NOTE 5. INVESTMENTS IN JOINT VENTURES
We have a 50 percent equity interest in Cereal Partners Worldwide (CPW), which manufactures and markets ready-to-eat cereal products in more than 130 countries and republics outside the United States and Canada. CPW also markets cereal bars in several 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 equity interest in Häagen-Dazs Japan, Inc. (HDJ). This joint venture manufactures, distributes, 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 follows:
| In Millions | May 26, 2013 | May 27, 2012 | |||
| Cumulative investments | $ | 478.5 | $ | 529.0 | |
| Goodwill and other intangibles | 537.2 | 522.1 | |||
| Aggregate advances | 291.5 | 268.1 |
Joint venture earnings and cash flow activity follows:
| Fiscal Year | ||||||||
| In Millions | 2013 | 2012 | 2011 | |||||
| Sales to joint ventures | $ | 12.3 | $ | 10.4 | $ | 10.2 | ||
| Net advances | 36.7 | 22.2 | 1.8 | |||||
| Dividends received | 115.7 | 68.0 | 72.7 | |||||
Summary combined financial information for the joint ventures on a 100 percent basis follows:
| Fiscal Year | ||||||||
| In Millions | 2013 | 2012 | 2011 | |||||
| Net sales: | ||||||||
| CPW | $ | 2,132.2 | $ | 2,152.6 | $ | 2,067.2 | ||
| HDJ | 420.5 | 428.9 | 385.0 | |||||
| Total net sales | 2,552.7 | 2,581.5 | 2,452.2 | |||||
| Gross margin | 1,057.3 | 1,084.1 | 1,073.6 | |||||
| Earnings before income taxes | 260.3 | 250.3 | 233.4 | |||||
| Earnings after income taxes | 201.6 | 189.0 | 164.2 | |||||
| In Millions | May 26, 2013 | May 27, 2012 | |||
| Current assets | $ | 976.7 | $ | 934.8 | |
| Noncurrent assets | 1,088.2 | 1,078.0 | |||
| Current liabilities | 1,717.4 | 1,671.0 | |||
| Noncurrent liabilities | 115.1 | 91.0 |