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x
|
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
o
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
Delaware
|
41-0129150
|
(State or other jurisdiction of
|
(I. R. S. Employer
|
incorporation or organization)
|
Identification No.)
|
4666 Faries Parkway Box 1470
Decatur, Illinois
|
62525
|
(Address of principal executive offices)
|
(Zip Code
)
|
217-424-5200
|
|
(Registrant's telephone number, including area code)
|
|
Securities registered pursuant to Section 12(b) of the Act:
|
|
Title of each class
|
Name of each exchange on which registered
|
Common Stock, no par value
|
New York Stock Exchange
|
Frankfurt Stock Exchange
|
Item No
.
|
Description
|
Page No
.
|
Part I
|
||
1.
|
4
|
|
1A.
|
11
|
|
1B.
|
15
|
|
2.
|
15
|
|
3.
|
21
|
|
4.
|
21
|
|
Part II
|
||
5.
|
22
|
|
6.
|
25
|
|
7.
|
27
|
|
7A.
|
45
|
|
8.
|
47
|
|
9.
|
102
|
|
9A.
|
102
|
|
9B.
|
102
|
|
Part III
|
||
10.
|
103
|
|
11.
|
106
|
|
12.
|
106
|
|
13.
|
106
|
|
14.
|
106
|
|
Part IV
|
||
15.
|
107
|
|
111
|
||
Item 1.
|
BUSINESS (Continued)
|
Item 1.
|
BUSINESS (Continued)
|
Item 1.
|
BUSINESS (Continued)
|
Item 1.
|
BUSINESS (Continued)
|
% of Net Sales and Other Operating Income
|
||||||||||||
2012
|
2011
|
2010
|
||||||||||
Soybeans
|
19% | 21% | 22% | |||||||||
Corn
|
11% | 12% | 10% | |||||||||
Soybean Meal
|
9% | 9% | 12% |
Item 1.
|
BUSINESS (Continued)
|
Item 1.
|
BUSINESS (Continued)
|
Item 1.
|
BUSINESS (Continued)
|
Item 1A.
|
RISK FACTORS (Continued)
|
Item 1A.
|
RISK FACTORS (Continued)
|
Item 1A.
|
RISK FACTORS (Continued)
|
Processing Plants
|
Procurement Facilities
|
|||||||||||||||||||||||
Owned
|
Leased
|
Total
|
Owned
|
Leased
|
Total
|
|||||||||||||||||||
U.S.
|
146 | 0 | 146 | 254 | 17 | 271 | ||||||||||||||||||
International
|
116 | 1 | 117 | 124 | 29 | 153 | ||||||||||||||||||
262 | 1 | 263 | 378 | 46 | 424 |
Item 2.
|
PROPERTIES (Continued)
|
Oilseeds Processing Plants
|
||||||||||||||||||||||||
Owned | Leased | |||||||||||||||||||||||
Refining
|
||||||||||||||||||||||||
Packaging
|
||||||||||||||||||||||||
Crushing &
|
Biodiesel
|
Cocoa &
|
Cocoa &
|
|||||||||||||||||||||
Origination
|
Other
|
Other
|
Asia
|
Total
|
Other
|
|||||||||||||||||||
North America
|
||||||||||||||||||||||||
U.S.*
|
22 | 27 | 14 | - | 63 | - | ||||||||||||||||||
Canada
|
3 | 3 | 1 | - | 7 | 1 | ||||||||||||||||||
Mexico
|
1 | - | - | - | 1 | - | ||||||||||||||||||
Total
|
26 | 30 | 15 | - | 71 | 1 | ||||||||||||||||||
Daily capacity
|
||||||||||||||||||||||||
Metric tons (in 1,000's)
|
54 | 16 | 4 | - | 74 | - | ||||||||||||||||||
South America
|
||||||||||||||||||||||||
Argentina
|
- | - | 1 | - | 1 | - | ||||||||||||||||||
Bolivia
|
1 | 2 | - | - | 3 | - | ||||||||||||||||||
Brazil
|
5 | 13 | 1 | - | 19 | - | ||||||||||||||||||
Paraguay
|
- | 1 | - | - | 1 | - | ||||||||||||||||||
Peru
|
- | 1 | - | - | 1 | - | ||||||||||||||||||
Total
|
6 | 17 | 2 | - | 25 | - | ||||||||||||||||||
Daily capacity
|
||||||||||||||||||||||||
Metric tons (in 1,000's)
|
13 | 17 | 1 | - | 31 | - | ||||||||||||||||||
Europe
|
||||||||||||||||||||||||
Belgium
|
- | - | 1 | - | 1 | - | ||||||||||||||||||
Czech Republic
|
1 | 1 | - | - | 2 | - | ||||||||||||||||||
France
|
- | 1 | - | - | 1 | - | ||||||||||||||||||
Germany
|
4 | 12 | 2 | - | 18 | - | ||||||||||||||||||
Netherlands
|
1 | 3 | 2 | - | 6 | - | ||||||||||||||||||
Poland
|
2 | 4 | - | - | 6 | - | ||||||||||||||||||
Ukraine
|
1 | - | - | - | 1 | - | ||||||||||||||||||
U.K.
|
1 | 3 | 1 | - | 5 | - | ||||||||||||||||||
Total
|
10 | 24 | 6 | - | 40 | - | ||||||||||||||||||
Daily capacity
|
||||||||||||||||||||||||
Metric tons (in 1,000's)
|
32 | 17 | 1 | - | 50 | - | ||||||||||||||||||
Asia
|
||||||||||||||||||||||||
India
|
- | - | - | 6 | 6 | - | ||||||||||||||||||
Singapore
|
- | - | 1 | - | 1 | - | ||||||||||||||||||
Total
|
- | - | 1 | 6 | 7 | - | ||||||||||||||||||
Daily capacity
|
||||||||||||||||||||||||
Metric tons (in 1,000's)
|
- | - | - | 5 | 5 | - | ||||||||||||||||||
Africa/Middle East
|
||||||||||||||||||||||||
Ghana
|
- | - | 1 | - | 1 | - | ||||||||||||||||||
Ivory Coast
|
- | - | 1 | - | 1 | - | ||||||||||||||||||
Total
|
- | - | 2 | - | 2 | - | ||||||||||||||||||
Daily capacity
|
||||||||||||||||||||||||
Metric tons (in 1,000's)
|
- | - | - | - | - | - | ||||||||||||||||||
Grand Total
|
42 | 71 | 26 | 6 | 145 | 1 | ||||||||||||||||||
Total daily capacity
|
||||||||||||||||||||||||
Metric tons (in 1,000's)
|
99 | 50 | 6 | 5 | 160 | - |
Item 2.
|
PROPERTIES (Continued)
|
Oilseeds Processing Procurement Facilities
|
||||||||||||||||||||||||
Owned
|
Leased
|
|||||||||||||||||||||||
Crushing &
|
Cocoa &
|
Crushing &
|
Cocoa &
|
|||||||||||||||||||||
Origination
|
Other
|
Total
|
Origination
|
Other
|
Total
|
|||||||||||||||||||
North America
|
||||||||||||||||||||||||
U.S.*
|
3 | 69 | 72 | - | - | - | ||||||||||||||||||
Canada
|
5 | - | 5 | - | - | - | ||||||||||||||||||
Total
|
8 | 69 | 77 | - | - | - | ||||||||||||||||||
Storage capacity
|
||||||||||||||||||||||||
Metric tons (in 1,000's)
|
316 | 300 | 616 | - | - | - | ||||||||||||||||||
South America
|
||||||||||||||||||||||||
Argentina
|
- | 1 | 1 | - | - | - | ||||||||||||||||||
Bolivia
|
10 | - | 10 | 2 | - | 2 | ||||||||||||||||||
Brazil
|
40 | 2 | 42 | 6 | 1 | 7 | ||||||||||||||||||
Paraguay
|
32 | - | 32 | 4 | - | 4 | ||||||||||||||||||
Uruguay
|
1 | - | 1 | 6 | - | 6 | ||||||||||||||||||
Total
|
83 | 3 | 86 | 18 | 1 | 19 | ||||||||||||||||||
Storage capacity
|
||||||||||||||||||||||||
Metric tons (in 1,000's)
|
2,808 | 6 | 2,814 | 392 | 2 | 394 | ||||||||||||||||||
Europe
|
||||||||||||||||||||||||
Netherlands
|
1 | - | 1 | - | - | - | ||||||||||||||||||
Poland
|
1 | - | 1 | - | - | - | ||||||||||||||||||
Slovakia
|
3 | - | 3 | - | - | - | ||||||||||||||||||
Total
|
5 | - | 5 | - | - | - | ||||||||||||||||||
Storage capacity
|
||||||||||||||||||||||||
Metric tons (in 1,000's)
|
284 | - | 284 | - | - | - | ||||||||||||||||||
Asia
|
||||||||||||||||||||||||
Indonesia
|
- | 1 | 1 | - | 2 | 2 | ||||||||||||||||||
Total
|
- | 1 | 1 | - | 2 | 2 | ||||||||||||||||||
Storage capacity
|
||||||||||||||||||||||||
Metric tons (in 1,000's)
|
- | 8 | 8 | - | 16 | 16 | ||||||||||||||||||
Africa/Middle East
|
||||||||||||||||||||||||
Ivory Coast
|
- | 3 | 3 | - | 2 | 2 | ||||||||||||||||||
Total
|
- | 3 | 3 | - | 2 | 2 | ||||||||||||||||||
Storage capacity
|
||||||||||||||||||||||||
Metric tons (in 1,000's)
|
- | 66 | 66 | - | 1 | 1 | ||||||||||||||||||
Grand Total
|
96 | 76 | 172 | 18 | 5 | 23 | ||||||||||||||||||
Total storage capacity
|
||||||||||||||||||||||||
Metric tons (in 1,000's)
|
3,408 | 380 | 3,788 | 392 | 19 | 411 | ||||||||||||||||||
Item 2.
|
PROPERTIES (Continued)
|
Corn Processing
|
||||||||||||||||||||
Processing Plants
|
Procurement Facilities
|
|||||||||||||||||||
Owned
|
Owned
|
|||||||||||||||||||
Wet Milling,
|
||||||||||||||||||||
Dry Milling,
|
||||||||||||||||||||
Wet Milling
|
Dry Milling
|
Other
|
Total
|
& Other
|
||||||||||||||||
North America
|
||||||||||||||||||||
Illinois
|
1 | 1 | 5 | 7 | - | |||||||||||||||
Iowa
|
2 | 1 | 2 | 5 | 1 | |||||||||||||||
Minnesota
|
1 | - | - | 1 | 5 | |||||||||||||||
Nebraska
|
1 | 1 | - | 2 | - | |||||||||||||||
North Carolina
|
- | - | 1 | 1 | - | |||||||||||||||
Total
|
5 | 3 | 8 | 16 | 6 | |||||||||||||||
Daily/Storage capacity
|
||||||||||||||||||||
Metric tons (in 1,000's)
|
43 | 22 | 5 | 70 | 373 | |||||||||||||||
South America
|
||||||||||||||||||||
Brazil
|
- | - | 1 | 1 | - | |||||||||||||||
Total
|
- | - | 1 | 1 | - | |||||||||||||||
Daily/Storage capacity
|
||||||||||||||||||||
Metric tons (in 1,000's)
|
- | - | 2 | 2 | - | |||||||||||||||
Grand Total
|
5 | 3 | 9 | 17 | 6 | |||||||||||||||
Total daily/storage capacity
|
||||||||||||||||||||
Metric tons (in 1,000's)
|
43 | 22 | 7 | 72 | 373 |
Item 2.
