INVESTMENTS IN AND RECEIVABLES FROM AFFILIATES

9 Months Ended

Jul. 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:

(in thousands)	Segment	% Owned	July 26, 2020		October 27, 2019
MegaMex Foods, LLC	Grocery Products	50%	$	213,397	$	218,592
Other Joint Ventures	International & Other	Various (20-40%)	85,241		70,565
Total			$	298,638	$	289,157

Equity in Earnings of Affiliates consists of:

		Thirteen Weeks Ended					Thirty-Nine Weeks Ended
(in thousands)	Segment	July 26, 2020		July 28, 2019			July 26, 2020		July 28, 2019
MegaMex Foods, LLC	Grocery Products	$	5,799	$	3,418		$	22,939	$	27,399
Other Joint Ventures	International & Other	2,435		(34		)	2,904		734
Total		$	8,235	$	3,384		$	25,843	$	28,133

For the thirteen and thirty-nine weeks ended July 26, 2020, $7.5 million and $27.5 million of dividends were received from affiliates, compared to $10.0 million and $20.0 million of dividends received for the thirteen and thirty-nine weeks ended July 28, 2019.

The Company recognized a basis difference of $21.3 million associated with the formation of MegaMex Foods, LLC, of which $12.1 million is remaining as of July 26, 2020. This difference is being amortized through Equity in Earnings of Affiliates.