INVESTMENTS IN JOINT VENTURES

12 Months Ended

May 25, 2025

Equity Method Investments and Joint Ventures [Abstract]

INVESTMENTS IN JOINT VENTURES

8. INVESTMENTS IN JOINT VENTURES

The total carrying value of our equity method investments at the end of fiscal 2025 and 2024 was $936.8 million and $931.7 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 2025, we had purchases from our equity method investees of $31.9 million. Total dividends received from equity method investments in fiscal 2025 were $160.3 million.

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.

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

	2025		2024		2023
Net sales:
Ardent Mills	$	3,998.2	$	4,597.9	$	5,239.9
Other		339.3		361.4		283.3
Total net sales	$	4,337.5	$	4,959.3	$	5,523.2
Gross profit:
Ardent Mills	$	656.2	$	642.0	$	745.4
Other		85.0		87.1		59.4
Total gross profit	$	741.2	$	729.1	$	804.8
Earnings after income taxes:
Ardent Mills	$	369.2	$	361.5	$	453.2
Other		40.5		37.4		22.3
Total earnings after income taxes	$	409.7	$	398.9	$	475.5

	May 25, 2025		May 26, 2024
Ardent Mills:
Current assets	$	1,365.2	$	1,430.0
Noncurrent assets		1,840.6		1,862.9
Current liabilities		521.9		668.5
Noncurrent liabilities		571.5		569.0
Other:
Current assets	$	142.0	$	157.2
Noncurrent assets		50.5		48.9
Current liabilities		46.5		57.1
Noncurrent liabilities		2.6		3.2