Hormel Foods (HRL) 10-Q 2 Sep 16 2016 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Jul. 24, 2016	Aug. 28, 2016
Entity Registrant Name	HORMEL FOODS CORP /DE/
Entity Central Index Key	48,465
Document Type	10-Q
Document Period End Date	Jul. 24, 2016
Amendment Flag	false
Current Fiscal Year End Date	--10-30
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q3
Common Stock
Entity Common Stock, Shares Outstanding		529,200,858
Common stock, non-voting
Entity Common Stock, Shares Outstanding		0

Consolidated Statements of Fina

Consolidated Statements of Financial Position - USD ($) $ in Thousands	Jul. 24, 2016	Oct. 25, 2015
CURRENT ASSETS
Cash and cash equivalents	$ 379,597	$ 347,239
Accounts receivable	564,922	605,689
Inventories	1,034,307	993,265
Income taxes receivable	7,015	6,132
Deferred income taxes		86,902
Prepaid expenses	15,832	14,383
Other current assets	8,432	9,422
TOTAL CURRENT ASSETS	2,010,105	2,063,032
DEFERRED INCOME TAXES	13,875
GOODWILL	1,921,971	1,699,484
OTHER INTANGIBLES	815,236	827,219
PENSION ASSETS	170,858	132,861
INVESTMENTS IN AND RECEIVABLES FROM AFFILIATES	257,061	258,998
OTHER ASSETS	146,273	146,498
PROPERTY, PLANT AND EQUIPMENT
Land	67,192	71,192
Buildings	788,308	815,643
Equipment	1,658,308	1,679,100
Construction in progress	181,647	79,964
Property, Plant and Equipment, Gross	2,695,455	2,645,899
Less allowance for depreciation	(1,642,537)	(1,634,160)
Property, Plant and Equipment, Net	1,052,918	1,011,739
TOTAL ASSETS	6,388,297	6,139,831
CURRENT LIABILITIES
Accounts payable	414,691	495,317
Short-term debt	145,000	185,000
Accrued expenses	87,838	71,777
Accrued workers compensation	38,296	37,009
Accrued marketing expenses	141,089	119,153
Employee related expenses	214,628	232,309
Taxes payable	7,198	6,764
Interest and dividends payable	79,987	66,696
TOTAL CURRENT LIABILITIES	1,128,727	1,214,025
LONG-TERM DEBT-less current maturities	250,000	250,000
PENSION AND POST-RETIREMENT BENEFITS	516,055	509,261
OTHER LONG-TERM LIABILITIES	99,568	101,056
DEFERRED INCOME TAXES		64,096
SHAREHOLDERS' INVESTMENT
Preferred stock, par value $.01 a share - authorized 160,000,000 shares; issued - none
Accumulated other comprehensive loss	(224,361)	(225,668)
Retained earnings	4,607,360	4,216,125
HORMEL FOODS CORPORATION SHAREHOLDERS' INVESTMENT	4,390,751	3,998,198
NONCONTROLLING INTEREST	3,196	3,195
TOTAL SHAREHOLDERS' INVESTMENT	4,393,947	4,001,393
TOTAL LIABILITIES AND SHAREHOLDERS' INVESTMENT	6,388,297	6,139,831
Common stock, non-voting
SHAREHOLDERS' INVESTMENT
Common stock
Common Stock
SHAREHOLDERS' INVESTMENT
Common stock	$ 7,752	$ 7,741

Consolidated Statements of Fin3

Consolidated Statements of Financial Position (Parenthetical)	Jul. 24, 2016$ / sharesshares	Oct. 25, 2015$ / sharesshares
Preferred stock, par value (in dollars per share) | $ / shares	$ 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) | $ / shares	$ 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) | $ / shares	$ 0.01465	$ 0.01465	[1]
Common stock, authorized shares	1,600,000,000	1,600,000,000	[1]
Common stock, issued shares	529,133,276	528,411,628	[1]
[1]	Shares and par values have been restated, as appropriate, to give effect to the two-for-one stock split distributed on February 9, 2016.

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended			9 Months Ended
	Jul. 24, 2016	Jul. 26, 2015		Jul. 24, 2016	Jul. 26, 2015
Consolidated Statements of Operations
Net sales	$ 2,302,376	$ 2,188,587		$ 6,895,283	$ 6,863,005
Cost of products sold	1,827,091	1,779,197		5,335,628	5,549,454
GROSS PROFIT	475,285	409,390		1,559,655	1,313,551
Selling, general and administrative	206,876	184,627		627,968	554,659
Goodwill impairment charge				991
Equity in earnings of affiliates	6,381	6,396		27,449	15,930
OPERATING INCOME	274,790	231,159		958,145	774,822
Other income and expense:
Interest and investment income	2,474	189		3,920	2,455
Interest expense	(3,147)	(3,129)		(9,583)	(9,290)
EARNINGS BEFORE INCOME TAXES	274,117	228,219		952,482	767,987
Provision for income taxes	78,341	81,263		306,155	268,166
NET EARNINGS	195,776	146,956		646,327	499,821
Less: Net earnings attributable to noncontrolling interest	122	18		215	964
NET EARNINGS ATTRIBUTABLE TO HORMEL FOODS CORPORATION	$ 195,654	$ 146,938		$ 646,112	$ 498,857
NET EARNINGS PER SHARE:
BASIC (in dollars per share)	$ 0.37	$ 0.28	[1]	$ 1.22	$ 0.94	[1]
DILUTED (in dollars per share)	$ 0.36	$ 0.27	[1]	$ 1.19	$ 0.92	[1]
WEIGHTED-AVERAGE SHARES OUTSTANDING:
BASIC (in shares)	529,660	528,516	[1]	529,473	527,975	[1]
DILUTED (in shares)	542,163	541,204	[1]	542,890	540,738	[1]
DIVIDENDS DECLARED PER SHARE: (in dollars per share)	$ 0.145	$ 0.125	[1]	$ 0.435	$ 0.375	[1]
[1]	Shares and per share figures have been restated to give effect to the two-for-one stock split distributed on February 9, 2016.

Consolidated Statements of Ope5

Consolidated Statements of Operations (Parenthetical)	Feb. 09, 2016
Common Stock
Authorized stock split ratio	2

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jul. 24, 2016	Jul. 26, 2015	Jul. 24, 2016	Jul. 26, 2015
Consolidated Statements of Comprehensive Income
NET EARNINGS	$ 195,776	$ 146,956	$ 646,327	$ 499,821
Other comprehensive income (loss), net of tax:
Foreign currency translation	(2,960)	(1,133)	(4,681)	(955)
Pension and other benefits	(835)	1,904	2,705	5,706
Deferred hedging	5,017	7,168	3,069	10,725
TOTAL OTHER COMPREHENSIVE INCOME (LOSS)	1,222	7,939	1,093	15,476
COMPREHENSIVE INCOME	196,998	154,895	647,420	515,297
Less: Comprehensive income attributable to noncontrolling interest	40	43	1	978
COMPREHENSIVE INCOME ATTRIBUTABLE TO HORMEL FOODS CORPORATION	$ 196,958	$ 154,852	$ 647,419	$ 514,319

Consolidated Statements of Chan

Consolidated Statements of Changes in Shareholders' Investment - USD ($) $ in Thousands	3 Months Ended	9 Months Ended		12 Months Ended
	Jul. 24, 2016	Jul. 24, 2016	Jul. 26, 2015	Oct. 25, 2015
Increase (Decrease) in Shareholders' Investment
Balance		$ 4,001,393	$ 3,612,056	$ 3,612,056
Net earnings	$ 195,776	646,327	499,821	687,264
Other comprehensive income (loss)	1,222	1,093	15,476	(18,592)
Purchases of common stock		(44,976)		(24,928)
Stock-based compensation expense		16,091		15,717
Exercise of stock options/nonvested shares		4,477		9,555
Purchase of additional ownership from noncontrolling interest				(14,035)
Distribution to noncontrolling interest				(1,581)
Declared cash dividends - $.435 per share and $.50 per share during the nine months ended July 24, 2016 and for the year ended October 25, 2015, respectively		(230,458)		(264,063)
Balance	4,393,947	4,393,947		4,001,393
Common Stock
Increase (Decrease) in Shareholders' Investment
Balance		7,741	7,724	7,724
Stock-based compensation expense		1		1
Exercise of stock options/nonvested shares		28		28
Shares retired		(18)		(12)
Balance	7,752	7,752		7,741
Treasury Stock
Increase (Decrease) in Shareholders' Investment
Purchases of common stock		(44,976)		(24,928)
Shares retired		44,976		24,928
Additional Paid-in Capital
Increase (Decrease) in Shareholders' Investment
Stock-based compensation expense		16,090		15,716
Exercise of stock options/nonvested shares		4,449		9,527
Purchase of additional ownership from noncontrolling interest				(11,881)
Shares retired		(20,539)		(13,362)
Retained Earnings
Increase (Decrease) in Shareholders' Investment
Balance		4,216,125	3,805,654	3,805,654
Net earnings		646,112		686,088
Shares retired		(24,419)		(11,554)
Declared cash dividends - $.435 per share and $.50 per share during the nine months ended July 24, 2016 and for the year ended October 25, 2015, respectively		(230,458)		(264,063)
Balance	4,607,360	4,607,360		4,216,125
Accumulated Other Comprehensive Income (Loss)
Increase (Decrease) in Shareholders' Investment
Balance		(225,668)	(207,700)	(207,700)
Other comprehensive income (loss)		1,307		(18,363)
Purchase of additional ownership from noncontrolling interest				395
Balance	(224,361)	(224,361)		(225,668)
Non-controlling Interest
Increase (Decrease) in Shareholders' Investment
Balance		3,195	$ 6,378	6,378
Net earnings		215		1,176
Other comprehensive income (loss)		(214)		(229)
Purchase of additional ownership from noncontrolling interest				(2,549)
Distribution to noncontrolling interest				(1,581)
Balance	$ 3,196	$ 3,196		$ 3,195

