INVESTMENTS IN JOINT VENTURES

12 Months Ended

May 26, 2024

INVESTMENTS IN JOINT VENTURES

INVESTMENTS IN JOINT VENTURES

7. INVESTMENTS IN JOINT VENTURES

The total carrying value of our equity method investments at the end of fiscal 2024 and 2023 was $931.7 million and $998.4 million, respectively. These amounts are included in other assets and reflect our 44% ownership interest in Ardent Mills and a 50% ownership interest in one other joint venture. Due to differences in fiscal reporting periods, we recognized the equity method investment earnings on a lag of approximately one month.

In fiscal 2024, we had purchases from our equity method investees of $28.7 million. Total dividends received from equity method investments in fiscal 2024 were $251.6 million.

In fiscal 2023, we had purchases from our equity method investees of $30.8 million. Total dividends received from equity method investments in fiscal 2023 were $138.4 million.

In fiscal 2022, we had purchases from our equity method investees of $30.1 million. Total dividends received from equity method investments in fiscal 2022 were $79.0 million.

Summarized combined financial information for our equity method investments on a 100% basis is as follows:

	2024		2023		2022
Net sales:
Ardent Mills	$	4,597.9	$	5,239.9	$	4,258.5
Other		361.4		283.3		253.2
Total net sales	$	4,959.3	$	5,523.2	$	4,511.7
Gross margin:
Ardent Mills	$	642.0	$	745.4	$	516.5
Other		87.1		59.4		54.8
Total gross margin	$	729.1	$	804.8	$	571.3
Earnings after income taxes:
Ardent Mills	$	361.5	$	453.2	$	306.2
Other		37.4		22.3		21.1
Total earnings after income taxes	$	398.9	$	475.5	$	327.3

	May 26, 2024		May 28, 2023
Ardent Mills:
Current assets	$	1,430.0	$	1,716.8
Noncurrent assets		1,862.9		1,840.5
Current liabilities		668.5		750.3
Noncurrent liabilities		569.0		556.9
Other:
Current assets	$	157.2	$	131.4
Noncurrent assets		48.9		42.6
Current liabilities		57.1		46.7
Noncurrent liabilities		3.2		9.0