Investments

6 Months Ended

Feb. 28, 2021


	February 28, 2021		August 31, 2020
	(Dollars in thousands)
Equity method investments:
CF Industries Nitrogen, LLC	$	2,651,652	$	2,662,618
Ventura Foods, LLC	374,895		381,351
Ardent Mills, LLC	215,942		208,927

Other equity method investments	265,588		253,182
Other investments	131,376		123,955
Total investments	$	3,639,453	$	3,630,033

Joint ventures and other investments, in which we have significant ownership and influence but not control, are accounted for in our condensed consolidated financial statements using the equity method of accounting. Our significant equity method investments consist of CF Industries Nitrogen, LLC ("CF Nitrogen"); Ventura Foods, LLC ("Ventura Foods"); Ardent Mills, LLC ("Ardent Mills"); and TEMCO, LLC ("TEMCO"), which are summarized below. In addition to recognition of our share of income from equity method investments, our equity method investments are evaluated for indicators of other-than-temporary impairment on an ongoing basis in accordance with accounting principles generally accepted in the United States ("U.S. GAAP"). Other investments consist primarily of investments in cooperatives without readily determinable fair values and are generally measured at cost, unless an impairment or other observable market price change occurs, requiring an adjustment. Approximately $394.0 million of cumulative undistributed earnings from our equity method investees are included in the investments balance as of February 28, 2021.

CF Nitrogen

We have an approximate $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. We account for this investment using the hypothetical liquidation at book value method, recognizing our share of the earnings and losses of CF Nitrogen as equity income from investments in our Nitrogen Production segment based on our contractual claims on the entity's net assets pursuant to the liquidation provisions of the CF Nitrogen Limited Liability Company Agreement, adjusted for the semi-annual cash distributions we receive as a result of our membership interest in CF Nitrogen.

The following table provides summarized unaudited financial information for our equity method investment in CF Nitrogen for the six months ended February 28, 2021, and February 29, 2020:


	Six Months Ended
	February 28, 2021		February 29, 2020
	(Dollars in thousands)
Net sales	$	1,285,625	$	1,297,018
Gross profit	321,565		297,630
Net earnings	297,297		280,599
Earnings attributable to CHS Inc.	53,033		62,757

Ventura Foods

We have a 50% interest in Ventura Foods, a joint venture with Mitsui & Co., that produces and distributes primarily vegetable-oil-based products. We account for Ventura Foods as an equity method investment, and our share of the results of this equity method investment are included in Corporate and Other.

The following table provides aggregate summarized unaudited financial information for our equity method investment in Ventura Foods for the six months ended February 28, 2021, and February 29, 2020:


	Six Months Ended
	February 28, 2021		February 29, 2020
	(Dollars in thousands)
Net sales	$	1,107,024	$	1,229,151
Gross profit	134,311		150,818
Net earnings	42,620		45,117
Earnings attributable to CHS Inc.	21,310		22,557

Ardent Mills and TEMCO

We have a 12% interest in Ardent Mills, which is a joint venture with Cargill Incorporated ("Cargill") and Conagra Brands, Inc., and is the largest flour miller in the United States. Additionally, we have a 50% interest in TEMCO, which is a joint venture with Cargill focused on export elevation, primarily to Asia. We account for Ardent Mills and TEMCO as equity method investments, and our shares of the results of these equity method investments are included in Corporate and Other and our Ag segment, respectively.

The following table provides aggregate summarized unaudited financial information for our equity method investments in Ardent Mills and TEMCO for the six months ended February 28, 2021, and February 29, 2020:


	Six Months Ended
	February 28, 2021		February 29, 2020
	(Dollars in thousands)
Net sales	$	4,395,607	$	3,070,160
Gross profit	287,843		170,294
Net earnings	145,783		44,145
Earnings attributable to CHS Inc.	30,419		(3,879)

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