| |
Segment Information
 |
Dairy Foods |
|
Feed |
|
Seed |
|
Swine |
|
Agronomy |
|
Layers |
|
Other/
Eliminations |
Consolidated |
|
|
| For the year ended December
31, 2003 |
| Net sales |
$
|
2,969,380 |
|
$
|
2,467,207 |
|
$
|
479,309 |
|
$
|
91,187 |
|
$
|
– |
|
$
|
317,829 |
|
$
|
(4,456 |
) |
$
|
6,320,456 |
|
| Cost of sales (1) |
|
2,797,079 |
|
|
2,179,115 |
|
|
416,213 |
|
|
88,581 |
|
|
– |
|
|
264,727 |
|
|
(10,468 |
) |
5,735,247 |
|
| Selling, general and administrative |
|
141,368 |
|
|
229,989 |
|
|
46,354 |
|
|
5,285 |
|
|
13,993 |
|
|
24,598 |
|
|
6,754 |
468,341 |
|
| Restructuring and impairment charges |
|
2,605 |
|
|
1,962 |
|
|
1,775 |
|
|
1,144 |
|
|
– |
|
|
– |
|
|
– |
7,486 |
|
| Interest expense (income), net |
|
29,107 |
|
|
28,133 |
|
|
3,384 |
|
|
5,882 |
|
|
9,019 |
|
|
9,869 |
|
|
(2,446 |
) |
82,948 |
|
| Gain on legal settlements |
|
(103 |
) |
|
(22,429 |
) |
|
– |
|
|
– |
|
|
– |
|
|
(310 |
) |
|
– |
|
(22,842 |
) |
| Other (income) expense, net |
|
(1,384 |
) |
|
(727 |
) |
|
– |
|
|
– |
|
|
– |
|
|
– |
|
|
525 |
|
(1,586 |
) |
| Equity in (earnings) loss of affiliated
companies |
|
(4,952 |
) |
|
(1,641 |
) |
|
– |
|
|
105 |
|
|
(36,237 |
) |
|
(14,480 |
) |
|
60 |
|
(57,145 |
) |
| Minority interest in earnings of subsidiaries |
|
– |
|
|
6,366 |
|
|
– |
|
|
– |
|
|
– |
|
|
– |
|
|
– |
|
6,366 |
|
|
| Earnings (loss) before income taxes |
$ |
5,660 |
|
$ |
46,439 |
|
$ |
11,583 |
|
$ |
(9,810 |
) |
$ |
13,225 |
|
$ |
33,425 |
|
$ |
1,119 |
101,641 |
|
|
| For the year ended December
31, 2002 |
| Net sales |
$ |
2,903,144 |
|
$ |
2,444,668 |
|
$ |
406,871 |
|
$ |
83,239 |
|
$ |
– |
|
$ |
– |
|
$ |
8,942 |
|
$ |
5,846,864 |
|
| Cost of sales (1) |
|
2,743,882 |
|
|
2,155,342 |
|
|
353,852 |
|
|
93,482 |
|
|
– |
|
|
– |
|
|
3,865 |
5,350,423 |
|
| Selling, general and administrative |
|
156,016 |
|
|
235,835 |
|
|
44,272 |
|
|
5,795 |
|
|
18,885 |
|
|
2,120 |
|
|
7,725 |
470,648 |
|
| Restructuring and impairment charges |
|
19,647 |
|
|
11,765 |
|
|
– |
|
|
– |
|
|
– |
|
|
– |
|
|
– |
31,412 |
|
| Interest expense (income), net |
|
20,136 |
|
|
36,427 |
|
|
4,318 |
|
|
5,521 |
|
|
9,469 |
|
|
4,509 |
|
|
(1,709 |
) |
78,671 |
|
| Gain on legal settlements |
|
(3,166 |
) |
|
(152,378 |
) |
|
– |
|
|
– |
|
|
– |
|
|
– |
|
|
– |
|
(155,544 |
) |
| Other (income) expense, net |
|
(1,796 |
) |
|
(2,642 |
) |
|
(3,956 |
) |
|
119 |
|
|
– |
|
|
– |
|
|
32 |
(8,243 |
) |
| Equity in loss (earnings) of affiliated
companies |
|
580 |
|
|
(1,560 |
) |
|
75 |
|
|
1,491 |
|
|
(26,598 |
) |
|
2,915 |
|
|
422 |
(22,675 |
) |
| Minority interest in (loss) earnings of
subsidiaries |
|
(21 |
) |
|
5,380 |
|
|
19 |
|
|
– |
|
|
– |
|
|
– |
|
|
109 |
|
5,487 |
|
|
| Earnings (loss) before income taxes |
$ |
(32,134 |
) |
$ |
156,499 |
|
$ |
8,291 |
|
$ |
(23,169 |
) |
$ |
(1,756 |
) |
$ |
(9,544 |
) |
$ |
(1,502 |
) |
96,685 |
|
|
| For the year ended December
31, 2001 |
| Net sales |
$ |
3,469,279 |
|
$ |
1,864,021 |
|
$ |
