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Segment Reporting | 12 Months Ended
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Oct. 27, 2024
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 three segments: Retail, Foodservice, and International, which are consistent with how the Company’s chief operating decision maker (CODM) assesses performance and allocates resources. The Retail segment consists primarily of the processing, marketing, and sale of food products sold predominantly in the retail market in the United States. This segment also includes the results from the Company’s MegaMex Foods, LLC joint venture. The Foodservice segment consists primarily of the processing, marketing, and sale of food products for foodservice, convenience store, and commercial customers located in the United States. The International segment processes, markets, and sells Company products internationally. This segment also includes the results from the Company’s international joint ventures, international equity method investments, and international royalty arrangements. Financial measures for each of the Company’s reportable segments are set forth below. Intersegment sales are eliminated in consolidation and are not reviewed when evaluating segment performance. The Company does not allocate deferred compensation, non-recurring expenses associated with the Transform and Modernize initiative, investment income, interest expense, or interest income to its segments when measuring performance. The Company also retains various other income and expenses at the corporate level. Equity in Earnings of Affiliates is included in segment profit; however, earnings attributable to the Company’s corporate venturing investments and noncontrolling interests are excluded. These items are included below as Net Unallocated Expense and Noncontrolling Interest when reconciling to Earnings Before Income Taxes. 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. The Company’s CODM reviews assets at a consolidated level and does not use assets by segment to evaluate performance or allocate resources. Therefore, the Company does not disclose assets by segment.
In thousands | Fiscal Year Ended |
| October 27, 2024 |  | October 29, 2023 |  | October 30, 2022 |
Net Sales |  |  |  |  |  |  |
Retail |  | $ | 7,374,149 |  |  | $ | 7,749,039 |  |  | $ | 7,987,598 |  |
Foodservice |  | 3,845,118 |  |  | 3,639,492 |  |  | 3,691,408 |  |
International |  | 701,529 |  |  | 721,479 |  |  | 779,799 |  |
Total Net Sales |  | $ | 11,920,797 |  |  | $ | 12,110,010 |  |  | $ | 12,458,806 |  |
Segment Profit |  |  |  |  |  |  |
Retail |  | $ | 562,768 |  |  | $ | 577,690 |  |  | $ | 721,832 |  |
Foodservice |  | 596,292 |  |  | 595,682 |  |  | 547,686 |  |
International |  | 92,084 |  |  | 55,234 |  |  | 107,642 |  |
Total Segment Profit |  | $ | 1,251,144 |  |  | $ | 1,228,606 |  |  | $ | 1,377,161 |  |
Net Unallocated Expense |  | 215,304 |  |  | 214,482 |  |  | 99,297 |  |
Noncontrolling Interest |  | (407) |  |  | (653) |  |  | 239 |  |
Earnings Before Income Taxes |  | $ | 1,035,434 |  |  | $ | 1,013,472 |  |  | $ | 1,278,103 |  |
Depreciation and Amortization |  |  |  |  |  |  |
Retail |  | $ | 140,103 |  |  | $ | 145,690 |  |  | $ | 135,824 |  |
Foodservice |  | 78,949 |  |  | 74,370 |  |  | 69,577 |  |
International |  | 19,151 |  |  | 15,627 |  |  | 16,072 |  |
Corporate |  | 19,553 |  |  | 17,623 |  |  | 14,413 |  |
Total Depreciation and Amortization |  | $ | 257,756 |  |  | $ | 253,311 |  |  | $ | 235,885 |  |
The Company’s products primarily consist of meat and other food products. Total revenue contributed by classes of similar products are:
|  | Fiscal Year Ended
In thousands |  | October 27, 2024 |  | October 29, 2023 |  | October 30, 2022
Perishable |  | $ | 8,548,802 |  |  | $ | 8,511,795 |  |  | $ | 8,737,486 |
Shelf-stable |  | 3,371,995 |  |  | 3,598,215 |  |  | 3,721,320 |
Total Net Sales |  | $ | 11,920,797 |  |  | $ | 12,110,010 |  |  | $ | 12,458,806 |
Perishable includes fresh meats, frozen items, refrigerated meal solutions, bacon, sausages, hams, guacamole, and other items that require refrigeration. Shelf-stable includes canned luncheon meats, nut butters, snack nuts, chili, shelf-stable microwaveable meals, hash, stews, tortillas, salsas, tortilla chips, nutritional food supplements, and other items that do not require refrigeration. The Company has a global presence selling its products in all 50 U.S. states as well as several major international markets. No individual foreign country is material to the consolidated results. Additionally, the Company’s long-lived assets located in foreign countries are not significant. Total net sales attributed to the U.S. and all foreign countries in total are:
|  | Fiscal Year Ended
In thousands |  | October 27, 2024 |  | October 29, 2023 |  | October 30, 2022
U.S. |  | $ | 11,283,978 |  |  | $ | 11,515,094 |  |  | $ | 11,776,883 |
Foreign |  | 636,819 |  |  | 594,915 |  |  | 681,923 |
Total Net Sales |  | $ | 11,920,797 |  |  | $ | 12,110,010 |  |  | $ | 12,458,806 |
Sales to Walmart Inc. and its subsidiaries (Walmart) represented 15.6% or $2.0 billion, 15.5% or $2.0 billion, and 15.6% or $2.1 billion of the Company’s consolidated gross sales less returns and allowances in fiscal 2024, 2023, and 2022, respectively. Walmart is a customer for the Company’s Retail and International segments.

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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/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 48 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-48 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards 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