The Company’s financial assets and liabilities also include  accounts receivable, accounts payable, and other liabili- ties, for which carrying value approximates fair value. The  Company does not carry its long-term debt at fair value in its  Consolidated Statements of Financial Position. Based on bor- rowing rates available to the Company for long-term financing  with similar terms and average maturities, the fair value of  long-term debt, utilizing discounted cash flows (Level 2), was  $273.8 million as of October 26, 2014, and $261.7 million as of  October 27, 2013. In accordance with the provisions of ASC 820, the Company  also measures certain nonfinancial assets and liabilities at  fair value that are recognized or disclosed on a nonrecurring  basis (e.g. goodwill, intangible assets, and property, plant  and equipment). During fiscal years 2014, 2013, and 2012,  there were no material remeasurements of assets or liabili- ties at fair value on a nonrecurring basis subsequent to their  initial recognition. The Company develops, processes, and distributes a wide  array of food products in a variety of markets. The Company  reports its results in the following five segments: Grocery  Products, Refrigerated Foods, Jennie-O Turkey Store,  Specialty Foods, and International & Other. The Grocery Products segment consists primarily of the pro- cessing, marketing, and sale of shelf-stable food products sold  predominantly in the retail market. This segment also includes  the results from the Company’s MegaMex joint venture. The Refrigerated Foods segment includes the Hormel  Refrigerated operating segment and the Affiliated Business  Units. This segment consists primarily of the processing,  marketing, and sale of branded and unbranded pork and beef  products for retail, foodservice, and fresh product custom- ers. The Affiliated Business Units include the Farmer John,  Burke Corporation, Dan’s Prize, and Saag’s Products, Inc.  Intersegment sales are recorded at prices that approximate  cost and are eliminated in the Consolidated Statements  of Operations. The Company does not allocate investment  income, interest expense, and interest income to its segments  when measuring performance. The Company also retains  various other income and unallocated expenses at corporate.  Equity in earnings of affiliates is included in segment operating  profit; however, earnings attributable to the Company’s non- controlling interests are excluded. These items are included  in the following table as net interest and investment expense  (income), general corporate expense, and noncontrolling inter- est when reconciling to earnings before income taxes. The International & Other segment includes the Hormel  Foods International operating segment, which manufactures,  markets, and sells Company products internationally. This  segment also includes the results from the Company’s inter- national joint ventures and miscellaneous corporate sales.  This segment was previously the All Other segment, and was  renamed in the second quarter of fiscal 2013, with no change  in the composition of the segment. The Specialty Foods segment includes the Diamond Crystal  Brands, CytoSport/Century Foods International, and Hormel  Specialty Products operating segments. This segment con- sists of the packaging and sale of private label shelf stable  products, nutritional products, sugar, and condiments to  industrial, retail, and foodservice customers. This segment  also includes the processing, marketing, and sale of nutri- tional food products and supplements to hospitals, nursing  homes, and other marketers of nutritional products. The Jennie-O Turkey Store segment consists primarily of the  processing, marketing, and sale of branded and unbranded  turkey products for retail, foodservice, and fresh product  customers. businesses. Through fiscal 2014, this segment also included  Precept Foods, LLC, a 50.01 percent owned joint venture that  was dissolved at the end of the fiscal year. Note O Segment Reporting 59