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INVESTMENTS IN JOINT VENTURES | 12 Months Ended
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May 31, 2026
INVESTMENTS IN JOINT VENTURES |
INVESTMENTS IN JOINT VENTURES | 8. INVESTMENTS IN JOINT VENTURES The total carrying value of our equity method investments at the end of fiscal 2026 and 2025 was $947.4 million and $936.8 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 2026, we had purchases from our equity method investees of $27.7 million. Total dividends received from equity method investments in fiscal 2026 were $141.1 million. In fiscal 2025, we had purchases from our equity method investees of $31.9 million. Total dividends received from equity method investments in fiscal 2025 were $160.3 million. In fiscal 2024, we had purchases from our equity method investees of $28.7 million. Total dividends received from equity method investments in fiscal 2024 were $251.6 million. Summarized combined financial information for our equity method investments on a 100% basis is as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ ​ ​ | 2026 | ​ ​ ​ | 2025 | ​ ​ ​ | 2024
Net sales: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Ardent Mills | ​ | $ | 3,710.6 | ​ | $ | 3,998.2 | ​ | $ | 4,597.9
Other | ​ | ​ | 354.9 | ​ | ​ | 339.3 | ​ | ​ | 361.4
Total net sales | ​ | $ | 4,065.5 | ​ | $ | 4,337.5 | ​ | $ | 4,959.3
Gross profit: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Ardent Mills | ​ | $ | 525.7 | ​ | $ | 656.2 | ​ | $ | 642.0
Other | ​ | ​ | 94.5 | ​ | ​ | 85.0 | ​ | ​ | 87.1
Total gross profit | ​ | $ | 620.2 | ​ | $ | 741.2 | ​ | $ | 729.1
Earnings after income taxes: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Ardent Mills | ​ | $ | 267.4 | ​ | $ | 369.2 | ​ | $ | 361.5
Other | ​ | ​ | 47.7 | ​ | ​ | 40.5 | ​ | ​ | 37.4
Total earnings after income taxes | ​ | $ | 315.1 | ​ | $ | 409.7 | ​ | $ | 398.9
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​ | ​ ​ ​ | May 31, 2026 | ​ ​ ​ | May 25, 2025
Ardent Mills: | ​ | ​ | ​ | ​ | ​ | ​
Current assets | ​ | $ | 1,300.7 | ​ | $ | 1,365.2
Noncurrent assets | ​ | ​ | 1,846.5 | ​ | ​ | 1,840.6
Current liabilities | ​ | ​ | 562.2 | ​ | ​ | 521.9
Noncurrent liabilities | ​ | ​ | 556.2 | ​ | ​ | 571.5
Other: | ​ | ​ | ​ | ​ | ​ | ​
Current assets | ​ | $ | 180.0 | ​ | $ | 142.0
Noncurrent assets | ​ | ​ | 64.0 | ​ | ​ | 50.5
Current liabilities | ​ | ​ | 49.1 | ​ | ​ | 46.5
Noncurrent liabilities | ​ | ​ | 1.3 | ​ | ​ | 2.6
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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/recommendedDisclosureRef -Topic 740 -SubTopic 323 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478156/740-323-50-2 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (a)(3) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481687/323-10-50-3 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481687/323-10-50-3 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 323 -Publisher FASB -URI https://asc.fasb.org/323/tableOfContent + Details
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