XML 53 R39.htm IDEA: XBRL DOCUMENT
v3.20.2

Leases (Tables) | 12 Months Ended
--- | ---
Oct. 25, 2020
Leases [Abstract] |
Schedule of supplemental balance sheet information, lease term, and discount rate | Lease information included in the Consolidated Statements of Financial Position are:
(in thousands) | Location on Consolidated Statements of Financial Position |  | October 25, 2020
Right-of-Use Assets |  |  |
Operating | Other Assets |  | $ | 53,119 |
Finance | Net Property, Plant, and Equipment |  | 61,059 |
Total Right-of-Use Assets |  | $ | 114,179 |
Liabilities |  |  |
Current |  |  |
Operating | Accrued Expenses |  | $ | 12,025 |
Finance | Current Maturities of Long-term Debt |  | 8,308 |
Noncurrent |  |  |
Operating | Other Long-term Liabilities |  | 43,126 |
Finance | Long-term Debt - Less Current Maturities |  | 52,722 |
Total Lease Liabilities |  |  | $ | 116,182 |
The weighted-average remaining lease term and discount rate for lease liabilities included in the Consolidated Statements of Financial Position are:
| October 25, 2020
Weighted Average Remaining Lease Term |
Operating Leases | 7.31 years
Finance Leases | 8.14 years
Weighted Average Discount Rate |
Operating Leases | 2.28 | %
Finance Leases | 3.54 | %
Schedule of lease expenses and supplemental cash flow and other information related to leases | Lease expenses are:
|  | Fiscal Year Ended
(in thousands) |  | October 25, 2020
Operating Lease Cost (1) |  | $ | 19,602 |
Finance Lease Cost |  |
Amortization of Right-of-Use Assets |  | 7,985 |
Interest on Lease Liabilities |  | 2,304 |
Variable Lease Cost (2) |  | 424,955 |
Net Lease Cost |  | $ | 454,846 |
(1) Includes short-term lease costs, which are immaterial. (2) ASC 842 - Leases requires disclosure of payments related to agreements with an embedded lease that are not otherwise reflected on the balance sheet. The Company's variable lease costs primarily include inventory related expenses, such as materials, labor, and overhead from manufacturing and service agreements that contain embedded leases. Variability of these costs is determined based on usage or output and may vary for other reasons such as changes in material prices. Supplemental cash flow and other information related to leases for the fifty-two weeks ended October 25, 2020, are:
(in thousands) |  | October 25, 2020
Cash Paid for Amounts Included in the Measurement of Lease Liabilities |  |
Operating Cash Flows from Operating Leases |  | $ | 15,412 |
Operating Cash Flows from Finance Leases |  | 2,304 |
Financing Cash Flows from Finance Leases |  | 8,189 |
Right-of-Use Assets obtained in exchange for new operating lease liabilities |  | 5,210 |
Schedule of maturities of financing lease liabilities | The maturity of the Company's lease liabilities as of October 25, 2020, are:
(in thousands) |  | Operating Leases |  | Finance Leases (1) |  | Total
2021 |  | $ | 13,363 |  |  | $ | 10,327 |  |  | $ | 23,690 |
2022 |  | 10,354 |  |  | 9,934 |  |  | 20,287 |
2023 |  | 8,658 |  |  | 9,738 |  |  | 18,396 |
2024 |  | 5,835 |  |  | 9,612 |  |  | 15,447 |
2025 |  | 3,545 |  |  | 8,117 |  |  | 11,661 |
2026 and beyond |  | 18,644 |  |  | 21,192 |  |  | 39,836 |
Total Lease Payments |  | $ | 60,399 |  |  | $ | 68,919 |  |  | $ | 129,318 |
Less: Imputed Interest |  | 5,247 |  |  | 7,889 |  |  | 13,136 |
Present Value of Lease Liabilities |  | $ | 55,152 |  |  | $ | 61,030 |  |  | $ | 116,182 |
(1) Over the life of the lease contracts, finance lease payments include $8.7 million related to purchase options which are reasonably certain of being exercised.
