AGRICULTURAL COOPERATIVE STATISTICS 2015

Rural Development

Service Report 79
AGRICULTURAL COOPERATIVE STATISTICS 2015

Cooperative Programs

Rural Development

U.S. Department of Agriculture

STOP 3256

1400 Independence Ave., S.W.

Washington, DC 20250 3256

Service Report 79

January 2017

Service Report 79

January 2017

The 2015 agricultural cooperative statistics database was developed by

Charita Coleman, James Wadsworth, and Judith Rivera. This report was

prepared by James Wadsworth and Huu Hoang.

The USDA and Rural Development invite you to explore their information

on the Internet. The USDA Home Page is: www.usda.gov; Rural

Development’s website is: www.rd.usda.gov. Agricultural cooperative

statistics are provided in Excel format on the Cooperative Program’s

website at: http://www.rd.usda.gov/programs-services/allprograms/cooperative-programs
CONTENTS

Introduction ..............................................................................................................................................................................................3

Definitions ................................................................................................................................................................................................4

Section I: Overall Financials...........................................................................................................................................................5

Table 1 ..........Summary comparison of U.S. ag co-ops select statistics, 2015 and 2014 .................................................................6

Table 2 ..........Combined income statement, U.S. ag co-ops, 2015 and 2014 ......................................................................................7

Table 3 ..........Combined balance sheet, U.S. ag co-ops, 2015 and 2014.............................................................................................8

Table 4 ..........Combined income statement, U.S. ag co-ops, by operating type, 2015 .....................................................................9

Table 5 ..........Combined income statement, U.S. ag co-ops, by primary product marketed, 2015.................................................10

Table 6 ..........Combined income statement, U.S. ag co-ops, by size, 2015.........................................................................................12

Table 7 ..........Combined balance sheet, U.S. ag co-ops, by operating type, 2015 ............................................................................13

Table 8 ..........Combined balance sheet, U.S. ag co-ops, by primary product marketed, 2015 .......................................................14

Table 9 ..........Combined balance sheet, U.S. ag co-ops, by size, 2015 ...............................................................................................15

Table 10 ........Combined financial ratios, U.S. ag co-ops, by operating type, 2015 and 2014 ..........................................................16

Table 11 ........Combined financial ratios, U.S. ag co-ops, by selected primary product and by size, 2015...................................17

Section II: Number of Co-ops, Memberships, and Employees ..........................................................................................19

Table 12 ........Number of U.S. ag co-ops, by operating type and State, 2015.....................................................................................20

Table 13 ........Number of U.S. ag co-ops and memberships, by type, 2015 ......................................................................................21

Table 14 ........U.S ag co-ops and memberships, by total sales volume, 2015 ....................................................................................22

Table 15 ........Full-time and part-time employees of U.S. ag co-ops, by type, 2015 and 2014..........................................................23

Table 16 ........Number of U.S. ag co-ops, members, employees, and branches, by size, 2015.......................................................24

Section III: Business Volume, Top Co-ops, and Losses .........................................................................................................25

Table 17 ........Gross business volume of commodities and supplies, U.S. ag co-ops, by State, 2015 ..........................................26

Table 18 ........Net business volume, U.S. ag co-ops, 2015 and 2014....................................................................................................33

Table 19 ........Condensed income statement for Top 100 U.S. ag co-ops, 2015 and 2014 ................................................................34

Table 20 ........Abbreviated balance sheet for Top 100 ag co-ops, 2015 and 2014..............................................................................35

Table 21 ........Top 10 and Top 100 U.S. ag co-ops share compared to all U.S. ag co-ops, 2015 and 2014 .....................................36

Table 22 ........Top 10 and Top 100 U.S. ag co-ops, financial ratios, 2015 and 2014 ............................................................................37

Table 23 ........Losses, U.S. ag co-ops, 2015 and 2014.............................................................................................................................38

Section IV: Common-Size Analysis ................................................................................................................................................39

Table 24 ........Common-size income statement, U.S. ag co-ops, by type, 2015..................................................................................40

Table 25 ........Common-size income statement, U.S. ag co-ops, by primary product marked, 2015..............................................41

Table 26 ........Common-size balance sheet, U.S. ag co-ops, by operating type, 2015......................................................................42

Table 27 ........Common-size balance sheet, U.S. ag co-ops, by primary product marketed, 2015 .................................................43
Table 28.1 .....Artificial insemination marketing co-ops, common-size financial statements, by size, 2015.................................44

Table 28.2 .....Cotton marketing co-ops, common-size financial statements, by size, 2015 ............................................................45

Table 28.3 .....Cotton ginning marketing co-ops, common-size financial statements, by size, 2015..............................................46

Table 28.4 .....Dairy marketing co-ops, common-size financial statements, by size, 2015...............................................................47

Table 28.5 .....Fish and seafood marketing co-ops, common-size financial statements, by size, 2015 .........................................49

Table 28.6 .....Fresh fruit and vegetable marketing co-ops, common-size financial statements, by size, 2015 ...........................50

Table 28.7 .....Fresh fruit, processed fruit and vegetable co-ops, common-size financial statements, by size, 2015.................52

Table 28.8 .....Processed fruit and vegetable co-ops, common-size financial statements, by size, 2015.....................................53

Table 28.9 .....Grain marketing co-ops, common-size financial statements, by size, 2015 ..............................................................54

Table 28.10 ...Livestock marketing co-ops, common-size financial statements, by size, 2015.......................................................57

Table 28.11 ...Poultry marketing co-ops, common-size financial statements, by size, 2015 ...........................................................58

Table 28.12 ...Nut marketing co-ops, common-size financial statements, by size, 2015 .................................................................59

Table 28.13 ...Rice marketing co-ops, common-size financial statements, by size, 2015................................................................60

Table 28.14 ...Sugar marketing co-ops, common-size financial statements, by size, 2015 .............................................................61

Table 28.15 ...Miscellaneous marketing co-ops, common-size financial statements, 2015............................................................62

Table 28.16 ...Farm supply co-ops, common-size financial statements, by size, 2015 .....................................................................63

Table 28.17 ...Mixed farm supply co-ops, common-size financial statements, by size, 2015..........................................................66

Table 28.18 ...Miscellaneous service co-ops, common-size financial statements, by type, 2015 .................................................69

Section V: Time-Series Tables and Charts.................................................................................................................................73

Table 29 ........Number, memberships, and business volume, U.S. ag co-ops, by operating type, 2006–2015 ..............................74

Table 30 ........Number of full-time employees, U.S. ag co-ops, by type, 2008–2015..........................................................................75

Figure 1.........Number of U.S. ag co-ops, by operating type, 2005–2015.............................................................................................76

Figure 2.........Full-time employees. U.S. ag co-ops, by operating type, 2008–2015...........................................................................76

Figure 3.........Gross business volume, U.S. ag co-ops, by operating type, 2005–2015 .....................................................................77

Figure 4.........Memberships of U.S. ag co-ops, by operating type, 2005–2015 ..................................................................................77

Figure 5.........Net sales of select commodities, U.S. ag co-ops, 2005–2015 ......................................................................................78

Figure 6.........Net sales of select supplies, U.S. ag co-ops, 2005–2015 ..............................................................................................78

Figure 7.........Assets, liabilities, and equity, U.S. ag co-ops, 2005–2015.............................................................................................79

Figure 8.........Net operating margin, non-operating income, and net margin before taxes, U.S. ag co-ops, 2005–2015 ...........79

Figure 9.........Gross business volume, U.S. ag co-ops, 2005–2015 ......................................................................................................80

Appendix ...........................................................................................................................................................................82

Note 1: Methodology ..................................................................................................................................................................................82

Note 2: Financial glossary .........................................................................................................................................................................82
 Agricultural cooperative statistics are collected

annually and published to provide information on

the position and trends among the Nation’s

farmer, rancher and fishery cooperatives. These

statistics are used for research, technical

assistance, education, planning, and public policy.

The collection, analysis, and dissemination of

cooperative statistics by the United States

Department of Agriculture (USDA) are

authorized by the Cooperative Marketing Act of

1926.

 Aggregate statistics are reported for business

years ending in calendar year 2015. The

information was collected by a mail survey of all

organizations identified by USDA Rural

Development’s Cooperative Programs as farmer,

rancher, or fishery cooperatives. See Note 1 in the

appendix for further explanation of the

methodology used. Note 2 provides a financial

glossary of the terms used in the numerous

financial tables.

 USDA depends on the response to its annual

survey to develop a detailed and comprehensive

set of statistics on cooperatives. The time and

effort taken by cooperatives to provide

information, and the timeliness with which it is

furnished, are greatly appreciated.

 This report presents agricultural cooperative

statistics for 2015 in table and chart format and

consists of five sections: (I) overall financials; (II)

number of co-ops, memberships, and employees;

(III) business volume, top co-ops, and losses; (IV)

common-size analysis; and (V) time-series charts.

Selected highlights are provided at the beginning

of each section, and associated tables follow.

INTRODUCTION

COOPERATIVE STATISTICS 2015 3
4 COOPERATIVE STATISTICS 2015

DEFINITIONS

U.S. farmer, rancher, and fishery cooperatives serve several functions for the Nation’s agricultural

producers. Their functions include marketing agricultural products, selling farm supplies, and providing

farm services.

1 Many cooperatives market more than one commodity and/or provide supplies and/or

services. The list below describes the various ways cooperatives are classified.

TYPE OR PRODUCT NOTES

Marketing Cooperatives —A majority of business volume is from the sale of members’ products.

Products marketed:

2 —Cooperatives are also further classified by the majority of business volume from the sale of a particular product

• Bean and pea (dry edible)

• Cotton —Sales of cottonseed meal are included in feed sales; oil sales are included in “other marketing” sales.

• Cotton ginning

• Dairy —Includes milk and dairy products.

• Fish

• Fruit and vegetable —Includes fresh and processed fruit and vegetables.

• Grain and oilseed —Excludes oilseed meal and oil. Oilseed meal is included in feed sales while oil sales are included in other

marketing sales.

• Livestock

• Poultry —Includes chicken, eggs, turkeys, ratite, squab, and related products.

• Rice

• Sugar —Includes sugar beets, sugarcane, honey, maple syrup, molasses, sorghum, and related products.

Other marketing —Includes forest products, hay, hops, seed marketed for growers, nursery stock, ethanol, coffee, manufactured

food products, and other farm products not classified separately.

Farm supply cooperatives —A majority of business volume from the sale of farm supplies.

Farm products:

• Crop protectants —Chemicals applied to crops for weed and pest control.

• Feed —Animal feed.

• Fertilizer —Liquid and solid fertilizer for crops.

• Petroleum —Includes all types of petroleum products and lubricants as well as bioenergy fuels such as ethanol and biodiesel.

•Seed —Seed for crops.

Other supplies —Includes building materials, containers and packaging supplies, machinery and equipment, meats and groceries,

automotive supplies, hardware, chicks, artificial insemination supplies, and other supplies not separately

identified.

Service cooperatives —A majority of business volume from providing services such as livestock shipping, crop storage, and grinding,

and/or drying. Sales include charges for services related to marketing or purchasing, but not included in the

voume reported for those activities.

Membership structures —Cooperative organization can be described according to how their members are organized. All three types are

included in the cooperative numbers.

• Centralized —Individual agricultural producer members.

• Federated —Centralized cooperatives and/or associations are members.

• Mixed —Both individual producers and cooperative/association members.

1

Marketing, farm supply, and service are identified as “operating types” of co-ops. 2

Types of marketing performed are used to further place co-ops in categories, according to the primary product marketed. Some cooperatives have multiple sources of

revenue, so the “primary product” category may change from year to year as the level of business volume from each source changes.
Summary Highlights

• There were 2,047 agricultural cooperatives in 2015

(Table 1).

• There were 59 fewer ag co-ops in 2015 than in 2014;

decrease largely due to mergers and acquisitions.

• There were 75,000 (estimated) fewer co-op

memberships in 2015 than in 2014, finishing at 1.9

million.

• Full-time employees increased slightly in 2015, to

136,300, but overall employment fell slightly, due to

fewer part-time or seasonal labor.

• Overall volume was down in 2015, primarily due to

lower commodity and input prices, but cooperatives

had sound financial performance with record net

income.

Operations

• Total gross business volume fell from the record high

of nearly $247 billion in 2014 to $212.1 billion (Table

2).

• Total marketing volume of $124.9 billion in 2015 was

down $22.8 billion from 2014.

• Total supply sales of $81.7 billion were down $10.9

billion.

• Total expense of $19.2 billion was down $180.2

million.

• Net operating margin of $6 billion was up $1.1 billion.

• Net income after taxes of $7 billion was a new record,

up from 2014 by 8.7 percent.

Balance Sheet

• Total assets were a record $88.2 billion while owned

assets were $80.6 billion (Table 3).

• Property, plant, and equipment of $6.3 billion was up

3.6 percent from 2014.

• Investments in other co-ops decreased from $8.1

billion in 2014 to $7.6 billion in 2015.

• Total equity of $40.5 billion increased 7.8 percent.

Ratios

• Overall, ag co-ops showed solid liquidity and solvency

in 2015 (Table 10).

• Equity as a percent of assets increased to 46 percent,

from 43 percent in 2014.

• All profitability ratios improved and remained strong.

Commodities

• Dairy and grains and oilseeds marketing revenue were

both down significantly in 2015 (Table 2). Most other

commodities down as well, but cotton, fish, and nut

marketing were all up.

• Every supply sales category dropped in 2015; supply

gross sales finished at $81.7 billion in 2015, $10.9

billion less than in 2014.

• Marketing co-ops had total sales of $112.3 billion in

2015, supply co-ops were at $94.3 billion, and service

were $8.7 million, all lower than in 2014 (Table 4).

• Marketing co-ops’ net income after taxes of $4.5

billion was higher than the $3.3 billion in 2014.

• Supply co-ops’ net income after taxes of $2.5 billion

was lower than in 2014.

• Service co-ops had net income of nearly $41 million.

• Co-ops that market grain and oilseeds had the highest

net income of all marketing co-ops, at $1.1 billion.

Fruit and vegetable co-ops ranked second, with net

income of $786 million, followed by sugar, at $652

million, and dairy at $325 million (Table 5).

• All 10 size categories of co-ops had positive net

income in 2015. The 27 largest co-ops (more than $1

billion in sales) were just 1.3 percent of co-ops, but

had 52 percent of total business volume of all

cooperatives (Table 6).

• The largest co-ops had 47 percent of all co-ops total

assets, $41.8 billion in 2015.

COOPERATIVE STATISTICS 2015 5

SECTION I: Overall Financial Statistics

This section (Tables 1-11) provides an overall summary, followed by income statements, balance sheets,

and financial ratios of U.S. agricultural cooperatives for 2015. Some of the analysis is broken out by type

(operating type and by primary product marketed) and size.
TABLE 1—Summary comparison of U.S. ag co-ops select statistics, 2015 and 2014

2015 2014 Difference Change

Percent

Number of cooperatives (number) 2,047 2,106 (59) (2.80)

Memberships (number) 1,921,023 1,995,739 (74,716) (3.74)

Gross business volume 212.058 246.670 (34.61) (14.03)

Net business volume (billion $) 179.890 210.293 (30.40) (0.00)

Net income before taxes (billion $) 7.515 6.995 0.52 7.44

Net income after taxes (billion $) 7.030 6.466 0.56 8.73

Total assets (billion $) 88.229 87.083 1.15 1.32

Total equity (billion $) 40.514 37.596 2.92 7.76

Full-time employees (number) 136,285 135,610 675 0.50

Part-time employees (number) 51,004 55,671 (4,667) (8.38)

Total employees (number) 187,289 191,281 (3,992) (2.09)

6 COOPERATIVE STATISTICS 2015
TABLE 2—Combined income statement, U.S. ag co-ops, 2015 and 2014

2015 2014 Difference Change

Billion $ Billon $ Million $ Percent

Products Marketed (gross sales)

Bean and pea (dry edible) 0.210 0.238 (28.0) (11.75)

Cotton 2.336 2.254 82.2 3.65

Cottonseed 0.432 0.476 (43.6) (9.16)

Dairy 41.007 52.394 (11,387.8) (21.73)

Fish 0.224 0.215 9.1 4.23

Fruit and vegetable 8.301 8.362 (60.4) (0.72)

Grain and oilseed 49.320 58.837 (9,516.3) (16.17)

Livestock 4.793 4.948 (155.3) (3.14)

Nut 1.725 1.569 156.5 9.97

Poultry 0.788 1.353 (565.6) (41.79)

Rice 0.875 0.935 (60.8) (6.50)

Sugar 7.569 7.758 (189.4) (2.44)

Tobacco 0.339 0.339 0.0 0.00

Wool 0.005 0.005 0.0 (0.63)

Other marketing 6.969 8.048 (1,079.2) (13.41)

Total marketing 124.892 147.731 (22,838.7) (15.46)

Supplies purchased (gross sales)

Crop protectants 10.935 11.530 (595.1) (5.16)

Feed 12.261 13.674 (1,412.5) (10.33)

Fertilizer 15.051 16.251 (1,200.0) (7.38)

Petroleum 32.277 39.211 (6,934.3) (17.68)

Seed 5.397 5.791 (394.0) (6.80)

Other supplies 5.787 6.167 (379.3) (6.15)

Total supplies 81.709 92.624 (10,915.2) (11.78)

Total gross revenue 206.601 240.354 (33,753.9) (14.04)

Cost of goods sold 185.282 220.233 (34,950.6) (15.87)

Gross margin 21.319 20.122 1,197.5 5.95

Service receipts 3.938 4.184 (246.3) (5.89)

Gross revenue 25.257 24.306 951.2 3.91

Expenses

Wages 9.186 8.718 467.3 5.36

Depreciation 2.576 2.370 206.1 8.70

Interest expense 0.702 0.984 (282.2) (28.67)

Other expenses 6.798 7.370 (571.5) (7.75)

Total expenses 19.262 19.442 (180.2) (0.93)

Net operating margin 5.995 4.864 1,131.4 23.26

Patronage from other co-ops 0.838 1.066 (228.2) (21.40)

Non-operating income (expense) 0.682 1.065 (382.9) (35.96)

Net margin before taxes 7.515 6.995 520.4 7.44

Taxes 0.485 0.529 (43.9) (8.31)

Net income 7.030 6.466 564.3 8.73

Total gross business volume 212.059 246.670 (34,611.3) (14.03)

Net income from own operations 6.192 5.400 792.5 14.68

COOPERATIVE STATISTICS 2015 7
TABLE 3—Combined balance sheet, U.S. ag co-ops, 2015 and 2014

2015 2014 Difference Change

——————— Billion $ ———————— Percent

Current assets 49.636 51.444 (1.808) (3.51)

Property, plant & equipment 6.313 6.092 0.221 3.63

Other assets 24.674 21.454 3.220 15.01

Total, own assets 80.623 78.990 1.633 2.07

Investments in other cooperatives 7.606 8.093 (0.487) (6.01)

Total assets 88.229 87.083 1.146 1.32

Current liabilities 33.431 35.529 (2.098) (5.90)

Long-term liabilities 14.284 13.958 0.326 2.34

Total liabilities 47.715 49.487 (1.772) (3.58)

Allocated equity 24.229 22.473 1.756 7.81

Retained earnings 16.285 15.123 1.162 7.68

Total equity 40.514 37.596 2.918 7.76

Total liabilities and equity 88.229 87.083 1.146 1.32

8 COOPERATIVE STATISTICS 2015
TABLE 4—Combined income statement of U.S. ag co-ops, by operating type1

, 2015

Item Marketing Supplies Service Total

Income Million $

 

Products marketed 98,860.29 26,029.08 1.90 124,891.27

Farm supply sales 13,450.10 68,251.75 6.84 81,708.69

Total sales 112,310.39 94,280.83 8.74 206,599.95

Cost of goods sold 99,410.91 85,863.33 7.75 185,281.99

Gross margin 12,899.48 8,417.50 0.99 21,317.96

Service & other operating income 2,726.88 1,031.93 179.18 3,937.99

Gross revenue 15,626.36 9,449.42 180.17 25,255.95

Expenses

Wages 5,027.93 4,104.20 53.60 9,185.73

Depreciation 1,404.09 1,160.53 11.64 2,576.26

Interest expense 414.48 285.87 1.63 701.98

Other expenses 4,729.38 1,991.06 77.81 6,798.24

Total operating expenses 11,575.87 7,541.66 144.68 19,262.21

Local savings 4,050.49 1,907.77 35.49 5,993.74

Patronage from other co-ops 254.01 582.80 1.12 837.93

Non-operating income 367.07 308.38 6.57 682.02

Net income before taxes 4,671.56 2,798.95 43.18 7,513.69

Taxes 187.83 294.85 2.41 485.09

Net income 4,483.73 2,504.10 40.77 7,028.60

Total gross business volume 115,658.35 96,203.94 195.61 212,057.89

Export sales 5,214.45 358.67 15.00 5,588.12

1

See Definitions Table (page 4) for definitions of operating type.

