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DERIVATIVES AND HEDGING (Tables)
 6 Months Ended
Apr. 30, 2023
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 PositionApril 30,
2023		October 30,
2022
Commodity Contracts(1)
Other Current Assets$(9,833)$13,504 
(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 commodity 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 liability position as of April 30, 2023, includes the right to reclaim net cash collateral of $32.1 million contained within the master netting arrangement. The gross asset position as of October 30, 2022, is offset by the obligation to return net cash collateral of $1.3 million. See Note H - 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 PositionApril 30,
2023		October 30,
2022
Commodity Contracts
Accounts Payable(1)
$2,448 $5,725 
Interest Rate Contracts
Long-term Debt Less Current Maturities(2)
(436,299)(430,050)
(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 April 30, 2023, the carrying amount of the 2024 Notes included a cumulative fair value hedging adjustment of $13.7 million from discontinued hedges.
Schedule of gains or losses related to derivative instruments
The effect on 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 thousandsApril 30, 2023May 1, 2022April 30, 2023May 1, 2022
Cash Flow Hedges
Commodity Contracts$(23,161)$50,331 $732 $11,269 Cost of Products Sold
Excluded Component (2)
(1,036)(2,271)— — 
Interest Rate Contracts
— — 247 247 Interest Expense
Gain/(Loss)
Recognized
 in AOCL (1)
Gain/(Loss)
Reclassified from
AOCL into Earnings (1)
Location on
Consolidated
Statements
of Operations
Six Months EndedSix Months Ended
in thousandsApril 30, 2023May 1, 2022April 30, 2023May 1, 2022
Cash Flow Hedges
Commodity Contracts$(31,551)$70,611 $11,591 $19,015 Cost of Products Sold
Excluded Component (2)
(691)(3,444)— — 
Interest Rate Contracts
— — 494 494 Interest Expense
(1) See Note G - 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 EndedSix Months Ended
in thousandsApril 30,
2023		May 1,
2022		April 30,
2023		May 1,
2022
Net Earnings Attributable to Hormel Foods Corporation$217,239 $261,617 $434,958 $501,188 
Cash Flow Hedges - Commodity Contracts
Gain (Loss) Reclassified from AOCL732 9,599 11,591 17,345 
Amortization of Excluded Component from Options(1,497)(1,120)(2,909)(1,945)
Gain (Loss) Reclassified from AOCL Due to Discontinuance of Cash Flow Hedges (1)
— 1,620 — 1,620 
Fair Value Hedges - Commodity Contracts
   Gain (Loss) on Commodity Futures (2)
1,563 (9,757)(1,459)(13,407)
Total Gain (Loss) on Commodity Contracts (3)
$798 $342 $7,223 $3,613 
Cash Flow Hedges - Interest Rate Locks
Gain (Loss) Reclassified from AOCL247 247 494 494 
Fair Value Hedge - Interest Rate Swap
   Gain (Loss) on Interest Rate Swap— 699 — 1,491 
Amortization of Loss Due to Discontinuance of Fair Value Hedge (4)
(3,125)— (6,250)— 
Total Gain (Loss) on Interest Rate Contracts (5)
$(2,878)$946 $(5,755)$1,985 
Total Gain (Loss) Recognized in Earnings$(2,080)$1,288 $1,468 $5,598 
(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. A gain of $1.7 million related to the discontinued hedges and an immaterial loss related to the excluded component from options was reclassified directly into earnings.
(2) Represents gains or losses on commodity contracts designated as fair value hedges that were closed during the quarter ended April 30, 2023, 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)    Represents the fair value hedging adjustment amortized into earnings.
(5)    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
in millionsApril 30, 2023October 30, 2022
Corn27.5 bushels34.3 bushels
Lean Hogs186.9 pounds177.5 pounds
Natural Gas1.2 MMBtu— MMBtu