v3.25.2
Investments in Unconsolidated Joint Ventures
 12 Months Ended
May 25, 2025
Investments in Unconsolidated Joint Ventures [Abstract]  
Investments in Unconsolidated Joint Ventures
NOTE 5. INVESTMENTS IN UNCONSOLIDATED
 
JOINT VENTURES
 
We
 
have a
50
 
percent interest
 
in Cereal
 
Partners Worldwide
 
(CPW), which
 
manufactures and
 
markets ready-to-eat
 
cereal products
 
in
approximately
130
 
countries
 
outside
 
the
 
United
 
States
 
and
 
Canada.
 
CPW
 
also
 
markets
 
cereal
 
bars
 
in
 
European
 
countries
 
and
manufactures private label cereals for
 
customers in the United Kingdom.
 
We have
 
guaranteed a portion of CPW’s
 
debt and its pension
obligation in the United Kingdom.
 
We
 
also have
 
a
50
 
percent interest
 
in Häagen-Dazs
 
Japan, Inc.
 
(HDJ). This joint
 
venture manufactures
 
and markets
Häagen-Dazs
ice
cream products and frozen novelties.
 
Results from our CPW and HDJ joint ventures are reported for the
12 months
 
ended March 31.
Joint venture related balance sheet activity is as follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
In Millions
May 25, 2025
May 26, 2024
Cumulative investments
$
431.8
$
368.9
Goodwill and other intangible assets
469.9
448.9
Aggregate advances included in cumulative investments
314.6
280.8
Joint venture earnings and cash flow activity is as follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fiscal Year
In Millions
2025
2024
2023
Sales to joint ventures
$
7.8
$
4.8
$
5.8
Net (repayments) advances
(13.3)
2.7
32.2
Dividends received
44.6
50.4
69.9
Summary combined financial information for the joint ventures on
 
a 100 percent basis is as follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fiscal Year
In Millions
2025
2024
2023
Net sales:
CPW
 
$
1,647.3
$
1,718.5
$
1,618.9
HDJ
323.1
319.3
338.5
Total net sales
1,970.4
2,037.8
1,957.4
Gross margin
686.8
672.2
667.7
Earnings before income taxes
89.4
145.2
169.3
Earnings after income taxes
61.5
119.9
126.9
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
In Millions
May 25, 2025
May 26, 2024
Current assets
$
751.0
$
777.4
Noncurrent assets
788.3
784.0
Current liabilities
1,314.1
1,310.6
Noncurrent liabilities
96.3
88.2