COOPERATIVE STATISTICS 2015 9

Operating type1
TABLE 5—Combined income statement of U.S. ag co-ops, by primary product marketed1

, 2015

Grains and

Item Cotton Cotton Gins Dairy Fruit & Veg Oilseeds Livestock

Income Million $

Products marketed 2,644.48 244.48 37,533.05 9,058.01 31,505.82 4,464.66

Farm supply sales 178.54 58.25 186.90 30.70 12,756.81 21.19

Total sales 2,823.02 302.73 37,719.94 9,088.71 44,262.63 4,485.85

Cost of goods sold 2,703.64 216.91 35,026.98 6,723.59 41,052.70 4,432.30

Gross margin 119.38 85.82 2,692.97 2,365.12 3,209.93 53.55

Service and other operating income 134.34 123.20 248.51 307.64 1,525.20 56.09

Gross revenue 253.72 209.01 2,941.47 2,672.77 4,735.13 109.63

Expenses

Wages 60.60 57.53 1,350.44 954.55 1,733.02 46.17

Depreciation 17.25 17.99 255.16 199.93 657.66 4.61

Interest expense 11.83 3.13 101.80 77.81 159.26 8.12

Other expenses 101.70 100.88 1,020.52 526.94 1,483.31 30.37

Total operating expenses 191.38 179.53 2,727.92 1,759.23 4,033.24 89.27

Local savings 62.35 29.48 213.55 913.54 701.89 20.37

Patronage from other co-ops 1.25 21.13 18.18 (114.27) 309.40 4.45

Non-operating income (5.26) 2.96 137.05 15.80 206.12 4.36

Net income before taxes 58.34 53.58 368.79 815.06 1,217.41 29.18

Taxes 1.98 0.13 43.62 28.89 84.53 3.09

Net Income 56.35 53.44 325.17 786.18 1,132.88 26.09

Total gross business volume 2,953.35 450.02 38,123.68 9,297.88 46,303.36 4,550.75

Export sales 766.54 0.00 984.36 972.43 1,257.72 0.00

Number of co-ops (number) 14 107 112 125 448 86

1

See Definitions Table for definitions of primary product marketed.

This table continues on next page.

.

10 COOPERATIVE STATISTICS 2015

Primary product marketed
TABLE 5 (cont.)—Combined income statement of U.S. ag co-ops, by primary product marketed, 2015

Item Poultry Rice Sugar Fish Other

Income Million $

Products marketed 1,002.99 1,945.82 7,582.30 259.07 2,619.62

Farm supply sales 70.26 3.84 42.99 14.11 86.51

Total sales 1,073.25 1,949.67 7,625.28 273.18 2,706.13

Cost of goods sold 924.67 1,416.49 5,503.84 217.92 1,191.87

Gross margin 148.58 533.17 2,121.44 55.26 1,514.26

Service and other operating income 184.80 65.28 64.18 6.07 11.58

Gross revenue 333.38 598.45 2,185.62 61.33 1,525.85

Expenses

Wages 59.09 185.18 489.09 26.10 66.15

Depreciation 9.87 41.54 164.14 3.18 32.77

Interest expense 2.34 7.93 29.46 1.26 11.54

Other expenses 179.35 290.03 812.42 23.47 160.39

Total operating expenses 250.66 524.68 1,495.11 54.01 270.86

Local savings 82.73 73.77 690.51 7.32 1,254.99

Patronage from other co-ops 0.15 7.16 2.79 0.01 3.74

Non-operating income 4.52 -5.42 -29.45 1.23 35.14

Net income before taxes 87.40 75.52 663.85 8.56 1,293.86

Taxes 0.62 7.45 11.50 0.13 5.88

Net Income 86.78 68.07 652.36 8.43 1,287.98

Total gross business volume 1,262.73 2,016.69 7,662.80 280.49 2,756.59

Export sales 52.39 272.40 158.51 0.00 750.09

Number of co-ops (number) 11 10 28 37 101

COOPERATIVE STATISTICS 2015 11

Primary product marketed
TABLE 6—Combined income statement, U.S. ag co-ops, by size, 2015

Less than $1,000 &

Item $5 $5–9 $10–14 $15–24 $25–49 $50–99 $100–199 $200–499 $500–999 more

Products marketed 364.0 619.2 788.6 1,578.3 3,374.4 6,827.0 9,742.3 17,035.9 19,825.5 64,736.1

Farm supply sales 589.3 1,097.7 1,199.1 1,956.1 3,755.9 5,446.5 6,889.5 10,614.8 5,595.8 44,564.1

Total sales 953.3 1,716.8 1,987.6 3,534.3 7,130.3 12,273.5 16,631.9 27,650.7 25,421.3 109,300.2

Cost of goods sold 798.2 1,455.1 1,696.6 3,123.4 6,204.9 10,826.8 14,649.9 24,267.1 21,871.3 100,388.7

Gross margin 155.0 261.7 291.1 411.0 925.4 1,446.6 1,982.0 3,383.6 3,550.0 8,911.5

Service receipts 136.3 146.6 120.5 214.2 223.4 429.5 440.7 958.6 637.0 631.1

Gross revenue 291.4 408.4 411.5 625.1 1,148.8 1,876.2 2,422.6 4,342.3 4,187.1 9,542.6

Expenses

Wages 122.5 160.5 170.4 258.3 485.0 705.7 790.8 1,621.0 1,340.7 3,530.9

Depreciation 22.1 36.5 35.6 68.0 113.1 187.7 238.7 454.0 356.1 1,064.6

Interest expense 6.6 8.6 10.8 14.8 25.6 40.4 74.8 114.1 93.6 312.6

Other expenses 128.2 157.0 142.6 225.9 398.9 650.1 706.5 1,532.8 1,538.3 1,317.9

Total expenses 279.4 362.6 359.5 566.9 1,022.6 1,583.9 1,810.7 3,722.0 3,328.6 6,225.9

Local savings 11.9 45.7 52.0 58.2 126.2 292.3 611.9 620.3 858.4 3,316.7

Patronage from

other co-ops 19.2 29.8 29.5 53.5 86.7 128.4 55.2 220.2 79.7 135.6

Non-operating income 8.9 12.0 8.0 12.5 51.9 43.1 81.9 97.0 10.8 356.0

Net income

before taxes 40.0 87.5 89.5 124.2 264.9 463.8 749.0 937.6 948.9 3,808.3

Taxes 1.8 5.6 6.9 9.7 21.3 42.4 60.8 87.5 85.0 164.0

Net income 38.3 81.9 82.6 114.5 243.6 421.3 688.2 850.1 863.9 3,644.3

Net income

from own operations 19.0 52.1 53.2 61.0 156.8 292.9 632.9 629.8 784.2 3,508.7

Percent of all co-ops 0.31 0.84 0.86 0.99 2.53 4.73 10.22 10.17 12.67 56.68

Total gross bus. vol. 1,117.7 1,905.3 2,145.6 3,814.5 7,492.3 12,874.5 17,209.6 28,926.6 26,148.8 110,422.9

Percent of all co-ops 0.53 0.90 1.01 1.80 3.53 6.07 8.12 13.64 12.33 52.07

Number of co-ops 677 257 172 192 218 183 121 129 71 27

Percent of all co-ops 33.07 12.55 8.40 9.38 10.65 8.94 5.91 6.30 3.47 1.32

12 COOPERATIVE STATISTICS 2015

Total sales category (Million $)
COOPERATIVE STATISTICS 2015 13

TABLE 7—Combined balance sheet, U.S. ag co-ops, by operating type, 2015

Item Marketing Supplies Service Total

Million $

Current assets 23,686.84 25,777.60 171.66 49,636.10

Property, plant, and equipment 13,079.55 11,491.21 103.30 24,674.05

Other assets 4,276.90 3,272.77 56.50 7,606.17

Total own assets 41,043.28 40,541.58 331.46 81,916.33

Investments in other cooperatives 2,366.87 3,878.48 67.58 6,312.93

Total assets 43,410.15 44,420.06 399.04 88,229.25

Current liabilities 16,313.06 16,991.79 126.54 33,431.39

Long-term liabilities 8,000.56 6,250.40 32.55 14,283.51

Total liabilities 24,313.62 23,242.20 159.09 47,714.90

Allocated equity 11,184.07 12,916.11 129.20 24,229.37

Retained earnings 7,912.47 8,261.76 110.75 16,284.97

Total equity 19,096.54 21,177.87 239.95 40,514.35

Total liabilities & net worth 43,410.15 44,420.06 399.04 88,229.25

Number of cooperatives 1,079 874 94 2,047
TABLE 8—Combined balance sheet, U.S. ag co-ops, by primary product marketed, 2015

Item Cotton Cotton Gins Dairy F & V1 Grains

Million$ Million$ Million$ Million$ Million$

Current assets 566.34 125.72 4,969.92 3,241.12 10,942.12

Property, plant, and equipment 227.57 150.02 2,683.28 1,546.75 6,058.09

Other assets 95.34 12.85 1,496.38 623.60 846.28

Total own assets 889.26 288.59 9,149.58 5,411.47 17,846.48

Investments in other cooperatives 14.03 42.32 273.62 99.76 1,780.09

Total assets 903.29 330.92 9,423.20 5,511.23 19,626.57

Current liabilities 430.96 96.05 3,970.29 1,674.49 7,724.48

Long-term liabilities 88.05 50.18 2,390.88 1,204.28 2,736.66

Total liabilities 519.02 146.22 6,361.18 2,878.77 10,461.14

Allocated equity 234.99 152.83 2,435.09 2,132.30 4,353.54

Retained earnings 149.28 31.86 626.93 500.17 4,811.89

Total equity 384.27 184.69 3,062.02 2,632.46 9,165.43

Total liabilities & net worth 903.29 330.92 9,423.20 5,511.23 19,626.57

Number of cooperatives 14 107 112 125 448

Item Livestock Poultry Rice Sugar Fish Other2

Million$ Million$ Million$ Million$ Million$ Million $

Current assets 565.52 330.47 586.47 1,503.67 60.07 795.40

Property, plant, and equipment 41.87 89.20 295.29 1,596.14 27.98 363.35

Other assets 34.27 9.19 43.65 769.38 7.12 338.86

Total own assets 641.67 428.86 925.41 3,869.18 95.18 1,497.61

Investments in other co-ops 18.98 2.90 32.25 75.97 0.00 26.94

Total assets 660.65 431.76 957.66 3,945.16 95.18 1,524.55

Current liabilities 462.82 104.18 236.00 1,241.77 47.79 324.23

Long-term liabilities 43.19 40.16 279.87 851.16 10.70 305.42

Total liabilities 506.01 144.34 515.87 2,092.93 58.50 629.65

Allocated equity 71.55 107.33 168.13 1,139.02 20.78 368.52

Retained earnings 83.09 180.10 273.66 713.21 15.90 526.38

Total equity 154.64 287.42 441.78 1,852.23 36.68 894.90

Total liabilities & net worth 660.65 431.76 957.66 3,945.16 95.18 1,524.55

Number of cooperatives 86 11 10 28 37 101

14 COOPERATIVE STATISTICS 2015

Primary product marketed

Primary product marketed
COOPERATIVE STATISTICS 2015 15

TABLE 9—Combined balance sheet, U.S. ag co-ops, by size, 2015

Less 1,000 &

than $5 5–9 10–14 15–24 25–49 50–99 100–199 200–499 500–999 more

Current assets 445 506 559 965 2,023 3,193 4,399 7,517 5,542 24,486

Investments

in other co-ops 123 150 159 293 521 612 882 1,237 585 1,752

Property, plant, &

equipment 206 297 293 587 982 1,671 2,134 4,089 3,204 11,210

Other assets 63 81 27 71 113 273 742 1,047 871 4,320

Total assets 837 1,035 1,038 1,916 3,639 5,749 8,156 13,890 10,202 41,768

Current liabilities 273 290 341 652 1,339 2,212 3,156 5,206 3,405 16,559

Long-term liabilities 83 103 94 223 357 542 887 2,317 2,029 7,651

Total liabilities 356 393 434 875 1,695 2,753 4,043 7,523 5,433 24,209

Allocated equity 307 376 373 563 1,132 1,575 1,663 2,935 2,972 12,334

Retained earnings 174 266 231 478 812 1,421 2,450 3,432 1,797 5,225

Total equity 481 642 604 1,041 1,943 2,996 4,113 6,367 4,769 17,559

Total liabilities

and equity 837 1,035 1,038 1,916 3,639 5,749 8,156 13,890 10,202 41,768

Percent of all co-ops

(allocated equity) 1.27 1.55 1.54 2.32 4.67 6.50 6.87 12.11 12.27 50.90

Percent of all co-ops

(total assets) 0.95 1.17 1.18 2.17 4.12 6.52 9.24 15.74 11.56 47.34

Number of co-ops 677 257 172 192 218 183 121 129 71 27

Total sales category (Million $)
TABLE 10—Combined financial ratios, U.S. ag co-ops, by operating type, 2015 and 2014

2015 2014

Measure Marketing Supply Service Total Total

——Ratio——

Current ratio 1.45 1.52 1.36 1.48 1.45

Debt-to-assets 0.56 0.52 0.40 0.54 0.57

Long-term-debt-to-equity 0.42 0.30 0.14 0.35 0.37

Times interest earned 10.27 8.79 25.46 9.70 8.11

Fixed asset turnover 8.59 8.20 0.08 8.37 11.2

Equity-to-assets 0.44 0.48 0.60 0.46 0.43

Expenses-to-gross revenue 0.74 0.80 0.80 0.76 0.80

——Percent——

Gross margin 11.49 8.93 11.30 10.32 8.37

Return on total assets 11.72 6.94 11.23 9.31 9.16

Return on member equity 40.09 19.39 31.55 29.01 28.77

• Current ratio = current assets/current liabilities

• Debt-to-assets = total liabilities/total assets

• Long-term-debt-to-equity = long term liabilities/total equity

• Times interest earned = income before taxes and interest expense/interest expense

• Fixed asset turnover = sales/fixed assets (net plant, property, and equipment (PP&E))

• Equity-to-assets = total equity/total assets

• Expenses-to-gross-revenue = total expenses/gross revenue

• Gross margin = gross margin/total sales

• Return on total assets = net income before taxes/total assets

• Return on member equity = net income after taxes/allocated equity

16 COOPERATIVE STATISTICS 2015
COOPERATIVE STATISTICS 2015 17

TABLE 11—Combined financial ratios, U.S. ag co-ops, by selected primary product and by size, 2015

Cotton Fruits Grains &

Measure Cotton Gins Dairy & Veg. Oilseeds Livestock Poultry Rice Sugar Fish

——Ratio——

Current ratio 1.31 1.31 1.25 1.94 1.42 1.22 3.17 2.48 1.21 1.26

Debt-to-assets 0.57 0.44 0.68 0.52 0.53 0.77 0.33 0.54 0.53 0.61

Long-term-debt-to-equity 0.23 0.27 0.78 0.46 0.30 0.28 0.14 0.63 0.46 0.29

Times interest earned 5.93 18.11 4.62 11.47 8.64 4.60 38.31 10.52 23.53 7.81

Fixed asset turnover 12.40 2.02 14.06 5.88 7.31 107.13 12.03 6.60 4.78 9.76

Equity-to-assets 0.43 0.56 0.32 0.48 0.47 0.23 0.67 0.46 0.47 0.39

Expenses-to-gross

revenue 0.75 0.86 0.93 0.66 0.85 0.81 0.75 0.88 0.68 0.88

——Percent——

Gross margin 4.23 28.35 7.14 26.02 7.25 1.19 13.84 27.35 27.82 20.23

Return on total assets 6.46 16.19 3.91 14.79 6.20 4.42 20.24 7.89 16.83 9.00

Return on member

allocated equity 23.98 34.97 13.35 36.87 26.02 36.46 80.86 40.49 57.27 40.57

Less than $1,000 &

Measure $5 $5-9 $10-14 $15-24 $25-49 $50-99 $100-199 $200-499 $500-999 more

——Ratio——

Current ratio 1.63 1.74 1.64 1.48 1.51 1.44 1.39 1.44 1.63 1.48

Debt-to-assets 0.43 0.38 0.42 0.46 0.47 0.48 0.50 0.54 0.53 0.58

Long-term-debt-to-equity 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

Times interest earned 7.02 11.12 9.25 9.38 11.36 12.49 11.02 9.21 11.14 13.18

Fixed asset turnover 4.62 5.77 6.79 6.02 7.26 7.34 7.79 6.76 7.93 9.75

Equity-to-assets 0.57 0.62 0.58 0.54 0.53 0.52 0.50 0.46 0.47 0.42

Expenses-to-gross

revenue 0.96 0.89 0.87 0.91 0.89 0.84 0.75 0.86 0.79 0.65

——Percent——

Gross margin 19.42 17.99 17.16 13.16 14.91 13.36 13.53 13.94 16.23 8.88

Return on total assets 4.78 7.91 7.96 5.98 6.69 7.33 8.44 6.12 8.47 8.72

Return on allocated

equity 12.47 21.79 22.15 20.33 21.52 26.75 41.37 28.97 29.07 29.55

Total sales category (Million $)

Financial ratios by type

Financial ratios by co-op size

• Current ratio = current assets/current liabilities

• Debt-to-assets = total liabilities/total assets

• Long-term-debt-to-equity = long term liabilities/total equity

• Times interest earned = income before taxes and interest expense/interest

expense

• Fixed asset turnover = sales/fixed assets (net plant, property, and equipment)

• Equity-to-assets = total equity/total assets

• Expenses-to-gross-revenue = total expenses/gross revenue

• Gross margin = gross margin/total sales

• Return on total assets = net income before taxes/total assets

• Return on member equity = net income after taxes/allocated equity
18 COOPERATIVE STATISTICS 2015
Highlights

• Minnesota has the most ag co-ops headquartered

in it, with 184. It is followed by Texas with 172,

North Dakota with 138, Wisconsin with 113, and

California with 107 (Table 12).

• Texas is home to the largest number of marketing

co-ops, with 122, followed by Minnesota with 83.

California has 70, North Dakota 67, and

Wisconsin 65.

• Minnesota is home to the largest number of

supply and service co-ops, with 101, followed by

North Dakota, with 71.

• Grain and oilseeds were sold by 657 co-ops, with

these crops accounting for more than 50 percent

of all sales for 448 of these co-ops (Table 13).

• Fruit and vegetables account for more than 50

percent of sales made by 125 co-ops.

• Dairy co-ops handle more than 80 percent of the

Nation’s milk, the highest market share of all the

commodities handled by ag co-ops. There are 124

co-ops that market dairy products in the United

States, with dairy sales accounting for at least 50

percent of sales for 112 of these co-ops.

• There are 1,079 ag marketing co-ops, 874 ag

supply co-ops, and 94 ag service co-ops in the

United States (Table 13).

Co-op numbers by size

• Most (677) of the ag co-ops in the United States

do less than $5 million in sales; combined they

had $1.1 billion of total business (Table 14).

These co-ops have 171,000 members, or about

8.9 percent of all memberships.

• There are 257 co-ops with $5 million to $10

million in annual sales; 218 co-ops have sales of

$25 million to $50 million.

• There are 98 co-ops with sales greater than $500

million; these co-ops account for 64 percent of all

co-op business.

• Only 27 co-ops have sales over $1 billion,

accounting for a combined $110.4 billion in

business.

Memberships and employees

• The 27 largest co-ops have 371,000 members, or

19.3 percent of all memberships.

• Total employment of 187,289 in 2015 was down 2

percent from 2014, but full-time employees

increased slightly (Table 15). Part-time or

seasonal employee numbers fell.

• Marketing co-ops had 74,421 full-time

employees, while supply co-ops had 61,093

workers in 2015.

• Grain and oilseed co-ops had 23,607 full-time

employees, followed by dairy co-ops with 21,383.

Next were fruit and vegetable co-ops with 14,030

full-time employees. Fruit and vegetable co-ops

had the most part-time or seasonal employees;

when counting seasonal staff, this group had more

employees than did dairy co-ops.

• The largest group of co-ops (more than $1 billion

in sales), had 58,019 total employees in 2015, 31

percent of all co-op total employees (Table 16).

