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Pension and Other Post-retirement Benefits | 12 Months Ended
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Oct. 27, 2024
Retirement Benefits [Abstract] |
Pension and Other Post-retirement Benefits | Pension and Other Post-retirement Benefits The Company has several defined benefit plans and defined contribution plans covering most employees. Benefits for defined benefit pension plans covering certain bargaining unit employees are provided based on stated amounts for each year of service. Plan benefits covering certain non-bargaining unit hourly and salaried employees are based on final average compensation, age, and years of service for benefits accrued prior to January 1, 2017. In the fourth quarter of fiscal 2022, an amendment was enacted for the non-bargaining unit employee plan which changed the design from a stable value benefit to a cash balance benefit effective January 1, 2023. This amendment also called for benefits to be calculated retroactively to January 1, 2017. The cash balance design establishes hypothetical accounts for employees that are credited with an amount equal to a specified percent of their pay plus interest. Total costs associated with the Company’s defined contribution benefit plans in fiscal years 2024, 2023, and 2022 were $42.5 million, $41.0 million, and $47.9 million, respectively. Certain groups of employees are eligible for post-retirement health or welfare benefits. Benefits for retired employees vary for each group depending on respective retirement dates and applicable plan coverage in effect. Contribution requirements for retired employees are governed by the Company's Retiree Health Care Payment Program and may change each year as the cost to provide coverage is determined. Net periodic cost of defined benefit plans included the following for fiscal years ending:
|  | Pension Benefits |  | Post-retirement Benefits
In thousands |  | October 27, 2024 |  | October 29, 2023 |  | October 30, 2022 |  | October 27, 2024 |  | October 29, 2023 |  | October 30, 2022
Service Cost |  | $ | 36,118 |  |  | $ | 35,607 |  |  | $ | 40,076 |  |  | $ | 163 |  |  | $ | 248 |  |  | $ | 469 |
Interest Cost |  | 73,344 |  |  | 68,630 |  |  | 50,558 |  |  | 11,571 |  |  | 12,064 |  |  | 7,684 |
Expected Return on Plan Assets |  | (77,510) |  |  | (78,285) |  |  | (108,248) |  |  | — |  |  | — |  |  | — |
Amortization of Prior Service Cost (Credit) |  | (886) |  |  | (1,843) |  |  | (1,496) |  |  | 8 |  |  | 8 |  |  | 8 |
Recognized Actuarial Loss (Gain) |  | 13,268 |  |  | 13,303 |  |  | 12,530 |  |  | (1,265) |  |  | (29) |  |  | 2,439 |
Net Periodic Cost |  | $ | 44,334 |  |  | $ | 37,413 |  |  | $ | (6,581) |  |  | $ | 10,476 |  |  | $ | 12,290 |  |  | $ | 10,600 |
Non-service cost components of net pension and post-retirement benefit cost are presented within Interest and Investment Income in the Consolidated Statements of Operations. Actuarial gains and losses and any adjustments resulting from plan amendments are deferred and amortized over periods ranging from 8 to 12 years for pension benefits and 13 years for post-retirement benefits. The following amounts have not been recognized in net periodic pension cost and are included in Accumulated Other Comprehensive Loss:
|  | Pension Benefits |  | Post-retirement Benefits
In thousands |  | October 27, 2024 |  | October 29, 2023 |  | October 27, 2024 |  | October 29, 2023
Unrecognized Prior Service (Cost) Credit |  | $ | (8,435) |  |  | $ | (7,549) |  |  | $ | 525 |  |  | $ | (138) |
Unrecognized Actuarial (Loss) Gain |  | (260,538) |  |  | (270,468) |  |  | 21,318 |  |  | 35,483 |
The following is a reconciliation of the beginning and ending balances of the benefit obligation, fair value of plan assets, and funded status of the plans as of the measurement dates:
|  | Pension Benefits |  | Post-retirement Benefits
In thousands |  | October 27, 2024 |  | October 29, 2023 |  | October 27, 2024 |  | October 29, 2023
Change in Benefit Obligation: |  |  |  |  |  |  |  |
Benefit Obligation at Beginning of Year |  | $ | 1,174,380 |  |  | $ | 1,200,013 |  |  | $ | 186,199 |  |  | $ | 211,986 |
Service Cost |  | 36,118 |  |  | 35,607 |  |  | 163 |  |  | 248 |
Interest Cost |  | 73,344 |  |  | 68,630 |  |  | 11,571 |  |  | 12,064 |
Actuarial (Gain) Loss(1) |  | 143,280 |  |  | (51,106) |  |  | 12,826 |  |  | (17,421) |
Plan Amendments |  | — |  |  | 3,307 |  |  | (654) |  |  | — |
Participant Contributions |  | — |  |  | — |  |  | 2,001 |  |  | 2,137 |
Medicare Part D Subsidy |  | — |  |  | — |  |  | 110 |  |  | 449 |
Benefits Paid |  | (87,396) |  |  | (82,071) |  |  | (20,637) |  |  | (23,263) |
Benefit Obligation at End of Year |  | $ | 1,339,726 |  |  | $ | 1,174,380 |  |  | $ | 191,578 |  |  | $ | 186,199 |
(1) Actuarial losses in fiscal 2024 were primarily due to the change in the discount rate assumptions utilized in measuring plan obligations.