Consolidated Statements of Cha8

Consolidated Statements of Changes in Shareholders' Investment (Parenthetical)	Feb. 09, 2016	Jul. 24, 2016$ / shares	Jul. 26, 2015$ / shares	[1]	Jul. 24, 2016$ / shares	Jul. 26, 2015$ / shares	[1]	Oct. 25, 2015$ / shares	[2]
Declared cash dividends (in dollars per share)		$ 0.145	$ 0.125		$ 0.435	$ 0.375		$ 0.50
Common Stock
Authorized stock split ratio	2
[1]	Shares and per share figures have been restated to give effect to the two-for-one stock split distributed on February 9, 2016.
[2]	Per share figures have been restated to give effect to the two-for-one stock split distributed on February 9, 2016

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Jul. 24, 2016	Jul. 26, 2015
OPERATING ACTIVITIES
Net earnings	$ 646,327	$ 499,821
Adjustments to reconcile to net cash provided by operating activities:
Depreciation	89,996	92,842
Amortization of intangibles	6,524	6,185
Goodwill impairment charge	991
Equity in earnings of affiliates, net of dividends	(2,905)	21,395
Provision for deferred income taxes	4,428	9,619
Gain on property/equipment sales and plant facilities	138	(6,645)
Non-cash investment activities	(1,247)	(1,198)
Stock-based compensation expense	16,091	14,260
Excess tax benefit from stock-based compensation	(39,190)	(14,139)
Changes in operating assets and liabilities, net of acquisitions:
Decrease in accounts receivable	47,767	78,970
(Increase) decrease in inventories	(60,579)	89,375
Decrease in prepaid expenses and other current assets	45,077	45,310
Decrease in pension and post-retirement benefits	(26,266)	(21,575)
Decrease in accounts payable and accrued expenses	(105,466)	(125,311)
Other		1,336
NET CASH PROVIDED BY OPERATING ACTIVITIES	621,686	690,245
INVESTING ACTIVITIES
Sale of business	110,149
Acquisitions of businesses/intangibles	(281,655)	(768,339)
Purchases of property/equipment	(165,828)	(96,802)
Proceeds from sales of property/equipment	2,590	15,024
Decrease in investments, equity in affiliates, and other assets	6,865	3,424
NET CASH USED IN INVESTING ACTIVITIES	(327,879)	(846,693)
FINANCING ACTIVITIES
Proceeds from short-term debt	145,000	350,000
Principal payments on short-term debt	(185,000)
Dividends paid on common stock	(219,744)	(184,761)
Share repurchase	(44,976)
Proceeds from exercise of stock options	9,233	7,837
Excess tax benefit from stock-based compensation	39,190	14,139
Payment to noncontrolling interest		(11,702)
Distribution to noncontrolling interest		(1,581)
NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES	(256,297)	173,932
EFFECT OF EXCHANGE RATE CHANGES ON CASH	(5,152)	(2,489)
INCREASE IN CASH AND CASH EQUIVALENTS	32,358	14,995
Cash and cash equivalents at beginning of year	347,239	334,174
CASH AND CASH EQUIVALENTS AT END OF QUARTER	$ 379,597	$ 349,169

GENERAL

GENERAL	9 Months Ended
	Jul. 24, 2016
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 25, 2015, 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 25, 2015. Fiscal 2016 is a 53-week year as compared with fiscal 2015, which was 52 weeks, with the additional week occurring in the fourth quarter of fiscal 2016. Stock Split On November 25, 2015, the Company’s Board of Directors authorized a two-for-one split of the Company’s voting common stock, which was subsequently approved by shareholders at the Company’s Annual Meeting on January 26, 2016, and effected on January 27, 2016. The Company’s voting common stock was reclassified by reducing the par value from $.0293 per share to $.01465 per share and the number of authorized shares was increased from 800,000,000 to 1,600,000,000 shares, in order to effect the two-for-one stock split. The Company distributed the additional shares of $.01465 par value common stock on February 9, 2016, and the shares began trading at the post-split price on February 10, 2016. Unless otherwise noted, all prior year share amounts and per share calculations throughout this Quarterly Report on Form 10-Q have been restated to reflect the impact of this split, and to provide data on a comparable basis. Such restatements include calculations regarding the Company’s weighted average shares, earnings per share, and dividends per share, as well as disclosures regarding the Company’s stock-based compensation plans and share repurchase activity. Assets Held For Sale The Company classifies assets as held for sale when management approves and commits to a formal plan of sale with the expectation the sale will be completed within one year. The net assets of the business held for sale are then recorded at the lower of their current carrying value or the fair market value, less costs to sell. See additional discussion regarding the Company’s assets held for sale in Note E. 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 and consist mainly of fixed return investments. Therefore, unrealized gains and losses associated with these investments are included in the Company’s earnings. Securities held by the trust generated gains of $1.2 million and $2.4 million for the third quarter and nine months ended July 24, 2016, respectively, compared to losses of $0.6 million and gains of $2.4 million for the third quarter and nine months ended July 26, 2015. 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. 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 interest and investment income (loss). 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 $4.0 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 FASB updated the guidance within ASC 323, Investments-Equity Method and Joint Ventures . The update provides guidance on accounting for investments by a reporting entity in flow-through limited liability entities that manage or invest in affordable housing projects that qualify for the low-income housing tax credit. The amendments modify the conditions that a reporting entity must meet to be eligible to use a method other than the equity or cost methods to account for qualified affordable housing project investments. If the modified conditions are met, the amendments permit an entity to make an accounting policy election to amortize the initial cost of the investment in proportion to the amount of tax credits and other tax benefits received and recognize the net investment performance in the income statement as a component of income tax expense (benefit). Additionally, the amendments introduce new recurring disclosures about all investments in qualified affordable housing projects irrespective of the method used to account for the investments. The updated guidance is to be applied retrospectively and is effective for fiscal years, and interim periods within those years, beginning after December 15, 2014, with early adoption permitted. The Company adopted the new provisions of this accounting standard at the beginning of fiscal year 2016, and adoption did not 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 (U.S. GAAP) 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 adoption is permitted for annual reporting periods beginning after December 15, 2016. 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 with a focus on arrangements with customers. In April 2015, the FASB updated the guidance within ASC 835, Interest . The update provides guidance on simplifying the presentation of debt issuance costs. 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 updated 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 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 updated guidance is effective for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years, with early adoption permitted. The Company adopted the new provisions of this accounting standard at the beginning of fiscal year 2016, with no accounting policy change elected. 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 adoption permitted. The Company adopted the new provisions of this accounting standard at the beginning of fiscal year 2016, and adoption will impact year-end disclosures only and did not have a material impact on its consolidated financial statements. In November 2015, the FASB updated the guidance within ASC 740, Balance Sheet Classification of Deferred Taxes . The update requires all deferred tax assets and liabilities, along with any related valuation allowance, be classified as noncurrent on the balance sheet. The updated guidance is effective for fiscal years beginning after December 15, 2016, and interim periods within those fiscal years, with early adoption permitted. The Company adopted the new provisions of this accounting standard prospectively at the beginning of fiscal year 2016, and adoption did not have a material impact on its consolidated financial statements. In February 2016, the FASB updated the guidance within ASC 842, Leases . The update requires lessees to put most leases on their balance sheets while recognizing expenses on their income statements in a manner similar to current U.S. GAAP. The guidance also eliminates current real estate-specific provisions for all entities. For lessors, the guidance modifies the classification criteria and the accounting for sales-type and direct financing leases. The updated guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. The Company is currently assessing the timing and impact of adopting the updated provisions. In March 2016, the FASB updated the guidance within ASC 718, Compensation-Stock Compensation. The update simplifies several aspects of the accounting for share-based payment transactions , including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. The updated guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2016. Early adoption is permitted in any interim or annual period, with adjustments reflected as of the beginning of the fiscal year. The Company is currently assessing the timing and impact of adopting the updated provisions. In June 2016, the FASB updated the guidance within ASC 326, Financial Instruments - Credit Losses . The update provides guidance on the measurement of credit losses for most financial assets and certain other instruments that are not measured at fair value through net income. The amendments replace the current incurred loss impairment methodology with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. The updated guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption is permitted for all entities for fiscal years beginning after December 15, 2018, and interim periods therein. The Company is currently assessing the timing and impact of adopting the updated provisions.

