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Segment Reporting
12 Months Ended
Oct. 29, 2023
Segment Reporting [Abstract]  
Segment Reporting
Segment Reporting

The Company develops, processes, and distributes a wide array of food products in a variety of markets. As described in Note A - Summary of Significant Accounting Policies, the Company transitioned to a new operating model in the first quarter of fiscal 2023 and now 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. Prior period segment results have been retrospectively recast to reflect the new reportable segments.

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, equity method investments, and royalty arrangements.

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. Intersegment sales are eliminated in
consolidation and are not reviewed when evaluating segment performance. The Company does not allocate deferred compensation, 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.

Financial measures for each of the Company’s reportable segments and reconciliation to consolidated 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.
In thousandsFiscal Year Ended
October 29, 2023October 30, 2022October 31, 2021
Net Sales
Retail $7,749,039 $7,987,598 $7,418,079 
Foodservice3,639,492 3,691,408 3,130,174 
International721,479 779,799 837,936 
Total Net Sales
$12,110,010 $12,458,806 $11,386,189 
Segment Profit
Retail$577,690 $721,832 $690,127 
Foodservice595,682 547,686 431,992 
International55,234 107,642 116,585 
Total Segment Profit$1,228,606 $1,377,161 $1,238,704 
Net Unallocated Expense214,482 99,297 112,836 
Noncontrolling Interest(653)239 301 
Earnings Before Income Taxes$1,013,472 $1,278,103 $1,126,170 
Depreciation and Amortization
Retail
$145,690 $135,824 $124,627 
Foodservice
74,370 69,577 53,954 
International
15,627 16,072 16,482 
Corporate17,623 14,413 14,246 
Total Depreciation and Amortization
$253,311 $235,885 $209,309 

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 thousandsOctober 29, 2023October 30, 2022October 31, 2021
Perishable$8,511,795 $8,737,486 $8,437,851 
Shelf-stable3,598,215 3,721,320 2,948,338 
Total Net Sales
$12,110,010 $12,458,806 $11,386,189 

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.

Revenues from external customers are classified as domestic or foreign based on the location where title passes. 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 thousandsOctober 29, 2023October 30, 2022October 31, 2021
U.S.$11,515,094 $11,776,883 $10,653,088 
Foreign594,915 681,923 733,101 
Total Net Sales
$12,110,010 $12,458,806 $11,386,189 

In fiscal 2023, sales to Walmart Inc. (Walmart) represented $2.0 billion or 15.5% of the Company’s consolidated gross sales less returns and allowances compared to $2.1 billion or 15.6% in fiscal 2022. Walmart is a customer for the Company's Retail and International segments.