INVESTMENTS IN AND RECEIVABLES FROM AFFILIATES

6 Months Ended

Apr. 29, 2018

Equity Method Investments and Joint Ventures [Abstract]

INVESTMENTS IN AND RECEIVABLES FROM AFFILIATES

INVESTMENTS IN AND RECEIVABLES FROM AFFILIATES

The Company accounts for its majority-owned operations under the consolidation method.  Investments in which the Company owns a minority interest, and for which there are no other indicators of control, are accounted for under the equity or cost method.  These investments, along with any related receivables from affiliates, are included in the Consolidated Statements of Financial Position as investments in and receivables from affiliates.

Investments in and receivables from affiliates consists of the following:

(in thousands)	Segment	% Owned	April 29, 2018		October 29, 2017
MegaMex Foods, LLC	Grocery Products	50%	$	197,204	$	177,657
Foreign Joint Ventures	International & Other	Various (26-40%)	68,375		64,712
Total			$	265,579	$	242,369

Equity in earnings of affiliates consists of the following:

		Three Months Ended				Six Months Ended
(in thousands)	Segment	April 29, 2018		April 30, 2017		April 29, 2018		April 30, 2017
MegaMex Foods, LLC	Grocery Products	$	12,934	$	9,116	$	32,522	$	18,187
Foreign Joint Ventures	International & Other	552		1,005		4,495		5,233
Total		$	13,486	$	10,121	$	37,017	$	23,420

Dividends received from affiliates for the second quarter and six months ended April 29, 2018, were $10.0 million and $10.0 million, respectively, compared to $10.0 million and $12.5 million of dividends received for the second quarter and six months ended April 30, 2017.

The Company recognized a basis difference of $21.3 million associated with the formation of MegaMex Foods, LLC, of which $14.0 million is remaining as of April 29, 2018.  This difference is being amortized through equity in earnings of affiliates.