|
PROPERTIES (Continued)
|
Agricultural Services Processing Plants
|
||||||||||||
Owned
|
||||||||||||
Merchandising
|
Milling &
|
|||||||||||
& Handling
|
Other
|
Total
|
||||||||||
North America
|
||||||||||||
U.S.*
|
2 | 65 | 67 | |||||||||
Barbados
|
- | 1 | 1 | |||||||||
Belize
|
- | 2 | 2 | |||||||||
Canada
|
- | 13 | 13 | |||||||||
Grenada
|
- | 2 | 2 | |||||||||
Jamaica
|
- | 3 | 3 | |||||||||
Puerto Rico
|
- | 2 | 2 | |||||||||
Trinidad & Tobago
|
- | 1 | 1 | |||||||||
Total
|
2 | 89 | 91 | |||||||||
Daily capacity
|
||||||||||||
Metric tons (in 1,000's)
|
2 | 34 | 36 | |||||||||
Europe
|
||||||||||||
U.K.
|
- | 7 | 7 | |||||||||
Total
|
- | 7 | 7 | |||||||||
Daily capacity
|
||||||||||||
Metric tons (in 1,000's)
|
- | 2 | 2 | |||||||||
Asia
|
||||||||||||
China
|
- | 2 | 2 | |||||||||
Total
|
- | 2 | 2 | |||||||||
Daily capacity
|
||||||||||||
Metric tons (in 1,000's)
|
- | - | - | |||||||||
Grand Total
|
2 | 98 | 100 | |||||||||
Total daily capacity
|
||||||||||||
Metric tons (in 1,000's)
|
2 | 36 | 38 | |||||||||
Item 2.
|
PROPERTIES (Continued)
|
Agricultural Services Procurement Facilities
|
||||||||||||||||||||||||
Owned
|
Leased
|
|||||||||||||||||||||||
Merchandising
|
Milling &
|
Merchandising
|
Milling &
|
|||||||||||||||||||||
& Handling
|
Other
|
Total
|
& Handling
|
Other
|
Total
|
|||||||||||||||||||
North America
|
||||||||||||||||||||||||
U.S.*
|
176 | - | 176 | 17 | - | 17 | ||||||||||||||||||
Canada
|
1 | - | 1 | - | - | - | ||||||||||||||||||
Dominican Republic
|
1 | - | 1 | - | - | - | ||||||||||||||||||
Mexico
|
1 | - | 1 | - | - | - | ||||||||||||||||||
Total
|
179 | - | 179 | 17 | - | 17 | ||||||||||||||||||
Storage capacity
|
||||||||||||||||||||||||
Metric tons (in 1,000's)
|
11,588 | - | 11,588 | 622 | - | 622 | ||||||||||||||||||
South America
|
||||||||||||||||||||||||
Argentina
|
3 | - | 3 | - | - | - | ||||||||||||||||||
Total
|
3 | - | 3 | - | - | - | ||||||||||||||||||
Storage capacity
|
||||||||||||||||||||||||
Metric tons (in 1,000's)
|
501 | - | 501 | - | - | - | ||||||||||||||||||
Europe
|
||||||||||||||||||||||||
Germany
|
4 | - | 4 | - | - | - | ||||||||||||||||||
Hungary
|
1 | - | 1 | - | - | - | ||||||||||||||||||
Ireland
|
1 | - | 1 | - | - | - | ||||||||||||||||||
Romania
|
3 | - | 3 | 6 | - | 6 | ||||||||||||||||||
Ukraine
|
9 | - | 9 | - | - | - | ||||||||||||||||||
Total
|
18 | - | 18 | 6 | - | 6 | ||||||||||||||||||
Storage capacity
|
||||||||||||||||||||||||
Metric tons (in 1,000's)
|
1,269 | - | 1,269 | 71 | - | 71 | ||||||||||||||||||
Grand Total
|
200 | - | 200 | 23 | - | 23 | ||||||||||||||||||
Total storage capacity
|
||||||||||||||||||||||||
Metric tons (in 1,000's)
|
13,358 | - | 13,358 | 693 | - | 693 | ||||||||||||||||||
Item 5.
|
Cash
|
||||||||||||
Market Price
|
Dividends
|
|||||||||||
High
|
Low
|
Per Share
|
||||||||||
Fiscal 2012-Quarter Ended
|
||||||||||||
June 30
|
$ | 33.98 | $ | 28.55 | $ | 0.175 | ||||||
March 31
|
32.36 | 28.11 | 0.175 | |||||||||
December 31
|
30.55 | 23.69 | 0.175 | |||||||||
September 30
|
32.41 | 24.42 | 0.160 | |||||||||
Fiscal 2011-Quarter Ended
|
||||||||||||
June 30
|
$ | 37.28 | $ | 28.98 | $ | 0.160 | ||||||
March 31
|
38.02 | 30.13 | 0.160 | |||||||||
December 31
|
34.03 | 28.53 | 0.150 | |||||||||
September 30
|
33.54 | 25.02 | 0.150 |
Item 5.
|
MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS, AND ISSUER PURCHASES OF EQUITY SECURITIES (Continued)
|
Total Number of
|
Number of Shares
|
|||||||||||||||
Total Number
|
Average
|
Shares Purchased as
|
Remaining to be
|
|||||||||||||
of Shares
|
Price Paid
|
Part of Publicly
|
Purchased Under the
|
|||||||||||||
Period
|
Purchased (1)
|
per Share
|
Announced Program (2)
|
Program (2)
|
||||||||||||
April 1, 2012 to
April 30, 2012
|
1,448,087 | $ | 30.843 | 1,448,011 | 68,400,141 | |||||||||||
May 1, 2012 to
May 31, 2012
|
11,116 | 32.816 | 268 | 68,399,873 | ||||||||||||
June 1, 2012 to
June 30, 2012
|
2,729 | 29.080 | 296 | 68,399,577 | ||||||||||||
Total
|
1,461,932 | $ | 30.854 | 1,448,575 | 68,399,577 |
(1) Total shares purchased represent those shares purchased in the open market as part of the Company’s publicly announced share repurchase program described below, shares received as payment for the exercise price of stock option exercises, and shares received as payment for the withholding taxes on vested restricted stock awards. During the three-month period ended June 30, 2012, the Company received 11,386 shares as payment for the exercise price of stock option exercises and 1,971 shares as payment for the minimum withholding taxes on vested restricted stock awards.
(2) On November 5, 2009, the Company’s Board of Directors approved a stock repurchase program authorizing the Company to repurchase up to 100,000,000 shares of the Company’s common stock during the period commencing January 1, 2010 and ending December 31, 2014.
|
Item 5.
|
MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS, AND ISSUER PURCHASES OF EQUITY SECURITIES (Continued)
|
2012
|
2011
|
2010
|
2009
|
2008
|
||||||||||||||||
Net sales and other operating income
|
$ | 89,038 | $ | 80,676 | $ | 61,682 | $ | 69,207 | $ | 69,816 | ||||||||||
Depreciation
|
793 | 827 | 857 | 730 | 721 | |||||||||||||||
Net earnings attributable to controlling
interests
|
1,223 | 2,036 | 1,930 | 1,684 | 1,780 | |||||||||||||||
Basic earnings per common share
|
1.84 | 3.17 | 3.00 | 2.62 | 2.76 | |||||||||||||||
Diluted earnings per common share
|
1.84 | 3.13 | 3.00 | 2.62 | 2.75 | |||||||||||||||
Cash dividends
|
455 | 395 | 372 | 347 | 316 | |||||||||||||||
Per common share
|
0.685 | 0.62 | 0.58 | 0.54 | 0.49 | |||||||||||||||
Working capital
|
$ | 12,328 | $ | 14,286 | $ | 9,561 | $ | 10,523 | $ | 10,833 | ||||||||||
Current ratio
|
1.8 | 2.1 | 2.1 | 2.2 | 1.7 | |||||||||||||||
Inventories
|
12,192 | 12,055 | 7,871 | 7,782 | 10,160 | |||||||||||||||
Net property, plant, and equipment
|
9,812 | 9,500 | 8,712 | 7,950 | 7,125 | |||||||||||||||
Gross additions to property, plant, and
equipment
|
1,719 | 1,512 | 1,788 | 2,059 | 1,789 | |||||||||||||||
Total assets
|
41,553 | 42,193 | 31,808 | 31,582 | 37,052 | |||||||||||||||
Long-term debt, excluding current maturities
|
6,535 | 8,266 | 6,830 | 7,592 | 7,443 | |||||||||||||||
Shareholders’ equity
|
18,169 | 18,838 | 14,631 | 13,653 | 13,666 | |||||||||||||||
Per common share
|
27.57 | 27.87 | 22.89 | 21.27 | 21.22 | |||||||||||||||
Weighted average shares outstanding-basic
|
665 | 642 | 643 | 643 | 644 | |||||||||||||||
Weighted average shares outstanding-diluted
|
666 | 654 | 644 | 644 | 646 |
·
|
Net earnings attributable to controlling interests for 2012 include exit costs and asset impairment charges of $437 million ($274 million after tax, equal to $0.41 per share) related primarily to the bioplastics facility and global workforce reduction program.
|
·
|
Net earnings attributable to controlling interests for 2011 include a gain of $71 million ($44 million after tax, equal to $0.07 per share) related to the acquisition of the remaining interest in Golden Peanut, start up costs for the Company’s significant new greenfield plants of $94 million ($59 million after tax, equal to $0.09 per share), charges on early extinguishment of debt of $15 million ($9 million after tax, equal to $0.01 per share), gains on interest rate swaps of $30 million ($19 million after tax, equal to $0.03 per share) and a gain of $78 million ($49 million after tax, equal to $0.07 per share) related to the sale of bank securities held by the Company’s equity investee, Gruma S.A.B de C.V. During the second quarter of fiscal year 2011, the Company updated its estimates for service lives of certain of its machinery and equipment assets. The effect of this change in accounting estimate on pre-tax earnings for the year ended June 30, 2011 was an increase of $133 million ($83 million after tax, equal to $0.13 per share). Basic and diluted weighted average shares outstanding for 2011 include 44 million shares issued on June 1, 2011 related to the Equity Unit conversion. Diluted weighted average shares outstanding for 2011 include 44 million shares assumed issued on January 1, 2011 as required using the “if-converted” method of calculating diluted earnings per share for the quarter ended March 31, 2011. See Note 11 in Item 8, Financial Statements and Supplementary Data (Item 8), for earnings per share calculation.
|
Item 6.
|
SELECTED FINANCIAL DATA (Continued)
|
·
|
Net earnings attributable to controlling interests for 2010 include a charge of $75 million ($47 million after tax, equal to $0.07 per share) related to loss on extinguishment of debt resulting from the repurchase of $500 million in aggregate principal amount of the Company’s outstanding debentures, and start up costs for the Company’s significant new greenfield plants of $110 million ($68 million after tax, equal to $0.11 per share).
