INVESTMENTS IN AND RECEIVABLES FROM AFFILIATES

6 Months Ended

Apr. 28, 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 consist of the following:

(in thousands)	Segment	% Owned	April 28, 2019		October 28, 2018
MegaMex Foods, LLC	Grocery Products	50%	$	206,480	$	205,148
Foreign Joint Ventures	International & Other	Various (26-40%)	69,998		68,005
Total			$	276,478	$	273,153

Equity in earnings of affiliates consists of the following:

		Three Months Ended					Six Months Ended
(in thousands)	Segment	April 28, 2019			April 29, 2018		April 28, 2019		April 29, 2018
MegaMex Foods, LLC	Grocery Products	$	13,479		$	12,934	$	23,981	$	32,522
Foreign Joint Ventures	International & Other	(188		)	552		768		4,495
Total		$	13,291		$	13,486	$	24,749	$	37,017

For the second quarter and six months ended April 28, 2019, $10.0 million of dividends were received from affiliates, compared to $10.0 million of dividends received for both the second quarter and six months ended April 29, 2018.

The Company recognized a basis difference of $21.3 million associated with the formation of MegaMex Foods, LLC, of which $13.2 million is remaining as of April 28, 2019.  This difference is being amortized through Equity in Earnings of Affiliates.