Leases

12 Months Ended

Oct. 27, 2024

Leases [Abstract]

Leases

Leases

The Company has operating leases for manufacturing facilities, office space, warehouses, transportation equipment, as well as miscellaneous real estate and equipment contracts. Finance leases primarily include turkey growing facilities and an aircraft. The Company’s lessor portfolio consists primarily of immaterial operating leases of farmland to third parties.

Lease information included on the Consolidated Statements of Financial Position are:

In thousands	Location on Consolidated Statements of Financial Position	October 27, 2024			October 29, 2023
Right-of-Use Assets
Operating	Other Assets		$	147,698		$	131,920
Finance	Net Property, Plant, and Equipment		30,484			37,999
Total Right-of-Use Assets			$	178,183		$	169,919
Lease Liabilities
Current
Operating	Accrued Expenses		$	32,068		$	26,238
Finance	Current Maturities of Long-term Debt		7,383			8,597
Long-term
Operating	Other Long-term Liabilities		121,286			109,237
Finance	Long-term Debt Less Current Maturities		20,158			27,488
Total Lease Liabilities			$	180,894		$	171,560

Lease expenses are:

	Fiscal Year Ended
In thousands	October 27, 2024			October 29, 2023			October 30, 2022
Operating Lease Cost (1)		$	42,200		$	34,209		$	25,702
Finance Lease Cost
Amortization of Right-of-Use Assets		7,562			7,594			7,965
Interest on Lease Liabilities		1,042			1,361			1,707
Variable Lease Cost (2)		390,032			511,906			463,439
Total Lease Cost		$	440,836		$	555,070		$	498,813

(1)    Includes short-term lease costs, which are immaterial.

(2)    ASC 842 - Leases requires disclosure of payments related to agreements with an embedded lease that are not otherwise reflected on the Consolidated Statements of Financial Position. The Company’s variable lease costs primarily include inventory-related expenses, such as materials, labor, and overhead from manufacturing and service agreements that contain embedded leases. Variability of these costs is determined based on usage or output and may vary for other reasons such as changes in material prices.

The weighted-average remaining lease term and discount rate for lease liabilities included on the Consolidated Statements of Financial Position are:

	October 27, 2024		October 29, 2023
Weighted-average Remaining Lease Term
Operating Leases	6.1 years		6.0 years
Finance Leases	4.4 years		5.3 years
Weighted-average Discount Rate
Operating Leases	4.43	%	4.43	%
Finance Leases	3.27	%	3.37	%

Supplemental cash flow and other information related to leases for the fiscal year ended are:

In thousands	October 27, 2024			October 29, 2023			October 30, 2022
Cash Paid for Amounts Included in the Measurement of Lease Liabilities
Operating Cash Flows from Operating Leases		$	35,619		$	29,436		$	24,098
Operating Cash Flows from Finance Leases		1,042			1,361			1,707
Financing Cash Flows from Finance Leases		8,599			8,407			8,491
Right-of-Use Assets obtained in exchange for new finance lease liabilities		55			19			—
Right-of-Use Assets obtained in exchange for new operating lease liabilities		48,294			84,087			19,646

The maturity of the Company’s lease liabilities as of October 27, 2024, are:

In thousands	Operating Leases		Finance Leases (1)		Total (2)
2025	$	38,343	$	8,126	$	46,469
2026	34,674		5,691		40,364
2027	26,020		4,335		30,354
2028	17,481		10,542		28,023
2029	16,180		685		16,865
2030 and beyond	43,040		—		43,040
Total Lease Payments	$	175,738	$	29,377	$	205,115
Less: Imputed Interest	22,385		1,836		24,222
Present Value of Lease Liabilities	$	153,354	$	27,541	$	180,894

(1)    Over the life of the lease contracts, finance lease payments include $7.2 million related to purchase options which are reasonably certain of being exercised.

(2)    Lease payments exclude $36.0 million of legally binding minimum lease payments for leases signed but not yet commenced as of October 27, 2024.

