Significant Accounting Policies (Tables)

12 Months Ended

Oct. 31, 2013

Reconciliation of Gross Sales to Net Sales

RECONCILIATION OF GROSS SALES TO NET SALES DOLLARS (in millions)

Product Category	Description	Fiscal Year 2013			Fiscal Year 2012			Fiscal Year 2011
Fresh Ice Packed Chicken	Gross Sales	$	367.4		$	308.4		$	263.9
	Commissions		(4.1	)		(4.3	)		(3.9	)
	Sales and Customer Allowances		(11.2	)		(9.8	)		(8.5	)
	Other (1)		(9.8	)		(6.9	)		(5.3	)
	Net Sales		342.3			287.4			246.2
Chill Pack Chicken	Gross Sales		955.0			821.3			670.1
	Commissions		(6.5	)		(6.8	)		(6.0	)
	Sales and Customer Allowances		(9.5	)		(10.2	)		(8.5	)
	Other (1)		(6.3	)		(5.2	)		(3.2	)
	Net Sales		932.7			799.1			652.4
Frozen Chicken	Gross Sales		282.0			314.1			272.0
	Commissions		(0.2	)		(0.1	)		(0.0	)
	Sales and Customer Allowances		(0.0	)		(0.3	)		(0.0	)
	Other (1)		(0.8	)		(0.8	)		(1.8	)
	Net Sales		281.0			312.9			270.2
Fresh Vacuum Sealed Chicken	Gross Sales		1,009.6			875.7			690.8
	Commissions		(1.8	)		(1.9	)		(1.8	)
	Sales and Customer Allowances		(8.3	)		(6.4	)		(6.0	)
	Other (1)		(7.5	)		(5.1	)		(4.0	)
	Net Sales		992.0			862.3			679.0
Partially Cooked Chicken	Gross Sales		98.3			90.4			107.9
	Commissions		(0.8	)		(0.8	)		(1.0	)
	Sales and Customer Allowances		(0.4	)		(0.4	)		(0.4	)
	Other (1)		(0.2	)		(0.1	)		(0.1	)
	Net Sales		96.9			89.1			106.4
Mechanically Deboned Chicken	Gross Sales		38.1			35.3			23.9
	Commissions		(0.0	)		(0.0	)		(0.0	)
	Sales and Customer Allowances		(0.0	)		(0.0	)		(0.0	)
	Other (1)		(0.0	)		(0.0	)		(0.0	)
	Net Sales		38.1			35.3			23.9
Totals	Gross Sales		2,750.4			2,445.2			2,028.6
	Commissions		(13.4	)		(13.9	)		(12.7	)
	Sales and Customer Allowances		(29.4	)		(27.1	)		(23.4	)
	Other (1)		(24.6	)		(18.1	)		(14.4	)
	Net Sales	$	2,683.0		$	2,386.1		$	1,978.1

⁽¹⁾ Other deductions include short weights, credit memos, rebates and other items, none of which, individually, is material.

Fair Value and Carrying Value of Borrowings Under Credit Facilties Long-Term Debt and Capital Lease Obligations

The fair value and carrying value of the Company’s borrowings under its credit facilities, long-term debt and capital lease obligations were as follows (in millions):

	October 31, 2013				October 31, 2012
	Fair Value		Carrying Value		Fair Value		Carrying Value
Total Debt (In millions)	$	43	$	40	$	163	$	161