SEGMENT REPORTING

3 Months Ended

Jan. 28, 2024

Segment Reporting [Abstract]

SEGMENT REPORTING

NOTE M - 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 three segments: Retail, Foodservice, and International, which is consistent with how the Company's chief operating decision maker (CODM) assesses performance and allocates resources.

The Retail segment consists primarily of the processing, marketing, and sale of food products sold predominantly in the retail market. This segment also includes the results from the Company’s MegaMex Foods, LLC joint venture.

The Foodservice segment consists primarily of the processing, marketing, and sale of food and nutritional products for foodservice, convenience store, and commercial customers.

The International segment processes, markets, and sells Company products internationally. This segment also includes the results from the Company’s international joint ventures, equity method investments, and royalty arrangements.

Intersegment sales are eliminated in consolidation and are not reviewed when evaluating segment performance. The Company does not allocate deferred compensation, expenses associated with the transformation and modernization initiative, 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 corporate venturing investments and 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 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 Ended
In thousands	January 28, 2024		January 29, 2023
Net Sales
Retail	$	1,911,272	$	1,957,797
Foodservice	913,087		834,750
International	172,552		178,445
Total Net Sales	$	2,996,911	$	2,970,992
Segment Profit
Retail	$	149,505	$	154,677
Foodservice	150,164		136,442
International	20,031		19,905
Total Segment Profit	319,700		311,025
Net Unallocated Expense	34,020		29,755
Noncontrolling Interest	(134)		(69)
Earnings Before Income Taxes	$	285,547	$	281,201

The Company’s products primarily consist of meat and other food products. Total revenue contributed by classes of similar products are: 

	Quarter Ended
In thousands	January 28, 2024		January 29, 2023
Perishable	$	2,106,571	$	2,080,461
Shelf-stable	890,340		890,531
Total Net Sales	$	2,996,911	$	2,970,992

Perishable includes fresh meats, frozen items, refrigerated meal solutions, bacon, sausages, hams, guacamole, and other items that require refrigeration. Shelf-stable includes canned luncheon meats, nut butters, snack nuts, chili, shelf-stable microwaveable meals, hash, stews, tortillas, salsas, tortilla chips, nutritional food supplements, and other items that do not require refrigeration.