ACQUISITIONS

ACQUISITIONS	9 Months Ended
	Jul. 24, 2016
ACQUISITIONS
ACQUISITIONS	NOTE B ACQUISITIONS On May 26, 2016, the Company acquired Justin’s, LLC (Justin’s) for a preliminary purchase price of $281.7 million. The transaction provides a cash flow benefit resulting from the amortization of the tax basis of assets, the net present value of which is approximately $70.0 million. The purchase price is preliminary pending working capital and purchase accounting adjustments, and was funded by the Company with cash on hand and by utilizing short-term financing. Primary assets acquired include goodwill, intangibles, and working capital. Justin’s is a pioneer in nut butter-based snacking and this acquisition allows the Company to enhance its presence in the specialty natural and organic nut butter category, complementing the Company’s SKIPPY peanut butter products. 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 Grocery Products segment. On July 13, 2015, the Company acquired Applegate Farms, LLC (Applegate) of Bridgewater, New Jersey for a final purchase price of $774.1 million in cash. The purchase price was funded by the Company with cash on hand and by utilizing short-term financing. 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 this fast growing category. The acquisition was accounted for as a business combination using the acquisition method. The Company obtained an independent appraisal. A final 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 Deferred taxes 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 potential to expand presence in the natural and organic channels and the supply chain for natural and organic products. A portion of the goodwill balance is expected to be deductible for income tax purposes. The goodwill and intangible assets have been allocated to the Refrigerated Foods segment. 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 segment. Pro forma results of operations are not presented, as neither acquisition was considered material, individually or in the aggregate, to the consolidated Company.

INVENTORIES

INVENTORIES	9 Months Ended
	Jul. 24, 2016
INVENTORIES
INVENTORIES	NOTE C INVENTORIES Principal components of inventories are: (in thousands) July 24, 2016 October 25, 2015 Finished products $ $ Raw materials and work-in-process Materials and supplies Total $ $

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS	9 Months Ended
	Jul. 24, 2016
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, 2016, are presented in the table below. Additions during the third quarter relate to the acquisition of Justin’s on May 26, 2016and are preliminary pending final working capital and purchase accounting adjustments. Reductions during the third quarter are due to the sale of Diamond Crystal Brands (DCB) on May 9, 2016. Impairment charges during the first nine months of fiscal 2016 relate to the write-down of the Company’s assets held for sale. See additional discussion regarding the Company’s assets held for sale in Note E. The purchase adjustments represent final purchase accounting adjustments related to the Applegate acquisition. (in thousands) Grocery Products Refrigerated Foods JOTS Specialty Foods International & Other Total Balance as of April 24, 2016 $ $ $ $ $ $ Goodwill acquired - - - - Goodwill sold - - - - ) Purchase adjustments - - - - ) Balance as of July 24, 2016 $ $ $ $ $ $ (in thousands) Grocery Products Refrigerated Foods JOTS Specialty Foods International & Other Total Balance as of October 25, 2015 $ $ $ $ $ $ Goodwill acquired - - - - Goodwill sold - - - - ) Purchase adjustments - - - - ) Impairment charge - - - - ) Balance as of July 24, 2016 $ $ $ $ $ $ The gross carrying amount and accumulated amortization for definite-lived intangible assets are presented in the table below. (in thousands) July 24, 2016 October 25, 2015 Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Customer lists/relationships $ $ $ $ Formulas and recipes Proprietary software and technology - - Other intangibles Total $ $ $ $ Amortization expense was $2.5 million and $6.5 million for the third quarter and nine months ended July 24, 2016, respectively, compared to $2.3 million and $6.3 million for the third quarter and nine months ended July 26, 2015. Estimated annual amortization expense for the five fiscal years after October 25, 2015, is as follows: (in millions) 2016 $ 2017 2018 2019 2020 The carrying amounts for indefinite-lived intangible assets are presented in the table below. Reductions during the third quarter are due to the sale of the Company’s assets held for sale on May 9, 2016. (in thousands) July 24, 2016 October 25, 2015 Brands/tradenames/trademarks $ $ Other intangibles Total $ $

ASSETS HELD FOR SALE

ASSETS HELD FOR SALE	9 Months Ended
	Jul. 24, 2016
ASSETS HELD FOR SALE
ASSETS HELD FOR SALE	NOTE E ASSETS HELD FOR SALE In fiscal year 2015, the Company began actively marketing a portion of DCB. Through this process, the Company identified the specific assets and liabilities to be sold and allocated goodwill based on the relative fair values of the assets held for sale and the assets that will be retained by the Company. In the second quarter of fiscal 2016, the Company entered into an agreement for the sale and recorded a $1.0 million impairment charge based on the valuation of the assets as implied by the agreed-upon sales price. This impairment was recorded on the Company’s Consolidated Statements of Operations on the line item “Goodwill impairment charge.” The transaction closed on May 9, 2016 resulting in proceeds, net of selling costs, of a preliminary closing price of $110.1 million, pending working capital adjustments. DCB was reported within the Company’s Specialty Foods segment. DCB provided approximately $260 million of net sales in fiscal 2015. Net earnings and earnings per share were not material to the consolidated Company. Amounts classified as assets and liabilities held for sale on October 25, 2015 were presented on the Company’s Consolidated Statement of Financial Position within their respective accounts, and include the following: Assets held for sale (in thousands) Current assets $ Goodwill Intangibles Property, plant and equipment Total assets held for sale $ Liabilities held for sale (in thousands) Total current liabilities held for sale $

PENSION AND OTHER POST-RETIREME

PENSION AND OTHER POST-RETIREMENT BENEFITS	9 Months Ended
	Jul. 24, 2016
PENSION AND OTHER POST-RETIREMENT BENEFITS
PENSION AND OTHER POST-RETIREMENT BENEFITS	NOTE F 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 24, 2016 July 26, 2015 July 24, 2016 July 26, 2015 Service cost $ $ $ $ Interest cost Expected return on plan assets Amortization of prior service cost Recognized actuarial loss Curtailment gain - - Net periodic cost $ $ $ $ Post-retirement Benefits Three Months Ended Nine Months Ended (in thousands) July 24, 2016 July 26, 2015 July 24, 2016 July 26, 2015 Service cost $ $ $ $ Interest cost Amortization of prior service cost Recognized actuarial loss (gain) - Net periodic cost $ $ $ $ During the third quarter of fiscal 2016, the Company made discretionary contributions of $25.7 million to fund its pension plans, compared to discretionary contributions of $22.7 million during the third quarter of fiscal 2015. The curtailment gain recognized in the third quarter of fiscal 2016 is due to plan amendments related to the sale of DCB.

