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.