1

The U.S. Department of Agriculture (USDA) prohibits discrimination in all its programs 

and activities on the basis of race, color, national origin, sex, religion, age, disability, 

political beliefs, sexual orientation or marital or family status. (Not all prohibited bases 

apply to all programs.) Persons with disabilities who require alternative means for 

communication of program information (Braille, large print, audiotape, etc.) should 

contact USDA’s TARGET Center at 202-720-2600 (voice and TDD). 

To file a complaint of discrimination, write: USDA, Director, Office of Civil Rights, Room 

326-W, Whitten Building, 14th and Independence Avenue, SW, Washington, DC 20250-

9410 or call 202-720-5964 (voice and TDD). USDA is an equal opportunity provider and 

employer. 

Published June 2001

i

Preface 

The agricultural community continues to 

suffer from depressed commodity prices. The 

decline in turn affects all agri-businesses including 

cooperatives. A preliminary report from the Rural 

Business-Cooperative Service on 1999 cooperative 

statistics (the latest available) indicates there are 

3,466 agriculture cooperatives across the United 

States. The business volume for all marketing, farm 

supply, and related service cooperatives dropped 

nearly 5 percent from 1998 to 1999. 

This report focuses on the 100 largest 

cooperatives because of their importance to the 

financial health of all cooperatives. This importance 

is illustrated by their contribution to the total business 

of all agriculture cooperatives. While they represent 

only 3 percent of the total number of agriculture 

cooperatives, they account for 58 percent of the total 

gross business volume. They also control 59 percent 

of the total assets. 

These cooperatives vary tremendously in the 

type of business they perform and their volume of 

business. These cooperatives include manufacturing, 

farm supply sales, marketing, and processing, with 

business volume ranging from $63 million to $10.8 

billion. The category in which a cooperative is 

included is based on the type of commodity it markets 

or processes for its members. While more than half of 

the largest cooperatives sell farm supply, only those 

that sell predominantly farm supply are included in 

that category. Cooperatives involved with several 

commodities and not easily categorized are classified 

as diversified cooperatives. 
ii

Highlights 

The combined total revenue of the largest 

100 agriculture cooperatives declined slightly to 

$67.2 billion in 1999, down 0.22 percent from 1998. 

The decline is due mostly to lower farm supply 

sales and service revenue. Sales for the last 2 years 

were as follows: 

Year Total Operating Revenues 

Billion dollars 

1998 67.3 

1999 67.2 

While total revenue remained fairly 

stagnant, gross margins improved 4.5 percent to 

$6.5 billion in 1999, due mostly to lower payments 

to members for commodities marketed through the 

cooperative. Gross margins as a percent of total 

revenues is illustrated below: 

Year Gross Profit Margins 

Percent 

1998 14.5 

1999 15.1 

While sales were down slightly, net margins 

tumbled by 38 percent to $547 million in 1999. 

Higher operating expenses were the main cause in 

lowering net margins. 

Year Net Margins 

Million dollars 

1998 883.8 

1999 546.8 

Combined assets for the 100 largest agriculture 

cooperatives were valued at $28.2 billion, up 7 

percent from 1998. Nearly every category of assets 

increased in value. 

Year Total Assets 

Billion dollars 

1998 26.3 

1999 28.2 

Total liabilities jumped 9 percent in 1999. 

Leading the increase was long-term debt, which 

jumped 17 percent. Short-term debt increased a 

hefty 15 percent. 

Year Short-term Debt Long-term Debt 

Billion dollars 

1998 2.9 5.5 

1999 3.3 6.4 

 

Member equity increased 3.2 percent. The 

largest increase was attributed to issuance of 

preferred stock. Sources of member equity are: 

Year 1998 1999 

Billion dollars 

Preferred Stock 1.4 1.6 

Common Stock 0.7 0.7 

Certificates and 

Credit 5.6 5.7 

Unallocated 1.8 1.9 

Total 9.5 9.9 
iii

The liquidity for the largest 100 agriculture 

cooperatives continues to slowly erode. This is 

illustrated in the current and quick ratios. The 

relatively larger drop in the quick ratio would lead 

to the conclusion of inventory buildup. 

Year Current Quick 

Ratio 

1998 1.37 0.76 

1999 1.36 0.74 

Cooperatives continue to increase their 

leverage. Total member equity increased but not at 

the same rate as their liabilities, thereby, lowering 

member ownership as defined by debt-to-assets. 

Long-term financing continues to gravitate toward 

borrowed funds and away from member equity 

financing. 

Year Debt-toAsset 

Long-term 

Debt to Assets 

Percent 

1998 59 .50 

1999 60 .58 

Due to stagnant sales and increased assets, 

the largest agriculture cooperatives showed 

continued declining efficiency in the use of their 

assets. This has been a trend over the past 3 years. 

Year Local Asset 

Turnover 

Fixed Asset 

Turnover 

Percent 

1998 3.5 15.5 

1999 3.2 14.8 
iv
v

Table of Contents 

Preface i 

Highlights ii 

Stagnant sales hamper cooperatives 1 

Gross margins resilient to sluggish sales 3 

Higher expenses hurt operating income 3 

Net margins continue to slide 5 

Allocated patronage refunds decline 5 

Total assets jump with accumulated debt 6 

Expansion of assets fueled by higher debt 8 

Equity climbs but is over shadowed by debt 9 

Performance continues to take a beating 10 

Cooperatives must brace for the future 13 

Appendix Tables 15 

 
vi
1

Stagnant sales hamper cooperatives 

David Chesnick 

Agricultural Economist 

Rural Business-Cooperative Service 

 Low farm prices and adverse weather 

continue to pressure the agricultural community. For 

the third straight year, total operating revenues for the 

largest 100 agricultural cooperatives slipped. While 

there are some bright spots, most of these 

cooperatives did not fare well in 1999. Revenues of 

64 of the 100 largest cooperatives declined. The 

hardest hit were cotton and grain cooperatives, which 

accounted for the majority of lower sales. 

 Figure 1 shows total sales for all cooperatives over a 

5-year period. As illustrated, marketing revenues 

have generally held their own during that last 3 years. 

Farm supply sales, on the other hand, have declined 

steadily from their high in 1997 of $20.6 billion. 

Other operating income also dropped. 

 Table 1 compares operating statements for the 

largest 100 agriculture cooperatives between 1998 

and 1999. Total farm supply sales for all 

cooperatives fell 2.7 percent from $16.6 to $16.1 

billion. Cotton and grain cooperatives also took large 

hits to their revenues. Cotton fell 23 percent from 

$2.4 to $1.8 billion while grain fell 19 percent from 

$3.7 to $3 billion. Production of both cotton and 

grain increased from 1998. However, the prices 

received for the commodities fell and suppressed the 

overall sales for these cooperatives. Appendix tables 

1-9 provide a 5-year consolidated operating statement 

by commodity type.

Figure 1--Sources of total operating revenue, 1995-99

0

20

40

60

80

1995 96 97 98 99

$ billion

marketing farm supply other operating income
2

The bright points included increases in total 

revenue by sugar, dairy, fruit/vegetable, and 

poultry/livestock cooperatives. However, their gains 

couldn’t overcome the drop in the other sectors. 

Sugar prices were down but the volume sold 

pushed up total sales revenue. Sugar gained 15 

percent to end 1999 with $1.3 billion in total sales. 

Table 1--Consolidated Statement of Operations, 1998-99, Top 100 Cooperatives 

 1999 1998 Difference Percent Change 

$ thousand 

 

Revenues 

Marketing 50,481,262 50,104,312 376,950 0.8

Farm Supply 16,143,245 16,598,476 (455,231) -2.7

Total Sales 66,624,507 66,702,788 (78,281) -0.1

Other Operating 

Revenues 

 541,922 612,823 (70,901) -11.6

Total Operating 

Revenues 

 67,166,429 67,315,611 (149,182) -0.2

Cost of Goods Sold 60,667,323 61,094,980 (427,657) -0.7

Gross Margin 6,499,106 6,220,631 278,475 4.5

Expenses 

Operating Expenses 5,751,883 5,230,018 521,865 10.0

Net Operating Margins 747,223 990,613 (243,390) -24.6

Other Revenues 

(Expenses) 

Interest Expense (634,149) (566,210) (67,939) 12.0

Interest Revenue 69,123 92,045 (22,922) -24.9

Other Income 359,583 341,188 18,395 5.4

Other Expenses (54,696) (60,211) 5,515 -9.2

Patronage Revenue 47,783 96,999 (49,216) -50.7

Net Margins from 

Operations 

 534,867 894,424 (359,557) -40.2

Non-Operating Rev. 

(Exp.) 

 11,974 (10,582) 22,556 -213.2

Net Margins 546,841 883,842 (337,001) -38.1

Dairy enjoyed higher prices earlier in the 

year but they dropped by the end the year. Higher 

production throughout the year pushed total 

revenues up. Dairy gained 7 percent in sales, 

ending the year with $18.4 billion of total operating 

revenues. 

Fruit/vegetable prices were mixed but 

volume was up for most commodities. This pushed 

total sales revenue to its highest level in the past 5 

years. These cooperatives gained a modest 4 

percent and ended 1999 with total operating 

revenues at $7 billion. 

Poultry/livestock gained substantially by 7 

percent, thus ending the year with $2.4 billion total 

operating revenues. Much of the increase was due 

to increased production. 
3

Gross margins resilient to 

sluggish sales 

Gross margins for the top 100 cooperatives 

jumped 4 percent despite the stagnant sales. The 

major contributor was the poultry/livestock sector. 

While all those cooperatives increased, one 

cooperative in particular accounted for nearly onethird of the total increase for all top 100 

cooperatives. 

Sugar, fruit/vegetable, and diversified 

cooperatives showed higher levels of gross margins. 

The cost of processing and payments to producers 

did not increase as much as the sales for both the 

sugar and fruit/vegetable cooperatives. Therefore, 

the gross margins for these cooperatives climbed 4 

percent and 6 percent, respectively. Diversified 

cooperatives increased their gross margins 4 percent 

due to a decline in their cost of goods sold relative 

to lower sales. 

While dairy cooperatives increased their 

overall sales, their gross margins remained level due 

to higher processing costs and payments to 

members. 

