|
|
|
($ in millions)
|
|
|
2000
|
1999
|
1998
|
1997
|
1996
|
1995
|
1994
|
1993
|
1992
|
1991
|
|
|
Operations:
|
|
Net sales
|
$
|
5,756
|
$
|
5,613
|
$
|
5,174
|
$
|
4,195
|
$
|
3,486
|
$
|
3,014
|
$
|
2,859
|
$
|
2,733
|
$
|
2,562
|
$
|
2,458
|
|
Earnings before income taxes
|
90
|
21
|
70
|
107
|
129
|
132
|
82
|
51
|
65
|
59
|
|
Net earnings
|
103
|
21
|
69
|
95
|
119
|
121
|
75
|
47
|
57
|
54
|
|
Allocated patronage refunds
|
142
|
35
|
76
|
84
|
101
|
104
|
66
|
41
|
48
|
50
|
|
Cash returned to members
|
54
|
49
|
40
|
59
|
53
|
46
|
41
|
40
|
37
|
29
|
|
|
Financial Position:
|
|
Working capital
|
$
|
324
|
$
|
362
|
$
|
305
|
$
|
228
|
$
|
199
|
$
|
185
|
$
|
151
|
$
|
151
|
$
|
158
|
$
|
152
|
|
Investments
|
466
|
460
|
397
|
242
|
240
|
184
|
152
|
129
|
125
|
126
|
|
Plant and equipment
|
468
|
462
|
450
|
283
|
218
|
205
|
180
|
165
|
153
|
144
|
|
Total assets
|
2,473
|
2,700
|
2,292
|
1,566
|
1,235
|
1,149
|
943
|
866
|
841
|
823
|
|
Long-term debt
|
472
|
483
|
347
|
297
|
212
|
180
|
155
|
160
|
147
|
147
|
|
Capital Securities of Trust Subsidiary
|
191
|
200
|
200
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
|
Equities
|
805
|
769
|
781
|
539
|
480
|
417
|
353
|
326
|
318
|
300
|
|
|
Financial Measures:
|
|
Return on equity
|
13%
|
3%
|
13%
|
20%
|
29%
|
34%
|
23%
|
15%
|
19%
|
19%
|
|
Return on invested capital
|
9%
|
5%
|
10%
|
16%
|
21%
|
24%
|
17%
|
12%
|
16%
|
16%
|
|
Long-term debt-to-capital
|
31%
|
33%
|
26%
|
35%
|
30%
|
30%
|
30%
|
33%
|
31%
|
33%
|
|
Current ratio
|
1.36
|
1.31
|
1.34
|
1.34
|
1.40
|
1.36
|
1.38
|
1.42
|
1.44
|
1.42
|
|
|
