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Pension and Other Postretirement Benefits
 12 Months Ended
Oct. 26, 2025
Retirement Benefits [Abstract]  
Pension and Other Postretirement Benefits
Pension and Other Postretirement Benefits

The Company maintains several defined benefit pension plans for eligible employees. Benefits under defined benefit pension plans for certain bargaining unit employees are based on stated amounts for each year of service. For certain non-bargaining unit hourly and salaried employees, defined benefit plan provisions are determined using one of the following approaches: (i) a formula based on final average compensation, age, and years of service; (ii) a cash balance plan design; or (iii) a combination of both.

The Company sponsors several defined contribution benefit plans for eligible employees. Total costs associated with the Company’s defined contribution benefit plans in fiscal 2025, 2024, and 2023 were $42.7 million, $42.5 million, and $41.0 million, respectively.

Certain groups of employees are eligible for postretirement health or welfare benefits. Benefits for retired employees vary for each group depending on respective retirement dates and applicable plan coverage in effect. Contribution requirements for retired employees are governed by the Company's Retiree Health Care Payment Program and may change each year as the cost to provide coverage is determined.
Net periodic cost of defined benefit plans included the following for fiscal years ending:
 Pension Benefits
Postretirement Benefits
In thousandsOctober 26, 2025October 27, 2024October 29, 2023October 26, 2025October 27, 2024October 29, 2023
Service Cost$43,214 $36,118 $35,607 $167 $163 $248 
Interest Cost70,584 73,344 68,630 9,924 11,571 12,064 
Expected Return on Plan Assets(86,948)(77,510)(78,285)— — — 
Amortization of Prior Service Cost (Credit)
1,277 (886)(1,843)(28)8 8 
Recognized Actuarial Loss (Gain)12,055 13,268 13,303 (160)(1,265)(29)
Special Termination Benefits(1)
12,696 — — — — — 
Net Periodic Cost$52,878 $44,334 $37,413 $9,903 $10,476 $12,290 
(1) As part of the corporate restructuring plan, the Company approved a voluntary early retirement program for eligible participants of the non-bargaining unit pension plan. The program included a one-time benefit enhancement based upon years of service, subject to minimum and maximum limits.

Actuarial gains and losses and any adjustments resulting from plan amendments are deferred and amortized over periods ranging from 8.3 to 10.9 years for pension benefits and from 12.2 to 12.8 years for postretirement benefits. The following amounts have not been recognized in net periodic pension cost and are included in Accumulated Other Comprehensive Loss:
 Pension Benefits
Postretirement Benefits
In thousandsOctober 26, 2025October 27, 2024October 26, 2025October 27, 2024
Unrecognized Prior Service (Cost) Credit
$(612)$(8,435)$513 $525 
Unrecognized Actuarial (Loss) Gain
(221,347)(260,538)33,058 21,318 

The following is a reconciliation of the beginning and ending balances of the benefit obligation, fair value of plan assets, and funded status of the plans as of the measurement dates:
Pension Benefits
Postretirement Benefits
In thousandsOctober 26, 2025October 27, 2024October 26, 2025October 27, 2024
Change in Benefit Obligation:
Benefit Obligation at Beginning of Year$1,339,726 $1,174,380 $191,578 $186,199 
Service Cost43,214 36,118 167 163 
Interest Cost70,584 73,344 9,924 11,571 
Actuarial (Gain) Loss(1)
10,988 143,280 (11,893)12,826 
Plan Amendments(6,545)— — (654)
Special Termination Benefits
12,696 — — — 
Participant Contributions— — 1,774 2,001 
Medicare Part D Subsidy— — 212 110 
Benefits Paid(91,906)(87,396)(19,204)(20,637)
Benefit Obligation at End of Year$1,378,757 $1,339,726 $172,558 $191,578 
(1)     Actuarial losses in fiscal 2024 were primarily due to the change in the discount rate assumptions utilized in measuring plan obligations.

