Sanderson Farms (SAFM) 10-K 17 Dec 20 2020 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Oct. 31, 2020	Dec. 10, 2020	Apr. 30, 2020
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Oct. 31, 2020
Document Transition Report	false
Entity File Number	1-14977
Entity Registrant Name	SANDERSON FARMS INC
Entity Incorporation, State or Country Code	MS
Entity Tax Identification Number	64-0615843
Entity Address, Address Line One	127 Flynt Road
Entity Address, City or Town	Laurel
Entity Address, State or Province	MS
Entity Address, Postal Zip Code	39443
City Area Code	(601)
Local Phone Number	649-4030
Title of 12(b) Security	Common Stock, $1 par value per share
Trading Symbol	SAFM
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Public Float			$ 2,550,803,170
Entity Common Stock, Shares Outstanding		22,324,562
Documents Incorporated by Reference	Portions of the Registrant’s definitive proxy statement filed or to be filed in connection with its 2021 Annual Meeting of Stockholders are incorporated by reference into Part III.
Amendment Flag	false
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	FY
Entity Central Index Key	0000812128
Current Fiscal Year End Date	--10-31
ICFR Auditor Attestation Flag	true

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Oct. 31, 2020	Oct. 31, 2019
Current assets:
Cash and cash equivalents	$ 49,061	$ 95,417
Accounts receivable, less allowance of $1,260 in 2020 and $1,260 in 2019	147,546	131,778
Receivable from insurance companies	0	445
Inventories	290,007	289,928
Refundable income taxes	33,977	6,612
Prepaid expenses	57,544	56,931
Total current assets	578,135	581,111
Property, plant and equipment, net	1,224,746	1,185,860
Right-of-use assets	40,785	0
Other assets	5,365	7,163
Total assets	1,849,031	1,774,134
Current liabilities:
Accounts payable	111,463	132,741
Accrued expenses	98,663	82,940
Lease liabilities	13,981	0
Total current liabilities	224,107	215,681
Long-term debt, less current maturities	25,000	55,000
Claims payable and other liabilities	12,175	11,646
Deferred income taxes	141,672	74,132
Long-term lease liabilities	26,804	0
Commitments and contingencies
Preferred Stock:
Common Stock, $1 par value: authorized 100,000,000 shares; issued and outstanding shares - 22,251,071 at October 31, 2020 and 22,203,920 at October 31, 2019, respectively	22,251	22,204
Paid-in capital	90,420	86,010
Retained earnings	1,306,602	1,309,461
Total stockholders’ equity	1,419,273	1,417,675
Liabilities and Equity, Total	1,849,031	1,774,134
Series A Junior Participating Preferred Stock, $100 par value: authorized 500,000 shares, none issued
Preferred Stock:
Preferred Stock
Par value to be determined by the Board of Directors: authorized 4,500,000 shares; none issued
Preferred Stock:
Preferred Stock

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Oct. 31, 2020	Oct. 31, 2019
Accounts Receivable, Allowance for Credit Loss, Current	$ 1,260	$ 1,260
Common Stock, par value (in usd per share)	$ 1	$ 1
Common Stock, authorized shares (in shares)	100,000,000	100,000,000
Common Stock, issued shares (in shares)	22,251,071	22,203,920
Common Stock, outstanding shares (in shares)	22,251,071	22,203,920
Series A Junior Participating Preferred Stock, $100 par value: authorized 500,000 shares, none issued
Preferred Stock, par value (in usd per share)	$ 100	$ 100
Preferred Stock, authorized shares (in shares)	500,000	500,000
Preferred Stock, issued shares (in shares)	0	0
Par value to be determined by the Board of Directors: authorized 4,500,000 shares; none issued
Preferred Stock, authorized shares (in shares)	4,500,000	4,500,000
Preferred Stock, issued shares (in shares)	0	0

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	12 Months Ended
	Oct. 31, 2020	Oct. 31, 2019	Oct. 31, 2018
Income Statement [Abstract]
Net sales	$ 3,564,267	$ 3,440,258	$ 3,236,004
Cost and expenses:
Cost of sales	3,370,111	3,158,323	2,974,739
Live inventory adjustment	0	2,800	9,600
Selling, general and administrative	205,750	211,141	221,965
Cost and expenses	3,575,861	3,372,264	3,206,304
Operating income (loss)	(11,594)	67,994	29,700
Other income (expense):
Interest income	482	0	2,911
Interest expense	(5,207)	(4,156)	(2,066)
Other	8	9	12
Other income (expense)	(4,717)	(4,147)	857
Income (loss) before income taxes	(16,311)	63,847	30,557
Income tax expense (benefit)	(44,585)	10,553	(30,874)
Net income	$ 28,274	$ 53,294	$ 61,431
Earnings per share:
Basic (in usd per share)	$ 1.27	$ 2.41	$ 2.70
Diluted (in usd per share)	1.27	2.41	2.70
Dividends per share (in usd per share)	$ 1.40	$ 1.28	$ 1.28

CONSOLIDATED STATEMENTS OF STOC

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Common Stock	Paid-In Capital	Retained Earnings
Beginning Balance (in shares) at Oct. 31, 2017		22,802,690
Beginning Balance at Oct. 31, 2017	$ 1,432,862	$ 22,803	$ 134,999	$ 1,275,060
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	61,431			61,431
Cash dividends	$ (28,966)			(28,966)
Purchase of common stock (in shares)	(823,385)	(823,385)
Purchase of common stock	$ (83,463)	$ (823)	(59,639)	(23,001)
Stock compensation plan transactions (in shares)		120,475
Stock compensation plan transactions	(8,742)	$ 120	(8,862)
Amortization of unearned compensation	14,771		14,771
Ending Balance (in shares) at Oct. 31, 2018		22,099,780
Ending Balance at Oct. 31, 2018	1,387,893	$ 22,100	81,269	1,284,524
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	53,294			53,294
Cash dividends	$ (28,357)			(28,357)
Purchase of common stock (in shares)	0
Stock compensation plan transactions (in shares)		104,140
Stock compensation plan transactions	$ (5,490)	$ 104	(5,594)
Amortization of unearned compensation	10,335		10,335
Ending Balance (in shares) at Oct. 31, 2019		22,203,920
Ending Balance at Oct. 31, 2019	1,417,675	$ 22,204	86,010	1,309,461
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	28,274			28,274
Cash dividends	$ (31,133)			(31,133)
Purchase of common stock (in shares)	0
Stock compensation plan transactions (in shares)		47,151
Stock compensation plan transactions	$ (3,636)	$ 47	(3,683)
Amortization of unearned compensation	8,093		8,093
Ending Balance (in shares) at Oct. 31, 2020		22,251,071
Ending Balance at Oct. 31, 2020	$ 1,419,273	$ 22,251	$ 90,420	$ 1,306,602

CONSOLIDATED STATEMENTS OF ST_2

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares	12 Months Ended
	Oct. 31, 2020	Oct. 31, 2019	Oct. 31, 2018
Statement of Stockholders' Equity [Abstract]
Dividends per share (in usd per share)	$ 1.40	$ 1.28	$ 1.28

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Oct. 31, 2020	Oct. 31, 2019	Oct. 31, 2018
Operating activities
Net income	$ 28,274	$ 53,294	$ 61,431
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	156,754	135,420	110,896
Amortization of share-based compensation	9,875	12,552	16,371
Live inventory adjustment (net of prior period reversal)	(2,800)	(6,800)	9,600
Provision for losses (recoveries) on accounts receivable	0	(2,000)	0
Deferred income taxes	67,540	11,339	(29,105)
Loss on asset disposals	728	1,175	0
Change in assets and liabilities:
Accounts receivable - trade	(15,768)	(7,846)	16,936
Accounts receivable - insurance	445	6,649	(7,094)
Inventories	2,721	(43,072)	3,109
Income taxes	(27,365)	26,362	(39,623)
Prepaid expenses and other assets	95	(14,338)	(4,132)
Accounts payable	(14,600)	18,517	24,077
Right of use assets	13,860	0	0
Lease liabilities	(13,860)	0	0
Accrued expenses, claims payable and other liabilities	16,110	15,548	(31,053)
Total adjustments	193,735	153,506	69,982
Net cash provided by operating activities	222,009	206,800	131,413
Investing activities
Capital expenditures	(202,437)	(249,503)	(308,875)
Net proceeds from sale of property and equipment	481	996	2,201
Net cash used in investing activities	(201,956)	(248,507)	(306,674)
Financing activities
Borrowings from revolving line of credit	145,000	125,000	0
Payments on revolving line of credit	(175,000)	(70,000)	0
Payments for debt issuance costs	0	(2,225)	0
Dividends paid	(31,133)	(28,357)	(28,966)
Repurchase of common stock	0	0	(83,463)
Proceeds from issuance of restricted stock under stock compensation plans	1,175	942	1,320
Payments from issuance of common stock under stock compensation plans	(6,451)	(9,429)	(11,722)
Net cash provided by (used in) financing activities	(66,409)	15,931	(122,831)
Net change in cash and cash equivalents	(46,356)	(25,776)	(298,092)
Cash and cash equivalents at beginning of year	95,417	121,193	419,285
Cash and cash equivalents at end of year	49,061	95,417	121,193
Supplemental disclosure of cash flow information:
Income taxes paid	1,415	3,106	40,090
Interest paid, net	5,299	4,043	2,054
Non-cash investing activities:
Capital expenditures included in accounts payable	$ 3,531	$ 10,209	$ 24,921