Higher expenses hurt 

operating income 

Increased operating expenses for the 100 

largest cooperatives wiped out any gains made from 

higher gross margins. Operating expenses jumped 

10 percent in 1999, the largest increase in the 5-year 

period examined. Some of the increase can be 

attributed to labor expenses. The average increase 

for labor was 5 percent in 1999. Some 

cooperatives and commodity sectors controlled their 

labor expenses while others could not. 

Cotton and rice cooperatives controlled their 

labor and total operating costs. Cotton cooperatives 

showed an 8-percent decline in total operating 

expenses, mostly due to lower labor costs. Rice 

cooperatives not only cut labor costs but also 

achieved more operating efficiency. Operating 

expenses declined 5 percent as a result. 

All the other cooperative sectors showed 

higher labor costs, pushing up operating expenses. 

Despite the best efforts by some cooperatives to 

control these costs, higher labor costs more than 

offset any other operating efficiency. 

Dairy and poultry/livestock cooperatives had 

the largest increase in labor, which put tremendous 

pressure on their operating costs. Dairy 

cooperatives averaged 16 percent increase in labor, 

pushing total operating expenses up 3 percent. 

Poultry/livestock cooperatives saw their labor 

expenses increase by an average of 12 percent. This 

added pressure forced a 14-percent increase in total 

operating expenses. 

The increase in labor for the diversified, 

fruit/vegetable, farm supply, and sugar cooperative 

sectors only added to their increased operating 

expenses. Diversified cooperatives increased 

operating expenses 17 percent with average labor 

cost climbing 7 percent. While labor for 

fruit/vegetable and sugar cooperatives increased an 

average of 3 percent, they had an 11- and 19-

percent increase in their total operating expenses 

respectively. Farm supply cooperatives saw a 13 

percent increase in operating expenses with labor 

increasing by an average of 5 percent. 

These overall higher operating expenses hurt 

operating margins. Operating margins for all 

cooperatives fell 25 percent to $747 million in 

1999. All sectors except poultry/livestock and 

sugar cooperatives ended the year with lower 

operating margins. 

Poultry/livestock cooperatives had a 

tremendous turnaround from 1998 to 1999. Their 

operations in 1998 lost $80 million but, 

significantly, they gained $199 million in 1999. 

Most of the progress can be attributed to higher 

sales and reduced cost. Yet, maintaining their 

efficiencies, despite higher labor costs, helped their 

operations. 

Sugar cooperatives increased their sales 

enough to offset increases in their cost of goods 

sold and operating costs. They posted a 46-percent 

increase in their operating revenues and ended the 

year with $30 million in operating income. 

Cotton and rice cooperatives, hit by lower 

sales, couldn’t recover enough through streamlining 

their operations. Their operating revenue dropped 

17 and 44 percent and ended the year at $64 million 

and $18 million, respectively. Dairy cooperative 
4

operating margins fell 11 percent to $186 million, 

mostly due to higher operational expenses. 

 Diversified and fruit/vegetable cooperatives 

lost 45 percent and 38 percent of their operating 

revenue from 1998 and ended the year with income 

from operations at $183 million and $117 million 

respectively. Higher operating costs hurt those 

sectors. 

 Operating revenues for farm supply 

cooperatives continued declining throughout the 5 

years studied. In 1999, lower sales and higher 

expenses pushed these cooperatives into a net 

operating loss. This was the only commodity group 

to show a loss. 

 Lower interest rates made debt financing 

more attractive. But higher debt pushed interest 

expense to levels not seen since the early to mid 

1980s. Interest expense jumped 12 percent to $634 

million in 1999. While this is not a crisis, 

cooperatives should be concerned if interest rates 

begin to climb. 

 Most of the increase in interest expense can 

be attributed to diversified and fruit/vegetable 

cooperatives. They accounted for two-thirds of the 

total increase in interest expense and debt. 

All diversified cooperatives showed higher 

interest expense, but the fruit/vegetable sector’s 

increase was mostly attributed to one cooperative. 

Diversified cooperatives increased their interest 

expense by 21 percent to $231 million. 

Fruit/vegetable cooperatives jumped 29 percent to 

$148 million. 

Farm supply and sugar cooperatives also 

showed increased interest expense. Similar to the 

fruit/vegetable group, these two cooperative groups 

had one main cooperative that pushed interest 

expense higher, while those in other groups 

remained fairly constant. The other sectors all 

showed lower interest expense. 

Patronage refunds received for all 

cooperatives fell to the lowest level in the decade. 

Patronage refunds from other cooperatives declined 

51 percent to $48 million in 1999. Cotton and dairy 

cooperatives were the only sectors to receive higher 

patronage refunds. Cotton had $1.7 million more 

patronage refunds in 1999, up 90 percent, while 

dairy cooperatives grew only 30 percent to $8 

million. 

The major decline occurred in the diversified 

and grain cooperatives. In 1998, these cooperatives 

accounted for three-quarters of all patronage 

received. By 1999 that figure was down to nearly 

one-half. The grain cooperatives received $21 

million, down 34 percent while diversified 

cooperatives received $6 million, an 86-percent 

reduction. 

Patronage refunds for fruit/vegetable and 

farm supply cooperatives fell 20 percent to $6.2 

million and 57 percent to $3 million, respectively. 

Sugar, rice and poultry/livestock cooperatives 

generally do not receive much patronage refunds, 

accounting for less than 1 percent of total refunds 

received. 

Interest income for all cooperatives--

revenues earned on member accounts and finance 

subsidiaries--dropped 25 percent to $69 million. For 

some cooperatives, interest income is substantial 

and represents up to 7 percent of total revenues. 

For most cooperatives, however, this amounts to 

less than 1 percent. Every commodity group had 

lower interest income. 

Other income/expenses represents earnings 

or losses associated with the operations of joint 

ventures or unconsolidated subsidiaries. This 

income is usually indirectly related to operations. 

For all cooperatives, other income/expense reached 

record levels, jumping 9 percent to $305 million. 

While most sectors showed higher amounts of other 

income, much of the increase is attributed to the 

diversified and fruit/vegetable cooperatives. They 

accounted for 85 percent of the total increase. 

Dairy and poultry/livestock cooperatives were the 

only groupings to show lower other income. 

Usually these other income/expenses amounts are 

not substantial. However, eight cooperatives would 

have ended 1999 with a loss if it weren’t for income 

generated by these sources. 
5

Net margins continue to 

slide 

After peaking in 1995, net margins before 

distribution for the largest agriculture cooperatives 

have declined (figure 2). 

 

Poultry/livestock and sugar cooperatives 

were the only sectors to increase net margins before 

distribution. Both had operating losses in 1998. 

Their lower costs of goods sold relative to their 

revenues led to higher gross margins that were able 

to absorb higher expenses--thus, allowing 

poultry/livestock cooperatives to turn a $137 

million net loss in 1998 into $95 million net margin 

in 1999. Sugar cooperatives posted $2 million of 

net margins in 1999 after losing more than $7 

million in 1998. 

Net margins for cotton cooperatives declined 

6 percent to $58 million, due largely to lower sales 

in 1999, although, they were able to minimize the 

decline by lowering their operating and interest 

expenses. 

Despite higher revenues, net margins for 

dairy and fruit/vegetable cooperatives fell. Dairy 

cooperatives declined 26 percent to $223 million in 

1999 while the fruit/vegetable sectors dropped 92 

percent to $7 million. Higher operating expenses 

coupled with a drop in other income caused the 

dairy net margins to decline. Fruit/vegetable 

cooperatives not only had higher operating expenses 

but also higher interest expenses that ate into 

margins. 

Diversified cooperatives had the largest 

nominal decline in net margins, falling $203 million 

to end the year with $134 million. Similar to the 

fruit/vegetable cooperatives, the biggest cause for 

this drop was higher operating and interest expense. 

Not only did sagging grain prices hurt grain 

cooperatives, but so did operating expenses. Net 

margins dropped by 41 percent in 1999 to $81 

million. 

Despite streamlining their operations in 

response to lower revenues, rice cooperatives 

couldn’t fully cover their revenue shortfall. Net 

margins fell 39 percent to $13 million in 1999. 

The hardest hit of all commodity groups was 

the farm supply cooperatives. Unlike other 

cooperatives, where lower sales equate to lower 

payment to members, farm supply cooperatives are 

price takers for the goods they sell. The percentage 

of cost of goods sold to total revenues has been 

increasing for the past 5 years. That, along with 

increased operating expenses, pushed their net 

margins into the red. This was the first time since 

the mid-1980s that this sector ended the year with a 

net loss 

Allocated patronage refunds 

decline 

Members earned less allocated patronage 

refunds in 1999. Figure 3 (next page) compares the 

combined distribution for the largest agricultural 

cooperatives. Not only were there less margins to 

distribute, but those cooperatives also allocated a 

smaller percent of their income than in past years. 

Cooperatives allocated only 64 percent of their net 

margins to members in 1999, compared with 75 

percent in the prior years. 

Cotton cooperatives paid higher dividends 

on member investments and retained less patronage 

in 1999. Dairy and diversified cooperatives 

allocated a higher percentage of their margins than 

they did in 1998. Allocating more margins to 

members and less to the unallocated account 

Figure 2 -Net margins before distribution, 1995-99

0

0.2

0.4

0.6

0.8

1

1.2

1.4

1.6

1995 96 97 98 99

$ billion
6

reduced the amount of taxes paid. This helped 

offset lower net margins. 

While some fruit/vegetable cooperatives that 

suffered a net loss allocated it to their members’ 

equity account, farm supply cooperatives deducted 

most losses from their unallocated account. This 

allowed them to allocate some patronage back to 

members despite operating losses. 

Grain cooperatives allocated similar 

proportions to their various equity accounts as they 

did in 1998. Poultry/livestock and sugar 

cooperatives used net margins in 1999 to replenish 

their unallocated equity account, which had 

absorbed prior losses. Rice cooperatives allocated 

less equity to members to offset lower margins. 

Total assets jump with 

accumulated debt 

Despite slumping sales, cooperatives 

continue to increase assets. They jumped 7 percent 

in 1999, to reach a value of $28.2 billion. Figure 4 

compares various asset components for the 100 

largest agriculture cooperatives. A composite 

balance sheet for them is presented in table 2. 

