Investments



	February 29, 2020		August 31, 2019
	(Dollars in thousands)
Equity method investments:
CF Industries Nitrogen, LLC	$	2,683,405	$	2,708,942
Ventura Foods, LLC	377,307		374,516
Ardent Mills, LLC	208,422		209,027
Other equity method investments	237,957		267,247
Other investments	123,749		124,264
Total investments	$	3,630,840	$	3,683,996

Equity Method Investments

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 primary equity method investments are described 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.

CF Nitrogen

We have a $2.7 billion investment in CF Industries Nitrogen, LLC ("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 based upon 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. For the three months ended February 29, 2020, and February 28, 2019, equity earnings were $27.9 million and $35.5 million, respectively. For the six months ended February 29, 2020, and February 28, 2019, equity earnings were $62.8 million and $76.5 million, respectively. These amounts are included as equity income from investments in our Nitrogen Production segment.

The following table provides summarized unaudited financial information for our equity method investment in CF Nitrogen for the six months ended February 29, 2020, and February 28, 2019:



	Six Months Ended
	February 29, 2020		February 28, 2019

Net sales	$	1,297,018	$	1,435,468
Gross profit	297,630		345,549
Net earnings	280,599		328,284
Earnings attributable to CHS Inc.	62,757		76,457

Ventura Foods and Ardent Mills

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

The following table provides aggregate summarized unaudited financial information for our equity method investments in Ventura Foods and Ardent Mills for the six months ended February 29, 2020, and February 28, 2019:



	Six Months Ended
	February 29, 2020		February 28, 2019

Net sales	$	2,840,793	$	2,950,254
Gross profit	302,160		270,223
Net earnings	110,280		54,568
Earnings attributable to CHS Inc.	29,188		32,095

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