INVESTMENTS IN AND RECEIVABLES FROM AFFILIATES

9 Months Ended

Jul. 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	July 28, 2019		October 28, 2018
MegaMex Foods, LLC	Grocery Products	50%	$	207,832	$	205,148
Foreign Joint Ventures	International & Other	Various (26-40%)	71,433		68,005
Total			$	279,265	$	273,153

Equity in earnings of affiliates consists of the following:

		Three Months Ended					Nine Months Ended
(in thousands)	Segment	July 28, 2019			July 29, 2018		July 28, 2019		July 29, 2018
MegaMex Foods, LLC	Grocery Products	$	3,418		$	11,859	$	27,399	$	44,381
Foreign Joint Ventures	International & Other	(34		)	1,282		734		5,777
Total		$	3,384		$	13,141	$	28,133	$	50,158

For the three months ended July 28, 2019, and July 29, 2018, respectively, $10.0 million of dividends were received from affiliates. For the nine months ended July 28, 2019, and July 29, 2018, $20.0 million of dividends were received from affiliates.

The Company recognized a basis difference of $21.3 million associated with the formation of MegaMex Foods, LLC, of which $12.9 million is remaining as of July 28, 2019.  This difference is being amortized through Equity in Earnings of Affiliates.