Appendix tables 10-18 provide a 5-year 

consolidated balance sheet by commodity type. 

Current assets increased 5 percent to $13.7 

billion. However, percent of current assets to total 

assets fell for the fifth straight year. Cash balances 

were the only current assets to increase as a percent 

of total assets. Cooperatives were holding a higher 

percentage of cash in 1999 than in 1998. 

The largest increase in assets occurred in 

investments, most attributed to joint ventures with 

non-cooperative related businesses. These 

investments jumped 29 percent to $1.9 billion. All 

investments climbed 13.9 percent and ended the 

year at $4 billion. 

Property, plant, and equipment (PP&E) 

expanded at 7 percent to $8.4 billion. These fixed 

assets represent 30 percent of total assets, 

unchanged from 1998. 

Cotton cooperatives increased their asset 

base by $48 million. Most of this was due to higher 

current assets, most notably inventory and 

marketing agreements, which pushed current assets 

up 17 percent. Increased non-cooperative 

investments of 61 percent added $13 million to their 

asset base. The increase in these two areas resulted 

in an 8 percent increase in total assets. 

Assets held by dairy cooperatives did not 

change substantially in 1999. However, there was 

some reallocation within their asset base. Current 

assets fell 7 percent due to better control over their 

accounts receivable, which fell 15 percent. 

Receivables as a percent of total sales fell from 8.1 

to 6.4 percent in 1999. Inventory increased 9 

percent to $647 million, mostly due to higher sales 

volume. The other major change occurred in their 

investment accounts. Dairy cooperatives are 

Figure 4-Asset allocation, 1995-99

0

5

10

15

20

25

30

1995 96 97 98 99

$ billion

Current assets Investments Net PP&E Other assets

Figure 3--Distribution of net margins, 1995-99

0

0.2

0.4

0.6

0.8

1

1.2

1.4

1.6

1995 96 97 98 99

$ billion

Allocated Unallocated Dividends Income Tax
7

Table 2-Combined Balance Sheet- Top 100 Cooperatives, 1998-99

1999 1998 Difference Percent 

change 

Current Assets $ thousand 

Cash 859,316 745,714 113,602 15.2

Accounts Receivable 5,701,565 5,460,916 240,649 4.4

Inventory 6,024,047 5,698,768 325,279 5.7

Other Current Assets 1,102,297 1,176,749 (74,452) -6.3

Total Current Assets 13,687,225 13,082,147 605,078 4.6

Investments 

Cooperative Banks 347,327 352,640 (5,313) -1.5

Other Cooperatives 1,772,266 1,699,544 72,722 4.3

Other Investments 1,879,667 1,459,836 419,831 28.8

Total Investments 3,999,260 3,512,020 487,240 13.9

Net PP&E 8,434,763 7,883,924 550,839 7.0

Other Assets 2,035,927 1,807,042 228,885 12.7 

Total Assets 28,157,175 26,285,133 1,872,042 7.1 

Liabilities 

Current Liabilities 

Total Short-term Debt 3,308,836 2,885,950 422,886 14.7 

Accounts Payable 3,667,197 3,347,622 319,575 9.5 

Member Payables 422,870 595,287 (172,417) -29.0 

Patron and Pool Liabilities 1,164,744 1,305,463 (140,719) -10.8 

Other Current Liabilities 1,578,185 1,494,550 83,635 5.6 

Total Current Liabilities 10,141,832 9,628,872 512,960 5.3 

L-Term Debt Less Current Portion 6,428,116 5,516,117 911,999 17 

Other Liabilities/Deferred Credits 1,180,176 1,094,291 85,885 7.8 

Total Noncurrent Liabilities 7,608,292 6,610,408 997,884 15.1 

Total Liabilities 17,750,124 16,239,280 1,510,844 9.3 

Minority Interest 534,774 481,846 52,928 11.0 

Member Equity 

Preferred Stock 1,572,153 1,421,296 150,857 10.6 

Common Stock 727,470 678,745 48,725 7.2 

Equity Certificates And Credits 5,703,341 5,617,068 86,273 1.5 

Unallocated Capital 1,869,313 1,846,898 22,415 1.2 

Total Equity 9,872,277 9,564,007 308,270 3.2 

Total Liabilities And Equity 28,157,175 26,285,133 1,872,042 7.1 

investing less in other cooperatives and more in noncooperative ventures. This trend started in 1997 and 

continued into 1999. Most of these investments 

were joint ventures in processing plants. 

The diversified and fruit/vegetable 

cooperatives showed substantial increases in every 

category. Diversified cooperatives ended 1999 with 

$10.4 billion in assets, up 13 percent. The increase 
8

accounted for nearly one-half of the total increase for 

all cooperatives. Leading the increase for the 

diversified group was the jump in current assets, 

which accounted for nearly one-half of their total 

increase. The largest increase was in accounts 

receivable, followed by inventory and cash. While 

the cash buildup is good, the increased receivables 

and inventory, coupled with sluggish sales, can 

become a potential problem later if the trend 

continues. The other major increase occurred in 

investments in joint ventures and other 

unconsolidated non-cooperative business ventures. 

Fruit/vegetable cooperatives found their asset 

base jumping 16 percent to $4.5 billion. The 

increase was spread over all categories, but 

investments in subsidiaries and joint ventures were 

the most notable, almost doubling to $364 million. 

Farm supply cooperatives had a moderate 4-

percent increase that was spread over all assets. This 

nudged their assets base to $3.5 billion. The only 

notable change was the continued decline in cash 

balances. Most of the decline can be attributed to 

investments in fixed assets, subsidiaries, and joint 

ventures. 

Grain cooperatives also showed a moderate 

5-percent increase in their asset base, ending 1999 at 

$2.1 billion. Unlike farm supply, grain concentrated 

its increase in investments in cooperatives and fixed 

assets. Sugar cooperatives increased their asset base 

by 9 percent to $1.2 billion. Similar to grain 

cooperatives, most was due to investments in fixed 

assets and investments in other cooperatives. 

Rice and Poultry/Livestock cooperatives 

were the only sectors to have declining assets. 

Poultry/livestock cooperatives fell 22 percent to 

$978 million and rice cooperatives fell 7 percent to 

end 1999 with $486 million. Declining current 

assets caused most of the drop in both commodity 

groups. Discontinued operations in the 

poultry/livestock sector contributed heavily to lower 

overall assets. Rice cooperatives lowered their 

inventories and receivables in the face of lower sales 

revenue. 

Expansion of assets fueled 

by higher debt 

Eighty percent of asset expansion was 

financed by liabilities that climbed 9 percent to $17.8 

billion in 1999. Leading the way was total debt, 

short- and long-term, which increased by $1.3 

billion. 

Current liabilities increase 5 percent to $10.1 

billion because of short-term debt or accounts 

payable. Those liabilities owed to members, either 

through cash patronage and other revolving equity or 

pool liabilities, fell by $313 million. All this leads to 

higher leverage on the cooperatives and greater 

influence from those outside the cooperative 

community. 

Cotton cooperatives financed short-term 

credit needs through cooperative banks and 

Government sources, while lowering other liabilities. 

For their long-term financing, these cooperatives 

used cooperative banks and increased self-financing 

through the issuance of cooperative bonds. 

Dairy cooperatives lowered their current 

liabilities 6 percent or $97 million less than in 1998. 

Use of commercial banks increased for short-term 

financing. However, a larger decline in liabilities 

owed to members pushed down total current 

liabilities. Non-current liabilities only increase a 

slight 1 percent. Therefore, their total liabilities fell 

4 percent to $2.4 billion. 

Diversified cooperatives had increases in 

most of their current and non-current liabilities 

except those owed to members. Commercial banks 

dominated short-term financing. Long-term 

financing was obtained mostly from issuing bonds. 

Cooperative banks are also more involved in these 

financings. Use of insurance companies to finance 

long-term needs also is increasing. 

Current liabilities fell a modest 1 percent for 

fruit/vegetable cooperatives. Declining member 

liabilities are the main cause for this drop. While 

cooperative banks still provide a majority of the 

short-term financing, commercial banks are 

beginning to own more of the fruit/vegetable 

cooperatives loans. Long-term financing for this 
9

commodity group shot up a whopping 45 percent to 

$886 million. Most was due to cooperative banks, 

but bond issues continue to play a larger role. 

Overall, the fruit/vegetable cooperatives showed 

proportional increases in liabilities to assets. 

However, there was a transfer of financing from 

short- to long-term. 

Total liabilities increased 13 percent to $1.9 

billion for farm supply cooperatives. Most was due 

to the 20-percent increase in long-term debt, which 

jumped $140 million. Bonds and commercial bank 

loans were the largest contributors. Like the 

fruit/vegetable cooperatives, farm supply 

cooperatives appear to be transferring their debt from 

short- to long-term sources. 

Grain cooperatives increased their short-term 

debt by 35 percent, largely with cooperative banks. 

However, they also paid down member liabilities. 

The final result was an increase in current liabilities 

by 3 percent to $767 million. Long-term debt 

substantially increased 17 percent, most of it being 

accumulated by cooperative banks. Total liabilities 

were up $66 million to 1.1 billion in 1999. 

Both poultry/livestock and rice cooperatives 

had lower total liabilities in 1999 than in 1998. 

Nearly every liability category declined in value for 

both groups of cooperatives. Poultry/livestock had 

the most dramatic drop, cutting total debt 49 percent 

to the lowest level since 1995. While some member 

liabilities increased, the drop in total debt pushed 

total liabilities down 32 percent to $675 million. 

percent drop. On the other hand, long-term debt shot 

up 35 percent, pushing total liabilities to $753 

million. 

Equity climbs but is 

overshadowed by debt 

Equity for the largest agriculture cooperatives 

increased 3 percent to its highest level of $9.9 

billion. Figure 5 illustrates the amount of the various 

sources of equity. Every category of equity 

increased, including common stock, preferred stock, 

equity certificates, and credit. The equity jumped 

$286 million to end the year at $8 billion. 

Unallocated equity increased 1 percent to $1.9 

billion.