DERIVATIVES AND HEDGING

DERIVATIVES AND HEDGING	9 Months Ended
	Jul. 24, 2016
DERIVATIVES AND HEDGING
DERIVATIVES AND HEDGING	NOTE G 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 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 exposure beyond the next two upcoming fiscal years. As of July 24, 2016, and October 25, 2015, the Company had the following outstanding commodity futures contracts that were entered into to hedge forecasted purchases: Volume Commodity July 24, 2016 October 25, 2015 Corn 23.2 million bushels 20.1 million bushels As of July 24, 2016, the Company has included in AOCL, hedging gains of $5.9 million (before tax) relating to these positions, compared to gains of $1.0 million (before tax) as of October 25, 2015. 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 24, 2016, and October 25, 2015, the Company had the following outstanding commodity futures contracts designated as fair value hedges: Volume Commodity July 24, 2016 October 25, 2015 Corn 5.9 million bushels 5.3 million bushels Lean hogs 0.3 million cwt 0.4 million cwt Other Derivatives: The Company holds 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 24, 2016, and October 25, 2015, the Company had the following outstanding futures related to these programs: Volume Commodity July 24, 2016 October 25, 2015 Corn 4.8 million bushels 2.6 million bushels Soybean meal 15,200 tons 11,500 tons Fair Values: The fair values of the Company’s derivative instruments (in thousands) as of July 24, 2016, and October 25, 2015, were as follows: Fair Value (1) Location on Consolidated Statements of Financial Position July 24, 2016 October 25, 2015 Asset Derivatives: Derivatives Designated as Hedges: Commodity contracts Other current assets $ $ Derivatives Not Designated as Hedges: Commodity contracts Other current assets Total Asset Derivatives $ $ (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 L “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 24, 2016, and July 26, 2015, 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 24, 2016 July 26, 2015 July 24, 2016 July 26, 2015 July 24, 2016 July 26, 2015 Commodity contracts $ $ Cost of products sold $ $ $ $ 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 July 24, July 26, July 24, July 26, Fair Value Hedges: 2016 2015 2016 2015 Commodity contracts Cost of products sold $ $ $ $ Location on Consolidated Statements of Operations Gain/(Loss) Recognized in Earnings Three Months Ended Derivatives Not Designated as Hedges: July 24, 2016 July 26, 2015 Commodity contracts Cost of products sold $ $ Derivative Gains and Losses: Gains or losses (before tax, in thousands) related to the Company’s derivative instruments for the nine months ended July 24, 2016, and July 26, 2015, 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 24, 2016 July 26, 2015 July 24, 2016 July 26, 2015 July 24, 2016 July 26, 2015 Commodity contracts $ $ Cost of products sold $ $ $ $ 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 24, 2016 July 26, 2015 July 24, 2016 July 26, 2015 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 24, 2016 July 26, 2015 Commodity contracts Cost of products sold $ $ (1) Amounts represent gains or losses in AOCL before tax. See Note I “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 the use of the special hedge accounting exemption for its Jennie-O Turkey Store corn futures contracts. 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.

INVESTMENTS IN AND RECEIVABLES

INVESTMENTS IN AND RECEIVABLES FROM AFFILIATES	9 Months Ended
	Jul. 24, 2016
INVESTMENTS IN AND RECEIVABLES FROM AFFILIATES
INVESTMENTS IN AND RECEIVABLES FROM AFFILIATES	NOTE H 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 24, 2016 October 25, 2015 MegaMex Foods, LLC Grocery Products 50% $ $ Foreign Joint Ventures International & Other Various (26-40%) Total $ $ Equity in earnings of affiliates consists of the following: Three Months Ended Nine Months Ended (in thousands) Segment July 24, 2016 July 26, 2015 July 24, 2016 July 26, 2015 MegaMex Foods, LLC Grocery Products $ $ $ $ Foreign Joint Ventures International & Other Total $ $ $ $ Dividends received from affiliates for the three and nine months ended July 24, 2016, were $10.0 million and $24.5 million, respectively, compared to $27.3 million and $37.3 million dividends received for the three and nine months ended July 26, 2015. Equity in earnings in the first nine months of fiscal 2015 included nonrecurring charges related to the exit from international joint venture businesses. The Company recognized a basis difference of $21.3 million associated with the formation of MegaMex Foods, LLC, of which $15.5 million is remaining as of July 24, 2016. This difference is being amortized through equity in earnings of affiliates.

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE LOSS	9 Months Ended
	Jul. 24, 2016
ACCUMULATED OTHER COMPREHENSIVE LOSS
ACCUMULATED OTHER COMPREHENSIVE LOSS	NOTE I 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 24, 2016 $ $ $ $ Unrecognized gains (losses): Gross - Tax effect - - Reclassification into net earnings: Gross - (1) (2) Tax effect - Net of tax amount Balance at July 24, 2016 $ $ $ $ (in thousands) Foreign Currency Translation Pension & Other Benefits Deferred Gain (Loss) - Hedging Accumulated Other Comprehensive Loss Balance at October 25, 2015 $ $ $ $ Unrecognized gains (losses): Gross Tax effect - Reclassification into net earnings: Gross - (1) (2) Tax effect - Net of tax amount Balance at July 24, 2016 $ $ $ $ (1) Included in the computation of net periodic cost (see Note F “Pension and Other Post-Retirement Benefits” for additional details). (2) Included in cost of products sold in the Consolidated Statements of Operations.

INCOME TAXES

INCOME TAXES	9 Months Ended
	Jul. 24, 2016
INCOME TAXES
INCOME TAXES	NOTE J INCOME TAXES The amount of unrecognized tax benefits, including interest and penalties, at July 24, 2016, recorded in other long-term liabilities was $28.3 million, of which $18.4 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 $0.1 million expense and $0.3 million benefit included in the third quarter and first nine months, respectively, of fiscal 2016. The amount of accrued interest and penalties at July 24, 2016, associated with unrecognized tax benefits was $3.0 million. The Company is regularly audited by federal and state taxing authorities. The United States Internal Revenue Service (I.R.S.) concluded their examination of fiscal years 2013 and 2014 in the third quarter of fiscal 2016. The Company has elected to participate in the Compliance Assurance Process (CAP) for fiscal years 2015 and 2016. 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 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.

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	9 Months Ended
	Jul. 24, 2016
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION	NOTE K 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 24, 2016, and changes during the nine months then ended, is as follows: Shares Weighted- Average Exercise Price Weighted- Average Remaining Contractual Term Aggregate Intrinsic Value Outstanding at October 25, 2015 $ Granted Exercised Forfeited Outstanding at July 24, 2016 $ 4.9 years $ Exercisable at July 24, 2016 $ 4.1 years $ 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 2016 and 2015, are as follows: Three Months Ended Nine Months Ended July 24, 2016 July 26, 2015 July 24, 2016 July 26, 2015 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 24, 2016 July 26, 2015 July 24, 2016 July 26, 2015 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 24, 2016, and changes during the nine months then ended, is as follows: Shares Weighted- Average Grant- Date Fair Value Nonvested at October 25, 2015 $ Granted Vested Nonvested at July 24, 2016 $ 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 2016 and 2015, are as follows: Nine Months Ended July 24, 2016 July 26, 2015 Weighted-average grant date fair value $ $ Fair value of nonvested shares granted $ $ Fair value of shares vested $ $ Stock-based compensation expense, along with the related income tax benefit, for the third quarter and first nine months of fiscal years 2016 and 2015 is presented in the table below. Three Months Ended Nine Months Ended (in thousands) July 24, 2016 July 26, 2015 July 24, 2016 July 26, 2015 Stock-based compensation expense recognized $ $ $ $ Income tax benefit recognized After-tax stock-based compensation expense $ $ $ $ At July 24, 2016, there was $11.6 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 24, 2016, cash received from stock option exercises was $0.8 million and $9.2 million, respectively, compared to $1.8 million and $7.8 million for the third quarter and nine months ended July 26, 2015. The total tax benefit to be realized for tax deductions from these option exercises for the third quarter and nine months ended July 24, 2016, was $3.0 million and $42.2 million, respectively, compared to $3.9 million and $16.3 million in the comparable periods of fiscal 2015. 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.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	9 Months Ended
	Jul. 24, 2016
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS	NOTE L 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 24, 2016, and October 25, 2015, and their level within the fair value hierarchy, are presented in the tables below. Fair Value Measurements at July 24, 2016 (in thousands) Fair Value at July 24, 2016 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 25, 2015 (in thousands) Fair Value at October 25, 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 $ $ $ $ - 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 24, 2016, the Company has recognized the right to reclaim net cash collateral of $7.8 million from various counterparties (including $3.8 million of cash and $4.0 million of realized gains on closed positions). As of October 25, 2015, the Company had recognized the right to reclaim net cash collateral of $2.3 million from various counterparties (including $13.7 million of cash less $11.4 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 $280.7 million as of July 24, 2016, and $268.4 million as of October 25, 2015. 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 second quarter of fiscal year 2016, a $1.0 million goodwill impairment charge was recorded for the portion of DCB assets held for sale which was based on the valuation of these assets as implied by the agreed-upon sales price. See additional discussion regarding the Company’s assets held for sale in Note E. During the nine months ended July 24, 2016, and July 26, 2015, there were no other remeasurements of assets or liabilities at fair value on a nonrecurring basis subsequent to their initial recognition.

EARNINGS PER SHARE DATA

EARNINGS PER SHARE DATA	9 Months Ended
	Jul. 24, 2016
EARNINGS PER SHARE DATA
EARNINGS PER SHARE DATA	NOTE M 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 24, 2016 July 26, 2015 July 24, 2016 July 26, 2015 Basic weighted-average shares outstanding Dilutive potential common shares Diluted weighted-average shares outstanding For the third quarter and nine months ended July 24, 2016, 1.8 million and 0.9 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 twenty-four thousand and 1.2 million for the third quarter and nine months ended July 26, 2015.

