FINANCIAL RECORDS

The following seven tables present detailed financial data from this summary. These tables are organized into two sets:

™ Tables A-1 through A-5 are COMPARISONS BETWEEN YEARS

™ Tables B-1 through B-3 are DATA BY HERD SIZES

Each set includes a condensed earnings worksheet, a balance sheet summary and a page of evaluation factors. The 2018-to2022 data series includes farms in Connecticut, Maine, New Hampshire, New York and Vermont. A majority of the farms are from New York.

Please note the following in order to properly use this data:

™ Cattle purchased for replacements are considered operating expenses, but cattle purchased for expansion are capital purchases. The accrual adjustment change in the inventory of raised livestock is calculated by subtracting purchases for expansion from the total increase in cattle inventory value.

™ Depreciation has been restated by applying a standard percentage of depreciation to various asset classes in order to compare consistent numbers from year to year and avoid variations driven by changes in tax laws.

™ Incorporated farms were adjusted to sole proprietor status, and owner draw was recorded as Family Living Expense. If there was more than one owner, the largest draw was recorded as Family Living, and other owner salaries were recorded under Hired Labor.

™ Appreciation and revaluation of capital assets do not appear in the earnings statements. They are, however, included on the balance sheets.

™ Current liabilities on the balance sheet include both current debts as well as the current portion of intermediateterm and long-term liabilities.

™ Government payments include state program payments and those from USDA programs. Crop insurance indemnities are recorded as Crop Revenue.

Your Farm Credit team of ag finance specialists encourages you to review the following financial data thoughtfully and thoroughly. It allows you to identify your strengths and weaknesses and to improve your operation for the future.