair Value Hedges
Derivatives and hedging
Futures contracts, Volume	8	8
Lean hogs | Fair Value Hedges
Derivatives and hedging
Futures contracts, Volume ( in centum weight) | item	0.3	0.7

DERIVATIVES AND HEDGING (Deta45

DERIVATIVES AND HEDGING (Details 2) - USD ($) $ in Thousands	Jul. 26, 2015	Oct. 26, 2014
Derivatives fair value
Liability Derivatives, Other current assets	$ 2,638	$ (8,062)
Derivatives Designated as Hedges | Commodity contracts | Other current assets
Derivatives fair value
Liability Derivatives, Other current assets	1,986	(7,124)
Derivatives not designated as hedges | Commodity contracts | Other current assets
Derivatives fair value
Asset Derivatives, Other current assets	$ 652
Liability Derivatives, Other current assets		$ (938)

DERIVATIVES AND HEDGING (Deta46

DERIVATIVES AND HEDGING (Details 3) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jul. 26, 2015	Jul. 27, 2014	Jul. 26, 2015	Jul. 27, 2014
Derivative instruments gains or losses (before tax)
Gains or losses excluded from the assessment of cash flow hedge effectiveness	$ 0	$ 0	$ 0	$ 0
Gains or losses excluded from the assessment of fair value hedge effectiveness	$ 0	0	0	0
Period of suspension of hedge accounting	21 days
Gains or losses resulting from the discontinuance of cash flow hedges	$ 0	0	0	0
Gains or losses recognized as a result of a hedged firm commitment no longer qualifying as a fair value hedge	0	0	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	310	(2,453)	175	(1,764)
Cash Flow Hedges | Commodity contracts
Derivative instruments gains or losses (before tax)
Gain/(Loss) Recognized in AOCL (Effective Portion)	8,184	(18,159)	6,814	(13,854)
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)	(3,330)	(1,028)	(10,414)	(7,144)
Gain/(Loss) Recognized in Earnings (Ineffective Portion)	(6,127)	(30)	(6,127)	193
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)	(1,727)	(6,685)	(5,664)	(21,320)
Gain/(Loss) Recognized in Earnings (Ineffective Portion)	$ 2,221	$ 266	$ 2,314	$ (209)

FAIR VALUE MEASUREMENTS (Detail

FAIR VALUE MEASUREMENTS (Details) - USD ($) $ in Thousands	9 Months Ended
	Jul. 26, 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	$ 700	$ 11,500
Cash collateral posted	8,800	55,600
Realized losses on closed positions	8,100	44,100
Fair value, long-term debt
Fair value of long-term debt (including current maturities)	273,600	273,800
Recurring basis | Fair Value
Assets at Fair Value:
Cash and cash equivalents	349,169	334,174
Other trading securities	119,625	117,249
Commodity derivatives	3,346	3,461
Total Assets at Fair Value	472,140	454,884
Liabilities at Fair Value:
Deferred compensation	54,173	54,809
Total Liabilities at Fair Value	54,173	54,809
Recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1)
Assets at Fair Value:
Cash and cash equivalents	349,169	334,174
Other trading securities	39,809	39,120
Commodity derivatives	3,346	3,461
Total Assets at Fair Value	392,324	376,755
Liabilities at Fair Value:
Deferred compensation	23,680	23,642
Total Liabilities at Fair Value	23,680	23,642
Recurring basis | Significant Other Observable Inputs (Level 2)
Assets at Fair Value:
Other trading securities	79,816	78,129
Total Assets at Fair Value	79,816	78,129
Liabilities at Fair Value:
Deferred compensation	30,493	31,167
Total Liabilities at Fair Value	$ 30,493	$ 31,167

