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SEGMENT REPORTING
 9 Months Ended
Jul. 25, 2021
Segment Reporting [Abstract]  
SEGMENT REPORTING SEGMENT REPORTING
 
The Company develops, processes, and distributes a wide array of food products in a variety of markets. The Company reports its results in the following four segments: Grocery Products, Refrigerated Foods, Jennie-O Turkey Store, and International & Other.
 
The Grocery Products segment consists primarily of the processing, marketing, and sale of shelf-stable food products sold predominantly in the retail market, along with the sale of nutritional and private label shelf-stable products to retail, foodservice, and industrial customers. This segment also includes the results from the Company’s MegaMex Foods, LLC joint venture.
 
The Refrigerated Foods segment consists primarily of the processing, marketing, and sale of branded and unbranded pork, beef, and poultry products for retail, foodservice, deli, and commercial customers.
 
The Jennie-O Turkey Store segment consists primarily of the processing, marketing, and sale of branded and unbranded turkey products for retail, foodservice, and commercial customers.
 
The International & Other segment includes Hormel Foods International which manufactures, markets, and sells Company products internationally. This segment also includes the results from the Company’s international joint ventures and royalty arrangements.
 
Intersegment sales are recorded at prices that approximate cost and are eliminated in the Consolidated Statements of Operations. The Company does not allocate deferred compensation, investment income, interest expense, or interest income to its segments when measuring performance. The Company also retains various other income and expenses at the corporate level. One-time acquisition-related costs and accounting adjustments associated with the purchase of the Planters® snack nuts business were also retained at the corporate level. Equity in Earnings of Affiliates is included in segment profit; however, earnings attributable to the Company’s noncontrolling interests are excluded. These items are included below as Net Unallocated Expense and Noncontrolling Interest when reconciling to Earnings Before Income Taxes.
 
Sales and segment profit for each of the Company’s reportable segments and reconciliation to Earnings Before Income Taxes are set forth below. The Company is an integrated enterprise, characterized by substantial intersegment cooperation, cost allocations, and sharing of assets. Therefore, the Company does not represent that these segments, if operated independently, would report the profit and other financial information shown below.
 
 Thirteen Weeks EndedThirty-Nine Weeks Ended
(in thousands)July 25, 2021July 26, 2020July 25, 2021July 26, 2020
Sales to Unaffiliated Customers  
Grocery Products$698,584 $580,798 $1,904,415 $1,804,674 
Refrigerated Foods1,624,641 1,363,092 4,445,099 3,962,219 
Jennie-O Turkey Store350,897 286,805 1,035,397 959,988 
International & Other189,548 150,762 546,528 461,475 
Total$2,863,670 $2,381,457 $7,931,438 $7,188,357 
Intersegment Sales
Grocery Products$— $— $— $13 
Refrigerated Foods7,636 5,092 19,527 16,143 
Jennie-O Turkey Store30,581 25,361 89,715 82,082 
International & Other— — — 
Total38,217 30,454 109,242 98,237 
Intersegment Elimination(38,217)(30,454)(109,242)(98,237)
Total$— $— $— $— 
Net Sales
Grocery Products$698,584 $580,798 $1,904,415 $1,804,687 
Refrigerated Foods1,632,277 1,368,185 4,464,626 3,978,362 
Jennie-O Turkey Store381,478 312,166 1,125,112 1,042,070 
International & Other189,548 150,762 546,528 461,475 
Intersegment Elimination(38,217)(30,454)(109,242)(98,237)
Total$2,863,670 $2,381,457 $7,931,438 $7,188,357 
Segment Profit
Grocery Products$80,791 $80,169 $270,963 $276,367 
Refrigerated Foods153,216 152,822 467,740 451,596 
Jennie-O Turkey Store5,874 7,069 45,514 72,968 
International & Other27,915 23,620 84,600 66,735 
Total Segment Profit267,796 263,679 868,817 867,666 
Net Unallocated Expense63,715 4,457 95,166 31,754 
Noncontrolling Interest157 141 290 103 
Earnings Before Income Taxes$204,238 $259,364 $773,940 $836,014 

Revenue has been disaggregated into the categories below to show how sales channels affect the nature, amount, timing, and uncertainty of revenue and cash flows. The amount of total revenues contributed by sales channel are:
 Thirteen Weeks EndedThirty-Nine Weeks Ended
(in thousands)July 25, 2021July 26, 2020July 25, 2021July 26, 2020
U.S. Retail$1,520,365 $1,390,075 $4,365,081 $4,072,156 
U.S. Foodservice851,897 588,130 2,162,481 1,864,050 
U.S. Deli266,506 238,076 777,308 721,748 
International224,902 165,177 626,568 530,402 
Total$2,863,670 $2,381,457 $7,931,438 $7,188,357 

The improvement demonstrated in U.S. Foodservice in the thirteen and thirty-nine weeks ended July 25, 2021, was driven by recovery of the foodservice industry following restrictions imposed by the COVID-19 pandemic in fiscal 2020.
The Company’s products primarily consist of meat and other food products. The amount of total revenues contributed by classes of similar products are: 
 Thirteen Weeks EndedThirty-Nine Weeks Ended
(in thousands)July 25, 2021July 26, 2020July 25, 2021July 26, 2020
Perishable$1,610,378 $1,365,741 $4,440,347 $4,016,266 
Shelf-stable670,446 511,732 1,761,883 1,581,789 
Poultry500,121 426,345 1,468,957 1,368,386 
Miscellaneous82,726 77,640 260,251 221,915 
Total$2,863,670 $2,381,457 $7,931,438 $7,188,357 

Perishable includes fresh meats, frozen items, refrigerated meal solutions, sausages, hams, guacamole, and bacon (excluding Jennie-O Turkey Store products). Shelf-stable includes canned luncheon meats, nut butters, chilies, shelf-stable microwaveable meals, hash, stews, salsas, tortilla chips, snack nuts, and other items that do not require refrigeration. The Poultry category is composed primarily of Jennie-O Turkey Store products. The Miscellaneous category primarily consists of nutritional food products and supplements, dessert and drink mixes, and industrial gelatin products.

The asset values below reflect the preliminary purchase allocations associated with the acquisition of the Planters® snack nuts business.

(in thousands)July 25, 2021October 25, 2020
Assets
Grocery Products$4,590,540 $1,713,883 
Refrigerated Foods4,758,687 4,188,250 
Jennie-O Turkey Store1,087,773 1,111,318 
International & Other797,181 721,729 
Corporate1,098,001 2,173,101 
Total$12,332,182 $9,908,282 
Additions to Property, Plant, & Equipment
Grocery Products$12,468 $34,409 
Refrigerated Foods93,020 249,441 
Jennie-O Turkey Store10,723 42,042 
International & Other6,776 3,737 
Corporate16,375 37,872 
Total$139,361 $367,501