|
|
|
($ in thousands)
|
|
Years Ended December 31
|
2000
|
1999
|
1998
|
|
|
|
Net sales
|
$
|
5,756,265
|
|
$
|
5,612,981
|
|
$
|
5,174,241
|
|
Cost of sales
|
5,133,585
|
5,097,601
|
4,680,044
|
|
Selling and administration
|
478,559
|
501,242
|
391,415
|
|
Restructuring and impairment charges
|
54,226
|
3,856
|
0
|
|
|
|
Earnings from operations
|
89,895
|
10,282
|
102,782
|
|
Interest expense, net
|
59,186
|
50,381
|
31,832
|
|
Gain from divestiture of businesses
|
(89,034
|
)
|
(54,175
|
) |
0
|
|
|
Equity in loss (earnings) of affiliated companies
|
35,566
|
|
(7,282
|
) |
818
|
|
|
Minority interest in (loss) earnings of subsidiaries
|
(1,405
|
)
|
(140
|
) |
84
|
|
|
Other income
|
(4,450
|
)
|
0
|
|
0
|
|
|
|
|
Earnings before income taxes
|
90,032
|
21,498
|
70,048
|
|
Income taxes (benefit) expense
|
(12,900
|
) |
99
|
|
1,498
|
|
|
|
|
Net earnings
|
$
|
102,932
|
|
$
|
21,399
|
|
$
|
68,550
|
|
|
|
Applied to:
|
|
|
|
Member equities
|
|
|
|
|
Allocated patronage refunds
|
$
|
142,271
|
|
$
|
34,860
|
|
$
|
75,577
|
|
|
|
Deferred equities
|
(5,347
|
)
|
(7,547
|
)
|
(1,318
|
)
|
|
|
|
|
136,924
|
27,313
|
74,259
|
|
|
Retained earnings
|
(33,992
|
)
|
(5,914
|
)
|
(5,709
|
)
|
|
|
|
|
$
|
102,932
|
|
$
|
21,399
|
|
$
|
68,550
|
|
|
|
See accompanying notes to consolidated financial statements
|
|
|
|
