DERIVATIVES AND HEDGING (Tables)

3 Months Ended

Jan. 27, 2013

Schedule of fair values of derivative instruments

	Location on
	Consolidated	Fair Value (1)
	Statement of Financial	January 27,			October 28,
	Position	2013			2012
Asset Derivatives:
Derivatives Designated as Hedges:
Commodity contracts	Other current assets	$	(11,022	)	$	7,483

Derivatives Not Designated as Hedges:
Commodity contracts	Other current assets	(1,088		)	—

Total Asset Derivatives		$	(12,110	)	$	7,483

(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 J - 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 27, 2013			January 29, 2012			Statement of Operations	January 27, 2013		January 29, 2012		January 27, 2013		January 29, 2012
Commodity contracts	$	(4,091	)	$	(7,242	)	Cost of products sold	$	6,830	$	10,890	$	166	$	—

	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 27, 2013			January 29, 2012		January 27, 2013			January 29, 2012
Commodity contracts	Cost of products sold	$	(1,086	)	$	2,654	$	(30	)	$	(89	)

Location on

Gain/(Loss)
Recognized
in Earnings

Consolidated

Three Months Ended

Derivatives Not
Designated as Hedges:

Statement
of Operations

January 27,
2013

January 29,
2012

Commodity contracts

Cost of products sold

(1,084

)

(40

)

(1) Amounts represent gains or losses in AOCL before tax. See the Consolidated Statements of 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.

(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.

Derivatives not designated as hedges

Derivatives and hedging

Schedule of outstanding commodity futures contracts

	Volume
Commodity	January 27, 2013	October 28, 2012
Soybean Meal	0.1 million tons	—

Cash Flow Hedges

Derivatives and hedging

Schedule of outstanding commodity futures contracts

	Volume
Commodity	January 27, 2013	October 28, 2012
Corn	12.9 million bushels	12.0 million bushels

Fair Value Hedges

Derivatives and hedging

Schedule of outstanding commodity futures contracts

	Volume
Commodity	January 27, 2013	October 28, 2012
Corn	6.9 million bushels	8.0 million bushels
Lean hogs	0.8 million cwt	0.9 million cwt

- Definition

Tabular disclosure of the location and amount of gains and losses reported in the statement of financial performance, or when applicable, the statement of financial position. For example, (a) gains and losses recognized in the income statement on derivative instruments designated and qualifying as hedging instruments in fair value hedges and related hedged items designated and qualifying in fair value hedges and (b) gains and losses initially recognized in other comprehensive income on derivative instruments designated and qualifying as cash flow hedges.

+ References+ Details

- Definition

Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position.

+ References+ Details