COOPERATIVE STATISTICS 2015 19

SECTION II: Number of Co-ops, Memberships, and Employees

Section II (Tables 12–16) provides tables showing number of co-ops by operating type, primary product

marketed, State, and size. It is important to note that for Table 12, the State is where the cooperative is

headquartered, and many co-ops do business and have members in multiple States.
State1 Marketing Supply and Service2 Total

Number Number Number

Alabama 8 38 46

Arizona 9

Arkansas 8 22 30

0 9

California 70 37 107

Colorado 14 12 26

Florida 18 9 27

Georgia 3 8 11

Hawaii 5 7 12

Idaho 15 8 23

Illinois 61 36 97

Indiana 8 22 30

Iowa 57 31 88

Kansas 59 30 89

Kentucky 8 17 25

Louisiana 11 19 30

Maine 19 2 21

Maryland 6 5 11

Massachusetts 3 47

Michigan 17 22 39

Minnesota 83 101 184

Mississippi 15 29 44

Missouri 23 36 59

Montana 15 24 39

Nebraska 25 20 45

New Jersey 9 1 10

New York 40 9 49

North Carolina 9 3 12

North Dakota 67 71 138

Ohio 27 12 39

Oklahoma 19 30 49

Oregon 17 12 29

Pennsylvania 24 11 35

South Dakota 31 36 67

Tennessee 3 57 60

Texas 122 50 172

Utah 5 6 11

Virginia 13 39 52

Washington 38 22 60

West Virginia

Wisconsin 65 48 113

4 8 12

Wyoming 5 49

Other States3 21 10 31

Total 1,079 968 2,047

-* COOPERATIVE STATISTICS 2015

TABLE 12—Number of U.S. ag co-ops, by operating type and State, 2015

Operating type

1 Location of cooperative headquarters.

2 There were 874 supply co-ops and 94 service in 2015.

3 Other States: Alaska, Connecticut, Delaware, New

Hampshire, New Mexico, Nevada, Rhode Island, South

Carolina, Vermont. 
TABLE 13—Number of U.S. ag co-ops and memberships, by type, 2015

Cooperatives with Cooperatives with Majority

Type Sales of Item1 of Sales from Item Memberships2

Bean and pea, dry 18 4 721

Cotton 124 14 24,937

Cotton gins 145 107 15,485

Dairy 124 112 43,102

Fish 38 37 5,508

Fruit and vegetable 144 125 22,191

Grain and oilseed 657 448 365,813

Livestock 99 86 58,480

Nut 17 12 8,958

Poultry 21 11 495

Rice 12 10 8,691

Sugar 31 28 9,239

Tobacco 5 5 14,714

Wool 38 38 8,289

Other marketing 86 42 4,425

Marketing co-ops 1,279 1,079 591,048

Farm supplies 1,466 874 1,296,195

Service 1,688 94 33,780

Total n/a 2,047 1,921,023

1 Cooperatives with $1 or more of reported sales of individual commodity.

Totals will not add due to co-ops that both market farm products and sell farm supplies and/or provide services.

2 Includes voting farmer-members, but not nonvoting patrons. Memberships include members in co-ops predominantly

marketing each product. Agricultural producers are typically members of more than 1 co-op—for example, a marketing

co-op as well as a farm supply co-op.

COOPERATIVE STATISTICS 2015 21
TABLE 14—U.S. ag co-ops and memberships, by total sales volume, 2015

Sales volume group

Number Percent Billion $ Percent 1,000 Percent

Less than 5 million 677 33.07 1.12 0.53 171 8.92

$5 to $9 million 257 12.55 1.91 0.90 117 6.09

$10 to $14 million 172 8.40 2.15 1.01 90 4.66

$15 to $24 million 192 9.38 3.81 1.80 143 7.44

$25 to $49 million 218 10.65 7.49 3.53 234 12.17

$50 to $99 million 183 8.94 12.87 6.07 156 8.14

$100 to $199 million 121 5.91 17.21 8.12 151 7.84

$200 to $499 million 129 6.30 28.93 13.64 337 17.56

$500 to $999 million 71 3.47 26.15 12.33 151 7.84

$1 billion or more 27 1.32 110.42 52.07 371 19.33

Total 2,047 100.00 212.06 100.00 1,921 100.00

22 COOPERATIVE STATISTICS 2015

Cooperatives Dollar Volume Memberships
COOPERATIVE STATISTICS 2015 23

2015 Employees 2014 Employees

TABLE 15—Full-time and part-time employees of U.S. ag co-ops, by type, 2015 and 2014

Total Full-time Part-time Total Full-time Part-time Total Change

Thousands Thousands Number Percent

Cotton 1,100 946 154 3,575 3,335 240 (2,475) (69.23)

Cotton ginning 2,454 640 1,814 2,907 796 2,111 (453) (15.58)

Dairy 23,045 21,383 1,662 22,035 20,347 1,688 1,010 4.58

Fish 893 685 208 945 698 247 (52) (5.50)

Fruit & vegetable 27,525 14,030 13,495 28,314 13,642 14,672 (789) (2.79)

Grain & oilseed 32,323 23,607 8,716 32,833 23,571 9,262 (510) (1.55)

Livestock 1,549 563 986 1,358 532 826 191 14.06

Rice 2,540 2,249 291 2,597 2,238 359 (57) (2.19)

Sugar 10,861 6,462 4,399 12,218 6,948 5,270 (1,357) (11.11)

Poultry 2,096 1,801 295 2,056 1,786 270 40 1.95

Nuts 1,565 1,474 91 1,492 1,392 100 73 4.89

Other marketing1 975 581 394 927 570 357 48 5.18

Marketing co-ops 106,926 74,421 32,505 111,257 75,855 35,402 (4,331) (3.89)

Farm supplies 78,776 61,093 17,683 77,013 58,519 18,494 1,763 2.29

Service 1,587 771 816 3,011 1,236 1,775 (1,424) (47.29)

Total 187,289 136,285 51,004 191,281 135,610 55,671 (3,992) (2.09)

1 Includes tobacco, wool, beans and peas, and other farm products not classified separately.

2015–2014
TABLE 16—Number of U.S. ag co-ops, members, employees, and branches, by size, 2015

Less 1,000 &

Item than $5 5–9 10–14 15–24 25–49 50–99 100–199 200–499 500–999 more Totals

Ag co-ops (number) 677 257 172 192 218 183 121 129 71 27 2,047

Proportion (percent) 33.07 12.55 8.40 9.38 10.65 8.94 5.91 6.30 3.47 1.32 100

Memberships (number) 171,309 116,938 89,602 142,971 233,858 156,457 150,608 337,311 150,552 371,417 1,921,023

Proportion (percent) 8.92 6.09 4.66 7.44 12.17 8.14 7.84 17.56 7.84 19.33 100

Full-time employ. (number) 2,553 2,832 2,839 4,220 7,491 10,552 12,033 23,574 17,863 52,328 136,285

Proportion (percent) 1.87 2.08 2.08 3.10 5.50 7.74 8.83 17.30 13.11 38.40 100

Part-time employ. (number) 3,190 1,979 2,711 2,549 4,903 6,343 4,764 8,532 10,342 5,691 51,004

Proportion (percent) 6.25 3.88 5.32 5.00 9.61 12.44 9.34 16.73 20.28 11.16 100

Total employees (no.) 5,743 4,811 5,550 6,769 12,394 16,895 16,797 32,106 28,205 58,019 187,289

Proportion (percent) 3.07 2.57 2.96 3.61 6.62 9.02 8.97 17.14 15.06 30.98 100

Branches operated (no.) 74 102 135 251 393 793 993 1,191 727 1,109 5,768

Proportion (percent) 1.28 1.77 2.34 4.35 6.81 13.75 17.22 20.65 12.60 19.23 100

24 COOPERATIVE STATISTICS 2015

Total sales category (Million $)
SECTION III: Business Volume, Top Co-ops, and Losses

This section (Tables 17 through 24) presents cooperative sales volume of commodities and inputs by

State, Top 10 and Top 100 ag co-op data, and ag co-ops that had losses, with comparisons to 2014.

Highlights

• Minnesota had the most co-op sales (marketing

and supply) of any state, with $25 billion in 2015.

The majority of these sales were earned from

marketing crop and livestock products (Table 17).

• Iowa was second, with $19.7 billion in sales,

followed by Illinois ($15.5 billion), Wisconsin

($12.7 billion), California ($11.8 billion),

Nebraska ($11 billion), Missouri ($10.2 billion),

North Dakota ($9.5 billion), and Kansas ($9.3

billion).

• Minnesota was also the top State for marketing

sales, with $18.7 billion, followed by Iowa ($11

billion), California ($10.8 billion), Wisconsin

($8.1 billion), Illinois ($7.3 billion), and then

Nebraska, North Dakota, and Iowa.

• For supply sales, Iowa was the top State, with $8.6

billion, followed by Illinois ($8.2 billion),

Minnesota ($6.4 billion), Nebraska ($5.2 billion),

Wisconsin ($4.7 billion), North Dakota and

Missouri ($3.8 billion each) and Indiana ($3.6

billion).

• Iowa was first in service receipts with $698

million, followed by Minnesota ($624 million)

and Illinois ($452 million).

• Ag co-ops had sales of $1.2 billion in foreign

markets.

Largest Ag Co-ops:

• Top 100 largest ag co-ops (as defined by total

gross business volume) had a combined business

volume in 2015 of $148.6 billion, or 71 percent of

all ag co-op business volume (Tables 19–21). Net

income was a record $4.9 billion (70 percent of

net income for all ag co-ops).

• Total assets of the Top 100 were a record $58.5

billion (66 percent of total assets for all ag coops), while member equity was $25.2 billion, of

which $16.7 billion was allocated (Table 20).

• The Top 10 largest ag co-ops had 41 percent of

total gross business volume and 22 percent of net

income of all ag co-ops (Table 21).

• The Top 10 also had 39 percent of the total assets

and 34 percent of the total equity of all ag co-ops.

Losses:

• Co-ops experienced $192.1 million of losses

(negative net income before taxes) in 2015, which

was $142.7 million less than the $334.8 million in

losses in 2014 (Table 23).

• In 2015, 242 co-ops suffered losses, up slightly

from 231 in 2014.

• The group that suffered losses in 2015 included

134 marketing, 83 farm supply, and 19 service coops. The largest commodity segment for losses

was grain/oilseed, where 45 co-ops ended the year

in the red, followed by fruit and vegetable, with

26 co-ops suffering losses in 2015.

COOPERATIVE STATISTICS 2015 25
TABLE 17—Gross business volume of commodities and supplies, U.S. ag co-ops, by State, 2015

Item AK AL AR AZ CA CO CT DE

Million $

Bean and pea (dry)– -- - - 14.92 ---

Cotton - 114.17 67.80 81.83 51.53 ---

Cotton gins - 3.28 33.13 17.84 65.90 0.22 - -

Fish 12.14 36.11 - - 1.42 - 0.37 -

Fruit & vegetable - - 0.82 86.31 364.94 6.66 - 0.44

Grain and oilseed - 176.36 145.50 - 14.93 252.34 345.84 -

Livestock - 11.28 18.29 1.52 44.12 16.52 0.12 -

Milk - - 179.44 764.56 534.75 - 57.84 24.00

Nut - 0.48 - - 166.25 ---

Poultry -- - - 21.96 ---

Rice - - 368.48 - 354.52 ---

Sugar - 0.15 4.60 0.44 1.72 32.15 - -

Tobacco -- - - - -- -

Wool -- - - 0.15 ---

Other marketing 0.75 69.88 942.31 4.25 18.96 3.64 26.15 0.65

Total products marketed 12.22 411.39 1,759.21 965.76 187.85 689.54 43.28 25.87

Crop protectants (chemicals) - 74.43 21.29 6.84 65.25 75.26 1.49 26.11

Feed 94.38 117.33 119.64 37.20 468.00 138.59 17.38 12.99

Fertilizer - 12.65 156.28 0.13 215.34 11.40 0.58 46.31

Petroleum - 11.25 18.94 - 4.83 84.13 5.84 29.82

Seed - 44.25 43.52 1.14 23.90 28.18 1.44 6.14

Other supplies 23.17 65.55 73.73 3.31 275.35 86.78 12.22 13.51

Total farm supplies 117.55 414.94 782.71 75.44 152.52 127.23 38.88 134.85

Total marketing and supply sales 129.76 826.33 2,541.91 141.20 1,186.37 1,959.76 469.87 159.94

Service receipts & other income 2.12 28.66 98.55 17.78 21.46 79.82 0.27 0.44

Gross business volume 131.88 854.99 2,640.46 1,058.98 12,061.83 2,039.59 469.29 160.38

Business between cooperatives 41.32 103.16 238.48 107.17 1,295.81 797.07 7.72 33.39

Net business volume 90.56 751.84 2,401.98 951.81 10,766.02 1,242.52 461.58 127.75

Co-ops doing business in State (#) 10 57 47 26 127 44 14 8

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26 COOPERATIVE STATISTICS 2015
TABLE 17 (cont.)—Gross business volume of commodities and supplies, U.S. ag co-ops, by State, 2015

Item FL GA HI IA ID IL IN KS

Million $

Bean and pea (dry) - --- 3.76 - --

Cotton 31.16 336.22 -- -- - 9.46

Cotton gins - 0.77 - - - - --

Fish - --- 0.38 - --

Fruit & vegetable 819.76 16.87 7.70 0.55 17.67 0.10 9.52

Grain and oilseed - -- 7,397.88 118.17 4,859.69 567.88 3,491.99

Livestock 68.60 - 0.28 748.62 127.32 556.82 326.32 225.55

Milk 88.24 86.22 - 1,428.41 453.66 1,828.46 388.89 1,732.59

Nut - 15.47 - - - - --

Poultry - -- 129.21 0.94 - --

Rice - - - - - - --

Sugar 55.22 0.25 4.95 1.48 76.95 - --

Tobacco - - - - - - --

Wool - -- 0.23 0.73 0.45 0.60 0.15

Other marketing 13.22 13.63 0.75 1,343.33 1.77 24.66 3.99 6.25

Total products marketed 1,571.19 469.42 12.83 1,149.28 1,455.36 7,269.18 1,377.65 5,465.91

Crop protectants (chemicals) 84.83 391.13 0.29 13.53 155.29 1,272.65 428.76 59.92

Feed 139.68 98.68 6.44 2,335.34 71.69 498.31 225.47 314.69

Fertilizer 64.20 97.67 0.50 1,754.72 16.87 1,779.92 615.38 71.37

Petroleum 6.24 57.71 - 2,434.40 67.33 3,713.72 29.63 1,947.72

Seed 4.62 42.57 0.16 77.70 4.12 732.69 254.18 227.43

Other supplies 69.60 73.43 0.95 367.69 19.58 219.50 76.37 122.84

Total farm supplies 368.99 1,274.76 8.18 863.28 1,152.92 8,215.36 369.78 3,832.32

Total marketing and supply sales 194.17 1,743.49 3.00 19,652.56 268.27 15,484.54 4,987.36 9,298.23

Service receipts & other income 72.67 4.79 2.37 698.75 25.87 451.89 145.83 32.12

Gross business volume 2,012.84 1,748.27 23.37 20,350.63 2,634.14 15,936.43 5,133.18 9,618.34

Business between cooperatives 806.24 543.98 1.60 2,009.87 1,159.83 2,171.17 1,307.31 1,708.96

Net business volume 1,206.60 1,024.29 21.77 18.340.76 1,474.34 13,765.26 3,825.87 7,909.39

Co-ops doing business in State (#) 47 34 17 115 41 123 50 113

This table continues on next page.

COOPERATIVE STATISTICS 2015 27
TABLE 17 (cont.)—Gross business volume of commodities and supplies, U.S. ag co-ops, by State, 2015

Item KY LA MA MD ME MI MN MO

Million $

Bean and pea (dry) - -- - 0.10 39.63 1.28 -

Cotton - 53.33 ----- 41.31

Cotton gins - 15.38 ----- 4.31

Fish - 0.93 - 0.79 93.55 - 1.75 -

Fruit & vegetable 1.11 - 245.93 0.10 3.67 795.62 0.36 0.10

Grain and oilseed 345.57 717.28 - - 1.57 195.14 8,852.24 26.83

Livestock 185.24 - - 0.50 0.55 171.14 217.73 183.76

Milk 14.74 - 34.53 435.29 52.14 1,298.74 4,242.15 3,866.40

Nut - 0.34 ----- 0.54

Poultry - -- - 0.25 23.84 4.22 -

Rice - 16.32 ---- 3.32 1.83

Sugar - 836.47 - - 0.50 533.58 3,581.22 0.58

Tobacco 22.85 -- - - - - -

Wool - -- - 0.14 0.90 0.15 -

Other marketing 5.34 34.80 169.90 2.69 21.90 3.14 174.42 277.13

Total products marketed 664.81 1,674.78 449.88 438.66 172.91 3,267.90 18,679.52 6,381.54

Crop protectants (chemicals) 118.43 83.15 3.75 23.12 3.58 84.64 818.57 323.41

Feed 111.75 92.25 2.40 85.95 9.87 24.33 1,376.49 411.15

Fertilizer 259.54 33.55 13.87 44.36 2.15 124.64 1,199.75 77.59

Petroleum 183.11 28.18 0.32 122.30 8.47 838.97 1,869.35 2,112.40

Seed 64.96 31.22 2.85 11.40 0.22 42.88 669.84 136.48

Other supplies 117.11 28.30 8.38 3.27 1.37 126.78 426.92 121.80

Total farm supplies 853.85 296.64 48.65 317.32 34.68 1,422.18 636.43 3,812.72

Total marketing and supply sales 1,518.61 1,971.42 498.48 755.98 27.59 469.74 2,539.92 1,194.26

Service receipts & other income 1.59 (1.57) (4.16) 1.37 0.18 76.90 623.97 275.22

Gross business volume 1,529.20 1,960.85 494.32 757.02 207.68 4,766.97 25,663.89 10,469.47

Business between cooperatives 199.08 82.25 215.23 140.66 4.57 812.75 3,352.57 1,612.24

Net business volume 1,330.12 1,878.60 279.09 616.35 203.11 3,954.22 22,311.32 8,857.23

Co-ops doing business in State (#) 33 48 17 21 26 62 207 89

This table continues on next page.

28 COOPERATIVE STATISTICS 2015
TABLE 17 (cont.)—Gross business volume of commodities and supplies, U.S. ag co-ops, by State, 2015

Item MS MT NC ND NE NH NJ NM

Million $

Bean and pea (dry) - 18.92 - 64.88 31.80 ---

Cotton 22.16 - 133.86 -- -- 0.73

Cotton gins 12.96 - 1.67 -- -- 5.25

Fish -- --- 5.94 14.24 -

Fruit & vegetable 0.10 1.26 21.56 15.61 0.20 0.27 152.46 -

Grain and oilseed 568.15 862.45 - 4,523.72 4,248.22 - - 0.85

Livestock 15.00 22.99 - 88.72 21.24 0.15 5.63 -

Milk 4.91 0.35 92.91 32.67 1,456.59 3.20 6.74 48.31

Nut - - 0.60 -- -- 0.27

Poultry - 0.51 --- - 0.30 -

Rice 95.53 - --- ---

Sugar 1.93 82.66 - 735.28 23.93 ---

Tobacco - - 294.58 -- ---

Wool - 0.47 0.30 0.16 0.75 ---

Other marketing 119.55 0.64 17.49 13.74 3.87 14.36 45.62 2.67

Total products marketed 119.90 99.24 561.26 5,743.88 5,785.73 5.54 224.98 489.42

Crop protectants (chemicals) 67.32 31.72 43.75 559.44 13.79 0.25 6.64 0.98

Feed 11.38 86.71 136.65 67.84 487.42 7.56 35.37 118.57

Fertilizer 27.66 46.66 99.42 518.34 139.42 0.55 21.32 1.92

Petroleum 13.24 1.17 16.27 188.28 1,787.74 0.34 1.21 1.19

Seed 24.13 42.40 25.77 317.44 338.45 0.55 0.38 4.85

Other supplies 45.78 19.87 69.74 518.49 28.94 0.44 3.18 2.20

Total farm supplies 279.44 1,955.67 391.27 3,789.39 5,215.67 8.92 95.11 128.37

Total marketing and supply sales 1,299.25 2,945.98 952.53 9,533.26 111.34 59.46 32.78 617.79

Service receipts & other income 15.76 33.19 5.87 185.55 492.64 0.13 0.71 3.77

Gross business volume 1,404.32 2,979.10 958.41 9,718.71 11,493.99 59.59 320.79 620.86

Business between cooperatives 80.21 662.71 140.55 818.99 1,424.43 2.18 88.69 56.04

Net business volume 1,324.11 2,316.38 817.85 8,899.71 10,069.55 57.41 232.10 564.82

Co-ops doing business in State (#) 57 55 25 161 66 11 21 21

This table continues on next page.