413,567 |
|
$ |
109,895 |
|
$ |
– |
|
$ |
– |
|
$ |
8,096 |
|
$ |
5,864,858 |
|
| Cost of sales (1) |
|
3,233,856 |
|
|
1,691,309 |
|
|
354,175 |
|
|
96,980 |
|
|
– |
|
|
– |
|
|
2,285 |
5,378,605 |
|
| Selling, general and administrative |
|
168,940 |
|
|
133,438 |
|
|
49,127 |
|
|
5,155 |
|
|
16,511 |
|
|
329 |
|
|
8,829 |
382,329 |
|
| Restructuring and impairment charges |
|
1,661 |
|
|
272 |
|
|
– |
|
|
1,800 |
|
|
– |
|
|
– |
|
|
– |
3,733 |
|
| Interest expense (income), net |
|
20,046 |
|
|
13,786 |
|
|
6,268 |
|
|
6,182 |
|
|
8,057 |
|
|
3,281 |
|
|
(1,936 |
) |
55,684 |
|
| Gain on legal settlements |
|
– |
|
|
(2,996 |
) |
|
– |
|
|
– |
|
|
– |
|
|
– |
|
|
– |
|
(2,996 |
) |
| Other expense (income), net |
|
– |
|
|
– |
|
|
66 |
|
|
– |
|
|
(117 |
) |
|
– |
|
|
23,168 |
|
23,117 |
|
| Equity in (earnings) loss of affiliated
companies |
|
(4,940 |
) |
|
(4,437 |
) |
|
324 |
|
|
(3,325 |
) |
|
(34,704 |
) |
|
(1,771 |
) |
|
270 |
(48,583 |
) |
| Minority interest in (loss) earnings
of subsidiaries |
|
(1,000 |
) |
|
7,992 |
|
|
6 |
|
|
– |
|
|
– |
|
|
– |
|
|
(116 |
) |
6,882 |
|
|
| Earnings (loss) before income taxes |
$ |
50,716 |
|
$ |
24,657 |
|
$ |
3,601 |
|
$ |
3,103 |
|
$ |
10,253 |
|
$ |
(1,839 |
) |
$ |
(24,404 |
) |
66,087 |
|
|
| 2003 |
|
| Total assets |
$ |
948,706 |
|
$ |
945,497 |
|
$ |
439,858 |
|
$ |
69,294 |
|
$ |
423,341 |
|
$ |
315,555 |
|
$ |
255,905 |
|
$ |
3,398,156 |
|
| Depreciation and amortization |
|
42,958 |
|
|
44,895 |
|
|
2,156 |
|
|
3,548 |
|
|
6,101 |
|
|
6,326 |
|
|
14,784 |
120,768 |
|
| Capital expenditures |
|
28,220 |
|
|
24,049 |
|
|
542 |
|
|
5,060 |
|
|
– |
|
|
3,769 |
|
|
12,412 |
74,052 |
|
| 2002 |
|
| Total assets |
$ |
936,297 |
|
$ |
1,087,432 |
|
$ |
448,039 |
|
$ |
73,883 |
|
$ |
426,696 |
|
$ |
58,332 |
|
$ |
215,643 |
3,246,322 |
|
| Depreciation and amortization |
|
36,831 |
|
|
46,555 |
|
|
3,023 |
|
|
3,829 |
|
|
6,090 |
|
|
873 |
|
|
9,561 |
106,762 |
|
| Capital expenditures |
|
32,347 |
|
|
26,047 |
|
|
573 |
|
|
3,126 |
|
|
– |
|
|
– |
|
|
85,344 |
87,437 |
|
| 2001 |
|
| Total assets |
$ |
730,365 |
|
$ |
981,229 |
|
$ |
379,912 |
|
$ |
77,911 |
|
$ |
411,738 |
|
$ |
60,364 |
|
$ |
449,859 |
|
$ |
3,091,378 |
|
| Depreciation and amortization |
|
42,466 |
|
|
31,707 |
|
|
5,008 |
|
|
5,575 |
|
|
6,321 |
|
|
329 |
|
|
5,882 |
97,288 |
|
| Capital expenditures |
|
37,749 |
|
|
24,872 |
|
|
2,685 |
|
|
7,310 |
|
|
– |
|
|
– |
|
|
11,320 |
83,936 |
|
|
| (1)Cost
of sales includes unrealized hedging (gains) losses of: |
Dairy
Foods |
|
|
Feed |
|
|
Seed |
|
|
Swine |
|
|
Agronomy |
|
|
Layers |
|
|
Other |
Consolidated |
|
|
| 2003 |
$ |
(3,035 |
) |
$ |
(11,802 |
) |
$ |
(2,645 |
) |
$ |
(1,980 |
) |
$ |
- |
|
$ |
- |
|
$ |
- |
|
$ |
(19,462 |
) |
| 2002 |
|
394 |
|
|
(154 |
) |
|
(2,265 |
) |
|
888 |
|
|
- |
|
|
- |
|
|
- |
(1,137 |
) |
| 2001 |
|
139 |
|
|
3,735 |
|
|
2,265 |
|
|
423 |
|
|
- |
|
|
- |
|
|
- |
6,562 |
|
<-- note 21 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
