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FAIR VALUE MEASUREMENTS
 9 Months Ended
Jul. 26, 2026
Fair Value Disclosures [Abstract]  
FAIR VALUE MEASUREMENTS
NOTE J - FAIR VALUE MEASUREMENTS

Accounting guidance establishes a fair value hierarchy which requires assets and liabilities measured at fair value to be categorized into one of three levels based on the inputs used in the valuation. The three levels are defined as follows:

Level 1    Observable inputs based on quoted prices (unadjusted) in active markets for identical assets or liabilities.

Level 2    Observable inputs, other than those included in Level 1, based on quoted prices for similar assets and liabilities in active markets, or quoted prices for identical assets and liabilities in inactive markets.

Level 3    Unobservable inputs that reflect an entity’s own assumptions about what inputs a market participant would use in pricing the asset or liability based on the best information available in the circumstances.
The Company’s financial assets and liabilities carried at fair value on a recurring basis and their level within the fair value hierarchy are presented in the tables below.
Fair Value Measurements at July 26, 2026
In thousands
Total Fair
Value		Quoted Prices
in Active
Markets for
Identical Assets
(Level 1)		Significant
Other
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)
Assets at Fair Value
Short-term Marketable Securities
$28,807 $6,234 $22,573 $— 
Rabbi Trust218,927 — 218,927 — 
Commodity Derivatives
20,425 11,439 8,986 — 
Total Assets at Fair Value$268,158 $17,673 $250,485 $— 
Liabilities at Fair Value
Deferred Compensation
$61,103 $— $61,103 $— 
Commodity Derivatives
4,785 2,558 2,227 — 
Total Liabilities at Fair Value$65,888 $2,558 $63,330 $— 

Fair Value Measurements at October 26, 2025
In thousands
Total Fair
Value		Quoted Prices
in Active
Markets for
Identical Assets
(Level 1)		Significant
Other
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)
Assets at Fair Value
Short-term Marketable Securities
$32,909 $6,944 $25,965 $— 
Rabbi Trust219,197 — 219,197 — 
Commodity Derivatives
9,888 9,212 676 — 
Total Assets at Fair Value$261,994 $16,156 $245,838 $— 
Liabilities at Fair Value
Deferred Compensation
$63,582 $— $63,582 $— 
Commodity Derivatives4,291 3,436 855 — 
Total Liabilities at Fair Value$67,873 $3,436 $64,437 $— 

The following methods and assumptions were used to estimate the fair value of the financial assets and liabilities above:

Short-term Marketable Securities: The Company holds securities as part of a portfolio maintained to generate investment income. The portfolio is managed by a third party who is responsible for daily trading activities, and all assets within the portfolio are highly liquid. The equities, U.S. government securities, and money market funds held by the portfolio are classified as Level 1. The current investment portfolio also includes corporate bonds and other asset-backed securities for which there is an active, quoted market. Market prices are obtained from a variety of industry providers, large financial institutions, and other third-party sources to calculate a representative daily market value, and therefore, these securities are classified as Level 2.

Rabbi Trust: The Company maintains a rabbi trust that holds life insurance policies to fund certain supplemental executive retirement plans and deferred compensation plans. The rabbi trust is valued based on the insurance policies' cash surrender value and the fair value of the underlying investments. These policies are classified as Level 2. During the quarter and nine months ended July 26, 2026, investments held by the rabbi trust generated gains of $3.2 million and $8.3 million, respectively, compared to gains of $9.7 million and $8.6 million, respectively, for the quarter and nine months ended July 27, 2025.

Deferred Compensation: Under the Company’s deferred compensation plans, participants can defer certain types of compensation and direct their account balances into various investment alternatives. Liabilities of the Company’s deferred compensation plans are measured at amounts due to participants, based on the fair value of participants' selected investments. These liabilities are classified as Level 2.

Commodity Derivatives: The Company’s commodity derivatives consist of futures, swaps, and options contracts used to manage commodity price risk. Exchange-traded contracts are classified as Level 1 and valued using quoted market prices. Over-the-counter contracts are classified as Level 2 and valued using observable market-based inputs. All derivatives are
reviewed for potential credit risk and risk of nonperformance. See Note G - Derivatives and Hedging for additional information.

The Company’s financial assets and liabilities also include cash and cash equivalents, accounts and other receivables, accounts payable, and other liabilities, for which carrying value approximates fair value as they are generally short‑term in nature or otherwise expected to be settled at amounts that would not differ materially from fair value. The Company does not carry its long-term debt at fair value on the Consolidated Statements of Financial Position. The fair value of long-term debt, utilizing discounted cash flows (Level 2), was $2.5 billion as of July 26, 2026, and $2.6 billion as of October 26, 2025. See Note L - Long-term Debt and Other Borrowing Arrangements for additional information.

Nonrecurring Fair Value Measurements: The Company may be required to measure certain nonfinancial assets and liabilities including goodwill, intangible assets, equity method investments, and property, plant, and equipment at fair value on a nonrecurring basis.

During the quarter ended July 26, 2026, the Company recorded a non-cash, pre-tax valuation loss associated with its operations in Brazil which were classified as held for sale. The Company determined the fair value of the disposal group as its fair value, less expected costs to sell, using the negotiated purchase price (Level 2) and including the impact of accumulated foreign currency translation losses that will be recognized in earnings upon sale. See Note B - Acquisitions and Divestitures for additional information.

During the quarter ended July 26, 2026, the Company recorded a $48.2 million impairment charge on an equity method investment. Fair value was determined using the unadjusted quoted market price (Level 1). See Note D - Investments in Affiliates for additional information.

There were no other material remeasurements of assets or liabilities at fair value on a nonrecurring basis subsequent to their initial recognition during the quarter and nine months ended July 26, 2026, and July 27, 2025.