|
·
|
Net earnings attributable to controlling interests for 2009 include a non-cash charge of $275 million ($171 million after tax, equal to $0.27 per share) related to currency derivative losses of the Company’s equity investee, Gruma S.A.B. de C.V., and a $158 million income tax charge (equal to $0.24 per share) related to the reorganization of the holding company structure in which the Company holds a portion of its equity investment in Wilmar.
|
Item 7.
|
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Continued)
|
Item 7.
|
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Continued)
|
Item 7.
|
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Continued)
|
2012
|
2011
|
Change
|
||||||||||
(In millions)
|
||||||||||||
Oilseeds Processing
|
||||||||||||
Crushing and Origination
|
$ | 18,794 | $ | 16,518 | $ | 2,276 | ||||||
Refining, Packaging, Biodiesel, and
Other
|
11,628 | 9,476 | 2,152 | |||||||||
Cocoa and Other
|
3,715 | 3,652 | 63 | |||||||||
Asia
|
578 | 262 | 316 | |||||||||
Total Oilseeds Processing
|
34,715 | 29,908 | 4,807 | |||||||||
Corn Processing
|
||||||||||||
Sweeteners and Starches
|
4,793 | 3,766 | 1,027 | |||||||||
Bioproducts
|
7,321 | 6,142 | 1,179 | |||||||||
Total Corn Processing
|
12,114 | 9,908 | 2,206 | |||||||||
Agricultural Services
|
||||||||||||
Merchandising and Handling
|
37,631 | 36,852 | 779 | |||||||||
Transportation
|
269 | 222 | 47 | |||||||||
Milling and Other
|
4,182 | 3,676 | 506 | |||||||||
Total Agricultural Services
|
42,082 | 40,750 | 1,332 | |||||||||
Other
|
||||||||||||
Financial
|
127 | 110 | 17 | |||||||||
Total Other
|
127 | 110 | 17 | |||||||||
Total
|
$ | 89,038 | $ | 80,676 | $ | 8,362 |
Item 7.
|
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Continued)
|
Item 7.
|
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Continued)
|
2012
|
2011
|
Change
|
||||||||||
(In millions)
|
||||||||||||
Oilseeds Processing
|
||||||||||||
Crushing and Origination
|
$ | 641 | $ | 925 | $ | (284 | ) | |||||
Refining, Packaging, Biodiesel, and
Other
|
295 | 342 | (47 | ) | ||||||||
Cocoa and Other
|
183 | 240 | (57 | ) | ||||||||
Asia
|
183 | 183 | – | |||||||||
Total Oilseeds Processing
|
1,302 | 1,690 | (388 | ) | ||||||||
Corn Processing
|
||||||||||||
Sweeteners and Starches
|
335 | 330 | 5 | |||||||||
Bioproducts
|
(74 | ) | 749 | (823 | ) | |||||||
Total Corn Processing
|
261 | 1,079 | (818 | ) | ||||||||
Agricultural Services
|
||||||||||||
Merchandising and Handling
|
493 | 807 | (314 | ) | ||||||||
Transportation
|
125 | 117 | 8 | |||||||||
Milling and Other
|
329 | 399 | (70 | ) | ||||||||
Total Agricultural Services
|
947 | 1,323 | (376 | ) | ||||||||
Other
|
||||||||||||
Financial
|
15 | 39 | (24 | ) | ||||||||
Total Other
|
15 | 39 | (24 | ) | ||||||||
Total Segment Operating Profit
|
2,525 | 4,131 | (1,606 | ) | ||||||||
Corporate (see below)
|
(760 | ) | (1,116 | ) | 356 | |||||||
Earnings Before Income Taxes
|
$ | 1,765 | $ | 3,015 | $ | (1,250 | ) |
2012
|
2011
|
Change
|
||||||||||
(In millions)
|
||||||||||||
LIFO credit (charge)
|
$ | 10 | $ | (368 | ) | $ | 378 | |||||
Interest expense - net
|
(423 | ) | (445 | ) | 22 | |||||||
Unallocated corporate costs
|
(360 | ) | (326 | ) | (34 | ) | ||||||
Charges on early extinguishment of debt
|
(4 | ) | (8 | ) | 4 | |||||||
Gains (losses) on interest rate swaps
|
– | 30 | (30 | ) | ||||||||
Other
|
17 | 1 | 16 | |||||||||
Total Corporate
|
$ | (760 | ) | $ | (1,116 | ) | $ | 356 |
Item 7.
|
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Continued)
|
Item 7.
|
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Continued)
|
Item 7.
|
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Continued)
|
2011
|
2010
|
Change
|
||||||||||
(In millions)
|
||||||||||||
Oilseeds Processing
|
||||||||||||
Crushing and Origination
|
$ | 16,518 | $ | 14,411 | $ | 2,107 | ||||||
Refining, Packaging, Biodiesel, and
Other
|
9,476 | 7,133 | 2,343 | |||||||||
Cocoa and Other
|
3,652 | 2,678 | 974 | |||||||||
Asia
|
262 | 190 | 72 | |||||||||
Total Oilseeds Processing
|
29,908 | 24,412 | 5,496 | |||||||||
Corn Processing
|
||||||||||||
Sweeteners and Starches
|
3,766 | 3,264 | 502 | |||||||||
Bioproducts
|
6,142 | 4,610 | 1,532 | |||||||||
Total Corn Processing
|
9,908 | 7,874 | 2,034 | |||||||||
Agricultural Services
|
||||||||||||
Merchandising and Handling
|
36,852 | 25,751 | 11,101 | |||||||||
Transportation
|
222 | 167 | 55 | |||||||||
Milling and Other
|
3,676 | 3,383 | 293 | |||||||||
Total Agricultural Services
|
40,750 | 29,301 | 11,449 | |||||||||
Other
|
||||||||||||
Financial
|
110 | 95 | 15 | |||||||||
Total Other
|
110 | 95 | 15 | |||||||||
Total
|
$ | 80,676 | $ | 61,682 | $ | 18,994 |
Item 7.
|
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Continued)
|
Item 7.
|
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Continued)
|
2011
|
2010
|
Change
|
||||||||||
(In millions)
|
||||||||||||
Oilseeds Processing
|
||||||||||||
Crushing and Origination
|
$ | 925 | $ | 834 | $ | 91 | ||||||
Refining, Packaging, Biodiesel, and
Other
|
342 | 300 | 42 | |||||||||
Cocoa and Other
|
240 | 126 | 114 | |||||||||
Asia
|
183 | 291 | (108 | ) | ||||||||
Total Oilseeds Processing
|
1,690 | 1,551 | 139 | |||||||||
Corn Processing
|
||||||||||||
Sweeteners and Starches
|
330 | 538 | (208 | ) | ||||||||
Bioproducts
|
749 | 200 | 549 | |||||||||
Total Corn Processing
|
1,079 | 738 | 341 | |||||||||
Agricultural Services
|
||||||||||||
Merchandising and Handling
|
807 | 562 | 245 | |||||||||
Transportation
|
117 | 96 | 21 | |||||||||
Milling and Other
|
399 | 344 | 55 | |||||||||
Total Agricultural Services
|
1,323 | 1,002 | 321 | |||||||||
Other
|
||||||||||||
Financial
|
39 | 46 | (7 | ) | ||||||||
Total Other
|
39 | 46 | (7 | ) | ||||||||
Total Segment Operating Profit
|
4,131 | 3,337 | 794 | |||||||||
Corporate (see below)
|
(1,116 | ) | (752 | ) | (364 | ) | ||||||
Earnings Before Income Taxes
|
$ | 3,015 | $ | 2,585 | $ | 430 |
2011
|
2010
|
Change
|
||||||||||
(In millions)
|
||||||||||||
LIFO credit
|
$ | (368 | ) | $ | 42 | $ | (410 | ) | ||||
Interest expense - net
|
(445 | ) | (381 | ) | (64 | ) | ||||||
Unallocated corporate costs
|
(326 | ) | (266 | ) | (60 | ) | ||||||
Charges on early extinguishment of debt
|
(8 | ) | (75 | ) | 67 | |||||||
Gains (losses) on interest rate swaps
|
30 | (59 | ) | 89 | ||||||||
Other
|
1 | (13 | ) | 14 | ||||||||
Total Corporate
|
$ | (1,116 | ) | $ | (752 | ) | $ | (364 | ) |
Item 7.
|
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Continued)
|
Item 7.
|
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Continued)
|
Item 7.
|
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Continued)
|
Payments Due by Period
|
|||||||||||||||||||||
Contractual
|
Item 8
Note
|
Less than
|
1 - 3 | 3 – 5 |
More than
|
||||||||||||||||
Obligations
|
Reference
|
Total
|
1 Year
|
Years
|
Years
|
5 Years
|
|||||||||||||||
(In millions)
|
|||||||||||||||||||||
Purchases
|
|||||||||||||||||||||
Inventories
|
$ | 17,724 | $ | 17,307 | $ | 211 | $ | 130 | $ | 76 | |||||||||||
Energy
|
866 | 390 | 233 | 87 | 156 | ||||||||||||||||
Other
|
242 | 145 | 86 | 10 | 1 | ||||||||||||||||
Total purchases
|
18,832 | 17,842 | 530 | 227 | 233 | ||||||||||||||||
Short-term debt
|
2,108 | 2,108 | |||||||||||||||||||
Long-term debt
|
Note 10
|
8,212 | 1,677 | 1,114 | 320 | 5,101 | |||||||||||||||
Estimated interest
payments
|
6,688 | 374 | 650 | 636 | 5,028 | ||||||||||||||||
Operating leases
|
Note 16
|
1,135 | 244 | 365 | 263 | 263 | |||||||||||||||
Estimated pension
and other
postretirement plan
contributions
(1)
|
Note 17
|
188 | 64 | 23 | 25 | 76 | |||||||||||||||
Total
|
$ | 37,163 | $ | 22,309 | $ | 2,682 | $ | 1,471 | $ | 10,701 |
Item 7.
|
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Continued)
|
Item 7.
|
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Continued)
|
Item 7.
|
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Continued)
|
Item 7.
|
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Continued)
|
2012
|
2011
|
|||||||||||||||
Long/(Short)
|
Fair Value
|
Market Risk
|
Fair Value
|
Market Risk
|
||||||||||||
(In millions)
|
||||||||||||||||
Highest position
|
$ | 1,477 | $ | 148 | $ | 2,388 | $ | 239 | ||||||||
Lowest position
|
(383 | ) | (38 | ) | 368 | 37 | ||||||||||
Average position
|
546 | 55 | 1,644 | 164 |
Item 7A.
|
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK (Continued)
|
2012
|
2011
|
|||||||
(In millions)
|
||||||||
Fair value of long-term debt
|
$ | 8,057 | $ | 9,108 | ||||
Excess of fair value over carrying value
|
1,522 | 842 | ||||||
Market risk
|
422 | 333 |
Financial Statements
|
Page No.
