Note 6 - Investments in Joint Ventures

12 Months Ended

May 29, 2022

Notes to Financial Statements

Equity Method Investments and Joint Ventures Disclosure [Text Block]

6. INVESTMENTS IN JOINT VENTURES

The total carrying value of our equity method investments at the end of fiscal 2022 and 2021 was $918.3 million and $841.8 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 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.

In fiscal 2021, we had purchases from our equity method investees of $28.7 million. Total dividends received from equity method investments in fiscal 2021 were $56.5 million.

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.

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

	2022		2021		2020
Net sales:
Ardent Mills	$	4,258.5	$	3,407.6	$	3,393.9
Other		253.2		238.8		225.0
Total net sales	$	4,511.7	$	3,646.4	$	3,618.9
Gross margin:
Ardent Mills	$	516.5	$	360.6	$	313.1
Other		54.8		47.3		49.4
Total gross margin	$	571.3	$	407.9	$	362.5
Earnings after income taxes:
Ardent Mills	$	306.2	$	169.6	$	144.5
Other		21.1		19.5		19.3
Total earnings after income taxes	$	327.3	$	189.1	$	163.8

	May 29, 2022		May 30, 2021
Ardent Mills:
Current assets	$	1,470.1	$	1,101.5
Noncurrent assets		1,875.9		1,848.2
Current liabilities		720.5		524.1
Noncurrent liabilities		567.7		563.0
Other:
Current assets	$	103.4	$	95.0
Noncurrent assets		38.2		36.8
Current liabilities		35.1		39.9
Noncurrent liabilities		10.7		10.6