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INVESTMENTS IN AND RECEIVABLES FROM AFFILIATES
 6 Months Ended
May 01, 2022
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 Condensed Statements of Financial Position as Investments In and Receivables From Affiliates.
 
Investments In and Receivables From Affiliates consist of:
in thousandsSegment% OwnedMay 1, 2022October 31, 2021
MegaMex Foods, LLCGrocery Products50%$185,417 $205,413 
Other Joint VenturesInternational & Other
Various (20-50%)
90,432 93,606 
Total$275,849 $299,019 

Equity in Earnings of Affiliates consists of:
  Quarter EndedSix Months Ended
in thousands
 
Segment
May 1, 2022April 25, 2021May 1, 2022April 25, 2021
MegaMex Foods, LLCGrocery Products$3,011 $9,663 $10,006 $22,096 
Other Joint VenturesInternational & Other2,905 3,411 2,807 5,206 
Total$5,916 $13,074 $12,814 $27,302 
 
For the quarter and six months ended May 1, 2022, $12.5 million and $30.5 million of dividends were received from affiliates, compared to $11.2 million and $22.5 million of dividends received for the quarter and six months ended April 25, 2021.

The Company recognized a basis difference of $21.3 million associated with the formation of MegaMex Foods, LLC, of which $10.6 million is remaining as of May 1, 2022. This difference is being amortized through Equity in Earnings of Affiliates.