Significant Accounting Policies

Significant Accounting Policies	12 Months Ended
	Oct. 31, 2020
Accounting Policies [Abstract]
Significant Accounting Policies	Significant Accounting Policies Basis of Presentation: The consolidated financial statements include the accounts of Sanderson Farms, Inc. (the “Company”) and its wholly-owned subsidiaries. All significant intercompany transactions and accounts have been eliminated in consolidation. Business: The Company is engaged in the production, processing, marketing and distribution of fresh and frozen chicken and other prepared chicken items. The Company’s net sales and cost of sales are significantly affected by market price fluctuations of its principal products sold and of its principal feed ingredients, corn and soybean meal. Revenue Recognition: The Company sells to retailers, distributors and casual dining operators primarily in the southeastern, southwestern, northeastern and western United States. Management periodically performs credit evaluations of its customers’ financial condition and generally does not require collateral. The Company recognizes revenue in connection with a contract in which the Company has agreed to sell, and a customer has agreed to purchase, specific quantities of product at agreed-upon prices and when the Company's performance obligation related to that contract has been satisfied. In the majority of its contracts with customers, the Company's performance obligation is satisfied when delivery of the product has occurred, either at the customer's facility or the Company's facility, depending on the terms of each contract. In a small number of contracts, ownership of the product passes from the Company to the customer at some point during transit, at which time the performance obligation is satisfied and revenue is recognized. Gross revenue and related receivables are recognized based on the transaction price within the contract and are reduced by estimated or known amounts for items such as rebates, discounts, cooperative advertising allowances and other various items to arrive at net revenue. During fiscal 2020, 2019 and 2018, these reductions to revenue totaled approximately $59.6 million, $66.5 million and $79.2 million, respectively. The cost incurred for shipping and handling activities to deliver the product to the customer is recognized in cost of sales during the period in which the corresponding revenue is recognized. Where shipping and handling activities occur after the customer has obtained control of the product, the Company has elected to account for those expenses as fulfillment costs in cost of sales, rather than an additional promised service. This accounting treatment is the same as the accounting treatment prior to the Company's adoption of ASU 2014-09, Revenue from Contracts with Customers. The Company has, prior to the adoption of ASU 2014-09, accounted for freight one of two ways. First, when the Company's agreement with its customer did not authorize the Company to invoice the customer separately for freight, the Company attempted to negotiate a higher price, and paid freight costs associated with the sale. In these instances, that cost was booked as an expense in cost of sales. In some instances, the Company's agreements with its customers authorize the Company to invoice the customer for freight costs separately on its invoice to the customer. Under these arrangements, the Company has previously accounted for freight by recognizing revenue net of the freight costs. Subsequent to the adoption of ASU 2014-09, both arrangements are accounted for in the same manner. That is, in both instances, revenue is reported gross of any freight charge, and all freight costs are accounted for as cost of sales. Because we adopted ASU 2014-09 using the modified-retrospective transition method, we did not restate prior-period financial statements, and the separately-invoiced freight costs from periods prior to fiscal 2019 remain presented as a reduction to cost of sales. During fiscal 2020 and 2019, we recognized revenue of approximately $20.4 million and $24.9 million, respectively, related to those freight charges, as compared to approximately $20.0 million recognized as a reduction to cost of sales during fiscal 2018. Due to the nature of our contracts, commissions associated with such contracts provide only a short-term benefit (i.e. less than one year); therefore, with our adoption of ASU 2014-09, we recognize costs of commissions paid to third-party brokers as selling, general and administrative expenses effective as of November 1, 2018. Prior to our adoption of ASU 2014-09, those commissions were recognized as a reduction of revenue. Because we transitioned using the modified-retrospective method, we did not restate prior-period financial statements, and those commissions from periods prior to fiscal 2019 remain presented as a reduction to revenue. During fiscal 2020 and 2019, we recognized approximately $12.9 million and $10.9 million, respectively, in commissions as selling, general and administrative expenses, as compared to approximately $11.0 million recognized as a reduction to revenue during fiscal 2018. Two customers each accounted for more than 10% of consolidated sales for the year ended October 31, 2020. Sales to those customers accounted for 14.9% and 12.7%, respectively, of the Company's net sales during fiscal 2020. Sales to the same two customers accounted for 15.8% and 11.8%, respectively, of the Company's net sales during fiscal 2019 and 14.3% and 10.5%, respectively, of the Company's net sales during fiscal 2018. Sales of offal are considered by-products; accordingly, these amounts reduce cost of sales and totaled $24.8 million, $31.1 million and $34.4 million in fiscal 2020, 2019 and 2018, respectively. The Company sells certain of its products either directly to foreign markets or to U.S. based customers who resell the product in foreign markets. These foreign markets for fiscal 2020 were primarily Mexico, China and Cuba, and for fiscal 2019 and 2018 were primarily Mexico, Cuba, Central Asia and the Middle East. These export sales for fiscal years 2020, 2019 and 2018 totaled approximately $308.9 million, $284.5 million and $215.8 million, respectively. The Company does not believe that the amount of sales attributable to any single foreign country is material to its total sales during any of the periods presented. The Company’s export sales are facilitated through independent food brokers located in the United States and the Company’s internal sales staff. Use of Estimates: The preparation of the consolidated financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. Cash Equivalents: The Company considers all highly liquid investments with maturities of ninety days or less when purchased to be cash equivalents. Allowance for Doubtful Accounts: In the normal course of business, the Company extends credit to its customers on a short-term basis, generally less than twenty-one days. Although credit risks associated with our customers are considered minimal, the Company routinely reviews its accounts receivable balances and records provisions for probable doubtful accounts based on an individual assessment of a customer’s credit quality as well as subjective factors and trends, including the aging of receivable balances. In circumstances where management is aware of a specific customer’s inability to meet its financial obligations to the Company, a specific reserve is recorded to reduce the receivable to the amount expected to be collected. If circumstances change (i.e., higher than expected defaults or an unexpected material adverse change in a major customer’s ability to meet its financial obligations to us), our estimates of the recoverability of amounts due us could be reduced by a material amount and the allowance for doubtful accounts and related bad debt expense would increase by the same amount. Inventories: Processed and prepared inventories and inventories of feed, eggs, medication and packaging supplies are stated at the lower of cost (average method) or net realizable value. Live poultry inventories of broilers are stated at the lower of cost or net realizable value, and breeders at cost less accumulated amortization. The costs associated with breeders, including breeder chicks, feed, medicine and grower pay, are accumulated up to the production stage and amortized over nine months using the straight-line method. The costs associated with broiler inventories, consisting principally of chicks, feed, and medicine, are accumulated during the growing period. In periods where the Company estimates that the cost to grow live birds in inventory to a marketable age, including estimates of payments to the independent contract producers who raise the chicks for us, and then process and distribute those birds will be lower in the aggregate than the anticipated sales proceeds, the Company values the broiler inventories on hand at cost and accumulates costs as the birds are grown to a marketable age subsequent to the balance sheet date. In periods where the Company estimates that the cost to grow live birds in inventory to a marketable age, including estimates of payments to the independent contract producers who raise the chicks for us, and then process and distribute those birds will be higher in the aggregate than the anticipated sales proceeds, the Company will make an adjustment to lower the value of live birds in inventory to the net realizable value. The significant judgments that management makes in order to assess the net realizable value of its broiler inventory include estimating future selling prices of finished products and the related cost of sales, primarily feed costs, to complete. The Company's live broiler inventories were recorded at cost at October 31, 2020, because the estimated net realizable value for all broiler flocks in inventory was higher than the estimated cost to complete those live broiler inventories. The Company recorded a charge of $2.8 million at October 31, 2019 to reduce the values of live broiler inventories on hand at those dates from cost to net realizable value. Property, Plant and Equipment: Property, plant and equipment is stated at cost. Depreciation of property, plant and equipment is provided by the straight-line method over the estimated useful lives of 15 to 39 years for buildings and 3 to 12 years for machinery and equipment. Impairment of Long-Lived Assets: The Company continually reevaluates the carrying value of its long-lived assets based on events or changes in circumstances which indicate that the carrying value may not be recoverable. As part of this reevaluation and when indicators are present, the Company estimates the future cash flows expected to result from the use of the asset and its eventual disposal. If the sum of the expected future cash flows (undiscounted and without interest charges) is less than the carrying amount of the asset, an impairment loss, based on the fair value of the assets, is recognized through a charge to operations. Self-Insurance Programs: Insurance expense for workers’ compensation benefits and employee-related health care benefits are estimated using historical experience and actuarial estimates. The Company utilizes an outside third party specialist to assist management in estimating the reserve ultimately recorded in the financial statements. The Company accrues expenses in its workers’ compensation and employee benefit plans for both known claims as well as claims incurred but not reported. Stop-loss coverage is maintained with third party insurers to limit the Company’s total exposure. Management regularly reviews the assumptions used to recognize periodic expenses. Any resulting adjustments to accrued claims are reflected in current operating results. There are no material adjustments to expenses accrued in prior periods in current expenses. The total amounts recorded for the Company's reserve for workers' compensation benefits as of October 31, 2020 and October 31, 2019 are $21.5 million and $20.6 million, respectively. Advertising and Marketing Costs: The Company expenses advertising costs as incurred. Advertising costs are included in selling, general and administrative expenses and totaled $19.0 million, $19.9 million and $38.9 million for fiscal 2020, 2019 and 2018, respectively. Income Taxes: Deferred income taxes are accounted for using the liability method and relate principally to depreciation expense, stock based compensation programs and self-insurance programs accounted for differently for financial and income tax purposes. Valuation allowances are recorded when it is more likely than not some or all of a deferred tax asset will not be realized. The Company is periodically audited by taxing authorities and considers any adjustments, interest, and penalties incurred as a result of the audits in computing and reporting income tax expense. Any audit adjustments could have a material impact on the Company’s effective tax rate. Tax periods for fiscal years 2016 through 2020 remain open to examination by federal and state taxing jurisdictions to which the Company is subject. Share-Based Compensation: The Company accounts for all share-based payments to employees, including grants of restricted stock and performance-based shares, in the statement of operations based on their fair values. For performance-based shares, the Company recognizes expense when management determines the performance criteria are probable of being met. The Company recognizes forfeitures of share-based payments during the period in which the forfeitures occur. Earnings Per Share: Basic earnings per share is based upon the weighted average number of common shares outstanding during the year. Share-based payment awards entitling holders to receive non-forfeitable dividends before vesting are considered participating securities and thus included in the calculation of basic earnings per share. These awards are included in the calculation of basic earnings per share under the two-class method. The two-class method allocates earnings for the period between common shareholders and other security holders. The participating awards receiving dividends are allocated the same amount of income as if they were outstanding shares. Diluted earnings per share includes any dilutive effects of options, warrants, restricted stock and convertible securities. Fair Value of Financial Instruments: The Company holds certain items that are required to be disclosed at fair value, primarily debt instruments. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. A three-level hierarchy is followed for disclosure to show the extent and level of judgment used to estimate fair value measurements: Level 1 – Inputs used to measure fair value are unadjusted quoted prices that are available in active markets for the identical assets or liabilities as of the reporting date. Level 2 – Inputs used to measure fair value, other than quoted prices included in Level 1, are either directly or indirectly observable as of the reporting date through correlation with market data, including quoted prices for similar assets and liabilities in active markets and quoted prices in markets that are not active. Level 2 also includes assets and liabilities that are valued using models or other pricing methodologies that do not require significant judgment since the input assumptions used in the models, such as interest rates and volatility factors, are corroborated by readily observable data from actively quoted markets for substantially the full term of the financial instrument. Level 3 – Inputs used to measure fair value are unobservable inputs that are supported by little or no market activity and reflect the use of significant management judgment. These values are generally determined using pricing models for which the assumptions utilize management’s estimates of market participant assumptions. Fair values for debt are based on quoted market prices or published forward interest rate curves and were categorized as Level 2 measurements. As of October 31, 2020 and October 31, 2019, the fair values of the Company's borrowings under its revolving credit facility approximate the carrying value. Impact of Recently Issued Accounting Standards: In February 2016, the FASB issued ASU 2016-02, Leases. The guidance is intended to increase transparency and comparability among companies by requiring an entity that is a lessee to recognize on the balance sheet the right-of-use assets and lease liabilities arising from all leases with terms, as defined by the guidance, of greater than twelve months. The guidance also requires disclosure of key information about leasing arrangements. The Company adopted this guidance during the first quarter of fiscal 2020, and we used the transition method that requires a cumulative-effect adjustment to the beginning balance of retained earnings during the period of adoption, rather than restating prior-period financial statements; however no such cumulative-effect adjustment was required. This guidance also provides certain practical expedients, including a practical expedient package during transition. We elected to use this package, which allowed the Company to carry forward its determination of whether a lease exists, the classification of a lease, and whether initial direct lease costs exist for purposes of transition to the new standard. We did not utilize the hindsight practical expedient. As of October 31, 2020, we recognized right-of-use assets and lease liabilities of approximately $40.8 million, primarily related to transportation equipment. Adoption did not have a material effect on our consolidated statements of operations and cash flows. For further information regarding the Company's leases, refer to "Part II, Item 8, Notes to Consolidated Financial Statements, Note 15 - Leases." In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses, to provide financial statement users with more decision-useful information about the expected credit losses on financial instruments and other commitments to extend credit held by a reporting entity at each reporting date. The guidance is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2019, our fiscal 2021. Early adoption is permitted. We do not expect adoption to have a material effect on our consolidated financial statements. In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, which is intended to simplify various aspects related to accounting for income taxes. ASU 2019-12 removes certain exceptions to the general principles in Accounting Standards Codification 740 and also clarifies and amends existing guidance to improve consistent application. This guidance is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2020, our fiscal 2022. We are currently evaluating the impact of this new guidance on our consolidated financial statements.

Disaggregation of Revenue

Disaggregation of Revenue	12 Months Ended
	Oct. 31, 2020
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	Disaggregation of RevenueThe following table disaggregates our net sales by product category: Fiscal Year 2020 Fiscal Year 2019 Fiscal Year 2018 Product Category (in thousands) Fresh, chill-packed chicken $ 1,408,564 $ 1,137,679 $ 1,158,320 Fresh, vacuum-sealed chicken 1,200,343 1,310,157 1,139,386 Fresh, ice-packed chicken 509,481 511,480 503,562 Frozen chicken 240,806 213,024 211,465 Prepared chicken 184,662 240,811 207,548 Other 20,411 27,107 15,723 Total net sales $ 3,564,267 $ 3,440,258 $ 3,236,004

Inventories

Inventories	12 Months Ended
	Oct. 31, 2020
Inventory Disclosure [Abstract]
Inventories	Inventories Inventories consisted of the following: October 31, 2020 2019 Description (in thousands) Live poultry-broilers (net of reserve) and breeders $ 180,013 $ 179,870 Feed, eggs and other 53,318 47,417 Processed poultry 32,952 35,121 Prepared chicken 16,142 20,032 Packaging materials 7,582 7,488 Total inventories $ 290,007 $ 289,928

Property, Plant, and Equipment

Property, Plant, and Equipment	12 Months Ended
	Oct. 31, 2020
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment	Property, Plant and Equipment Property, plant and equipment, net, consisted of the following: October 31, 2020 2019 Description (in thousands) Land and buildings $ 931,674 $ 892,089 Machinery and equipment 1,350,725 1,236,095 Work-in-process 16,914 11,149 Subtotal 2,299,313 2,139,333 Less accumulated depreciation (1,074,567) (953,473) Property, plant and equipment, net $ 1,224,746 $ 1,185,860

Prepaid expenses

Prepaid expenses	12 Months Ended
	Oct. 31, 2020
Prepaid Expense, Current [Abstract]
Prepaid expenses	Prepaid expensesPrepaid expenses consisted of the following: October 31, 2020 2019 (in thousands) Parts and supplies $ 36,109 $ 33,617 Prepaid insurance 10,675 8,859 Other prepaid expenses 10,760 14,455 Total prepaid expenses $ 57,544 $ 56,931

Accrued expenses

Accrued expenses	12 Months Ended
	Oct. 31, 2020
Payables and Accruals [Abstract]
Accrued expenses	Accrued expenses Accrued expenses consisted of the following: October 31, 2020 2019 (In thousands) Workers’ compensation claims $ 9,996 $ 9,687 Accrued wages 11,282 19,525 Accrued rebates 17,977 13,529 Accrued vacation 12,207 10,592 Accrued property taxes 12,606 11,331 Accrued payroll taxes 1 22,939 8,290 Other accrued expenses 11,656 9,986 Total accrued expenses $ 98,663 $ 82,940 Note 1 - Included in fiscal year 2020 accrued payroll taxes is an approximately $20.7 million deferral of payroll taxes allowed by the CARES Act.

Long-Term debt obligations

Long-Term debt obligations	12 Months Ended
	Oct. 31, 2020
Debt Disclosure [Abstract]
Long-Term debt obligations	Long-Term debt obligations Long-term debt obligations consisted of the following: October 31, 2020 2019 (In thousands) Revolving credit facility (weighted average interest rates of 1.4% at October 31, 2020 and 3.3% at October 31, 2019) $ 25,000 $ 55,000 Less current maturities of long-term debt — — Total long-term debt $ 25,000 $ 55,000 The Company is a party to a revolving credit facility dated March 21, 2019, with a maximum available borrowing capacity of $1.0 billion. Under the credit facility, the Company may not exceed a maximum debt to total capitalization ratio of 50%. The Company has a one-time right, at any time during the term of the agreement, to increase the maximum debt to total capitalization ratio then in effect by five percentage points in connection with the construction of a new poultry complex for the four fiscal quarters beginning on the first day of the fiscal quarter during which the Company gives written notice of its intent to exercise this right. The Company has not exercised this right. The facility also sets a minimum net worth requirement that at October 31, 2020, was $1.0 billion. The credit is unsecured and, unless extended, will expire on March 21, 2024. As of October 31, 2020, and December 16, 2020, the Company had borrowed $25.0 million, and had approximately $25.2 million outstanding in letters of credit, leaving $949.8 million of borrowing capacity available under the facility. The Company has the option to borrow funds under the revolving line of credit based on the Prime interest rate or the Libor interest rate plus a spread ranging from 0.25% to 1.50%. The spread on Libor borrowings and the commitment fee for the unused balance of the revolving credit agreement are determined based upon the Company’s leverage ratio as follows: Level Leverage Ratio Spread Commitment Fee 1 < 25% 0.25 % 0.20 % 2 ≥ 25% and < 35% 0.50 % 0.25 % 3 ≥ 35% and < 45% 1.00 % 0.30 % 4 ≥ 45% 1.50 % 0.35 % The aggregate annual maturities of long-term debt at October 31, 2020 are as follows (in thousands): Fiscal Year Amount 2024 $ 25,000 $ 25,000

Income Taxes

Income Taxes	12 Months Ended
	Oct. 31, 2020
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes On March 27, 2020, the CARES Act was enacted. The CARES Act contains several income tax provisions, as well as other measures, that are intended to assist businesses impacted by the economic effects of the COVID-19 pandemic. The most significant provisions of the CARES Act that materially affect our accounting for income taxes include, but are not limited to, a five-year carry-back allowance for taxable net operating losses generated in tax years 2018 through 2020, our fiscal years 2019 through 2021, and a technical correction to the Tax Cut and Jobs Act, enacted on December 22, 2017, that provides a two-year carry-back allowance for our taxable net operating loss generated in fiscal year 2018. Our fiscal 2020 financial statements were materially affected by the changes enacted by the CARES Act. U.S. GAAP requires that the effects from changes in tax laws be recognized in the period in which the new law is enacted, which for the CARES Act was our second quarter of fiscal 2020. As a result of the applicable accounting guidance and the provisions within the CARES Act, our income tax provision for fiscal 2020 reflects the carry-back of taxable net operating losses generated during periods in which the statutory federal income tax rate was 21.0% to periods in which the statutory federal income tax rate was 35.0%. Due to the difference in statutory rates, during fiscal 2020 we recorded a $50.4 million discrete income tax benefit related to the carry-back provisions. Because the net operating losses were carried back to years in which we initially reduced our taxable income using the Domestic Production Activities Deduction, we recorded a partially offsetting $11.3 million discrete income tax expense during fiscal 2020 to account for the reduced taxable income. On December 22, 2017, during our fiscal 2018, the Tax Cuts and Jobs Act of 2017 ("the TCJA") was enacted, which reduced the corporate income tax rate from 35.0% to 21.0%. Section 15 of the Internal Revenue Code stipulated that our fiscal 2018 was subject to a blended statutory tax rate of 23.3%, which was based on a calculation of the number of days during fiscal 2018 that were subject to a 35.0% statutory rate and the number of days during fiscal 2018 that were subject to a 21.0% statutory rate. Fiscal years 2020 and 2019 were each subject to a 21.0% statutory rate for the entire year. When the TCJA was enacted during fiscal 2018, we were required by U.S. GAAP to remeasure our deferred tax assets and liabilities using the enacted tax rate expected to apply when the temporary differences from which the deferred taxes arose were expected to be settled. This revaluation of our deferred taxes resulted in a $37.5 million discrete income tax benefit. Our effective tax rates for fiscal 2020, 2019 and 2018 were 273.3%, 16.5% and (101.0)%, respectively. Excluding the effects of discrete items, the Company's effective tax rates for fiscal 2020, 2019 and 2018 would have been approximately 21.3%, 23.6% and 33.0%, respectively. During the periods presented, income tax expense (benefit) consisted of the following: Years Ended October 31, 2020 2019 2018 (In thousands) Current expense (benefit): Federal $ (114,734) $ (735) $ (600) State 2,609 (51) (1,169) (112,125) (786) (1,769) Deferred expense (benefit): Federal 71,214 13,966 (28,845) State (489) 2,753 2,146 Change in valuation allowance (3,185) (5,380) (2,406) 67,540 11,339 (29,105) Income tax expense (benefit) $ (44,585) $ 10,553 $ (30,874) Significant components of the Company’s deferred tax assets and liabilities are outlined below. October 31, 2020 2019 (In thousands) Deferred tax liabilities: Property, plant and equipment $ 167,257 $ 148,505 Prepaid and other assets 2,299 1,911 Total deferred tax liabilities 169,556 150,416 Deferred tax assets: Accrued expenses and accounts receivable 8,311 8,172 Inventory 1,441 1,155 Compensation on restricted stock 4,543 7,528 State income tax credits 8,576 9,333 Federal credits 3,184 600 Other 1,004 672 Valuation allowance (2,452) (5,637) Net operating loss 3,277 54,461 Total deferred tax assets 27,884 76,284 Net deferred tax liabilities $ 141,672 $ 74,132 The increase in the Company's deferred tax liability is primarily attributable to the carry-back provisions within the CARES Act, as well as Company's decision to take bonus depreciation on qualifying assets placed in service during fiscal 2020. Included in the deferred tax assets are North Carolina Investing in Business Property Credit and North Carolina Jobs Credits totaling $1.3 million, as well as Georgia Job Tax Credits totaling $2.3 million. The North Carolina Investing in Business Property Credit provides a 7% investment tax credit for property located in a North Carolina development area, the North Carolina Creating Jobs Credit provides a tax credit for increased employment in North Carolina, and the Georgia Job Tax Credit provides a tax credit for creation and retention of qualifying jobs in Georgia. It is management’s opinion that the majority of the North Carolina and Georgia income tax credits will not be utilized before they expire, and a $2.5 million valuation allowance has been recorded as of October 31, 2020. The North Carolina credits began to expire during fiscal 2018, and the remaining credits expire between fiscal years 2021 and 2023. At the end of each reporting period, the Company evaluates all available information at that time to determine if it is more likely than not that some or all of these credits will be utilized. As of October 31, 2020, 2019, and 2018, the Company determined that a total of $1.1 million, $1.8 million, and $0.7 million, respectively, would be recovered. Accordingly, those amounts were released from the valuation allowance and benefited deferred tax expense in the respective periods. The differences between the consolidated effective income tax rate and the federal statutory rate effective during the applicable year presented are as follows: Years Ended October 31, 2020 2019 2018 (In thousands) Income taxes at statutory rate $ (3,425) $ 13,408 $ 7,132 Discrete benefit resulting from CARES Act (39,086) — — Discrete benefit resulting from TCJA — — (37,505) State income taxes 1,188 1,189 1,014 State income tax credits (3,926) (2,139) (804) Expiration of state income tax credits 4,858 4,121 4,117 Federal income tax credits (1,904) (474) (460) Excess tax benefits (1,284) (1,388) (1,638) Nondeductible expenses 2,303 1,786 1,890 Change in valuation allowance (3,185) (5,380) (5,297) Other (124) (570) 677 Income tax expense (benefit) $ (44,585) $ 10,553 $ (30,874)

