INVESTMENTS IN AFFILIATES |
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| Equity Method Investments and Joint Ventures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| INVESTMENTS IN AFFILIATES | NOTE D - INVESTMENTS IN AFFILIATES Ownership: As of April 26, 2026, the Company's equity method investments include:
(1) In the first quarter of fiscal 2026, the Company recorded a 49% ownership interest in Joy Topco, L.P. 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 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:
Basis Difference: The initial and unamortized basis differences as of April 26, 2026, are:
(1) The Garudafood remaining unamortized basis difference includes the impact of foreign currency translation and impairment. Fair Value: The fair value of the common stock held in Garudafood was $224.2 million as of April 24, 2026, based on the closing market price on the Indonesia Stock Exchange (IDX) and converted to U.S. dollars. The Company's other equity method investments do not have readily determinable fair values. As of April 26, 2026, and in accordance with the Company's accounting procedures and internal controls, the Company evaluated whether an other‑than‑temporary impairment existed for its investment in Garudafood, which had a carrying value of $247.4 million. This evaluation included consideration of the severity and duration of the carrying value in excess of Garudafood’s quoted market value, performance of Garudafood's stock price, Garudafood's operating performance and outlook, and the Company's strategic intent and ability to hold the investment. The Company considers Garudafood a long-term strategic partner, maintains representation on Garudafood’s Board of Commissioners, and has the intent and ability to retain its investment for a period of time sufficient to allow for recovery in market value. Based on the evaluation of the factors above, the Company does not consider the investment to be other‑than‑temporarily impaired as of April 26, 2026. The Company will continue to assess the value of its investment in Garudafood, which may result in the recognition of an other‑than‑temporary impairment in the future. 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 $55.5 million and $38.8 million as of April 26, 2026, and October 26, 2025, respectively. The amounts due from equity method investees were $7.8 million and $11.9 million as of April 26, 2026, and October 26, 2025, respectively.
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