 Rice cooperatives had less of a decline than 

poultry/livestock cooperatives, yet they too had the 

least amount of debt in the last 5 years. This pushed 

total liabilities down 15 percent to $249 million. 

Sugar cooperatives ended 1999 with high 

levels of total liabilities. While short-term debt fell 

30 percent, member liabilities jumped 65 percent, 

limiting the decline in current liabilities to only a 13 

Cotton cooperatives increased their equity 

holdings by 1 percent. However, more importantly, 

they continued to shift their equity from the 

unallocated account to their members’ account. 

Member equity jumped 5 percent to $263 million, 

while unallocated equity fell 27 percent to $25 

million in 1999. 

Dairy cooperatives replaced some of their 

debt financing with equity financing. Equity 

increased 5 percent to $1.6 billion in 1999 and was 

evenly distributed between allocated and unallocated 

forms. 

Diversified cooperatives increased their 

equity position by a modest 1 percent to $3.1 billion, 

due exclusively to allocated equity. 

One fruit/vegetable cooperative issued a 

substantial amount of preferred stock. This 

influenced the overall holding of equity for such 

Figure 5-Sources of equity, 1995-99

0

2

4

6

8

10

12

1995 96 97 98 99

$ billion

unallocated capital

equity certificates and credits

common stock

preferred stock
10

cooperatives. That issuance just about accounted for 

the total 13 percent increase in equity for that sector. 

These cooperatives ended the year with $1.3 billion 

of total equity. 

Farm supply cooperatives were the only 

sector to have a declining balance of equity. These 

cooperatives absorbed the losses for that year with 

their unallocated equity. Unallocated equity dropped 

19 percent, pushing down total equity 5 percent to 

$1.7 billion. 

Grain cooperatives proportionally increased 

most equity accounts. Total equity was up 5 percent 

to $946 million. 

Poultry/livestock cooperatives increased their 

equity stock by 17 percent to end the year with $303 

million. However, most was attributed to one 

cooperative that replenished its unallocated account. 

Member equity did not change much. 

Rice cooperatives continue to build their 

equity reserves with total equity reaching $237 

million in 1999. The 3-percent increase in total 

equity was concentrated in the unallocated account. 

While the value of member equity has fluctuated 1 or 

2 percent over the past 8 years, unallocated equity 

increased steadily by an average of 11 percent. 

Despite tight net margins, sugar cooperatives 

continue to build member equity. The losses in 1997 

and 1998 were deducted from unallocated equity. 

The resulting negative balance continued in 1999. 

However, the jump in member equity pushed total 

equity up 7 percent to $438 million. 

Performance continues to 

take a beating 

The average performance measures for all 

100 cooperatives continued to deteriorate during 

1999. The tools developed to analyze the 

cooperatives’ financial information include several 

performance measurements or ratios used throughout 

the business community. A 5-year list of average 

ratios for the top 100 largest cooperatives is 

presented in Table 3 (next page). 

The current and quick ratios examine the 

cooperative liquidity, which have been eroding 

during the past 4 years. The current ratio fell from 

1.37 to 1.36 and the quick ratio fell from 0.76 to 0.74 

between 1998 and 1999. This shows cooperatives 

are relying more heavily on outside sources to 

finance day-to-day operations. Short-term debt and 

accounts payable are increasing faster than current 

assets. 

Other ratios, such as days-to-sell inventory 

and days-in-accounts receivable, also point toward 

lower liquidity. Days-to-sell inventory represents 

the average number of days a cooperative holds 

inventory before it is sold. The value of this ratio 

increased from 51.6 to 54.1 days. Similarly, days-inaccounts receivable represents the average number 

of days cash is tied up in accounts receivable. This 

value increased from 27.8 to 32.1 days. 

Taking these two values together gives a 

view of a business’s cash cycle. Adding these values 

gives the average length of time it takes a 

cooperative to convert its cash reserves into 

inventories, sell the inventories, and convert it back 

to cash. An increasing value would indicate that the 

cooperative needs to get a handle on its inventory 

and/or accounts receivable. 

Leverage ratios highlight the risk associated 

with financing and the cooperatives’ ability to meet 

its long-term and short-term obligations. The debtto-asset ratio illustrates how assets are financed. In 

1999, the debt-to-asset ratio was 0.6, up slightly 

from 0.59 in 1998. It shows only 40 percent of the 

assets were financed directly by members. 

Examining long-term financing, we focus on 

the long-term debt-to-equity ratio. This ratio jumped 

from 0.5 in 1998 to 0.58 in 1999. 

While leveraging a cooperative is not 

necessarily bad, it puts more risk on the business. 

The biggest risk comes from defaulting on loans. An 

examination of the times-interest-earned ratio 

provides a quick look at that scenario. This ratio 

looks at the number of times interest expense is 

covered by net margins with interest added back in. 

This ratio fell from 5.2 in 1998 to 3.8 in 1999. 

While there is no current crisis, the leverage ratio 

shows that cooperatives are leveraging themselves 

when their businesses are showing some financial 

stress. 
11

Activity ratios show how well the 

cooperative uses its assets. Again, activity ratios are 

sliding. Local asset turnover, calculated by taking 

total revenues divided by local assets dropped from 

3.5 to 3.2. This represents how much revenue is 

generated by each dollar invested in local assets. 

Local assets are total assets less investment in other 

cooperatives. This seems to indicate that revenues 

are not keeping pace with the growth in the 

cooperative’s assets. Fixed asset turnover also fell 

from 15.5 to 14.9. 

These ratios indicate cooperative assets are 

used less efficiently. While cooperatives are 

increasing assets, they are generating less revenue. 

However, ratios do not pinpoint problems; rather, 

they highlight areas of concern and prompt 

investigators to examine the cause of increases or 

decreases in values. 

Although limited as an absolute indicator, 

profitability ratios show financial strength for the 

cooperative. We have already seen that cooperatives 

were less profitable and efficient with their assets, 

and so return on assets fell. Return on total assets, 

calculated as net margins plus taxes and interest 

expense divided by total assets, fell from 7.4 to 6.2 

in 1999. This ratio focuses on the operation itself 

regardless of how the cooperative was financed. 

Return on member equity looks at the return 

on member investment after all expenses, including 

taxes and interest. This shows the effects of 

leveraging on the cooperative. While the return on 

assets fell 1.2 points, the return on member equity 

fell from 12.1 to 9.1. Leverage, in effect, caused a 

greater proportional drop in member returns. This is 

the risk of using borrowed capital. Interest must be 

paid, whereas members must take what is left over. 

Cotton cooperatives ended 1999 with lower 

liquidity levels. This was due mostly to an increase 

in short-term nonrecourse loans from Government 

sources. While liquidity ratios in cotton 

cooperatives had the largest drop—dropping from 

1.85 to 1.60—they still maintained the highest 

liquidity of all commodity groups. Their increased 

debt load also affected their risk and leverage. Both 

short- and long-term debt jumped, pushing up their 

debt-to-asset ratio from 0.50 to 0.54. Yet, they were 

still able to maintain margins to cover increased risk. 

While their times-interest-earned ratio fell from 9.6 

Table 3-Financial ratios, 1995-99, All Top 100 Cooperatives

 1999 1998 1997 1996 1995

Current Ratio 1.36 1.37 1.39 1.39 1.38

Quick Ratio 0.74 0.76 0.78 0.79 0.75

Debt-to-Assets 0.60 0.59 0.60 0.61 0.61

L-T Debt-to-Equity 0.58 0.50 0.50 0.45 0.41

Times Interest Earned 3.78 5.16 4.33 4.56 4.51

Local Assets Turnover 3.19 3.47 3.70 3.59 3.32

Fixed Asset Turnover 14.85 15.48 17.00 16.30 15.87

Gross Profit Margin 15.12 14.47 13.92 13.82 14.68

Net Operating Margin 1.76 2.01 2.04 2.04 2.43

Return on Total Assets 6.19 7.41 7.40 6.98 7.07

Return on Member Equity 9.05 12.13 11.81 10.45 10.95

 
12

to 6.0, they still averaged one of the highest ratio 

values of all commodity groups. Only dairy was 

higher. Its efficiency ratios fell, due mostly to lower 

revenues. However, dairy maintained its 

profitability ratios with returns on member equity 

holding steady at 19.1—the highest of any 

commodity group. 

Between 1998 and 1999, the current ratio for 

dairy cooperatives increased from 1.27 to 1.29 while 

their quick ratio fell from 0.89 to 0.85. This 

indicates that most of the higher liquidity may be due 

to larger inventories. The decline in their debt-toasset ratio and a jump in long-term debt-to-equity 

show that dairy cooperatives increased long-term 

debt and paid off their liabilities owed to members 

and other accounts payable. The efficiency ratios 

showed better use of the cooperatives’ assets because 

both local and fixed asset turnovers increased. 

While profitability ratios declined, they still 

averaged a higher return on member equity than 

most sectors. All in all, dairy cooperatives fared 

well in 1999. 

Diversified cooperatives increased their debt 

load as reflected in their financial information. The 

current ratio fell slightly from 1.41 to 1.36 while the 

quick ratio held steady at 0.9. In this situation, a 

smaller increase in inventory levels relative to other 

current assets and liabilities indicates better 

inventory control in a time of stagnant sales. While 

short-term debt has generally fluctuated, 1999 

recorded a record amount. Long-term debt has 

steadily increased. These factors have pushed down 

member ownership to only 30 percent of total assets. 

Times- interest-earned ratio fell from 2.8 to 1.8 times 

in 1999. However, the biggest effect of leverage is 

illustrated by return on member equity. This ratio 

fell from 11.3 to 4.5 percent. Since the diversified 

cooperatives include some of the largest 

cooperatives, they can weather short-term adverse 

conditions in agriculture. However, higher leverage 

increases the risk and can limit the amount of credit 

available to these cooperatives. 

The performance of the fruit/vegetable 

cooperatives showed mixed results in 1999. They 

improved their liquidity by lowering current member 

payables and increasing current assets. This is 

especially true in the cash account, which jumped 34 

percent. While overall liabilities expanded at the 

same rate as the assets, long-term debt became more 

prominent in financing. The debt-to-asset ratio 

dropped slightly from 0.68 to 0.67 while the longterm debt-to-equity ratio jumped from 0.73 to 0.88. 

Higher debt means higher interest payments, which 

ultimately led to lower margins. The times-interestearned ratio was cut in half to 2.6. A dip from 2.2 to 

2.1 and 10.6 to 9.9 in the local and fixed asset 

turnover ratios was caused by a larger increase in 

assets compared with sales generated by those assets. 

The higher leverage also hit members’ return. 

Return on assets fell from 5.8 to 4.4 in 1999 and 

return on members’ equity fell from 9.8 to 6.1. 

Farm supply cooperatives as a whole were 

the only commodity group to show a net loss. 

However, one of these cooperatives had a substantial 

loss and excessively effected that sector. If one 

examines the average ratios, a different picture 

appears because of the limited effect of a single 

cooperative. Liquidity ratios slightly declined in both 

current and quick ratios. Higher amounts of shortterm debt and accounts payable, along with better 

control over inventory and accounts receivable, 

pushed the current ratio from 1.5 to 1.4. While 

overall liabilities as a percentage of assets didn’t rise 

by much, long-term debt jumped considerably. The 

20-percent increase in long-term debt, which was 

due mostly to one cooperative, skewed the average 

leverage ratio. Excluding this cooperative, the 

leverage and efficiency ratios were not much 

different from prior years. Profitability for farm 

supply cooperatives followed the overall average and 

was down. Return on member equity fell from 5.55 

to 3.66 in 1999. 

Liquidity slid for grain cooperatives due to 

higher short-term debt. The current ratio fell from 

1.32 to 1.27. The amount of total debt increased at 

the same rate as assets, leaving leverage ratios 

untouched from the prior year. However, lower 

revenues dropped the times-interest-earned from 5.3 

to 4.1. Efficiency ratios were hit by lower revenues. 

Excess capacity built was not fully used in 1999, so 

investing in fixed assets skewed the results. The 

fixed asset turnover dropped from 11.1 to 8.6. As 
13

would be expected, lower margins pushed 

profitability ratios to 5-year lows with the return on 

members’ equity falling from 13.1 to 9.5.

Poultry/livestock cooperatives, on the other 

hand, improved from the previous year, due to some 

major restructuring within this sector. They 

maintained their liquidity in the face of declining 

assets. One of the areas where these cooperatives 

improved is elimination of some debt. Total debt 

fell 49 percent in 1999, due mostly to short-term 

debt. This maintained their liquidity. Less debt also 

improved the leverage ratios. The debt-to-asset ratio 

fell from 0.81 to 0.78 and long-term debt-to-equity 

fell from 0.98 to 0.79 between 1998 and 1999. 

While the leverage ratios are high compared 

with other sectors, any improvement was welcome 

considering the tough times the industry had been 

facing. Efficiency ratios were improved due to 

higher sales and lower asset levels. Profitability 

ratios were up, but due to high debt levels, return on 

member equity lagged behind the return on total 

assets. However, the changes within this sector were 

beneficial. 

Rice cooperatives have also changed in the 

past few years. Some of these changes proved to be 

beneficial. Inventory and debt levels were reduced. 

The declining short-term debt and other current 

liabilities more than offset their declining current 

assets. This pushed up their liquidity and lowered 

their leverage. The current ratio jumped from 1.33 

to 1.56 while the debt-to-asset ratio fell from 0.59 to 

0.51. Efficiency ratios were fairly stagnant. 

Unfortunately, declining sales pushed down their 

margins despite lower interest payments. Therefore, 

all profitability ratios were down from 1998. 

The sugar cooperatives transferred some of 

their short-term to long-term debt to increase 

liquidity. The current ratio was up from 1.19 to 

1.22. However, their leverage was also bumped up 

with the debt-to-assets jumping from 0.59 to 0.63. 

Lower inventories pushed down current assets, but 

the drop in short-term debt more than offset the drop 

in inventories. Efficiency ratios dropped slightly, 

but this had more to do with plant expansion and 

updating than slipping efficiency. These investments 

should help with efficiency as processing capacity is 

reached. Profitability ratios were up slightly. After 

suffering through earlier losses, sugar cooperatives 

regained stability in 1999. However, higher interest 

payments minimized the return on member equity, 

which was up from -0.55 to 0.42.

Cooperatives must brace for 

the future

Overall, cooperatives are finding themselves 

in a catch 22-position. Depressed agricultural prices 

are shrinking cooperatives’ profits. Traditional 

equity financing for cooperatives relies on their net 

margins, so they are turning to outside sources to 

help fund operations. This puts more pressure on 

expenses. Higher interest payments are cutting 

deeper into net margins. Cooperatives need to 

borrow funds for expansion. Delaying investments 

will make it hard to increase operating efficiencies 

and will cut net margins.

While it is not a time to panic, cooperatives 

will need to balance their capital and investment 

needs. Many cooperatives are taking a proactive 

approach to funding and to the way they are 

conducting their operations. New forms of equity are 

being issued to both members and nonmembers. 

Mergers, consolidations, and joint ventures with both 

cooperatives and non-cooperatives also help 

streamline operations, but some questions remain. 

Will the agricultural economy finally recover enough 

for the remaining cooperatives to survive? Can these 

cooperatives weather a tight agriculture economy or 

further changes coming? 
14
15

Appendix Tables 
Appendix Table 1--Consolidated Statement of Operations, 1995-99, Cotton Cooperatives  1999 1998 1997 1996 1995 1998-99 1997Revenues $ thousand PerMarketing 1,837,987 2,384,251 2,469,164 2,315,824 2,711,470 -23 Farm Supply 53,888 87,167 84,418 50,935 4,892 -38 Total Sales 1,891,875 2,471,418 2,553,582 2,366,759 2,716,362 -23 Other Operating Revenues 21,524 21,334 16,849 22,305 81,031 1 Total Operating Revenues 1,913,399 2,492,752 2,570,431 2,389,064 2,797,393 -23 Cost of Goods Sold 1,772,141 2,330,960 2,403,721 2,210,565 2,583,035 -24 Gross Margin 141,258 161,792 166,710 178,499 214,358 -13 Expenses Operating Expenses 76,935 84,045 92,145 88,004 124,044 -8 Net Operating Margins 64,323 77,747 74,565 90,495 90,314 -17 Other Revenues (Expenses) Interest Expense (11,975) (20,401) (21,097) (22,634) (33,677) -41 Interest Revenue 1,290 1,876 1,653 2,054 3,131 -31 Other Income 871 419 396 943 2,308 108 Other Expenses (311) (180) -Patronage Revenue 3,678 1,938 1,899 1,884 1,487 90 Net Margins from Operations 58,187 61,579 57,105 72,562 63,563 -6 Non-Operating Rev.(Exp.) 2,392 Net Margins 58,187 61,579 57,105 72,562 65,955 -6 
Appendix Table 2--Consolidated Statement of Operations, 1995-99, Dairy Cooperatives  1999 1998 1997 1996 1995 1998-99 1997Revenues $ thousand PerMarketing 18,280,818 17,049,647 16,180,062 16,434,715 14,832,587 7 Farm Supply 100,682 91,111 152,670 116,376 126,562 11 Total Sales 18,381,500 17,140,758 16,332,732 16,551,091 14,959,149 7 Other Operating Revenues 39,551 30,052 90,308 128,012 122,508 32 Total Operating Revenues 18,421,051 17,170,810 16,423,040 16,679,103 15,081,657 7 Cost of Goods Sold 17,346,530 16,099,183 15,399,420 15,540,608 13,899,702 8 Gross Margin 1,074,521 1,071,627 1,023,620 1,138,495 1,181,955 0 Expenses Operating Expenses 888,381 862,056 854,997 959,375 996,238 3 Net Operating Margins 186,140 209,571 168,623 179,120 185,717 -11 Other Revenues (Expenses) Interest Expense (57,564) (59,118) (56,871) (47,715) (47,598) -3 Interest Revenue 9,175 9,930 9,090 10,223 9,383 -8 Other Income 92,417 140,177 12,831 8,757 9,280 -34 Other Expenses (25,622) (19,415) (5,962) (8,854) (4,990) 32 Patronage Revenue 7,954 6,139 53,254 32,116 9,442 30 Net Margins from Operations 212,500 287,284 180,965 173,647 161,234 -26 Non-Operating Rev.(Exp.) 10,266 12,955 14,665 12,048 9,613 -21 Net Margins 222,766 300,239 195,630 185,695 170,847 -26 
Appendix Table 3--Consolidated Statement of Operations, 1995-99, Diversified Cooperatives 

 1999 1998 1997 1996 1995 1998-99 1997Revenues $ thousand PerMarketing 15,235,251 15,323,197 15,614,098 18,663,100 13,084,946 -1 Farm Supply 9,074,853 9,068,022 11,754,241 10,866,790 9,452,204 0 Total Sales 24,310,104 24,391,219 27,368,339 29,529,890 22,537,150 0 Other Operating Revenues 198,005 283,058 288,184 271,996 270,405 -30 Total Operating Revenues 24,508,109 24,674,277 27,656,523 29,801,886 22,807,555 -1 Cost of Goods Sold 22,933,173 23,153,752 26,015,574 28,184,208 21,207,822 -1 Gross Margin 1,574,936 1,520,525 1,640,949 1,617,678 1,599,733 4 Expenses Operating Expenses 1,391,707 1,185,517 1,232,160 1,230,067 1,134,461 17 Net Operating Margins 183,229 335,008 408,789 387,611 465,272 -45 Other Revenues (Expenses) Interest Expense (230,744) (191,346) (177,411) (192,734) (157,624) 21 Interest Revenue 18,689 26,355 27,633 30,548 30,810 -29 Other Income 130,567 132,487 87,202 128,775 66,614 -1 Other Expenses (10,017) (29,857) (8,396) (9,102) (4,837) -66 Patronage Revenue 5,919 41,963 138,837 149,686 90,928 -86 Net Margins from Operations 97,643 314,610 476,654 494,784 491,163 -69 Non-Operating Rev.(Exp.) 36,448 22,000 (8,584) (5,868) (17,983) 66 -Net Margins 134,091 336,610 468,070 488,916 473,180 -60 
Appendix Table 4--Consolidated Statement of Operations, 1995-99, Fruit/Vegetable Cooperatives 

 1999 1998 1997 1996 1995 1998-99 1997Revenues $ thousand PerMarketing 6,950,291 6,686,178 6,686,751 6,594,532 6,227,025 4 Farm Supply 8,206 9,124 7,352 7,211 5,944 -10 Total Sales 6,958,497 6,695,302 6,694,103 6,601,743 6,232,969 4 Other Operating Revenues 46,608 53,663 73,405 72,828 59,618 -13 Total Operating Revenues 7,005,105 6,748,965 6,767,508 6,674,571 6,292,587 4 Cost of Goods Sold 5,158,549 5,001,281 5,091,142 5,080,164 4,709,630 3 Gross Margin 1,846,556 1,747,684 1,676,366 1,594,407 1,582,957 6 Expenses Operating Expenses 1,730,006 1,558,227 1,474,926 1,462,718 1,384,371 11 Net Operating Margins 116,550 189,457 201,440 131,689 198,586 -38 Other Revenues (Expenses) Interest Expense (148,053) (114,925) (108,441) (118,556) (95,896) 29 Interest Revenue 414 637 677 1,502 11,892 -35 Other Income 66,359 7,386 7,045 4,532 3,381 798 Other Expenses (14,653) (1,383) (1,877) (2,671) (5,317) 960 Patronage Revenue 6,230 7,818 4,161 (2,200) 4,325 -20 Net Margins from Operations 26,847 88,990 103,005 14,296 116,971 -70 Non-Operating Rev.(Exp.) (19,942) (1,375) 4,606 4,000 1350 -Net Margins 6,905 87,615 107,611 18,296 116,971 -92 
Appendix Table 5--Consolidated Statement of Operations, 1995-99, Farm Supply Cooperatives 

 1999 1998 1997 1996 1995 1998-99 1997Revenues $ thousand PerMarketing 333,401 411,934 490,317 968,561 431,141 -19 Farm Supply 4,941,583 4,997,477 5,601,949 5,344,633 4,792,641 -1 Total Sales 5,274,984 5,409,411 6,092,266 6,313,194 5,223,782 -2 Other Operating Revenues 78,679 80,512 64,685 76,439 61,433 -2 Total Operating Revenues 5,353,663 5,489,923 6,156,951 6,389,633 5,285,215 -2 Cost of Goods Sold 4,763,957 4,841,535 5,427,568 5,521,411 4,405,831 -2 Gross Margin 589,706 648,388 729,383 868,222 879,384 -9 Expenses Operating Expenses 610,620 541,294 519,467 502,572 457,303 13 Net Operating Margins (20,914) 107,094 209,916 365,650 422,081 -120 Other Revenues (Expenses) Interest Expense (80,756) (77,479) (68,879) (71,611) (56,956) 4 Interest Revenue 14,399 27,176 42,694 35,817 30,002 -47 Other Income 25,015 22,622 22,518 23,865 16,744 11 Other Expenses (241) (1,715) (146) (6,499) (5,741) -86 1Patronage Revenue 2,987 6,886 93,740 81,724 12,014 -57 Net Margins from Operations (59,510) 84,584 299,843 428,946 418,144 -170 Non-Operating Rev.(Exp.) (6,660) (279) (556) 362 (303) 2287 Net Margins (66,170) 84,305 299,287 429,308 417,841 -178 
Appendix Table 6--Consolidated Statement of Operations, 1995-99, Grain Cooperatives 

 1999 1998 1997 1996 1995 1998-99 1997Revenues $ thousand PerMarketing 3,019,610 3,719,977 4,102,781 3,987,438 3,026,667 -19 Farm Supply 1,957,945 2,337,557 2,359,195 2,167,819 1,627,636 -16 Total Sales 4,977,555 6,057,534 6,461,976 6,155,257 4,654,303 -18 Other Operating Revenues 116,472 107,060 126,613 103,972 105,259 9 Total Operating Revenues 5,094,027 6,164,594 6,588,589 6,259,229 4,759,562 -17 Cost of Goods Sold 4,656,770 5,690,402 6,132,119 5,838,283 4,329,593 -18 Gross Margin 437,257 474,192 456,470 420,946 429,969 -8 Expenses Operating Expenses 387,382 375,741 364,614 309,546 291,302 3 Net Operating Margins 49,875 98,451 91,856 111,400 138,667 -49 Other Revenues (Expenses) Interest Expense (29,211) (29,569) (31,970) (46,671) (26,667) -1 Interest Revenue 12,279 12,963 9,513 5,703 4,901 -5 Other Income 27,096 21,543 8,386 6,051 9,708 26 Other Expenses (431) (67) (803) (20) (1,938) 543 Patronage Revenue 20,988 31,840 33,570 33,109 21,497 -34 Net Margins from Operations 80,596 135,161 110,552 109,572 146,168 -40 Non-Operating Rev.(Exp.) 268 2,028 88 (144) (187) -87 2Net Margins 80,864 137,189 110,640 109,428 145,981 -41 
Appendix Table 7--Consolidated Statement of Operations, 1995-99, Poultry/Livestock Cooperatives 

 1999 1998 1997 1996 1995 1998-99 1997Revenues $ thousand PerMarketing 2,441,238 2,275,374 2,230,814 2,010,097 1,865,252 7 Farm Supply 659,300 543,486 433,450 -Total Sales 2,441,238 2,275,374 2,890,114 2,553,583 2,298,702 7 Other Operating Revenues 7,101 6,715 6,049 6,005 6,162 6 Total Operating Revenues 2,448,339 2,282,089 2,896,163 2,559,588 2,304,864 7 Cost of Goods Sold 2,229,361 2,275,047 2,708,379 2,320,173 2,127,548 -2 Gross Margin 218,978 7,042 187,784 239,415 177,316 3010 Expenses Operating Expenses 99,732 87,216 185,614 172,040 147,965 14 Net Operating Margins 119,246 (80,174) 2,170 67,375 29,351 -249 -3Other Revenues (Expenses) Interest Expense (32,418) (33,129) (31,375) (24,227) (21,164) -2 Interest Revenue 10,734 10,758 19,795 14,841 13,558 0 Other Income 5,966 10,974 8,106 5,962 12,895 -46 Other Expenses (1,577) (9,625) Patronage Revenue 27 230 12,924 711 583 -88 Net Margins from Operations 103,555 (91,341) 11,620 63,085 25,598 -213 -Non-Operating Rev.(Exp.) (8,406) (45,911) (1,843) (4,330) (741) -82 2Net Margins 95,149 (137,252) 9,777 58,755 24,857 -169 -1
Appendix Table 8--Consolidated Statement of Operations, 1995-99, Rice Cooperatives 

 1999 1998 1997 1996 1995 1998-99 1997Revenues $ thousand PerMarketing 1,128,537 1,167,781 1,217,314 1,086,505 1,134,840 -3 Farm Supply 3,247 2,511 3,397 4,186 3,281 29 Total Sales 1,131,784 1,170,292 1,220,711 1,090,691 1,138,121 -3 Other Operating Revenues 4,846 2,725 9,133 18,085 19,035 78 Total Operating Revenues 1,136,630 1,173,017 1,229,844 1,108,776 1,157,156 -3 Cost of Goods Sold 836,702 845,055 912,156 784,814 818,853 -1 Gross Margin 299,928 327,962 317,688 323,962 338,303 -9 Expenses Operating Expenses 281,785 295,492 292,252 299,913 319,357 -5 Net Operating Margins 18,143 32,470 25,436 24,049 18,946 -44 Other Revenues (Expenses) Interest Expense (6,933) (11,971) (18,328) (14,750) (10,503) -42 Interest Revenue Other Income 2,611 1,875 1,840 1,209 1,576 39 Other Expenses (908) (1,517) (2,190) (205) (844) -40 Patronage Revenue - 185 318 726 1,036 -100 Net Margins from Operations 12,913 21,042 7,076 11,029 10,211 -39 Non-Operating Rev.(Exp.) Net Margins 12,913 21,042 7,076 11,029 10,211 -39 
Appendix Table 9--Consolidated Statement of Operations, 1995-99, Sugar Cooperatives 

 1999 1998 1997 1996 1995 1998-99 1997Revenues $ thousand PerMarketing 1,254,129 1,085,973 1,074,537 1,038,977 992,786 15 Farm Supply 2,841 5,507 6,379 7,386 5,271 -48 Total Sales 1,256,970 1,091,480 1,080,916 1,046,363 998,057 15 Other Operating Revenues 29,136 27,704 15,044 13,642 15,256 5 Total Operating Revenues 1,286,106 1,119,184 1,095,960 1,060,005 1,013,313 15 Cost of Goods Sold 970,140 857,765 846,198 815,417 795,180 13 Gross Margin 315,966 261,419 249,762 244,588 218,133 21 Expenses Operating Expenses 285,335 240,430 222,609 230,293 206,166 19 Net Operating Margins 30,631 20,989 27,153 14,295 11,967 46 Other Revenues (Expenses) Interest Expense (36,495) (28,272) (30,948) (18,440) (23,139) 29 Interest Revenue 2,143 2,350 2,321 867 684 -9 Other Income 8,681 3,705 1,672 4,835 1,577 134 Other Expenses (2,824) (6,257) (16,893) (785) (1,159) -55 Patronage Revenue 4,997 2,040 2,129 -Net Margins from Operations 2,136 (7,485) (11,698) 2,812 (7,941) -129 Non-Operating Rev.(Exp.) Net Margins 2,136 (7,485) (11,698) 2,812 (7,941) -129 
Appendix Table 10--Consolidated Balance Sheet, 1995-99, Cotton Cooperatives 

 1999 1998 1997 1996 1995 1998-99 1997-

Current Assets $ thousand PercCash 26,370 26,462 48,475 61,428 69,516 0 Accounts Receivable 118,359 126,334 123,584 119,223 97,126 -6 Inventory 225,202 223,843 156,790 181,579 125,334 1 Other Current Assets 68,569 26,550 39,467 18,677 77,942 158 Total Current Assets 438,500 403,189 368,316 380,907 369,918 9 Investment Cooperatives 20,743 20,453 23,418 23,919 23,943 1 Other Investments 35,478 22,104 22,576 26,186 24,272 61 Total Investments 56,221 42,557 45,994 50,105 48,215 32 Net PP&E 164,122 165,294 180,777 164,662 142,358 -1 Other Assets 15,168 14,732 1,680 2,000 2,115 3 Total Assets 674,011 625,772 596,767 597,674 562,606 8 Liabilities Short Term Debt 230,382 165,450 117,426 157,584 135,567 39 Accounts Payable 15,772 22,707 28,520 32,110 30,581 -31 Member Liabilities 39,172 76,316 68,061 61,865 60,178 -49 Other Current Liabilities 19,044 21,947 12,014 14,294 14,343 -13 Total Current Liabilities 304,370 286,420 226,021 265,853 240,669 6 L-T Debt Less Current 74,324 47,119 72,205 44,597 43,520 58 Other Liabilities 7,350 6,609 5,474 4,300 3,602 11 Total Noncurrent Liabilities 81,674 53,728 77,679 48,897 47,122 52 Total Liabilities 386,044 340,148 303,700 314,750 287,791 13 Minority Interest - - - - - Member Equity Preferred Stock - - - - - Common Stock 8 8 4,254 4,300 4,260 0 -Equity Certificates/Credits 263,192 251,696 244,267 222,810 215,368 5 Unallocated Capital 24,767 33,920 44,546 55,814 55,187 -27 Total Equity 287,967 285,624 293,067 282,924 274,815 1 Total Liabilities And Equity 674,011 625,772 596,767 597,674 562,606 8 
Appendix Table 11--Consolidated Balance Sheet, 1995-99, Dairy Cooperatives  1999 1998 1997 1996 1995 1998-99 1997-Current Assets $ thousand PercCash 232,215 244,745 246,240 230,248 221,944 -5 Accounts Receivable 1,176,958 1,384,776 1,143,755 1,183,021 1,148,293 -15 Inventory 646,642 594,741 630,752 647,216 557,576 9 Other Current Assets 52,566 44,769 73,660 52,582 39,242 17 Total Current Assets 2,108,381 2,269,031 2,094,407 2,113,067 1,967,055 -7 Investment Cooperatives 188,386 220,721 624,668 384,879 309,725 -15 Other Investments 852,082 750,960 98,879 66,338 132,688 13 Total Investments 1,009,457 941,159 605,892 381,841 379,413 7 Net PP&E 1,074,905 1,015,904 1,108,992 1,089,404 1,006,946 6 Other Assets 97,919 74,880 98,553 103,767 122,173 31 Total Assets 4,290,662 4,300,974 3,907,844 3,688,079 3,475,587 0 Liabilities Short Term Debt 185,841 176,289 270,781 210,354 212,455 5 Accounts Payable 602,393 632,963 518,925 571,350 531,924 -5 Member Liabilities 652,925 734,798 646,014 663,887 619,327 -11 Other Current Liabilities 217,091 211,592 220,814 241,283 236,827 3 Total Current Liabilities 1,658,250 1,755,642 1,656,534 1,686,874 1,600,533 -6 L-T Debt Less Current 615,346 609,665 605,816 533,696 494,755 1 Other Liabilities 83,828 79,930 33,259 40,826 49,947 5 Total Noncurrent Liabilities 699,174 689,595 639,075 574,522 544,702 1 Total Liabilities 2,357,424 2,445,237 2,295,609 2,261,396 2,145,235 -4 Minority Interest 302,658 302,140 178,925 35,309 3,882 0 Member Equity Preferred Stock 71,306 75,128 75,274 63,639 62,774 -5 Common Stock 25 25 26 26 29 0 Equity Certificates/Credits 1,185,296 1,147,992 1,082,957 1,085,351 1,041,232 3 Unallocated Capital 373,953 330,452 275,053 242,358 222,435 13 Total Equity 1,630,580 1,553,597 1,433,310 1,391,374 1,326,470 5 Total Liabilities And Equity 4,290,662 4,300,974 3,907,844 3,688,079 3,475,587 0 
Appendix Table 12--Consolidated Balance Sheet, 1995-99, Diversified Cooperatives 

 1999 1998 1997 1996 1995 1998-99 1997-

Current Assets $ thousand PercCash 275,005 138,727 97,013 65,045 51,832 98 Accounts Receivable 2,394,744 2,054,621 2,096,090 2,184,442 1,886,422 17 Inventory 2,089,886 1,933,855 2,123,005 2,299,258 2,132,770 8 Other Current Assets 553,405 422,144 321,018 372,308 310,082 31 Total Current Assets 5,313,040 4,549,347 4,637,126 4,921,053 4,381,106 17 Investment Cooperatives 1,001,584 964,909 971,781 854,639 641,365 4 Other Investments 320,675 187,733 203,019 128,551 152,680 71 Total Investments 1,322,259 1,152,642 1,174,800 983,190 794,045 15 Net PP&E 2,513,678 2,438,856 2,326,308 2,220,868 1,972,419 3 Other Assets 1,249,567 1,090,665 862,299 703,404 649,279 15 Total Assets 10,398,544 9,231,510 9,000,533 8,828,515 7,796,849 13 Liabilities Short Term Debt 1,400,642 844,339 1,074,218 1,260,020 1,097,712 66 Accounts Payable 1,762,825 1,495,236 1,570,611 1,562,056 1,300,586 18 Member Liabilities 236,958 287,138 179,453 182,223 185,352 -17 Other Current Liabilities 765,603 745,348 897,514 899,554 806,010 3 Total Current Liabilities 4,166,028 3,372,061 3,721,796 3,903,853 3,389,660 24 L-T Debt Less Current 2,490,564 2,200,385 1,989,736 1,886,573 1,661,708 13 Other Liabilities 560,857 528,210 300,370 281,859 204,981 6 Total Noncurrent Liabilities 3,051,421 2,728,595 2,290,106 2,168,432 1,866,689 12 Total Liabilities 7,217,449 6,100,656 6,011,902 6,072,285 5,256,349 18 Minority Interest 109,380 95,398 80,562 70,394 68,639 15 Member Equity Preferred Stock 144,053 149,063 691,789 672,740 666,687 -3 Common Stock 538,435 483,937 468,003 433,915 400,464 11 Equity Certificates/Credits 1,953,725 1,965,511 1,400,753 1,241,719 1,099,314 -1 Unallocated Capital 435,502 436,945 347,524 337,462 305,396 0 Total Equity 3,071,715 3,035,456 2,908,069 2,685,836 2,471,861 1 Total Liabilities And Equity 10,398,544 9,231,510 9,000,533 8,828,515 7,796,849 13 
Appendix Table 13--Consolidated Balance Sheet, 1995-99, Fruit/Vegetable Cooperatives 

 1999 1998 1997 1996 1995 1998-99 1997-

Current Assets $ thousand PercCash 114,955 85,669 86,599 93,607 70,749 34 Accounts Receivable 734,956 677,184 605,180 632,405 627,745 9 Inventory 1,319,506 1,229,123 1,091,301 1,068,204 1,112,909 7 Other Current Assets 190,529 174,881 134,405 137,422 192,011 9 Total Current Assets 2,359,946 2,166,857 1,917,485 1,931,638 2,003,414 9 Investment Cooperatives 103,205 106,857 126,958 126,586 131,236 -3 Other Investments 364,241 184,728 198,395 203,508 188,357 97 Total Investments 467,446 291,585 325,353 330,094 319,593 60 Net PP&E 1,358,489 1,130,171 1,103,209 1,120,477 1,081,623 20 Other Assets 283,033 250,788 153,309 145,840 138,364 13 Total Assets 4,468,914 3,839,401 3,499,356 3,528,049 3,542,994 16 Liabilities Short Term Debt 503,250 490,530 422,656 475,495 519,549 3 Accounts Payable 420,977 373,945 318,893 330,138 355,442 13 Member Liabilities 352,940 465,301 431,884 440,339 403,327 -24 Other Current Liabilities 246,245 208,200 210,887 163,974 160,265 18 Total Current Liabilities 1,523,412 1,537,976 1,384,320 1,409,946 1,438,583 -1 L-T Debt Less Current 1,390,836 958,948 835,869 888,050 877,301 45 Other Liabilities 233,332 215,338 173,060 151,683 128,135 8 Total Noncurrent Liabilities 1,624,168 1,174,286 1,008,929 1,039,733 1,005,436 38 Total Liabilities 3,147,580 2,712,262 2,393,249 2,449,679 2,444,019 16 Minority Interest 43,000 - - - - Member Equity Preferred Stock 261,016 105,361 99,391 92,656 93,113 148 Common Stock 140,701 146,056 138,393 127,998 130,433 -4 Equity Certificates/Credits 606,254 631,430 621,305 625,101 656,743 -4 Unallocated Capital 270,363 244,292 247,018 232,615 218,686 11 Total Equity 1,278,334 1,127,139 1,106,107 1,078,370 1,098,975 13 Total Liabilities And Equity 4,468,914 3,839,401 3,499,356 3,528,049 3,542,994 16 
Appendix Table 14--Consolidated Balance Sheet, 1995-99, Farm Supply Cooperatives 

 1999 1998 1997 1996 1995 1998-99 1997-

Current Assets $ thousand PercCash 57,182 113,859 248,272 276,351 379,431 -50 Accounts Receivable 515,410 454,462 605,486 595,292 535,143 13 Inventory 747,179 669,242 601,756 599,475 559,395 12 Other Current Assets 50,662 54,755 150,218 302,270 241,063 -7 Total Current Assets 1,370,433 1,292,318 1,605,732 1,773,388 1,715,032 6 Investment Cooperatives 524,370 515,561 476,295 419,130 348,894 2 Other Investments 72,627 70,491 76,652 64,711 58,191 3 Total Investments 596,997 586,052 552,947 483,841 407,085 2 Net PP&E 1,406,667 1,368,739 1,218,265 1,016,615 945,067 3 Other Assets 170,679 165,474 127,683 163,363 108,525 3 Total Assets 3,544,776 3,412,583 3,504,627 3,437,207 3,175,709 4 Liabilities Short Term Debt 242,610 209,891 314,273 325,013 275,161 16 Accounts Payable 487,495 429,964 426,599 426,990 347,724 13 Member Liabilities 23,707 38,464 127,390 178,195 421,243 -38 Other Current Liabilities 97,960 98,022 85,944 102,057 77,414 0 Total Current Liabilities 851,772 776,341 954,206 1,032,255 1,121,542 10 L-T Debt Less Current 848,971 709,140 646,939 575,401 533,278 20 Other Liabilities 156,411 152,193 144,884 127,400 115,586 3 Total Noncurrent Liabilities 1,005,382 861,333 791,823 702,801 648,864 17 Total Liabilities 1,857,154 1,637,674 1,746,029 1,735,056 1,770,406 13 Minority Interest 7,444 7,121 6,011 6,646 6,118 5 Member Equity Preferred Stock 959,163 958,078 945,238 827,484 707,573 0 Common Stock 14,794 14,797 14,515 13,212 11,941 0 Equity Certificates/Credits 312,250 308,538 301,026 401,622 270,765 1 Unallocated Capital 393,971 486,375 491,808 453,187 408,906 -19 Total Equity 1,680,178 1,767,788 1,752,587 1,695,505 1,399,185 -5 Total Liabilities And Equity 3,544,776 3,412,583 3,504,627 3,437,207 3,175,709 4 
Appendix Table 15--Consolidated Balance Sheet, 1995-99, Grain Cooperatives 

 1999 1998 1997 1996 1995 1998-99 1997-

Current Assets $ thousand PercCash 90,862 101,714 96,784 77,603 48,235 -11 Accounts Receivable 321,533 337,944 370,612 373,094 334,160 -5 Inventory 458,840 437,839 469,097 622,960 620,002 5 Other Current Assets 80,881 72,319 85,688 108,199 93,504 12 Total Current Assets 952,116 949,816 1,022,181 1,181,856 1,095,901 0 Investment Cooperatives 226,640 199,044 175,662 152,036 137,609 14 Other Investments 57,280 55,562 48,452 37,430 12,218 3 Total Investments 283,920 254,606 224,114 189,466 149,827 12 Net PP&E 786,055 712,332 615,012 563,722 515,329 10 Other Assets 102,897 99,901 111,753 79,646 80,359 3 Total Assets 2,124,988 2,016,655 1,973,060 2,014,690 1,841,416 5 Liabilities Short Term Debt 289,940 214,616 264,482 497,836 378,694 35 Accounts Payable 189,203 206,932 258,106 238,216 239,028 -9 Member Liabilities 167,126 212,169 191,463 172,925 175,555 -21 Other Current Liabilities 120,569 113,994 109,929 95,559 105,726 6 Total Current Liabilities 766,838 747,711 823,980 1,004,536 899,003 3 L-T Debt Less Current 312,260 266,843 238,085 158,209 145,258 17 Other Liabilities 29,294 27,510 30,304 27,978 20,951 6 Total Noncurrent Liabilities 341,554 294,353 268,389 186,187 166,209 16 Total Liabilities 1,108,392 1,042,064 1,092,369 1,190,723 1,065,212 6 Minority Interest 70,297 75,744 86,550 85,443 84,431 -7 Member Equity Preferred Stock 77,161 74,151 61,454 58,267 54,883 4 Common Stock 29,227 29,639 20,230 20,715 21,028 -1 Equity Certificates/Credits 615,554 582,432 524,079 481,395 443,608 6 Unallocated Capital 224,357 212,625 188,378 178,147 172,254 6 Total Equity 946,299 898,847 794,141 738,524 691,773 5 Total Liabilities And Equity 2,124,988 2,016,655 1,973,060 2,014,690 1,841,416 5 
Appendix Table 16--Consolidated Balance Sheet, 1995-99, Poultry/Livestock Cooperatives 

 1999 1998 1997 1996 1995 1998-99 1997-

Current Assets $ thousand PercCash 36,667 21,538 26,439 26,821 22,152 70 Accounts Receivable 207,268 208,526 344,045 317,441 259,049 -1 Inventory 200,273 186,165 296,900 271,146 227,820 8 Other Current Assets 67,195 344,683 98,978 53,760 36,727 -81 Total Current Assets 511,403 760,912 766,362 669,168 545,748 -33 Investment Cooperatives 5,135 5,342 35,479 5,377 27,717 -4 Other Investments 106,199 125,623 102,461 104,728 70,200 -15 Total Investments 111,334 130,965 137,940 110,105 97,917 -15 Net PP&E 255,874 263,879 302,887 263,944 234,406 -3 Other Assets 99,635 92,224 57,412 43,494 51,271 8 Total Assets 978,246 1,247,980 1,264,601 1,086,711 929,342 -22 Liabilities Short Term Debt 193,604 436,020 324,321 241,613 195,244 -56 Accounts Payable 111,200 96,085 156,690 133,699 125,080 16 Member Liabilities 11,568 8,047 7,526 31,582 15,200 44 Other Current Liabilities 81,306 57,333 58,139 69,745 55,695 42 Total Current Liabilities 397,678 597,485 546,676 476,639 391,219 -33 L-T Debt Less Current 201,424 335,467 268,512 191,324 139,874 -40 Other Liabilities 75,582 55,953 54,014 44,361 40,129 35 Total Noncurrent Liabilities 277,006 391,420 322,526 235,685 180,003 -29 Total Liabilities 674,684 988,905 869,202 712,324 571,222 -32 Minority Interest 1,048 676 28,458 28,172 23,972 55 Member Equity Preferred Stock 2,696 2,757 2,766 2,329 2,221 -2 Common Stock 116 118 117 121 147 -2 Equity Certificates/Credits 215,129 208,917 213,248 218,030 225,518 3 Unallocated Capital 84,573 46,607 150,810 125,735 106,262 81 Total Equity 302,514 258,399 366,941 346,215 334,148 17 Total Liabilities And Equity 978,246 1,247,980 1,264,601 1,086,711 929,342 -22 
Appendix Table 17--Consolidated Balance Sheet, 1995-99, Rice Cooperatives 

 1999 1998 1997 1996 1995 1998-99 1997-

Current Assets $ thousand PercCash 20,235 3,836 9,390 4,111 10,392 428 Accounts Receivable 100,988 112,644 103,156 92,882 97,180 -10 Inventory 137,556 183,732 210,716 206,603 164,900 -25 Other Current Assets 6,889 396 1,279 5,370 9,363 1640 Total Current Assets 265,668 300,608 324,541 308,966 281,835 -12 Investment Cooperatives 15,266 13,845 12,511 12,741 10,930 10 Other Investments 19,690 20,907 20,795 15,904 14,737 -6 Total Investments 34,956 34,752 33,306 28,645 25,667 1 Net PP&E 182,009 181,622 183,821 177,650 165,003 0 Other Assets 3,101 4,244 2,654 3,215 5,232 -27 Total Assets 485,734 521,226 544,322 518,476 477,737 -7 Liabilities Short Term Debt 112,330 135,610 183,461 147,446 137,712 -17 Accounts Payable 28,690 33,057 33,014 44,529 31,584 -13 Member Liabilities 31,823 35,335 25,658 24,777 25,735 -10 Other Current Liabilities 8,929 16,191 10,242 13,462 8,806 -45 Total Current Liabilities 181,772 220,193 252,375 230,214 203,837 -17 L-T Debt Less Current 66,913 71,183 67,136 65,665 57,814 -6 Other Liabilities - - - - - Total Noncurrent Liabilities 66,913 71,183 67,136 65,665 57,814 -6 Total Liabilities 248,685 291,376 319,511 295,879 261,651 -15 Minority Interest Member Equity Preferred Stock Common Stock 8 8 8 8 9 0 Equity Certificates/Credits 161,636 159,832 160,297 161,512 161,948 1 Unallocated Capital 75,405 70,010 64,506 61,077 54,129 8 Total Equity 237,049 229,850 224,811 222,597 216,086 3 Total Liabilities And Equity 485,734 521,226 544,322 518,476 477,737 -7 
Appendix Table 18--Consolidated Balance Sheet, 1995-99, Sugar Cooperatives 

 1999 1998 1997 1996 1995 1998-99 1997-

Current Assets $ thousand PercCash 5,825 9,164 14,331 8,217 10,238 -36 Accounts Receivable 131,349 104,425 109,143 93,015 97,013 26 Inventory 198,963 240,228 228,236 128,687 172,046 -17 Other Current Assets 31,601 36,252 27,937 19,032 16,694 -13 Total Current Assets 367,738 390,069 379,647 248,951 295,991 -6 Investment Cooperatives 65,275 35,974 33,181 53,907 33,336 81 Other Investments 51,395 41,728 44,636 53,242 14,647 23 Total Investments 116,670 77,702 77,817 107,149 47,983 50 Net PP&E 692,964 607,127 514,103 426,619 358,875 14 Other Assets 13,928 14,134 15,081 15,734 9,062 -1 Total Assets 1,191,300 1,089,032 986,648 798,453 711,911 9 Liabilities Short Term Debt 150,237 213,205 148,536 52,305 114,692 -30 Accounts Payable 48,642 56,733 44,656 44,736 43,441 -14 Member Liabilities 71,395 43,182 97,302 75,546 69,881 65 Other Current Liabilities 21,438 21,923 21,580 20,268 17,952 -2 Total Current Liabilities 291,712 335,043 312,074 192,855 245,966 -13 L-T Debt Less Current 427,478 317,367 304,251 280,376 160,551 35 Other Liabilities 33,522 28,548 26,138 22,366 26,784 17 Total Noncurrent Liabilities 461,000 345,915 330,389 302,742 187,335 33 Total Liabilities 752,712 680,958 642,463 495,597 433,301 11 Minority Interest 947 767 518 338 82 23 Member Equity Preferred Stock 56,758 56,758 50,686 46,861 45,191 0 Common Stock 4,156 4,157 4,156 4,154 4,119 0 Equity Certificates/Credits 390,305 360,720 294,809 238,726 218,016 8 Unallocated Capital (13,578) (14,328) (5,984) 12,777 11,202 -5 Total Equity 437,641 407,307 343,667 302,518 278,528 7 Total Liabilities And Equity 1,191,300 1,089,032 986,648 798,453 711,911 9