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SEGMENT REPORTING
 6 Months Ended
May 01, 2022
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, convenience store, 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 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. 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.
 
 Quarter EndedSix Months Ended
in thousandsMay 1, 2022April 25, 2021May 1, 2022April 25, 2021
Sales to Unaffiliated Customers  
Grocery Products$873,572 $628,232 $1,729,163 $1,205,831 
Refrigerated Foods1,644,284 1,453,380 3,271,812 2,820,457 
Jennie-O Turkey Store407,287 351,179 791,759 684,500 
International & Other171,416 173,830 348,184 356,980 
Total$3,096,559 $2,606,621 $6,140,917 $5,067,768 
Intersegment Sales
Grocery Products$— $— $— $— 
Refrigerated Foods6,491 5,933 14,179 11,891 
Jennie-O Turkey Store52,498 32,442 100,452 59,135 
International & Other— — — — 
Total58,989 38,376 114,631 71,026 
Intersegment Elimination(58,989)(38,376)(114,631)(71,026)
Total$— $— $— $— 
Net Sales
Grocery Products$873,572 $628,232 $1,729,163 $1,205,831 
Refrigerated Foods1,650,775 1,459,313 3,285,991 2,832,348 
Jennie-O Turkey Store459,785 383,621 892,211 743,635 
International & Other171,416 173,830 348,184 356,980 
Intersegment Elimination(58,989)(38,376)(114,631)(71,026)
Total$3,096,559 $2,606,621 $6,140,917 $5,067,768 
Segment Profit
Grocery Products$89,299 $97,970 $188,785 $190,172 
Refrigerated Foods178,492 173,352 340,884 314,524 
Jennie-O Turkey Store61,799 12,700 105,536 39,640 
International & Other23,653 24,481 49,737 56,685 
Total Segment Profit353,243 308,503 684,941 601,020 
Net Unallocated Expense31,436 15,904 54,370 31,451 
Noncontrolling Interest62 21 201 133 
Earnings Before Income Taxes$321,868 $292,620 $630,772 $569,702 
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. Total revenue contributed by sales channel are:
 Quarter EndedSix Months Ended
in thousandsMay 1, 2022April 25, 2021May 1, 2022April 25, 2021
U.S. Retail$1,946,117 $1,685,631 $3,904,864 $3,355,518 
U.S. Foodservice959,467 724,248 1,845,532 1,310,584 
International190,975 196,742 390,520 401,666 
Total$3,096,559 $2,606,621 $6,140,917 $5,067,768 

Beginning in the first quarter of fiscal 2022, the Company updated its presentation of revenue disaggregation by sales channel, combining U.S. Deli and U.S. Retail as market conditions have evolved providing many similarities between the channels. The prior year presentation has been updated to conform to the current period presentation.

The Company’s products consist primarily of meat and other food products. Total revenue contributed by classes of similar products are: 
 Quarter EndedSix Months Ended
in thousandsMay 1, 2022April 25, 2021May 1, 2022April 25, 2021
Perishable$1,783,172 $1,453,149 $3,556,375 $2,829,969 
Shelf-stable629,406 567,501 1,264,643 1,091,437 
Poultry565,531 494,186 1,102,135 968,837 
Miscellaneous118,449 91,786 217,764 177,525 
Total$3,096,559 $2,606,621 $6,140,917 $5,067,768 

Perishable includes fresh meats, frozen items, refrigerated meal solutions, bacon, sausages, hams, and guacamole (excludes Jennie-O Turkey Store products). Shelf-stable includes canned luncheon meats, nut butters, snack nuts, chili, shelf-stable microwaveable meals, hash, stews, tortillas, salsas, tortilla chips, 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.