GOODWILL AND INTANGIBLE ASSETS

9 Months Ended

Jul. 26, 2026

Intangible Asset, Goodwill and Other [Abstract]

NOTE C - GOODWILL AND INTANGIBLE ASSETS

Goodwill: The change in the carrying amount of goodwill for the nine months ended July 26, 2026, is:


In thousands	Retail		Foodservice		International		Total





Balance at October 26, 2025	$	2,916,796	$	1,748,355	$	258,936	$	4,924,087
Goodwill Sold(1)	(53,086)		(1,330)		—		(54,416)
Goodwill Reclassified to Assets Held for Sale(2)	—		—		(4,470)		(4,470)
Foreign Currency Translation	—		—		2,563		2,563
Balance at July 26, 2026	$	2,863,709	$	1,747,025	$	257,028	$	4,867,763

(1) Goodwill sold during fiscal 2026 was due to the sale of the Company's controlling equity interest in Justin's, LLC ($34.9 million) and the divestiture of the whole-bird turkey business ($19.5 million). See Note B - Acquisitions and Divestitures for additional information.

(2) Goodwill reclassified to assets held for sale in the third quarter of fiscal 2026 relates to the Brazil divestiture. See Note B - Acquisitions and Divestitures for additional information.

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


	July 26, 2026						October 26, 2025
In thousands	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Definite-lived Intangible Assets
Customer Relationships	$	99,017	$	(55,251)	$	43,766	$	134,328	$	(78,565)	$	55,763
Other Definite-lived Intangibles	59,095		(27,450)		31,644		59,445		(24,620)		34,824
Trade Names/Trademarks	—		—		—		6,210		(6,210)		—
Foreign Currency Translation	—		—		—		—		(4,476)		(4,476)
Total Definite-lived Intangible Assets	$	158,112	$	(82,701)	$	75,411	$	199,982	$	(113,872)	$	86,111
Indefinite-lived Intangible Assets
Brands/Trade Names/Trademarks(1)					$	1,497,439					$	1,567,623
Foreign Currency Translation					—						(6,437)
Total Indefinite-lived Intangible Assets					1,497,439						1,561,186
Total Intangible Assets					$	1,572,850					$	1,647,297

(1) In the third quarter of fiscal 2026, an indefinite-lived trade name associated with the Brazil divestiture was reclassified to assets held for sale ($9.7 million). Due to the sale of the Company's controlling equity interest in Justin's, LLC in the first quarter of fiscal 2026, the related indefinite‑lived trade name was derecognized ($54.3 million). See Note B - Acquisitions and Divestitures for additional information.

Amortization expense on intangible assets is as follows:


	Quarter Ended				Nine Months Ended
In thousands	July 26, 2026		July 27, 2025		July 26, 2026		July 27, 2025
Amortization Expense	$	3,020	$	3,797	$	9,103	$	11,215

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


In thousands	Amortization Expense
2026	$	11,973
2027	11,685
2028	10,773
2029	9,511
2030	9,326