INVESTMENTS IN AND RECEIVABLES FROM AFFILIATES

6 Months Ended

Apr. 28, 2013

INVESTMENTS IN AND RECEIVABLES FROM AFFILIATES

INVESTMENTS IN AND RECEIVABLES FROM AFFILIATES

NOTE E                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	April 28, 2013		October 28, 2012
MegaMex Foods, LLC	Grocery Products	50%	$	199,809	$	205,315
Foreign Joint Ventures	International & Other	Various (26-50%)	84,234		81,222
Total			$	284,043	$	286,537

Equity in earnings of affiliates consists of the following:

		Three Months Ended					Six Months Ended
(in thousands)	Segment	April 28, 2013			April 29, 2012		April 28, 2013		April 29, 2012
MegaMex Foods, LLC	Grocery Products	$	7,607		$	7,501	$	14,644	$	16,125
Foreign Joint Ventures	International & Other	(413		)	315		2,393		2,692
Total		$	7,194		$	7,816	$	17,037	$	18,817

The Company recognized a basis difference of $21.3 million associated with the formation of MegaMex Foods, LLC, which is being amortized through equity in earnings of affiliates.