INVESTMENTS IN AFFILIATES

3 Months Ended

Jan. 25, 2026

Equity Method Investments and Joint Ventures [Abstract]

NOTE D - INVESTMENTS IN AFFILIATES

Ownership: As of January 25, 2026, the Company's equity method investments include:


	Segment	Ownership Percentage
MegaMex Foods, LLC	Retail	50%
Joy Topco LP(1)	Retail	49%
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%

(1) In the first quarter of fiscal 2026, the Company recorded a 49% ownership interest in Joy Topco LP in connection with the sale of its controlling equity interest in Justin’s, LLC. See Note B - Acquisitions and Divestitures for additional information.

Equity in Earnings: The Company's share of earnings from its equity method investments is recorded as Equity in Earnings of Affiliates and further disclosed in Note O - 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	Quarter Ended
	January 25, 2026		January 26, 2025
Distributions	$	13,051	$	19,894

Basis Difference: The initial and unamortized basis differences as of January 25, 2026, are:


In thousands	Initial Basis Difference		Unamortized Basis Difference
Garudafood(1)	$	324,828	$	135,545
MegaMex Foods, LLC	21,273		7,397

(1) The Garudafood remaining unamortized basis difference 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 $233.7 million as of January 23, 2026. The Company's other equity method investments do not have readily determinable fair values.

Transactions: The Company has agreements with its equity method investments which, in some cases, result in amounts due to or due from these parties. The amounts due to equity method investees were $44.8 million and $38.8 million as of January 25, 2026, and October 26, 2025, respectively. The amounts due from equity method investees were $9.3 million and $11.9 million as of January 25, 2026, and October 26, 2025, respectively.