INVESTMENTS IN AND RECEIVABLES FROM AFFILIATES

3 Months Ended

Jan. 27, 2019

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	January 27, 2019		October 28, 2018
MegaMex Foods, LLC	Grocery Products	50%	$	207,589	$	205,148
Foreign Joint Ventures	International & Other	Various (26-40%)	70,248		68,005
Total			$	277,837	$	273,153

Equity in earnings of affiliates consists of the following:

		Three Months Ended
(in thousands)	Segment	January 27, 2019		January 28, 2018
MegaMex Foods, LLC	Grocery Products	$	10,502	$	19,588
Foreign Joint Ventures	International & Other	956		3,943
Total		$	11,458	$	23,531

For the three months ended January 27, 2019, no dividends were received from affiliates, compared to $0.023 million of dividends received for the three months ended January 28, 2018.

The Company recognized a basis difference of $21.3 million associated with the formation of MegaMex Foods, LLC, of which $13.4 million is remaining as of January 27, 2019.  This difference is being amortized through equity in earnings of affiliates.