|
Consolidated Statements of Earnings
|
48
|
Consolidated Balance Sheets
|
49
|
Consolidated Statements of Cash Flows
|
50
|
Consolidated Statements of Shareholders’ Equity
|
51
|
Notes to Consolidated Financial Statements
|
52
|
Reports of Independent Registered Public Accounting Firm
|
100
|
Year Ended June 30
|
||||||||||||
2012
|
2011
|
2010
|
||||||||||
(In millions, except per share amounts)
|
||||||||||||
Net sales and other operating income
|
$ | 89,038 | $ | 80,676 | $ | 61,682 | ||||||
Cost of products sold
|
85,370 | 76,376 | 57,839 | |||||||||
Gross Profit
|
3,668 | 4,300 | 3,843 | |||||||||
Selling, general and administrative expenses
|
1,626 | 1,611 | 1,398 | |||||||||
Asset impairment, exit, and restructuring costs
|
437 | - | - | |||||||||
Interest expense
|
441 | 482 | 422 | |||||||||
Equity in earnings of unconsolidated affiliates
|
(472 | ) | (542 | ) | (561 | ) | ||||||
Interest income
|
(112 | ) | (136 | ) | (126 | ) | ||||||
Other (income) expense - net
|
(17 | ) | (130 | ) | 125 | |||||||
Earnings Before Income Taxes
|
1,765 | 3,015 | 2,585 | |||||||||
Income taxes
|
523 | 997 | 666 | |||||||||
Net Earnings Including Noncontrolling Interests
|
1,242 | 2,018 | 1,919 | |||||||||
Less: Net earnings (losses) attributable to noncontrolling
interests
|
19 | (18 | ) | (11 | ) | |||||||
Net Earnings Attributable to Controlling Interests
|
$ | 1,223 | $ | 2,036 | $ | 1,930 | ||||||
Average number of shares outstanding – basic
|
665 | 642 | 643 | |||||||||
Average number of shares outstanding – diluted
|
666 | 654 | 644 | |||||||||
Basic earnings per common share
|
$ | 1.84 | $ | 3.17 | $ | 3.00 | ||||||
Diluted earnings per common share
|
$ | 1.84 | $ | 3.13 | $ | 3.00 |
June 30
|
||||||||
2012
|
2011
|
|||||||
(In millions)
|
||||||||
Assets
|
||||||||
Current Assets
|
||||||||
Cash and cash equivalents
|
$ | 1,291 | $ | 615 | ||||
Short-term marketable securities
|
176 | 739 | ||||||
Segregated cash and investments
|
3,263 | 3,396 | ||||||
Trade receivables
|
3,439 | 4,808 | ||||||
Inventories
|
12,192 | 12,055 | ||||||
Other current assets
|
6,593 | 5,891 | ||||||
Total Current Assets
|
26,954 | 27,504 | ||||||
Investments and Other Assets
|
||||||||
Investments in and advances to affiliates
|
3,388 | 3,240 | ||||||
Long-term marketable securities
|
262 | 666 | ||||||
Goodwill
|
603 | 602 | ||||||
Other assets
|
534 | 681 | ||||||
Total Investments and Other Assets
|
4,787 | 5,189 | ||||||
Property, Plant, and Equipment
|
||||||||
Land
|
325 | 305 | ||||||
Buildings
|
4,609 | 4,413 | ||||||
Machinery and equipment
|
16,729 | 16,245 | ||||||
Construction in progress
|
1,027 | 765 | ||||||
22,690 | 21,728 | |||||||
Accumulated depreciation
|
(12,878 | ) | (12,228 | ) | ||||
Net Property, Plant, and Equipment
|
9,812 | 9,500 | ||||||
Total Assets
|
$ | 41,553 | $ | 42,193 | ||||
Liabilities and Shareholders’ Equity
|
||||||||
Current Liabilities
|
||||||||
Short-term debt
|
$ | 2,108 | $ | 1,875 | ||||
Trade payables
|
2,474 | 2,581 | ||||||
Accrued expenses and other payables
|
8,367 | 8,584 | ||||||
Current maturities of long-term debt
|
1,677 | 178 | ||||||
Total Current Liabilities
|
14,626 | 13,218 | ||||||
Long-Term Liabilities
|
||||||||
Long-term debt
|
6,535 | 8,266 | ||||||
Deferred income taxes
|
783 | 859 | ||||||
Other
|
1,440 | 1,012 | ||||||
Total Long-Term Liabilities
|
8,758 | 10,137 | ||||||
Shareholders’ Equity
|
||||||||
Common stock
|
6,102 | 6,636 | ||||||
Reinvested earnings
|
12,774 | 11,996 | ||||||
Accumulated other comprehensive income (loss)
|
(907 | ) | 176 | |||||
Noncontrolling interests
|
200 | 30 | ||||||
Total Shareholders’ Equity
|
18,169 | 18,838 | ||||||
Total Liabilities and Shareholders’ Equity
|
$ | 41,553 | $ | 42,193 |
Year Ended June 30
|
||||||||||||
2012
|
2011
|
2010
|
||||||||||
(In millions)
|
||||||||||||
Operating Activities
|
||||||||||||
Net earnings including noncontrolling interests
|
$ | 1,242 | $ | 2,018 | $ | 1,919 | ||||||
Adjustments to reconcile net earnings to net cash provided by
|
||||||||||||
(used in) operating activities
|
||||||||||||
Depreciation and amortization
|
848 | 877 | 912 | |||||||||
Asset impairment charges
|
367 | 2 | 9 | |||||||||
Deferred income taxes
|
45 | 521 | 30 | |||||||||
Gain on Golden Peanut revaluation
|
- | (71 | ) | – | ||||||||
Equity in earnings of affiliates, net of dividends
|
(243 | ) | (397 | ) | (326 | ) | ||||||
Stock compensation expense
|
48 | 47 | 45 | |||||||||
Pension and postretirement accruals (contributions), net
|
37 | 4 | (110 | ) | ||||||||
Charges from early extinguishment of debt
|
12 | 15 | 75 | |||||||||
Deferred cash flow hedges
|
43 | (1 | ) | 49 | ||||||||
Other – net
|
156 | (123 | ) | 75 | ||||||||
Changes in operating assets and liabilities
|
||||||||||||
Segregated cash and investments
|
128 | (1,035 | ) | 74 | ||||||||
Trade receivables
|
974 | (687 | ) | (540 | ) | |||||||
Inventories
|
(272 | ) | (3,412 | ) | (404 | ) | ||||||
Other current assets
|
(954 | ) | (2,452 | ) | 1,069 | |||||||
Trade payables
|
(117 | ) | 339 | (75 | ) | |||||||
Accrued expenses and other payables
|
581 | 2,015 | (118 | ) | ||||||||
Total Operating Activities
|
2,895 | (2,340 | ) | 2,684 | ||||||||
Investing Activities
|
||||||||||||
Purchases of property, plant, and equipment
|
(1,477 | ) | (1,247 | ) | (1,607 | ) | ||||||
Proceeds from sales of property, plant, and equipment
|
48 | 72 | 35 | |||||||||
Cash divested from deconsolidation
|
(130 | ) | – | – | ||||||||
Net assets of businesses acquired
|
(241 | ) | (218 | ) | (62 | ) | ||||||
Investments in and advances to affiliates
|
(31 | ) | (31 | ) | (146 | ) | ||||||
Purchases of marketable securities
|
(1,297 | ) | (2,379 | ) | (1,387 | ) | ||||||
Proceeds from sales of marketable securities
|
1,945 | 2,094 | 1,454 | |||||||||
Other – net
|
61 | 34 | 48 | |||||||||
Total Investing Activities
|
(1,122 | ) | (1,675 | ) | (1,665 | ) | ||||||
Financing Activities
|
||||||||||||
Long-term debt borrowings
|
97 | 1,564 | 27 | |||||||||
Long-term debt payments
|
(358 | ) | (417 | ) | (552 | ) | ||||||
Debt repurchase premium and costs
|
(44 | ) | (21 | ) | (71 | ) | ||||||
Net borrowings under lines of credit agreements
|
197 | 1,381 | 29 | |||||||||
Shares issued related to equity unit conversion
|
- | 1,750 | – | |||||||||
Purchases of treasury stock
|
(527 | ) | (301 | ) | (100 | ) | ||||||
Cash dividends
|
(455 | ) | (395 | ) | (372 | ) | ||||||
Other – net
|
(7 | ) | 23 | 11 | ||||||||
Total Financing Activities
|
(1,097 | ) | 3,584 | (1,028 | ) | |||||||
Increase (decrease) in cash and cash equivalents
|
676 | (431 | ) | (9 | ) | |||||||
Cash and cash equivalents – beginning of year
|
615 | 1,046 | 1,055 | |||||||||
Cash and cash equivalents
–
end of year
|
$ | 1,291 | $ | 615 | $ | 1,046 |
Interest
|
$ | 411 | $ | 418 | $ | 453 | ||||||
Income taxes
|
479 | 513 | 604 |
Other
|
Total
|
|||||||||||||||||||||||
Common Stock
|
Reinvested
|
Comprehensive
|
Noncontrolling
|
Shareholders’
|
||||||||||||||||||||
Shares
|
Amount
|
Earnings
|
Income (Loss)
|
Interests
|
Equity
|
|||||||||||||||||||
(In millions)
|
||||||||||||||||||||||||
Balance June 30, 2009
|
642 | $ | 5,204 | $ | 8,778 | $ | (355 | ) | $ | 26 | $ | 13,653 | ||||||||||||
Comprehensive income
|
||||||||||||||||||||||||
Net earnings
|
1,930 | (11 | ) | |||||||||||||||||||||
Other comprehensive income
|
||||||||||||||||||||||||
(loss)
|
(544 | ) | ||||||||||||||||||||||
Total comprehensive income
|
1,375 | |||||||||||||||||||||||
Cash dividends paid-$.58 per share
|
(372 | ) | (372 | ) | ||||||||||||||||||||
Treasury stock purchases
|
(4 | ) | (100 | ) | (100 | ) | ||||||||||||||||||
Stock compensation expense
|
45 | 45 | ||||||||||||||||||||||
Other
|
1 | 2 | 21 | 7 | 30 | |||||||||||||||||||
Balance June 30, 2010
|
639 | 5,151 | 10,357 | (899 | ) | 22 | 14,631 | |||||||||||||||||
Comprehensive income
|
||||||||||||||||||||||||
Net earnings
|
2,036 | (18 | ) | |||||||||||||||||||||
Other comprehensive income (loss)
|
1,075 | |||||||||||||||||||||||
Total comprehensive income
|
3,093 | |||||||||||||||||||||||
Cash dividends paid-$.62 per share
|
(395 | ) | (395 | ) | ||||||||||||||||||||
Shares issued related to equity unit
|
||||||||||||||||||||||||
conversion
|
44 | 1,750 | 1,750 | |||||||||||||||||||||
Treasury stock purchases
|
(9 | ) | (301 | ) | (301 | ) | ||||||||||||||||||
Stock compensation expense
|
