Investments



	May 31, 2019		August 31, 2018
	(Dollars in thousands)
Equity method investments:
CF Industries Nitrogen, LLC	$	2,767,053	$	2,735,073
Ventura Foods, LLC	368,774		360,150
Ardent Mills, LLC	209,624		205,898
Other equity method investments	269,099		288,016
Other investments	123,590		122,788
Total investments	$	3,738,140	$	3,711,925

Equity Method Investments

Joint ventures and other investments, in which we have significant ownership and influence, but not control, are accounted for in our consolidated financial statements using the equity method of accounting. Our primary equity method investments are described below.

CF Nitrogen

On February 1, 2016, we invested $2.8 billion in CF Industries Nitrogen, LLC ("CF Nitrogen"), commencing our strategic venture with CF Industries Holdings, Inc. ("CF Industries"). The investment consists of an approximate 10% membership interest (based on product tons) in CF Nitrogen. We account for this investment using the hypothetical liquidation at book value method, recognizing our share of the earnings and losses of CF Nitrogen based upon our contractual claims on the entity's net assets pursuant to the liquidation provisions of CF Nitrogen's limited liability company agreement, adjusted for the semi-annual cash distributions we receive as a result of our membership interest in CF Nitrogen. For the three months ended May 31, 2019, and 2018, this amount was $42.0 million and $35.6 million, respectively. For the nine months ended May 31, 2019, and 2018, this amount was $118.4 million and $80.0 million, respectively. These amounts are included as equity income from investments in our Nitrogen Production segment.

Ventura Foods and Ardent Mills

We have a 50% interest in Ventura Foods, LLC ("Ventura Foods"), which is a joint venture that produces and distributes primarily vegetable oil-based products, and we have a 12% interest in Ardent Mills, LLC ("Ardent Mills"), which is a joint venture with Cargill Incorporated and ConAgra Foods, Inc. that combines the North American flour milling operations of the three parent companies. We account for Ventura Foods and Ardent Mills as equity method investments included in Corporate and Other.

The following table provides aggregate summarized unaudited financial information for our equity method investments in CF Nitrogen, Ventura Foods and Ardent Mills for the nine months ended May 31, 2019, and 2018:



	For the Nine Months Ended May 31,
	2019		2018
	(Dollars in thousands)
Net sales	$	6,646,394	$	6,238,495
Gross profit	951,969		719,555
Net earnings	688,724		435,192
Earnings attributable to CHS Inc.	168,830		109,266

Our investments in other equity method investees are not significant in relation to our consolidated financial statements, either individually or in the aggregate.