Earnings Per Share

Earnings Per Share	12 Months Ended
	Oct. 31, 2020
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share Certain share-based payment awards entitling holders to receive non-forfeitable dividends before vesting are considered participating securities and thus included in the calculation of basic earnings per share, to the extent they are dilutive. These awards are included in the calculation of basic earnings per share under the two-class method. The two-class method allocates earnings for the period between common shareholders and other security holders. The participating awards receiving dividends are allocated the same amount of income as if they were outstanding shares. The following table presents earnings per share (in thousands). For the years ended October 31, 2020 October 31, 2019 October 31, 2018 Net income $ 28,274 $ 53,294 $ 61,431 Distributed and undistributed (earnings) to unvested restricted stock (372) (778) (878) Distributed and undistributed earnings to common shareholders — Basic 27,902 52,516 60,553 Weighted average shares outstanding — Basic 21,943 21,829 22,429 Weighted average shares outstanding — Diluted 21,943 21,829 22,429 Earnings per common share — Basic $ 1.27 $ 2.41 $ 2.70 Earnings per common share — Diluted $ 1.27 $ 2.41 $ 2.70

Employee Benefit Plans

Employee Benefit Plans	12 Months Ended
	Oct. 31, 2020
Retirement Benefits [Abstract]
Employee Benefit Plans	Employee Benefit PlansThe Company has an Employee Stock Ownership Plan (“ESOP”) covering substantially all employees after one year of service. Contributions to the ESOP are made in cash at the discretion of the Company’s Board of Directors. The Company made no contribution to the ESOP during fiscal 2020. In fiscal 2019 and 2018, total contributions to the ESOP were $3.0 million and $2.0 million, respectively. Contributions to the ESOP vary in amount, as the contributions are based on profitability. The Company has a 401(k) Plan which covers substantially all employees after one year of service. Participants in the Plan may contribute up to the maximum allowed by Internal Revenue Service regulations. The Company matches 100% of employee contributions to the 401(k) Plan up to 3% of each employee’s salary, and 50% of employee contributions between 3% and 5% of each employee’s salary. The Company’s contributions to the 401(k) Plan totaled $12.2 million in fiscal 2020; $10.9 million in fiscal 2019; and $10.1 million in fiscal 2018.

Stock Compensation Plans

Stock Compensation Plans	12 Months Ended
	Oct. 31, 2020
Share-based Payment Arrangement [Abstract]
Stock Compensation Plans	Stock Compensation Plans On February 17, 2005, the shareholders of the Company approved the Sanderson Farms, Inc. and Affiliates Stock Incentive Plan (the “Plan”). The Plan allows the Company’s Board of Directors to grant certain incentive awards including stock options, stock appreciation rights, restricted stock, and other similar awards. The Company was authorized to award up to 2,250,000 shares under the Plan. On February 17, 2011, the shareholders approved changes to the plan to increase the shares that may be issued under the plan from 2,250,000 to 3,500,000 shares and to increase the number of shares that may be granted in the form of restricted stock from 562,500 to 1,562,500 shares. On February 11, 2016, the shareholders approved the authorization of an additional 700,000 shares issuable under the plan, for a total of 4,200,000 authorized shares. The shareholders also approved an increase in the number of shares issuable as restricted stock from 1,562,500 to 2,112,500 shares. On February 13, 2020, the shareholders approved the authorization of an additional 600,000 shares issuable under the plan, for a total of 4,800,000 authorized shares, while the number of shares issuable as restricted stock remained stable. Pursuant to the Plan, the Company’s Board of Directors approves agreements for the issuance of restricted stock to directors, executive officers and other key employees. Restricted stock granted in fiscal 2020, 2019 and 2018, vests three A summary of the Company’s restricted stock activity and related information is as follows: Number of Weighted Outstanding at October 31, 2017 301,229 $ 77.86 Granted during fiscal 2018 65,250 $ 145.33 Vested during 2018 (84,696) $ 68.82 Forfeited during 2018 (2,352) $ 108.31 Outstanding at October 31, 2018 279,431 $ 96.10 Granted during fiscal 2019 88,334 $ 105.01 Vested during 2019 (77,031) $ 88.37 Forfeited during 2019 (6,464) $ 104.95 Outstanding at October 31, 2019 284,270 $ 100.76 Granted during fiscal 2020 68,675 $ 155.71 Vested during 2020 (89,089) $ 76.06 Forfeited during 2020 (3,378) $ 131.74 Outstanding at October 31, 2020 260,478 $ 123.29 The Company had $13.3 million in unrecognized share-based compensation costs related to the 260,478 unvested shares as of October 31, 2020, that will be recognized over a weighted average period of 1 year, 6 months. Also pursuant to the Plan, the Company’s Board of Directors approves Management Share Purchase Plan agreements (the “Purchase Plan”) that authorize the issuance of shares of restricted stock to the Company’s directors, executive officers and other key employees. Pursuant to the Purchase Plan, non-employee directors may elect to receive up to 100 percent of their annual retainer and meeting fees in the form of restricted stock. Other participants may elect to receive up to 15 percent of their salary and up to 75 percent of any bonus earned in the form of restricted stock. The purchase price of the restricted stock is the closing market price of the Company’s common stock on the date of purchase. The Company makes matching contributions of 25 percent of the restricted shares purchased by participants. Restricted stock issued pursuant to the Purchase Plan vests after three years or immediately upon death, disability, or change in control, as defined. If an employee terminates employment after attaining eligibility for retirement, or a non-employee director retires upon the expiration of his or her board term, the participant’s Purchase Plan shares vest immediately. If a participant’s employment or service as a director is terminated for any other reason prior to the three-year vesting period, the participant forfeits the matching contribution and the Company may, at its option, repurchase restricted stock purchased by the participant at the price paid by the participant. Matching contributions are recognized as compensation expense over the vesting period. During fiscal 2020, 2019 and 2018, the participants purchased a total of 9,134; 7,350; and 10,697 shares of restricted stock pursuant to the Purchase Plan, valued at an average price of $128.70, $128.20, and $123.45, per share, respectively, and the Company issued 2,185; 1,741; and 2,565 matching shares, valued at an average price of $128.70, $128.20, and $123.45 per share, respectively. During fiscal 2020, 2019 and 2018, the participants vested in a total of 12,206; 17,142; and 17,040 shares of restricted stock pursuant to the Purchase Plan, valued at an average price of $116.20, $89.08, and $80.38, per share, respectively. During fiscal 2020, 2019 and 2018, the participants forfeited a total of 68; 321; and 259 shares of restricted stock pursuant to the Purchase Plan, respectively. Compensation expense related to the Company’s matching contribution totaled approximately $229,000, $351,000 and $289,000 in fiscal 2020, 2019 and 2018, respectively. During fiscal 2020, 2019 and 2018, the Company entered into performance share agreements that grant certain officers and key employees the right to receive shares of the Company’s common stock, subject to the Company’s achievement of certain performance measures. The performance share agreements specify a target number of shares that a participant can receive based upon the Company’s average return on equity and average return on sales, as defined, during a two-year performance period beginning November 1 of each performance period. Although the performance share agreements have a two-year performance period, they are subject to an additional one year period during which the participant must remain employed by the Company before they are paid out. If the Company’s average return on equity and average return on sales meet or exceed certain threshold amounts for the performance period, participants will receive 50 percent to 200 percent of the target number of shares, depending upon the Company’s level of performance. Accruals for performance shares begin during the period management determines that achievement of the applicable performance based criteria is probable at some level. In estimating the probability of the number of shares that will be awarded, the Company considers, among other factors, current and projected grain costs and chicken volumes and pricing, as well as the amount of the Company's commitments to procure grain at a fixed price throughout the performance period. Due to the high level of volatility of these commodity prices and the impact that the change in pricing can have on the Company’s results, the Company’s assessment of probability can change from period to period and can result in a significant revision to the amounts accrued related to the arrangements, as the accruals are adjusted using the cumulative catch-up method of accounting. The target number of shares specified in the performance share agreements entered into on November 1, 2019 totaled 56,575. As of October 31, 2020, the Company could not determine that achievement of the applicable performance based criteria is probable due to actual operating results for the first year of the two-year performance period falling below threshold levels, and the uncertainties discussed above, and therefore recorded no compensation expense related to those agreements. The Company also has performance share agreements in place with certain officers and key employees that were entered into on November 1, 2018. The two-year performance period for those agreements has ended, and the Company's operating results during the period did not meet the threshold levels; therefore, no compensation expense was recorded related to those agreements. The Compensation Committee of the Company's Board of Directors determined that the performance share agreements entered into on November 1, 2017, were earned at a level between the threshold and target levels for the return on sales criterion and that the threshold level for the return on equity criterion was not achieved. Accordingly, fiscal 2020 includes compensation expense of $0.7 million, related to those agreements, as compared to $1.3 million during fiscal 2019. Because management's initial determination of probability was made during fiscal 2019, and because the accrual is made using the cumulative catch up method, the compensation expense recorded during fiscal 2019 related to the agreements entered into on November 1, 2017, was greater than that recorded during fiscal 2020. On October 31, 2020, a total of 13,055 shares from the agreements entered into on November 1, 2017 vested, and those shares were issued on November 2, 2020. Had the Company determined that it was probable that the maximum amount of those outstanding awards from the agreements entered into on November 1, 2019 would be earned, an additional $6.0 million would have been accrued as of October 31, 2020. A summary of the Company's compensation cost related to performance share agreements is as follows (in thousands): Number of shares issued (actual (a) or estimated (e)) For the years ended Date of Performance Share Agreement October 31, 2020 October 31, 2019 October 31, 2018 November 1, 2015 145,197 (a) $ — $ — $ 3,341 November 1, 2016 84,511 (a) — 2,504 5,238 November 1, 2017 13,055 (a) 665 1,270 — November 1, 2018 — (a) — — — November 1, 2019 (1) — (e) — — — Total compensation cost $ 665 $ 3,774 $ 8,579

