INVESTMENTS IN JOINT VENTURES

12 Months Ended

May 30, 2021

Equity Method Investments And Joint Ventures [Abstract]

7. INVESTMENTS IN JOINT VENTURES

The total carrying value of our equity method investments at the end of fiscal 2021 and 2020 was $841.8 million and $798.7 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 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.

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.

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

	2021		2020		2019
Net sales:
Ardent Mills	$	3,407.6	$	3,393.9	$	3,476.0
Other		238.8		225.0		195.4
Total net sales	$	3,646.4	$	3,618.9	$	3,671.4
Gross margin:
Ardent Mills	$	360.6	$	313.1	$	281.9
Other		47.3		49.4		45.5
Total gross margin	$	407.9	$	362.5	$	327.4
Earnings after income taxes:
Ardent Mills	$	169.6	$	144.5	$	151.9
Other		19.5		19.3		18.1
Total earnings after income taxes	$	189.1	$	163.8	$	170.0

	May 30, 2021		May 31, 2020
Ardent Mills:
Current assets	$	1,101.5	$	1,010.6
Noncurrent assets		1,848.2		1,720.2
Current liabilities		524.1		454.8
Noncurrent liabilities		563.0		503.4
Other:
Current assets	$	95.0	$	87.1
Noncurrent assets		36.8		24.5
Current liabilities		39.9		44.1
Noncurrent liabilities		10.6		8.3