47 | 47 | ||||||||||||||||||||||
Acquisition of noncontrolling
|
||||||||||||||||||||||||
interests
|
(26 | ) | 25 | (1 | ) | |||||||||||||||||||
Other
|
8t 2 | 15 | (2 | ) | 1 | 14 | ||||||||||||||||||
Balance June 30, 2011
|
676 | 6,636 | 11,996 | 176 | 30 | 18,838 | ||||||||||||||||||
Comprehensive income
|
||||||||||||||||||||||||
Net earnings
|
1,223 | 19 | ||||||||||||||||||||||
Other comprehensive income (loss)
|
(1,083 | ) | (6 | ) | ||||||||||||||||||||
Total comprehensive income
|
153 | |||||||||||||||||||||||
Cash dividends paid-$.685 per
|
||||||||||||||||||||||||
share
|
(455 | ) | (455 | ) | ||||||||||||||||||||
Treasury stock purchases
|
(18 | ) | (527 | ) | (527 | ) | ||||||||||||||||||
Stock compensation expense
|
48 | 48 | ||||||||||||||||||||||
Noncontrolling interests previously
|
||||||||||||||||||||||||
associated with mandatorily
|
||||||||||||||||||||||||
redeemable instruments
|
10 | 174 | 184 | |||||||||||||||||||||
Acquisition of noncontrolling
|
||||||||||||||||||||||||
interests
|
(40 | ) | (14 | ) | (54 | ) | ||||||||||||||||||
Other
|
1 | (15 | ) | (3 | ) | (18 | ) | |||||||||||||||||
Balance June 30, 2012
|
659 | $ | 6,102 | $ | 12,774 | $ | (907 | ) | $ | 200 | $ | 18,169 |
Fair Value Measurements at June 30, 2012
|
||||||||||||||||
Quoted Prices in
|
Significant
|
|||||||||||||||
Active Markets
|
Other
|
Significant
|
||||||||||||||
for Identical
|
Observable
|
Unobservable
|
||||||||||||||
Assets
|
Inputs
|
Inputs
|
||||||||||||||
(Level 1)
|
(Level 2)
|
(Level 3)
|
Total
|
|||||||||||||
(In millions)
|
||||||||||||||||
Assets:
|
||||||||||||||||
Inventories carried at
market
|
$ | - | $ | 5,297 | $ | 1,462 | $ | 6,759 | ||||||||
Unrealized derivative gains:
|
||||||||||||||||
Commodity contracts
|
1,275 | 1,397 | 171 | 2,843 | ||||||||||||
Foreign exchange contracts
|
- | 219 | - | 219 | ||||||||||||
Other contracts
|
- | 1 | - | 1 | ||||||||||||
Marketable securities
|
1,666 | 26 | - | 1,692 | ||||||||||||
Deferred consideration
|
- | 629 | - | 629 | ||||||||||||
Total Assets
|
$ | 2,941 | $ | 7,569 | $ | 1,633 | $ | 12,143 | ||||||||
Liabilities:
|
||||||||||||||||
Unrealized derivative losses:
|
||||||||||||||||
Commodity contracts
|
$ | 1,487 | $ | 1,038 | $ | 179 | $ | 2,704 | ||||||||
Foreign exchange contracts
|
2 | 289 | - | 291 | ||||||||||||
Inventory-related payables
|
- | 307 | 38 | 345 | ||||||||||||
Total Liabilities
|
$ | 1,489 | $ | 1,634 | $ | 217 | $ | 3,340 |
Fair Value Measurements at June 30, 2011
|
||||||||||||||||
Quoted Prices in
|
Significant
|
|||||||||||||||
Active Markets
|
Other
|
Significant
|
||||||||||||||
for Identical
|
Observable
|
Unobservable
|
||||||||||||||
Assets
|
Inputs
|
Inputs
|
||||||||||||||
(Level 1)
|
(Level 2)
|
(Level 3)
|
Total
|
|||||||||||||
(In millions)
|
||||||||||||||||
Assets:
|
||||||||||||||||
Inventories carried at market
|
$ | - | $ | 5,153 | $ | 762 | $ | 5,915 | ||||||||
Unrealized derivative gains:
|
||||||||||||||||
Commodity contracts
|
1,198 | 1,457 | 112 | 2,767 | ||||||||||||
Foreign exchange contracts
|
- | 237 | - | 237 | ||||||||||||
Interest rate contracts
|
- | 3 | - | 3 | ||||||||||||
Marketable securities
|
1,628 | 328 | - | 1,956 | ||||||||||||
Total Assets
|
$ | 2,826 | $ | 7,178 | $ | 874 | $ | 10,878 | ||||||||
Liabilities:
|
||||||||||||||||
Unrealized derivative losses:
|
||||||||||||||||
Commodity contracts
|
$ | 1,317 | $ | 1,193 | $ | 44 | $ | 2,554 | ||||||||
Foreign exchange contracts
|
- | 178 | - | 178 | ||||||||||||
Inventory-related payables
|
- | 278 | 45 | 323 | ||||||||||||
Total Liabilities
|
$ | 1,317 | $ | 1,649 | $ | 89 | $ | 3,055 |
Level 3 Fair Value Assets Measurements at June 30, 2012
|
||||||||||||
Commodity
|
||||||||||||
Inventories
|
Derivative
|
|||||||||||
Carried at
|
Contracts
|
|||||||||||
Market
|
Gains
|
Total
|
||||||||||
(In millions)
|
||||||||||||
Balance, June 30, 2011
|
$ | 762 | $ | 112 | $ | 874 | ||||||
Total increase (decrease) in unrealized
|
||||||||||||
gains included in cost of products sold
|
88 | 592 | 680 | |||||||||
Purchases
|
7,036 | 2 | 7,038 | |||||||||
Sales
|
(6,504 | ) | - | (6,504 | ) | |||||||
Settlements
|
- | (490 | ) | (490 | ) | |||||||
Transfers into Level 3
|
90 | 108 | 198 | |||||||||
Transfers out of Level 3
|
(10 | ) | (153 | ) | (163 | ) | ||||||
Ending balance, June 30, 2012
|
$ | 1,462 | $ | 171 | $ | 1,633 |
Level 3 Fair Value Liabilities Measurements at June 30, 2012
|
||||||||||||
Commodity
|
||||||||||||
Inventory-
|
Derivative
|
|||||||||||
related
|
Contracts
|
|||||||||||
Payables
|
Losses
|
Total
|
||||||||||
(In millions)
|
||||||||||||
Balance, June 30, 2011
|
$ | 45 | $ | 44 | $ | 89 | ||||||
Total increase (decrease) in unrealized
|
||||||||||||
losses included in cost of products sold
|
1 | 555 | 556 | |||||||||
Purchases
|
(8 | ) | - | (8 | ) | |||||||
Settlements
|
- | (384 | ) | (384 | ) | |||||||
Transfers into Level 3
|
- | 72 | 72 | |||||||||
Transfers out of Level 3
|
- | (108 | ) | (108 | ) | |||||||
Ending balance, June 30, 2012
|
$ | 38 | $ | 179 | $ | 217 |
Level 3 Fair Value Measurements at June 30, 2011
|
||||||||||||
Inventories
|
Derivative
|
|||||||||||
Carried at
|
Contracts,
|
|||||||||||
Market, Net
|
Net
|
Total
|
||||||||||
(In millions)
|
||||||||||||
Balance, June 30, 2010
|
$ | 427 | $ | 13 | $ | 440 | ||||||
Total gains (losses), realized or
|
||||||||||||
unrealized, included in earnings
|
||||||||||||
before income taxes*
|
171 | 79 | 250 | |||||||||
Purchases, issuances and settlements
|
254 | (2 | ) | 252 | ||||||||
Transfers into Level 3
|
300 | 23 | 323 | |||||||||
Transfers out of Level 3
|
(435 | ) | (45 | ) | (480 | ) | ||||||
Ending balance, June 30, 2011
|
$ | 717 | $ | 68 | $ | 785 |
Weighted Average
|
||||||||
% of Total Price
|
||||||||
Component Type
|
Assets
|
Liabilities
|
||||||
Inventories
|
||||||||
Basis
|
8.8% | 2.3% | ||||||
Transportation cost
|
8.5 % | 7.9 % | ||||||
Commodity Derivative Contracts
|
||||||||
Basis
|
12.6 % | 11.8% | ||||||
Transportation cost
|
12.6 % | 14.0% |
2012
|
2011
|
|||||||
(In millions)
|
||||||||
LIFO inventories
|
||||||||
FIFO value
|
$ | 1,070 | $ | 1,143 | ||||
LIFO valuation reserve
|
(583 | ) | (593 | ) | ||||
LIFO inventories carrying value
|
487 | 550 | ||||||
FIFO inventories
|
4,946 | 5,590 | ||||||
Market inventories
|
6,759 | 5,915 | ||||||
$ | 12,192 | $ | 12,055 |
2012
|
2011
|
|||||||||||||||
Assets
|
Liabilities
|
Assets
|
Liabilities
|
|||||||||||||
(In millions)
|
(In millions)
|
|||||||||||||||
FX Contracts
|
$ | 219 | $ | 291 | $ | 237 | $ | 178 | ||||||||
Interest Contracts
|
- | - | 3 | - | ||||||||||||
Commodity Contracts
|
2,843 | 2,704 | 2,766 | 2,553 | ||||||||||||
Other Contracts
|
1 | - | - | - | ||||||||||||
Total
|
$ | 3,063 | $ | 2,995 | $ | 3,006 | $ | 2,731 |
Years ended June 30
|
||||||||||||
2012
|
2011
|
2010
|
||||||||||
(In millions)
|
||||||||||||
Interest Contracts
|
||||||||||||
Interest expense
|
$ | 0 | $ | 0 | $ | 0 | ||||||
Other income (expense) - net
|
- | 30 | (57 | ) | ||||||||
FX Contracts
|
||||||||||||
Net sales and other operating income
|
$ | 117 | $ | (14 | ) | $ | 0 | |||||
Cost of products sold
|
(255 | ) | 150 | 61 | ||||||||
Other income (expense) - net
|
(21 | ) | 43 | (42 | ) | |||||||
Commodity Contracts
|
||||||||||||
Cost of products sold
|
$ | (527 | ) | $ | (1,303 | ) | $ | 242 | ||||
Other Contracts
|
||||||||||||
Other income (expense) - net
|
(1 | ) | 0 | 0 | ||||||||
Total gain (loss) recognized in earnings
|
$ | (687 | ) | $ | (1,094 | ) | $ | 204 |
2012
|
2011
|
|||||||||||||||
Assets
|
Liabilities
|
Assets
|
Liabilities
|
|||||||||||||
(In millions)
|
(In millions)
|
|||||||||||||||
Commodity Contracts
|
- | - | 1 | 1 | ||||||||||||
Total
|
$ | - | $ | - | $ | 1 | $ | 1 |
Consolidated Statement of
|
Years ended June 30
|
||||||||||||
Earnings Locations
|
2012
|
2011
|
2010
|
||||||||||
(In millions)
|
|||||||||||||
Effective amounts recognized in earnings
|
|||||||||||||
FX Contracts
|
Other income/expense – net
|
$ | (1 | ) | $ | 0 | $ | (1 | ) | ||||
Interest Contracts
|
Interest expense
|
1 | 0 | 0 | |||||||||
Commodity Contracts
|
Cost of products sold
|
5 | 375 | (85 | ) | ||||||||
Net sales and other operating income
|
3 | (13 | ) | 0 | |||||||||
Ineffective amount recognized in earnings
|
|||||||||||||
Interest contracts
|
Interest expense
|
- | 1 | - | |||||||||
Commodity contracts
|
Cost of products sold
|