COOPERATIVE STATISTICS 2015 29
TABLE 17 (cont.)—Gross business volume of commodities and supplies, U.S. ag co-ops, by State, 2015

Item NV NY OH OK OR PA RI SC

Million $

Bean and pea (dry) -- --- ---

Cotton -- - 75.92 - -- 58.78

Cotton gins -- - 8.11 - ---

Fish -- --- ---

Fruit & vegetable - 55.66 12.73 - 649.30 481.28 - -

Grain and oilseed - - 191.35 171.76 1,271.12 2.40 - 0.75

Livestock 5.26 2.21 289.27 141.97 13.80 0.45

Milk - 1,435.90 319.78 133.59 162.69 1,451.41 2.57 32.44

Nut -- - 1.52 21.24 ---

Poultry - - 0.83 - - 0.48 - -

Rice -- --- ---

Sugar - 0.19 0.39 - 45.79 ---

Tobacco -- --- ---

Wool - 0.12 0.24 0.60 - 0.29 - -

Other marketing 1.38 17.44 292.19 3.25 65.94 84.92 1.57 0.75

Total products marketed 6.63 1,664.41 2,816.44 1,434.73 3,246.15 22.72 4.73 92.43

Crop protectants (chemicals) 0.56 39.93 287.65 143.92 386.53 111.77 0.35 15.45

Feed 28.53 161.27 411.46 16.66 227.18 175.74 3.52 37.52

Fertilizer 0.76 45.78 588.73 164.84 526.17 93.89 0.15 36.88

Petroleum - 3.44 662.73 134.32 797.93 11.34 - 0.25

Seed 1.43 9.98 224.42 18.55 45.34 5.98 0.52 12.32

Other supplies 25.74 36.51 123.16 62.43 279.19 29.75 0.60 9.38

Total farm supplies 57.28 296.95 2,298.15 189.23 2,261.93 428.47 4.62 111.52

Total marketing and supply sales 63.66 1,961.32 5,114.58 3,324.96 557.94 2,449.19 8.13 23.56

Service receipts & other income - 8.52 181.96 65.86 71.76 6.82 - 0.30

Gross business volume 63.66 1,969.84 5,296.49 3,390.77 5,579.70 2,456.02 8.13 203.85

Business between cooperatives 19.89 142.84 463.59 1,561.61 772.95 301.70 0.51 34.92

Net business volume 43.76 1,827.00 4,832.90 1,829.16 4,806.75 2,154.31 7.63 168.93

Co-ops doing business in State (#) 11 64 57 71 46 51 10 16

This table continues on next page.

30 COOPERATIVE STATISTICS 2015
TABLE 17 (cont.)—Gross business volume of commodities and supplies, U.S. ag co-ops, by State, 2015

Item SD TN TX UT VA VT WA WI

Million $

Bean and pea (dry) -- --- - 9.33 -

Cotton - 56.85 16.32 - 15.89 ---

Cotton gins - 23.96 229.18 -- ---

Fish -- --- - 58.26 -

Fruit & vegetable - - 9.74 73.35 - 2.50 867.67 453.22

Grain and oilseed 361.23 7.62 863.96 - 2.59 - 1,242.72 514.12

Livestock 113.27 - 168.53 15.16 2.56 1.92 1.16 618.16

Milk 491.90 74.37 1,595.93 1.84 293.28 57.13 2,165.49 5,788.16

Nut - - 13.25 - 12.61 ---

Poultry - 0.49 - 131.45 4.00 - 0.10 48.14

Rice - - 35.22 -- ---

Sugar 25.12 0.25 63.49 0.84 - 0.85 1.39 0.31

Tobacco 21.22

Wool 0.14 - 0.90 2.43 0.23 - 0.70 0.75

Other marketing 34.87 39.36 12.87 18.46 273.75 75.67 18.22 657.22

Total products marketed 4,275.45 222.83 4,187.49 332.72 63.87 587.30 4,372.52 879.48

Crop protectants (chemicals) 622.54 21.36 257.73 2.58 43.93 2.29 59.27 52.57

Feed 341.82 316.46 545.26 167.76 273.25 42.38 23.80 98.52

Fertilizer 84.44 358.15 158.91 41.65 168.85 3.57 554.37 876.82

Petroleum 1,162.59 782.79 315.69 535.36 97.92 - 755.00 1,588.26

Seed 42.42 219.52 89.45 7.68 45.45 0.27 85.19 347.14

Other supplies 147.38 285.44 128.93 11.78 257.37 7.97 287.42 41.37

Total farm supplies 348.70 2,172.71 1,495.94 883.82 1,696.76 56.42 2,394.67 4,651.35

Total marketing and supply sales 7,756.15 2,394.80 5,683.42 1,216.54 23.64 643.70 6,767.19 1,273.39

Service receipts & other income 186.65 62.59 262.88 242.66 37.00 2.83 81.39 291.30

Gross business volume 7,942.80 2,457.39 5,946.30 1,459.20 2,336.73 646.53 6,848.57 13,021.69

Business between cooperatives 1,173.43 599.15 419.97 435.44 609.00 10.48 761.45 1,886.86

Net business volume 6,769.37 1,858.23 5,526.34 1,023.76 1,727.73 636.06 6,087.13 11,134.83

Co-ops doing business in State (#) 90 79 195 26 49 9 79 101

This table continues on next page.

COOPERATIVE STATISTICS 2015 31
TABLE 17 (cont.)—Gross business volume, U.S. ag co-ops, by State, 2015

Item WV WY DC Foreign1 TOTAL

Million $

Bean and pea (dry) - 0.19 - - 210.13

Cotton - - -- 2,335.88

Cotton gins --- 9.56 430.71

Fish - - -- 224.06

Fruit & vegetable --- 265.45 8,301.08

Grain and oilseed --- 42.32 49,321.19

Livestock 2.28 56.31 - - 4,793.08

Milk 7.67 - -- 41,006.63

Nut - - -- 1,725.23

Poultry - - -- 787.74

Rice - - -- 874.67

Sugar - 23.24 - 5.26 7,568.85

Tobacco - - -- 338.65

Wool 0.15 0.15 - 0.90 4.81

Other marketing 1.39 0.40 - 164.35 6,968.56

Total products marketed 11.36 8.12 - 486.57 124,891.27

Crop protectants (chemicals) 2.22 5.73 0.01 - 10,935.33

Feed 32.12 16.00 - 161.40 12,261.28

Fertilizer 12.66 11.67 - 1.55 15,051.03

Petroleum 24.40 642.59 - 532.32 32,276.97

Seed 5.29 6.26 0.02 - 5,396.81

Other supplies 3.88 57.80 0.00 23.42 5,787.27

Total farm supplies 17.37 74.15 0.03 718.69 81,708.69

Total marketing and supply sales 118.72 82.16 0.03 125.26 206,599.95

Service receipts & other income 0.55 5.92 - - 5,457.93

Gross business volume 119.23 825.93 0.03 1,205.25 212,057.89

Business between cooperatives 19.70 273.25 0.02 654.91 32,167.79

Net business volume 99.53 552.68 0.00 550.34 179,890.10

Co-ops doing business in State (#)2 17 23 4 15 2,047

1 Sourced from outside the 50 States and DC.

2 Some co-ops do business in several States, so the sum of the State number

of co-ops will not sum to the total number (2,047) of U.S. ag co-ops.

32 COOPERATIVE STATISTICS 2015
TABLE 18—Net

1 business volume, U.S. ag co-ops, 2015 and 2014

Item 2015 2014 Difference Change

Billion $ Billion $ Billion $ Percent

Products marketed (net)

Bean and pea (dry edible) 0.207 0.234 (0.027) (11.64)

Cotton 2.332 2.250 0.082 3.66

Cottonseed 0.321 0.377 (0.056) (14.84)

Dairy 38.328 49.636 (11.308) (22.78)

Fish 0.224 0.215 0.009 4.23

Fruit and vegetable 5.889 5.848 0.041 0.70

Grain and oilseed 48.347 57.898 (9.551) (16.50)

Livestock 4.792 4.947 (0.156) (3.15)

Nut 1.723 1.566 0.156 9.99

Poultry 0.788 1.353 (0.566) (41.79)

Rice 0.875 0.935 (0.061) (6.50)

Sugar 4.727 5.146 (0.419) (8.14)

Tobacco 0.339 0.339 0.000 -

Wool 0.005 0.005 0.000 (0.63)

Other marketing and farmers markets 6.514 7.590 (1.076) (14.17)

Total marketing 115.409 138.340 (22.931) (16.58)

Supplies purchased

Crop protectants 7.315 7.504 (0.189) (2.51)

Feed 9.932 10.800 (0.868) (8.04)

Fertilizer 12.326 13.116 (0.790) (6.03)

Petroleum 21.390 25.558 (4.168) (16.31)

Seed 3.188 3.444 (0.256) (7.44)

Other supplies 4.873 5.217 (0.344) (6.59)

Total supplies 59.023 65.638 (6.615) (10.08)

Services and other income2 5.458 6.315 (0.857) (13.58)

Total net business volume 179.890 210.293 (30.403) (14.46)

1 Net of business between cooperatives.

2 Includes service receipts, patronage refunds received, and non-operating income.

COOPERATIVE STATISTICS 2015 33

2014–2015
TABLE 19—Condensed income statement for Top 100 U.S. ag co-ops, 2015 and 2014

Item 2015 2014 Difference Change

Billion $ Billion $ Billion $ Percent

Total sales 146.178 173.558 (27.380) (15.8)

Cost of goods sold 132.465 160.680 (28.215) (17.6)

Gross margin 13.713 12.878 0.835 6.5

Service and other operating revenue 1.684 2.074 (0.390) (18.8)

Gross revenue 15.397 14.953 0.445 3.0

Expenses

Wages 5.626 5.189 0.437 8.4

Depreciation 1.643 1.479 0.164 11.1

Interest expense 0.460 0.732 (0.272) (37.2)

Other expenses 3.221 3.984 (0.763) (19.1)

Total expenses 10.950 11.383 (0.433) (3.8)

Net operating margin 4.447 3.569 0.878 24.6

Other Revenues

Patronage from other co-ops 0.318 0.372 (0.054) (14.4)

Non-operating income 0.417 0.598 (0.181) (30.3)

Net income before taxes 5.182 4.539 0.644 14.2

Taxes 0.289 0.271 0.018 6.6

Net income 4.894 4.268 0.626 14.7

Total gross business volume* 148.598 176.600 (28.004) (15.9)

*Total gross business volume is the sum of total sales revenue, service and other operating revenue, patronage

from other co-ops, and non-operating income (may include inter-cooperative business volume).

34 COOPERATIVE STATISTICS 2015
TABLE 20 — Abbreviated balance sheet for Top 100 ag co-ops, 2015 and 2014

Item 2015 2014 Difference Change

Billion $ Billion $ Billion S Percent

Current assets 33.706 34.583 (0.876) (2.5)

Investments in other co-ops 2.895 2.817 0.079 2.8

Property, plant, and equipment 16.423 13.627 2.797 20.5

Other assets 5.499 5.968 (0.469) (7.9)

Total assets 58.524 56.994 1.530 2.7

Current liabilities 22.682 23.689 (1.008) (4.3)

Long-term liabilities 10.677 10.488 0.188 1.8

Total liabilities 33.358 34.177 (0.819) (2.4)

Allocated equity 16.655 14.998 1.657 11.0

Retained earnings 8.510 7.819 0.692 8.8

Total equity 25.166 22.817 2.349 10.3

Total liabilities and equity 58.524 56.994 1.530 2.7

COOPERATIVE STATISTICS 2015 35
TABLE 21—Top 10 and Top 100 U.S. ag co-ops share compared to all U.S. ag co-ops, 2015 and 2014

Item Top 10 Top 100 Top 10 Top 100

Total Sales 41.84 70.75 43.70 72.21

Service receipts 0.31 42.77 10.61 49.58

Patronage from other cooperatives 8.29 37.94 5.65 34.86

Total gross business volume 40.98 70.07 42.97 71.59

Net income 22.00 69.61 28.58 66.01

Own assets 40.04 67.91 38.64 66.89

Investments in other co-ops 22.40 45.86 22.02 46.24

Total assets 38.77 66.33 37.47 65.45

Total liabilities 42.72 69.91 42.77 69.06

Allocated equity 40.87 68.74 36.70 66.74

Total equity 34.13 62.12 30.50 60.69

Memberships 14.58 31.22 4.44 29.98

Employees 21.78 54.49 17.14 54.27

Cooperatives 0.49 4.89 0.47 4.75

36 COOPERATIVE STATISTICS 2015

Percent of all ag cooperatives Percent of all ag cooperatives

2015 2014
TABLE 22—Top 10 and Top 100 U.S. ag co-ops, financial ratios, 2015 and 2014

Item Top 10 Top 100 All Top 10 Top 100 All

Current ratio 1.42 1.49 1.48 1.37 1.46 1.45

Debt-to-assets 0.60 0.57 0.54 0.65 0.60 0.57

Long-term-debt-to-equity 0.41 0.42 0.35 0.52 0.46 0.37

Times interest earned 8.42 12.27 9.70 5.01 7.20 8.11

Fixed asset turnover 9.91 8.90 8.37 14.65 12.74 11.20

Equity-to-assets 0.40 0.43 0.46 0.35 0.40 0.43

Expenses-to-gross revenue 0.74 0.71 0.76 0.71 0.76 0.80

Gross margin 5.61 9.38 10.32 4.35 7.42 8.37

Return on total assets 4.90 9.64 9.31 5.99 7.96 8.03

Return on member equity 15.62 29.38 29.01 22.40 28.46 28.77

COOPERATIVE STATISTICS 2015 37

2015 2014

Ratio Ratio

Percent Percent
TABLE 23—Losses, U.S. ag co-ops, 2015 and 2014

Share of

Item Co-ops1 Losses2 Co-ops1 Losses2 Total Losses

Number Million $ Number Million $ Percent

Products marketed

Cotton 2 (32.87) 3 (69.74) 21.22

Cotton ginning 14 (1.94) 14 (4.13) 1.25

Dairy 19 (31.84) 26 (76.37) 20.55

Fish 6 (0.24) 8 (0.48) 0.15

Fruit and vegetable 26 (12.86) 13 (2.67) 8.30

Grain and oilseed 45 (11.71) 40 (68.27) 7.56

Livestock 10 (1.38) 9 (0.69) 0.89

Sugar 5 (58.21) 5 (43.38) 37.57

Nuts 0 0.00 2 (0.21) 0.00

Wool and mohair 6 (0.06) 8 (0.08) 0.04

Other marketing3 7 (3.82) 6 (5.40) 2.47

Total marketing 140 (154.92) 134 (271.42) 81.07

Farm supplies 83 (35.44) 79 (62.55) 18.69

Services 19 (1.74) 18 (0.80) 0.24

Total losses 242 (192.10) 231 (334.77) 100.00

1 Cooperatives with negative net income before taxes.

2Negative net income before taxes.

3 Bean and pea, nut, rice, sugar, tobacco, and other marketing cooperatives.

38 COOPERATIVE STATISTICS 2015

2015 2014 2015
SECTION IV: Common-Size Analysis

This section (Tables 24 through 28) presents common-size operating statements, balance sheets, and other

common-size data by operating type and primary product handled. These tables allow cooperatives to

compare their performance with similar cooperatives.

Highlights

• Marketing co-ops have higher gross margins as a

percent of gross business volume than farm

supply or service co-ops (Table 24).

• As a percent of gross business volume, operating

expenses were highest among the cotton gin coops at 39.9 percent. Following were rice (26

percent), poultry (19.9 percent), sugar (19.5

percent), fish (19.3 percent), and fruit and

vegetables (18.9 percent) (Table 25).

• Allocated member equity as a proportion of assets

was highest in service co-ops (32.4 percent);

supply was next at 29 percent, then marketing at

26 percent (Table 26).

• Among marketing co-ops, cotton gin co-ops had

the highest proportion of fixed assets to total

assets (45.3 percent) (Table 27). Sugar was next

(40.5 percent).

• Allocated member equity was highest among

cotton gin, fruit and vegetable, and sugar co-ops.

Cooperatives may compare their performance with

the set of cooperatives that most closely matches

their operating type and amount of sales. The 18

common-size financial statements in Tables 28.1

through 28.18 represent 34 different combinations

of total sales range and primary source of business

volume as follows:

• Artificial insemination (28.1)

• Cotton marketing (28.2)

• Cotton ginning (28.3)

• Dairy marketing (28.4)

• Fish and seafood marketing (28.5)

• Fresh fruit and vegetable (28.6)

• Both fresh fruit and vegetable (28.7)

• Processed fruit and vegetable (28.8)

• Grain marketing (28.9)

• Livestock marketing (28.10)

• Poultry marketing (28.11)

• Nut marketing (28.12)

• Rice marketing (28.13)

• Sugar marketing (28.14)

• Bioenergy marketing (28.15)

• Dry bean and pea marketing (28.15)

• Seed, flower, and fiber marketing (28.15)

• Tobacco marketing (28.15)

• Wool marketing (28.15)

• Other marketing—wood alligator, coffee, etc. (28.15)

• Farm supply (28.16)

• Mixed farm supply (28.17)

• Cotton service (28.18)

• Crop service (28.18)

• Co-op farmers markets (28.18)

• Co-op hulling associations (28.18)

• Dairy service (28.18)

• Fruit and vegetable service (28.18)

• Livestock service (28.18)

• Nut service (28.18)

• Rice drier (28.18)

• Storage (28.18)

• Transportation (28.18)

• Other service—including winery and grower

associations (28.18)

COOPERATIVE STATISTICS 2015 39
TABLE 24—Common-size income statement, U.S. ag co-ops, by type, 2015

Item Marketing Supplies Service Total

Percent of total gross business volume

Products marketed 85.48 27.06 0.97 58.89

Farm supply sales 11.63 70.94 3.50 38.53

Total sales 97.11 98.00 4.47 97.43

Cost of goods sold 85.95 89.25 3.96 87.37

Gross margin 11.15 8.75 0.51 10.05

Service & other operating income 2.36 1.07 91.60 1.86

Gross revenue 13.51 9.82 92.11 11.91

Expenses

Wages 4.35 4.27 27.40 4.33

Depreciation 1.21 1.21 5.95 1.21

Interest expense 0.36 0.30 0.83 0.33

Other expense 4.09 2.07 39.78 3.21

Total operating expenses 10.01 7.84 73.96 9.08

Local savings 3.50 1.98 18.14 2.83

Patronage from other co-ops 0.22 0.61 0.57 0.40

Non-operating income 0.32 0.32 3.36 0.32

Net income before taxes 4.04 2.91 22.07 3.54

Taxes 0.16 0.31 1.23 0.23

Net income 3.88 2.60 20.84 3.31

Total Gross Business Volume 100.00 100.00 100.00 100.00

Export sales 4.51 0.37 7.67 2.64

40 COOPERATIVE STATISTICS 2015
TABLE 25—Common-size income statement, U.S. ag co-ops, by primary product marketed, 2015

Cotton Fruit & Grains &

Item Cotton Gins Dairy Veg. Oilseeds Livestock Poultry Rice Sugar Fish Other

Percent of gross business volume

Products marketed 89.54 54.33 98.45 97.42 68.04 98.11 79.43 96.49 98.95 92.36 95.03

Farm supply sales 6.05 12.94 0.49 0.33 27.55 0.47 5.56 0.19 0.56 5.03 3.14

Total sales 95.59 67.27 98.94 97.75 95.59 98.57 84.99 96.68 99.51 97.39 98.17

Cost of goods sold 91.54 48.20 91.88 72.31 88.66 97.40 73.23 70.24 71.83 77.69 43.24

Gross margin 4.04 19.07 7.06 25.44 6.93 1.18 11.77 26.44 27.68 19.70 54.93

Service and other

operating income 4.55 27.38 0.65 3.31 3.29 1.23 14.64 3.24 0.84 2.17 0.42

Gross revenue 8.59 46.45 7.72 28.75 10.23 2.41 26.40 29.67 28.52 21.87 55.35

Expenses

Wages 2.05 12.78 3.54 10.27 3.74 1.01 4.68 9.18 6.38 9.31 2.40

Depreciation 0.58 4.00 0.67 2.15 1.42 0.10 0.78 2.06 2.14 1.13 1.19

Interest expense 0.40 0.70 0.27 0.84 0.34 0.18 0.19 0.39 0.38 0.45 0.42

Other expenses 3.44 22.42 2.68 5.67 3.20 0.67 14.20 14.38 10.60 8.37 5.82

Total operating

expenses 6.48 39.89 7.16 18.92 8.71 1.96 19.85 26.02 19.51 19.26 9.83

Local savings 2.11 6.55 0.56 9.83 1.52 0.45 6.55 3.66 9.01 2.61 45.53

Patronage

from other co-ops 0.04 4.70 0.05 -1.23 0.67 0.10 0.01 0.36 0.04 0.00 0.14

Non-operating income (0.18) 0.66 0.36 0.17 0.45 0.10 0.36 -0.27 -0.38 0.44 1.27

Net income

before taxes 1.98 11.91 0.97 8.77 2.63 0.64 6.92 3.74 8.66 3.05 46.94

Taxes 0.07 0.03 0.11 0.31 0.18 0.07 0.05 0.37 0.15 0.05 0.21

Net Income 1.91 11.88 0.85 8.46 2.45 0.57 6.87 3.38 8.51 3.01 46.72

Total gross

business volume 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0

Export sales 25.96 0.00 2.58 10.46 2.72 0.00 4.15 13.51 2.07 0.00 27.21

COOPERATIVE STATISTICS 2015 41
TABLE 26—Common-size balance sheet, U.S. ag co-ops, by operating type, 2015

