Home » Financials » 2003 Annual Report
Notes to Consolidated Financial Statements
Notes Five: JOINT VENTURES |
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Investments, advances and equity in undistributed earnings of joint ventures were as follows at November 30:
The Company's ownership of joint ventures is summarized below:
Investments in joint ventures and the amount of undistributed earnings were as follows:
In 2003, the Company sold its 25% ownership of Amercoat Mexicana for a pretax gain of $2,477,000. Income fromAmercoat Mexicana totaled $312,000, $327,000 and $535,000 in the years ended November 30, 2003, 2002 and 2001, respectively. The Company provides for income taxes on the undistributed earnings of its joint ventures to the extent such earnings are included in the consolidated statements of income. The investment in TA MCO was recorded based on audited f inanc i al statements as of November 30, 2003. Condens ed financial data of TAMCO, an investment which is accounted for under the equity method, were as follows:
In 2001, TAMCO entered into a swap agreement intended to hedge expected cash flows related to the purchase of natural gas used in its manufacturing p rocess. The Company recognized $1,941,000 and $2,672,000 in accumulated other comprehensive loss at November 30, 2003 and 2002, respectively, which represents its proportionate share of amounts recognized by TAMCO to record the fair value of the swap agreement. Sales to joint ventures totaled $4,004,000 in 2003, $4,848,000 in 2002, and $7,747,000 in 2001. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