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Oct. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Labor Relations The Company has approximately 17,445 employees as of October 31, 2020, approximately 2,165 of whom are covered by collective bargaining agreements. Each collective bargaining agreement has a grievance procedure and no strike-no lockout clauses that should assist in maintaining stable labor relations at the applicable facility. Purchase Obligations At October 31, 2020, the Company’s estimated outstanding contractual obligations for feed grains, feed ingredients, packaging supplies, construction projects and new equipment totaled $108.5 million, with the entire amount due in fiscal 2020. The timing of expenditures related to the obligations discussed above is subject to change as the contracts mature. Litigation In re Broiler Chicken Antitrust Litigation Between September 2, 2016 and October 13, 2016, Sanderson Farms, Inc. and our subsidiaries were named as defendants, along with 13 other poultry producers and certain of their affiliated companies, in multiple putative class action lawsuits filed by direct and indirect purchasers of broiler chickens in the United States District Court for the Northern District of Illinois. The complaints allege that the defendants conspired to unlawfully fix, raise, maintain, and stabilize the price of broiler chickens, thereby violating federal and certain states’ antitrust laws, and also allege certain related state-law claims. The complaints also allege that the defendants fraudulently concealed the alleged anticompetitive conduct in furtherance of the conspiracy. The complaints seek damages, including treble damages for the antitrust claims, injunctive relief, costs, and attorneys’ fees. As detailed below, the Court has consolidated all of the direct purchaser complaints into one case, and the indirect purchaser complaints into two cases, one on behalf of commercial and institutional indirect purchaser plaintiffs and one on behalf of end-user consumer plaintiffs. The cases are part of a coordinated proceeding captioned In re Broiler Chicken Antitrust Litigation . On October 28, 2016, the direct and indirect purchaser plaintiffs filed consolidated, amended complaints, and on November 23, 2016, the direct and indirect purchaser plaintiffs filed second amended complaints. On December 16, 2016, the indirect purchaser plaintiffs separated into two cases. On that date, the commercial and institutional indirect purchaser plaintiffs filed a third amended complaint, and the end-user consumer plaintiffs filed an amended complaint. On January 27, 2017, the defendants filed motions to dismiss the amended complaints in all of the cases, and on November 20, 2017, the motions to dismiss were denied. On February 7, 2018, the direct purchaser plaintiffs filed their third amended complaint, adding three additional poultry producers as defendants. On February 12, 2018, the end-user consumer plaintiffs filed their second amended complaint, in which they also added three additional poultry producers as defendants, along with Agri Stats, Inc. On February 20, 2018, the commercial and institutional indirect purchaser plaintiffs filed their fourth amended complaint. On November 13, 2018, the commercial and institutional indirect purchaser plaintiffs filed their fifth amended complaint, adding three additional poultry producers as defendants. On November 28, 2018, the end-user consumer plaintiffs filed their third amended complaint. On January 15, 2019, the direct purchaser plaintiffs filed their fourth amended complaint, and the commercial and institutional indirect purchaser plaintiffs filed their sixth amended complaint. Both the direct purchaser plaintiffs and the commercial and institutional indirect purchaser plaintiffs added two new poultry producers as defendants, as well as Agri Stats, Inc. On August 6, 2020, the end-user consumer plaintiffs filed a motion for leave to file a fifth amended complaint. The Court granted the end-user consumer plaintiffs’ motion on September 22, 2020 and deemed the version of the complaint filed on August 7, 2020 operative on October 19, 2020. On October 23, 2020, the direct purchaser plaintiffs filed their fifth amended complaint and the commercial and institutional indirect purchaser plaintiffs filed their seventh amended complaint. Between December 8, 2017 and December 4, 2020, additional purported direct-purchaser entities individually brought fifty-five separate suits against 20 poultry producers, including Sanderson Farms and Agri Stats, Inc., in the United States District Court for the Northern District of Illinois, the United States District Court for the District of Kansas, the United States District Court for the Western District of Arkansas, and the United States District Court for the District of Puerto Rico. These suits allege substantially similar claims to the direct purchaser class complaint described above; certain of the suits additionally allege related state-law and common-law claims, and related claims under federal and Georgia RICO statutes. Four complaints filed on June 12, 2020 and another complaint amended on July 24, 2020, also plead allegations of federal bid rigging. Those suits filed in the Northern District of Illinois are now pending in front of the same judge as the putative class action lawsuits. On June 26, 2018, the defendants filed a motion to transfer the case filed in the District of Kansas to the Northern District of Illinois, and that motion was granted on September 13, 2018. On June 7, 2019, the plaintiffs filed a motion to transfer the case filed in the Western District of Arkansas to the Northern District of Illinois, and that motion was granted on June 11, 2019. On July 24, 2019, one of the defendants filed a motion to transfer the case filed in the District of Puerto Rico to the Northern District of Illinois, and that motion was granted on July 25, 2019. On July 22, 2019, the Company moved to dismiss in part those direct-purchaser complaints that allege claims under federal and Georgia RICO statutes against it. The motion was fully briefed on September 20, 2019, and the Court heard argument on the motion on December 18, 2019. On March 3, 2020, the Court denied the Company's motion. On October 18, 2019, defendants moved to dismiss the case filed by the Commonwealth of Puerto Rico on its behalf and on behalf of its citizens. The motion was fully briefed on January 21, 2020. On July 15, 2020, the Court dismissed Puerto Rico's claims on behalf of its citizens. On July 2, 2020 and August 6, 2020, certain defendants, including the Company, moved to exclude bid rigging allegations and claims from the consolidated In re Broiler Chicken Antitrust Litigation . Plaintiffs filed oppositions on August 6, 2020 and August 20, 2020. Defendants filed replies on August 20, 2020 and September 3, 2020. On September 22, 2020, the Court ordered that plaintiffs’ bid-rigging allegations are bifurcated and any discovery on such claims is stayed until plaintiffs’ supply reduction and Georgia Dock theories are resolved. On October 20, 2020, certain direct action plaintiffs filed a motion for leave to amend their complaints. On October 23, 2020, the direct action plaintiffs filed a consolidated complaint. Defendants filed an opposition to certain direct action plaintiffs’ motion to amend on November 4, 2020. Briefing was completed on November 16, 2020. The motion remains pending. On October 30, 2020, direct purchaser plaintiffs, commercial and institutional indirect purchaser plaintiffs, and end-user consumer plaintiffs filed motions for class certification. Defendants' oppositions to class certification are due January 22, 2021. Class plaintiffs' replies in support of class certification are due March 15, 2021. The parties are currently engaged in discovery, subject to the COVID-19-related delays discussed below. It is possible additional individual actions may be filed. Since March 16, 2020, given the current COVID-19 public health emergency, the Northern District of Illinois issued three orders extending all deadlines in civil cases by 21 days, 28 days and 28 days, respectively, and five orders that did not extend any deadlines, but explained other court procedures to protect the public health and welfare. These orders apply to the litigation described above. The Northern District of Illinois will vacate, amend or extend the Eighth Amended General Order on or before January 25, 2021. Department of Justice Antitrust Investigation The Company is aware that certain plaintiffs’ counsel in In re Broiler Chicken Antitrust Litigation received from the United States Department of Justice, Antitrust Division, a subpoena that included a request to produce all discovery in the case to a grand jury. On June 27, 2019, the Court in In re Broiler Chicken Antitrust Litigation permitted the United States Department of Justice to intervene in the case, as well as ordered certain discovery stayed until September 27, 2019. Before the discovery stay expired on September 27, 2019, the United States Department of Justice asked the Court in In re Broiler Chicken Antitrust Litigation to extend the discovery stay for an additional six months. On September 25, 2019, the Court granted the additional stay of not less than three months. On October 16, 2019, after further consideration, the Court extended the stay until June 27, 2020. On December 18, 2019, the Court after further consideration ordered that the stay be lifted on March 31, 2020. The Company received a grand jury subpoena in connection with the United States Department of Justice Antitrust Division investigation on September 9, 2019. The Company is complying with the subpoena and providing documents and information as requested by the Department of Justice in connection with its investigation. State of New Mexico, ex rel. Hector Balderas v. Koch Foods Inc., et al. On September 1, 2020, the Attorney General of the State of New Mexico filed a lawsuit in New Mexico state court against Agri Stats, Inc. and producer defendants, including the Company. The case brings claims under the New Mexico Antitrust Act and New Mexico Unfair Trade Practices Act, as well as a common law unjust enrichment claim. We intend to continue to defend the lawsuits vigorously; however, the Company cannot predict the outcome of these actions. If the plaintiffs were to prevail or the Department of Justice were to pursue charges, the Company could be liable for damages or other sanctions, which could have a material, adverse effect on our financial position and results of operations. In re Broiler Chicken Grower Litigation On January 27, 2017, Sanderson Farms, Inc. and our subsidiaries were named as defendants, along with four other poultry producers and certain of their affiliated companies, in a putative class action lawsuit filed in the United States District Court for the Eastern District of Oklahoma. On March 27, 2017, Sanderson Farms, Inc. and our subsidiaries were named as defendants, along with four other poultry producers and certain of their affiliated companies, in a second putative class action lawsuit filed in the United States District Court for the Eastern District of Oklahoma. The Court ordered the suits consolidated into one proceeding, and on July 10, 2017, the plaintiffs filed a consolidated amended complaint. The consolidated amended complaint alleges that the defendants unlawfully conspired by sharing data on compensation paid to broiler farmers, with the purpose and effect of suppressing the farmers’ compensation below competitive levels. The consolidated amended complaint also alleges that the defendants unlawfully conspired to not solicit or hire the broiler farmers who were providing services to other defendants. The consolidated amended complaint seeks treble damages, costs and attorneys’ fees. On September 8, 2017, the defendants filed a motion to dismiss the amended complaint, on October 23, 2017, the plaintiffs filed their response, and on November 22, 2017, the defendants filed a reply. On January 19, 2018, the Court granted the Sanderson Farms defendants’ motion to dismiss for lack of personal jurisdiction. On February 21, 2018, the plaintiffs filed a substantially similar lawsuit in the United States District Court for the Eastern District of North Carolina against Sanderson Farms and our subsidiaries and another poultry producer. The plaintiffs subsequently moved to consolidate this action with the Eastern District of Oklahoma action in the Eastern District of Oklahoma for pre-trial proceedings, with the defendants in support thereof. That motion was denied. On July 13, 2018, the defendants moved to dismiss the lawsuit in the Eastern District of North Carolina, and briefing was completed on September 4, 2018. On January 15, 2019, the Court granted in part the defendants’ motion to dismiss and stayed the action in the Eastern District of North Carolina pending resolution of the action in the Eastern District of Oklahoma. On January 6, 2020, the Court in the Eastern District of Oklahoma denied defendants’ motion to dismiss. On January 27, 2020, plaintiffs in the Oklahoma case moved for leave to amend their complaint. The Court in the Eastern District of Oklahoma granted the plaintiffs' motion, and the plaintiffs filed a consolidated amended complaint on February 21, 2020. The Oklahoma case is ongoing. On May 27, 2020, the Company moved to dismiss the action in the Eastern District of North Carolina under the first-to-file rule. Plaintiffs filed their opposition on June 17, 2020, and the Company filed its reply on July 1, 2020. The motion is fully briefed and awaiting the Court's decision. On September 11, 2020, additional named grower plaintiffs filed an identical putative class action in the District Court of Colorado against Sanderson Farms, Inc. and its Foods, Production, and Processing Divisions, as well as the other poultry producer defendants in the Oklahoma action. On October 14, 2020, Defendants moved to dismiss the case under the first-to-file doctrine because it is substantively identical to the earlier-filed cases pending in Oklahoma and North Carolina. Briefing on that motion was completed on December 16, 2020. On September 18, 2020, another named grower plaintiff filed another duplicate class action in the District Court of Kansas against the same defendants as the Colorado action. On October 13, 2020, Defendants moved to dismiss the case under the first-to-file doctrine because it is substantively identical to the earlier-filed cases pending in Oklahoma, North Carolina, and Colorado. Briefing on that motion was completed on December 15, 2020. On October 8, 2020, new named grower plaintiffs filed another duplicate class action in the Northern District of California against the same defendants as the Colorado and Kansas actions. The Company waived service of the Complaint on December 11, 2020. On October 23, 2020, the District Court of Kansas stayed proceedings in that action (other than those related to the first-to-file motion) pending resolution of the first-to-file motion and the multi-district litigation ("MDL") consolidation motion discussed below. On November 12, 2020, the District Court of Colorado stayed proceeding in that action (other than those related to the first-to-file motion) pending resolution of the first-to-file motion and the MDL consolidation motion discussed below. On October 6, 2020, Plaintiffs in the Oklahoma action moved to consolidate all of these duplicative cases into a MDL before the judge presiding over the Oklahoma case. Briefing on that motion was completed on November 6, 2020, and oral argument on the motion occurred on December 3, 2020. On December 15, 2020, the panel ordered that all actions be consolidated in the Eastern District of Oklahoma for pretrial proceedings. Given the panel's ruling on consolidation, the Company does not expect rulings on the first-to-file motions in the various actions described above. We intend to defend these cases vigorously; however, the Company cannot predict the outcome of these actions. If the plaintiffs were to prevail, the Company could be liable for damages, which could have a material, adverse effect on our financial position and results of operations. Antitrust Civil Investigative Demands On February 21, 2017, Sanderson Farms, Inc. received an antitrust civil investigative demand from the Office of the Attorney General, Department of Legal Affairs, of the State of Florida. Among other things, the demand seeks information related to the Georgia Dock Index and other information on poultry and poultry products published by the Georgia Department of Agriculture and its Poultry Market News division. The Company is cooperating fully with the investigative demand, and we have responded to all requests received to date; however, we are unable to predict its outcome at this time. Separately, the Company has become aware that certain plaintiffs’ counsel in In re Broiler Chicken Antitrust Litigation received from the Office of the Attorney General, Department of Legal Affairs, of the State of Florida, an antitrust civil investigative demand that includes a request to produce all documents submitted by the recipients to the Department of Justice relating to In re Broiler Chicken Antitrust Litigation. The Company is also aware that certain plaintiffs’ counsel in In re Broiler Chicken Antitrust Litigation received from the Louisiana Department of Justice - Office of the Attorney General a Civil Investigation Demand that included a request to produce all deposition transcripts from the civil litigation. On August 6, 2020, the Company received a Civil Investigative Demand from the Office of the Attorney General for the State of Washington seeking information in connection with its investigation of possible violations of the Washington Consumer Protection Act and/or the Sherman Act concerning contracts, combinations, or conspiracies in restraint of trade or commerce in the market for Broiler Chicken. The Company is cooperating with the investigative demand and providing documents and information as requested by the Office of the Attorney General. The Company is unable to predict the outcome of the investigation at this time. Friends of the Earth, et al v. Sanderson Farms, Inc. On June 22, 2017, the Company was named as a defendant in a lawsuit filed in the United States District Court for the Northern District of California. The complaint, which was brought by three non-profit organizations (the Organic Consumers Association, Friends of the Earth, and Center for Food Safety) alleged that the Company is violating the California Unfair Competition Law and the California False Advertising Law by representing that its poultry products are “100% Natural” products raised with “100% Natural” farming procedures. Among other things, the plaintiffs alleged that the Company’s products contain residues of human and animal antibiotics, other pharmaceuticals, hormones, steroids, and pesticides. Plaintiffs sought an order enjoining the Company from continuing its allegedly unlawful marketing program and requiring the Company to conduct a corrective advertising campaign; an accounting of the Company’s profits derived from the allegedly unlawful marketing practices; and attorneys’ fees, costs and interest. On August 2, 2017, the Company moved to dismiss the lawsuit on various grounds. On August 23, 2017, the plaintiffs filed an amended complaint, which included substantially similar allegations as the original complaint, and the Company filed a motion to dismiss the amended complaint on September 13, 2017. On February 9, 2018, the Court denied the Company’s motion to dismiss. An initial scheduling conference was held on March 1, 2018, and discovery started thereafter. On June 25, 2018, the plaintiffs amended their complaint for a second time, including to remove allegations that the USDA had found the Company’s chicken samples to contain residues of antibiotics or other substances. On July 9, 2018, the Company filed a motion to dismiss the second amended complaint. On July 18, 2018, during the pendency of that motion, the parties stipulated to the voluntary dismissal of one of the plaintiff organizations (the Organic Consumers Association). The other two plaintiffs continued to prosecute their claims. On September 11, 2018, the Court granted the motion to dismiss the second amended complaint with leave to amend the complaint, and on October 2, 2018, the remaining plaintiffs filed a third amended complaint. The third amended complaint alleged that the Company misleads consumers with regard to (1) the presence of unnatural residues in its chicken products; (2) the fact that it uses antibiotics in raising its chickens; (3) the conditions in which it raises its chickens; and (4) the risks of human antibiotic resistance caused by the Company’s use of antibiotics. On October 16, 2018, the Company filed a motion to dismiss the third amended complaint, and on December 3, 2018, the Court denied that motion. Fact discovery concluded on March 18, 2019. On April 1, 2019, the Company filed a motion to dismiss for lack of subject matter jurisdiction on grounds that the remaining plaintiffs lacked standing. The Court held a hearing on the Company’s motion on May 30, 2019. On July 31, 2019, the Court granted the Company’s motion without prejudice, stating that dismissal for lack of standing must be without prejudice, but denied the plaintiffs leave to amend their complaint. On October 8, 2019, the Court taxed $12,701 in costs in favor of the Company as the prevailing party. On August 30, 2019, plaintiffs filed a notice of appeal of the District Court’s order of dismissal before the United States Court of Appeals for the Ninth Circuit. Plaintiffs’ filed their opening brief on appeal on January 8, 2020, the Company filed its response brief on March 9, 2020, and Plaintiffs filed their reply brief on April 29, 2020. The Court held oral argument on October 13, 2020. We intend to vigorously defend the appeal. However, the Company cannot predict the outcome of this action. If the plaintiffs were to prevail, the Company’s reputation and marketing program could be materially, adversely affected, which could have a material, adverse effect on our financial position and results of operations. Judy Jien v. Perdue Farms, Inc., et al. On August 30, 2019, Sanderson Farms, Inc. and its Foods and Processing Divisions, as well as seventeen other poultry producers and their affiliates; Agri Stats, Inc.; and Webber, Meng, Sahl and Company, Inc. (“WMS”), were named in a putative class action filed in the United States District Court for the District of Maryland. Three other nearly identical putative class action complaints, each seeking to represent the same putative class, also were filed. The complaints, brought on behalf of non-supervisory production and maintenance employees at broiler chicken processing plants, alleged that the defendants unlawfully conspired by agreeing to fix and depress the compensation paid to them, including hourly wages and compensation benefits, from January 1, 2009 to the present. The plaintiffs claim that broiler producers shared competitively sensitive wage and benefits compensation information in three ways: (1) attending in-person meetings in Destin, Florida; (2) receiving Agri Stats reports, as well as surveys taken and published by WMS; and (3) directly exchanging wage and benefits information with plant managers at other defendant broiler producers. Plaintiffs allege that this conduct violated the Sherman Antitrust Act. On November 12, 2019, the Court ordered that the four putative class action complaints would be consolidated for all pretrial purposes. The Court ordered plaintiffs to file their consolidated complaint on or before November 14, 2019. Defendants’ motions to dismiss the consolidated complaint were filed on November 22, 2019. Briefing was scheduled to be completed on or before February 28, 2020; however, after the defendants filed their motions to dismiss, on November 26, 2019, plaintiffs notified defendants that they intended to file an amended consolidated complaint. Plaintiffs filed an amended consolidated complaint on December 20, 2019. Plaintiffs name as defendants Sanderson Farms, Inc. and its Foods and Processing Divisions, as well as ten other broiler chicken producers and their affiliates; three turkey producers and their affiliates; Agri Stats, Inc.; and WMS. Plaintiffs bring their amended consolidated complaint on behalf of employees at broiler chicken and turkey processing plants and allege that the defendants unlawfully conspired by agreeing to fix and depress the compensation paid to them. On January 9, 2020 and January 27, 2020, the court approved the voluntary dismissal without prejudice of two of the three nearly identical putative class action lawsuits. On March 12, 2020, the Court approved the voluntary dismissal without prejudice of the third nearly identical putative class action lawsuit. On March 2, 2020, defendants moved to dismiss the amended consolidated complaint. The Company also filed an individual motion to dismiss plaintiffs’ claims against the Company. Plaintiffs’ oppositions were originally due on April 24, 2020 and defendants’ replies were due on May 21, 2020. However, on March 20, 2020, the District of Maryland issued Second Amended Standing Order 2020-02, extending all filing deadlines set to fall between March 16, 2020 and April 24, 2020 by 42 days. On April 10, 2020, the District of Maryland issued Standing Order 2020-07, extending all filing deadlines set to fall between March 16, 2020 and June 5, 2020 by 84 days. On May 22, 2020, the District of Maryland issued Standing Order 2020-11, which affirmed the prior Order's 84-day extension but did not extend deadlines further. Pursuant to Standing Order 2020-07, plaintiffs’ filed their omnibus opposition to defendants’ motion to dismiss on July 17, 2020. Defendants filed replies on August 13, 2020. On September 16, 2020, the court granted in part and denied in part defendants’ motion without prejudice, finding that plaintiffs’ allegations against certain defendant corporate families, including the Company, were deficient. On October 16, 2020, plaintiffs moved for leave to file a second amended complaint. Defendants must answer or move to dismiss the second amended complaint by December 18, 2020. Briefing on motions to dismiss the second amended complaint will be complete by February 25, 2021. No discovery has taken place to date. We intend to defend this case vigorously; however, the Company cannot predict the outcome of these actions. If the plaintiffs were to prevail, the Company could be liable for damages, which could have a material, adverse effect on our financial position and results of operations. La Fosse, et al. v. Sanderson Farms, Inc. On October 11, 2019, three named plaintiffs (Daniel Lentz, Pam La Fosse, and Marybeth Norman) filed, in the United States District Court for the Northern District of California, a nationwide class action against the Company on behalf of a putative class of all individuals and businesses throughout the United States who purchased one or more of the Company's chicken products in the prior four years. The lawsuit alleges that the named plaintiffs and other class members purchased the Company's chicken products based on misleading representations in the Company’s advertising. Specifically, the plaintiffs in this case allege that the Company’s advertising (including, but not limited to, on its website, television commercials, radio advertisements, social media, print magazines, billboards, and trucks) misleads consumers into believing that (i) the Company’s chickens were not given antibiotics or other pharmaceuticals, (ii) the chickens were raised in a “natural” environment, (iii) there is no evidence that the use of antibiotics or other pharmaceuticals in poultry contributes to the evolution of antibiotic-resistant bacteria, and (iv) the Company’s chicken products do not contain antibiotic or pharmaceutical residues. Plaintiffs allege that (i) the Company “routinely” feeds antibiotics and pharmaceuticals to its chickens, (ii) the Company raises its chickens indoors in “unnatural” indoor conditions amounting to “intensive confinement” and without natural light (iii) there is “extensive” reliable evidence that the use of antibiotics in poultry contributes to antibiotic-resistant bacteria, and (iv) the Company’s chickens have been found to contain antibiotic and pharmaceutical residue. The original Complaint asserted five causes of action under California and North Carolina law. The plaintiffs sought injunctive relief directing the Company to correct its practices and to comply with consumer protection laws nationwide. The plaintiffs also sought monetary damages, as well as fees and costs. On December 20, 2019, the Company filed a motion to dismiss. On February 10, 2020, the Court granted the motion to dismiss in part, denied it in part, and granted the plaintiffs leave to amend the Complaint. On March 23, 2020, two of the three original plaintiffs (Pam La Fosse and Marybeth Norman) filed a First Amended Complaint in which they were joined by five additional named plaintiffs purporting to assert claims on behalf of a putative nationwide class of consumers and businesses who purchased the Company's chicken products in the prior four years. The core allegations and theories set forth in the First Amended Complaint are the same as in the original complaint. The First Amended Complaint asserted one cause of action under federal law and sixteen causes of action under the laws of various states. The plaintiffs again sought injunctive relief directing the Company to correct its practices and to comply with consumer protection laws nationwide, as well as monetary damages, fees and costs. On May 6, 2020, the Company filed a partial motion to dismiss the First Amended Complaint, which the Court granted on July 2, 2020 with leave to amend. On July 23, 2020, plaintiffs Pam La Fosse and Sharon Manier filed a Second Amended Complaint on behalf of a putative class of consumers who purchased the Company's chicken in California in the prior four years. Like the earlier iterations of the complaint, the Second Amended Complaint alleges that the remaining plaintiffs and other class members purchased the Company's chicken products based on misleading representations in the Company's advertising, including for the reasons set forth in their prior complaints. The plaintiffs again seek injunctive relief, monetary damages, fees and costs. On August 6, 2020, the Company moved to dismiss the Second Amended Complaint in part, requesting dismissal of plaintiffs' new implied warranty of merchantability claim. On August 20, 2020, plaintiffs voluntarily agreed to withdraw their new implied warranty claim. Discovery commenced in October 2020. We intend to defend this case vigorously; however, the Company cannot predict the outcome of these actions. If the plaintiffs were to prevail, the Company could be liable for damages, which could have a material, adverse effect on our financial position and results of operations. In Defense of Animals, et al. v. Sanderson Farms, Inc. On July 31, 2020, two non-profit organizations (In Defense of Animals and Friends of the Earth) filed a complaint against the Company in the United States District Court for the Northern District of California. The complaint asserts substantially similar (and in many cases identical) allegations and claims against the Company as the prior case brought by Friends of the Earth and other organizations, which the court dismissed in July 2019 and which is currently on appeal to the United States Court of Appeals for the Ninth Circuit. Specifically, the plaintiffs assert that the Company violates the California Unfair Competition Law and the California False Advertising Law by representing that its poultry products are “100% Natural” products raised with “100% Natural” farming procedures. Plaintiffs allege that the Company’s advertising (including, but not limited to, on its website, television commercials, radio advertisements, social media, print magazines, billboards, and trucks) misleads consumers into believing that (i) the Company’s chickens were not given antibiotics or other pharmaceuticals, (ii) the chickens were raised in a “natural” environment, (iii) there is no evidence that the use of antibiotics or other pharmaceuticals in poultry contributes to the evolution of antibiotic-resistant bacteria, and (iv) the Company’s chicken products do not contain antibiotic