|  | Pension Benefits |  | Post-retirement Benefits
In thousands |  | October 27, 2024 |  | October 29, 2023 |  | October 27, 2024 |  | October 29, 2023
Change in Plan Assets: |  |  |  |  |  |  |  |
Fair Value of Plan Assets at Beginning of Year |  | $ | 1,185,672 |  |  | $ | 1,240,200 |  |  | $ | — |  |  | $ | — |
Actual Return on Plan Assets |  | 217,453 |  |  | 15,810 |  |  | — |  |  | — |
Participant Contributions |  | — |  |  | — |  |  | 2,001 |  |  | 2,137 |
Employer Contributions |  | 12,031 |  |  | 11,733 |  |  | 18,636 |  |  | 21,126 |
Benefits Paid |  | (87,396) |  |  | (82,071) |  |  | (20,637) |  |  | (23,263) |
Fair Value of Plan Assets at End of Year |  | $ | 1,327,760 |  |  | $ | 1,185,672 |  |  | $ | — |  |  | $ | — |
Funded Status at End of Year |  | $ | (11,966) |  |  | $ | 11,292 |  |  | $ | (191,578) |  |  | $ | (186,199) |
Amounts recognized on the Consolidated Statements of Financial Position are as follows:
|  | Pension Benefits |  | Post-retirement Benefits
In thousands |  | October 27, 2024 |  | October 29, 2023 |  | October 27, 2024 |  | October 29, 2023
Pension Assets |  | $ | 205,964 |  |  | $ | 204,697 |  |  | $ | — |  |  | $ | — |
Employee-related Expenses |  | (12,501) |  |  | (12,023) |  |  | (17,115) |  |  | (18,313) |
Pension and Post-retirement Benefits |  | (205,429) |  |  | (181,382) |  |  | (174,463) |  |  | (167,886) |
Net Amount Recognized |  | $ | (11,966) |  |  | $ | 11,292 |  |  | $ | (191,578) |  |  | $ | (186,199) |
The accumulated benefit obligation for all pension plans was $1.3 billion as of October 27, 2024 and $1.2 billion as of October 29, 2023. The following table provides information for pension plans with projected and accumulated benefit obligations in excess of plan assets:
In thousands |  | October 27, 2024 |  | October 29, 2023
Projected Benefit Obligation |  | $ | 217,929 |  |  | $ | 193,404 |
Accumulated Benefit Obligation |  | 215,448 |  |  | 191,888 |
Fair Value of Plan Assets |  | — |  |  | — |
Weighted-average assumptions used to determine benefit obligations are as follows:
|  | October 27, 2024 |  | October 29, 2023
Discount Rate |  | 5.44 | % |  | 6.49 | %
Rate of Future Compensation Increase (For Plans that Base Benefits on Final Compensation Level) |  | 4.09 | % |  | 4.06 | %
Interest Crediting Rate (For Cash Balance Plan) |  | 4.50 | % |  | 4.98 | %
Weighted-average assumptions used to determine net periodic benefit costs are as follows:
|  | October 27, 2024 |  | October 29, 2023 |  | October 30, 2022
Discount Rate |  | 6.49 | % |  | 5.92 | % |  | 3.00 | %
Rate of Future Compensation Increase (For Plans that Base Benefits on Final Compensation Level) |  | 4.06 | % |  | 3.95 | % |  | 4.14 | %
Expected Long-term Return on Plan Assets |  | 6.75 | % |  | 6.50 | % |  | 6.50 | %
Interest Crediting Rate (For Cash Balance Plan)(1) |  | 4.98 | % |  | 4.42 | % |  | — | %
