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Segment Reporting
 12 Months Ended
Oct. 30, 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, which are consistent with how the Company's Chief Operating Decision Maker (CODM) assesses performance and allocates resources.
 
Grocery Products: The Grocery Products segment primarily consists 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 (MegaMex) joint venture.
 
Refrigerated Foods: The Refrigerated Foods segment includes the processing, marketing, and sale of branded and unbranded pork, beef, and poultry products for retail, foodservice, deli, convenience store, and commercial customers.
 
Jennie-O Turkey Store: The Jennie-O Turkey Store segment primarily consists of the processing, marketing, and sale of branded and unbranded turkey products for retail, foodservice, and commercial customers.
 
International & Other: 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 royalty arrangements and other joint ventures.

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. In fiscal 2021, 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.

Financial measures for each of the Company’s reportable segments and reconciliation to consolidated Earnings Before Income Taxes are set forth below. The Company's CODM reviews assets at a consolidated level and does not use assets by segment to evaluate performance or allocate resources. Therefore, the Company does not disclose assets by segment. 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.
 
In thousandsFiscal Year Ended
October 30, 2022October 31, 2021October 25, 2020
Sales to Unaffiliated Customers
Grocery Products$3,533,138 $2,809,445 $2,385,291 
Refrigerated Foods6,691,230 6,333,410 5,271,061 
Jennie-O Turkey Store1,507,421 1,495,151 1,333,459 
International & Other727,017 748,183 618,650 
Total$12,458,806 $11,386,189 $9,608,462 
Intersegment Sales
Grocery Products$— $— $13 
Refrigerated Foods25,751 28,019 21,067 
Jennie-O Turkey Store253,573 134,563 108,276 
International & Other— — — 
Total279,325 162,582 129,356 
Intersegment Elimination
(279,325)(162,582)(129,356)
Total$— $— $— 
Net Sales
Grocery Products$3,533,138 $2,809,445 $2,385,304 
Refrigerated Foods6,716,981 6,361,429 5,292,128 
Jennie-O Turkey Store1,760,994 1,629,714 1,441,735 
International & Other727,017 748,183 618,650 
Intersegment Elimination(279,325)(162,582)(129,356)
Total$12,458,806 $11,386,189 $9,608,462 
Segment Profit
Grocery Products$367,642 $382,197 $358,008 
Refrigerated Foods685,394 664,558 609,406 
Jennie-O Turkey Store218,860 76,006 105,585 
International & Other105,264 115,943 93,782 
Total Segment Profit$1,377,161 $1,238,704 $1,166,782 
Net Unallocated Expense99,297 112,836 52,307 
Noncontrolling Interest239 301 272 
Earnings Before Income Taxes$1,278,103 $1,126,170 $1,114,747 
Depreciation and Amortization
Grocery Products$50,948 $34,645 $32,148 
Refrigerated Foods131,041 116,206 97,317 
Jennie-O Turkey Store47,190 47,669 46,322 
International & Other12,972 15,244 16,226 
Corporate20,602 14,643 13,767 
Total$262,753 $228,406 $205,781 

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 for the last three fiscal years are:
Fiscal Year Ended
In thousandsOctober 30, 2022October 31, 2021October 25, 2020
U.S. Retail$7,780,284 $7,283,842 $6,411,739 
U.S. Foodservice3,879,568 3,239,424 2,489,644 
International798,955 862,923 707,078 
Total$12,458,806 $11,386,189 $9,608,462 

In 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 primarily consist of meat and other food products. Total revenue contributed by classes of similar products for the last three fiscal years are: 
Fiscal Year Ended
In thousandsOctober 30, 2022October 31, 2021October 25, 2020
Perishable$6,554,512 $6,271,164 $5,328,738 
Shelf-stable3,402,075 2,661,194 2,092,551 
Poultry2,121,819 2,100,356 1,886,367 
Miscellaneous380,400 353,475 300,806 
Total$12,458,806 $11,386,189 $9,608,462 
 
Perishable includes fresh meats, frozen items, refrigerated meal solutions, bacon, sausages, hams, and guacamole (excluding 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.

Revenues from external customers are classified as domestic or foreign based on the location where title passes. No individual foreign country is material to the consolidated results. Additionally, the Company’s long-lived assets located in foreign countries are not significant. Total net sales attributed to the U.S. and all foreign countries in total for the last three fiscal years are: 
Fiscal Year Ended
In thousandsOctober 30, 2022October 31, 2021October 25, 2020
U.S.$11,776,883 $10,653,088 $9,006,007 
Foreign681,923 733,101 602,454 
Total$12,458,806 $11,386,189 $9,608,462 
 
In fiscal 2022, sales to Walmart Inc. (Walmart) represented $2.1 billion or 15.6% of the Company’s consolidated gross sales less returns and allowances compared to $1.9 billion or 15.2% in fiscal 2021. Walmart is a customer for all four segments of the Company.