NOTE G
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:
|
|
|
|
|
|
|
October 27, |
|
October 28, |
|
|
(in thousands) |
|
Segment |
|
% Owned |
|
2013 |
|
2012 |
|
|
MegaMex Foods, LLC |
|
Grocery Products |
|
50% |
|
$ 203,413 |
|
$ 205,315 |
|
|
Foreign Joint ventures |
|
International & Other |
|
Various (26–50%) |
|
67,196 |
|
81,222 |
|
|
Total |
|
|
|
|
|
$ 270,609 |
|
$ 286,537 |
|
Equity in earnings of affiliates consists of the following:
|
(in thousands) |
|
Segment |
|
2013 |
|
2012 |
|
2011 |
|
|
MegaMex Foods, LLC |
|
Grocery Products |
|
$ 17,261 |
|
$ 35,762 |
|
$ 24,532 |
|
|
Foreign Joint Ventures |
|
International & Other |
|
3,252 |
|
2,929 |
|
3,423 |
|
|
Other |
|
Various |
|
– |
|
– |
|
(1,198) |
|
|
Total |
|
|
|
$ 20,513 |
|
$ 38,691 |
|
$ 26,757 |
|
Dividends received from affiliates for the fiscal years ended October 27, 2013, October 28, 2012, and October 30, 2011, were $34.0 million, $37.1 million, and $4.0 million, respectively. The Company recognized a basis difference of $21.3 million associated with the formation of MegaMex, which is being amortized through equity in earnings of affiliates.