Note 6 - Investments in Joint Ventures

12 Months Ended

May 28, 2023

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 2023 and 2022 was $998.4 million and $918.3 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 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.

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.

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

	2023		2022		2021
Net sales:
Ardent Mills	$	5,239.9	$	4,258.5	$	3,407.6
Other		283.3		253.2		238.8
Total net sales	$	5,523.2	$	4,511.7	$	3,646.4
Gross margin:
Ardent Mills	$	745.4	$	516.5	$	360.6
Other		59.4		54.8		47.3
Total gross margin	$	804.8	$	571.3	$	407.9
Earnings after income taxes:
Ardent Mills	$	453.2	$	306.2	$	169.6
Other		22.3		21.1		19.5
Total earnings after income taxes	$	475.5	$	327.3	$	189.1

	May 28, 2023		May 29, 2022
Ardent Mills:
Current assets	$	1,716.8	$	1,470.1
Noncurrent assets		1,840.5		1,875.9
Current liabilities		750.3		720.5
Noncurrent liabilities		556.9		567.7
Other:
Current assets	$	131.4	$	103.4
Noncurrent assets		42.6		38.2
Current liabilities		46.7		35.1
Noncurrent liabilities		9.0		10.7