Investments as of August 31, 2026 and 2025, are as follows:


	2026		2025
	(Dollars in thousands)
Equity method investments:
CF Industries Nitrogen, LLC	$	2,494,112	$	2,535,119
Ventura Foods, LLC	530,897		527,227
Ardent Mills, LLC	245,660		237,052
Producer Ag, LLC	—		46,507
Other equity method investments	402,658		361,171
Other investments	133,127		138,986
Total investments	$	3,806,454	$	3,846,062

Joint ventures and other investments in which we have significant ownership and influence but not control are accounted for in our consolidated financial statements using the equity method of accounting. Our significant equity method investments consist of CF Nitrogen, Ventura Foods, LLC ("Ventura Foods"), Ardent Mills, LLC ("Ardent Mills"), and Producer Ag, LLC ("Producer Ag"), which are summarized below.

In addition to the recognition of our share of income from our equity method investments, our equity method investments are evaluated for indicators of other-than-temporary impairment on an ongoing basis in accordance with U.S. GAAP. We had approximately $692.5 million of cumulative undistributed earnings from our equity method investees included in the investments balance as of August 31, 2026.

All equity securities that do not result in consolidation and are not accounted for under the equity method are measured at fair value with changes therein reflected in net income. We have elected to use the measurement alternative for equity investments that do not have readily determinable fair values and measure these investments at cost less impairment plus or minus observable price changes in orderly transactions. Our share in the income or loss of our equity method investments is recorded within equity income from investments in the Consolidated Statements of Operations. 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 requiring an adjustment. Investments in other cooperatives are recorded in a manner similar to equity investments without readily determinable fair values, plus patronage dividends received in the form of capital stock and other equities. Patronage dividends are recorded as a reduction to cost of goods sold at the time qualified written notices of allocation are received.

We have a $2.5 billion investment with a 7.86% membership interest (based on product tons) in CF Nitrogen, a strategic venture with CF Industries Holdings, Inc. At the time we entered into the strategic venture, we also entered into a supply agreement that entitles us to purchase, at prevailing market prices, up to 1.1 million tons of granular urea and 580,000 tons of urea ammonium nitrate ("UAN") annually from CF Nitrogen for ratable delivery through calendar year 2097. We received cash distributions from CF Nitrogen for the years ended August 31, 2026, 2025 and 2024, in the amounts of $447.3 million, $304.4 million and $308.4 million, respectively. Distribution amounts are determined under the LLC agreement and are based, in part, on actual volumes of UAN and urea purchased by CHS under the supply agreement. Based on expected purchase volumes and the terms of the LLC agreement, cash distributions are expected to exceed our share of CF Nitrogen earnings by approximately $35 million annually, resulting in a corresponding annual net reduction in the carrying amount of our investment, which will have the effect of reducing our investment to zero over the life of the supply agreement. We determine our share of CF Nitrogen’s earnings or losses using the hypothetical liquidation at book-value method, which reflects our contractual claim on CF Nitrogen’s net assets pursuant to the liquidation provisions of the LLC agreement. Our share of the results of this investment is included in our Agronomy segment.

We have a 12% interest in Ardent Mills, which is a joint venture with Cargill, Incorporated ("Cargill"), and Conagra Brands, Inc., and is the largest flour miller in the United States. We account for Ardent Mills as an equity method investment. Our share of the results is included in Corporate and Services.

On October 10, 2025, we announced our mutual intent with Mid-Kansas Cooperative to start the process of ending our joint venture in Producer Ag. On December 31, 2025, we finalized an agreement to exit the joint venture. As part of this agreement, CHS received consideration in the form of working capital, primarily inventory and cash, in exchange for our equity interest, which represented approximately 57% of the net assets, and amounts previously owed to CHS. As of August 31, 2026, CHS had no remaining investment balance in Producer Ag, and the corresponding final settlement had no impact on our Consolidated Statements of Operations for the same year ended.