INVESTMENTS IN AND RECEIVABLES FROM AFFILIATES

3 Months Ended

Jan. 29, 2017

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 29, 2017		October 30, 2016
MegaMex Foods, LLC	Grocery Products	50%	$	182,191	$	180,437
Foreign Joint Ventures	International & Other	Various (26-40%)	61,677		59,153
Total			$	243,868	$	239,590

Equity in earnings of affiliates consists of the following:

		Three Months Ended
(in thousands)	Segment	January 29, 2017		January 24, 2016
MegaMex Foods, LLC	Grocery Products	$	9,071	$	7,205
Foreign Joint Ventures	International & Other	4,228		4,270
Total		$	13,299	$	11,475

Dividends received from affiliates for the three months ended January 29, 2017 were $2.5 million, compared to $5.0 million dollars of dividends received for the three months ended January 24, 2016.

The Company recognized a basis difference of $21.3 million associated with the formation of MegaMex Foods, LLC, of which $15.1 million is remaining as of January 29, 2017.  This difference is being amortized through equity in earnings of affiliates.