INVESTMENTS IN JOINT VENTURES

12 Months Ended

May 31, 2020

Equity Method Investments And Joint Ventures [Abstract]

INVESTMENTS IN JOINT VENTURES

7. INVESTMENTS IN JOINT VENTURES

The total carrying value of our equity method investments at the end of fiscal 2020 and 2019 was $798.7 million and $796.3 million, respectively. These amounts are included in other assets and reflect our 44% ownership interest in Ardent Mills and 50% ownership interests in other joint ventures. Due to differences in fiscal reporting periods, we recognized the equity method investment earnings on a lag of approximately one month.

In fiscal 2020, we had purchases from our equity method investees of $32.5 million. Total dividends received from equity method investments in fiscal 2020 were $51.4 million.

In fiscal 2019, we had purchases from our equity method investees of $39.4 million. Total dividends received from equity method investments in fiscal 2019 were $55.0 million.

In fiscal 2018, we had purchases from our equity method investees of $34.9 million. Total dividends received from equity method investments in fiscal 2018 were $62.5 million.

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

	2020		2019		2018
Net Sales:
Ardent Mills	$	3,393.9	$	3,476.0	$	3,344.1
Others		225.0		195.4		198.8
Total net sales	$	3,618.9	$	3,671.4	$	3,542.9
Gross margin:
Ardent Mills	$	313.1	$	281.9	$	386.5
Others		49.4		45.5		34.8
Total gross margin	$	362.5	$	327.4	$	421.3
Earnings after income taxes:
Ardent Mills	$	144.5	$	151.9	$	197.0
Others		19.3		18.1		10.1
Total earnings after income taxes	$	163.8	$	170.0	$	207.1

	May 31, 2020		May 26, 2019
Ardent Mills:
Current assets	$	1,010.6	$	952.6
Noncurrent assets		1,720.2		1,669.8
Current liabilities		454.8		361.2
Noncurrent liabilities		503.4		496.9
Others:
Current assets	$	87.1	$	89.2
Noncurrent assets		24.5		19.0
Current liabilities		44.1		43.4
Noncurrent liabilities		8.3		0.7