DERIVATIVES AND HEDGING (Tables)

3 Months Ended

Jan. 29, 2012

Derivatives and hedging

Schedule of fair values of derivative instruments

	Location on Consolidated	Fair Value (1)
	Statement of Financial Position	January 29, 2012		October 30, 2011
Asset Derivatives:
Derivatives Designated as Hedges:
Commodity contracts	Other current assets	$	67,265	$	58,753
Derivatives Not Designated as Hedges:
Commodity contracts	Other current assets	50		121
Total Asset Derivatives		$	67,315	$	58,874
Liability Derivatives:
Derivatives Designated as Hedges:
Commodity contracts	Accounts payable	$	574	$	351
Total Liability Derivatives		$	574	$	351

(1)  Amounts represent the gross fair value of derivative assets and liabilities.  The Company nets the derivative assets and liabilities for each of its 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 derivative in the Consolidated Statement of Financial Position.  See Note I - Fair Value Measurements for a discussion of these net amounts as reported in the Consolidated Statements of Financial Position.

Schedule of gains or losses (before tax) related to derivative instruments

	Gain/(Loss) Recognized in AOCL (Effective Portion) (1)					Location on	Gain/(Loss) Reclassified from AOCL into Earnings (Effective Portion) (1)						Gain/(Loss) Recognized in Earnings (Ineffective Portion) (2) (3)
	Three Months Ended					Consolidated	Three Months Ended						Three Months Ended
Cash Flow Hedges:	January 29, 2012			January 30, 2011		Statement of Operations	January 29, 2012			January 30, 2011			January 29, 2012			January 30, 2011
Commodity contracts	$	(7,242	)	$	19,590	Cost of products sold	$	10,890		$	5,247		$	0		$	(3,081	)
						Location on	Gain/(Loss) Recognized in Earnings (Effective Portion) (4)						Gain/(Loss) Recognized in Earnings (Ineffective Portion) (2) (5)
						Consolidated	Three Months Ended						Three Months Ended
Fair Value Hedges:						Statement of Operations	January 29, 2012			January 30, 2011			January 29, 2012			January 30, 2011
Commodity contracts						Cost of products sold	$	2,654		$	(2,543	)	$	(89	)	$	(122	)
						Location on	Gain/(Loss) Recognized in Earnings
						Consolidated	Three Months Ended
Derivatives Not Designated as Hedges:						Statement of Operations	January 29, 2012			January 30, 2011
Commodity contracts						Cost of products sold	$	(40	)	$	416

(1)	Amounts represent gains or losses in AOCL before tax. See Note F — Comprehensive Income for the after tax impact of these gains or losses on net earnings.
(2)	There were no gains or losses excluded from the assessment of hedge effectiveness during the quarter.
(3)	There were no gains or losses resulting from the discontinuance of cash flow hedges during the quarter. However, effective January 30, 2011, the Company de-designated and discontinued hedge accounting for its soybean meal futures contracts. At the date of de-designation of these hedges, gains of $17.7 million (before tax) were deferred in AOCL, with $4.2 million (before tax) remaining as of January 29, 2012. These gains will remain in AOCL until the hedged transactions occur or it is probable the hedged transactions will not occur. Gains or losses related to these contracts after the date of de-designation have been recognized in earnings as incurred.
(4)	Amounts represent losses on commodity contracts designated as fair value hedges that were closed during the quarter, which were offset by a corresponding gain 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.
(5)	There were no gains or losses recognized as a result of a hedged firm commitment no longer qualifying as a fair value hedge during the quarter.

Cash Flow Hedges

Derivatives and hedging

Schedule of outstanding commodity or foreign exchange contracts

	Volume
Commodity	January 29, 2012	October 30, 2011
Corn	18.7 million bushels	20.8 million bushels
Natural gas	0.3 million MMBTU’s	0.5 million MMBTU’s

Fair Value Hedges

Derivatives and hedging

Schedule of outstanding commodity or foreign exchange contracts

	Volume
Commodity	January 29, 2012	October 30, 2011
Corn	13.1 million bushels	12.4 million bushels
Lean hogs	1.0 million cwt	1.3 million cwt

Derivatives not designated as hedges

Derivatives and hedging

Schedule of outstanding commodity or foreign exchange contracts

	Volume
Commodity	January 29, 2012	October 30, 2011
Soybean meal	2,400 tons	4,300 tons