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INVESTMENTS IN AFFILIATES | 6 Months Ended
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Apr. 30, 2023
Equity Method Investments and Joint Ventures [Abstract] |
INVESTMENTS IN AFFILIATES | NOTE C - INVESTMENTS IN 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 method. These investments, including balances due to or from affiliates, are reflected in the Consolidated Condensed Statements of Financial Position as Investments in Affiliates. Financial results for certain foreign entities are reported on a lag. The Company reviewed the investments in affiliates and determined that no other-than-temporary impairment existed as of April 30, 2023. On December 15, 2022, the Company purchased a 29% common stock interest in PT Garudafood Putra Putri Jaya Tbk (Garudafood), a food and beverage company in Indonesia, from various minority shareholders. 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 the 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 April 30, 2023, the remaining basis difference was $322.1 million. Based on quoted market prices, the fair value of the common stock held in Garudafood was $353.9 million as of April 28, 2023. Equity in Earnings of Affiliates consists of:
|  |  | Quarter Ended |  | Six Months Ended
in thousands | % Owned | Segment | April 30, 2023 |  | May 1, 2022 |  | April 30, 2023 |  | May 1, 2022
MegaMex Foods, LLC | 50% | Retail | $ | 12,932 |  |  | $ | 3,011 |  |  | $ | 26,613 |  |  | $ | 10,006 |
Other Joint Ventures | Various (20-50%) | International | 3,939 |  |  | 2,905 |  |  | 5,816 |  |  | 2,807 |
Total |  |  | $ | 16,870 |  |  | $ | 5,916 |  |  | $ | 32,429 |  |  | $ | 12,814 |
Distributions received from equity method investees include:
| Quarter Ended |  | Six Months Ended
in thousands | April 30, 2023 |  | May 1, 2022 |  | April 30, 2023 |  | May 1, 2022
Dividends | $ | 10,000 |  |  | $ | 12,500 |  |  | $ | 13,652 |  |  | $ | 30,539 |
The Company recognized a basis difference of $21.3 million associated with the formation of MegaMex Foods, LLC, of which $9.7 million is remaining as of April 30, 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 -Publisher FASB -Name Accounting Standards Codification -Topic 323 -URI https://asc.fasb.org/topic&trid=2196965 + Details
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