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SEGMENT REPORTING | 3 Months Ended
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Jan. 28, 2018
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 four segments: Grocery Products, Refrigerated Foods, Jennie-O Turkey Store, and International & Other. As a result of a business realignment at the beginning of fiscal 2018, the former Specialty Foods segment results are now reported as part of the Grocery Products segment. Periods presented herein have been recast to reflect this change. The Grocery Products segment consists primarily of the processing, marketing, and sale of shelf-stable food products sold predominantly in the retail market, along with the sale of nutritional and private label shelf-stable products to retail, foodservice, and industrial customers. This segment also includes the results from the Company’s MegaMex Foods, LLC joint venture. The Refrigerated Foods segment consists primarily of the processing, marketing, and sale of branded and unbranded pork, beef, chicken, and turkey products products for retail, foodservice, and fresh product customers. The Jennie-O Turkey Store segment consists primarily of the processing, marketing, and sale of branded and unbranded turkey products for retail, foodservice, and fresh product customers. The International & Other segment includes Hormel Foods International, which manufactures, markets, and sells Company products internationally. This segment also includes the results from the Company’s international joint ventures. Intersegment sales are recorded at approximate cost and are eliminated in the Consolidated Statements of Operations. The Company does not allocate investment income, interest expense, and interest income to its segments when measuring performance. The Company also retains various other income and unallocated expenses at corporate. Equity in earnings of affiliates is included in segment operating profit; however, earnings attributable to the Company’s noncontrolling interests are excluded. These items are included below as net interest and investment expense (income), general corporate expense, and noncontrolling interest when reconciling to earnings before income taxes. Sales and operating profits for each of the Company’s reportable segments and reconciliation to earnings before income taxes are set forth below. The Company is an integrated enterprise, characterized by substantial intersegment cooperation, cost allocations, and sharing of assets. Therefore, the Company does not represent these segments, if operated independently, would report the operating profit and other financial information shown below.
| Three Months Ended |
(in thousands) | January 28, 2018 |  | January 29, 2017 |
Sales to Unaffiliated Customers |  |  |  |  |  |
Grocery Products | $ | 613,870 |  |  | $ | 610,374 |  |
Refrigerated Foods | 1,176,456 |  |  | 1,123,039 |  |
Jennie-O Turkey Store | 390,648 |  |  | 420,989 |  |
International & Other | 150,319 |  |  | 125,825 |  |
Total | $ | 2,331,293 |  |  | $ | 2,280,227 |  |
Intersegment Sales |  |  |  |
Grocery Products | $ | 4 |  |  | $ | 5 |  |
Refrigerated Foods | 2,164 |  |  | 2,139 |  |
Jennie-O Turkey Store | 24,689 |  |  | 28,256 |  |
International & Other | — |  |  | — |  |
Total | 26,857 |  |  | 30,400 |  |
Intersegment elimination | (26,857 | ) |  | (30,400 | ) |
Total | $ | — |  |  | $ | — |  |
Net Sales |  |  |  |
Grocery Products | $ | 613,874 |  |  | $ | 610,379 |  |
Refrigerated Foods | 1,178,620 |  |  | 1,125,178 |  |
Jennie-O Turkey Store | 415,337 |  |  | 449,245 |  |
International & Other | 150,319 |  |  | 125,825 |  |
Intersegment elimination | (26,857 | ) |  | (30,400 | ) |
Total | $ | 2,331,293 |  |  | $ | 2,280,227 |  |
Segment Operating Profit |  |  |  |
Grocery Products | $ | 99,977 |  |  | $ | 92,376 |  |
Refrigerated Foods | 142,949 |  |  | 173,808 |  |
Jennie-O Turkey Store | 49,874 |  |  | 68,180 |  |
International & Other | 24,655 |  |  | 25,463 |  |
Total segment operating profit | 317,455 |  |  | 359,827 |  |
Net interest and investment expense (income) | 1,423 |  |  | 577 |  |
General corporate expense | 10,971 |  |  | 4,621 |  |
Less: Noncontrolling interest | 104 |  |  | 156 |  |
Earnings Before Income Taxes | $ | 305,165 |  |  | $ | 354,785 |  |

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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