INVESTMENTS IN JOINT VENTURES

12 Months Ended

May 26, 2019

Equity Method Investments and Joint Ventures [Abstract]

The total carrying value of our equity method investments at the end of fiscal 2019 and 2018 was $796.3 million and $776.2 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 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.

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.

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



	2019		2018		2017
Net Sales:
Ardent Mills	$	3,476.0	$	3,344.1	$	3,180.0
Others	195.4		198.8		177.7
Total net sales	$	3,671.4	$	3,542.9	$	3,357.7
Gross margin:
Ardent Mills	$	281.9	$	386.5	$	340.3
Others	45.5		34.8		34.6
Total gross margin	$	327.4	$	421.3	$	374.9
Earnings after income taxes:
Ardent Mills	$	151.9	$	197.0	$	152.0
Others	18.1		10.1		10.1
Total earnings after income taxes	$	170.0	$	207.1	$	162.1



	May 26, 2019		May 27, 2018
Ardent Mills:
Current assets	$	952.6	$	974.6
Noncurrent assets	1,669.8		1,675.7
Current liabilities	361.2		355.6
Noncurrent liabilities	496.9		510.9
Others:
Current assets	$	89.2	$	76.4
Noncurrent assets	19.0		15.5
Current liabilities	43.4		37.5
Noncurrent liabilities	0.7		0.1