Leases

Leases

The Company has operating leases for manufacturing facilities, office space, warehouses, transportation equipment, as well as miscellaneous real estate and equipment contracts. Finance leases primarily include turkey growing facilities and an aircraft. The Company’s lessor portfolio consists primarily of immaterial operating leases of farmland to third parties.

Lease information included on the Consolidated Statements of Financial Position are:

In thousands	Location on Consolidated Statements of Financial Position	October 27, 2024			October 29, 2023
Right-of-Use Assets
Operating	Other Assets		$	147,698		$	131,920
Finance	Net Property, Plant, and Equipment		30,484			37,999
Total Right-of-Use Assets			$	178,183		$	169,919
Lease Liabilities
Current
Operating	Accrued Expenses		$	32,068		$	26,238
Finance	Current Maturities of Long-term Debt		7,383			8,597
Long-term
Operating	Other Long-term Liabilities		121,286			109,237
Finance	Long-term Debt Less Current Maturities		20,158			27,488
Total Lease Liabilities			$	180,894		$	171,560

Lease expenses are:

	Fiscal Year Ended
In thousands	October 27, 2024			October 29, 2023			October 30, 2022
Operating Lease Cost (1)		$	42,200		$	34,209		$	25,702
Finance Lease Cost
Amortization of Right-of-Use Assets		7,562			7,594			7,965
Interest on Lease Liabilities		1,042			1,361			1,707
Variable Lease Cost (2)		390,032			511,906			463,439
Total Lease Cost		$	440,836		$	555,070		$	498,813

(1)    Includes short-term lease costs, which are immaterial.

(2)    ASC 842 - Leases requires disclosure of payments related to agreements with an embedded lease that are not otherwise reflected on the Consolidated Statements of Financial Position. The Company’s variable lease costs primarily include inventory-related expenses, such as materials, labor, and overhead from manufacturing and service agreements that contain embedded leases. Variability of these costs is determined based on usage or output and may vary for other reasons such as changes in material prices.

The weighted-average remaining lease term and discount rate for lease liabilities included on the Consolidated Statements of Financial Position are:

	October 27, 2024		October 29, 2023
Weighted-average Remaining Lease Term
Operating Leases	6.1 years		6.0 years
Finance Leases	4.4 years		5.3 years
Weighted-average Discount Rate
Operating Leases	4.43	%	4.43	%
Finance Leases	3.27	%	3.37	%

Supplemental cash flow and other information related to leases for the fiscal year ended are:

In thousands	October 27, 2024			October 29, 2023			October 30, 2022
Cash Paid for Amounts Included in the Measurement of Lease Liabilities
Operating Cash Flows from Operating Leases		$	35,619		$	29,436		$	24,098
Operating Cash Flows from Finance Leases		1,042			1,361			1,707
Financing Cash Flows from Finance Leases		8,599			8,407			8,491
Right-of-Use Assets obtained in exchange for new finance lease liabilities		55			19			—
Right-of-Use Assets obtained in exchange for new operating lease liabilities		48,294			84,087			19,646

The maturity of the Company’s lease liabilities as of October 27, 2024, are:

In thousands	Operating Leases		Finance Leases (1)		Total (2)
2025	$	38,343	$	8,126	$	46,469
2026	34,674		5,691		40,364
2027	26,020		4,335		30,354
2028	17,481		10,542		28,023
2029	16,180		685		16,865
2030 and beyond	43,040		—		43,040
Total Lease Payments	$	175,738	$	29,377	$	205,115
Less: Imputed Interest	22,385		1,836		24,222
Present Value of Lease Liabilities	$	153,354	$	27,541	$	180,894

(1)    Over the life of the lease contracts, finance lease payments include $7.2 million related to purchase options which are reasonably certain of being exercised.

(2)    Lease payments exclude $36.0 million of legally binding minimum lease payments for leases signed but not yet commenced as of October 27, 2024.

