|
|
|
($ in thousands)
|
|
Years Ended December 31
|
2000
|
1999
|
1998
|
|
|
|
|
Cash flows from operating activitives:
|
|
|
|
Net earnings
|
$
|
102,932
|
$
|
21,399
|
$
|
68,550
|
|
|
|
Adjustments to reconcile net earnings to net cash provided by operating activites:
|
|
|
|
|
Depreciation and amortization
|
83,621
|
81,675
|
61,399
|
|
|
|
Proceeds from patronage revolvement received
|
16,350
|
2,066
|
3,625
|
|
|
|
Non-cash patronage and equities from others
|
(9,914
|
)
|
(4,568
|
)
|
(20,099
|
)
|
|
|
Increase in other assets
|
(25,667
|
)
|
(18,998
|
)
|
(30,043
|
)
|
|
|
Increase (decrease) in other liabilities
|
673
|
9,531
|
|
(17,989
|
)
|
|
|
Restructuring and impairment charges
|
54,226
|
3,856
|
|
0
|
|
|
|
Gain from divestiture of businesses
|
(89,034
|
)
|
(54,175
|
) |
0
|
|
|
|
Equity in loss (earnings) of affiliated companies
|
35,566
|
|
(7,282
|
) |
818
|
|
|
|
Minority interests
|
1,405
|
140
|
(84
|
)
|
|
|
Other
|
2,904
|
10,007
|
10,284
|
|
|
|
Changes in current assets and liabilities, net of acquisitions and divestitures:
|
|
|
|
Receivables
|
(25,568
|
)
|
(43,959
|
)
|
(55,923
|
)
|
|
|
Inventories
|
103,641
|
|
29,486
|
|
(13,225
|
)
|
|
|
Other current assets
|
74,179
|
|
(63,539
|
)
|
(20,779
|
)
|
|
|
Accounts payable
|
(283,313
|
)
|
79,629
|
|
163,237
|
|
|
|
Accrued expenses
|
59,516
|
13,736
|
|
(2,113
|
)
|
|
|
|
|
Net cash provided by operating activities
|
101,517
|
59,004
|
147,658
|
|
|
|
|
|
Cash flows from investing activitives:
|
|
|
|
Additions to property, plant and equipment
|
(104,343
|
)
|
(109,267
|
)
|
(103,134
|
)
|
|
|
Acquisitions, net of cash acquired
|
(101,076
|
)
|
(73,912
|
)
|
(191,862
|
)
|
|
|
Payments for investments
|
(86,611
|
)
|
(55,344
|
)
|
(3,218
|
)
|
|
|
Net proceeds from divestiture of businesses
|
184,106
|
75,893
|
0
|
|
|
|
Proceeds from sale of investments
|
14,805
|
9,241
|
1,715
|
|
|
|
Proceeds from sale of property, plant and equipment
|
25,189
|
6,368
|
4,364
|
|
|
|
Other
|
(1,001
|
)
|
(54
|
) |
(3,324
|
)
|
|
|
|
|
Net cash used by investing activities
|
(68,931
|
)
|
(147,075
|
)
|
(295,459
|
)
|
|
|
|
|
Cash flows from financing activitives:
|
|
|
|
Increase (decrease) in short-term debt
|
(42,762
|
) |
32,299
|
|
(73,260
|
)
|
|
|
Proceeds from issuance of long-term debt
|
58,955
|
303,306
|
156,381
|
|
|
|
Proceeds from issuance of Capital Securities of Trust Subsidiary
|
0
|
0
|
200,000
|
|
|
|
Payments on principal of long-term debt
|
(179,133
|
)
|
(8,249
|
)
|
(103,430
|
)
|
|
|
Payments for purchase of Capital Securities
|
(9,300
|
)
|
0
|
|
0
|
|
|
|
Payments for redemption of member equities
|
(54,260
|
)
|
(48,660
|
)
|
(40,290
|
)
|
|
|
Other
|
109
|
|
2,722
|
|
(978
|
)
|
|
|
|
|
Net cash (used) provided by financing activities
|
(226,391
|
) |
281,418
|
138,423
|
|
|
|
|
Net increase (decrease) in cash
|
(193,805
|
) |
193,347
|
|
(9,378
|
)
|
|
Cash and cash equivalents at beginning of year
|
197,799
|
4,452
|
13,830
|
|
|
|
|
Cash and cash equivalents at end of year
|
$
|
3,994
|
$
|
197,799
|
$
|
4,452
|
|
|
|
|
See accompanying notes to consolidated financial statements
|
|
|
|
