INVESTMENTS IN AND RECEIVABLES FROM AFFILIATES

3 Months Ended

Jan. 26, 2014

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	January 26, 2014		October 27, 2013
MegaMex Foods, LLC	Grocery Products	50%	$	189,980	$	203,413
Foreign Joint Ventures	International & Other	Various (26-50%)	68,148		67,196
Total			$	258,128	$	270,609

Equity in earnings of affiliates consists of the following:

		Three Months Ended
(in thousands)	Segment	January 26, 2014	January 27, 2013
MegaMex Foods, LLC	Grocery Products	$   2,528	$   7,037
Foreign Joint Ventures	International & Other	2,211	2,806
Total		$   4,739	$   9,843

Dividends received from affiliates were $10.0 million for both the three months ended January 26, 2014 and the three months ended January 27, 2013.  The Company recognized a basis difference of $21.3 million associated with the formation of MegaMex Foods, LLC, of which $17.6 million is remaining as of January 26, 2014.  This difference is being amortized through equity in earnings of affiliates.