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SEGMENT REPORTING (Tables) | 6 Months Ended
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May 01, 2022
Segment Reporting [Abstract] |
Schedule of sales and operating profits for each of the reportable segments and reconciliation to earnings before income taxes | Sales and segment profit 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 that these segments, if operated independently, would report the profit and other financial information shown below.
| Quarter Ended |  | Six Months Ended |
in thousands | May 1, 2022 |  | April 25, 2021 |  | May 1, 2022 |  | April 25, 2021 |  |  |  |
Sales to Unaffiliated Customers |  |  |  |  |  |  |  |  |  |  |
Grocery Products | $ | 873,572 |  |  | $ | 628,232 |  |  | $ | 1,729,163 |  |  | $ | 1,205,831 |  |  |  |  |
Refrigerated Foods | 1,644,284 |  |  | 1,453,380 |  |  | 3,271,812 |  |  | 2,820,457 |  |  |  |  |
Jennie-O Turkey Store | 407,287 |  |  | 351,179 |  |  | 791,759 |  |  | 684,500 |  |  |  |  |
International & Other | 171,416 |  |  | 173,830 |  |  | 348,184 |  |  | 356,980 |  |  |  |  |
Total | $ | 3,096,559 |  |  | $ | 2,606,621 |  |  | $ | 6,140,917 |  |  | $ | 5,067,768 |  |  |  |  |
Intersegment Sales |  |  |  |  |  |  |  |  |  |  |
Grocery Products | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  |  |  |
Refrigerated Foods | 6,491 |  |  | 5,933 |  |  | 14,179 |  |  | 11,891 |  |  |  |  |
Jennie-O Turkey Store | 52,498 |  |  | 32,442 |  |  | 100,452 |  |  | 59,135 |  |  |  |  |
International & Other | — |  |  | — |  |  | — |  |  | — |  |  |  |  |
Total | 58,989 |  |  | 38,376 |  |  | 114,631 |  |  | 71,026 |  |  |  |  |
Intersegment Elimination | (58,989) |  |  | (38,376) |  |  | (114,631) |  |  | (71,026) |  |  |  |  |
Total | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  |  |  |
Net Sales |  |  |  |  |  |  |  |  |  |  |
Grocery Products | $ | 873,572 |  |  | $ | 628,232 |  |  | $ | 1,729,163 |  |  | $ | 1,205,831 |  |  |  |  |
Refrigerated Foods | 1,650,775 |  |  | 1,459,313 |  |  | 3,285,991 |  |  | 2,832,348 |  |  |  |  |
Jennie-O Turkey Store | 459,785 |  |  | 383,621 |  |  | 892,211 |  |  | 743,635 |  |  |  |  |
International & Other | 171,416 |  |  | 173,830 |  |  | 348,184 |  |  | 356,980 |  |  |  |  |
Intersegment Elimination | (58,989) |  |  | (38,376) |  |  | (114,631) |  |  | (71,026) |  |  |  |  |
Total | $ | 3,096,559 |  |  | $ | 2,606,621 |  |  | $ | 6,140,917 |  |  | $ | 5,067,768 |  |  |  |  |
Segment Profit |  |  |  |  |  |  |  |  |  |  |
Grocery Products | $ | 89,299 |  |  | $ | 97,970 |  |  | $ | 188,785 |  |  | $ | 190,172 |  |  |  |  |
Refrigerated Foods | 178,492 |  |  | 173,352 |  |  | 340,884 |  |  | 314,524 |  |  |  |  |
Jennie-O Turkey Store | 61,799 |  |  | 12,700 |  |  | 105,536 |  |  | 39,640 |  |  |  |  |
International & Other | 23,653 |  |  | 24,481 |  |  | 49,737 |  |  | 56,685 |  |  |  |  |
Total Segment Profit | 353,243 |  |  | 308,503 |  |  | 684,941 |  |  | 601,020 |  |  |  |  |
Net Unallocated Expense | 31,436 |  |  | 15,904 |  |  | 54,370 |  |  | 31,451 |  |  |  |  |
Noncontrolling Interest | 62 |  |  | 21 |  |  | 201 |  |  | 133 |  |  |  |  |
Earnings Before Income Taxes | $ | 321,868 |  |  | $ | 292,620 |  |  | $ | 630,772 |  |  | $ | 569,702 |  |  |  |  |
Schedule of total revenues contributed by sales channel | Total revenue contributed by sales channel are:
| Quarter Ended |  | Six Months Ended |
in thousands | May 1, 2022 |  | April 25, 2021 |  | May 1, 2022 |  | April 25, 2021 |  |  |  |
U.S. Retail | $ | 1,946,117 |  |  | $ | 1,685,631 |  |  | $ | 3,904,864 |  |  | $ | 3,355,518 |  |  |  |  |
U.S. Foodservice | 959,467 |  |  | 724,248 |  |  | 1,845,532 |  |  | 1,310,584 |  |  |  |  |
International | 190,975 |  |  | 196,742 |  |  | 390,520 |  |  | 401,666 |  |  |  |  |
Total | $ | 3,096,559 |  |  | $ | 2,606,621 |  |  | $ | 6,140,917 |  |  | $ | 5,067,768 |  |  |  |  |
Total revenue contributed by classes of similar products are:
| Quarter Ended |  | Six Months Ended |
in thousands | May 1, 2022 |  | April 25, 2021 |  | May 1, 2022 |  | April 25, 2021 |  |  |  |
Perishable | $ | 1,783,172 |  |  | $ | 1,453,149 |  |  | $ | 3,556,375 |  |  | $ | 2,829,969 |  |  |  |  |
Shelf-stable | 629,406 |  |  | 567,501 |  |  | 1,264,643 |  |  | 1,091,437 |  |  |  |  |
Poultry | 565,531 |  |  | 494,186 |  |  | 1,102,135 |  |  | 968,837 |  |  |  |  |
Miscellaneous | 118,449 |  |  | 91,786 |  |  | 217,764 |  |  | 177,525 |  |  |  |  |
Total | $ | 3,096,559 |  |  | $ | 2,606,621 |  |  | $ | 6,140,917 |  |  | $ | 5,067,768 |  |  |  |  |

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