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INVESTMENTS IN AND RECEIVABLES FROM AFFILIATES | 9 Months Ended
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Jul. 28, 2019
Equity Method Investments and Joint Ventures [Abstract] |
INVESTMENTS IN AND RECEIVABLES FROM AFFILIATES | 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 consist of the following:
(in thousands) | Segment |  | % Owned |  | July 28, 2019 |  | October 28, 2018
MegaMex Foods, LLC | Grocery Products |  | 50% |  | $ | 207,832 |  |  | $ | 205,148 |
Foreign Joint Ventures | International & Other |  | Various (26-40%) |  | 71,433 |  |  | 68,005 |
Total |  |  |  |  | $ | 279,265 |  |  | $ | 273,153 |
Equity in earnings of affiliates consists of the following:
|  |  | Three Months Ended |  | Nine Months Ended
(in thousands) | Segment |  | July 28, 2019 |  | July 29, 2018 |  | July 28, 2019 |  | July 29, 2018
MegaMex Foods, LLC | Grocery Products |  | $ | 3,418 |  |  | $ | 11,859 |  |  | $ | 27,399 |  |  | $ | 44,381 |
Foreign Joint Ventures | International & Other |  | (34 | ) |  | 1,282 |  |  | 734 |  |  | 5,777 |
Total |  |  | $ | 3,384 |  |  | $ | 13,141 |  |  | $ | 28,133 |  |  | $ | 50,158 |
For the three months ended July 28, 2019, and July 29, 2018, respectively, $10.0 million of dividends were received from affiliates. For the nine months ended July 28, 2019, and July 29, 2018, $20.0 million of dividends were received from affiliates. The Company recognized a basis difference of $21.3 million associated with the formation of MegaMex Foods, LLC, of which $12.9 million is remaining as of July 28, 2019. 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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -URI http://asc.fasb.org/topic&trid=2196965 + Details
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