Pension Benefits
Postretirement Benefits
In thousandsOctober 26, 2025October 27, 2024October 26, 2025October 27, 2024
Change in Plan Assets:
Fair Value of Plan Assets at Beginning of Year$1,327,760 $1,185,672 $— $— 
Actual Return on Plan Assets125,072 217,453 — — 
Participant Contributions— — 1,774 2,001 
Employer Contributions13,771 12,031 17,431 18,636 
Benefits Paid(91,906)(87,396)(19,204)(20,637)
Fair Value of Plan Assets at End of Year$1,374,698 $1,327,760 $— $— 
Funded Status at End of Year$(4,059)$(11,966)$(172,558)$(191,578)
Amounts recognized on the Consolidated Statements of Financial Position are as follows:
 Pension Benefits
Postretirement Benefits
In thousandsOctober 26, 2025October 27, 2024October 26, 2025October 27, 2024
Pension Assets$211,826 $205,964 $— $— 
Employee-related Expenses
(13,143)(12,501)(16,316)(17,115)
Pension and Postretirement Benefits
(202,742)(205,429)(156,242)(174,463)
Net Amount Recognized$(4,059)$(11,966)$(172,558)$(191,578)

The accumulated benefit obligation for all pension plans was $1.4 billion as of October 26, 2025, and $1.3 billion as of October 27, 2024. The following table provides information for pension plans with projected and accumulated benefit obligations in excess of plan assets:
In thousandsOctober 26, 2025October 27, 2024
Projected Benefit Obligation$215,885 $217,929 
Accumulated Benefit Obligation214,239 215,448 
Fair Value of Plan Assets— — 

Weighted-average assumptions used to determine benefit obligations are as follows: 
 October 26, 2025October 27, 2024
Discount Rate5.44 %5.44 %
Rate of Future Compensation Increase (For Plans that Base Benefits on Final Compensation Level)
4.04 %4.09 %
Interest Crediting Rate (For Cash Balance Plan)
4.60 %4.50 %

Weighted-average assumptions used to determine net periodic benefit costs are as follows:
 October 26, 2025October 27, 2024October 29, 2023
Discount Rate5.44 %6.49 %5.92 %
Rate of Future Compensation Increase (For Plans that Base Benefits on Final Compensation Level)
4.09 %4.06 %3.95 %
Expected Long-term Return on Plan Assets
6.75 %6.75 %6.50 %
Interest Crediting Rate (For Cash Balance Plan)
4.50 %4.98 %4.42 %

The expected long-term rate of return on plan assets is based on fair value and developed in consultation with outside advisors. A range is determined based on the composition of the asset portfolio, historical long-term rates of return, and estimates of future performance. The interest crediting rate is determined annually based on the U.S. 30-year Treasury rate with a floor of 2.65 percent.

For measurement purposes, an 8 percent annual rate of increase in the per capita cost of covered health care benefits for pre-Medicare and post-Medicare retirees’ coverage is assumed for 2026. The pre-Medicare and post-Medicare rate is assumed to decrease to 5 percent for 2031 and remain steady thereafter.

The Company’s funding policy is to make annual contributions of not less than the minimum required by applicable regulations. The Company expects to make contributions of $30.2 million during fiscal 2026, which represent benefit payments for unfunded plans.

Benefits expected to be paid over the next ten fiscal years are as follows:
In thousands
Pension Benefits
Postretirement Benefits
2026$110,621 $16,741 
202795,713 17,099 
202897,557 16,559 
2029100,044 15,923 
2030101,979 15,252 
2031-2035525,585 63,178 
Plan assets for certain defined benefit pension plans are held in the Hormel Foods Corporation Master Trust (Master Trust). The investment strategy for the Master Trust attempts to minimize the long-term cost of pension benefits, reduce the volatility of pension expense, and achieve a healthy funded status for the plans. The Company establishes target allocations in consultation with outside advisors through the use of asset-liability modeling in an effort to match the duration of the plan assets with the duration of the Company’s projected benefit liability.

The actual and target weighted-average asset allocations for the Company’s pension plan assets as of the plan measurement date are as follows:
October 26, 2025October 27, 2024
Asset CategoryActual %Target
Range %		Actual %Target
Range %
Long Duration Fixed Income
40.5 30 –50 — 0 –0 
Global Stocks32.2 20 –55 33.1 20 –55 
Investment Grade Bonds
9.8 0 –20 — 0 –0 
Private Equity
5.3 0 –15 6.1 0 –15 
Real Estate5.0 0 –10 5.6 0 –10 
Gold
2.7 0 –5 2.4 0 –5 
Cash and Cash Equivalents2.7 0 –5 1.5 0 –5 
Hedge Funds1.9 0 –10 1.8 0 –10 
Fixed Income(1)
— 0 –0 49.5 40 –60 
(1) Fixed Income asset category was replaced by Long Duration Fixed Income and Investment Grade Bonds in fiscal 2025.