PENSION AND OTHER POST-RETIRE48

PENSION AND OTHER POST-RETIREMENT BENEFITS (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jul. 26, 2015	Jul. 27, 2014	Jul. 26, 2015	Jul. 27, 2014
Pension Benefits
Net periodic cost of defined benefit plans
Service cost	$ 7,198	$ 6,477	$ 21,596	$ 19,457
Interest cost	13,131	13,219	39,392	39,812
Expected return on plan assets	(22,198)	(20,863)	(66,594)	(62,840)
Amortization of prior service cost	(1,220)	(1,242)	(3,659)	(3,728)
Recognized actuarial (gain) loss	4,625	3,172	13,851	9,525
Net periodic cost	1,536	763	4,586	2,226
Employer contributions			22,700	25,600
Post-retirement Benefits
Net periodic cost of defined benefit plans
Service cost	442	484	1,327	1,450
Interest cost	3,337	3,785	10,009	11,356
Amortization of prior service cost	(335)	(334)	(1,003)	(1,002)
Recognized actuarial (gain) loss		(1)	(1)	(2)
Net periodic cost	$ 3,444	$ 3,934	$ 10,332	$ 11,802

INCOME TAXES (Detail)

INCOME TAXES (Detail) - Jul. 26, 2015 - USD ($) $ in Thousands	Total	Total
INCOME TAXES
Unrecognized tax benefits including interest and penalties	$ 24,700	$ 24,700
Portion of unrecognized tax benefit including interest and penalties, that if recognized, would impact effective tax rate	16,100	16,100
Interest and penalties expense related to uncertain tax positions recognized in income tax expense	40	400
Accrued interest and penalties, associated with unrecognized tax benefits	$ 3,200	$ 3,200

SEGMENT REPORTING (Detail)

SEGMENT REPORTING (Detail) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Jul. 26, 2015USD ($)	Jul. 27, 2014USD ($)	Jul. 26, 2015USD ($)segment	Jul. 27, 2014USD ($)	Oct. 26, 2014
SEGMENT REPORTING
Number of reportable business segments | segment			5
Operating profit and other financial information
Sales	$ 2,188,587	$ 2,284,947	$ 6,863,005	$ 6,772,485
Segment Operating Profit	236,615	224,639	792,409	692,729
Net interest and investment expense	2,941	1,522	6,836	6,842
General corporate expense	5,473	11,174	18,550	27,242
Noncontrolling interest	18	1,039	964	2,765
EARNINGS BEFORE INCOME TAXES	228,219	212,982	767,987	661,410
Intersegment sales
Operating profit and other financial information
Sales	29,699	38,626	109,270	121,024
Operating segment
Operating profit and other financial information
Sales	2,188,587	2,284,947	6,863,005	6,772,485
Intersegment elimination
Operating profit and other financial information
Sales	(29,699)	(38,626)	(109,270)	(121,024)
Grocery Products
Operating profit and other financial information
Sales	388,094	359,549	1,195,110	1,153,099
Segment Operating Profit	53,108	33,781	149,810	145,013
Grocery Products | Operating segment
Operating profit and other financial information
Sales	388,094	359,549	1,195,110	1,153,099
Refrigerated Foods
Operating profit and other financial information
Sales	1,056,125	1,192,624	3,222,851	3,432,289
Segment Operating Profit	97,692	90,028	313,681	250,724
Refrigerated Foods | Intersegment sales
Operating profit and other financial information
Sales	2,440	3,451	10,183	15,798
Refrigerated Foods | Operating segment
Operating profit and other financial information
Sales	1,058,565	1,196,075	3,233,034	3,448,087
Jennie-O Turkey Store
Operating profit and other financial information
Sales	336,533	382,647	1,215,464	1,162,472
Segment Operating Profit	35,374	64,756	202,990	177,109
Jennie-O Turkey Store | Intersegment sales
Operating profit and other financial information
Sales	27,241	35,128	99,023	105,127
Jennie-O Turkey Store | Operating segment
Operating profit and other financial information
Sales	363,774	417,775	1,314,487	1,267,599
Specialty Foods
Operating profit and other financial information
Sales	282,774	216,406	833,472	629,561
Segment Operating Profit	31,190	17,378	70,910	57,767
Specialty Foods | Intersegment sales
Operating profit and other financial information
Sales	18	47	64	99
Specialty Foods | Operating segment
Operating profit and other financial information
Sales	282,792	216,453	833,536	629,660
International & Other
Operating profit and other financial information
Sales	125,061	133,721	396,108	395,064
Segment Operating Profit	19,251	18,696	55,018	62,116
International & Other | Operating segment
Operating profit and other financial information
Sales	$ 125,061	$ 133,721	$ 396,108	$ 395,064
Precept Foods, LLC
Operating profit and other financial information
Ownership percentage held by entity in joint venture					50.01%