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Segment Reporting
 12 Months Ended
Oct. 27, 2024
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 three segments: Retail, Foodservice, and International, which are 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 in the United States. 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 products for foodservice, convenience store, and commercial customers located in the United States.
The International segment processes, markets, and sells Company products internationally. This segment also includes the results from the Company’s international joint ventures, international equity method investments, and international royalty arrangements.

Financial measures for each of the Company’s reportable segments are set forth below. Intersegment sales are eliminated in consolidation and are not reviewed when evaluating segment performance. The Company does not allocate deferred compensation, non-recurring expenses associated with the Transform and Modernize 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.

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. 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.
In thousandsFiscal Year Ended
October 27, 2024October 29, 2023October 30, 2022
Net Sales
Retail $7,374,149 $7,749,039 $7,987,598 
Foodservice3,845,118 3,639,492 3,691,408 
International701,529 721,479 779,799 
Total Net Sales
$11,920,797 $12,110,010 $12,458,806 
Segment Profit
Retail$562,768 $577,690 $721,832 
Foodservice596,292 595,682 547,686 
International92,084 55,234 107,642 
Total Segment Profit$1,251,144 $1,228,606 $1,377,161 
Net Unallocated Expense215,304 214,482 99,297 
Noncontrolling Interest(407)(653)239 
Earnings Before Income Taxes$1,035,434 $1,013,472 $1,278,103 
Depreciation and Amortization
Retail
$140,103 $145,690 $135,824 
Foodservice
78,949 74,370 69,577 
International
19,151 15,627 16,072 
Corporate19,553 17,623 14,413 
Total Depreciation and Amortization
$257,756 $253,311 $235,885 

The Company’s products primarily consist of meat and other food products. Total revenue contributed by classes of similar products are:
Fiscal Year Ended
In thousandsOctober 27, 2024October 29, 2023October 30, 2022
Perishable$8,548,802 $8,511,795 $8,737,486 
Shelf-stable3,371,995 3,598,215 3,721,320 
Total Net Sales
$11,920,797 $12,110,010 $12,458,806 

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.

The Company has a global presence selling its products in all 50 U.S. states as well as several major international markets. 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 are:
Fiscal Year Ended
In thousandsOctober 27, 2024October 29, 2023October 30, 2022
U.S.$11,283,978 $11,515,094 $11,776,883 
Foreign636,819 594,915 681,923 
Total Net Sales
$11,920,797 $12,110,010 $12,458,806 
Sales to Walmart Inc. and its subsidiaries (Walmart) represented 15.6% or $2.0 billion, 15.5% or $2.0 billion, and 15.6% or $2.1 billion of the Company’s consolidated gross sales less returns and allowances in fiscal 2024, 2023, and 2022, respectively. Walmart is a customer for the Company’s Retail and International segments.