We have a 50 percent interest in Cereal Partners Worldwide (CPW), which manufactures and markets ready-to-eat cereal products in

approximately 120 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

We also have a 50 percent interest in Häagen-Dazs Japan, Inc. (HDJ). This joint venture manufactures and markets Häagen-Dazs ice

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 31, 2026	May 25, 2025
Cumulative investments	$254.7	$431.8
Goodwill and other intangible assets	428.5	469.9
Aggregate advances included in cumulative investments	310.9	314.6

Joint venture earnings and cash flow activity is as follows:

Summary combined financial information for the joint ventures on a 100 percent basis is as follows:


	Fiscal Year
In Millions	2026	2025	2024
Net sales:
CPW	$1,678.5	$1,647.3	$1,718.5
HDJ	341.7	323.1	319.3
Total net sales	2,020.2	1,970.4	2,037.8
Gross margin	697.5	686.8	672.2
(Loss) earnings before income taxes	(73.6)	89.4	145.2
(Loss) earnings after income taxes	(112.1)	61.5	119.9