Quarterly Financial Data (unaud

Quarterly Financial Data (unaudited)	12 Months Ended
	Oct. 31, 2020
Quarterly Financial Information Disclosure [Abstract]
Quarterly Financial Data (unaudited)	Quarterly Financial Data (unaudited) Fiscal Year 2020 First Second Third Fourth (In thousands, except per share data) (Unaudited) Net sales $ 823,078 $ 844,711 $ 956,455 $ 940,023 Gross profit (loss) (446) 12,428 90,458 91,716 Net income (loss) (38,576) 6,118 32,810 27,922 Diluted earnings (loss) per share $ (1.76) $ 0.28 $ 1.48 $ 1.26 Fiscal Year 2019 First Second Third Fourth (In thousands, except per share data) (unaudited) Net sales $ 743,388 $ 845,229 $ 945,152 $ 906,489 Gross profit 34,988 104,396 121,008 18,743 Net income (loss) (17,833) 40,636 53,362 (22,871) Diluted earnings (loss) per share $ (0.82) $ 1.83 $ 2.41 $ (1.05) During the second quarter of fiscal 2020, when the CARES Act was enacted, the Company recognized a net discrete income tax benefit of approximately $37.5 million related to net operating loss carry-back provisions, which affects the comparability of the net income (loss) lines in the tables above. For a more detailed discussion of the Company's income taxes, refer to "Part II, Item 8, Notes to Consolidated Financial Statements, Note 8 - Income Taxes."

Common Stock Repurchases

Common Stock Repurchases	12 Months Ended
	Oct. 31, 2020
Equity [Abstract]
Common Stock Repurchases	Common Stock RepurchasesDuring fiscal 2018, the Company purchased 823,385 shares of its common stock in open-market transactions at an average price of $101.37 per share. In accordance with ASC 505-30, the Company elected to allocate the excess of the repurchase price over par value between paid-in capital and retained earnings. As a result, approximately $59.6 million of the excess repurchase price over par value was allocated to paid-in capital and approximately $23.0 million was allocated to retained earnings. The Company made no common stock repurchases during fiscal 2019 or fiscal 2020, except for those made pursuant to the Company's Stock Incentive Plan, as amended and restated on February 13, 2020, under which shares were withheld from plan participants to satisfy tax withholding obligations.

Leases

Leases	12 Months Ended
	Oct. 31, 2020
Leases [Abstract]
Leases	LeasesThe Company, using the guidance in Accounting Standards Codification ("ASC") 842, Leases, determines if an agreement is a lease at the inception of the agreement, and when a lease exists, we follow the guidance in ASC 842 to determine whether the lease is an operating or finance lease. The Company is a party to certain agreements that are classified as operating leases, and those are recorded on our consolidated balance sheet as right-of-use assets, current lease liabilities, and long-term lease liabilities. The Company is not a party to any finance lease arrangements. The Company has elected not to record short-term leases with initial terms of twelve months or less in our consolidated balance sheet. Lease expenses related to those short-term leases are recognized on a straight-line basis over the term of the lease. The initial assets and corresponding liabilities recorded at commencement of our operating leases are based on the present value of the future minimum lease payments over the lease term. In determining the present value, we use the implicit interest rate in the agreement, if provided. If an implicit interest rate is not provided, we determine the present value of the future minimum lease payments using our incremental borrowing rate based on available information at the lease commencement. When lease agreements contain residual value guarantees that are considered probable, those are included in calculating the amount of lease liabilities to record. Operating lease expense is recognized on a straight-line basis over the lease term with a corresponding reduction to the right-of-use asset and the applicable lease liability. Lease expense is classified as cost of sales or selling, general and administrative in our consolidated statement of operations based on the use of the leased item. The operating leases to which the Company is a party are primarily related to transportation equipment, equipment used in production processes and the assets of independent contract producers who house our live birds. A significant portion of the costs associated with leases related to the use of assets of independent contract poultry producers who house and care for our live birds are for non-lease components of our agreements with such producers. Non-lease components of payments made to independent contract poultry producers include those related to the operating costs of, and services provided by, such producers. For costs associated with such leases, we elected to account for the lease and non-lease components as a single lease component, and all costs associated with such leases are disclosed as variable lease costs in the table below. The following table presents the components of our lease costs (in thousands) paid during fiscal year 2020. Description Fiscal Year 2020 Operating lease cost $ 15,673 Short-term lease cost 3,342 Variable lease cost (1) 421,900 Total lease cost $ 440,915 (1) Variable lease costs are attributable to payments made to independent contract poultry producers and are based on or influenced by output received from contract producers, birds placed, poultry house size and relative performance. Other information regarding our operating leases includes the following: Description Amount Cash outflows for operating leases included in the measurement of lease liabilities during fiscal year 2020 (in thousands) $ 13,860 Non-cash amount of right of use assets and lease liabilities recorded upon adoption (in thousands) (1) $ 54,665 Weighted-average remaining lease term as of October 31, 2020 (years) 3.8 Weighted-average discount rate as of October 31, 2020 2.49% (1) There were no material right-of-use assets obtained in exchange for lease liabilities during fiscal year 2020. The future maturities of obligations under non-cancelable operating leases at October 31, 2020 were as follows (in thousands): Fiscal Year Amount 2021 $ 14,944 2022 12,546 2023 8,915 2024 4,842 Thereafter 2,396 Total undiscounted operating lease payments 43,643 Less: imputed interest (2,858) Present value of lease liabilities $ 40,785

Valuation and Qualifying Accoun

Valuation and Qualifying Accounts Schedule II	12 Months Ended
	Oct. 31, 2020
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]
Valuation and Qualifying Accounts Schedule II	Valuation and Qualifying Accounts Schedule II Classification Balance at Charged (Credited) to Charged to Deductions Balance at (In Thousands) Year Ended October 31, 2020 Deducted from accounts receivable: Allowance for doubtful accounts Totals - Fiscal 2020 $ 1,260 $ — $ — $ 1,260 Year Ended October 31, 2019 Deducted from accounts receivable: Allowance for doubtful accounts Totals - Fiscal 2019 $ 3,260 $ (2,000) $ — $ 1,260 Year Ended October 31, 2018 Deducted from accounts receivable: Allowance for doubtful accounts Totals - Fiscal 2018 $ 3,260 $ — $ — $ 3,260 _________________

