Investments In and Receivables From Affiliates

12 Months Ended

Oct. 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	October 27, 2019		October 28, 2018
MegaMex Foods, LLC	Grocery Products	50%	$	218,592	$	205,148
Foreign Joint Ventures	International & Other	Various (26 – 40%)	70,565		68,005
Total			$	289,157	$	273,153

Equity in Earnings of Affiliates consists of the following: 

(in thousands)	Segment	2019		2018		2017
MegaMex Foods, LLC	Grocery Products	$	38,676	$	52,988	$	31,357
Foreign Joint Ventures	International & Other	525		5,984		8,233
Total		$	39,201	$	58,972	$	39,590

Dividends received from affiliates for the fiscal years ended October 27, 2019, October 28, 2018, and October 29, 2017, were $22.5 million, $30.0 million, and $27.5 million, respectively.

The Company recognized a basis difference of $21.3 million associated with the formation of MegaMex Foods, LLC, of which $12.7 million is remaining as of October 27, 2019. This difference is being amortized through Equity in Earnings of Affiliates.