(1) Cash balance plan enacted in the fourth quarter of fiscal 2022. The expected long-term rate of return on plan assets is based on fair value and developed in consultation with outside advisors. A range is determined based on the composition of the asset portfolio, historical long-term rates of return, and estimates of future performance. The interest crediting rate is determined annually based on the U.S. 30-year Treasury rate with a floor of 2.65 percent. For measurement purposes, an 8 percent annual rate of increase in the per capita cost of covered health care benefits for pre-Medicare and post-Medicare retirees’ coverage is assumed for 2025. The pre-Medicare and post-Medicare rate is assumed to decrease to 5 percent for 2030 and remain steady thereafter. The Company’s funding policy is to make annual contributions of not less than the minimum required by applicable regulations. The Company expects to make contributions of $30.4 million during fiscal 2025, which represent benefit payments for unfunded plans. Benefits expected to be paid over the next ten fiscal years are as follows:
In thousands |  | Pension Benefits |  | Post-retirement Benefits
2025 |  | $ | 89,209 |  |  | $ | 17,572 |
2026 |  | 92,954 |  |  | 17,186 |
2027 |  | 96,868 |  |  | 16,638 |
2028 |  | 99,026 |  |  | 16,089 |
2029 |  | 102,538 |  |  | 15,487 |
2030-2034 |  | 539,612 |  |  | 69,105 |
Plan assets for certain defined benefit pension plans are held in the Hormel Foods Corporation Master Trust (Master Trust). The investment strategy for the Master Trust attempts to minimize the long-term cost of pension benefits, reduce the volatility of pension expense, and achieve a healthy funded status for the plans. The Company establishes target allocations in consultation with outside advisors through the use of asset-liability modeling in an effort to match the duration of the plan assets with the duration of the Company’s projected benefit liability. The actual and target weighted-average asset allocations for the Company’s pension plan assets as of the plan measurement date are as follows:
|  | October 27, 2024 | October 29, 2023
Asset Category |  | Actual % |  | Target Range % | Actual % |  | Target Range %
Fixed Income |  | 49.5 |  |  | 40 |  | – | 60 |  | 47.6 |  |  | 40 |  | – | 60 |
Global Stocks |  | 33.1 |  |  | 20 |  | – | 55 |  | 31.2 |  |  | 20 |  | – | 55 |
Real Estate |  | 5.6 |  |  | 0 |  | – | 10 |  | 8.0 |  |  | 0 |  | – | 10 |
Private Equity |  | 6.1 |  |  | 0 |  | – | 15 |  | 6.7 |  |  | 0 |  | – | 15 |
Gold |  | 2.4 |  |  | 0 |  | – | 5 |  | 2.4 |  |  | 0 |  | – | 5 |
Hedge Funds |  | 1.8 |  |  | 0 |  | – | 10 |  | 2.1 |  |  | 0 |  | – | 10 |
Cash and Cash Equivalents |  | 1.5 |  |  | 0 |  | – | 5 |  | 2.0 |  |  | 0 |  | – | 5 |
The following tables show the categories of defined benefit pension plan assets and the level under which fair values were determined pursuant to the provisions of ASC 820. Assets measured at fair value using the net asset value (NAV) per share practical expedient are not required to be classified in the fair value hierarchy. These amounts are provided to permit reconciliation to the total fair value of plan assets.