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	12 Months Ended
	Oct. 31, 2020
Accounting Policies [Abstract]
Principles of Consolidation	Basis of Presentation: The consolidated financial statements include the accounts of Sanderson Farms, Inc. (the “Company”) and its wholly-owned subsidiaries. All significant intercompany transactions and accounts have been eliminated in consolidation.
Business	Business: The Company is engaged in the production, processing, marketing and distribution of fresh and frozen chicken and other prepared chicken items. The Company’s net sales and cost of sales are significantly affected by market price fluctuations of its principal products sold and of its principal feed ingredients, corn and soybean meal. Revenue Recognition: The Company sells to retailers, distributors and casual dining operators primarily in the southeastern, southwestern, northeastern and western United States. Management periodically performs credit evaluations of its customers’ financial condition and generally does not require collateral. The Company recognizes revenue in connection with a contract in which the Company has agreed to sell, and a customer has agreed to purchase, specific quantities of product at agreed-upon prices and when the Company's performance obligation related to that contract has been satisfied. In the majority of its contracts with customers, the Company's performance obligation is satisfied when delivery of the product has occurred, either at the customer's facility or the Company's facility, depending on the terms of each contract. In a small number of contracts, ownership of the product passes from the Company to the customer at some point during transit, at which time the performance obligation is satisfied and revenue is recognized. Gross revenue and related receivables are recognized based on the transaction price within the contract and are reduced by estimated or known amounts for items such as rebates, discounts, cooperative advertising allowances and other various items to arrive at net revenue. During fiscal 2020, 2019 and 2018, these reductions to revenue totaled approximately $59.6 million, $66.5 million and $79.2 million, respectively. The cost incurred for shipping and handling activities to deliver the product to the customer is recognized in cost of sales during the period in which the corresponding revenue is recognized. Where shipping and handling activities occur after the customer has obtained control of the product, the Company has elected to account for those expenses as fulfillment costs in cost of sales, rather than an additional promised service. This accounting treatment is the same as the accounting treatment prior to the Company's adoption of ASU 2014-09, Revenue from Contracts with Customers. The Company has, prior to the adoption of ASU 2014-09, accounted for freight one of two ways. First, when the Company's agreement with its customer did not authorize the Company to invoice the customer separately for freight, the Company attempted to negotiate a higher price, and paid freight costs associated with the sale. In these instances, that cost was booked as an expense in cost of sales. In some instances, the Company's agreements with its customers authorize the Company to invoice the customer for freight costs separately on its invoice to the customer. Under these arrangements, the Company has previously accounted for freight by recognizing revenue net of the freight costs. Subsequent to the adoption of ASU 2014-09, both arrangements are accounted for in the same manner. That is, in both instances, revenue is reported gross of any freight charge, and all freight costs are accounted for as cost of sales. Because we adopted ASU 2014-09 using the modified-retrospective transition method, we did not restate prior-period financial statements, and the separately-invoiced freight costs from periods prior to fiscal 2019 remain presented as a reduction to cost of sales. During fiscal 2020 and 2019, we recognized revenue of approximately $20.4 million and $24.9 million, respectively, related to those freight charges, as compared to approximately $20.0 million recognized as a reduction to cost of sales during fiscal 2018. Due to the nature of our contracts, commissions associated with such contracts provide only a short-term benefit (i.e. less than one year); therefore, with our adoption of ASU 2014-09, we recognize costs of commissions paid to third-party brokers as selling, general and administrative expenses effective as of November 1, 2018. Prior to our adoption of ASU 2014-09, those commissions were recognized as a reduction of revenue. Because we transitioned using the modified-retrospective method, we did not restate prior-period financial statements, and those commissions from periods prior to fiscal 2019 remain presented as a reduction to revenue. During fiscal 2020 and 2019, we recognized approximately $12.9 million and $10.9 million, respectively, in commissions as selling, general and administrative expenses, as compared to approximately $11.0 million recognized as a reduction to revenue during fiscal 2018. Two customers each accounted for more than 10% of consolidated sales for the year ended October 31, 2020. Sales to those customers accounted for 14.9% and 12.7%, respectively, of the Company's net sales during fiscal 2020. Sales to the same two customers accounted for 15.8% and 11.8%, respectively, of the Company's net sales during fiscal 2019 and 14.3% and 10.5%, respectively, of the Company's net sales during fiscal 2018. Sales of offal are considered by-products; accordingly, these amounts reduce cost of sales and totaled $24.8 million, $31.1 million and $34.4 million in fiscal 2020, 2019 and 2018, respectively. The Company sells certain of its products either directly to foreign markets or to U.S. based customers who resell the product in foreign markets. These foreign markets for fiscal 2020 were primarily Mexico, China and Cuba, and for fiscal 2019 and 2018 were primarily Mexico, Cuba, Central Asia and the Middle East. These export sales for fiscal years 2020, 2019 and 2018 totaled approximately $308.9 million, $284.5 million and $215.8 million, respectively. The Company does not believe that the amount of sales attributable to any single foreign country is material to its total sales during any of the periods presented. The Company’s export sales are facilitated through independent food brokers located in the United States and the Company’s internal sales staff.
Use of Estimates	Use of Estimates: The preparation of the consolidated financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates.
Cash Equivalents	Cash Equivalents: The Company considers all highly liquid investments with maturities of ninety days or less when purchased to be cash equivalents.
Allowance for Doubtful Accounts	Allowance for Doubtful Accounts: In the normal course of business, the Company extends credit to its customers on a short-term basis, generally less than twenty-one days. Although credit risks associated with our customers are considered minimal, the Company routinely reviews its accounts receivable balances and records provisions for probable doubtful accounts based on an individual assessment of a customer’s credit quality as well as subjective factors and trends, including the aging of receivable balances. In circumstances where management is aware of a specific customer’s inability to meet its financial obligations to the Company, a specific reserve is recorded to reduce the receivable to the amount expected to be collected. If circumstances change (i.e., higher than expected defaults or an unexpected material adverse change in a major customer’s ability to meet its financial obligations to us), our estimates of the recoverability of amounts due us could be reduced by a material amount and the allowance for doubtful accounts and related bad debt expense would increase by the same amount.
Inventories	Inventories: Processed and prepared inventories and inventories of feed, eggs, medication and packaging supplies are stated at the lower of cost (average method) or net realizable value. Live poultry inventories of broilers are stated at the lower of cost or net realizable value, and breeders at cost less accumulated amortization. The costs associated with breeders, including breeder chicks, feed, medicine and grower pay, are accumulated up to the production stage and amortized over nine months using the straight-line method.
Property, Plant and Equipment	Property, Plant and Equipment: Property, plant and equipment is stated at cost. Depreciation of property, plant and equipment is provided by the straight-line method over the estimated useful lives of 15 to 39 years for buildings and 3 to 12 years for machinery and equipment.
Impairment of Long-Lived Assets	Impairment of Long-Lived Assets: The Company continually reevaluates the carrying value of its long-lived assets based on events or changes in circumstances which indicate that the carrying value may not be recoverable. As part of this reevaluation and when indicators are present, the Company estimates the future cash flows expected to result from the use of the asset and
Self-Insurance Programs	Self-Insurance Programs: Insurance expense for workers’ compensation benefits and employee-related health care benefits are estimated using historical experience and actuarial estimates. The Company utilizes an outside third party specialist to assist management in estimating the reserve ultimately recorded in the financial statements. The Company accrues expenses in its workers’ compensation and employee benefit plans for both known claims as well as claims incurred but not reported. Stop-loss coverage is maintained with third party insurers to limit the Company’s total exposure. Management regularly reviews the assumptions used to recognize periodic expenses. Any resulting adjustments to accrued claims are reflected in current operating results. There are no material adjustments to expenses accrued in prior periods in current expenses. The total amounts recorded for the Company's reserve for workers' compensation benefits as of October 31, 2020 and October 31, 2019 are $21.5 million and $20.6 million, respectively.
Advertising and Marketing Costs	Advertising and Marketing Costs: The Company expenses advertising costs as incurred. Advertising costs are included in selling, general and administrative expenses and totaled $19.0 million, $19.9 million and $38.9 million for fiscal 2020, 2019 and 2018, respectively.
Income Taxes	Income Taxes: Deferred income taxes are accounted for using the liability method and relate principally to depreciation expense, stock based compensation programs and self-insurance programs accounted for differently for financial and income tax purposes. Valuation allowances are recorded when it is more likely than not some or all of a deferred tax asset will not be realized. The Company is periodically audited by taxing authorities and considers any adjustments, interest, and penalties incurred as a result of the audits in computing and reporting income tax expense. Any audit adjustments could have a material impact on the Company’s effective tax rate. Tax periods for fiscal years 2016 through 2020 remain open to examination by federal and state taxing jurisdictions to which the Company is subject.
Share-Based Compensation	Share-Based Compensation: The Company accounts for all share-based payments to employees, including grants of restricted stock and performance-based shares, in the statement of operations based on their fair values. For performance-based shares, the Company recognizes expense when management determines the performance criteria are probable of being met. The Company recognizes forfeitures of share-based payments during the period in which the forfeitures occur.
Earnings Per Share	Earnings Per Share: Basic earnings per share is based upon the weighted average number of common shares outstanding during the year. Share-based payment awards entitling holders to receive non-forfeitable dividends before vesting are considered participating securities and thus included in the calculation of basic earnings per share. These awards are included in the calculation of basic earnings per share under the two-class method. The two-class method allocates earnings for the period between common shareholders and other security holders. The participating awards receiving dividends are allocated the same amount of income as if they were outstanding shares. Diluted earnings per share includes any dilutive effects of options, warrants, restricted stock and convertible securities.
Fair Value of Financial Instruments	Fair Value of Financial Instruments: The Company holds certain items that are required to be disclosed at fair value, primarily debt instruments. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. A three-level hierarchy is followed for disclosure to show the extent and level of judgment used to estimate fair value measurements: Level 1 – Inputs used to measure fair value are unadjusted quoted prices that are available in active markets for the identical assets or liabilities as of the reporting date. Level 2 – Inputs used to measure fair value, other than quoted prices included in Level 1, are either directly or indirectly observable as of the reporting date through correlation with market data, including quoted prices for similar assets and liabilities in active markets and quoted prices in markets that are not active. Level 2 also includes assets and liabilities that are valued using models or other pricing methodologies that do not require significant judgment since the input assumptions used in the models, such as interest rates and volatility factors, are corroborated by readily observable data from actively quoted markets for substantially the full term of the financial instrument. Level 3 – Inputs used to measure fair value are unobservable inputs that are supported by little or no market activity and reflect the use of significant management judgment. These values are generally determined using pricing models for which the assumptions utilize management’s estimates of market participant assumptions. Fair values for debt are based on quoted market prices or published forward interest rate curves and were categorized as Level 2 measurements. As of October 31, 2020 and October 31, 2019, the fair values of the Company's borrowings under its revolving credit facility approximate the carrying value.
Impact of Recently Issued Accounting Standards	Impact of Recently Issued Accounting Standards: In February 2016, the FASB issued ASU 2016-02, Leases. The guidance is intended to increase transparency and comparability among companies by requiring an entity that is a lessee to recognize on the balance sheet the right-of-use assets and lease liabilities arising from all leases with terms, as defined by the guidance, of greater than twelve months. The guidance also requires disclosure of key information about leasing arrangements. The Company adopted this guidance during the first quarter of fiscal 2020, and we used the transition method that requires a cumulative-effect adjustment to the beginning balance of retained earnings during the period of adoption, rather than restating prior-period financial statements; however no such cumulative-effect adjustment was required. This guidance also provides certain practical expedients, including a practical expedient package during transition. We elected to use this package, which allowed the Company to carry forward its determination of whether a lease exists, the classification of a lease, and whether initial direct lease costs exist for purposes of transition to the new standard. We did not utilize the hindsight practical expedient. As of October 31, 2020, we recognized right-of-use assets and lease liabilities of approximately $40.8 million, primarily related to transportation equipment. Adoption did not have a material effect on our consolidated statements of operations and cash flows. For further information regarding the Company's leases, refer to "Part II, Item 8, Notes to Consolidated Financial Statements, Note 15 - Leases." In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses, to provide financial statement users with more decision-useful information about the expected credit losses on financial instruments and other commitments to extend credit held by a reporting entity at each reporting date. The guidance is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2019, our fiscal 2021. Early adoption is permitted. We do not expect adoption to have a material effect on our consolidated financial statements. In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, which is intended to simplify various aspects related to accounting for income taxes. ASU 2019-12 removes certain exceptions to the general principles in Accounting Standards Codification 740 and also clarifies and amends existing guidance to improve consistent application. This guidance is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2020, our fiscal 2022. We are currently evaluating the impact of this new guidance on our consolidated financial statements.

Revenue from Contract with Cust

Revenue from Contract with Customer (Tables)	12 Months Ended
	Oct. 31, 2020
Revenue from Contract with Customer [Abstract]
Net Sales	The following table disaggregates our net sales by product category: Fiscal Year 2020 Fiscal Year 2019 Fiscal Year 2018 Product Category (in thousands) Fresh, chill-packed chicken $ 1,408,564 $ 1,137,679 $ 1,158,320 Fresh, vacuum-sealed chicken 1,200,343 1,310,157 1,139,386 Fresh, ice-packed chicken 509,481 511,480 503,562 Frozen chicken 240,806 213,024 211,465 Prepared chicken 184,662 240,811 207,548 Other 20,411 27,107 15,723 Total net sales $ 3,564,267 $ 3,440,258 $ 3,236,004

Inventories (Tables)

Inventories (Tables)	12 Months Ended
	Oct. 31, 2020
Inventory Disclosure [Abstract]
Inventories	Inventories consisted of the following: October 31, 2020 2019 Description (in thousands) Live poultry-broilers (net of reserve) and breeders $ 180,013 $ 179,870 Feed, eggs and other 53,318 47,417 Processed poultry 32,952 35,121 Prepared chicken 16,142 20,032 Packaging materials 7,582 7,488 Total inventories $ 290,007 $ 289,928

Property, Plant, and Equipment

Property, Plant, and Equipment (Tables)	12 Months Ended
	Oct. 31, 2020
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment	Property, plant and equipment, net, consisted of the following: October 31, 2020 2019 Description (in thousands) Land and buildings $ 931,674 $ 892,089 Machinery and equipment 1,350,725 1,236,095 Work-in-process 16,914 11,149 Subtotal 2,299,313 2,139,333 Less accumulated depreciation (1,074,567) (953,473) Property, plant and equipment, net $ 1,224,746 $ 1,185,860

Prepaid expenses (Tables)

Prepaid expenses (Tables)	12 Months Ended
	Oct. 31, 2020
Prepaid Expense, Current [Abstract]
Prepaid expenses	Prepaid expenses consisted of the following: October 31, 2020 2019 (in thousands) Parts and supplies $ 36,109 $ 33,617 Prepaid insurance 10,675 8,859 Other prepaid expenses 10,760 14,455 Total prepaid expenses $ 57,544 $ 56,931

Accrued expenses (Tables)

Accrued expenses (Tables)	12 Months Ended
	Oct. 31, 2020
Payables and Accruals [Abstract]
Accrued expenses	Accrued expenses consisted of the following: October 31, 2020 2019 (In thousands) Workers’ compensation claims $ 9,996 $ 9,687 Accrued wages 11,282 19,525 Accrued rebates 17,977 13,529 Accrued vacation 12,207 10,592 Accrued property taxes 12,606 11,331 Accrued payroll taxes 1 22,939 8,290 Other accrued expenses 11,656 9,986 Total accrued expenses $ 98,663 $ 82,940 Note 1 - Included in fiscal year 2020 accrued payroll taxes is an approximately $20.7 million deferral of payroll taxes allowed by the CARES Act.

Long-Term debt obligations (Tab

Long-Term debt obligations (Tables)	12 Months Ended
	Oct. 31, 2020
Debt Disclosure [Abstract]
Schedule of Long-term Debt Instruments	Long-term debt obligations consisted of the following: October 31, 2020 2019 (In thousands) Revolving credit facility (weighted average interest rates of 1.4% at October 31, 2020 and 3.3% at October 31, 2019) $ 25,000 $ 55,000 Less current maturities of long-term debt — — Total long-term debt $ 25,000 $ 55,000
Leverage Ratio on which Spread on Libor Borrowings and Commitment Fee for Unused Balance of Revolving Credit Agreement are Determined	The spread on Libor borrowings and the commitment fee for the unused balance of the revolving credit agreement are determined based upon the Company’s leverage ratio as follows: Level Leverage Ratio Spread Commitment Fee 1 < 25% 0.25 % 0.20 % 2 ≥ 25% and < 35% 0.50 % 0.25 % 3 ≥ 35% and < 45% 1.00 % 0.30 % 4 ≥ 45% 1.50 % 0.35 %
Schedule of Maturities of Long-term Debt	The aggregate annual maturities of long-term debt at October 31, 2020 are as follows (in thousands): Fiscal Year Amount 2024 $ 25,000 $ 25,000

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Oct. 31, 2020
Income Tax Disclosure [Abstract]
Income Tax Expense	During the periods presented, income tax expense (benefit) consisted of the following: Years Ended October 31, 2020 2019 2018 (In thousands) Current expense (benefit): Federal $ (114,734) $ (735) $ (600) State 2,609 (51) (1,169) (112,125) (786) (1,769) Deferred expense (benefit): Federal 71,214 13,966 (28,845) State (489) 2,753 2,146 Change in valuation allowance (3,185) (5,380) (2,406) 67,540 11,339 (29,105) Income tax expense (benefit) $ (44,585) $ 10,553 $ (30,874)
Deferred Tax Assets and Liabilities	Significant components of the Company’s deferred tax assets and liabilities are outlined below. October 31, 2020 2019 (In thousands) Deferred tax liabilities: Property, plant and equipment $ 167,257 $ 148,505 Prepaid and other assets 2,299 1,911 Total deferred tax liabilities 169,556 150,416 Deferred tax assets: Accrued expenses and accounts receivable 8,311 8,172 Inventory 1,441 1,155 Compensation on restricted stock 4,543 7,528 State income tax credits 8,576 9,333 Federal credits 3,184 600 Other 1,004 672 Valuation allowance (2,452) (5,637) Net operating loss 3,277 54,461 Total deferred tax assets 27,884 76,284 Net deferred tax liabilities $ 141,672 $ 74,132
Differences Between Consolidated Effective Income Tax Rate and Federal Statutory Rate	The differences between the consolidated effective income tax rate and the federal statutory rate effective during the applicable year presented are as follows: Years Ended October 31, 2020 2019 2018 (In thousands) Income taxes at statutory rate $ (3,425) $ 13,408 $ 7,132 Discrete benefit resulting from CARES Act (39,086) — — Discrete benefit resulting from TCJA — — (37,505) State income taxes 1,188 1,189 1,014 State income tax credits (3,926) (2,139) (804) Expiration of state income tax credits 4,858 4,121 4,117 Federal income tax credits (1,904) (474) (460) Excess tax benefits (1,284) (1,388) (1,638) Nondeductible expenses 2,303 1,786 1,890 Change in valuation allowance (3,185) (5,380) (5,297) Other (124) (570) 677 Income tax expense (benefit) $ (44,585) $ 10,553 $ (30,874)

