Investments in Affiliates

12 Months Ended

Oct. 26, 2025

Equity Method Investments and Joint Ventures [Abstract]

Investments in Affiliates

Investments in Affiliates

Ownership: As of October 26, 2025, the Company's equity method investments include:

	Segment	Ownership Percentage
MegaMex Foods	Retail	50%
The Purefoods-Hormel Company, Inc.	International	40%
PT Garudafood Putra Putri Jaya Tbk. (Garudafood)	International	30%
Okinawa Hormel LTD	International	26%
Corporate Venturing Investments	n/a	26% - 43%

Equity in Earnings: The Company's share of earnings from its equity method investments is presented in the Consolidated Statements of Operations as Equity in Earnings of Affiliates and further disclosed in Note Q - Segment Reporting. Equity in earnings from corporate venturing investments is not included in any of the reportable segments' measure of segment profit.

Distributions: Distributions received from equity method investees consists of:

In thousands	Fiscal Year Ended
	October 26, 2025		October 27, 2024		October 29, 2023
Distributions	$	50,097	$	46,055	$	38,160

Basis Difference: The initial and unamortized basis differences as of October 26, 2025, are:

In thousands	Initial Basis Difference		Unamortized Basis Difference
Garudafood (1)	$	324,828	$	136,362
MegaMex Foods	21,273		7,609

(1) The Garudafood remaining unamortized basis difference balance includes the impact of foreign currency translation and impairment.

Fair Value: Based on quoted market prices, the fair value of the common stock held in Garudafood was $243.9 million as of October 24, 2025. The Company's other equity method investments do not have readily determinable fair values.

Impairment Charges: Based on an assessment in the fourth quarter of fiscal 2025 and in connection with the preparation of the Company's consolidated financial statements, the Company initiated an impairment review of its investment in Garudafood and concluded that the decline in fair value was no longer believed to be temporary. While the investment has provided positive equity in earnings and the Company continues to consider Garudafood a long-term strategic partner, performance has lagged original expectations and the business has experienced a sustained decline in market price. As a result, the Company recorded a $163.7 million impairment charge to reduce the carrying amount to estimated fair value. Fair value was determined using Garudafood's unadjusted quoted market price, a Level 1 input. The impairment charge is reflected in Equity in Earnings of Affiliates within the International segment. The remaining carrying value of the Garudafood investment is $247.1 million.

In fiscal 2023, the Company recorded a $7.0 million impairment charge related to a corporate venturing investment to recognize a decline in fair value not believed to be temporary. The impairment charge is reflected in Equity in Earnings of Affiliates.

The Company determined that no other-than-temporary impairment existed for its other equity method investments as of October 26, 2025.