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 July 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 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:
Basis Difference: The initial and unamortized basis differences as of July 26, 2026, are:
(1) The Garudafood remaining unamortized basis difference includes the impact of foreign currency translation and impairments. Fair Value: The fair value of the common stock held in Garudafood was $183.6 million as of July 24, 2026, based on the closing market price on the Indonesia Stock Exchange and converted to U.S. dollars. The Company's other equity method investments do not have readily determinable fair values. Impairment Charges: In connection with the preparation of the Company's consolidated financial statements, the Company initiated an impairment review of its investment in Garudafood in the third quarter of fiscal 2026. While the investment has continued to provide positive equity in earnings and the Company continues to consider Garudafood a long-term strategic partner, the severity and duration of the excess carrying value compared to its fair value, driven primarily by continued declines in Garudafood's quoted market price, indicated that the decline in value was no longer believed to be temporary. As a result, the Company recorded a $48.2 million impairment charge to reduce the carrying amount of the investment to its estimated fair value. Fair value was determined based on 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 $183.6 million. 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 $37.0 million and $38.8 million as of July 26, 2026, and October 26, 2025, respectively. The amounts due from equity method investees were $8.7 million and $11.9 million as of July 26, 2026, and October 26, 2025, respectively.
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