|  | Fair Value Measurements as of October 27, 2024
In thousands |  | Total Fair Value |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3)
Plan Assets in Fair Value Hierarchy |  |  |  |  |  |  |  |
Cash Equivalents |  | $ | 19,397 |  |  | $ | — |  |  | $ | 19,397 |  |  | $ | — |
Private Equity |  |  |  |  |  |  |  |
Domestic |  | 35,958 |  |  | — |  |  | — |  |  | 35,958 |
International |  | 45,080 |  |  | — |  |  | — |  |  | 45,080 |
Real Estate Funds |  |  |  |  |  |  |  |
Domestic |  | 6,249 |  |  | — |  |  | — |  |  | 6,249 |
Fixed Income |  |  |  |  |  |  |  |
U.S. Government Issues |  | 175,715 |  |  | 152,721 |  |  | 22,994 |  |  | — |
Municipal Issues |  | 9,938 |  |  | — |  |  | 9,938 |  |  | — |
Corporate Issues – Domestic |  | 261,344 |  |  | — |  |  | 261,344 |  |  | — |
Corporate Issues – Foreign |  | 41,088 |  |  | — |  |  | 41,088 |  |  | — |
Global Stocks – Mutual Funds |  |  |  |  |  |  |  |
Domestic |  | 8,451 |  |  | 8,451 |  |  | — |  |  | — |
Plan Assets in Fair Value Hierarchy |  | $ | 603,219 |  |  | $ | 161,172 |  |  | $ | 354,760 |  |  | $ | 87,287 |
Plan Assets at Net Asset Value |  |  |  |  |  |  |  |
Real Estate – Domestic |  | $ | 67,765 |  |  |  |  |  |  |
Global Stocks – Collective Investment Funds |  | 431,494 |  |  |  |  |  |  |
Global Stocks – Gold |  | 32,022 |  |  |  |  |  |  |
Hedge Funds |  | 24,192 |  |  |  |  |  |  |
Fixed Income – Hedge Funds |  | 35,017 |  |  |  |  |  |  |
Fixed Income – Collective Investment Funds |  | 134,051 |  |  |  |  |  |  |
Plan Assets at Net Asset Value |  | $ | 724,541 |  |  |  |  |  |  |
Total Plan Assets at Fair Value |  | $ | 1,327,760 |  |  |  |  |  |  |
|  | Fair Value Measurements as of October 29, 2023
In thousands |  | Total Fair Value |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3)
Plan Assets in Fair Value Hierarchy |  |  |  |  |  |  |  |
Cash Equivalents |  | $ | 23,643 |  |  | $ | 461 |  |  | $ | 23,182 |  |  | $ | — |
Private Equity |  |  |  |  |  |  |  |
Domestic |  | 31,383 |  |  | — |  |  | — |  |  | 31,383 |
International |  | 48,065 |  |  | — |  |  | — |  |  | 48,065 |
Fixed Income |  |  |  |  |  |  |  |
U.S. Government Issues |  | 171,949 |  |  | 123,683 |  |  | 48,266 |  |  | — |
Municipal Issues |  | 9,884 |  |  | — |  |  | 9,884 |  |  | — |
Corporate Issues – Domestic |  | 226,202 |  |  | — |  |  | 226,202 |  |  | — |
Corporate Issues – Foreign |  | 36,133 |  |  | — |  |  | 36,133 |  |  | — |
Plan Assets in Fair Value Hierarchy |  | $ | 547,258 |  |  | $ | 124,144 |  |  | $ | 343,667 |  |  | $ | 79,448 |
Plan Assets at Net Asset Value |  |  |  |  |  |  |  |
Real Estate – Domestic |  | $ | 95,315 |  |  |  |  |  |  |
Global Stocks – Collective Investment Funds |  | 369,513 |  |  |  |  |  |  |
Global Stocks – Gold |  | 28,163 |  |  |  |  |  |  |
Hedge Funds |  | 24,965 |  |  |  |  |  |  |
Fixed Income – Hedge Funds |  | 64,613 |  |  |  |  |  |  |
Fixed Income – Collective Investment Funds |  | 55,845 |  |  |  |  |  |  |
Plan Assets at Net Asset Value |  | $ | 638,414 |  |  |  |  |  |  |
Total Plan Assets at Fair Value |  | $ | 1,185,672 |  |  |  |  |  |  |
The following is a description of the valuation methodologies used for instruments measured at fair value, including the general classification of such instruments: Cash Equivalents: These Level 1 and Level 2 investments consist primarily of cash and highly liquid money market mutual funds traded in active markets in addition to highly liquid futures and T-bills with an observable daily settlement price. Private Equity: These Level 3 investments consist of various collective investment funds, which are managed by a third party, invested in a well-diversified portfolio of equity investments from top performing, high quality firms focused on U.S. and foreign small to mid-markets, venture capitalists, and entrepreneurs with a concentration in areas of innovation. Investment strategies include buyouts, growth capital, buildups, and distressed, as well as early stages of company development mainly in the U.S. The fair value of these funds is based on the fair value of the underlying investments. Real Estate Funds: These Level 3 investments include ownership in closed-ended real estate funds targeting value added real estate opportunities. These funds manage diversified portfolios of commercial properties with broad sector exposure. Investment strategies aim to acquire, hold, or dispose of investments with the goal of achieving current and/or capital appreciation. These funds have a predetermined life and are illiquid investments. Fixed Income: The Level 1 investments include U.S. Treasury bonds and notes, which are valued at the closing price reported on the active market in which the individual securities are traded. The Level 2 investments consist principally of U.S. government securities, which are valued daily using