SEGMENT REPORTING

SEGMENT REPORTING	9 Months Ended
	Jul. 24, 2016
SEGMENT REPORTING
SEGMENT REPORTING	NOTE N 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 consists primarily of the processing, marketing, and sale of branded and unbranded pork and beef products for retail, foodservice, and fresh product customers. This segment includes the results of Applegate and Affiliated Foods. 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 consists of the packaging and sale of private label shelf-stable and nutritional products to industrial, retail, and foodservice customers. This segment included the portion of DCB classified as held for sale at the end of fiscal 2015 through the date of sale on May 9, 2016. See additional discussion regarding the Company’s assets held for sale in Note E. The International & Other segment includes Hormel Foods International which manufactures, markets, and sells Company products internationally. This segment also includes the results from the Company’s international joint ventures. 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 24, 2016 July 26, 2015 July 24, 2016 July 26, 2015 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 (income) General corporate expense Noncontrolling interest Earnings before income taxes $ $ $ $

ACQUISITIONS (Tables)

ACQUISITIONS (Tables)	9 Months Ended
	Jul. 24, 2016
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 Intangible assets Goodwill Current liabilities Deferred taxes Purchase price $

INVENTORIES (Tables)

INVENTORIES (Tables)	9 Months Ended
	Jul. 24, 2016
INVENTORIES
Principal components of inventories	(in thousands) July 24, 2016 October 25, 2015 Finished products $ $ Raw materials and work-in-process Materials and supplies Total $ $

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS (Tables)	9 Months Ended
	Jul. 24, 2016
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 24, 2016 $ $ $ $ $ $ Goodwill acquired - - - - Goodwill sold - - - - ) Purchase adjustments - - - - ) Balance as of July 24, 2016 $ $ $ $ $ $ (in thousands) Grocery Products Refrigerated Foods JOTS Specialty Foods International & Other Total Balance as of October 25, 2015 $ $ $ $ $ $ Goodwill acquired - - - - Goodwill sold - - - - ) Purchase adjustments - - - - ) Impairment charge - - - - ) Balance as of July 24, 2016 $ $ $ $ $ $
Schedule of gross carrying amount and accumulated amortization for definite-lived intangible assets	(in thousands) July 24, 2016 October 25, 2015 Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Customer lists/relationships $ $ $ $ Formulas and recipes Proprietary software and technology - - Other intangibles Total $ $ $ $
Schedule of estimated annual amortization expense	(in millions) 2016 $ 2017 2018 2019 2020
Schedule of carrying amounts for indefinite-lived intangible assets	(in thousands) July 24, 2016 October 25, 2015 Brands/tradenames/trademarks $ $ Other intangibles Total $ $

ASSETS HELD FOR SALE (Tables)

ASSETS HELD FOR SALE (Tables)	9 Months Ended
	Jul. 24, 2016
ASSETS HELD FOR SALE
Schedule of assets and liabilities held for sale	Amounts classified as assets and liabilities held for sale on October 25, 2015 were presented on the Company’s Consolidated Statement of Financial Position within their respective accounts, and include the following: Assets held for sale (in thousands) Current assets $ Goodwill Intangibles Property, plant and equipment Total assets held for sale $ Liabilities held for sale (in thousands) Total current liabilities held for sale $

PENSION AND OTHER POST-RETIRE28

PENSION AND OTHER POST-RETIREMENT BENEFITS (Tables)	9 Months Ended
	Jul. 24, 2016
Pension Benefits
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 24, 2016 July 26, 2015 July 24, 2016 July 26, 2015 Service cost $ $ $ $ Interest cost Expected return on plan assets Amortization of prior service cost Recognized actuarial loss Curtailment gain - - Net periodic cost $ $ $ $
Post-retirement Benefits
Pension and other post-retirement benefits
Schedule of net periodic cost of defined benefit plans	Post-retirement Benefits Three Months Ended Nine Months Ended (in thousands) July 24, 2016 July 26, 2015 July 24, 2016 July 26, 2015 Service cost $ $ $ $ Interest cost Amortization of prior service cost Recognized actuarial loss (gain) - Net periodic cost $ $ $ $

DERIVATIVES AND HEDGING (Tables

DERIVATIVES AND HEDGING (Tables)	9 Months Ended
	Jul. 24, 2016
DERIVATIVES AND HEDGING
Schedule of fair values of derivative instruments	The fair values of the Company’s derivative instruments (in thousands) as of July 24, 2016, and October 25, 2015, were as follows: Fair Value (1) Location on Consolidated Statements of Financial Position July 24, 2016 October 25, 2015 Asset Derivatives: Derivatives Designated as Hedges: Commodity contracts Other current assets $ $ Derivatives Not Designated as Hedges: Commodity contracts Other current assets Total Asset Derivatives $ $ (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 L “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 24, 2016, and July 26, 2015, 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 24, 2016 July 26, 2015 July 24, 2016 July 26, 2015 July 24, 2016 July 26, 2015 Commodity contracts $ $ Cost of products sold $ $ $ $ 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 July 24, July 26, July 24, July 26, Fair Value Hedges: 2016 2015 2016 2015 Commodity contracts Cost of products sold $ $ $ $ Location on Consolidated Statements of Operations Gain/(Loss) Recognized in Earnings Three Months Ended Derivatives Not Designated as Hedges: July 24, 2016 July 26, 2015 Commodity contracts Cost of products sold $ $ Gains or losses (before tax, in thousands) related to the Company’s derivative instruments for the nine months ended July 24, 2016, and July 26, 2015, 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 24, 2016 July 26, 2015 July 24, 2016 July 26, 2015 July 24, 2016 July 26, 2015 Commodity contracts $ $ Cost of products sold $ $ $ $ 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 24, 2016 July 26, 2015 July 24, 2016 July 26, 2015 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 24, 2016 July 26, 2015 Commodity contracts Cost of products sold $ $ (1) Amounts represent gains or losses in AOCL before tax. See Note I “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 the use of the special hedge accounting exemption for its Jennie-O Turkey Store corn futures contracts. 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 24, 2016 October 25, 2015 Corn 4.8 million bushels 2.6 million bushels Soybean meal 15,200 tons 11,500 tons
Cash Flow Hedges
DERIVATIVES AND HEDGING
Schedule of outstanding commodity futures contracts	Volume Commodity July 24, 2016 October 25, 2015 Corn 23.2 million bushels 20.1 million bushels
Fair Value Hedges
DERIVATIVES AND HEDGING
Schedule of outstanding commodity futures contracts	Volume Commodity July 24, 2016 October 25, 2015 Corn 5.9 million bushels 5.3 million bushels Lean hogs 0.3 million cwt 0.4 million cwt

INVESTMENTS IN AND RECEIVABLE30

INVESTMENTS IN AND RECEIVABLES FROM AFFILIATES (Tables)	9 Months Ended
	Jul. 24, 2016
INVESTMENTS IN AND RECEIVABLES FROM AFFILIATES
Schedule of investments in and receivables from affiliates	(in thousands) Segment % Owned July 24, 2016 October 25, 2015 MegaMex Foods, LLC Grocery Products 50% $ $ Foreign Joint Ventures International & Other Various (26-40%) Total $ $
Schedule of equity in earnings of affiliates	Three Months Ended Nine Months Ended (in thousands) Segment July 24, 2016 July 26, 2015 July 24, 2016 July 26, 2015 MegaMex Foods, LLC Grocery Products $ $ $ $ Foreign Joint Ventures International & Other Total $ $ $ $

ACCUMULATED OTHER COMPREHENSI31

ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables)	9 Months Ended
	Jul. 24, 2016
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 24, 2016 $ $ $ $ Unrecognized gains (losses): Gross - Tax effect - - Reclassification into net earnings: Gross - (1) (2) Tax effect - Net of tax amount Balance at July 24, 2016 $ $ $ $ (in thousands) Foreign Currency Translation Pension & Other Benefits Deferred Gain (Loss) - Hedging Accumulated Other Comprehensive Loss Balance at October 25, 2015 $ $ $ $ Unrecognized gains (losses): Gross Tax effect - Reclassification into net earnings: Gross - (1) (2) Tax effect - Net of tax amount Balance at July 24, 2016 $ $ $ $ (1) Included in the computation of net periodic cost (see Note F “Pension and Other Post-Retirement Benefits” for additional details). (2) Included in cost of products sold in the Consolidated Statements of Operations.