The following tables show the categories of defined benefit pension plan assets and the level under which fair values were determined pursuant to the provisions of ASC 820. Assets measured at fair value using the NAV per share practical expedient are not required to be classified in the fair value hierarchy. These amounts are provided to permit reconciliation to the total fair value of plan assets.
Fair Value Measurements as of October 26, 2025
In thousandsTotal
Fair Value		Quoted Prices
in Active
Markets for
Identical Assets
(Level 1)		Significant Other
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)
Plan Assets in Fair Value Hierarchy    
Cash Equivalents
$36,715 $— $36,715 $— 
Private Equity
Domestic34,168 — — 34,168 
International39,169 — — 39,169 
Real Estate Funds
Domestic8,978 — — 8,978 
Fixed Income
U.S. Government Issues220,111 194,544 25,567 — 
Municipal Issues10,966 — 10,966 — 
Corporate Issues – Domestic272,441 — 272,441 — 
Corporate Issues – Foreign53,161 — 53,161 — 
Global Stocks – Mutual Funds
Domestic13,188 — 13,188 — 
Plan Assets in Fair Value Hierarchy$688,897 $194,544 $412,038 $82,315 
Plan Assets at Net Asset Value
Real Estate – Domestic
$59,761 
Global Stocks – Collective Investment Funds
429,406 
Global Stocks – Gold
36,473 
Hedge Funds
25,849 
Fixed Income – Hedge Funds
37,683 
Fixed Income – Collective Investment Funds
96,629 
Plan Assets at Net Asset Value685,801 
Total Plan Assets at Fair Value$1,374,698 
Fair Value Measurements as of October 27, 2024
In thousandsTotal
Fair Value		Quoted Prices
in Active
Markets for
Identical Assets
(Level 1)		Significant Other
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)
Plan Assets in Fair Value Hierarchy    
Cash Equivalents
$19,397 $— $19,397 $— 
Private Equity
Domestic35,958 — — 35,958 
International45,080 — — 45,080 
Real Estate Funds
Domestic6,249 — — 6,249 
Fixed Income
U.S. Government Issues175,715 152,721 22,994 — 
Municipal Issues9,938 — 9,938 — 
Corporate Issues – Domestic261,344 — 261,344 — 
Corporate Issues – Foreign41,088 — 41,088 — 
Global Stocks – Mutual Funds
Domestic8,451 8,451 — — 
Plan Assets in Fair Value Hierarchy$603,219 $161,172 $354,760 $87,287 
Plan Assets at Net Asset Value
Real Estate – Domestic
$67,765 
Global Stocks – Collective Investment Funds
431,494 
Global Stocks – Gold
32,022 
Hedge Funds
24,192 
Fixed Income – Hedge Funds
35,017 
Fixed Income – Collective Investment Funds
134,051 
Plan Assets at Net Asset Value724,541 
Total Plan Assets at Fair Value$1,327,760 

The following is a description of the valuation methodologies used for instruments measured at fair value, including the general classification of such instruments:

Cash Equivalents: These Level 1 and Level 2 investments consist primarily of cash and highly liquid money market mutual funds traded in active markets in addition to highly liquid futures and T-bills with an observable daily settlement price.

Private Equity: These Level 3 investments consist of various collective investment funds, which are managed by a third party, invested in a well-diversified portfolio of equity investments from top performing, high quality firms focused on U.S. and foreign small to mid-markets, venture capitalists, and entrepreneurs with a concentration in areas of innovation. Investment strategies include buyouts, growth capital, buildups, and distressed, as well as early stages of company development mainly in the U.S. The fair value of these funds is based on the fair value of the underlying investments.

Real Estate Funds: These Level 3 investments include ownership in closed-ended real estate funds targeting value added real estate opportunities. These funds manage diversified portfolios of commercial properties with broad sector exposure. Investment strategies aim to acquire, hold, or dispose of investments with the goal of achieving current and/or capital appreciation. These funds have a predetermined life and are illiquid investments.