Item Marketing Supply Service Total

Percent of total assets

Current assets 54.57 58.03 43.02 56.26

Property, plant, and equipment 30.13 25.87 25.89 27.97

Other assets 9.85 7.37 14.16 8.62

Total own assets 94.55 91.27 83.07 92.84

Investments in other cooperatives 5.45 8.73 16.93 7.16

Total assets 100.00 100.00 100.00 100.00

Current liabilities 37.58 38.25 31.71 37.89

Long-term liabilities 18.43 14.07 8.16 16.19

Total liabilities 56.01 52.32 39.87 54.08

Allocated equity 25.76 29.08 32.38 27.46

Retained earnings 18.23 18.60 27.75 18.46

Total equity 43.99 47.68 60.13 45.92

Total liabilities & net worth 100.00 100.00 100.00 100.00

42 COOPERATIVE STATISTICS 2015
TABLE 27—Common-size balance sheet, U.S. ag co-ops, by primary product marketed, 2015

Cotton Fruits & Grains & Other

Item Cotton Gins Dairy Vegs Oilseeds Livestock Poultry Rice Sugar Fish Marketing

Percent of total assets

Current assets 62.70 37.99 52.74 58.81 55.75 85.60 76.54 61.24 38.11 63.12 52.17

Property, plant,

& equipment 25.19 45.34 28.48 28.07 30.87 6.34 20.66 30.83 40.46 29.40 23.83

Other assets 10.55 3.88 15.88 11.31 4.31 5.19 2.13 4.56 19.50 7.48 22.23

Total own assets 98.45 87.21 97.10 98.19 90.93 97.13 99.33 96.63 98.07 100.0 98.23

Investments in other

cooperatives 1.55 12.79 2.90 1.81 9.07 2.87 0.67 3.37 1.93 0.00 1.77

Total assets 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0

Current liabilities 47.71 29.02 42.13 30.38 39.36 70.05 24.13 24.64 31.48 50.22 21.27

Long-term liabilities 9.75 15.16 25.37 21.85 13.94 6.54 9.30 29.22 21.57 11.24 20.03

Total liabilities 57.46 44.19 67.51 52.23 53.30 76.59 33.43 53.87 53.05 61.46 41.30

Allocated equity 26.01 46.18 25.84 38.69 22.18 10.83 24.86 17.56 28.87 21.83 24.17

Retained earnings 16.53 9.63 6.65 9.08 24.52 12.58 41.71 28.58 18.08 16.71 34.53

Total equity 42.54 55.81 32.49 47.77 46.70 23.41 66.57 46.13 46.95 38.54 58.70

Total liabilities

& equity 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0

COOPERATIVE STATISTICS 2015 43
TABLE 28.1—Artificial insemination marketing co-ops, common-size financial statements, by size, 2015

ARTIFICIAL INSEMINATION CO-OPS TOTAL SALES GROUP

< $15 Million in Sales > $15 Million in Sales

Balance sheet Percent of total assets Percent of total assets

Current assets 73.5 51.8

Other assets 3.9 21.6

Property, plant and equipment 13.7 20.0

Total, own assets 91.1 93.4

Investments in other cooperatives 8.9 6.6

Total assets 100.0 100.0

Current liabilities 20.2 30.4

Long-term liabilities 15.1 19.8

Total liabilities 35.3 50.2

Allocated equity (1.4) 18.9

Retained earnings 66.1 30.9

Total equity 64.7 49.8

Total equity and liabilities 100.0 100.0

Income statement Percent of total sales Percent of total sales

Total sales group 100.0 100.0

Cost of goods sold 33.1 37.6

Gross margin 66.9 62.4

Service and other income 11.3 7.1

Gross revenue 78.2 69.5

Wages 47.4 32.7

Depreciation 1.9 3.7

Interest 0.0 1.1

Other expenses 22.2 27.3

Total expenses 71.6 64.7

Net operating margins 6.7 4.8

Patronage income 0.1 0.2

Non-operating income 0.8 0.1

Net income before taxes 7.6 5.1

Taxes 0.6 0.8

Net income 7.0 4.3

Millions $ Millions $

Total business volume 40.4 468.2

Ratios Ratio Ratio

Current 3.65 1.70

Debt-to-equity 0.55 1.01

Retained earnings-to-equity 1.02 0.62

Percent Percent

Return-on-assets 10.9 5.5

Return-on-allocated member equity (784.3) 29.0

Number of cooperatives 4 8

44 COOPERATIVE STATISTICS 2015
TABLE 28.2—Cotton marketing co-ops, common-size financial statements, by size, 2015

COTTON MARKETING CO-OPS TOTAL SALES GROUP

< $100 Million in Sales > $100 Million in Sales

Balance sheet Percent of total assets Percent of total assets

Current assets 67.0 63.9

Other assets 1.0 12.5

Property, plant and equipment 31.0 22.0

Total, own assets 99.0 98.3

Investments in other cooperatives 1.0 1.7

Total assets 100.0 100.0

Current liabilities 74.4 46.5

Long-term liabilities 0.8 10.8

Total liabilities 75.2 57.3

Allocated equity 6.5 25.5

Retained earnings 18.3 17.1

Total equity 24.8 42.7

Total equity and liabilities 100.0 100.0

Income statement Percent of total sales Percent of total sales

Total sales group 100.0 100.0

Cost of goods sold 92.2 97.0

Gross margin 7.8 3.0

Service and other income 0.6 5.1

Gross revenue 8.5 8.1

Wages 4.1 1.7

Depreciation 1.6 0.5

Interest 1.3 0.4

Other expenses 5.2 3.3

Total expenses 12.3 5.8

Net operating margins (3.8) 2.3

Patronage income 0.0 0.0

Non-operating income 0.5 (0.3)

Net income before taxes (3.3) 2.1

Taxes 0.0 0.1

Net income (3.3) 2.0

Million $ Million $

Total business volume 210.3 2,696.1

Ratios Ratio Ratio

Current 0.90 1.37

Debt-to-equity 3.04 1.34

Retained earnings-to-equity 0.74 0.40

Percent Percent

Return-on-assets (6.6) 6.9

Return-on-allocated member equity (102.2) 27.2

Number of cooperatives 6 7

COOPERATIVE STATISTICS 2015 45
TABLE 28.3—Cotton ginning marketing co-ops, common-size financial statements, by size, 2015

COTTON GINNING CO-OPS TOTAL SALES GROUP

< $1 Million in Sales $1 – $5 Million in Sales $5 – $10 Million in Sales > $10 Million in Sales

Balance sheet ——————————— Percent of total assets ———————————

Current assets 36.3 39.1 35.2 43.1

Other assets 10.0 6.6 0.3 0.0

Property, plant and equipment 44.4 44.6 48.0 41.3

Total, own assets 90.7 90.3 83.4 84.4

Investments in other cooperatives 9.3 9.7 16.6 15.6

Total assets 100.0 100.0 100.0 100.0

Current liabilities 22.8 28.1 30.2 33.4

Long-term liabilities 18.6 17.5 12.4 12.1

Total liabilities 41.4 45.6 42.6 45.4

Allocated equity 56.0 46.7 48.6 30.5

Retained earnings 2.6 7.7 8.8 24.1

Total equity 58.6 54.4 57.4 54.6

Total equit and liabilities 100.0 100.0 100.0 100.0

Income statement ——————————— Percent of total sales ———————————

Total sales group 100.0 100.0 100.0 100.0

Cost of goods sold 67.8 71.4 68.9 79.1

Gross margin 32.2 28.6 31.1 20.9

Service and other income 91.4 47.1 35.4 28.4

Gross revenue 123.6 75.7 66.5 49.3

Wages 40.2 22.1 17.0 12.5

Depreciation 14.2 6.0 6.3 3.3

Interest 3.4 1.4 0.8 0.3

Other expenses 62.7 41.4 28.4 21.2

Total expenses 120.5 70.9 52.5 37.3

Net operating margins 3.1 4.8 14.0 12.0

Patronage income 8.5 9.9 5.2 4.5

Non-operating income 1.0 1.9 0.4 0.3

Net income before taxes 12.7 16.5 19.7 16.8

Taxes 0.1 0.1 0.0 0.0

Net income 12.6 16.5 19.6 16.8

 ———————————— Million $ ————————————

Total business volume 22.9 182.7 171.5 73.0

Ratios ————————————— Ratio —————————————

Current 1.59 1.39 1.16 1.29

Debt-to-equity 0.71 0.84 0.74 0.83

Retained earnings-to-equity 0.04 0.14 0.15 0.44

 ————————————— Percent —————————————

Return-on-assets 5.3 12.7 20.7 23.2

Return-on-allocated member equity 9.4 27.2 42.6 76.0

Number of cooperatives 30 55 18 4

46 COOPERATIVE STATISTICS 2015
TABLE 28.4—Dairy marketing co-ops, common-size financial statements, by size, 2015

DAIRY MARKETING CO-OPS TOTAL SALES GROUP

Less than $1 Million $1 – $5 Million $5 – $10 Million $10 – $20 Million

Balance sheet ——————————— Percent of total assets ———————————

Current assets 60.2 65.0 57.2 62.5

Other assets 12.3 13.1 9.1 7.3

Property, plant and equipment 27.4 21.4 12.3 10.6

Total, own assets 100.0 99.5 78.6 80.5

Investments in other cooperatives - 0.5 21.4 19.5

Total assets 100.0 100.0 100.0 100.0

Current liabilities 45.5 55.8 35.7 48.8

Long-term liabilities 15.0 7.9 6.6 4.8

Total liabilities 60.5 63.6 42.3 53.7

Allocated equity 49.3 20.7 54.7 35.4

Retained earnings (9.8) 15.7 2.9 11.0

Total equity 39.5 36.4 57.7 46.3

Total equity and liabilities 100.0 100.0 100.0 100.0

Income statement ——————————— Percent of total sales ———————————

Total sales group 100.0 100.0 100.0 100.0

Cost of goods sold 95.8 94.0 87.5 96.4

Gross margin 4.2 6.0 12.5 3.6

Service and other income 9.9 3.1 1.1 2.4

Gross revenue 14.1 9.1 13.6 5.9

Wages 4.9 4.3 3.0 2.4

Depreciation 1.1 0.7 0.3 0.3

Interest 0.5 0.3 0.1 0.1

Other expenses 7.3 3.7 10.2 2.8

Total expenses 13.8 9.0 13.5 5.5

Net operating margins 0.2 0.1 0.1 0.4

Patronage income 0.0 0.0 0.6 0.4

Non-operating income 0.5 0.1 0.7 (0.0)

Net. income before taxes 0.7 0.1 1.4 0.8

Taxes 0.0 0.0 0.0 0.0

Net income 0.7 0.1 1.3 0.8

 ———————————— Million $ ————————————

Total business volume 4.2 39.6 83.7 248.3

Ratios ———————————— Ratio ————————————

Current 1.32 1.16 1.60 1.28

Debt-to-equity 1.53 1.75 0.73 1.16

Retained earnings-to-equity (0.25) 0.43 0.05 0.24

 ———————————— Percent ————————————

Return-on-assets 2.4 0.5 8.1 5.5

Return-on-allocated member equity 4.8 2.5 14.9 15.5

Number of cooperatives 14 16 12 16

This table continues on next page.

COOPERATIVE STATISTICS 2015 47
TABLE 28.4 (cont.)—Dairy marketing co-ops, common-size financial statements, by size, 2015

DAIRY MARKETING CO-OPS TOTAL SALES GROUP

$20 – $50 Million $50 – $200 Million $200 – $1 Billion $1 Billion or More

Balance sheet ——————————— Percent of total assets ———————————

Current assets 71.0 64.1 58.0 50.2

Other assets 0.7 2.0 2.7 21.2

Property, plant and equipment 19.1 27.7 36.9 25.8

Total, own assets 90.8 93.8 97.6 97.3

Investments in other cooperatives 9.2 6.2 2.4 2.7

Total assets 100.0 100.0 100.0 100.0

Current liabilities 60.2 51.0 33.1 44.6

Long-term liabilities 14.2 12.0 25.8 26.1

Total liabilities 74.4 63.1 58.8 70.8

Allocated equity 21.4 24.0 30.8 24.2

Retained earnings 4.2 12.9 10.3 5.1

Total equity 25.6 36.9 41.2 29.2

Total equity and liabilities 100.0 100.0 100.0 100.0

Income statement ——————————— Percent of total sales ———————————

Total sales group 100.0 100.0 100.0 100.0

Cost of goods sold 96.0 95.2 83.9 95.2

Gross margin 4.0 4.8 16.1 4.8

Service and other income 0.3 0.7 2.7 0.1

Gross revenue 4.3 5.5 18.8 4.8

Wages 1.8 2.0 4.2 3.6

Depreciation 0.3 0.4 1.0 0.6

Interest 0.2 0.1 0.3 0.3

Other expenses 1.6 2.5 11.6 0.1

Total expenses 3.8 5.0 17.1 4.6

Net operating margins 0.5 0.5 1.7 0.2

Patronage income 0.2 0.1 0.1 0.0

Non-operating income (0.2) 0.1 0.3 0.4

Net income before taxes 0.5 0.7 2.0 0.7

Taxes 0.0 0.0 0.2 0.1

Net income 0.5 0.7 1.8 0.6

 ———————————— Million $ ————————————

Total business volume 490.3 2,015.2 8,087.2 27,155.3

Ratios ———————————— Ratio ————————————

Current 1.18 1.26 1.75 1.12

Debt-to-equity 2.90 1.71 1.43 2.42

Retained earnings-to-equity 0.17 0.35 0.25 0.17

 ———————————— Percent ————————————

Return-on-assets 4.3 4.3 6.2 2.4

Return-on-allocated member equity 19.9 17.9 20.2 10.1

Number of cooperatives 16 18 12 8

48 COOPERATIVE STATISTICS 2015
TABLE 28.5—Fish and seafood marketing co-ops, common-size financial statements, by size, 2015

FISH AND SEAFOOD MARKETING CO-OPS TOTAL SALES GROUP

< $1 Million $1 – $10 Million $10 Million.or More

Balance sheet ——————————— Percent of total assets ———————————

Current assets 52.0 48.8 64.4

Other assets 0.5 11.8 7.4

Property, plant and equipment 47.4 39.4 28.2

Total, own assets 99.9 100.0 100.0

Investments in other cooperatives 0.1 - -

Total assets 100.0 100.0 100.0

Current liabilities 33.3 37.6 51.5

Long-term liabilities 23.4 13.6 10.7

Total liabilities 56.7 51.2 62.3

Allocated equity 41.8 34.0 20.5

Retained earnings 1.5 14.8 17.3

Total equity 43.3 48.8 37.7

Total equity and liabilities 100.0 100.0 100.0

Income statement ——————————— Percent of total sales ———————————

Total sales group 100.0 100.0 100.0

Cost of goods sold 87.3 84.2 78.9

Gross margin 12.7 15.8 21.1

Service and other income 4.9 0.3 2.5

Gross revenue 17.5 16.1 23.6

Wages 7.3 5.5 10.3

Depreciation 0.8 0.7 1.2

Interest 0.5 0.3 0.5

Other expenses 8.2 9.7 8.4

Total expenses 16.8 16.2 20.4

Net operating margins 0.7 (0.1) 3.2

Patronage income 0.1 0.0 0.0

Non-operating income 0.0 0.2 0.5

Net income before taxes 0.8 0.1 3.7

Taxes 0.0 0.0 0.1

Net income 0.8 0.1 3.6

 ————————————— Million $ ————————————

Total business volume 6.0 37.8 236.7

Ratios —————————————— Ratio ————————————

Current 1.56 1.30 1.25

Debt-to-equity 1.31 1.05 1.65

Retained earnings-to-equity 0.04 0.30 0.46

 ————————————— Percent ————————————

Return-on-assets 1.9 0.6 9.6

Return-on-allocated member equity 4.6 1.9 46.8

Number of cooperatives 18 10 9

COOPERATIVE STATISTICS 2015 49
TABLE 28.6—Fresh fruit and vegetable marketing co-ops, common-size financial statements, by size, 2015

FRESH FRUIT AND VEGETABLE CO-OPS TOTAL SALES GROUP

Less than $1 Million $1 – $5 Million $5 – $10 Million

Balance sheet ——————————— Percent of total assets ———————————

Current assets 59.0 56.3 61.1

Other assets 16.8 11.2 10.0

Property, plant and equipment 24.2 32.4 24.0

Total, own assets 100.0 100.0 95.2

Investments in other cooperatives 0.0 0.0 4.8

Total assets 100.0 100.0 100.0

Current liabilities 43.1 44.3 44.7

Long-term liabilities 16.9 18.0 7.9

Total liabilities 60.0 62.3 52.6

Allocated equity 23.7 21.8 31.6

Retained earnings 16.3 15.8 15.8

Total equity 40.0 37.7 47.4

Total equity and liabilities 100.0 100.0 100.0

Income statement ——————————— Percent of total sales ———————————

Total sales group 100.0 100.0 100.0

Cost of goods sold 81.2 84.3 80.6

Gross margin 18.8 15.7 19.4

Service and other income 4.0 23.7 4.3

Gross revenue 22.8 39.4 23.8

Wages 14.4 15.9 8.0

Depreciation 1.5 1.2 1.5

Interest 0.6 0.8 0.3

Other expenses 7.0 17.0 11.7

Total expenses 23.5 34.9 21.5

Net operating margins (0.7) 4.5 2.3

Patronage income 0.2 0.0 0.3

Non-operating income 1.5 0.5 0.6

Net income before taxes 1.0 5.0 3.2

Taxes 0.0 0.0 0.0

Net income 1.0 5.0 3.2

 ———————————— Million $ ————————————

Total business volume 6.3 69.9 98.5

Ratios ———————————— Ratio —————————————

Current 1.37 1.27 1.37

Debt-to-equity 1.50 1.65 1.11

Retained earnings-to-equity 0.41 0.42 0.33

 ———————————— Percent ————————————

Return-on-assets 1.8 6.1 6.0

Return-on-allocated member equity 7.7 27.8 18.9

Number of cooperatives 21 18 13

This table continues on next page.

