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INVESTMENTS IN AFFILIATES | 6 Months Ended
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Apr. 28, 2024
Equity Method Investments and Joint Ventures [Abstract] |
INVESTMENTS IN AFFILIATES | NOTE C - INVESTMENTS IN AFFILIATES Equity in Earnings of Affiliates consists of:
|  |  | Quarter Ended |  | Six Months Ended
In thousands | % Owned |  | April 28, 2024 |  | April 30, 2023 |  | April 28, 2024 |  | April 30, 2023
MegaMex Foods, LLC(1) | 50% |  | $ | 8,288 |  |  | $ | 12,932 |  |  | $ | 16,379 |  |  | $ | 26,613 |
Other Equity Method Investments(2) | Various (20-50%) |  | 6,894 |  |  | 3,939 |  |  | 14,894 |  |  | 5,816 |
Total Equity in Earnings of Affiliates |  | $ | 15,182 |  |  | $ | 16,870 |  |  | $ | 31,273 |  |  | $ | 32,429 |
(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:
| Quarter Ended |  | Six Months Ended
In thousands | April 28, 2024 |  | April 30, 2023 |  | April 28, 2024 |  | April 30, 2023
Dividends | $ | 10,000 |  |  | $ | 10,000 |  |  | $ | 25,731 |  |  | $ | 13,652 |
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 entertaining and snacking strategy. 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 April 28, 2024, the remaining basis difference was $314.8 million, which includes the impact of foreign currency translation. Based on quoted market prices, the fair value of the common stock held in Garudafood was $275.4 million as of April 26, 2024. The Company recognized a basis difference of $21.3 million associated with the formation of MegaMex Foods, LLC, of which $8.9 million is remaining as of April 28, 2024. 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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