Fixed Income: The Level 1 investments include U.S. Treasury bonds and notes, which are valued at the closing price reported on the active market in which the individual securities are traded. The Level 2 investments consist principally of U.S. government securities, which are valued daily using institutional bond quote sources and mortgage-backed securities pricing sources, and municipal, domestic, and foreign securities, which are valued daily using institutional bond quote sources.

Global Stocks – Mutual Funds: These investments include holdings of mutual funds that are SEC-registered open-end investment companies that pool money from many investors and invests the money in stocks, bonds, short-term money-market instruments, other securities or assets, or some combination of these investments. These securities are traded through fund managers or brokerage firms with a NAV calculated daily after market close.
Real Estate – Domestic: These investments include ownership in open-ended real estate funds, which manage diversified portfolios of commercial properties within the office, residential, retail, and industrial property sectors. Investment strategies aim to acquire, own, hold, or dispose of investments with the goal of achieving current income and/or capital appreciation. The real estate investments are valued at the NAV of shares held by the Master Trust. Requests to redeem shares are granted on a quarterly basis with either 45 or 90 days advance notice, subject to availability of cash.

Global Stocks – Collective Investment Funds: These investments include commingled funds consisting of a mix of U.S. common stocks and foreign common stocks. The collective investment funds are valued at the NAV of shares held by the Master Trust. The investment strategy is to obtain long-term capital appreciation by focusing on companies generating above average earnings growth and are leading growth businesses in the marketplace. All funds are daily liquid with the exception of one that is available on the first business day of the month for subscriptions and withdrawals.

Global Stocks – Gold: This investment is a limited partnership consisting of physical gold, global mining industry common stocks, and to a limited extent, other precious metals. The limited partnership is valued at the NAV of shares held by the Master Trust. This fund allows for weekly subscriptions and monthly redemptions.

Hedge Funds: These investments are designed to provide diversification to an overall institutional portfolio and, in particular, provide protection against equity market downturns. They are comprised of Commodity Trading Advisor Managed Futures, Global Macro (Discretionary and/or Quant) and Long Volatility/Tail Risk Hedging strategies. The hedge funds are valued at the NAV of shares held by the Master Trust. Requests to redeem shares are granted daily, monthly, or quarterly.

Fixed Income – Hedge Funds: These investments target absolute, risk-adjusted returns by taking advantage of price dislocations and inconsistencies within credit markets. Funds are comprised primarily of U.S. and European corporate credit and structured credit. The investments are valued at the NAV of shares held by the Master Trust. Requests to redeem shares are granted on a quarterly basis on the three-year fund anniversary with a ninety-day notice period.

Fixed Income – Collective Investment Funds: These investments include commingled funds consisting of a mix of U.S. government and investment grade corporate bonds. The collective investment funds are valued at NAV of the shares held by the Master Trust. The investment strategy is to achieve an investment return that approximates as closely to the Bloomberg Barclays U.S. Aggregate Bond Index over the long-term by investing in the securities that comprise the benchmark. There are no restrictions on redemptions.

A reconciliation of the beginning and ending balance of the investments measured at fair value using significant unobservable inputs (Level 3) is as follows:
In thousandsOctober 26, 2025October 27, 2024
Fair Value at Beginning of Year$87,287 $79,448 
Purchases, Issuances, and Settlements (Net)(7,016)1,029 
Unrealized Gains (Losses)
2,586 (2,144)
Realized Gains (Losses)
(569)569 
Interest and Dividend Income27 8,385 
Fair Value at End of Year$82,315 $87,287 

During fiscal 2025, the value of the Level 3 investments ranged from $82.3 million to $91.8 million, with an average value of $87.4 million.

The Company has commitments totaling $200.3 million for the investments within the pension plans. Funding for future capital calls will come from existing pension plan assets and not from additional cash contributions by the Company. The unfunded commitment balance for each investment category is as follows:
In thousandsOctober 26, 2025October 27, 2024
Domestic Equity$41,159 $34,111 
International Equity12,282 10,058 
Unfunded Commitment Balance$53,441 $44,169