50 COOPERATIVE STATISTICS 2015
TABLE 28.6 (cont.)—Fresh fruit and vegetable marketing co-ops, common-size financial statements, by size, 2015

FRESH FRUIT AND VEGETABLE CO-OPS TOTAL SALES GROUP

$10 – $20 Million $20 – $50 Million 50 Million or More

Balance sheet —————————— Percent of total assets ———————————

Current assets 47.8 49.1 54.8

Other assets 7.5 5.3 7.3

Property, plant and equipment 40.2 40.6 34.7

Total, own assets 95.5 95.0 96.9

Investments in other cooperatives 4.5 5.0 3.1

Total assets 100.0 100.0 100.0

Current liabilities 32.2 36.2 38.6

Long-term liabilities 16.8 18.3 21.7

Total liabilities 49.1 54.5 60.3

Allocated equity 35.1 23.4 18.5

Retained earnings 15.8 22.0 21.3

Total equity 50.9 45.5 39.7

Total equity and liabilities 100.0 100.0 100.0

Income statement —————————— Percent of total sales ———————————

Total sales group 100.0 100.0 100.0

Cost of goods sold 78.7 75.8 73.6

Gross margin 21.3 24.2 26.4

Service and other income 3.6 5.3 2.4

Gross revenue 24.8 29.5 28.8

Wages 13.5 11.6 12.5

Depreciation 1.8 1.7 2.0

Interest 1.5 0.4 0.8

Other expenses 7.6 14.4 4.1

Total expenses 24.4 28.1 19.4

Net operating margins 0.4 1.4 9.4

Patronage income 1.1 0.0 (8.0)

Non-operating income 0.3 0.1 0.2

Net income before taxes 1.8 1.5 1.5

Taxes 0.1 0.1 0.1

Net income 1.7 1.4 1.4

 ———————————— Million $ ————————————

Total business volume 166.6 395.7 1,419.8

Ratios ———————————— Ratio —————————————

Current 1.48 1.36 1.42

Debt-to-equity 0.96 1.20 1.52

Retained earnings-to-equity 0.31 0.48 0.54

 ———————————— Percent ————————————

Return-on-assets 4.3 3.5 3.4

Return-on-allocated member equity 12.3 14.9 18.2

Number of cooperatives 12 11 14

COOPERATIVE STATISTICS 2015 51
TABLE 28.7—Fresh fruit, processed fruit and vegetable co-ops, common-size financial statements, by size, 2015

FRESH FRUIT, PROCESSED FRUIT AND VEGETABLE CO-OPS TOTAL SALES GROUP

Less than $10 Million $10 – $100 Million 100 Million or More

Balance sheet ——————————— Percent of total assets ———————————

Current assets 75.6 56.3 52.4

Other assets 4.8 6.7 17.2

Property, plant and equipment 18.2 23.6 29.4

Total, own assets 98.7 86.5 99.0

Investments in other cooperatives 1.3 13.5 1.0

Total assets 100.0 100.0 100.0

Current liabilities 34.8 43.7 8.0

Long-term liabilities 2.0 9.3 20.5

Total liabilities 36.8 53.0 28.6

Allocated equity 47.7 40.0 65.3

Retained earnings 15.4 7.0 6.1

Total equity 63.2 47.0 71.4

Total equity and liabilities 100.0 100.0 100.0

Income statement ——————————— Percent of total sales ———————————

Total sales group 100.0 100.0 100.0

Cost of goods sold 94.4 78.5 79.7

Gross margin 5.6 21.5 20.3

Service and other income 8.0 3.0 5.9

Gross revenue 13.6 24.4 26.2

Wages 4.2 12.2 8.9

Depreciation 0.6 1.6 2.5

Interest 0.4 0.6 1.0

Other expenses 6.4 9.2 2.2

Total expenses 11.6 23.6 14.6

Net operating margins 2.0 0.8 11.6

Patronage income 0.0 0.1 0.1

Non-operating income 0.5 0.8 (0.3)

Net income before taxes 2.5 1.8 11.4

Taxes 0.0 0.2 0.1

Net income 2.4 1.6 11.2

 ———————————— Million $ ————————————

Total business volume 15.4 286.1 3,065.2

Ratios ————————————— Ratio ————————————

Current 2.17 1.29 6.52

Debt-to-equity 0.58 1.13 0.40

Retained earnings-to-equity 0.24 0.15 0.09

 ———————————— Percent ————————————

Return-on-assets 7.2 2.8 16.5

Return-on-allocated member equity 15.1 7.1 25.2

Number of cooperatives 553

52 COOPERATIVE STATISTICS 2015
TABLE 28.8—Processed fruit and vegetable co-ops, common-size financial statements, by size, 2015

PROCESSED FRUIT AND VEGETABLE CO-OPS TOTAL SALES GROUP

Less than $10 Million $10 – $100 Million $100 Million or More

Balance sheet ——————————— Percent of total assets ———————————

Current assets 80.5 65.7 66.1

Other assets 1.0 0.1 8.5

Property, plant and equipment 12.0 30.6 24.3

Total, own assets 93.5 96.4 98.9

Investments in other cooperatives 6.5 3.6 1.1

Total assets 100.0 100.0 100.0

Current liabilities 37.3 46.5 44.6

Long-term liabilities 2.8 7.2 24.9

Total liabilities 40.1 53.8 69.5

Allocated equity 55.9 40.3 23.4

Retained earnings 4.0 5.9 7.1

Total equity 59.9 46.2 30.5

Total equity and liabilities 100.0 100.0 100.0

Income statement ——————————— Percent of total sales ———————————

Total sales group 100.0 100.0 100.0

Cost of goods sold 96.3 62.4 68.6

Gross margin 3.7 37.6 31.4

Service and other income 0.2 3.2 1.3

Gross revenue 3.8 40.8 32.7

Wages 1.5 14.7 10.5

Depreciation 0.4 1.5 2.2

Interest 0.2 0.5 0.8

Other expenses 3.2 51.9 7.0

Total expenses 5.2 68.5 20.6

Net operating margins (1.4) (27.7) 12.1

Patronage income 0.0 0.4 0.0

Non-operating income 0.0 31.1 (0.1)

Net income before taxes (1.3) 3.8 12.1

Taxes 0.0 0.2 0.6

Net income (1.3) 3.6 11.5

 ———————————— Million $ ————————————

Total business volume 6.0 86.5 3,681.0

Ratios ————————————— Ratio ————————————

Current 2.16 1.41 1.48

Debt-to-equity 0.67 1.16 2.27

Retained earnings-to-equity 0.07 0.13 0.23

 ———————————— Percent ————————————

Return-on-assets (5.3) 5.6 17.6

Return-on-allocated member equity (9.5) 13.8 75.1

Number of cooperatives 539

COOPERATIVE STATISTICS 2015 53
TABLE 28.9—Grain marketing co-ops, common-size financial statements, by size, 2015

GRAIN MARKETING CO-OPS TOTAL SALES GROUP

Less than $5 Million $5 – $10 Million $10 – $15 Million $15 – $20 Million

Balance sheet ——————————— Percent of total assets ———————————

Current assets 50.2 58.9 57.4 61.1

Other assets 25.8 5.0 2.2 2.9

Property, plant and equipment 21.2 25.7 31.3 27.6

Total, own assets 97.2 89.6 91.0 91.6

Investments in other cooperatives 2.8 10.4 9.0 8.4

Total assets 100.0 100.0 100.0 100.0

Current liabilities 34.0 37.9 38.5 41.9

Long-term liabilities 12.1 10.0 14.1 10.8

Total liabilities 46.1 47.9 52.6 52.7

Allocated equity 38.3 32.1 27.2 21.7

Retained earnings 15.6 19.9 20.2 25.6

Total equity 53.9 52.1 47.4 47.3

Total equity and liabilities 100.0 100.0 100.0 100.0

Income statement ——————————— Percent of total sales ———————————

Total sales group 100.0 100.0 100.0 100.0

Cost of goods sold 91.0 92.0 92.4 92.9

Gross margin 9.0 8.0 7.6 7.1

Service and other income 7.1 6.7 3.6 3.8

Gross revenue 16.1 14.7 11.2 10.9

Wages 7.3 5.6 4.1 3.9

Depreciation 1.8 1.3 1.4 1.7

Interest 0.8 0.7 0.7 0.4

Other expenses 5.1 5.6 4.0 3.6

Total expenses 15.0 13.2 10.2 9.6

Net operating margins 1.1 1.5 1.0 1.4

Patronage income 0.3 0.9 0.7 0.5

Non-operating income 0.4 0.1 0.6 0.4

Net income before taxes 1.8 2.5 2.3 2.3

Taxes 0.0 0.1 0.2 0.1

Net income 1.8 2.4 2.1 2.1

 ———————————— Million $ ————————————

Total business volume 123.9 326.8 516.6 642.1

Ratios ———————————— Ratio ————————————

Current 1.47 1.55 1.49 1.46

Debt-to-equity 0.85 0.92 1.11 1.11

Retained earnings-to-equity 0.29 0.38 0.43 0.54

 ———————————— Percent ————————————

Return-on-assets 2.8 5.0 5.0 4.3

Return-on-allocated member equity 7.4 15.7 18.2 20.0

Number of cooperatives 42 40 41 35

This table continues on next page.

54 COOPERATIVE STATISTICS 2015
TABLE 28.9 (cont.)—Grain marketing co-ops, common-size financial statements, by size, 2015

GRAIN MARKETING CO-OPS TOTAL SALES GROUP

$20 – $30 Million $30 – $50 Million $50 – $100 Million

Balance sheet ——————————— Percent of total assets ———————————

Current assets 57.6 58.8 59.2

Other assets 3.9 1.1 3.8

Property, plant and equipment 31.2 30.7 28.5

Total, own assets 92.7 90.6 91.5

Investments in other cooperatives 7.3 9.4 8.5

Total assets 100.0 100.0 100.0

Current liabilities 41.2 42.6 44.3

Long-term liabilities 10.7 11.9 10.6

Total liabilities 51.9 54.5 54.9

Allocated equity 23.6 20.9 23.0

Retained earnings 24.4 24.6 22.1

Total equity 48.1 45.5 45.1

Total equity and liabilities 100.0 100.0 100.0

Income statement ——————————— Percent of total sales ———————————

Total sales group 100.0 100.0 100.0

Cost of goods sold 92.6 93.6 93.1

Gross margin 7.4 6.4 6.9

Service and other income 3.7 3.3 3.6

Gross revenue 11.1 9.7 10.5

Wages 3.7 3.2 3.5

Depreciation 1.7 1.5 1.3

Interest 0.4 0.4 0.4

Other expenses 3.4 3.0 3.1

Total expenses 9.3 8.1 8.3

Net operating margins 1.8 1.6 2.2

Patronage income 0.5 0.8 0.7

Non-operating income 0.4 0.3 0.1

Net income before taxes 2.7 2.7 3.1

Taxes 0.2 0.2 0.2

Net income 2.5 2.5 2.9

 ———————————— Million $ ————————————

Total business volume 1,217.7 2,326.9 5,868.1

Ratios ———————————— Ratio ————————————

Current 1.40 1.38 1.34

Debt-to-equity 1.08 1.20 1.22

Retained earnings-to-equity 0.51 0.54 0.49

 ———————————— Percent ————————————

Return-on-assets 4.9 5.8 6.5

Return-on-allocated member equity 20.6 27.6 28.2

Number of cooperatives 47 57 80

This table continues on next page.

COOPERATIVE STATISTICS 2015 55
TABLE 28.9 (cont.)—Grain marketing co-ops, common-size financial statements, by size, 2015

GRAIN MARKETING CO-OPS TOTAL SALES GROUP

$100 – $200 Million $200 – $500 Million $500 Million or More

Balance sheet ——————————— Percent of total assets ———————————

Current assets 56.9 55.4 52.8

Other assets 7.8 3.6 3.5

Property, plant and equipment 25.8 30.7 35.7

Total, own assets 90.4 89.7 92.0

Investments in other cooperatives 9.6 10.3 8.0

Total assets 100.0 100.0 100.0

Current liabilities 44.2 42.1 30.7

Long-term liabilities 14.1 13.0 17.2

Total liabilities 58.2 55.1 47.9

Allocated equity 19.9 21.0 23.9

Retained earnings 21.8 24.0 28.2

Total equity 41.8 44.9 52.1

Total equity and liabilities 100.0 100.0 100.0

Income statement ——————————— Percent of total sales ———————————

Total sales group 56.9 55.4 52.8

Cost of goods sold 7.8 3.6 3.5

Gross margin 25.8 30.7 35.7

Service and other income ---

Gross revenue 9.6 10.3 8.0

Wages 100.0 100.0 100.0

Depreciation 44.2 42.1 30.7

Interest 14.1 13.0 17.2

Other expenses 58.2 55.1 47.9

Total expenses 19.9 21.0 23.9

Net operating margins 21.8 24.0 28.2

Patronage income 41.8 44.9 52.1

Non-operating income 100.0 100.0 100.0

Net income before taxes 56.9 55.4 52.8

Taxes 7.8 3.6 3.5

Net income 25.8 30.7 35.7

 ———————————— Million $ ————————————

Total business volume 6,653.1 13,482.0 15,146.0

Ratios ———————————— Ratio ————————————

Current 1.29 1.32 1.72

Debt-to-equity 1.40 1.23 0.92

Retained earnings-to-equity 0.52 0.53 0.54

 ———————————— Percent ————————————

Return-on-assets 4.6 5.6 6.7

Return-on-allocated member equity 23.0 26.6 27.9

Number of cooperatives 46 41 15

56 COOPERATIVE STATISTICS 2015
TABLE 28.10—Livestock marketing co-ops, common-size financial statements, by size, 2015

LIVESTOCK MARKETING CO-OPS TOTAL SALES GROUP

Less than $1 Million $1 – $10 Million $10 – $50 Million $50 – $300 Million $300 Million or More

Balance sheet ——————————— Percent of total assets ———————————

Current assets 61.9 27.9 58.9 82.4 91.2

Other assets 14.0 32.9 15.7 8.4 1.4

Property, plant and equipment 24.0 39.1 25.4 5.9 4.5

Total, own assets 100.0 100.0 100.0 96.8 97.1

Investments in other cooperatives 0.0 - - 3.2 2.9

Total assets 100.0 100.0 100.0 100.0 100.0

Current liabilities 52.6 58.7 46.2 64.8 76.4

Long-term liabilities 19.2 19.5 13.3 9.2 3.7

Total liabilities 71.8 78.2 59.4 74.0 80.1

Allocated equity 13.8 5.5 23.2 13.0 7.8

Retained earnings 14.4 16.3 17.3 13.0 12.1

Total equity 28.2 21.8 40.6 26.0 19.9

Total equity and liabilities 100.0 100.0 100.0 100.0 100.0

Income statement ——————————— Percent of total sales ———————————

Total sales group 100.0 100.0 100.0 100.0 100.0

Cost of goods sold 90.0 92.8 93.8 95.4 99.5

Gross margin 10.0 7.2 6.2 4.6 0.5

Service and other income 19.9 1.6 3.8 2.6 1.0

Gross revenue 29.9 8.8 9.9 7.1 1.5

Wages 8.0 3.6 3.1 2.0 0.8

Depreciation 1.0 0.9 1.1 0.4 0.0

Interest 0.4 0.2 0.5 0.6 0.1

Other expenses 20.6 3.7 4.2 1.8 0.4

Total expenses 29.9 8.4 8.9 4.7 1.3

Net operating margins (0.0) 0.5 1.1 2.4 0.2

Patronage income 0.0 0.0 0.0 0.5 0.0

Non-operating income 0.0 0.1 0.0 0.8 0.0

Net income before taxes (0.0) 0.5 1.1 3.8 0.2

Taxes 0.2 0.0 0.0 0.6 0.0

Net income (0.2) 0.5 1.1 3.2 0.2

 ———————————— Million $ ————————————

Total business volume 10.6 25.7 73.9 552.6 3,885.2

Ratios ———————————— Ratio ————————————

Current 1.18 0.48 1.27 1.27 1.19

Debt-to-equity 2.55 3.58 1.47 2.84 4.03

Retained earnings-to-equity 0.51 0.75 0.43 0.50 0.61

 ———————————— Percent ————————————

Return-on-assets (0.2) 3.4 3.2 6.3 2.5

Return-on-allocated member equity (1.8) 62.5 13.9 48.4 31.7

Number of cooperatives 29 845 38

COOPERATIVE STATISTICS 2015 57
TABLE 28.11—Poultry marketing co-ops, common-size financial statements, by size, 2015

POULTRY MARKETING CO-OPS TOTAL SALES GROUP

Less than $100 Million $100 Million or More

Balance sheet ——————————— Percent of total assets ———————————

Current assets 62.3 78.0

Other assets 11.8 1.2

Property, plant and equipment 25.4 20.2

Total, own assets 99.5 99.3

Investments in other cooperatives 0.5 0.7

Total assets 100.0 100.0

Current liabilities 38.4 22.7

Long-term liabilities 10.4 9.2

Total liabilities 48.8 31.9

Allocated equity 19.6 25.4

Retained earnings 31.5 42.7

Total equity 51.2 68.1

Total equity and liabilities 100.0 100.0

Income statement ——————————— Percent of total sales ———————————

Total sales group 100.0 100.0

Cost of goods sold 80.3 86.6

Gross margin 19.7 13.4

Service and other income 5.6 18.1

Gross revenue 25.3 31.5

Wages 9.8 5.2

Depreciation 1.2 0.9

Interest 0.2 0.2

Other expenses 12.0 17.1

Total expenses 23.1 23.4

Net operating margins 2.2 8.1

Patronage income 0.2 0.0

Non-operating income 0.1 0.4

Net income before taxes 2.5 8.6

Taxes 0.2 0.0

Net income 2.3 8.5

 ———————————— Million $ ————————————

Total business volume 80.2 1,182.6

Ratios ———————————— Ratio ————————————

Current 1.62 3.43

Debt-to-equity 0.95 0.47

Retained earnings-to-equity 0.62 0.63

 ———————————— Percent ————————————

Return-on-assets 4.4 21.7

Return-on-allocated member equity 22.2 85.4

Number of cooperatives 6 5

58 COOPERATIVE STATISTICS 2015
TABLE 28.12—Nut marketing co-ops, common-size financial statements, by size, 2015

NUT MARKETING CO-OPS TOTAL SALES GROUP

Less than $10 Million $10 Million or More

Balance sheet ——————————— Percent of total assets ———————————

Current assets 69.4 60.3

Other assets 12.2 0.1

Property, plant and equipment 17.6 35.5

Total, own assets 99.2 95.8

Investments in other cooperatives 0.8 4.2

Total assets 100.0 100.0

Current liabilities 54.7 33.6

Long-term liabilities 8.3 33.3

Total liabilities 63.0 66.9

Allocated equity (6.8) 19.0

Retained earnings 43.8 14.1

Total equity 37.0 33.1

Total equity and liabilities 100.0 100.0

Income statement ——————————— Percent of total sales ———————————

Total sales group 100.0 100.0

Cost of goods sold 78.9 21.8

Gross margin 21.1 78.2

Service and other income 2.0 0.1

Gross revenue 23.1 78.2

Wages 15.1 1.9

Depreciation 1.0 0.7

Interest 0.5 0.5

Other expenses 3.6 5.8

Total expenses 20.2 8.8

Net operating margins 2.9 69.4

Patronage income 0.1 0.0

Non-operating income 0.1 0.0

Net income before taxes 3.1 69.5

Taxes 0.0 0.0

Net income 3.1 69.4

 ———————————— Million $ ————————————

Total business volume 9.9 1,723.1

Ratios ———————————— Ratio ————————————

Current 1.27 1.79

Debt-to-equity 1.70 2.02

Retained earnings-to-equity 1.18 0.43

 ———————————— Percent ————————————

Return-on-assets 6.3 218.1

Return-on-allocated member equity (93.6) 1,147.0

Number of cooperatives 6 5

COOPERATIVE STATISTICS 2015 59
TABLE 28.13—Rice marketing co-ops, common-size financial statements, by size, 2015

RICE MARKETING CO-OPS TOTAL SALES GROUP

Less than $50 Million $50 Million or More

Balance sheet ——————————— Percent of total assets ———————————

Current assets 64.6 61.2

Other assets 14.6 4.5

Property, plant and equipment 20.8 30.9

Total, own assets 100.0 96.6

Investments in other cooperatives - 3.4

Total assets 100.0 100.0

Current liabilities 44.1 24.6

Long-term liabilities 9.3 29.3

Total liabilities 53.4 53.9

Allocated equity 33.9 17.5

Retained earnings 12.7 28.6

Total equity 46.6 46.1

Total equity and liabilities 100.0 100.0

Income statement ——————————— Percent of total sales ———————————

Total sales group 100.0 100.0

Cost of goods sold 95.9 72.1

Gross margin 4.1 27.9

Service and other income 2.5 3.4

Gross revenue 6.6 31.3

Wages 1.8 9.7

Depreciation 0.2 2.2

Interest 0.1 0.4

Other expenses 3.6 15.1

Total expenses 5.6 27.4

Net operating margins 1.1 3.8

Patronage income 0.0 0.4

Non-operating income 0.0 (0.3)

Net income before taxes 1.1 3.9

Taxes 0.0 0.4

Net income 1.0 3.5

 ———————————— Million $ ————————————

Total business volume 46.1 1,970.5

Ratios ———————————— Ratio ————————————

Current 1.47 2.49

Debt-to-equity 1.15 1.17

Retained earnings-to-equity 0.27 0.62

 ———————————— Percent ————————————

Return-on-assets 15.0 7.1

Return-on-allocated member equity 44.2 40.5

Number of cooperatives 6 4

60 COOPERATIVE STATISTICS 2015
TABLE 28.14—Sugar marketing co-ops, common-size financial statements, by size, 2015

SUGAR MARKETING CO-OPS TOTAL SALES GROUP

Less than $20 Million $20 – $100 Million $100 – $300 Million $300 Million or More

Balance sheet ——————————— Percent of total assets ———————————

Current assets 62.1 30.0 26.8 42.6

Other assets 15.2 2.3 46.6 11.6

Property, plant and equipment 22.8 63.7 24.9 44.0

Total, own assets 100.0 96.0 98.3 98.1

Investments in other cooperatives - 4.0 1.7 1.9

Total assets 100.0 100.0 100.0 100.0

Current liabilities 49.0 25.3 23.7 34.6

Long-term liabilities 10.4 13.9 16.7 23.8

Total liabilities 59.4 39.3 40.5 58.4

Allocated equity 26.1 49.3 7.3 34.6

Retained earnings 14.5 11.4 52.2 7.0

Total equity 40.6 60.7 59.5 41.6

Total equity and liabilities 100.0 100.0 100.0 100.0

Income statement ——————————— Percent of total sales ———————————

Total sales group 100.0 100.0 100.0 100.0

Cost of goods sold 90.6 69.6 50.4 75.2

Gross margin 9.4 30.4 49.6 24.8

Service and other income 5.2 0.6 0.0 1.0

Gross revenue 14.6 31.0 49.6 25.8

Wages 0.7 10.7 5.8 6.3

Depreciation 0.1 3.4 2.7 2.0

Interest 0.0 0.9 0.5 0.3

Other expenses 12.5 17.2 16.5 9.6

Total expenses 13.4 32.2 25.5 18.3

Net operating margins 1.2 (1.2) 24.1 7.5

Patronage income 0.0 0.1 0.2 0.0

Non-operating income 0.0 0.5 2.7 (0.8)

Net income before taxes 1.2 (0.6) 27.0 6.6

Taxes 0.0 0.0 0.5 0.1

Net income 1.2 (0.6) 26.5 6.5

 ———————————— Million $ ————————————

Total business volume 21.8 266.5 895.4 6,479.0

Ratios ———————————— Ratio ————————————

Current 1.27 1.18 1.13 1.23

Debt-to-equity 1.46 0.65 0.68 1.40

Retained earnings-to-equity 0.36 0.19 0.88 0.17

 ———————————— Percent ————————————

Return-on-assets 24.7 (0.8) 24.4 15.2

Return-on-allocated member equity 94.7 (1.6) 333.1 43.9

Number of cooperatives 10 548

COOPERATIVE STATISTICS 2015 61
TABLE 28.15—Miscellaneous marketing co-ops, common-size financial statements, 2015

