INVESTMENTS IN AND RECEIVABLES FROM AFFILIATES

3 Months Ended

Jan. 24, 2016

INVESTMENTS IN AND RECEIVABLES FROM AFFILIATES

INVESTMENTS IN AND RECEIVABLES FROM AFFILIATES

NOTE HINVESTMENTS 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 24, 2016		October 25, 2015
MegaMex Foods, LLC	Grocery Products	50%	$	192,579	$	200,110
Foreign Joint Ventures	International & Other	Various (26-40%)	61,010		58,888
Total			$	253,589	$	258,998

Equity in earnings of affiliates consists of the following:

		Three Months Ended
(in thousands)	Segment	January 24, 2016		January 25, 2015
MegaMex Foods, LLC	Grocery Products	$	7,205	$	8,057
Foreign Joint Ventures	International & Other	4,270		(6,397)
Total		$	11,475	$	1,660

Dividends received from affiliates for the three months ended January 24, 2016 were $5.0 million, compared to twenty-two thousand dollars of dividends received for the three months ended January 25, 2015.

The Company recognized a basis difference of $21.3 million associated with the formation of MegaMex Foods, LLC, of which $15.9 million is remaining as of January 24, 2016.  This difference is being amortized through equity in earnings of affiliates.