49 | 46 | (55 | ) | ||||||||
Total amount recognized in earnings
|
$ | 57 | $ | 409 | $ | (141 | ) |
Unrealized
|
Unrealized
|
Fair
|
||||||||||||||
Cost
|
Gains
|
Losses
|
Value
|
|||||||||||||
(In millions)
|
||||||||||||||||
2012
|
||||||||||||||||
United States government obligations
|
||||||||||||||||
Maturity less than 1 year
|
$ | 562 | $ | - | $ | - | $ | 562 | ||||||||
Maturity 1 to 5 years
|
87 | 1 | - | 88 | ||||||||||||
Corporate debt securities
|
||||||||||||||||
Maturity 1 to 5 years
|
24 | - | - | 24 | ||||||||||||
Other debt securities
|
||||||||||||||||
Maturity less than 1 year
|
385 | - | - | 385 | ||||||||||||
Maturity 1 to 5 years
|
4 | - | - | 4 | ||||||||||||
Equity securities
|
||||||||||||||||
Available-for-sale
|
124 | 2 | (4 | ) | 122 | |||||||||||
Trading
|
24 | - | - | 24 | ||||||||||||
$ | 1,210 | $ | 3 | $ | (4 | ) | $ | 1,209 | ||||||||
Unrealized
|
Unrealized
|
Fair
|
||||||||||||||
Cost
|
Gains
|
Losses
|
Value
|
|||||||||||||
(In millions)
|
||||||||||||||||
2011
|
||||||||||||||||
United States government obligations
|
||||||||||||||||
Maturity less than 1 year
|
$ | 753 | $ | - | $ | - | $ | 753 | ||||||||
Maturity 1 to 5 years
|
72 | 1 | - | 73 | ||||||||||||
Government–sponsored enterprise obligations
|
||||||||||||||||
Maturity less than 1 year
|
20 | - | - | 20 | ||||||||||||
Maturity 1 to 5 years
|
54 | - | - | 54 | ||||||||||||
Maturity 5 to 10 years
|
5 | - | - | 5 | ||||||||||||
Maturity greater than 10 years
|
218 | 8 | - | 226 | ||||||||||||
Corporate debt securities
|
||||||||||||||||
Maturity less than 1 year
|
1 | - | - | 1 | ||||||||||||
Maturity 1 to 5 years
|
35 | 1 | - | 36 | ||||||||||||
Other debt securities
|
||||||||||||||||
Maturity less than 1 year
|
215 | - | - | 215 | ||||||||||||
Maturity 1 to 5 years
|
3 | - | - | 3 | ||||||||||||
Maturity 5 to 10 years
|
7 | - | - | 7 | ||||||||||||
Equity securities
|
||||||||||||||||
Available-for-sale
|
159 | 83 | (4 | ) | 238 | |||||||||||
Trading
|
24 | - | - | 24 | ||||||||||||
$ | 1,566 | $ | 93 | $ | (4 | ) | $ | 1,655 |
2012 | 2011 | |||||||
(In millions) | ||||||||
Unrealized gains on derivative contracts
|
$ | 3,063 | $ | 3,007 | ||||
Deferred receivables consideration
|
629 | - | ||||||
Other current assets
|
2,901 | 2,884 | ||||||
$ | 6,593 | $ | 5,891 |
2012
|
2011
|
|||||||
(In millions)
|
||||||||
Unrealized losses on derivative contracts
|
$ | 2,995 | $ | 2,759 | ||||
Grain accounts and margin deposits
|
4,166 | 4,259 | ||||||
Other accruals and payables
|
1,206 | 1,566 | ||||||
$ | 8,367 | $ | 8,584 |
2012
|
2011
|
2010
|
||||||||||
(In millions)
|
||||||||||||
Current assets
|
$ | 28,196 | $ | 26,222 | ||||||||
Non-current assets
|
20,821 | 17,733 | ||||||||||
Current liabilities
|
(23,381 | ) | (20,748 | ) | ||||||||
Non-current liabilities
|
(6,379 | ) | (5,160 | ) | ||||||||
Noncontrolling interests
|
(1,176 | ) | (1,072 | ) | ||||||||
Net assets
|
$ | 18,081 | $ | 16,975 | ||||||||
Net sales
|
$ | 58,068 | $ | 48,941 | $ | 39,524 | ||||||
Gross profit
|
6,458 | 4,819 | 5,225 | |||||||||
Net income
|
1,940 | 2,252 | 2,931 |
2012
|
2011
|
|||||||||||||||||||||||
Consolidated
|
Investments
|
Consolidated
|
Investments
|
|||||||||||||||||||||
Businesses
|
in Affiliates
|
Total
|
Businesses
|
In Affiliates
|
Total
|
|||||||||||||||||||
(In millions)
|
(In millions)
|
|||||||||||||||||||||||
Oilseeds Processing
|
$ | 167 | $ | 184 | $ | 351 | $ | 160 | $ | 184 | $ | 344 | ||||||||||||
Corn Processing
|
85 | 7 | 92 | 85 | 7 | 92 | ||||||||||||||||||
Agricultural Services
|
85 | 67 | 152 | 91 | 67 | 158 | ||||||||||||||||||
Other
|
8 | - | 8 | 8 | - | 8 | ||||||||||||||||||
Total
|
$ | 345 | $ | 258 | $ | 603 | $ | 344 | $ | 258 | $ | 602 |
2012
|
2011
|
|||||||
(In millions)
|
||||||||
Floating Rate Notes $1.4 billion face amount, due in 2012
(1)
|
$ | 1,399 | $ | 1,500 | ||||
0.875% Convertible Senior Notes $1.15 billion face amount, due in 2014
|
1,071 | 1,026 | ||||||
5.765% Debentures $1.0 billion face amount, due in 2041
|
1,007 | 1,008 | ||||||
4.479% Debentures $750 million face amount, due in 2021
|
755 | 756 | ||||||
5.45% Notes $700 million face amount, due in 2018
|
700 | 700 | ||||||
5.375% Debentures $600 million face amount, due in 2035
|
588 | 587 | ||||||
5.935% Debentures $500 million face amount, due in 2032
|
495 | 495 | ||||||
4.535% Debentures $528 million face amount due in 2042
|
370 | - | ||||||
8.375% Debentures $295 million face amount, due in 2017
|
293 | 292 | ||||||
7.125% Debentures $243 million face amount, due in 2013
|
243 | 243 | ||||||
7.5% Debentures $222 million face amount, due in 2027
(2)
|
221 | 281 | ||||||
6.625% Debentures $197 million face amount, due in 2029
(3)
|
196 | 296 | ||||||
7.0% Debentures $194 million face amount, due in 2031
(4)
|
193 | 244 | ||||||
6.95% Debentures $176 million face amount, due in 2097
(5)
|
173 | 246 | ||||||
6.45% Debentures $158 million face amount, due in 2038
(6)
|
157 | 215 | ||||||
6.75% Debentures $141 million face amount, due in 2027
(7)
|
139 | 197 | ||||||
8.125% Debentures $103 million face amount, due in 2012
|
- | 103 | ||||||
Other
|
212 | 255 | ||||||
Total long-term debt including current maturities
|
8,212 | 8,444 | ||||||
Current maturities
|
(1,677 | ) | (178 | ) | ||||
Total long-term debt
|
$ | 6,535 | $ | 8,266 | ||||
(1)
$1.5 billion face amount in 2011
|
||||||||
(2)
$282 million face amount in 2011
|
||||||||
(3)
$298 million face amount in 2011
|
||||||||
(4)
$246 million face amount in 2011
|
||||||||
(5)
$250 million face amount in 2011
|
||||||||
(6)
$215 million face amount in 2011
|
||||||||
(7)
$200 million face amount in 2011
|
Years ended June 30
|
||||||||||||
2012
|
2011
|
2010
|
||||||||||
(In millions, except per share amounts)
|
||||||||||||
Net earnings attributable to controlling interests
|
$ | 1,223 | $ | 2,036 | $ | 1,930 | ||||||
Average shares outstanding
|
665 | 642 | 643 | |||||||||
Basic earnings per share
|
$ | 1.84 | $ | 3.17 | $ | 3.00 | ||||||
Net earnings attributable to controlling interests
|
$ | 1,223 | $ | 2,036 | $ | 1,930 | ||||||
Plus: After-tax interest on 4.7% debentures
|
||||||||||||
related to $1.75 billion Equity Units
|
- | 13 | - | |||||||||
Adjusted net earnings attributable to controlling interests
|
$ | 1,223 | $ | 2,049 | $ | 1,930 | ||||||
Average shares outstanding
|
665 | 642 | 643 | |||||||||
Plus: Incremental shares
|
||||||||||||
Share-based compensation awards
|
1 | 1 | 1 | |||||||||
Shares assumed issued related to $1.75 billion Equity
|
||||||||||||
Units
|
- | 11 | - | |||||||||
Adjusted average shares outstanding
|
666 | 654 | 644 | |||||||||
Diluted earnings per share
|
$ | 1.84 | $ | 3.13 | $ | 3.00 |
2012
|
2011
|
2010
|
||||||||||
Dividend yield
|
2% | 2% | 2% | |||||||||
Risk-free interest rate
|
2% | 2% | 2% | |||||||||
Stock volatility
|
32% | 31% | 32% | |||||||||
Average expected life (years)
|
8% | 8% | 8% |
Weighted-Average
|
||||||||
Shares
|
Exercise Price
|
|||||||
(In thousands, except per share amounts)
|
||||||||
Shares under option at June 30, 2011
|
11,723 | $ | 28.35 | |||||
Granted
|
2,436 | 26.18 | ||||||
Exercised
|
(429 | ) | 19.61 | |||||
Forfeited or expired
|
(238 | ) | 28.38 | |||||
Shares under option at June 30, 2012
|
13,492 | $ | 28.24 | |||||
Exercisable at June 30, 2012
|
7,198 | $ | 28.57 |
Restricted
|
Weighted Average
|
|||||||
Stock Awards and PSUs
|
Grant-Date Fair Value
|
|||||||
(In thousands, except per share amounts)
|
||||||||
Non-vested at June 30, 2011
|
3,115 | $ | 28.39 | |||||
Granted
|
1,249 | 26.75 | ||||||
Vested
|
(1,148 | ) | 26.34 | |||||
Forfeited
|
(246 | ) | 20.50 | |||||
Non-vested at June 30, 2012
|
2,970 | $ | 29.16 |
Foreign
|
Deferred
|
Unrealized
|
Accumulated
|
|||||||||||||||||
Currency
|
Gain (Loss)
|
Pension
|
Gain (Loss)
|
Other
|
||||||||||||||||
Translation
|
on Hedging
|
Liability
|
On
|
Comprehensive
|
||||||||||||||||
Adjustment
|
Activities
|
Adjustment
|
Investments
|
Income (Loss)
|
||||||||||||||||
(In millions)
|
||||||||||||||||||||
Balance at June 30, 2009
|
$ | 207 | $ | (13 | ) | $ | (556 | ) | $ | 7 | $ | (355 | ) | |||||||
Unrealized gains (losses)
|
(557 | ) | 46 | (123 | ) | 37 | (597 | ) | ||||||||||||
(Gains) losses reclassified to
earnings
|
- | 24 | 41 | 6 | 71 | |||||||||||||||
Tax effect
|
- | (27 | ) | 25 | (16 | ) | (18 | ) | ||||||||||||
Net of tax amount
|
(557 | ) | 43 | (57 | ) | 27 | (544 | ) | ||||||||||||
