INVESTMENTS IN AND RECEIVABLES FROM AFFILIATES

9 Months Ended

Jul. 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:

			July 28,		October 28,
(in thousands)	Segment	% Owned	2013		2012
MegaMex Foods, LLC	Grocery Products	50%	$	202,106	$	205,315
Foreign Joint Ventures	International & Other	Various (26-50%)	67,115		81,222
Total			$	269,221	$	286,537

Equity in earnings of affiliates consists of the following:

		Three Months Ended				Nine Months Ended
(in thousands)	Segment	July 28, 2013		July 29, 2012		July 28, 2013		July 29, 2012
MegaMex Foods, LLC	Grocery Products	$	976	$	9,489	$	15,620	$	25,614
Foreign Joint Ventures	International & Other	370		334		2,763		3,026
Total		$	1,346	$	9,823	$	18,383	$	28,640

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.