Goodwill and Intangible Assets

12 Months Ended

Oct. 26, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill: The change in the carrying amount of goodwill for the fiscal years ended October 26, 2025, and October 27, 2024, is:


In thousands	Retail		Foodservice		International		Total


Balance at October 29, 2023	$	2,916,796	$	1,750,594	$	261,074	$	4,928,464

Goodwill Sold	—		(2,239)		—		(2,239)
Foreign Currency Translation	—		—		(2,738)		(2,738)
Balance at October 27, 2024	$	2,916,796	$	1,748,355	$	258,336	$	4,923,487




Foreign Currency Translation	—		—		600		600
Balance at October 26, 2025	$	2,916,796	$	1,748,355	$	258,936	$	4,924,087

The goodwill sold during fiscal 2024 was due to the divestiture of Hormel Health Labs.

Intangible Assets: The Company's intangible assets by type are:


	October 26, 2025						October 27, 2024
In thousands	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Definite-lived Intangible Assets
Customer Relationships	$	134,328	$	(78,565)	$	55,763	$	168,239	$	(93,536)	$	74,703
Other Definite-lived Intangibles	59,445		(24,620)		34,824		59,241		(20,107)		39,134
Trade Names/Trademarks	6,210		(6,210)		—		6,210		(5,996)		214
Foreign Currency Translation	—		(4,476)		(4,476)		—		(4,458)		(4,458)
Total Definite-lived Intangible Assets	$	199,982	$	(113,872)	$	86,111	$	233,690	$	(124,097)	$	109,593
Indefinite-lived Intangible Assets
Brands/Trade Names/Trademarks					$	1,567,623					$	1,629,582
Other Indefinite-lived Intangibles					—						184
Foreign Currency Translation					(6,437)						(6,655)
Total Indefinite-lived Intangible Assets					1,561,186						1,623,112
Total Intangible Assets					$	1,647,297					$	1,732,705

Amortization expense on intangible assets for the last three fiscal years is as follows:


In thousands	Amortization Expense
2025	$	14,854
2024	16,366
2023	18,386

Estimated annual amortization expense on intangible assets for the five fiscal years after October 26, 2025, is as follows:


In thousands	Amortization Expense
2026	$	12,428
2027	12,140
2028	11,219
2029	9,751
2030	9,326

Impairment Testing: During the fourth quarter of fiscal 2025, 2024, and 2023, the Company completed its annual impairment tests of goodwill, indefinite-lived intangible assets, and definite-lived intangible assets. Useful lives of intangible assets were also reviewed during this process with no material changes identified. See Note A - Summary of Significant Accounting Policies for additional information on the Company's impairment testing procedures.

Goodwill

During the fourth quarter of fiscal 2025, the Company elected to complete its annual goodwill impairment tests by performing quantitative assessments. No goodwill impairment was indicated in the annual assessments in fiscal 2025, 2024, and 2023.

Indefinite-lived Intangible Assets

During the fourth quarter of fiscal 2025, the Company elected to complete its annual indefinite-lived intangible impairment tests by performing quantitative assessments. The assessments indicated an impairment for the Planters® trade name, resulting in an impairment charge of $59.1 million in the Retail segment, which reduced the remaining carrying value to $615.9 million. Since the production disruption in fiscal 2024, the Company has monitored the brand’s impairment status through quarterly qualitative assessments. While the brand has shown signs of recovery, including operational stabilization and improved revenue, the updated projections provided in the fourth quarter of fiscal 2025 reflect long-term revenue growth lagging previous expectations leading to the impairment.

Additionally in the fourth quarter of fiscal 2025, impairment was indicated for the Chi-Chi's® trade name, resulting in an impairment charge of $2.9 million in the Retail segment, which reduced the remaining carrying value to $13.1 million. The impairment was driven by lower long-term forecasts influenced by recent performance trends.

In fiscal 2023, qualitative assessments indicated that the Justin’s® trade name was more likely than not impaired, prompting a quantitative impairment test. As a result of the quantitative impairment test, an impairment charge was recognized in the Retail segment of $28.4 million.

No other indefinite-lived intangible impairments were indicated in the fiscal 2025, 2024, and 2023 assessments.

Definite-lived Intangible Assets

During the fourth quarter of fiscal 2025, the Company completed its annual definite-lived intangible asset impairment tests by performing qualitative assessments. The assessment indicated impairment of a private label customer relationship acquired in the purchase of Columbus Manufacturing, Inc., which resulted in an impairment charge of $8.8 million in the Retail segment, and representing the full carrying value of the asset. The impairment was driven by recent performance results and the Company's intent to shift strategic focus to Columbus® branded products.

No other definite-lived intangible impairments were indicated in fiscal 2025, 2024, or 2023.