institutional bond quote sources and mortgage-backed securities pricing sources, and municipal, domestic, and foreign securities, which are valued daily using institutional bond quote sources. Global Stocks – Mutual Funds: These investments include holdings of mutual funds that are SEC-registered open-end investment companies that pool money from many investors and invests the money in stocks, bonds, short-term money-market instruments, other securities or assets, or some combination of these investments. Shares of these companies are liquid and traded daily on public market exchanges. Real Estate – Domestic: These investments include ownership in open-ended real estate funds, which manage diversified portfolios of commercial properties within the office, residential, retail, and industrial property sectors. Investment strategies aim to acquire, own, hold, or dispose of investments with the goal of achieving current income and/or capital appreciation. The real estate investments are valued at the NAV of shares held by the Master Trust. Requests to redeem shares are granted on a quarterly basis with either 45 or 90 days advance notice, subject to availability of cash. Global Stocks – Collective Investment Funds: These investments include commingled funds consisting of a mix of U.S. common stocks and foreign common stocks. The collective investment funds are valued at the NAV of shares held by the Master Trust. The investment strategy is to obtain long-term capital appreciation by focusing on companies generating above average earnings growth and are leading growth businesses in the marketplace. All funds are daily liquid with the exception of one that is available on the first business day of the month for subscriptions and withdrawals. Global Stocks – Gold: This investment is a limited partnership consisting of physical gold, global mining industry common stocks, and to a limited extent, other precious metals. The limited partnership is valued at the NAV of shares held by the Master Trust. This fund allows for weekly subscriptions and monthly redemptions. Hedge Funds: These investments are designed to provide diversification to an overall institutional portfolio and, in particular, provide protection against equity market downturns. They are comprised of Commodity Trading Advisor Managed Futures, Global Macro (Discretionary and/or Quant) and Long Volatility/Tail Risk Hedging strategies. The hedge funds are valued at the NAV of shares held by the Master Trust. Requests to redeem shares are granted daily, monthly, or quarterly. Fixed Income – Hedge Funds: These investments target absolute, risk-adjusted returns by taking advantage of price dislocations and inconsistencies within credit markets. Funds are comprised primarily of U.S. and European corporate credit and structured credit. The investments are valued at the NAV of shares held by the Master Trust. Requests to redeem shares are granted on a quarterly basis on the three-year fund anniversary with a ninety-day notice period. Fixed Income – Collective Investment Funds: These investments include commingled funds consisting of a mix of U.S. government and investment grade corporate bonds. The collective investment funds are valued at NAV of the shares held by the Master Trust. The investment strategy is to achieve an investment return that approximates as closely to the Bloomberg Barclays U.S. Aggregate Bond Index over the long-term by investing in the securities that comprise the benchmark. There are no restrictions on redemptions. A reconciliation of the beginning and ending balance of the investments measured at fair value using significant unobservable inputs (Level 3) is as follows:
In thousands |  | October 27, 2024 |  | October 29, 2023
Fair Value at Beginning of Year |  | $ | 79,448 |  |  | $ | 88,154 |
Purchases, Issuances, and Settlements (Net) |  | 1,029 |  |  | (8,926) |
Unrealized Gains (Losses) |  | (2,144) |  |  | (8,525) |
Realized Gains (Losses) |  | 569 |  |  | 6,455 |
Interest and Dividend Income |  | 8,385 |  |  | 2,290 |
Fair Value at End of Year |  | $ | 87,287 |  |  | $ | 79,448 |
During fiscal 2024, the value of the Level 3 investments ranged from $78.5 million to $87.3 million, with an average value of $82.9 million. The Company has commitments totaling $180.9 million for the investments within the pension plans. The unfunded commitment balance for each investment category is as follows:
In thousands |  | October 27, 2024 |  | October 29, 2023
Domestic Equity |  | $ | 34,111 |  |  | $ | 16,835 |
International Equity |  | 10,058 |  |  | 11,396 |
Unfunded Commitment Balance |  | $ | 44,169 |  |  | $ | 28,231 |
Funding for future capital calls will come from existing pension plan assets and not from additional cash contributions by the Company.

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