INVESTMENTS IN JOINT VENTURES

12 Months Ended

May 27, 2018

Equity Method Investments and Joint Ventures [Abstract]

The total carrying value of our equity method investments at the end of fiscal 2018 and 2017 was $776.2 million and $741.3 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 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.

In fiscal 2017, we had purchases from our equity method investees of $41.8 million. Total dividends received from equity method investments in fiscal 2017 were $68.2 million.

In fiscal 2016, we had sales to and purchases from our equity method investees of $1.6 million and $61.2 million, respectively. Total dividends received from equity method investments in fiscal 2016 were $40.4 million.

We entered into transition services agreements in connection with the Ardent Mills formation and recognized $0.1 million and $9.7 million of income for the performance of transition services during fiscal 2017 and 2016, respectively, classified within SG&A expenses.

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



	2018		2017		2016
Net Sales:
Ardent Mills	$	3,344.1	$	3,180.0	$	3,395.3
Others	198.8		177.7		167.2
Total net sales	$	3,542.9	$	3,357.7	$	3,562.5
Gross margin:
Ardent Mills	$	386.5	$	340.3	$	339.2
Others	34.8		34.6		32.8
Total gross margin	$	421.3	$	374.9	$	372.0
Earnings after income taxes:
Ardent Mills	$	197.0	$	152.0	$	142.9
Others	10.1		10.1		6.4
Total earnings after income taxes	$	207.1	$	162.1	$	149.3



	May 27, 2018		May 28, 2017
Ardent Mills:
Current assets	$	974.6	$	937.2
Noncurrent assets	1,675.7		1,694.2
Current liabilities	355.6		388.9
Noncurrent liabilities	510.9		518.0
Others:
Current assets	$	76.4	$	75.5
Noncurrent assets	15.5		12.2
Current liabilities	37.5		44.5
Noncurrent liabilities	0.1		—