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Notes to Consolidated Financial Statements
Notes Five: JOINT VENTURESInvestments, 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 from Amercoat Mexicana totaled $312,000 in the year ended November 30, 2003. 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 TAMCO was recorded based on audited financial statements as of November 30, 2005. Condensed 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 process. The Company recognized $1,544,000 and $1,178,000 in accumulated other comprehensive loss at November 30, 2005 and 2004, 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 $1,524,000 in 2005, $1,613,000 in 2004, and $4,004,000 in 2003. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
