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SEGMENT REPORTING | 9 Months Ended
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Jul. 28, 2024
Segment Reporting [Abstract] |
SEGMENT REPORTING | NOTE M - 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 is 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. 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 and nutritional products for foodservice, convenience store, and commercial customers. 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 expense items 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.
| Quarter Ended |  | Nine Months Ended
In thousands | July 28, 2024 |  | July 30, 2023 |  | July 28, 2024 |  | July 30, 2023
Net Sales |  |  |  |  |  |  |
Retail | $ | 1,767,251 |  |  | $ | 1,891,746 |  |  | $ | 5,467,078 |  |  | $ | 5,765,786 |
Foodservice | 954,021 |  |  | 890,949 |  |  | 2,799,110 |  |  | 2,607,140 |
International | 177,171 |  |  | 180,605 |  |  | 516,517 |  |  | 539,005 |
Total Net Sales | $ | 2,898,443 |  |  | $ | 2,963,299 |  |  | $ | 8,782,706 |  |  | $ | 8,911,930 |
Segment Profit |  |  |  |  |  |  |
Retail | $ | 127,932 |  |  | $ | 151,128 |  |  | $ | 409,836 |  |  | $ | 459,031 |
Foodservice | 142,487 |  |  | 146,270 |  |  | 441,952 |  |  | 428,110 |
International | 21,792 |  |  | 12,222 |  |  | 65,026 |  |  | 45,723 |
Total Segment Profit | 292,211 |  |  | 309,619 |  |  | 916,814 |  |  | 932,863 |
Net Unallocated Expense | 66,526 |  |  | 101,886 |  |  | 161,239 |  |  | 164,997 |
Noncontrolling Interest | 34 |  |  | (108) |  |  | (170) |  |  | (200) |
Earnings Before Income Taxes | $ | 225,719 |  |  | $ | 207,626 |  |  | $ | 755,404 |  |  | $ | 767,666 |
The Company’s products primarily consist of meat and other food products. Total revenue contributed by classes of similar products are:
| Quarter Ended |  | Nine Months Ended
In thousands | July 28, 2024 |  | July 30, 2023 |  | July 28, 2024 |  | July 30, 2023
Perishable | $ | 2,115,087 |  |  | $ | 2,068,787 |  |  | $ | 6,251,076 |  |  | $ | 6,222,485 |
Shelf-stable | 783,356 |  |  | 894,512 |  |  | 2,531,630 |  |  | 2,689,445 |
Total Net Sales | $ | 2,898,443 |  |  | $ | 2,963,299 |  |  | $ | 8,782,706 |  |  | $ | 8,911,930 |
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.

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- Definition The entire disclosure for reporting segments including data and tables. 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