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INVESTMENTS IN AND RECEIVABLES FROM AFFILIATES | 9 Months Ended
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Jul. 30, 2017
INVESTMENTS IN AND RECEIVABLES FROM AFFILIATES |
INVESTMENTS IN AND RECEIVABLES FROM AFFILIATES | NOTE H 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 |  | July 30, 2017 |  | October 30, 2016
MegaMex Foods, LLC |  | Grocery Products |  | 50% |  | $ | 184,470 |  | $ | 180,437
Foreign Joint Ventures |  | International & Other |  | Various (26-40%) |  | 63,659 |  | 59,153
Total |  |  |  |  |  | $ | 248,129 |  | $ | 239,590
Equity in earnings of affiliates consists of the following:
|  |  | Three Months Ended |  | Nine Months Ended
(in thousands) | Segment |  | July 30, 2017 |  | July 24, 2016 |  | July 30, 2017 |  | July 24, 2016
MegaMex Foods, LLC | Grocery Products |  | $ | 2,528 |  | $ | 5,039 |  | $ | 20,715 |  | $ | 20,812
Foreign Joint Ventures | International & Other |  | 1,428 |  | 1,342 |  | 6,661 |  | 6,637
Total |  |  | $ | 3,956 |  | $ | 6,381 |  | $ | 27,376 |  | $ | 27,449
Dividends received from affiliates for the three and nine months ended July 30, 2017, were $7.0 million and $19.5 million, respectively, compared to $10.0 million and $24.5 million dividends received for the three and nine months ended July 24, 2016. The Company recognized a basis difference of $21.3 million associated with the formation of MegaMex Foods, LLC, of which $14.6 million is remaining as of July 30, 2017. This difference is being amortized through equity in earnings of affiliates.

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- Definition The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=66011266&loc=d3e33918-111571 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -SubTopic 10 -Section 35 -Paragraph 35 -URI http://asc.fasb.org/extlink&oid=64825282&loc=d3e32847-111569 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.12) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -SubTopic 10 -Section 35 -Paragraph 32 -URI http://asc.fasb.org/extlink&oid=64825282&loc=d3e32787-111569 + Details
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