Schedule of maturities of operating lease liabilities | The maturity of the Company's lease liabilities as of October 25, 2020, are:
(in thousands) |  | Operating Leases |  | Finance Leases (1) |  | Total
2021 |  | $ | 13,363 |  |  | $ | 10,327 |  |  | $ | 23,690 |
2022 |  | 10,354 |  |  | 9,934 |  |  | 20,287 |
2023 |  | 8,658 |  |  | 9,738 |  |  | 18,396 |
2024 |  | 5,835 |  |  | 9,612 |  |  | 15,447 |
2025 |  | 3,545 |  |  | 8,117 |  |  | 11,661 |
2026 and beyond |  | 18,644 |  |  | 21,192 |  |  | 39,836 |
Total Lease Payments |  | $ | 60,399 |  |  | $ | 68,919 |  |  | $ | 129,318 |
Less: Imputed Interest |  | 5,247 |  |  | 7,889 |  |  | 13,136 |
Present Value of Lease Liabilities |  | $ | 55,152 |  |  | $ | 61,030 |  |  | $ | 116,182 |
(1) Over the life of the lease contracts, finance lease payments include $8.7 million related to purchase options which are reasonably certain of being exercised.
Schedule of noncancelable operating lease commitments | Noncancelable future operating and capital lease commitments on facilities and equipment at October 27, 2019, were as follows:
(in thousands) |  | Operating |  | Capital
2020 |  | $ | 15,603 |  |  | $ | 1,834 |
2021 |  | 10,470 |  |  | 1,787 |
2022 |  | 7,951 |  |  | 1,709 |
2023 |  | 6,953 |  |  | 1,709 |
2024 |  | 4,840 |  |  | 1,709 |
2025 and beyond |  | 21,773 |  |  | 13,815 |
Total Future Payments |  | $ | 67,590 |  |  | $ | 22,563 |
Less: Interest |  |  |  | 2,850 |
Present Value of Future Minimum Capital Lease Payments |  |  |  | $ | 19,713 |
Schedule of noncancelable capital lease commitments | Noncancelable future operating and capital lease commitments on facilities and equipment at October 27, 2019, were as follows:
(in thousands) |  | Operating |  | Capital
2020 |  | $ | 15,603 |  |  | $ | 1,834 |
2021 |  | 10,470 |  |  | 1,787 |
2022 |  | 7,951 |  |  | 1,709 |
2023 |  | 6,953 |  |  | 1,709 |
2024 |  | 4,840 |  |  | 1,709 |
2025 and beyond |  | 21,773 |  |  | 13,815 |
Total Future Payments |  | $ | 67,590 |  |  | $ | 22,563 |
Less: Interest |  |  |  | 2,850 |
Present Value of Future Minimum Capital Lease Payments |  |  |  | $ | 19,713 |

X
- Definition Assets And Liabilities, Lessee [Table Text Block] + References No definition available. + Details
Name: | hrl_AssetsAndLiabilitiesLesseeTableTextBlock
Namespace Prefix: | hrl_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of undiscounted cash flows of finance lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to finance lease liability recognized in statement of financial position. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=121609121&loc=SL77918701-209980 + Details
Name: | us-gaap_FinanceLeaseLiabilityMaturityTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of lessee's lease cost. Includes, but is not limited to, interest expense for finance lease, amortization of right-of-use asset for finance lease, operating lease cost, short-term lease cost, variable lease cost and sublease income. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=121609121&loc=SL77918686-209980 + Details
Name: | us-gaap_LeaseCostTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_LeasesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of undiscounted cash flows of lessee's operating lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to operating lease liability recognized in statement of financial position. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=121609121&loc=SL77918701-209980 + Details
Name: | us-gaap_LesseeOperatingLeaseLiabilityMaturityTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of future minimum lease payments as of the date of the latest balance sheet presented, in aggregate and for each of the five years succeeding fiscal years, with separate deductions from the total for the amount representing executor costs, including any profit thereon, included in the minimum lease payments and for the amount of the imputed interest necessary to reduce the net minimum lease payments to present value. + References Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -SubTopic 30 -Section 50 -Paragraph 1 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=121616839&loc=d3e45280-112737 + Details
Name: | us-gaap_ScheduleOfFutureMinimumLeasePaymentsForCapitalLeasesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of future minimum payments required in the aggregate and for each of the five succeeding fiscal years for operating leases having initial or remaining noncancelable lease terms in excess of one year and the total minimum rentals to be received in the future under noncancelable subleases as of the balance sheet date. + References Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -SubTopic 20 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=121573735&loc=d3e41502-112717 + Details
Name: | us-gaap_ScheduleOfFutureMinimumRentalPaymentsForOperatingLeasesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration