INVESTMENTS IN AND RECEIVABLES FROM AFFILIATES

3 Months Ended

Jan. 26, 2020

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	January 26, 2020		October 27, 2019
MegaMex Foods, LLC	Grocery Products	50%	$	211,535	$	218,592
Other Joint Ventures	International & Other	Various (20-40%)	79,242		70,565
Total			$	290,777	$	289,157

Equity in Earnings of Affiliates consists of the following:

		Three Months Ended
(in thousands)	Segment	January 26, 2020			January 27, 2019
MegaMex Foods, LLC	Grocery Products	$	9,461		$	10,502
Other Joint Ventures	International & Other	(1,873		)	956
Total		$	7,588		$	11,458

For the three months ended January 26, 2020, $10.0 million of dividends were received from affiliates, compared to no dividends received for the three months ended January 27, 2019.

The Company recognized a basis difference of $21.3 million associated with the formation of MegaMex Foods, LLC, of which $12.5 million is remaining as of January 26, 2020.  This difference is being amortized through Equity in Earnings of Affiliates.