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	9 Months Ended
	Jul. 24, 2016
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 24, 2016, and changes during the nine months then ended, is as follows: Shares Weighted- Average Exercise Price Weighted- Average Remaining Contractual Term Aggregate Intrinsic Value Outstanding at October 25, 2015 $ Granted Exercised Forfeited Outstanding at July 24, 2016 $ 4.9 years $ Exercisable at July 24, 2016 $ 4.1 years $
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 2016 and 2015, are as follows: Three Months Ended Nine Months Ended July 24, 2016 July 26, 2015 July 24, 2016 July 26, 2015 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 24, 2016 July 26, 2015 July 24, 2016 July 26, 2015 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 24, 2016, and changes during the nine months then ended, is as follows: Shares Weighted- Average Grant- Date Fair Value Nonvested at October 25, 2015 $ Granted Vested Nonvested at July 24, 2016 $
Schedule of the weighted-average grant date fair value of nonvested shares granted, the total fair value of nonvested shares granted, and the fair value of shares that have 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 2016 and 2015, are as follows: Nine Months Ended July 24, 2016 July 26, 2015 Weighted-average grant date fair value $ $ Fair value of nonvested shares granted $ $ Fair value of shares vested $ $
Schedule of stock-based compensation expense, along with the related income tax benefit	Three Months Ended Nine Months Ended (in thousands) July 24, 2016 July 26, 2015 July 24, 2016 July 26, 2015 Stock-based compensation expense recognized $ $ $ $ Income tax benefit recognized After-tax stock-based compensation expense $ $ $ $

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	9 Months Ended
	Jul. 24, 2016
FAIR VALUE MEASUREMENTS
Schedule of financial assets and liabilities carried at fair value on a recurring basis	Fair Value Measurements at July 24, 2016 (in thousands) Fair Value at July 24, 2016 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 25, 2015 (in thousands) Fair Value at October 25, 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 $ $ $ $ - 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 24, 2016, the Company has recognized the right to reclaim net cash collateral of $7.8 million from various counterparties (including $3.8 million of cash and $4.0 million of realized gains on closed positions). As of October 25, 2015, the Company had recognized the right to reclaim net cash collateral of $2.3 million from various counterparties (including $13.7 million of cash less $11.4 million of realized losses on closed positions).

EARNINGS PER SHARE DATA (Tables

EARNINGS PER SHARE DATA (Tables)	9 Months Ended
	Jul. 24, 2016
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 24, 2016 July 26, 2015 July 24, 2016 July 26, 2015 Basic weighted-average shares outstanding Dilutive potential common shares Diluted weighted-average shares outstanding

SEGMENT REPORTING (Tables)

SEGMENT REPORTING (Tables)	9 Months Ended
	Jul. 24, 2016
SEGMENT REPORTING
Schedule of sales and operating profits for each of the reportable segments and reconciliation to earnings before income taxes	Three Months Ended Nine Months Ended (in thousands) July 24, 2016 July 26, 2015 July 24, 2016 July 26, 2015 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 (income) General corporate expense Noncontrolling interest Earnings before income taxes $ $ $ $

General - Stock Split (Details)

General - Stock Split (Details)	Feb. 09, 2016$ / shares	Jul. 24, 2016$ / sharesshares	Oct. 25, 2015$ / sharesshares		Jan. 27, 2016shares	Jan. 26, 2016$ / sharesshares
Fiscal year term		371 days	364 days
Before stock split
Common stock, par value (in dollars per share) | $ / shares						$ 0.0293
Common stock, number of shares authorized | shares						800,000,000
After stock split
Common stock, par value (in dollars per share) | $ / shares	$ 0.01465
Common stock, number of shares authorized | shares					1,600,000,000
Common Stock
Authorized stock split ratio	2
Common stock, par value (in dollars per share) | $ / shares		$ 0.01465	$ 0.01465	[1]
Common stock, number of shares authorized | shares		1,600,000,000	1,600,000,000	[1]
[1]	Shares and par values have been restated, as appropriate, to give effect to the two-for-one stock split distributed on February 9, 2016.

General - Investments (Details)

General - Investments (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Jul. 24, 2016	Jul. 26, 2015	Jul. 24, 2016	Jul. 26, 2015
Revocable standby letters of credit
Guarantees
Guarantee term			P1Y
Standby letters of credit	$ 4		$ 4
Rabbi trust
Investments
Gains (losses) related to securities held	$ 1.2	$ (0.6)	$ 2.4	$ 2.4

Acquisitions (Detail)

Acquisitions (Detail) - USD ($) $ in Thousands	May 26, 2016	Jul. 13, 2015	Jul. 24, 2016	Apr. 24, 2016	Oct. 25, 2015
Allocation of the purchase price to the acquired assets, liabilities, and goodwill
Goodwill			$ 1,921,971	$ 1,698,370	$ 1,699,484
Justin's
Acquisitions
Purchase price	$ 281,700
Present value of the cash flow benefits as a result of tax amortization of the stepped-up basis of assets	$ 70,000
Applegate
Acquisitions
Purchase price		$ 774,100
Allocation of the purchase price to the acquired assets, liabilities, and goodwill
Accounts receivable		25,574
Inventory		22,212
Prepaid and other assets		2,987
Property, plant and equipment		3,463
Intangible assets		275,900
Goodwill		488,235
Current liabilities		(23,420)
Deferred taxes		(20,888)
Purchase price		$ 774,063

Inventories (Details)

Inventories (Details) - USD ($) $ in Thousands	Jul. 24, 2016	Oct. 25, 2015
INVENTORIES
Finished products	$ 603,864	$ 553,298
Raw materials and work-in-process	250,431	239,174
Materials and supplies	180,012	200,793
Total	$ 1,034,307	$ 993,265

Goodwill and Intangible Asset40

Goodwill and Intangible Assets - Goodwill Rollforward (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Jul. 24, 2016	Jul. 24, 2016
Changes in the carrying amount of goodwill
Balance at the beginning of the period	$ 1,698,370	$ 1,699,484
Goodwill acquired	273,853	273,853
Goodwill sold	(50,134)	(50,134)
Purchase adjustments	(118)	(241)
Impairment charge		(991)
Balance at the end of the period	1,921,971	1,921,971
Grocery Products
Changes in the carrying amount of goodwill
Balance at the beginning of the period	322,421	322,421
Goodwill acquired	273,853	273,853
Balance at the end of the period	596,274	596,274
Refrigerated Foods
Changes in the carrying amount of goodwill
Balance at the beginning of the period	584,561	584,684
Purchase adjustments	(118)	(241)
Balance at the end of the period	584,443	584,443
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	455,425	456,416
Goodwill sold	(50,134)	(50,134)
Impairment charge		(991)
Balance at the end of the period	405,291	405,291
International & Other
Changes in the carrying amount of goodwill
Balance at the beginning of the period	132,749	132,749
Balance at the end of the period	$ 132,749	$ 132,749

Goodwill and Intangible Asset41

Goodwill and Intangible Assets - Definite Lived Intangibles Assets (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jul. 24, 2016	Jul. 26, 2015	Jul. 24, 2016	Jul. 26, 2015	Oct. 25, 2015
Gross carrying amount and accumulated amortization for definite-lived intangible assets
Gross Carrying Amount	$ 86,510		$ 86,510		$ 100,060
Accumulated Amortization	(22,333)		(22,333)		(28,900)
Amortization expense	2,500	$ 2,300	6,500	$ 6,300
Estimated amortization expense
2,016					8,000
2,017					7,500
2,018					7,000
2,019					7,000
2,020					6,800
Customer lists/relationships
Gross carrying amount and accumulated amortization for definite-lived intangible assets
Gross Carrying Amount	82,440		82,440		83,190
Accumulated Amortization	(19,229)		(19,229)		(13,939)
Formulas and recipes
Gross carrying amount and accumulated amortization for definite-lived intangible assets
Gross Carrying Amount	1,950		1,950		7,490
Accumulated Amortization	(1,744)		(1,744)		(6,865)
Proprietary software and technology
Gross carrying amount and accumulated amortization for definite-lived intangible assets
Gross Carrying Amount					7,010
Accumulated Amortization					(6,901)
Other intangibles
Gross carrying amount and accumulated amortization for definite-lived intangible assets
Gross Carrying Amount	2,120		2,120		2,370
Accumulated Amortization	$ (1,360)		$ (1,360)		$ (1,195)

Goodwill and Intangible Asset42

Goodwill and Intangible Assets - Indefinite Lived Intangible Assets (Details) - USD ($) $ in Thousands	Jul. 24, 2016	Oct. 25, 2015
Carrying amounts for indefinite-lived intangible assets
Carrying amounts for indefinite-lived intangible assets	$ 751,059	$ 756,059
Brands/tradename/trademarks
Carrying amounts for indefinite-lived intangible assets
Carrying amounts for indefinite-lived intangible assets	743,075	748,075
Other intangibles
Carrying amounts for indefinite-lived intangible assets
Carrying amounts for indefinite-lived intangible assets	$ 7,984	$ 7,984

Assets Held For Sale (Details)