Earnings Per Share (Tables)

Earnings Per Share (Tables)	12 Months Ended
	Oct. 31, 2020
Earnings Per Share [Abstract]
Earnings Per Share	The following table presents earnings per share (in thousands). For the years ended October 31, 2020 October 31, 2019 October 31, 2018 Net income $ 28,274 $ 53,294 $ 61,431 Distributed and undistributed (earnings) to unvested restricted stock (372) (778) (878) Distributed and undistributed earnings to common shareholders — Basic 27,902 52,516 60,553 Weighted average shares outstanding — Basic 21,943 21,829 22,429 Weighted average shares outstanding — Diluted 21,943 21,829 22,429 Earnings per common share — Basic $ 1.27 $ 2.41 $ 2.70 Earnings per common share — Diluted $ 1.27 $ 2.41 $ 2.70

Stock Compensation Plans (Table

Stock Compensation Plans (Tables)	12 Months Ended
	Oct. 31, 2020
Share-based Payment Arrangement [Abstract]
Restricted Stock Activity	A summary of the Company’s restricted stock activity and related information is as follows: Number of Weighted Outstanding at October 31, 2017 301,229 $ 77.86 Granted during fiscal 2018 65,250 $ 145.33 Vested during 2018 (84,696) $ 68.82 Forfeited during 2018 (2,352) $ 108.31 Outstanding at October 31, 2018 279,431 $ 96.10 Granted during fiscal 2019 88,334 $ 105.01 Vested during 2019 (77,031) $ 88.37 Forfeited during 2019 (6,464) $ 104.95 Outstanding at October 31, 2019 284,270 $ 100.76 Granted during fiscal 2020 68,675 $ 155.71 Vested during 2020 (89,089) $ 76.06 Forfeited during 2020 (3,378) $ 131.74 Outstanding at October 31, 2020 260,478 $ 123.29
Compensation Cost Related to Performance Share Agreements	A summary of the Company's compensation cost related to performance share agreements is as follows (in thousands): Number of shares issued (actual (a) or estimated (e)) For the years ended Date of Performance Share Agreement October 31, 2020 October 31, 2019 October 31, 2018 November 1, 2015 145,197 (a) $ — $ — $ 3,341 November 1, 2016 84,511 (a) — 2,504 5,238 November 1, 2017 13,055 (a) 665 1,270 — November 1, 2018 — (a) — — — November 1, 2019 (1) — (e) — — — Total compensation cost $ 665 $ 3,774 $ 8,579

Quarterly Financial Data (una_2

Quarterly Financial Data (unaudited) (Tables)	12 Months Ended
	Oct. 31, 2020
Quarterly Financial Information Disclosure [Abstract]
Schedule of Quarterly Financial Data (unaudited)	Fiscal Year 2020 First Second Third Fourth (In thousands, except per share data) (Unaudited) Net sales $ 823,078 $ 844,711 $ 956,455 $ 940,023 Gross profit (loss) (446) 12,428 90,458 91,716 Net income (loss) (38,576) 6,118 32,810 27,922 Diluted earnings (loss) per share $ (1.76) $ 0.28 $ 1.48 $ 1.26 Fiscal Year 2019 First Second Third Fourth (In thousands, except per share data) (unaudited) Net sales $ 743,388 $ 845,229 $ 945,152 $ 906,489 Gross profit 34,988 104,396 121,008 18,743 Net income (loss) (17,833) 40,636 53,362 (22,871) Diluted earnings (loss) per share $ (0.82) $ 1.83 $ 2.41 $ (1.05)

Leases (Tables)

Leases (Tables)	12 Months Ended
	Oct. 31, 2020
Leases [Abstract]
Components of Lease Cost	The following table presents the components of our lease costs (in thousands) paid during fiscal year 2020. Description Fiscal Year 2020 Operating lease cost $ 15,673 Short-term lease cost 3,342 Variable lease cost (1) 421,900 Total lease cost $ 440,915 (1) Variable lease costs are attributable to payments made to independent contract poultry producers and are based on or influenced by output received from contract producers, birds placed, poultry house size and relative performance. Other information regarding our operating leases includes the following: Description Amount Cash outflows for operating leases included in the measurement of lease liabilities during fiscal year 2020 (in thousands) $ 13,860 Non-cash amount of right of use assets and lease liabilities recorded upon adoption (in thousands) (1) $ 54,665 Weighted-average remaining lease term as of October 31, 2020 (years) 3.8 Weighted-average discount rate as of October 31, 2020 2.49% (1) There were no material right-of-use assets obtained in exchange for lease liabilities during fiscal year 2020.
Schedule of Maturities of Operating Leases	The future maturities of obligations under non-cancelable operating leases at October 31, 2020 were as follows (in thousands): Fiscal Year Amount 2021 $ 14,944 2022 12,546 2023 8,915 2024 4,842 Thereafter 2,396 Total undiscounted operating lease payments 43,643 Less: imputed interest (2,858) Present value of lease liabilities $ 40,785

Significant Accounting Polici_3

Significant Accounting Policies - Additional Information (Details) $ in Thousands	12 Months Ended
	Oct. 31, 2020USD ($)customer	Oct. 31, 2019USD ($)customer	Oct. 31, 2018USD ($)
Significant Accounting Policies [Line Items]
Revenue	$ 3,564,267	$ 3,440,258	$ 3,236,004
Cost of sales	(3,370,111)	(3,158,323)	(2,974,739)
Selling, General and Administrative Expense	$ (205,750)	(211,141)	(221,965)
Amortization period for costs associated with breeders	9 months
Live inventory adjustment	$ 0	2,800	9,600
Workers compensation reserve	21,500	20,600
Advertising costs	19,000	19,900	38,900
Present value of lease liabilities	40,785
Right-of-use assets	$ 40,785	0
Live poultry-broilers (net of reserve) and breeders
Significant Accounting Policies [Line Items]
Live inventory adjustment		2,800
Building | Minimum
Significant Accounting Policies [Line Items]
Property plant and equipment, estimated useful life	15 years
Building | Maximum
Significant Accounting Policies [Line Items]
Property plant and equipment, estimated useful life	39 years
Machinery and Equipment | Minimum
Significant Accounting Policies [Line Items]
Property plant and equipment, estimated useful life	3 years
Machinery and Equipment | Maximum
Significant Accounting Policies [Line Items]
Property plant and equipment, estimated useful life	12 years
Cash Equivalents | Maximum
Significant Accounting Policies [Line Items]
Highly liquid investments included as cash equivalents, maximum maturities	90 days
Outside United States
Significant Accounting Policies [Line Items]
Revenue	$ 308,900	284,500	215,800
Offal
Significant Accounting Policies [Line Items]
Revenue	$ 24,800	$ 31,100	$ 34,400
Customer Concentration Risk | Sales
Significant Accounting Policies [Line Items]
Number of customer accounted for more than 10% of consolidated sales | customer	2	2
Customer A | Customer Concentration Risk | Sales
Significant Accounting Policies [Line Items]
Percentage of revenue from a single major customer	14.90%	15.80%	14.30%
Customer B | Customer Concentration Risk | Sales
Significant Accounting Policies [Line Items]
Percentage of revenue from a single major customer	12.70%	11.80%	10.50%
Accounting Standards Update 2014-09
Significant Accounting Policies [Line Items]
Selling, General and Administrative Expense	$ 12,900	$ 10,900	$ 11,000
Accounting Standards Update 2014-09 | Line Item Freight Revenue
Significant Accounting Policies [Line Items]
Revenue	20,400	24,900
Cost of sales			20,000
Difference between Revenue Guidance in Effect before and after Topic 606 | Accounting Standards Update 2014-09
Significant Accounting Policies [Line Items]
Revenue	$ (59,600)	$ (66,500)	$ (79,200)

Revenue from Contract with Cu_2

Revenue from Contract with Customer (Details) - USD ($) $ in Thousands	12 Months Ended
	Oct. 31, 2020	Oct. 31, 2019	Oct. 31, 2018
Disaggregation of Revenue [Line Items]
Revenue	$ 3,564,267	$ 3,440,258	$ 3,236,004
Fresh, chill-packed chicken
Disaggregation of Revenue [Line Items]
Revenue	1,408,564	1,137,679	1,158,320
Fresh, vacuum-sealed chicken
Disaggregation of Revenue [Line Items]
Revenue	1,200,343	1,310,157	1,139,386
Fresh, ice-packed chicken
Disaggregation of Revenue [Line Items]
Revenue	509,481	511,480	503,562
Frozen chicken
Disaggregation of Revenue [Line Items]
Revenue	240,806	213,024	211,465
Prepared chicken
Disaggregation of Revenue [Line Items]
Revenue	184,662	240,811	207,548
Other
Disaggregation of Revenue [Line Items]
Revenue	$ 20,411	$ 27,107	$ 15,723

Inventories (Details)

Inventories (Details) - USD ($) $ in Thousands	Oct. 31, 2020	Oct. 31, 2019
Inventory [Line Items]
Inventories	$ 290,007	$ 289,928
Live poultry-broilers (net of reserve) and breeders
Inventory [Line Items]
Inventories	180,013	179,870
Feed, eggs and other
Inventory [Line Items]
Inventories	53,318	47,417
Processed poultry
Inventory [Line Items]
Inventories	32,952	35,121
Prepared chicken
Inventory [Line Items]
Inventories	16,142	20,032
Packaging materials
Inventory [Line Items]
Inventories	$ 7,582	$ 7,488

Property, Plant, and Equipmen_2

Property, Plant, and Equipment (Details) - USD ($) $ in Thousands	Oct. 31, 2020	Oct. 31, 2019
Property, Plant and Equipment [Abstract]
Land and buildings	$ 931,674	$ 892,089
Machinery and equipment	1,350,725	1,236,095
Work-in-process	16,914	11,149
Subtotal	2,299,313	2,139,333
Less accumulated depreciation	(1,074,567)	(953,473)
Property, plant and equipment, net	$ 1,224,746	$ 1,185,860

Prepaid expenses (Details)

Prepaid expenses (Details) - USD ($) $ in Thousands	Oct. 31, 2020	Oct. 31, 2019
Prepaid Expense, Current [Abstract]
Parts and supplies	$ 36,109	$ 33,617
Prepaid insurance	10,675	8,859
Other prepaid expenses	10,760	14,455
Total prepaid expenses	$ 57,544	$ 56,931

Accrued expenses (Details)

Accrued expenses (Details) - USD ($) $ in Thousands	Oct. 31, 2020	Oct. 31, 2019
Payables and Accruals [Abstract]
Workers’ compensation claims	$ 9,996	$ 9,687
Accrued wages	11,282	19,525
Accrued rebates	17,977	13,529
Accrued vacation	12,207	10,592
Accrued property taxes	12,606	11,331
Accrued payroll taxes	22,939	8,290
Other accrued expenses	11,656	9,986
Accrued expenses, total	98,663	$ 82,940
CARES Act, payroll tax deferral	$ 20,700

Long-Term debt obligations- Obl

Long-Term debt obligations- Obligations (Details) - USD ($) $ in Thousands	Oct. 31, 2020	Oct. 31, 2019
Debt Instrument [Line Items]
Revolving credit facility (weighted average interest rates of 1.4% at October 31, 2020 and 3.3% at October 31, 2019)	$ 25,000
Less current maturities of long-term debt	0	$ 0
Total long-term debt	25,000	55,000
Revolving Credit Facility [Member
Debt Instrument [Line Items]
Revolving credit facility (weighted average interest rates of 1.4% at October 31, 2020 and 3.3% at October 31, 2019)	25,000	55,000
Total long-term debt	$ 25,000	$ 55,000
Debt, weighted average interest rate	1.40%	3.30%

Long-Term debt obligations - Ad

Long-Term debt obligations - Additional Information (Details)	12 Months Ended
	Oct. 31, 2020USD ($)	Dec. 16, 2020USD ($)	Mar. 21, 2019USD ($)
Debt Instrument [Line Items]
Revolving credit facility, maximum borrowing capacity			$ 1,000,000,000
Line of credit facility, amount available	$ 949,800,000
Subsequent Event
Debt Instrument [Line Items]
Line of credit facility, amount available		$ 949,800,000
Revolving Credit Facility [Member | London Interbank Offered Rate (LIBOR) | Minimum
Debt Instrument [Line Items]
Interest rate	0.25%
Revolving Credit Facility [Member | London Interbank Offered Rate (LIBOR) | Maximum
Debt Instrument [Line Items]
Interest rate	1.50%
Revolving Credit Facility [Member | Line of Credit
Debt Instrument [Line Items]
Revolving credit facility, maximum debt to total capitalization ratio			0.50
Maximum increase, ratio of indebtedness to net capital			0.05
Minimum net worth required for compliance	$ 1,000,000,000
Revolving credit facility, outstanding borrowings	25,000,000
Revolving Credit Facility [Member | Line of Credit | Subsequent Event
Debt Instrument [Line Items]
Revolving credit facility, outstanding borrowings		25,000,000
Letter of Credit | Line of Credit
Debt Instrument [Line Items]
Letters of credit outstanding	$ 25,200,000
Letter of Credit | Line of Credit | Subsequent Event
Debt Instrument [Line Items]
Letters of credit outstanding		$ 25,200,000

Long-Term debt obligations - Le

Long-Term debt obligations - Leverage Ratio on which Spread on Libor Borrowings and Commitment Fee for Unused Balance of Revolving Credit Agreement are Determined (Details)	12 Months Ended
	Oct. 31, 2020
Greater than 25 percent
Line of Credit Facility [Line Items]
Leverage Ratio	25.00%
Spread	0.25%
Commitment Fee	0.20%
Greater than or equal to 25 percent less than or equal to 35 percent
Line of Credit Facility [Line Items]
Spread	0.50%
Commitment Fee	0.25%
Greater than or equal to 25 percent less than or equal to 35 percent | Minimum
Line of Credit Facility [Line Items]
Leverage Ratio	25.00%
Greater than or equal to 25 percent less than or equal to 35 percent | Maximum
Line of Credit Facility [Line Items]
Leverage Ratio	35.00%
Greater than or equal to 35 percent less than or equal to 45 percent
Line of Credit Facility [Line Items]
Spread	1.00%
Commitment Fee	0.30%
Greater than or equal to 35 percent less than or equal to 45 percent | Minimum
Line of Credit Facility [Line Items]
Leverage Ratio	35.00%
Greater than or equal to 35 percent less than or equal to 45 percent | Maximum
Line of Credit Facility [Line Items]
Leverage Ratio	45.00%
Greater than or equal to 45 Percent
Line of Credit Facility [Line Items]
Leverage Ratio	45.00%
Spread	1.50%
Commitment Fee	0.35%

Long-Term debt obligations (Det

Long-Term debt obligations (Details) $ in Millions	Oct. 31, 2020USD ($)
Debt Disclosure [Abstract]
2024	$ 25
Long-term debt	$ 25

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($)	3 Months Ended		12 Months Ended
	Apr. 30, 2020	Oct. 31, 2019	Oct. 31, 2020	Oct. 31, 2019	Oct. 31, 2018
Income Taxes [Line Items]
CARES Act, income tax benefit, operating loss			$ 50,400,000
CARES Act, income tax expense			11,300,000
Discrete tax benefit	$ 37,500,000		$ 0	$ 0	$ 37,505,000
Federal statutory rate					23.30%
Effective income tax rate			273.30%	16.50%	(101.00%)
Effective income tax rate, excluding discrete items		23.60%	21.30%		33.00%
Recorded valuation allowance		$ 5,637,000	$ 2,452,000	$ 5,637,000
Release from valuation allowance			1,100,000	1,800,000	$ 700,000
State income tax credits		9,333,000	8,576,000	9,333,000
Unrecognized tax benefits		$ 0	2,400,000	$ 0
Income Tax penalties and interest			$ 1,100,000
North Carolina
Income Taxes [Line Items]
Investment tax credit provided by Investing in Business Property Credit			7.00%
State income tax credits			$ 1,300,000
Georgia
Income Taxes [Line Items]
State income tax credits			$ 2,300,000