TYPE OF MARKETING COOPERATIVE

Dry Bean Seed,

Bioenergy & Pea Flower & Fiber Tobacco Wool Other

1

Balance sheet ——————————— Percent of total assets ———————————

Current assets 47.0 64.1 61.7 46.7 45.1 51.2

Other assets 22.8 4.7 16.0 47.1 36.8 25.6

Property, plant and equipment 29.3 29.7 22.3 6.2 17.7 22.9

Total, own assets 99.1 98.5 100.0 100.0 99.6 99.7

Investments in other cooperatives 0.9 1.5 - - 0.4 0.3

Total assets 100.0 100.0 100.0 100.0 100.0 100.0

Current liabilities 13.0 43.7 47.2 11.8 21.2 11.2

Long-term liabilities 9.3 11.8 8.8 14.9 18.9 9.7

Total liabilities 22.3 55.5 56.0 26.7 40.1 20.9

Allocated equity 47.8 28.5 31.8 11.1 41.6 78.4

Retained earnings 29.9 16.0 12.2 62.2 18.3 0.7

Total equity 77.7 44.5 44.0 73.3 59.9 79.1

Total equity and liabilities 100.0 100.0 100.0 100.0 100.0 100.0

Income statement ——————————— Percent of total sales ———————————

Total sales group 100.0 100.0 100.0 100.0 100.0 100.0

Cost of goods sold 79.3 90.6 70.1 86.1 80.3 91.4

Gross margin 20.7 9.4 29.9 13.9 19.7 8.6

Service and other income 0.4 2.4 3.5 0.1 3.5 1.3

Gross revenue 21.1 11.8 33.4 14.0 23.3 9.9

Wages 2.2 3.2 23.3 3.9 7.9 10.0

Depreciation 2.3 1.9 0.8 1.5 0.9 3.4

Interest 0.2 0.4 0.4 0.6 0.0 0.0

Other expenses 7.5 4.0 7.1 4.4 13.4 5.7

Total expenses 12.2 9.6 31.5 10.3 22.2 19.2

Net operating margins 8.9 2.3 1.9 3.7 1.1 (9.3)

Patronage income 0.6 0.1 0.0 0.0 0.0 0.0

Non-operating income 5.8 0.0 0.0 1.1 0.0 24.7

Net income before taxes 15.3 2.4 1.9 4.7 1.1 15.4

Taxes 0.5 0.1 0.0 0.8 0.0 (2.0)

Net income 14.8 2.3 1.9 3.9 1.1 17.4

 ———————————— Million $ ————————————

Total business volume 540.4 109.0 5.2 342.7 5.1 10.4

Ratios ———————————— Ratio ————————————

Current 3.62 1.47 1.31 3.96 2.12 4.56

Debt-to-equity 0.29 1.25 1.27 0.36 0.67 0.26

Retained earnings-to-equity 0.38 0.36 0.28 0.85 0.31 0.01

 ———————————— Percent ————————————

Return-on-assets 20.7 4.5 5.7 2.5 0.8 9.9

Return-on-allocated member equity 43.4 15.8 17.8 22.9 1.9 12.6

Number of cooperatives 6 445 38 8

1 Wood, alligator, coffee, etc.

62 COOPERATIVE STATISTICS 2015
TABLE 28.16—Farm supply co-ops, common-size financial statements, by size, 2015

FARM SUPPLY CO-OPS TOTAL SALES

Less than $1 Million $1 – $5 Million. $5 – $10 Million $10 – $15 Million

Balance sheet ——————————— Percent of total assets ———————————

Current assets 53.7 57.4 54.0 50.5

Other assets 8.3 5.7 3.5 1.7

Property, plant and equipment 19.4 19.9 23.4 26.3

Total, own assets 81.5 83.0 81.0 78.4

Investments in other cooperatives 18.5 17.0 19.0 21.6

Total assets 100.0 100.0 100.0 100.0

Current liabilities 30.9 26.7 27.8 26.0

Long-term liabilities 12.4 8.4 6.8 7.6

Total liabilities 43.3 35.1 34.6 33.7

Allocated equity 56.0 37.1 38.1 37.4

Retained earnings 0.6 27.8 27.3 28.9

Total equity 56.7 64.9 65.4 66.3

Total equity and liabilities 100.0 100.0 100.0 100.0

Income statement ——————————— Percent of total sales ———————————

Total sales group 100.0 100.0 100.0 100.0

Cost of goods sold 84.1 84.0 84.1 84.0

Gross margin 15.9 16.0 15.9 16.0

Service and other income 3.0 3.0 2.8 3.2

Gross revenue 18.9 19.1 18.7 19.2

Wages 13.1 10.2 9.6 8.7

Depreciation 1.3 1.5 1.6 1.9

Interest 1.1 0.5 0.5 0.3

Other expenses 6.7 6.4 5.8 5.7

Total expenses 22.1 18.5 17.5 16.6

Net operating margins (3.3) 0.6 1.3 2.6

Patronage income 0.6 1.4 1.7 2.2

Non-operating income 0.6 0.4 0.6 0.4

Net income before taxes (2.0) 2.5 3.6 5.2

Taxes 0.0 0.1 0.3 0.6

Net income (2.0) 2.3 3.3 4.6

 ———————————— Million $ ————————————

Total business volume 12.4 502.2 887.5 863.6

Ratios ———————————— Ratio ————————————

Current 1.74 2.15 1.94 1.94

Debt-to-equity 0.76 0.54 0.53 0.51

Retained earnings-to-equity 0.01 0.43 0.42 0.44

 ———————————— Percent ————————————

Return-on-assets (3.3) 3.9 6.1 7.6

Return-on-allocated member equity (5.9) 10.6 16.0 20.4

Number of cooperatives 24 164 115 66

This table continues on next page.

COOPERATIVE STATISTICS 2015 63
TABLE 28.16 (cont.)—Farm supply co-ops, common-size financial statements, by size, 2015

FARM SUPPLY CO-OPS TOTAL SALES

$15 – $20 Million $20 – $25 Million $25 – $30 Million $30 – $50 Million

Balance sheet ——————————— Percent of total assets ———————————

Current assets 45.8 48.3 45.4 59.1

Other assets 4.0 1.2 2.1 3.6

Property, plant and equipment 23.9 27.2 31.3 20.5

Total, own assets 73.7 76.7 78.8 83.2

Investments in other cooperatives 26.3 23.3 21.2 16.8

Total assets 100.0 100.0 100.0 100.0

Current liabilities 27.8 29.5 29.5 36.5

Long-term liabilities 7.5 10.6 10.4 5.9

Total liabilities 35.3 40.1 39.9 42.4

Allocated equity 33.1 37.0 37.0 38.7

Retained earnings 31.6 22.9 23.1 18.9

Total equity 64.7 59.9 60.1 57.6

Total equity and liabilities 100.0 100.0 100.0 100.0

Income statement ——————————— Percent of total sales ———————————

Total sales group 100.0 100.0 100.0 100.0

Cost of goods sold 83.4 85.8 84.0 84.1

Gross margin 16.6 14.2 16.0 15.9

Service and other income 2.4 3.2 1.1 4.0

Gross revenue 19.0 17.4 17.2 20.0

Wages 9.4 7.8 8.1 9.0

Depreciation 2.0 2.0 1.9 1.7

Interest 0.3 0.4 0.4 0.3

Other expenses 5.8 4.9 5.3 6.6

Total expenses 17.5 15.1 15.7 17.7

Net operating margins 1.5 2.3 1.4 2.3

Patronage income 3.3 2.6 2.4 2.1

Non-operating income 0.4 0.5 0.1 0.7

Net income before taxes 5.2 5.4 4.0 5.1

Taxes 0.6 0.6 0.5 0.5

Net income 4.7 4.8 3.5 4.6

 ———————————— Million $ ————————————

Total business volume 446.9 784.8 539.2 1,964.2

Ratios ———————————— Ratio ————————————

Current 1.65 1.64 1.54 1.62

Debt-to-equity 0.55 0.67 0.66 0.74

Retained earnings-to-equity 0.49 0.38 0.38 0.33

 ———————————— Percent ————————————

Return-on-assets 7.6 7.7 5.6 7.5

Return-on-allocated member equity 23.1 20.7 15.0 19.5

Number of cooperatives 24 34 25 52

This table continues on next page.

64 COOPERATIVE STATISTICS 2015
TABLE 28.16 (cont.)—Farm supply co-ops, common-size financial statements, by size, 2015

FARM SUPPLY CO-OPS TOTAL SALES

$50 – $100 Million $100 – $500 Million Greater than $500 Million

Balance sheet ——————————— Percent of total assets ———————————

Current assets 49.2 50.1 64.9

Other assets 5.4 7.2 7.3

Property, plant and equipment 27.4 26.6 21.4

Total, own assets 82.0 83.9 93.5

Investments in other cooperatives 18.0 16.1 6.5

Total assets 100.0 100.0 100.0

Current liabilities 28.6 29.5 34.5

Long-term liabilities 8.4 14.5 16.3

Total liabilities 37.0 44.0 50.7

Allocated equity 27.8 26.2 18.6

Retained earnings 35.2 29.8 30.6

Total equity 63.0 56.0 49.3

Total equity and liabilities 100.0 100.0 100.0

Income statement ——————————— Percent of total sales ———————————

Total sales group 100.0 100.0 100.0

Cost of goods sold 84.2 86.4 93.2

Gross margin 15.8 13.6 6.8

Service and other income 2.1 1.5 0.2

Gross revenue 18.0 15.0 7.0

Wages 7.7 6.5 2.4

Depreciation 1.7 1.5 0.9

Interest 0.2 0.3 0.3

Other expenses 5.9 4.3 1.6

Total expenses 15.5 12.6 5.2

Net operating margins 2.4 2.5 1.8

Patronage income 1.9 1.7 0.4

Non-operating income 0.6 0.4 0.2

Net income before taxes 4.9 4.6 2.3

Taxes 0.8 0.8 0.9

Net income 4.1 3.8 1.5

 ———————————— Million $ ————————————

Total business volume 2,782.2 5,768.6 13,435.0

Ratios ———————————— Ratio ————————————

Current 1.72 1.70 1.88

Debt-to-equity 0.59 0.79 1.03

Retained earnings-to-equity 0.56 0.53 0.62

 ———————————— Percent ————————————

Return-on-assets 8.2 7.7 4.8

Return-on-allocated member equity 29.4 29.5 26.0

Number of cooperatives 38 66 5

COOPERATIVE STATISTICS 2015 65
TABLE 28.17—Mixed farm supply co-ops, common-size financial statements, by size, 2015

MIXED FARM SUPPLY CO-OPS TOTAL SALES

Less than $5 Million $5 – $10 Million $10 – $20 Million

Balance sheet ——————————— Percent of total assets ———————————

Current assets 51.9 50.4 50.4

Other assets 3.3 3.1 3.5

Property, plant and equipment 29.6 26.5 28.8

Total, own assets 84.8 80.0 82.8

Investments in other cooperatives 15.2 20.0 17.2

Total assets 100.0 100.0 100.0

Current liabilities 31.2 26.2 32.3

Long-term liabilities 11.5 9.6 8.5

Total liabilities 42.6 35.8 40.8

Allocated equity 36.8 33.3 32.7

Retained earnings 20.5 30.9 26.5

Total equity 57.4 64.2 59.2

Total equity and liabilities 100.0 100.0 100.0

Income statement ——————————— Percent of total sales ———————————

Total sales group 100.0 100.0 100.0

Cost of goods sold 87.3 86.1 86.6

Gross margin 12.7 13.9 13.4

Service and other income 8.4 7.1 6.3

Gross revenue 21.1 21.0 19.7

Wages 10.6 9.3 8.7

Depreciation 2.4 1.9 2.2

Interest 0.7 0.5 0.5

Other expenses 9.8 8.1 7.3

Total expenses 23.5 19.7 18.6

Net operating margins (2.3) 1.3 1.1

Patronage income 2.6 2.1 1.7

Non-operating income 0.8 0.6 0.2

Net income before taxes 1.1 3.9 3.1

Taxes 0.3 0.2 0.3

Net income 0.9 3.7 2.8

 ———————————— Million $ ————————————

Total business volume 142.2 207.9 780.1

Ratios ———————————— Ratio ————————————

Current 1.66 1.92 1.56

Debt-to-equity 0.74 0.56 0.69

Retained earnings-to-equity 0.36 0.48 0.45

 ———————————— Percent ————————————

Return-on-assets 1.4 6.9 4.8

Return-on-allocated member equity 3.7 20.8 14.6

Number of cooperatives 50 27 50

This table continues on next page.

66 COOPERATIVE STATISTICS 2015
TABLE 28.17 (cont.)—Mixed farm supply co-ops, common-size financial statements, by size, 2015

MIXED FARM SUPPLY CO-OPS TOTAL SALES

$20 – $30 Million $30 – $50 Million $50 – $100 Million

Balance sheet ——————————— Percent of total assets ———————————

Current assets 46.5 54.8 53.4

Other assets 2.4 3.1 2.9

Property, plant and equipment 27.7 27.2 27.5

Total, own assets 76.6 85.1 83.9

Investments in other cooperatives 23.4 14.9 16.1

Total assets 100.0 100.0 100.0

Current liabilities 27.6 31.8 33.9

Long-term liabilities 10.2 10.1 7.8

Total liabilities 37.8 41.9 41.8

Allocated equity 29.6 30.9 31.7

Retained earnings 32.6 27.2 26.5

Total equity 62.2 58.1 58.2

Total equity and liabilities 100.0 100.0 100.0

Income statement ——————————— Percent of total sales ———————————

Total sales group 100.0 100.0 100.0

Cost of goods sold 86.8 87.2 88.1

Gross margin 13.2 12.8 11.9

Service and other income 7.0 3.6 3.9

Gross revenue 20.3 16.4 15.9

Wages 9.7 6.8 6.8

Depreciation 1.9 1.7 1.7

Interest 0.4 0.3 0.3

Other expenses 6.2 5.2 4.8

Total expenses 18.1 14.0 13.7

Net operating margins 2.1 2.4 2.2

Patronage income 1.2 1.8 1.6

Non-operating income 0.8 0.3 0.5

Net income before taxes 4.1 4.4 4.3

Taxes 0.4 0.2 0.3

Net income 3.7 4.2 4.0

 ———————————— Million $ ————————————

Total business volume 533.8 626.1 2,171.3

Ratios ———————————— Ratio ————————————

Current 1.68 1.72 1.57

Debt-to-equity 0.61 0.72 0.72

Retained earnings-to-equity 0.52 0.47 0.45

 ———————————— Percent ————————————

Return-on-assets 6.5 8.3 8.6

Return-on-allocated member equity 22.0 26.8 27.2

Number of cooperatives 20 16 29

This table continues on next page.

COOPERATIVE STATISTICS 2015 67
TABLE 28.17 (cont.)—Mixed farm supply co-ops, common-size financial statements, by size, 2015

MIXED FARM SUPPLY CO-OPS TOTAL SALES

$100 – $300 Million $300 – $1 Billion $1 Billion or More

Balance sheet ——————————— Percent of total assets ———————————

Current assets 50.0 57.8 60.6

Other assets 2.8 4.0 9.2

Property, plant and equipment 31.7 25.7 25.8

Total, own assets 84.4 87.6 95.6

Investments in other cooperatives 15.6 12.4 4.4

Total assets 100.0 100.0 100.0

Current liabilities 33.3 32.5 43.3

Long-term liabilities 11.7 15.0 15.3

Total liabilities 45.0 47.5 58.6

Allocated equity 22.8 25.5 31.1

Retained earnings 32.2 27.0 10.3

Total equity 55.0 52.5 41.4

Total equity and liabilities 100.0 100.0 100.0

Income statement ——————————— Percent of total sales ———————————

Total sales group 100.0 100.0 100.0

Cost of goods sold 88.6 87.2 93.6

Gross margin 11.4 12.8 6.4

Service and other income 3.8 3.1 0.1

Gross revenue 15.2 15.9 6.5

Wages 6.2 6.7 3.0

Depreciation 1.9 1.7 1.0

Interest 0.5 0.5 0.2

Other expenses 4.8 4.9 0.3

Total expenses 13.4 13.8 4.5

Net operating margins 1.8 2.1 2.0

Patronage income 1.6 1.0 0.1

Non-operating income 0.3 0.9 0.3

Net income before taxes 3.7 3.9 2.4

Taxes 0.4 0.3 0.1

Net income 3.3 3.6 2.3

 ———————————— Million $ ————————————

Total business volume 6,604.6 4,760.0 51,840.9

Ratios ———————————— Ratio ————————————

Current 1.50 1.78 1.40

Debt-to-equity 0.82 0.91 1.42

Retained earnings-to-equity 0.59 0.51 0.25

 ———————————— Percent ————————————

Return-on-assets 6.7 6.6 4.9

Return-on-allocated member equity 29.5 25.9 15.7

Number of cooperatives 35 9 4

68 COOPERATIVE STATISTICS 2015
TABLE 28.18—Miscellaneous service co-ops, common-size financial statements, by type, 2015

TYPE OF SERVICE COOPERATIVE

Cooperative Cooperative

Cotton Service Crop Service Farmer Markets Hulling Associations

Balance sheet —————————————— Percent of total assets ———————————————

Current assets 69.7 30.9 23.8 25.7

Other assets 6.0 1.5 5.8 0.8

Property, plant and equipment 22.8 65.0 70.4 73.6

Total, own assets 98.5 97.4 100.0 100.0

Investments in other cooperatives 1.5 2.6 0.0 0.0

Total assets 100.0 100.0 100.0 100.0

Current liabilities 50.8 17.7 11.1 19.4

Long-term liabilities 4.7 9.7 13.8 36.3

Total liabilities 55.5 27.4 24.9 55.6

Allocated equity 31.2 45.8 8.5 37.5

Retained earnings 13.2 26.8 66.6 6.9

Total equity 44.5 72.6 75.1 44.4

Total equity and liabilities 100.0 100.0 100.0 100.0

Income statement ——————————— Percent of total sales and service reciepts ———————————

Total sales group 69.9 0.0 15.2 56.6

Cost of goods sold 29.8 0.0 11.4 29.9

Gross margin 40.1 0.0 3.9 26.6

Service and other income 30.1 100.0 84.8 43.4

Gross revenue 70.2 100.0 88.6 70.1

Wages 20.7 54.5 27.8 13.9

Depreciation 3.4 6.9 6.5 11.3

Interest 0.7 0.2 2.1 1.5

Other expenses 23.5 33.4 51.3 28.4

Total expenses 48.3 95.0 87.6 55.1

Net operating margins 21.8 5.0 1.0 15.0

Patronage income 0.2 0.1 0.4 0.0

Non-operating income 2.1 0.8 1.2 0.2

Net income before taxes 24.1 5.9 2.6 15.2

Taxes 0.0 0.5 0.2 0.4

Net income 24.1 5.4 2.4 14.8

 ———————————— Million $ ————————————

Total business volume 66.6 30.9 4.1 70.5

Ratios ———————————— Ratio ————————————

Current 1.37 1.74 2.15 1.33

Debt-to-equity 1.25 0.38 0.33 1.25

Retained earnings-to-equity 0.30 0.37 0.89 0.16

 ———————————— Percent ————————————

Return-on-assets 9.6 7.4 1.6 9.2

Return-on-allocated member equity 30.6 16.1 18.7 24.6

Number of cooperatives 4 7 26 10

This table continues on next page.

COOPERATIVE STATISTICS 2015 69
TABLE 28.18 (cont.)—Miscellaneous service co-ops, common-size financial statements, by type, 2015

TYPE OF SERVICE COOPERATIVE

Dairy Fruit and Vegetable Livestock Nut

Balance sheet —————————————— Percent of total assets ——————————————

Current assets 32.4 52.8 49.9 98.9

Other assets 63.8 5.7 16.4 -

Property, plant and equipment 3.8 28.3 33.8 -

Total, own assets 100.0 86.7 100.0 98.9

Investments in other cooperatives - 13.3 0.0 1.1

Total assets 100.0 100.0 100.0 100.0

Current liabilities 22.8 34.1 18.4 -

Long-term liabilities 3.2 18.9 9.1 12.0

Total liabilities 26.0 52.9 27.5 12.0

Allocated equity 69.8 31.3 58.7 88.0

Retained earnings 4.2 15.8 13.8 -

Total equity 74.0 47.1 72.5 88.0

Total equity and liabilities 100.0 100.0 100.0 100.0

Income statement ——————————— Percent of total sales and service reciepts ——————————

Total sales group 0.0 1.9 21.4 0.0

Cost of goods sold 0.0 0.5 11.0 0.0

Gross margin 0.0 1.4 10.4 0.0

Service and other income 100.0 98.1 78.6 100.0

Gross revenue 100.0 99.5 89.0 100.0

Wages 28.9 35.8 15.4 69.3

Depreciation 1.7 3.5 1.6 0.0

Interest 4.6 0.6 0.5 0.0

Other expenses 62.4 50.8 65.3 0.0

Total expenses 97.6 90.7 82.8 69.3

Net operating margins 2.4 8.8 6.2 30.7

Patronage income 0.7 0.1 0.0 0.0

Non-operating income 0.2 1.9 (2.1) 0.0

Net income before taxes 3.3 10.8 4.1 30.7

Taxes 0.4 0.1 0.0 0.0

Net income 2.9 10.7 4.0 30.7

 ———————————— Million $ ————————————

Total business volume 1.4 34.7 13.6 0.1

Ratios ———————————— Ratio ————————————

Current 1.42 1.55 2.71 -

Debt-to-equity 0.35 1.12 0.38 0.14

Retained earnings-to-equity 0.06 0.33 0.19 -

 ———————————— Percent ————————————

Return-on-assets 1.4 9.1 6.8 44.8

Return-on-allocated member equity 2.0 29.1 11.6 50.8

Number of cooperatives 11 25 11 2

This table continues on next page.

