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INVESTMENTS IN JOINT VENTURES | 12 Months Ended
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May 27, 2018
Equity Method Investments and Joint Ventures [Abstract] |
INVESTMENTS IN JOINT VENTURES | INVESTMENTS IN JOINT VENTURES The total carrying value of our equity method investments at the end of fiscal 2018 and 2017 was $776.2 million and $741.3 million, respectively. These amounts are included in other assets and reflect our 44% ownership interest in Ardent Mills and 50% ownership interests in other joint ventures. Due to differences in fiscal reporting periods, we recognized the equity method investment earnings on a lag of approximately one month. In fiscal 2018, we had purchases from our equity method invest ees of $34.9 million. Total dividends received from equity method investments in fiscal 2018 were $62.5 million. In fiscal 2017, we had purchases from our equity method investees of $41.8 million. Total dividends received from equity method investments in fiscal 2017 were $68.2 million. In fiscal 2016, we had sales to and purchases from our equity method investees of $1.6 million and $61.2 million, respectively. Total dividends received from equity method investments in fiscal 2016 were $40.4 million. We entered into transition services agreements in connection with the Ardent Mills formation and recognized $0.1 million and $9.7 million of income for the performance of transition services during fiscal 2017 and 2016, respectively, classified within SG&A expenses. Summarized combined financial information for our equity method investments on a 100% basis is as follows:
| 2018 |  | 2017 |  | 2016
Net Sales: |  |  |  |  |
Ardent Mills | $ | 3,344.1 |  |  | $ | 3,180.0 |  |  | $ | 3,395.3 |
Others | 198.8 |  |  | 177.7 |  |  | 167.2 |
Total net sales | $ | 3,542.9 |  |  | $ | 3,357.7 |  |  | $ | 3,562.5 |
Gross margin: |  |  |  |  |  |
Ardent Mills | $ | 386.5 |  |  | $ | 340.3 |  |  | $ | 339.2 |
Others | 34.8 |  |  | 34.6 |  |  | 32.8 |
Total gross margin | $ | 421.3 |  |  | $ | 374.9 |  |  | $ | 372.0 |
Earnings after income taxes: |  |  |  |  |  |
Ardent Mills | $ | 197.0 |  |  | $ | 152.0 |  |  | $ | 142.9 |
Others | 10.1 |  |  | 10.1 |  |  | 6.4 |
Total earnings after income taxes | $ | 207.1 |  |  | $ | 162.1 |  |  | $ | 149.3 |
| May 27, 2018 |  | May 28, 2017
Ardent Mills: |  |  |
Current assets | $ | 974.6 |  |  | $ | 937.2 |
Noncurrent assets | 1,675.7 |  |  | 1,694.2 |
Current liabilities | 355.6 |  |  | 388.9 |
Noncurrent liabilities | 510.9 |  |  | 518.0 |
Others: |  |  |
Current assets | $ | 76.4 |  |  | $ | 75.5 |
Noncurrent assets | 15.5 |  |  | 12.2 |
Current liabilities | 37.5 |  |  | 44.5 |
Noncurrent liabilities | 0.1 |  |  | — |

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- Definition The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -URI http://asc.fasb.org/topic&trid=2196965 + Details
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