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Investments in Affiliates | 12 Months Ended
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Oct. 29, 2023
Equity Method Investments and Joint Ventures [Abstract] |
Investments in Affiliates | Investments in Affiliates Equity in Earnings of Affiliates consists of:
In thousands | % Owned |  | Fiscal Year Ended
| October 29, 2023 |  | October 30, 2022 |  | October 31, 2021
MegaMex Foods, LLC (1) | 50% |  | $ | 40,501 |  |  | $ | 19,861 |  |  | $ | 38,178 |
Other Equity Method Investments (2) | Various (20 - 50%) |  | 2,253 |  |  | 7,324 |  |  | 9,585 |
Total Equity in Earnings of Affiliates |  | $ | 42,754 |  |  | $ | 27,185 |  |  | $ | 47,763 |
(1) MegaMex, Foods, LLC, is reflected in the Retail Segment. (2) Other Equity Method Investments are primarily reflected in the International Segment but also include corporate venturing investments. Distributions received from equity method investees include:
In thousands |  | Fiscal Year Ended
| October 29, 2023 |  | October 30, 2022 |  | October 31, 2021
Dividends |  | $ | 38,160 |  |  | $ | 43,039 |  |  | $ | 44,999 |
On December 15, 2022, the Company purchased from various minority shareholders a 29% common stock interest in PT Garudafood Putra Putri Jaya Tbk (Garudafood), a food and beverage company in Indonesia. On April 12, 2023, the Company purchased additional shares increasing the ownership interest to 30%. This investment expands the Company's presence in Southeast Asia and supports the global execution of the snacking and entertaining strategic priority. The Company has the ability to exercise significant influence, but not control, over Garudafood; therefore, the investment is accounted for under the equity method. The Company obtained its Garudafood interest for a purchase price of $425.8 million, including associated transaction costs. The transaction was funded using the Company's cash on hand. Based on a third-party valuation, the Company's basis difference between the fair value of the investment and proportionate share of the carrying value of Garudafood's net assets is $324.8 million. The basis difference related to inventory, property, plant and equipment, and certain intangible assets is being amortized through Equity in Earnings of Affiliates over the associated useful lives. As of October 29, 2023, the remaining basis difference was $324.6 million. Based on quoted market prices, the fair value of the common stock held in Garudafood was $291.2 million as of October 29, 2023. In fiscal 2023, the Company recorded a $7.0 million impairment charge related to a corporate venturing investment to recognize a decline in fair value not believed to be temporary. The impact is reflected in Equity in Earnings of Affiliates on the Consolidated Statements of Operations. The Company determined that no other-than-temporary impairment existed for any other equity method investments as of October 29, 2023. The Company recognized a basis difference of $21.3 million associated with the formation of MegaMex Foods, LLC, of which $9.3 million is remaining as of October 29, 2023. 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/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (a)(3) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481687/323-10-50-3 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481687/323-10-50-3 Reference 3: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Topic 323 -SubTopic 740 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481543/323-740-50-2 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 323 -Publisher FASB -URI https://asc.fasb.org//323/tableOfContent + Details
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