Balance at June 30, 2010
|
(350 | ) | 30 | (613 | ) | 34 | (899 | ) | ||||||||||||
Unrealized gains (losses)
|
859 | 43 | 230 | 49 | 1,181 | |||||||||||||||
(Gains) losses reclassified
to earnings
|
- | (46 | ) | 70 | (13 | ) | 11 | |||||||||||||
Tax effect
|
- | 2 | (106 | ) | (13 | ) | (117 | ) | ||||||||||||
Net of tax amount
|
859 | (1 | ) | 194 | 23 | 1,075 | ||||||||||||||
Balance at June 30, 2011
|
509 | 29 | (419 | ) | 57 | 176 | ||||||||||||||
Unrealized gains (losses)
|
(745 | ) | 44 | (619 | ) | (77 | ) | (1,396 | ) | |||||||||||
(Gains) losses reclassified
|
||||||||||||||||||||
to earnings
|
- | (8 | ) | 54 | (13 | ) | 33 | |||||||||||||
Tax effect
|
60 | (15 | ) | 202 | 34 | 280 | ||||||||||||||
Net of tax amount
|
(685 | ) | 21 | (363 | ) | (56 | ) | (1,083 | ) | |||||||||||
Balance at June 30, 2012
|
$ | (176 | ) | $ | 50 | $ | (782 | ) | $ | 1 | $ | (907 | ) |
2012
|
2011
|
2010
|
||||||||||
(In millions)
|
||||||||||||
Gain on Golden Peanut revaluation
|
$ | - | $ | (71 | ) | $ | - | |||||
Charges from early extinguishment of debt
|
12 | 15 | 75 | |||||||||
(Gains) losses on interest rate swaps
|
- | (30 | ) | 59 | ||||||||
Net (gain) loss on marketable securities transactions
|
(25 | ) | (12 | ) | 6 | |||||||
Net (gain) loss on sale of unconsolidated affiliates
|
(1 | ) | (3 | ) | (15 | ) | ||||||
Other – net
|
(3 | ) | (29 | ) | - | |||||||
$ | (17 | ) | $ | (130 | ) | $ | 125 |
2012
|
2011
|
2010
|
||||||||||
(In millions)
|
||||||||||||
United States
|
$ | 1,035 | $ | 2,035 | $ | 1,453 | ||||||
Foreign
|
730 | 980 | 1,132 | |||||||||
$ | 1,765 | $ | 3,015 | $ | 2,585 |
2012
|
2011
|
2010
|
||||||||||
(In millions)
|
||||||||||||
Current
|
||||||||||||
Federal
|
$ | 300 | $ | 251 | $ | 422 | ||||||
State
|
21 | 10 | 18 | |||||||||
Foreign
|
118 | 222 | 195 | |||||||||
Deferred
|
||||||||||||
Federal
|
66 | 483 | 107 | |||||||||
State
|
9 | 43 | (4 | ) | ||||||||
Foreign
|
9 | (12 | ) | (72 | ) | |||||||
$ | 523 | $ | 997 | $ | 666 |
2012
|
2011
|
|||||||
(In millions)
|
||||||||
Deferred tax liabilities
|
||||||||
Property, plant, and equipment
|
$ | 1,085 | $ | 1,016 | ||||
Equity in earnings of affiliates
|
334 | 255 | ||||||
Inventories
|
81 | 324 | ||||||
Other
|
150 | 104 | ||||||
$ | 1,650 | $ | 1,699 | |||||
Deferred tax assets
|
||||||||
Pension and postretirement benefits
|
$ | 487 | $ | 307 | ||||
Stock compensation
|
63 | 58 | ||||||
Foreign tax credit carryforwards
|
31 | 46 | ||||||
Foreign tax loss carryforwards
|
241 | 220 | ||||||
State tax attributes
|
67 | 57 | ||||||
Other
|
126 | 129 | ||||||
Gross deferred tax assets
|
1,015 | 817 | ||||||
Valuation allowances
|
(145 | ) | (95 | ) | ||||
Net deferred tax assets
|
$ | 870 | $ | 722 | ||||
Net deferred tax liabilities
|
$ | 780 | $ | 977 | ||||
Current deferred tax assets (liabilities) included in other assets (accrued
expenses and other payables)
|
(60 | ) | (118 | ) | ||||
Non-current deferred tax liabilities
|
$ | 720 | $ | 859 |
2012
|
2011
|
2010
|
||||||||||
Statutory rate
|
35.0 | % | 35.0 | % | 35.0 | % | ||||||
State income taxes, net of
|
||||||||||||
federal tax benefit
|
1.4 | 1.1 | 0.3 | |||||||||
Foreign earnings taxed at rates
|
||||||||||||
other than the U.S. statutory rate
|
(4.2 | ) | (4.9 | ) | (8.2 | ) | ||||||
Foreign currency remeasurement
|
(3.3 | ) | 0.9 | (0.7 | ) | |||||||
Other
|
0.7 | 1.0 | (0.6 | ) | ||||||||
Effective rate
|
29.6 | % | 33.1 | % | 25.8 | % |
Unrecognized Tax Benefits
|
||||||||
2012
|
2011
|
|||||||
(In millions)
|
||||||||
Beginning balance
|
$ | 79 | $ | 84 | ||||
Additions related to current year’s tax positions
|
- | 4 | ||||||
Additions related to prior years’ tax positions
|
26 | – | ||||||
Reductions related to prior years’ tax positions
|
(21 | ) | (7 | ) | ||||
Settlements with tax authorities
|
(4 | ) | (2 | ) | ||||
Ending balance
|
$ | 80 | $ | 79 |
Minimum
|
||||
Rental Payments
|
||||
Fiscal years
|
(In millions)
|
|||
2013
|
$ | 244 | ||
2014
|
200 | |||
2015
|
165 | |||
2016
|
143 | |||
2017
|
120 | |||
Thereafter
|
263 | |||
Total minimum lease payments
|
$ | 1,135 |
Pension Benefits
|
Postretirement Benefits
|
|||||||||||||||||||||||
2012
|
2011
|
2010
|
2012
|
2011
|
2010
|
|||||||||||||||||||
(In millions)
|
(In millions)
|
|||||||||||||||||||||||
Retirement plan expense
|
||||||||||||||||||||||||
Defined benefit plans:
|
||||||||||||||||||||||||
Service cost (benefits earned during
|
||||||||||||||||||||||||
the period)
|
$ | 71 | $ | 71 | $ | 58 | $ | 7 | $ | 8 | $ | 9 | ||||||||||||
Interest cost
|
130 | 120 | 119 | 12 | 13 | 16 | ||||||||||||||||||
Expected return on plan assets
|
(141 | ) | (132 | ) | (117 | ) | - | - | - | |||||||||||||||
Remeasurement charge
(1)
|
30 | - | - | 4 | - | - | ||||||||||||||||||
Amortization of actuarial loss
|
52 | 59 | 31 | - | - | 5 | ||||||||||||||||||
Other amortization
|
5 | 5 | 6 | (2 | ) | (1 | ) | (1 | ) | |||||||||||||||
Net periodic defined benefit plan expense
|
147 | 123 | 97 | 21 | 20 | 29 | ||||||||||||||||||
Defined contribution plans
|
45 | 43 | 40 | - | - | - | ||||||||||||||||||
Total retirement plan expense
|
$ | 192 | $ | 166 | $ | 137 | $ | 21 | $ | 20 | $ | 29 |
Pension Benefits | Postretirement Benefits | |||||||||||||||
2012 | 2011 | 2012 | 2011 | |||||||||||||
(In millions) | (In millions) | |||||||||||||||
Benefit obligation, beginning
|
$ | 2,470 | $ | 2,299 | $ | 229 | $ | 224 | ||||||||
Service cost
|
71 | 71 | 7 | 8 | ||||||||||||
Interest cost
|
130 | 120 | 12 | 13 | ||||||||||||
Actuarial loss (gain)
|
569 | (63 | ) | 74 | (32 | ) | ||||||||||
Employee contributions
|
2 | 2 | - | - | ||||||||||||
Remeasurement charge
|
30 | - | 4 | - | ||||||||||||
Business combinations
|
- | 36 | - | 22 | ||||||||||||
Benefits paid
|
(102 | ) | (90 | ) | (8 | ) | (6 | ) | ||||||||
Plan amendments
|
2 | (9 | ) | (13 | ) | - | ||||||||||
Foreign currency effects
|
(77 | ) | 104 | - | - | |||||||||||
Benefit obligation, ending
|
$ | 3,095 | $ | 2,470 | $ | 305 | $ | 229 | ||||||||
Fair value of plan assets, beginning
|
$ | 2,134 | $ | 1,721 | $ | - | $ | - | ||||||||
Actual return on plan assets
|
140 | 283 | - | - | ||||||||||||
Employer contributions
|
123 | 116 | 8 | 6 | ||||||||||||
Employee contributions
|
2 | 2 | - | - | ||||||||||||
Business combinations
|
- | 22 | - | - | ||||||||||||
Benefits paid
|
(102 | ) | (90 | ) | (8 | ) | (6 | ) | ||||||||
Foreign currency effects
|
(61 | ) | 80 | - | - | |||||||||||
Fair value of plan assets, ending
|
$ | 2,236 | $ | 2,134 | $ | - | $ | - | ||||||||
Funded status
|
$ | (859 | ) | $ | (336 | ) | $ | (305 | ) | $ | (229 | ) | ||||
Prepaid benefit cost
|
$ | 25 | $ | 51 | $ | - | $ | - | ||||||||
Accrued benefit liability – current
|
(14 | ) | (16 | ) | (11 | ) | (8 | ) | ||||||||
Accrued benefit liability – long-term
|
(870 | ) | (371 | ) | (294 | ) | (221 | ) | ||||||||
Net amount recognized in the balance sheet
|
$ | (859 | ) | $ | (336 | ) | $ | (305 | ) | $ | (229 | ) |
Pension Benefits
|
Postretirement Benefits
|
|||||||||||||||
2012
|
2011
|
2012
|
2011
|
|||||||||||||
Discount rate
|
5.5 | % | 5.2 | % | 5.5 | % | 5.4 | % | ||||||||
Expected return on plan assets
|
7.1 | % | 7.1 | % | N/A | N/A | ||||||||||
Rate of compensation increase
|
3.9 | % | 3.9 | % | N/A | N/A |
Pension Benefits
|
Postretirement Benefits
|
|||||||||||||||
2012
|
2011
|
2012
|
2011
|
|||||||||||||
Discount rate
|
4.0 | % | 5.5 | % | 4.0 | % | 5.5 | % | ||||||||
Rate of compensation increase
|
4.0 | % | 3.9 | % | N/A | N/A |
1% Increase
|
1% Decrease
|
|||||||
(In millions) | ||||||||
Effect on combined service and interest cost components
|
$ | 4 | $ | (3 | ) | |||
Effect on accumulated postretirement benefit obligations
|
$ | 47 | $ | (38 | ) |
Fair Value Measurements at June 30, 2012
|
||||||||||||||||
Quoted Prices in
|
Significant
|
|
||||||||||||||
Active Markets
|
Other | Significant | ||||||||||||||
for Identical
|
Observable
|
Unobservable | ||||||||||||||
Assets
|
Inputs | Inputs | ||||||||||||||
(Level 1)
|
(Level 2)
|
(Level 3)
|
Total | |||||||||||||
(In millions)
|
||||||||||||||||
Common stock
|
||||||||||||||||
U.S. companies
|
$ | 184 | $ | - | $ | - | $ | 184 | ||||||||
International companies
|
2 | - | - | 2 | ||||||||||||
Equity mutual funds
|
||||||||||||||||
Emerging markets
|
77 | - | - | 77 | ||||||||||||
International
|
109 | - | - | 109 | ||||||||||||
Large cap U.S.