Assets Held For Sale (Details) - USD ($) $ in Thousands	May 09, 2016	Apr. 24, 2016	Jul. 24, 2016	Oct. 25, 2015
Assets Held For Sale
Proceeds from sale of business			$ 110,149
Portion of DCB | Assets Held For Sale
Assets Held For Sale
Impairment charge		$ 1,000
Proceeds from sale of business	$ 110,100
Net sales				$ 260,000
Assets held for sale
Current assets				26,057
Goodwill				51,811
Intangibles				5,389
Property, plant and equipment				31,678
Total assets held for sale				114,935
Liabilities held for sale
Total current liabilities held for sale				$ 3,191

Pension and Other Post-retire44

Pension and Other Post-retirement Benefits (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jul. 24, 2016	Jul. 26, 2015	Jul. 24, 2016	Jul. 26, 2015
Net periodic cost of defined benefit plans
Employer contributions	$ 25,700	$ 22,700
Pension Benefits
Net periodic cost of defined benefit plans
Service cost	6,645	7,198	$ 20,005	$ 21,596
Interest cost	13,674	13,131	41,030	39,392
Expected return on plan assets	(21,716)	(22,198)	(65,071)	(66,594)
Amortization of prior service cost	(1,037)	(1,220)	(3,169)	(3,659)
Recognized actuarial loss (gain)	4,787	4,625	13,958	13,851
Curtailment gain	(4,438)		(4,438)
Net periodic cost	(2,085)	1,536	2,315	4,586
Post-retirement Benefits
Net periodic cost of defined benefit plans
Service cost	317	442	950	1,327
Interest cost	3,236	3,337	9,708	10,009
Amortization of prior service cost	(1,050)	(335)	(3,151)	(1,003)
Recognized actuarial loss (gain)	392		1,176	(1)
Net periodic cost	$ 2,895	$ 3,444	$ 8,683	$ 10,332

Derivatives and Hedging - Outst

Derivatives and Hedging - Outstanding Contracts (Details) item in Millions, bu in Millions, $ in Millions	9 Months Ended	12 Months Ended
	Jul. 24, 2016USD ($)Tbuitem	Oct. 25, 2015USD ($)Tbuitem
Derivatives and hedging
Maximum number of upcoming fiscal years to hedge grain or natural gas exposure	2 years
Corn | Derivatives not designated as hedges
Derivatives and hedging
Futures contracts, volume (in million bushels)	4.8	2.6
Corn | Cash Flow Hedges
Derivatives and hedging
Futures contracts, volume (in million bushels)	23.2	20.1
Accumulated change, pretax, in accumulated gains from derivative instruments designated and qualifying as the effective portion of cash flow hedges | $	$ 5.9	$ 1
Period over which majority of hedging gains is expected to be recognized	12 months
Corn | Fair Value Hedges
Derivatives and hedging
Futures contracts, volume (in million bushels)	5.9	5.3
Lean hogs | Fair Value Hedges
Derivatives and hedging
Futures contracts, volume ( in centum weight) | item	0.3	0.4
Soybean meal | Derivatives not designated as hedges
Derivatives and hedging
Futures contracts, volume (in tons) | T	15,200	11,500

Derivatives and Hedging - Fair

Derivatives and Hedging - Fair Value Of Derivatives (Details) - USD ($) $ in Thousands	Jul. 24, 2016	Oct. 25, 2015
Derivatives fair value
Fair values of derivative instruments	$ (2,588)	$ 553
Derivatives designated as hedges | Commodity contracts | Other current assets
Derivatives fair value
Fair values of derivative instruments	(2,495)	305
Derivatives not designated as hedges | Commodity contracts | Other current assets
Derivatives fair value
Fair values of derivative instruments	$ (93)	$ 248

Derivatives and Hedging - Gains

Derivatives and Hedging - Gains And Losses (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jul. 24, 2016	Jul. 26, 2015	Jul. 24, 2016	Jul. 26, 2015
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
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	(244)	310	(674)	175
Cash Flow Hedges | Derivatives designated as hedges | Commodity contracts
Derivative instruments gains or losses (before tax)
Gain/(Loss) Recognized in AOCL (Effective Portion)	7,702	8,184	3,234	6,814
Cash Flow Hedges | Derivatives designated as hedges | Commodity contracts | Cost of products sold
Derivative instruments gains or losses (before tax)
Gain/(Loss) Reclassified from AOCL into Earnings (Effective Portion)	(346)	(3,330)	(1,690)	(10,414)
Gain/(Loss) Recognized in Earnings (Ineffective Portion)	(14,277)	(6,127)	(14,255)	(6,127)
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)	(1,727)	1,905	(5,664)
Gain/(Loss) Recognized in Earnings (Ineffective Portion)	$ 4,658	$ 2,221	$ 4,419	$ 2,314

Investments In and Receivable48

Investments In and Receivables from Affiliates (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jul. 24, 2016	Jul. 26, 2015	Jul. 24, 2016	Jul. 26, 2015	Oct. 25, 2015	Oct. 26, 2009
Investments In and Receivables from Affiliates
Investments in and receivables from affiliates	$ 257,061		$ 257,061		$ 258,998
Equity in earnings of affiliates	6,381	$ 6,396	27,449	$ 15,930
Dividends received from affiliates	$ 10,000	27,300	$ 24,500	37,300
MegaMex Foods, LLC
Investments In and Receivables from Affiliates
Ownership percentage	50.00%		50.00%
Investments in and receivables from affiliates	$ 194,340		$ 194,340		200,110
Equity in earnings of affiliates	5,039	4,928	20,812	20,142
Excess of investment over the underlying equity in net assets of the joint venture	15,500		15,500			$ 21,300
Foreign Joint Ventures
Investments In and Receivables from Affiliates
Investments in and receivables from affiliates	62,721		62,721		$ 58,888
Equity in earnings of affiliates	$ 1,342	$ 1,468	$ 6,637	$ (4,212)
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	40.00%		40.00%

Accumulated Other Comprehensi49

Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Jul. 24, 2016	Jul. 24, 2016
Accumulated Other Comprehensive Loss
Balance at beginning of period		$ 3,998,198
Reclassification into net earnings:
Balance at end of period	$ 4,390,751	4,390,751
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Loss
Balance at beginning of period	(225,666)	(225,668)
Unrecognized gains (losses):
Gross	4,825	(1,249)
Tax effect	(2,901)	(1,214)
Reclassification into net earnings:
Gross	(1,000)	6,066
Tax effect	381	(2,296)
Net tax amount	1,305	1,307
Balance at end of period	(224,361)	(224,361)
Foreign Currency Translation
Accumulated Other Comprehensive Loss
Balance at beginning of period	(621)	969
Unrecognized gains (losses):
Gross	(2,877)	(4,467)
Reclassification into net earnings:
Net tax amount	(2,877)	(4,467)
Balance at end of period	(3,498)	(3,498)
Pension & Other Benefits
Accumulated Other Comprehensive Loss
Balance at beginning of period	(223,726)	(227,266)
Unrecognized gains (losses):
Gross		(16)
Tax effect		5
Reclassification into net earnings:
Gross	(1,346)	4,376
Tax effect	511	(1,660)
Net tax amount	(835)	2,705
Balance at end of period	(224,561)	(224,561)
Deferred Gain (Loss) - Hedging
Accumulated Other Comprehensive Loss
Balance at beginning of period	(1,319)	629
Unrecognized gains (losses):
Gross	7,702	3,234
Tax effect	(2,901)	(1,219)
Reclassification into net earnings:
Gross	346	1,690
Tax effect	(130)	(636)
Net tax amount	5,017	3,069
Balance at end of period	$ 3,698	$ 3,698

Income Taxes (Detail)

Income Taxes (Detail) $ in Millions	3 Months Ended	9 Months Ended
	Jul. 24, 2016USD ($)	Jul. 24, 2016USD ($)
INCOME TAXES
Unrecognized tax benefits including interest and penalties	$ 28.3	$ 28.3
Portion of unrecognized tax benefit including interest and penalties, that if recognized, would impact effective tax rate	18.4	18.4
Interest and penalties expense related to uncertain tax positions recognized in income tax expense	0.1	(0.3)
Accrued interest and penalties, associated with unrecognized tax benefits	$ 3	$ 3

