content_image/177164.jpg content_image/177165.jpg content_image/177166.jpg content_image/177168.jpg content_image/177167.jpg
## NOTE 5. INVESTMENTS IN JOINT VENTURES 

We have a 50 percent equity interest in Cereal Partners World- wide (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 cere- als 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 Ha ¨agen-Dazs Japan, Inc. (HDJ). This joint venture manufactures, distributes, and markets Ha ¨agen-Dazs ice cream products and frozen novelties. 

Results from our CPW and HDJ joint ventures are reported for the 12 months ended March 31. 

During fiscal 2008, the 8th Continent soy milk business was sold, and our 50 percent share of the after-tax gain on the sale was $2.2 million, of which $1.7 million was recorded in fiscal 2008. In fiscal 2010 we recorded an additional gain of $0.6 million when certain conditions related to the sale were satisfied. 

Joint venture balance sheet activity follows: 

<img src='content_image/177164.jpg'>

Joint venture earnings and cash flow activity follows: 

<img src='content_image/177165.jpg'>

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

<img src='content_image/177166.jpg'>

<img src='content_image/177168.jpg'>

CPW reclassified certain expenses as a reduction to net sales. To conform to the current period presentation, CPW reduced its previously reported net sales by approximately $150 million in fiscal 2009 and $200 million in 2008. There was no effect on after- tax earnings from joint ventures in our Consolidated Statements of Earnings. 

## NOTE 6. GOODWILL AND OTHER INTANGIBLE ASSETS 

The components of goodwill and other intangible assets are as follows: 

<img src='content_image/177167.jpg'>

