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DERIVATIVES AND HEDGING (Tables)
 9 Months Ended
Jul. 31, 2022
Derivative [Line Items]  
Schedule of fair values of derivative instruments The fair values of the Company’s derivative instruments designated as hedges are:
  Gross Fair Value
in thousandsLocation on Consolidated Condensed Statements of Financial PositionJuly 31,
2022		October 31,
2021
Derivatives Designated as Hedges:
Commodity Contracts(1)
Other Current Assets$19,058 $21,798 
Interest Rate ContractsInterest and Dividends Payable(17,473)— 
(1) Amounts represent the gross fair value of commodity derivative assets and liabilities. The Company nets the derivative assets and liabilities for each of its hedging programs, including cash collateral, when a master netting arrangement exists between the Company and the counterparty to the derivative contract. The amount or timing of cash collateral balances may impact the classification of the commodity derivative in the Consolidated Condensed Statements of Financial Position. The gross asset position as of July 31, 2022 is offset by the obligation to return net cash collateral of $4.8 million contained within the master netting arrangement. The gross asset position as of October 31, 2021 is offset by the obligation to return net cash collateral of $10.8 million. See Note I - Fair Value Measurements for a discussion of these net amounts as reported in the Consolidated Condensed Statements of Financial Position.
Schedule of fair value hedge assets (liabilities) The carrying amount of the Company's fair value hedged assets (liabilities) are:
Carrying Amount of Hedged
Assets/(Liabilities)
in thousandsLocation on Consolidated Condensed Statements of Financial PositionJuly 31,
2022		October 31,
2021
Fair Value Hedges:
Commodity Contracts
Accounts Payable(1)
$(2,126)$3,432 
Interest Rate Contracts
Long-term Debt - Less Current Maturities(2)
(432,527)— 
(1)  Represents the carrying amount of fair value hedged assets and liabilities which are offset by other assets included in master netting arrangements described above.
(2) Represents the carrying amount of the hedged portion of the "2024 Notes". As of July 31, 2022, a cumulative basis adjustment of $17.5 million has been included in the carrying amount.
Schedule of gains or losses related to derivative instruments
The effect of AOCL for gains or losses (before tax) related to the Company's derivative instruments are:
 
Gain/(Loss)
Recognized
 in AOCL (1)
Gain/(Loss)
Reclassified from
AOCL into Earnings (1)
Location on
Consolidated
Statements
of Operations
 Quarter EndedQuarter Ended
in thousandsJuly 31, 2022July 25, 2021July 31, 2022July 25, 2021
Cash Flow Hedges:
Commodity Contracts$(24,312)$5,467 $21,216 $14,261 Cost of Products Sold
Excluded Component (2)
(576)1,261 — — 
Interest Rate Contracts
— (3,675)247 152 Interest Expense
Gain/(Loss)
Recognized
 in AOCL (1)
Gain/(Loss)
Reclassified from
AOCL into Earnings (1)
Location on
Consolidated
Statements
of Operations
Nine Months EndedNine Months Ended
in thousandsJuly 31, 2022July 25, 2021July 31, 2022July 25, 2021
Cash Flow Hedges:
Commodity Contracts$46,299 $58,129 $40,231 $18,723 Cost of Products Sold
Excluded Component (2)
(4,020)1,261 — — 
Interest Rate Contracts
— 14,864 741 152 Interest Expense
(1) See Note H - Accumulated Other Comprehensive Loss for the after-tax impact of these gains or losses on Net Earnings.
(2) Represents the time value of corn options excluded from the assessment of effectiveness for which the difference between changes in fair value and periodic amortization is recorded in AOCL.
Consolidated Statements of Operations Impact: The effect on the Consolidated Statements of Operations for gains or losses (before tax) related to the Company's derivative instruments are:
Consolidated Statements of Operations Impact
Quarter EndedNine Months Ended
in thousandsJuly 31, 2022July 25, 2021July 31, 2022July 25, 2021
Net Earnings Attributable to Hormel Foods Corporation$218,915 $176,917 $720,103 $627,101 
Cash Flow Hedges - Commodity Contracts
Gain (Loss) Reclassified from AOCL21,216 14,261 38,561 18,723 
Amortization of Excluded Component from Options(1,145)(1,543)(3,089)(1,543)
Gain (Loss) Due to Discontinuance of Cash Flow Hedges (1)
— — 1,620 — 
Fair Value Hedges - Commodity Contracts
   Gain (Loss) on Commodity Futures (2)
(6,758)(11,739)(20,165)(26,010)
Total Gain (Loss) on Commodity Contracts (3)
$13,313 $979 $16,927 $(8,830)
Cash Flow Hedges - Interest Rate Locks
Amortization of Gain on Interest Rate Locks247 152 741 152 
Fair Value Hedge - Interest Rate Swap
   Gain (Loss) on Interest Rate Swap(222)— 1,270 — 
Total Gain (Loss) on Interest Rate Contracts (4)
$25 $152 $2,011 $152 
Total Gain (Loss) Recognized in Earnings$13,338 $1,131 $18,938 $(8,678)

(1) During the second quarter of fiscal 2022, the Company discontinued hedge accounting on 0.6 million bushels of corn usage that was deemed no longer probable to occur.
(2)     Amounts represent gains or losses on commodity contracts designated as fair value hedges that were closed during the quarter and nine months ended July 31, 2022, which were offset by a corresponding gain or loss on the underlying hedged purchase commitment. Additional gains or losses related to changes in the fair value of open commodity contracts, along with the offsetting gain or loss on the hedged purchase commitment, are also marked-to-market through earnings with no impact on a net basis.
(3)    Total Gain (Loss) on Commodity Contracts is recognized in earnings through Cost of Products Sold.
(4)    Total Gain (Loss) on Interest Rate Contracts is recognized in earnings through Interest Expense.
Cash Flow Hedges  
Derivative [Line Items]  
Schedule of outstanding commodity futures contracts The Company's outstanding contracts related to its commodity hedging programs include:
 Volume
Commodity ContractsJuly 31, 2022October 31, 2021
Corn34.9 million bushels33.1 million bushels
Lean Hogs165.0 million pounds120.0 million pounds