Stock-Based Compensation - Stoc

Stock-Based Compensation - Stock Options (Details) - Stock options - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Jul. 24, 2016	Jul. 26, 2015	Jul. 24, 2016	Jul. 26, 2015
Stock-based compensation
Vesting period			4 years
Stock option expiration period			10 years
Reconciliation of Stock Options
Outstanding, at the beginning of the period (in shares)			34,397
Granted (in shares)			2,128
Exercised (in shares)			3,655
Forfeited (in shares)			24
Outstanding, at the end of the period (in shares)	32,846		32,846
Exercisable at the end of the period (in shares)	25,959		25,959
Weighted-Average Exercise Price
Outstanding at the beginning of the period (in dollars per share)			$ 13.83
Granted (in dollars per share)			38.31
Exercised (in dollars per share)			9.56
Forfeited (in dollars per share)			22.88
Outstanding at the end of the period (in dollars per share)	$ 15.89		15.89
Exercisable at end of period (in dollars per share)	$ 12.77		$ 12.77
Weighted-Average Remaining Contractual Term
Outstanding at the end of the period			4 years 10 months 24 days
Exercisable at end of period			4 years 1 month 6 days
Aggregate Intrinsic Value
Outstanding at the end of the period	$ 692,459		$ 692,459
Exercisable at end of period	$ 625,760		$ 625,760
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)	$ 7.46	$ 5.06	$ 7.82	$ 4.92
Intrinsic value of exercised options	$ 7,895	$ 10,223	$ 111,111	$ 42,824
Weighted-average assumptions used to calculate fair value of each ordinary option award
Risk-free interest rate (as a percent)	1.90%	1.90%	2.10%	2.10%
Dividend yield (as a percent)	1.50%	1.80%	1.50%	1.90%
Stock price volatility (as a percent)	19.00%	19.00%	19.00%	19.00%
Expected option life	8 years	8 years	8 years	8 years

Stock-Based Compensation - Nonv

Stock-Based Compensation - Nonvested Shares Reconciliation (Details) - Nonvested shares - $ / shares shares in Thousands	9 Months Ended
	Jul. 24, 2016	Jul. 26, 2015
Shares
Nonvested shares at the beginning of the period	74
Granted	47
Vested	74
Nonvested shares at the end of the period	47
Weighted Average Grant Date Fair Value
Nonvested shares at the beginning of the period (in dollars per share)	$ 25.87
Granted (in dollars per share)	41.01	$ 25.87
Vested (in dollars per share)	25.87
Nonvested shares at the end of the period (in dollars per share)	$ 41.01
Shares granted on or before September 26, 2010
Stock-based compensation
Vesting period	5 years
Shares granted between September 27, 2010, and July 27, 2014
Stock-based compensation
Vesting period	1 year
Maximum | Shares granted on or after July 28, 2014
Stock-based compensation
Vesting period	1 year

Stock-Based Compensation - Fair

Stock-Based Compensation - Fair Value Of Nonvested Shares (Details) - Nonvested shares - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended
	Jul. 24, 2016	Jul. 26, 2015
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)	$ 41.01	$ 25.87
Fair value of nonvested shares granted	$ 1,920	$ 1,920
Fair value of shares vested	$ 1,920	$ 2,347

Stock-Based Compensation - Expe

Stock-Based Compensation - Expense And Excercises (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jul. 24, 2016	Jul. 26, 2015	Jul. 24, 2016	Jul. 26, 2015
Stock-based compensation expense, along with the related income tax benefit
Stock based compensation expense recognized	$ 1,913	$ 1,711	$ 16,091	$ 14,260
Income tax benefit recognized	(726)	(649)	(6,105)	(5,414)
After-tax stock-based compensation expense	1,187	1,062	9,986	8,846
Stock-based compensation expense unrecognized	11,600		$ 11,600
Period for recognition of unrecognized stock-based compensation expense			2 years 8 months 12 days
Cash received from stock options exercised	800	1,800	$ 9,200	7,800
Tax benefit realized from stock options, aggregate	$ 3,000	$ 3,900	$ 42,200	$ 16,300

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Apr. 24, 2016	Jul. 24, 2016	Oct. 25, 2015
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		$ 7,800	$ 2,300
Cash collateral posted		3,800	13,700
Realized gains/losses on closed positions		4,000	(11,400)
Fair value, long-term debt
Fair value of long-term debt (including current maturities)		280,700	268,400
Impairment charge
Goodwill impairment charge		991
Fair Value | Recurring basis
Assets at Fair Value:
Cash and cash equivalents		379,597	347,239
Other trading securities		122,082	119,668
Commodity derivatives		5,230	6,485
Total Assets at Fair Value		506,909	473,392
Liabilities at Fair Value:
Deferred compensation		57,051	57,869
Total Liabilities at Fair Value		57,051	57,869
Fair Value | Recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1)
Assets at Fair Value:
Cash and cash equivalents		379,597	347,239
Other trading securities		40,214	39,329
Commodity derivatives		5,230	6,485
Total Assets at Fair Value		425,041	393,053
Liabilities at Fair Value:
Deferred compensation		26,567	25,272
Total Liabilities at Fair Value		26,567	25,272
Fair Value | Recurring basis | Significant Other Observable Inputs (Level 2)
Assets at Fair Value:
Other trading securities		81,868	80,339
Total Assets at Fair Value		81,868	80,339
Liabilities at Fair Value:
Deferred compensation		30,484	32,597
Total Liabilities at Fair Value		$ 30,484	$ 32,597
Assets Held For Sale | Portion of DCB
Impairment charge
Goodwill impairment charge	$ 1,000

Earnings Per Share Data (Detail

Earnings Per Share Data (Details) - shares shares in Thousands	3 Months Ended			9 Months Ended
	Jul. 24, 2016	Jul. 26, 2015		Jul. 24, 2016	Jul. 26, 2015
EARNINGS PER SHARE DATA
Basic weighted-average shares outstanding	529,660	528,516	[1]	529,473	527,975	[1]
Dilutive potential common shares	12,503	12,688		13,417	12,763
Diluted weighted-average shares outstanding	542,163	541,204	[1]	542,890	540,738	[1]
Weighted average stock options not included in the computation of dilutive potential common shares	1,800	24		900	1,200
[1]	Shares and per share figures have been restated to give effect to the two-for-one stock split distributed on February 9, 2016.

Segment Reporting - Operating P

Segment Reporting - Operating Profit (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Jul. 24, 2016USD ($)	Jul. 26, 2015USD ($)	Jul. 24, 2016USD ($)segment	Jul. 26, 2015USD ($)
Operating profit and other financial information
Number of reportable business segments | segment			5
Sales	$ 2,302,376	$ 2,188,587	$ 6,895,283	$ 6,863,005
Segment Operating Profit	274,790	231,159	958,145	774,822
Net interest and investment expense (income)	673	2,941	5,663	6,836
General corporate expense	2,922	5,473	32,111	18,550
Noncontrolling interest	122	18	215	964
EARNINGS BEFORE INCOME TAXES	274,117	228,219	952,482	767,987
Intersegment sales
Operating profit and other financial information
Sales	29,577	29,699	96,256	109,270
Operating segment
Operating profit and other financial information
Sales	2,302,376	2,188,587	6,895,283	6,863,005
Segment Operating Profit	277,590	236,615	990,041	792,409
Intersegment elimination
Operating profit and other financial information
Sales	(29,577)	(29,699)	(96,256)	(109,270)
Grocery Products
Operating profit and other financial information
Sales	399,342	388,094	1,193,032	1,195,110
Grocery Products | Operating segment
Operating profit and other financial information
Sales	399,342	388,094	1,193,032	1,195,110
Segment Operating Profit	53,344	53,108	185,727	149,810
Refrigerated Foods
Operating profit and other financial information
Sales	1,155,297	1,056,125	3,409,897	3,222,851
Refrigerated Foods | Intersegment sales
Operating profit and other financial information
Sales	1,648	2,440	7,635	10,183
Refrigerated Foods | Operating segment
Operating profit and other financial information
Sales	1,156,945	1,058,565	3,417,532	3,233,034
Segment Operating Profit	120,702	97,692	417,612	313,681
Jennie-O Turkey Store
Operating profit and other financial information
Sales	403,953	336,533	1,199,559	1,215,464
Jennie-O Turkey Store | Intersegment sales
Operating profit and other financial information
Sales	27,921	27,241	88,604	99,023
Jennie-O Turkey Store | Operating segment
Operating profit and other financial information
Sales	431,874	363,774	1,288,163	1,314,487
Segment Operating Profit	56,147	35,374	237,128	202,990
Specialty Foods
Operating profit and other financial information
Sales	212,197	282,774	722,460	833,472
Specialty Foods | Intersegment sales
Operating profit and other financial information
Sales	8	18	17	64
Specialty Foods | Operating segment
Operating profit and other financial information
Sales	212,205	282,792	722,477	833,536
Segment Operating Profit	27,089	31,190	90,735	70,910
International & Other
Operating profit and other financial information
Sales	131,587	125,061	370,335	396,108
International & Other | Operating segment
Operating profit and other financial information
Sales	131,587	125,061	370,335	396,108
Segment Operating Profit	$ 20,308	$ 19,251	$ 58,839	$ 55,018