Income Taxes - Income Tax Expen

Income Taxes - Income Tax Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Oct. 31, 2020	Oct. 31, 2019	Oct. 31, 2018
Current expense (benefit):
Federal	$ (114,734)	$ (735)	$ (600)
State	2,609	(51)	(1,169)
Current income tax expense	(112,125)	(786)	(1,769)
Deferred expense (benefit):
Federal	71,214	13,966	(28,845)
State	(489)	2,753	2,146
Change in valuation allowance	(3,185)	(5,380)	(2,406)
Deferred income tax expense	67,540	11,339	(29,105)
Income tax expense (benefit)	$ (44,585)	$ 10,553	$ (30,874)

Income Taxes - Deferred Tax Ass

Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Oct. 31, 2020	Oct. 31, 2019
Deferred tax liabilities:
Property, plant and equipment	$ 167,257	$ 148,505
Prepaid and other assets	2,299	1,911
Total deferred tax liabilities	169,556	150,416
Deferred tax assets:
Accrued expenses and accounts receivable	8,311	8,172
Inventory	1,441	1,155
Compensation on restricted stock	4,543	7,528
State income tax credits	8,576	9,333
Federal credits	3,184	600
Other	1,004	672
Valuation allowance	(2,452)	(5,637)
Net operating loss	3,277	54,461
Total deferred tax assets	27,884	76,284
Net deferred tax liabilities	$ 141,672	$ 74,132

Income Taxes - Differences Betw

Income Taxes - Differences Between Consolidated Effective Income Tax Rate and Federal Statutory Rate (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Apr. 30, 2020	Oct. 31, 2020	Oct. 31, 2019	Oct. 31, 2018
Reconciliation of Provision of Income Taxes [Line Items]
Income taxes at statutory rate		$ (3,425)	$ 13,408	$ 7,132
Discrete benefit resulting from CARES Act		(39,086)	0	0
Discrete benefit resulting from TCJA	$ (37,500)	0	0	(37,505)
State income taxes		1,188	1,189	1,014
Expiration of state income tax credits		4,858	4,121	4,117
Excess tax benefits		(1,284)	(1,388)	(1,638)
Nondeductible expenses		2,303	1,786	1,890
Change in valuation allowance		(3,185)	(5,380)	(5,297)
Other		(124)	(570)	677
Income tax expense (benefit)		(44,585)	10,553	(30,874)
State
Reconciliation of Provision of Income Taxes [Line Items]
Income tax credits		(3,926)	(2,139)	(804)
Federal
Reconciliation of Provision of Income Taxes [Line Items]
Income tax credits		$ (1,904)	$ (474)	$ (460)

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended								12 Months Ended
	Oct. 31, 2020	Jul. 31, 2020	Apr. 30, 2020	Jan. 31, 2020	Oct. 31, 2019	Jul. 31, 2019	Apr. 30, 2019	Jan. 31, 2019	Oct. 31, 2020	Oct. 31, 2019	Oct. 31, 2018
Earnings Per Share [Abstract]
Net income	$ 27,922	$ 32,810	$ 6,118	$ (38,576)	$ (22,871)	$ 53,362	$ 40,636	$ (17,833)	$ 28,274	$ 53,294	$ 61,431
Distributed and undistributed (earnings) to unvested restricted stock									(372)	(778)	(878)
Distributed and undistributed earnings to common shareholders — Basic									$ 27,902	$ 52,516	$ 60,553
Weighted average shares outstanding — Basic (in shares)									21,943	21,829	22,429
Weighted average shares outstanding — Diluted (in shares)									21,943	21,829	22,429
Earnings per common share - Basic (in usd per share)									$ 1.27	$ 2.41	$ 2.70
Earnings per common share - Diluted (in usd per share)	$ 1.26	$ 1.48	$ 0.28	$ (1.76)	$ (1.05)	$ 2.41	$ 1.83	$ (0.82)	$ 1.27	$ 2.41	$ 2.70

Employee Benefit Plans - Additi

Employee Benefit Plans - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Oct. 31, 2020	Oct. 31, 2019	Oct. 31, 2018
Defined Contribution Pension And Other Postretirement Plans Disclosure [Line Items]
Total contributions to the ESOP		$ 3	$ 2
401(k) Plan
Defined Contribution Pension And Other Postretirement Plans Disclosure [Line Items]
Employee benefit plans, employer matching contribution, percent of employees' salary	3.00%
Employee benefit plans, total employer contribution	$ 12.2	$ 10.9	$ 10.1
401(k) Plan | Minimum
Defined Contribution Pension And Other Postretirement Plans Disclosure [Line Items]
Employee benefit plans, employer matching contribution, percent of employees' salary	3.00%
401(k) Plan | Maximum
Defined Contribution Pension And Other Postretirement Plans Disclosure [Line Items]
Employee benefit plans, employer matching contribution, percent of employees' salary	5.00%
401(k) Plan | Up To 3% of Employee Salary
Defined Contribution Pension And Other Postretirement Plans Disclosure [Line Items]
Employee benefit plans, employer matching contribution percentage	100.00%
401(k) Plan | Between 3% and 5% of Employee Salary
Defined Contribution Pension And Other Postretirement Plans Disclosure [Line Items]
Employee benefit plans, employer matching contribution percentage	50.00%

Stock Compensation Plans - Addi

Stock Compensation Plans - Additional Information (Details) - USD ($)	Feb. 13, 2020	Nov. 01, 2019	Feb. 11, 2016	Oct. 31, 2020	Oct. 31, 2019	Oct. 31, 2018	Oct. 31, 2017	Feb. 17, 2011	Feb. 17, 2005
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock compensation plan, maximum shares that may be issued (in shares)	4,800,000		4,200,000					3,500,000	2,250,000
Stock compensation plan, additional shares that may be issued (in shares)	600,000		700,000
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock compensation plan, maximum shares that may be issued (in shares)			2,112,500					1,562,500	562,500
Compensation expense				$ 9,000,000	$ 8,400,000	$ 7,500,000
Unrecognized share-based compensation costs				$ 13,300,000
Unvested shares (in shares)				260,478	284,270	279,431	301,229
Unrecognized share-based compensation costs weighted average period of recognition				1 year 6 months
Restricted stock awards vested (in shares)				89,089	77,031	84,696
Restricted stock awards vested, weighted average fair value (in usd per share)				$ 76.06	$ 88.37	$ 68.82
Restricted stock awards forfeited (in shares)				3,378	6,464	2,352
Granted during fiscal period (in shares)				68,675	88,334	65,250
Restricted Stock | Outside Directors | Greater than or equal to 25 percent less than or equal to 35 percent
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock compensation plan, vesting period (in years)				2 years
Performance Based Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense				$ 665,000	$ 3,774,000	$ 8,579,000
Additional service period				1 year
Management Share Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share purchase plan, company's matched contributions				25.00%
Compensation expense related to the matching contribution				$ 229,000	$ 351,000	$ 289,000
Management Share Purchase Plan | Outside Directors | Retainer and Meeting Fees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share purchase plan, percentage compensation received in the form of restricted stock				100.00%
Management Share Purchase Plan | Officers And Key Management Employees | Base Salary Compensation
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share purchase plan, percentage compensation received in the form of restricted stock				15.00%
Management Share Purchase Plan | Officers And Key Management Employees | Deferred Bonus
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share purchase plan, percentage compensation received in the form of restricted stock				75.00%
Management Share Purchase Plan | Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock compensation plan, vesting period (in years)				3 years
Number of shares issued (in shares)				9,134	7,350	10,697
Average price per share purchased by participants (in usd per share)				$ 128.70	$ 128.20	$ 123.45
Restricted stock awards vested (in shares)				12,206	17,142	17,040
Restricted stock awards vested, weighted average fair value (in usd per share)				$ 116.20	$ 89.08	$ 80.38
Restricted stock awards forfeited (in shares)				68	321	259
Management Share Purchase Plan | Matching Restricted Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares issued (in shares)				2,185	1,741	2,565
Average price per share purchased by participants (in usd per share)				$ 128.70	$ 128.20	$ 123.45
2017 Performance Share Agreement | Performance Based Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense				$ 665,000	$ 1,270,000	$ 0
Unvested shares (in shares)				13,055
2018 Performance Share Agreement | Performance Based Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock compensation plan, vesting period (in years)				2 years
Compensation expense				$ 0	0	0
2018 Performance Share Agreement | Performance Based Awards | Outside Directors | Greater than or equal to 25 percent less than or equal to 35 percent
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock compensation plan, vesting period (in years)				2 years
2019 Performance Share Agreement | Performance Based Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock compensation plan, vesting period (in years)				2 years
Compensation expense				$ 0	$ 0	$ 0
Potential accrued compensation cost				$ 6,000,000
2019 Performance Share Agreement | Performance Based Awards | Outside Directors | Greater than or equal to 25 percent less than or equal to 35 percent
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock compensation plan, vesting period (in years)				2 years
2019 Performance Share Agreement | Performance Based Awards | Officers And Key Management Employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted during fiscal period (in shares)		56,575
2020 Performance Share Agreement | Performance Based Awards | Outside Directors | Greater than or equal to 25 percent less than or equal to 35 percent
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock compensation plan, vesting period (in years)				2 years
Minimum | Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock compensation plan, vesting period (in years)				3 years	3 years	3 years
Minimum | Performance Based Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of potential performance shares received				50.00%
Maximum | Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock compensation plan, vesting period (in years)				4 years	4 years	4 years
Maximum | Performance Based Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of potential performance shares received				200.00%

Stock Compensation Plans - Rest

Stock Compensation Plans - Restricted Stock Activity (Details) - Restricted Stock - $ / shares	12 Months Ended
	Oct. 31, 2020	Oct. 31, 2019	Oct. 31, 2018
Number of Shares
Outstanding at beginning of period (in shares)	284,270	279,431	301,229
Granted during fiscal period (in shares)	68,675	88,334	65,250
Vested during period (in shares)	(89,089)	(77,031)	(84,696)
Forfeited during period (in shares)	(3,378)	(6,464)	(2,352)
Outstanding at end of period (in shares)	260,478	284,270	279,431
Weighted Average Grant Price
Outstanding at beginning of period (in usd per share)	$ 100.76	$ 96.10	$ 77.86
Granted during fiscal period (in usd per share)	155.71	105.01	145.33
Vested during the period (in usd per share)	76.06	88.37	68.82
Forfeited during the period (in usd per share)	131.74	104.95	108.31
Outstanding at end of period (in usd per share)	$ 123.29	$ 100.76	$ 96.10

Stock Compensation Plans - Sche

Stock Compensation Plans - Schedule of Compensation Cost Related to Performance Share Agreements (Details) - Performance Shares - USD ($)	12 Months Ended
	Oct. 31, 2020	Oct. 31, 2019	Oct. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total compensation cost	$ 665,000	$ 3,774,000	$ 8,579,000
2015 Performance Share Agreement
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares issued or estimated (in shares)	145,197
Total compensation cost	$ 0	0	3,341,000
2016 Performance Share Agreement
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares issued or estimated (in shares)	84,511
Total compensation cost	$ 0	$ 2,504,000	5,238,000
2017 Performance Share Agreement
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares issued or estimated (in shares)		13,055
Total compensation cost	$ 665,000	$ 1,270,000	0
2018 Performance Share Agreement
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares issued or estimated (in shares)	0
Total compensation cost	$ 0	0	0
2019 Performance Share Agreement
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares issued or estimated (in shares)	0
Total compensation cost	$ 0	$ 0	$ 0

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details)	Oct. 08, 2019USD ($)	Oct. 31, 2020USD ($)employee
Commitments and Contingencies Disclosure [Abstract]
Number of employees | employee		17,445
Employees covered by collective bargaining agreements | employee		2,165
Purchase obligation		$ 108,500,000
Gain (Loss) related to litigation	$ 12,701
Present value of lease liabilities		$ 40,785,000

Quarterly Financial Data (una_3

Quarterly Financial Data (unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Oct. 31, 2020	Jul. 31, 2020	Apr. 30, 2020	Jan. 31, 2020	Oct. 31, 2019	Jul. 31, 2019	Apr. 30, 2019	Jan. 31, 2019	Oct. 31, 2020	Oct. 31, 2019	Oct. 31, 2018
Quarterly Financial Information Disclosure [Abstract]
Net sales	$ 940,023	$ 956,455	$ 844,711	$ 823,078	$ 906,489	$ 945,152	$ 845,229	$ 743,388	$ 3,564,267	$ 3,440,258	$ 3,236,004
Gross profit (loss)	91,716	90,458	12,428	(446)	18,743	121,008	104,396	34,988
Net income (loss)	$ 27,922	$ 32,810	$ 6,118	$ (38,576)	$ (22,871)	$ 53,362	$ 40,636	$ (17,833)	$ 28,274	$ 53,294	$ 61,431
Diluted (in usd per share)	$ 1.26	$ 1.48	$ 0.28	$ (1.76)	$ (1.05)	$ 2.41	$ 1.83	$ (0.82)	$ 1.27	$ 2.41	$ 2.70

Quarterly Financial Data (una_4

Quarterly Financial Data (unaudited) - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Apr. 30, 2020	Oct. 31, 2020	Oct. 31, 2019	Oct. 31, 2018
Quarterly Financial Information Disclosure [Abstract]
Discrete tax benefit	$ 37,500	$ 0	$ 0	$ 37,505

Common Stock Repurchases (Detai

Common Stock Repurchases (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Oct. 31, 2020	Oct. 31, 2019	Oct. 31, 2018
Equity, Class of Treasury Stock [Line Items]
Purchase of common stock (in shares)	0	0	823,385
Average cost (in usd per share)			$ 101.37
Purchase of common stock			$ 83,463
Paid-In Capital
Equity, Class of Treasury Stock [Line Items]
Purchase of common stock			59,639
Retained Earnings
Equity, Class of Treasury Stock [Line Items]
Purchase of common stock			$ 23,001

Leases - Lease Cost (Details)

Leases - Lease Cost (Details) $ in Thousands	12 Months Ended
	Oct. 31, 2020USD ($)
Leases [Abstract]
Operating lease cost	$ 15,673
Short-term lease cost	3,342
Variable lease cost	421,900
Total lease cost	$ 440,915

Leases - Other Information Rega

Leases - Other Information Regarding Operating Leases (Details) $ in Thousands	12 Months Ended
	Oct. 31, 2020USD ($)
Leases [Abstract]
Cash outflows for operating leases included in the measurement of lease liabilities during fiscal year 2020 (in thousands)	$ 13,860
Non-cash amount of right of use assets and lease liabilities recorded upon adoption (in thousands)	$ 54,665
Weighted-average remaining lease term as of October 31, 2020 (years)	3 years 9 months 18 days
Weighted-average discount rate as of October 31, 2020	2.49%

Leases - Future Maturities of O

Leases - Future Maturities of Obligations under Non-Cancelable Operating Leases (Details) $ in Thousands	Oct. 31, 2020USD ($)
Leases [Abstract]
2021	$ 14,944
2022	12,546
2023	8,915
2024	4,842
Thereafter	2,396
Total undiscounted operating lease payments	43,643
Less: imputed interest	(2,858)
Present value of lease liabilities	$ 40,785

Valuation and Qualifying Acco_2

Valuation and Qualifying Accounts Schedule II (Details) - Allowance for doubtful accounts - USD ($) $ in Thousands	12 Months Ended
	Oct. 31, 2020	Oct. 31, 2019	Oct. 31, 2018
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Period	$ 1,260	$ 3,260	$ 3,260
Charged (Credited) to Costs and Expenses	0	(2,000)	0
Deductions Describe	0	0	0
Balance at End of Period	$ 1,260	$ 1,260	$ 3,260