Investments In and Receivables from Affiliates

12 Months Ended

Oct. 28, 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	October 28, 2018		October 29, 2017
MegaMex Foods, LLC	Grocery Products	50%	$	205,148	$	177,657
Foreign joint ventures	International & Other	Various (26 – 40%)	68,005		64,712
Total			$	273,153	$	242,369

Equity in earnings of affiliates consists of the following: 

(in thousands)	Segment	2018		2017		2016
MegaMex Foods, LLC	Grocery Products	$	52,988	$	31,357	$	30,651
Foreign joint ventures	International & Other	5,984		8,233		8,034
Total		$	58,972	$	39,590	$	38,685

Dividends received from affiliates for the fiscal years ended October 28, 2018, October 29, 2017, and October 30, 2016, were $30.0 million, $27.5 million, and $46.2 million, respectively. The Company recognized a basis difference of $21.3 million associated with the formation of MegaMex Foods, LLC, of which $13.6 million is remaining as of October 28, 2018. This difference is being amortized through equity in earnings of affiliates.