70 COOPERATIVE STATISTICS 2015
TABLE 28.18 (cont.)—Miscellaneous service co-ops, common-size financial statements, by type, 2015

TYPE OF SERVICE COOPERATIVE

Rice Drier Storage Transportation Other Service1

Balance sheet ——————————— Percent of total assets ———————————

Current assets 46.8 58.7 40.2 12.6

Other assets 7.4 - 0.7 30.2

Property, plant and equipment 45.6 41.3 55.4 14.0

Total, own assets 99.8 100.0 96.2 56.8

Investments in other cooperatives 0.2 - 3.8 43.2

Total assets 100.0 100.0 100.0 100.0

Current liabilities 33.8 32.6 24.5 8.2

Long-term liabilities 9.2 0.5 14.9 3.7

Total liabilities 43.0 33.2 39.4 12.0

Allocated equity 51.9 48.7 50.8 37.0

Retained earnings 5.1 18.1 9.8 51.0

Total equity 57.0 66.8 60.6 88.0

Total equity and liabilities 100.0 100.0 100.0 100.0

Income statement ——————————— Percent of total sales and service reciepts ———————————

Total sales group 0.0 0.0 0.0 33.9

Cost of goods sold 0.0 0.0 0.0 30.1

Gross margin 0.0 0.0 0.0 3.8

Service and other income 100.0 100.0 100.0 66.1

Gross revenue 100.0 100.0 100.0 69.9

Wages 21.4 17.8 35.1 10.7

Depreciation 6.7 9.4 11.2 3.5

Interest 1.2 2.9 0.5 0.2

Other expenses 35.8 32.1 57.9 13.8

Total expenses 65.1 62.3 104.7 28.3

Net operating margins 34.9 37.7 (4.7) 41.7

Patronage income 0.3 0.0 0.4 2.8

Non-operating income 0.1 0.1 3.3 12.2

Net income before taxes 35.3 37.8 (1.0) 56.6

Taxes 0.2 1.3 0.0 6.6

Net income 35.1 36.5 (1.0) 50.0

 ———————————— Million $ ————————————

Total business volume 6.3 7.3 28.3 36.6

Ratios ———————————— Ratio ————————————

Current 1.39 1.80 1.64 1.53

Debt-to-equity 0.75 0.50 0.65 0.14

Retained earnings-to-equity 0.09 0.27 0.16 0.58

 ———————————— Percent ————————————

Return-on-assets 20.9 14.7 (2.1) 11.6

Return-on-allocated member equity 40.4 30.2 (4.1) 31.4

Number of cooperatives 3 6 10 27

1 Including winery and grower associations.

COOPERATIVE STATISTICS 2015 71
72 COOPERATIVE STATISTICS 2015
SECTION V: Time-Series Tables and Charts

This section presents several tables and charts of U.S. agricultural cooperative time-series data.

Highlights

• In 10 years, the number of ag co-ops fell over 25

percent, from 2,735 in 2006 to 2,047 in 2015 and

over 27 percent since 2005 (Table 29).

• Memberships fell over 25 percent since 2006 and

over 23 percdnt since 2005.

• The number of full-time employees in 2015

increased almost 0.5 percent from 2014 and was

higher than the numbers from 2008 to 2014

(Table 30).

• The number of agricultural co-ops continues to

decline, but gross business volume has fluctuated,

increasing 78 percent since 2005 and 67 percent

since 2006 (Figure 1, Figure 3, and Figure 9).

• Number of full-time employees shows slight

increases over the years, up more than 8 percent

since 2008, holding relatively steady in 2013,

2014, and 2015 despite a declining number of coops since 2005 (Figure 2).

• Gross business volume of all operating types —

marketing, farm supply, and service co-ops —

decreased for the first time since 2005 (Figure 3,

and Figure 9).

• Marketing gross business volume declined almost

16 percent from 2014.

• Farm supply gross business volume declined to

almost 12 percent from 2014.

• Service receipts for gross business volume

declined to almost 14 percent from 2014.

• Number of memberships, which has been

trending down, declined almost 4 percent from

2014 and is down almost 24 percent from 2005

(Figure 4).

• Dairy sales saw a significant decrease of almost 23

percent in 2015, while grain sales saw a decrease

of almost 17 percent. Livestock sales decreased

almost 4 percent in 2015, while sugar sales fell

almost 10 percent in 2015. Only fruit and

vegetable sales increased, rising 2 percent from

2014 (Figure 5).

• Petroleum, feed, fertilizer, crop protectants, and

seed sales all decreased in 2015 (Figure 6).

• Liabilities have fluctuated during the past 10

years, falling to $47.7 billion for 2015, down from

a record $53.21 billion in 2012. Total assets and

equity has been on a steady rise since 2005

(Figure 7).

• Net operating margin and net margin before taxes

set a record in 2015, the prior record having been

set in 2005. Non-operating income slid almost 37

percent from 2014 and was down 45 percent from

its peak in 2013 (Figure 8).

COOPERATIVE STATISTICS 2015 73
Cooperatives Memberships

TABLE 29—Number, memberships, and business volume, U.S. ag co-ops, by operating type, 2006–2015

Marketing Farm Supply Related Service Total Marketing Farm Supply Related Service Total

Year —————— Number —————— —————— 1,000 members ——————

2006 1,454 1,146 135 2,735 939 1,609 48 2,596

2007 1,385 1,094 116 2,595 814 1,605 40 2,459

2008 1,354 1,011 110 2,475 809 1,509 36 2,354

2009 1,277 992 121 2,390 754 1,448 35 2,237

2010 1,215 974 125 2,314 737 1,463 35 2,234

2011 1,222 935 128 2,285 846 1,398 36 2,279

2012 1,200 916 120 2,236 652 1,426 37 2,115

2013 1,195 871 120 2,186 655 1,284 37 1,977

2014 1,114 876 116 2,106 627 1,333 35 1,996

2015 1,079 874 94 2,047 591 1,296 34 1,921

Year Gross Net Gross Net Receipts Gross Net

Billion $ Billion $ Billion $ Billion $ Billion $ Billion $ Billion $

2006 77.613 71.484 44.916 34.871 4.225 126.754 110.580

2007 94.103 86.129 49.784 38.569 4.132 148.019 128.830

2008 118.197 111.699 70.525 51.172 4.744 193.465 167.615

2009 101.386 94.558 62.999 47.362 4.940 169.325 146.860

2010 103.031 95.756 63.842 47.118 4.930 171.803 147.805

2011 128.041 121.784 80.898 57.322 4.453 213.391 187.100

2012 140.900 133.200 92.200 64.700 4.700 237.800 202.600

2013 144.615 135.810 95.933 67.175 5.572 246.120 208.557

2014 147.731 138.340 92.624 65.638 6.315 246.670 210.293

2015 124.892 115.409 81.709 59.023 5.458 212.059 179.890

74 COOPERATIVE STATISTICS 2015

Marketing Volume Farm Supply Volume Service Receipts Total
COOPERATIVE STATISTICS 2015 75

TABLE 30—Number of full-time employees, U.S. ag co-ops, by operating type, 2008–2015

FULL-TIME EMPLOYEES

2015 2014 2013 2012 2011 2010 2009 2008

 ————————————————————— Thousands —————————————————————

Type

Cotton 0.9 3.3 4.4 2.3 2.2 1.8 1.4 1.7

Cotton ginning 0.6 0.8 1.1 1.1 1.1 1.1 1.1 1.1

Dairy 21.4 20.3 21.0 21.0 20.7 18.9 24.9 23.8

Fish 0.7 0.7 0.7 0.7 0.7 0.7 0.7 0.7

Fruit & vegetable 14.0 13.6 14.2 13.2 13.5 13.3 13.6 16.1

Grain & oilseed 23.6 23.6 23.5 21.6 24.9 22.4 20.4 21.0

Livestock 0.6 0.5 0.5 0.6 0.6 0.6 0.7 0.7

Rice 2.2 2.2 2.5 2.3 2.5 2.4 2.5 2.6

Sugar 6.5 6.9 6.9 5.9 5.7 5.5 5.7 5.9

Poultry 1.8 1.8 1.7 1.7 2.0 2.0 1.7 1.7

Nut 1.5 1.4 1.3 1.1 1.1 0.3 0.3 0.3

Other marketing1 0.6 0.5 0.6 0.8 0.9 0.9 2.2 2.2

Total marketing 74.4 75.9 78.4 72.3 75.7 70.1 75.2 77.8

Total supplies 61.1 58.5 56.6 56.0 53.8 57.6 46.1 46.4

Total services 0.8 1.2 1.2 1.2 1.3 1.3 1.3 1.3

Total full-time employees 136.3 135.6 136.2 129.4 130.8 129.0 122.6 125.5

1 Other includes wool, bean and pea, and various other marketing activities as defined in Definitions Table.
76 COOPERATIVE STATISTICS 2015

FIGURE 1—Number of U.S. ag co-ops, by operating type, 2005–2015

FIGURE 2—Full-time employees, U.S. ag co-ops, by operating type, 2008–2015

2008 2009 2010 2011 2012 2013 2014

140

120

100

80

60

40

20

0

n Marketing

n Supply

n Service

n Total

Thousands

F F

F F F

F F

F F F

F F F F

F F

F F F F F

F F F F F F F

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

3,000

2,800

2,600

2,400

2,200

2,000

1,800

1,600

1,400

1,200

1,000

800

600

400

200

0

n Marketing n Farm supply n Service n Total

Total (Number)

Type (Number)

1600

1400

1200

1000

800

600

400

200

0

2008 2009 2010 2011 2012 2013 2014 2015

140

135

130

125

120

115

110

n Marketing n Farm Supply n Service n Total

Total (Thousand)

80

75

70

65

60

55

50

45

40

35

30

25

20

15

10

5

0

Type (Thousand)
COOPERATIVE STATISTICS 2015 77

FIGURE 3—Gross business volume, U.S. ag co-ops, by operating type, 2005–2015

FIGURE 4—Memberships of U.S. ag co-ops, by operating type, 2005–2015

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

250

240

230

220

210

200

190

180

170

160

150

140

130

120

110

100

90

80

70

60

50

40

30

20

10

0

n Marketing n Farm supply n Service Receipts n Total

Total (Billions $)

150

140

130

120

110

100

90

80

70

60

50

40

30

20

10

Type (Billions $)

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

2.8

2.6

2.4

2.2

2.0

1.8

1.6

1.4

1.2

1.0

0.8

0.6

0.2

0.2

0.0

n Marketing n Farm supply n Service n Total

Total (Million)

Type (Million)

1.8

1.6

1.4

1.2

1.0

0.8

0.6

0.4

0.2

0
78 COOPERATIVE STATISTICS 2015

FIGURE 5—Net sales of select commodities, U.S. ag co-ops, 2006–2015

FIGURE 6—Net sales of select supplies, U.S. ag co-ops, 2005–2015

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

26

24

22

20

18

16

14

12

10

8

6

4

2

0

n Petroleum n Feed n Fertilizer n Crop Protectants n Seed

Billion $

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

68

64

60

56

52

48

44

40

36

32

28

24

20

16

12

8

4

0

n Fruits & Vegetables n Livestock n Sugar n Dairy n Grains

Dairy and Grains (Billions $)

6.4

6.0

5.6

5.2

4.8

4.4

4.0

3.6

3.2

2.8

2.4

2.0

1.6

1.2

0.8

0.4

0.0

Fruits and Vegetables, Livestock, and Sugar (Billion $)
COOPERATIVE STATISTICS 2015 79

FIGURE 7—Assets, liabilities, and equity, U.S. ag co-ops, 2005–2015

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

90

80

70

60

50

40

30

20

10

0

n Assets n Liabilities n Equity

Billion $

FIGURE 8—Net operating margin, non-operating income, and net margin before taxes, U.S. ag co-ops, 2005–2015

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

8

7

6

5

4

3

2

1

0

n Net Operating Margin n Non-Operating Income n Net Margin Before Taxes

Billion $
FIGURE 9—Gross business volume, U.S. ag co-ops, 2006–2015

250

240

230

220

210

200

190

180

170

160

150

140

130

120

110

100

90

80

70

60

50

40

30

20

10

0

Billion $

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

n Gross Business Volume
NOTE 1: METHODOLOGY

USDA’s Cooperative Programs conducts an annual

survey to gain accurate information on the Nation’s

agricultural cooperative sector. Information

obtained from individual cooperatives is combined

with data from other cooperatives to maintain

confidentiality.

 Statistics for all cooperatives were derived by

estimating data for non-respondents and combining

this information with respondent data. Data from

respondents accounted for 91 percent of the total

gross sales of farmer, rancher, and fishery

cooperatives in 2015.

 USDA considers four major criteria in

identifying farmer, rancher, and fishery

cooperatives:

 (1) Membership is limited to persons producing

agricultural and aquacultural products and to

associations of such producers;

 (2) Cooperative members are limited to one vote

regardless of the amount of stock or membership

capital owned, or the cooperative does not pay

dividends on stock or membership capital in excess

of 8 percent a year or the legal rate in the State,

whichever is higher;

 (3) Business conducted with non-members may

not exceed the value of business conducted with

members;

 (4) The cooperative operates for the mutual

interest of members by providing member benefits

on the basis of patronage.

 These criteria may result in larger or smaller

numbers of farmer, rancher, and fishery

cooperatives than found in lists or directories of

State agencies or cooperative councils.

NOTE 2: FINANCIAL GLOSSARY

These are the definitions and/or formulas used in

calculating most of the financial items in this

report.

 Income statement—Shows the net results of a

cooperative’s operations.

 Total sales—Includes all sales from marketing or

supplies (less discounts), returns, and allowances

from gross sales. (Service co-ops typically do not

have a total sales value; the first income statement

item for those co-ops is service receipts.).

 Cost of goods sold—Beginning inventory plus

purchases and freight costs, minus purchase returns

and allowances, purchase discounts, and ending

inventory.

 Gross margins—The excess of net sales over the

cost of goods sold.

 Service and other operating income—This

income is derived from any service the cooperatives

provide. Some co-ops only provide services.

Service-only co-ops include rice driers, storage,

transportation, auctions, hulling, seed development,

locker plants, pest management, scouting, farmer

markets, and miscellaneous services. Marketing and

supply co-ops also provide hauling, storage,

grading, delivery, custom application,

recordkeeping, and drying as most common

services. Other operating income can also include

income from providing financing for sales.

 Operating expenses—Four categories of expenses

are used: wages, depreciation, interest, and other.

APPENDIX

COOPERATIVE STATISTICS 2015 81
 n Wages include salaries and wages, payroll

taxes, employee insurance, unemployment

compensation, and pension expense.

 n Other expenses include administrative

expenses and general expenses.

 • Administrative expenses are overhead costs

such as professional services, office supplies,

telephone, meetings and travel, donations,

dues and subscriptions, directors’ fees and

expense, and annual meetings.

 • General expenses include advertising and

promotion, auto and truck delivery,

insurance, property, business and other taxes

and licenses, rent and lease expenses, plant

supplies and repairs, repairs and

maintenance, utilities, bad debts, and

miscellaneous.

 Net operating margins—Net operating margins

are calculated by taking gross margins minus total

expenses before taxes, and not counting patronage

refunds from other cooperatives.

 Patronage income—Patronage refunds received

(usually income from other cooperatives) that

results from business activity with other

cooperatives (generally regional co-ops) or CoBank

(a cooperative bank).

 Non-operating income—Income not generated

by sales. It can be interest from investments. It also

can come from the sales of property, plant, and

equipment; rentals; and extraordinary items.

 Net income before taxes—Net operating margins

plus patronage refunds and non-operating income,

before taxes are subtracted.

 Income taxes—Cooperatives pay income taxes on

earnings not allocated to members (retained

earnings) and on dividend payments.

 Net income after taxes—Net operating margins

plus patronage refunds and non-operating income,

minus taxes.

 Gross business volume—Comprised of total sales,

other operating income, patronage income, and

non-operating income.

 Net business volume— Comprised of total sales,

other operating income, patronage income, and

non-operating income, but sales to other

cooperatives are not included.

 Balance sheet—The balance sheet of a

cooperative states its financial position at the end of

a 12-month fiscal year. It represents the co-op’s

assets, liabilities, member equity, and their mutual

relationships.

 Current assets—Assets (generally comprised of

cash and cash equivalents, accounts and notes (with

short-term maturities) receivable, inventories, and

prepaid expenses.

 Investments and other assets—Investments are

most often in other cooperatives and CoBank.

Other assets is a “catch-all” category that contains a

wide variety of items.

 Property, plant, and equipment (PP&E)—Net

property, plant, and equipment are tangible assets

used by a cooperative’s operations. It is calculated

by taking total PP&E and subtracting accumulated

depreciation.

 Current liabilities—All obligations that are paid

with the use of current assets and usually paid

within 1 year. These include notes payable to banks

and/or other trade creditors, accounts payable,

82 COOPERATIVE STATISTICS 2015
current maturities of long-term debt, income taxes,

other accrued liabilities (i.e., payroll, property taxes,

interest), patronage dividends payable, and

miscellaneous current liabilities.

 Total liabilities—Include current liabilities plus

long-term liabilities (primarily long-term debt).

 Allocated (or member) equities—Represent

member ownership in the cooperative; those

equities allocated specifically to members.

 Retained earnings—Equity that is not assigned

to specific member accounts.

 Total equity (net worth)—Sum of allocated

equity, patrons’ equity, and retained earnings.

FINANCIAL RATIOS

 Ratios provide for comparative analysis of items

in balance sheets and income statements.

 Current ratio = current assets divided by current

liabilities.

 Debt-to-assets = total debt (total liabilities)

divided by total assets.

 Long-term-debt-to-equity = long-term liabilities

divided by total equity.

 Times interest earned = income before interest

and taxes divided by interest.

 Fixed assets turnover = net sales divided by fixed

assets (net PP&E).

 Equity-to-assets = total equity divided by total

assets.

 Expenses-to-gross revenue= total expenses

divided by gross revenue.

 Gross margin = total sales minus cost of goods

sold (gross margin) divided by total sales.

 Return on assets = net income before taxes and

interest divided by total assets.

 Return on allocated member equity = net income

after taxes divided by allocated equity.

COOPERATIVE STATISTICS 2015 83
U.S. Department of Agriculture

In accordance with Federal civil rights law and U.S.

Department of Agriculture (USDA) civil rights regulations

and policies, the USDA, its Agencies, offices, and

employees, and institutions participating in or administering

USDA programs are prohibited from discriminating based

on race, color, national origin, religion, sex, gender identity

(including gender expression), sexual orientation, disability,

age, marital status, family/parental status, income derived

from a public assistance program, political beliefs, or

reprisal or retaliation for prior civil rights activity, in any

program or activity conducted or funded by USDA (not all

bases apply to all programs). Remedies and complaint filing

deadlines vary by program or incident.

Persons with disabilities who require alternative means of

communication for program information (e.g., Braille, large

print, audiotape, American Sign Language, etc.) should

contact the responsible Agency or USDA’s TARGET Center

at (202) 720-2600 (voice and TTY) or contact USDA through

the Federal Relay Service at (800) 877-8339. Additionally,

program information may be made available in languages

other than English.

To file a program discrimination complaint, complete the

USDA Program Discrimination Complaint Form, AD-3027,

found online at

http://www.ascr.usda.gov/complaint_filing_cust.html and at

any USDA office or write a letter addressed to USDA and

provide in the letter all of the information requested in the

form. To request a copy of the complaint form, call (866) 632-

9992. Submit your completed form or letter to USDA by:

(1) mail:

U.S. Department of Agriculture

Office of the Assistant Secretary for Civil Rights

1400 Independence Avenue, SW

Washington, D.C. 20250-9410;

(2) fax:

(202) 690-7442; or

(3) email:

program.intake@usda.gov.

USDA is an equal opportunity provider, employer, and

lender.