Investments

Investments as of August 31, 2019 and 2018, are as follows:



	2019		2018
	(Dollars in thousands)
Equity method investments:
CF Industries Nitrogen, LLC	$	2,708,942	$	2,735,073
Ventura Foods, LLC	374,516		360,150
Ardent Mills, LLC	209,027		205,898
Other equity method investments	267,247		288,016
Other investments	124,264		122,788
Total investments	$	3,683,996	$	3,711,925

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 significant equity method investments consist of CF Nitrogen, Ventura Foods, LLC ("Ventura Foods"), and Ardent Mills, LLC ("Ardent Mills"), which are summarized below. In addition to the recognition of our share of income from our equity method investments, our equity method investments are evaluated for indicators of other-than-temporary impairment on an ongoing basis in accordance with U.S. GAAP. Other investments consist primarily of investments in cooperatives without readily determinable fair values and are generally recorded at cost, unless an impairment or other observable market price change occurs requiring an adjustment.

CF Nitrogen

We have a $2.7 billion investment in CF Nitrogen, a 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. At the time we entered into the strategic venture on February 1, 2016, we also entered into an 80-year supply agreement that entitles us to purchase up to 1.1 million tons of granular urea and 580,000 tons of urea ammonium nitrate ("UAN") annually from CF Nitrogen for ratable delivery. Our purchases under the supply agreement are based on prevailing market prices and we receive semi-annual cash distributions (in January and July of each year) from CF Nitrogen via our membership interest. These distributions are based on actual volumes purchased from CF Nitrogen under the strategic venture and will have the effect of reducing our investment to zero over 80 years on a straight-line basis. 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 on 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. For the years ended August 31, 2019 and 2018, equity earnings were $160.4 million and $106.9 million, respectively, and are included as equity income from investments in our Nitrogen Production segment. Cash distributions received from CF Nitrogen for the years ended August 31, 2019 and 2018, were $186.5 million and $127.9 million, respectively.

The following tables provide aggregate summarized financial information for CF Nitrogen for the balance sheets as of August 31, 2019 and 2018, and the statements of operations for the 12 months ended August 31, 2019, 2018 and 2017:



	2019		2018
	(Dollars in thousands)
Current assets	$	590,057	$	576,076
Non-current assets	7,028,766		7,447,594
Current liabilities	228,324		215,104
Non-current liabilities	2,455		71



	2019		2018		2017
	(Dollars in thousands)
Net sales	$	2,894,795	$	2,449,695	$	2,051,159
Gross profit	737,168		423,612		195,142
Net earnings	706,291		401,295		123,965
Earnings attributable to CHS Inc.	160,373		106,895		66,530

Ventura Foods and Ardent Mills

We have a 50% interest in Ventura Foods, which is a joint venture with Wilsey Foods, Inc., a majority-owned subsidiary of MBK USA Holdings, Inc., that produces and distributes primarily vegetable oil-based products, and we have a 12% interest in Ardent Mills, which is a joint venture with Cargill Incorporated and ConAgra Foods, Inc., which 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 tables provide aggregate summarized financial information for our equity method investments in Ventura Foods and Ardent Mills for balance sheets as of August 31, 2019 and 2018, and statements of operations for the 12 months ended August 31, 2019, 2018 and 2017:



	2019		2018
	(Dollars in thousands)
Current assets	$	1,469,003	$	1,462,590
Non-current assets	2,327,217		2,331,295
Current liabilities	535,579		671,928
Non-current liabilities	790,401		693,360



	2019		2018		2017
	(Dollars in thousands)
Net sales	$	5,752,368	$	5,882,035	$	5,762,849
Gross profit	565,784		601,927		673,329
Net earnings	248,303		226,776		265,126
Earnings attributable to CHS Inc.	69,157		46,069		60,716

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