Investments

9 Months Ended

May 31, 2024


	May 31, 2024		August 31, 2023
	(Dollars in thousands)
Equity method investments:
CF Industries Nitrogen, LLC	$	2,652,631	$	2,577,391
Ventura Foods, LLC	504,454		519,169
Ardent Mills, LLC	236,350		265,146

Other equity method investments	360,107		337,281
Other investments	140,107		129,885
Total investments	$	3,893,649	$	3,828,872

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 only significant equity method investment during the nine months ended May 31, 2024 and 2023, was CF Industries Nitrogen, LLC ("CF Nitrogen"), which is summarized below. In addition to the 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 recorded at cost, unless an impairment or other observable market price change occurs that requires an adjustment. We had approximately $723.3 million in cumulative undistributed earnings from our equity method investees included in the investments balance as of May 31, 2024.

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 9% 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 CF Nitrogen's Limited Liability Company Agreement, adjusted for semiannual cash distributions.

The following table provides summarized unaudited financial information for our equity method investment in CF Nitrogen for the nine months ended May 31, 2024 and 2023:


	Nine Months Ended May 31,
	2024		2023
	(Dollars in thousands)
Net sales	$	2,739,479	$	4,200,120
Gross profit	956,835		1,898,265
Net earnings	922,400		1,884,666
Earnings attributable to CHS Inc.	218,905		330,855

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