|
 
|
($ in millions)
|
|
|
|
2002
|
|
2001
|
|
2000
|
|
1999
|
|
1998
|
|
1997
|
|
1996
|
|
1995
|
|
1994
|
|
1993
|
|
|
Operations:
|
|
|
Net sales
|
$
|
5,847
|
$
|
5,865
|
$
|
5,673
|
$
|
5,616
|
$
|
5,174
|
$
|
4,195
|
$
|
3,486
|
$
|
3,014
|
$
|
2,859
|
$
|
2,733
|
|
Earnings before income taxes
|
97
|
66
|
90
|
21
|
70
|
107
|
129
|
132
|
82
|
51
|
|
Net earnings
|
99
|
71
|
103
|
21
|
69
|
95
|
119
|
121
|
75
|
47
|
|
Allocated patronage refunds
|
97
|
71
|
142
|
35
|
76
|
84
|
101
|
104
|
66
|
41
|
|
Cash returned to members
|
38
|
47
|
54
|
49
|
40
|
59
|
53
|
46
|
41
|
40
|
|
|
Financial Position:
|
|
|
Working capital
|
$
|
209
|
$
|
405
|
$
|
324
|
$
|
362
|
$
|
305
|
$
|
228
|
$
|
199
|
$
|
185
|
$
|
151
|
$
|
151
|
|
Investments
|
546
|
568
|
466
|
460
|
397
|
242
|
240
|
184
|
152
|
129
|
|
Plant and equipment
|
686
|
675
|
489
|
462
|
450
|
283
|
218
|
205
|
180
|
165
|
|
Total assets
|
3,246
|
3,091
|
2,473
|
2,700
|
2,292
|
1,566
|
1,235
|
1,149
|
943
|
866
|
|
Long-term debt (including capital securities)
|
1,007
|
1,147
|
663
|
683
|
547
|
297
|
212
|
180
|
155
|
160
|
|
Equities
|
912
|
837
|
805
|
769
|
781
|
539
|
480
|
417
|
353
|
326
|
|
|
Financial Measures:
|
|
|
Return on equity
|
12%
|
9%
|
13%
|
3%
|
13%
|
20%
|
29%
|
34%
|
23%
|
15%
|
|
Return on invested capital
|
9%
|
9%
|
9%
|
5%
|
10%
|
16%
|
21%
|
24%
|
17%
|
12%
|
|
Long-term debt (including capital securities)-to-capital
|
51%
|
56%
|
44%
|
47%
|
41%
|
35%
|
30%
|
30%
|
30%
|
33%
|
|
Current ratio
|
1.18
|
1.48
|
1.36
|
1.31
|
1.34
|
1.34
|
1.40
|
1.36
|
1.38
|
1.42
|
|
|
|