Leases

Leases

The Company has operating leases for manufacturing facilities, office space, warehouses, transportation equipment, as well as miscellaneous real estate and equipment contracts. Finance leases primarily include turkey growing facilities and an aircraft. The Company’s lessor portfolio consists primarily of immaterial operating leases of farmland to third parties.

Lease information included on the Consolidated Statements of Financial Position are:

In thousands	Location on Consolidated Statements of Financial Position	October 27, 2024			October 29, 2023
Right-of-Use Assets
Operating	Other Assets		$	147,698		$	131,920
Finance	Net Property, Plant, and Equipment		30,484			37,999
Total Right-of-Use Assets			$	178,183		$	169,919
Lease Liabilities
Current
Operating	Accrued Expenses		$	32,068		$	26,238
Finance	Current Maturities of Long-term Debt		7,383			8,597
Long-term
Operating	Other Long-term Liabilities		121,286			109,237
Finance	Long-term Debt Less Current Maturities		20,158			27,488
Total Lease Liabilities			$	180,894		$	171,560

Lease expenses are:

	Fiscal Year Ended
In thousands	October 27, 2024			October 29, 2023			October 30, 2022
Operating Lease Cost (1)		$	42,200		$	34,209		$	25,702
Finance Lease Cost
Amortization of Right-of-Use Assets		7,562			7,594			7,965
Interest on Lease Liabilities		1,042			1,361			1,707
Variable Lease Cost (2)		390,032			511,906			463,439
Total Lease Cost		$	440,836		$	555,070		$	498,813

(1)    Includes short-term lease costs, which are immaterial.

(2)    ASC 842 - Leases requires disclosure of payments related to agreements with an embedded lease that are not otherwise reflected on the Consolidated Statements of Financial Position. The Company’s variable lease costs primarily include inventory-related expenses, such as materials, labor, and overhead from manufacturing and service agreements that contain embedded leases. Variability of these costs is determined based on usage or output and may vary for other reasons such as changes in material prices.

The weighted-average remaining lease term and discount rate for lease liabilities included on the Consolidated Statements of Financial Position are:

	October 27, 2024		October 29, 2023
Weighted-average Remaining Lease Term
Operating Leases	6.1 years		6.0 years
Finance Leases	4.4 years		5.3 years
Weighted-average Discount Rate
Operating Leases	4.43	%	4.43	%
Finance Leases	3.27	%	3.37	%

Supplemental cash flow and other information related to leases for the fiscal year ended are:

In thousands	October 27, 2024			October 29, 2023			October 30, 2022
Cash Paid for Amounts Included in the Measurement of Lease Liabilities
Operating Cash Flows from Operating Leases		$	35,619		$	29,436		$	24,098
Operating Cash Flows from Finance Leases		1,042			1,361			1,707
Financing Cash Flows from Finance Leases		8,599			8,407			8,491
Right-of-Use Assets obtained in exchange for new finance lease liabilities		55			19			—
Right-of-Use Assets obtained in exchange for new operating lease liabilities		48,294			84,087			19,646

The maturity of the Company’s lease liabilities as of October 27, 2024, are:

In thousands	Operating Leases		Finance Leases (1)		Total (2)
2025	$	38,343	$	8,126	$	46,469
2026	34,674		5,691		40,364
2027	26,020		4,335		30,354
2028	17,481		10,542		28,023
2029	16,180		685		16,865
2030 and beyond	43,040		—		43,040
Total Lease Payments	$	175,738	$	29,377	$	205,115
Less: Imputed Interest	22,385		1,836		24,222
Present Value of Lease Liabilities	$	153,354	$	27,541	$	180,894

(1)    Over the life of the lease contracts, finance lease payments include $7.2 million related to purchase options which are reasonably certain of being exercised.

(2)    Lease payments exclude $36.0 million of legally binding minimum lease payments for leases signed but not yet commenced as of October 27, 2024.