|
415 | - | - | 415 | ||||||||||||
Common collective trust
|
||||||||||||||||
funds
|
||||||||||||||||
International equity
|
- | 372 | - | 372 | ||||||||||||
Large cap U.S. equity
|
- | 16 | - | 16 | ||||||||||||
Fixed income
|
- | 409 | - | 409 | ||||||||||||
Other
|
- | 59 | - | 59 | ||||||||||||
Debt instruments
|
||||||||||||||||
Corporate bonds
|
- | 447 | - | 447 | ||||||||||||
U.S. Treasury
|
||||||||||||||||
instruments
|
108 | - | - | 108 | ||||||||||||
U.S. government agency,
|
||||||||||||||||
state and local
|
||||||||||||||||
government bonds
|
- | 33 | - | 33 | ||||||||||||
Other
|
- | 5 | - | 5 | ||||||||||||
Total assets at fair value
|
$ | 895 | $ | 1,341 | $ | - | $ | 2,236 |
Fair Value Measurements at June 30, 2011
|
||||||||||||||||
Quoted Prices in
|
Significant
|
|||||||||||||||
Active Markets
|
Other | Significant | ||||||||||||||
for Identical
|
Observable | Unobservable | ||||||||||||||
Assets
|
Inputs | Inputs | ||||||||||||||
(Level 1)
|
(Level 2)
|
(Level 3)
|
Total | |||||||||||||
(In millions)
|
||||||||||||||||
Common stock
|
||||||||||||||||
U.S. companies
|
$ | 180 | $ | - | $ | - | $ | 180 | ||||||||
International companies
|
5 | - | - | 5 | ||||||||||||
Equity mutual funds
|
- | |||||||||||||||
Emerging markets
|
70 | - | - | 70 | ||||||||||||
International
|
99 | - | - | 99 | ||||||||||||
Large cap U.S.
|
378 | - | - | 378 | ||||||||||||
Other
|
1 | - | - | 1 | ||||||||||||
Common collective trust
|
||||||||||||||||
funds
|
||||||||||||||||
International equity
|
- | 341 | - | 341 | ||||||||||||
Large cap U.S. equity
|
- | 24 | - | 24 | ||||||||||||
Fixed income
|
- | 444 | - | 444 | ||||||||||||
Other
|
- | 60 | - | 60 | ||||||||||||
Debt instruments
|
||||||||||||||||
Corporate bonds
|
- | 442 | - | 442 | ||||||||||||
U.S. Treasury instruments
|
49 | - | - | 49 | ||||||||||||
U.S. government agency,
|
||||||||||||||||
state and local government
|
||||||||||||||||
bonds
|
- | 35 | - | 35 | ||||||||||||
Other
|
- | 6 | - | 6 | ||||||||||||
Total assets at fair value
|
$ | 782 | $ | 1,352 | $ | - | $ | 2,134 |
2012 (1),(2) | 2011 (2) | |||||||
Equity securities
|
51 | % | 52 | % | ||||
Debt securities
|
48 | % | 47 | % | ||||
Other
|
1 | % | 1 | % | ||||
Total
|
100 | % | 100 | % |
|
(1)
|
The Company’s U.S. pension plans contain approximately 68% of the Company’s global pension plan assets. The actual asset allocation for the Company’s U.S. pension plans as of the measurement date consists of 60% equity securities and 40% debt securities. The target asset allocation for the Company’s U.S. pension plans is the same as the actual asset allocation. The actual asset allocation for the Company’s foreign pension plans as of the measurement date consists of 32% equity securities, 65% debt securities, and 3% in other investments. The target asset allocation for the Company’s foreign pension plans is approximately the same as the actual asset allocation.
|
|
(2)
|
The Company’s pension plans did not hold any shares of Company common stock as of the June 30, 2012 and 2011 measurement dates. Cash dividends received on shares of Company common stock by these plans during the twelve-month period ended June 30, 2012 and 2011, were $0 and $0.1 million, respectively.
|
·
|
Optimize the long-term return on plan assets at an acceptable level of risk.
|
·
|
Maintain a broad diversification across asset classes and among investment managers.
|
·
|
Maintain careful control of the risk level within each asset class.
|
Pension
|
Postretirement
|
|||||||
Benefits
|
Benefits
|
|||||||
(In millions)
|
||||||||
2013
|
$ | 109 | $ | 11 | ||||
2014
|
115 | 11 | ||||||
2015
|
118 | 12 | ||||||
2016
|
122 | 12 | ||||||
2017
|
126 | 13 | ||||||
2018 – 2022
|
738 | 76 |
2012
|
2011
|
2010
|
||||||||||
(In millions)
|
||||||||||||
Sales to external customers
|
|
|||||||||||
Oilseeds Processing
|
$ | 34,715 | $ | 29,908 | $ | 24,412 | ||||||
Corn Processing
|
12,114 | 9,908 | 7,874 | |||||||||
Agricultural Services
|
42,082 | 40,750 | 29,301 | |||||||||
Other
|
127 | 110 | 95 | |||||||||
Total
|
$ | 89,038 | $ | 80,676 | $ | 61,682 | ||||||
Intersegment sales
|
||||||||||||
Oilseeds Processing
|
$ | 2,275 | $ | 2,103 | $ | 1,334 | ||||||
Corn Processing
|
173 | 194 | 103 | |||||||||
Agricultural Services
|
5,609 | 4,417 | 2,436 | |||||||||
Other
|
161 | 155 | 151 | |||||||||
Total
|
$ | 8,218 | $ | 6,869 | $ | 4,024 | ||||||
Net sales
|
||||||||||||
Oilseeds Processing
|
$ | 36,990 | $ | 32,011 | $ | 25,746 | ||||||
Corn Processing
|
12,287 | 10,102 | 7,977 | |||||||||
Agricultural Services
|
47,691 | 45,167 | 31,737 | |||||||||
Other
|
288 | 265 | 246 | |||||||||
Intersegment elimination
|
(8,218 | ) | (6,869 | ) | (4,024 | ) | ||||||
Total
|
$ | 89,038 | $ | 80,676 | $ | 61,682 | ||||||
Depreciation
|
||||||||||||
Oilseeds Processing
|
$ | 228 | $ | 215 | $ | 243 | ||||||
Corn Processing
|
345 | 399 | 412 | |||||||||
Agricultural Services
|
188 | 183 | 167 | |||||||||
Other
|
4 | 5 | 6 | |||||||||
Corporate
|
28 | 25 | 29 | |||||||||
Total
|
$ | 793 | $ | 827 | $ | 857 | ||||||
Asset abandonments and write-downs
|
||||||||||||
Oilseeds Processing
|
$ | 1 | $ | 2 | $ | 9 | ||||||
Corn Processing
|
360 | - | - | |||||||||
Agricultural Services
|
2 | - | - | |||||||||
Corporate
|
4 | - | - | |||||||||
Total
|
$ | 367 | $ | 2 | $ | 9 |
2012
|
2011
|
2010
|
||||||||||
(In millions)
|
||||||||||||
Interest income
|
||||||||||||
Oilseeds Processing
|
$ | 35 | $ | 28 | $ | 34 | ||||||
Corn Processing
|
1 | - | 1 | |||||||||
Agricultural Services
|
22 | 23 | 18 | |||||||||
Other
|
21 | 46 | 51 | |||||||||
Corporate
|
33 | 39 | 22 | |||||||||
Total
|
$ | 112 | $ | 136 | $ | 126 | ||||||
Equity in earnings of affiliates
|
||||||||||||
Oilseeds Processing
|
$ | 226 | $ | 213 | $ | 306 | ||||||
Corn Processing
|
107 | 83 | 78 | |||||||||
Agricultural Services
|
110 | 230 | 152 | |||||||||
Other
|
- | 9 | 9 | |||||||||
Corporate
|
29 | 7 | 16 | |||||||||
Total
|
$ | 472 | $ | 542 | $ | 561 | ||||||
Operating profit
|
||||||||||||
Oilseeds Processing
|
$ | 1,302 | $ | 1,690 | $ | 1,551 | ||||||
Corn Processing
|
261 | 1,079 | 738 | |||||||||
Agricultural Services
|
947 | 1,323 | 1,002 | |||||||||
Other
|
15 | 39 | 46 | |||||||||
Total operating profit
|
2,525 | 4,131 | 3,337 | |||||||||
Corporate
|
(760 | ) | (1,116 | ) | (752 | ) | ||||||
Earnings before income taxes
|
$ | 1,765 | $ | 3,015 | $ | 2,585 | ||||||
Investments in and advances to affiliates
|
||||||||||||
Oilseeds Processing
|
$ | 1,811 | $ | 1,648 | ||||||||
Corn Processing
|
470 | 483 | ||||||||||
Agricultural Services
|
671 | 669 | ||||||||||
Other
|
46 | 22 | ||||||||||
Corporate
|
390 | 418 | ||||||||||
Total
|
$ | 3,388 | $ | 3,240 | ||||||||
Identifiable assets
|
||||||||||||
Oilseeds Processing
|
$ | 17,041 | $ | 16,576 | ||||||||
Corn Processing
|
6,491 | 7,606 | ||||||||||
Agricultural Services
|
11,444 | 11,242 | ||||||||||
Other
|
5,028 | 6,010 | ||||||||||
Corporate
|
1,549 | 759 | ||||||||||
Total
|
$ | 41,553 | $ | 42,193 |
2012
|
2011
|
|||||||
(In millions)
|
||||||||
Gross additions to property, plant, and equipment
|
||||||||
Oilseeds Processing
|
$ | 588 | $ | 673 | ||||
Corn Processing
|
349 | 349 | ||||||
Agricultural Services
|
740 | 442 | ||||||
Other
|
1 | 8 | ||||||
Corporate
|
41 | 40 | ||||||
Total
|
$ | 1,719 | $ | 1,512 |
2012
|
2011
|
2010
|
||||||||||
(In millions)
|
||||||||||||
Net sales and other operating income
|
||||||||||||
United States
|
$ | 46,593 | $ | 42,390 | $ | 33,362 | ||||||
Switzerland
|
9,698 | 8,413 | 5,770 | |||||||||
Germany
|
9,656 | 6,217 | 6,424 | |||||||||
Other Foreign
|
23,091 | 23,656 | 16,126 | |||||||||
$ | 89,038 | $ | 80,676 | $ | 61,682 | |||||||
Long-lived assets
|
||||||||||||
United States
|
$ | 7,288 | $ | 7,234 | ||||||||
Foreign
|
2,524 | 2,266 | ||||||||||
$ | 9,812 | $ | 9,500 |
2012
|
||||
(In millions)
|
||||
Employee-related costs
(1)
|
$ | 71 | ||
Facility exit and other related costs
(2)
|
366 | |||
Total asset impairment, exit, and restructuring costs
|
$ | 437 |
(1)
|
These costs primarily consist of one-time termination benefits provided to employees who have been involuntarily terminated and $34 million for pension remeasurement charges triggered by an amendment of its U.S. plans due to the voluntary early retirement program.
|
(2)
|
Facility exit and other related costs consist of asset impairment charges and other costs related to the exit of the Clinton, IA, bioplastic and Walhalla, ND, ethanol facilities of $349 million in the Corn Processing segment and investment writedown and other facility exit-related costs of $17 million in Corporate.
|
Quarter
|
||||||||||||||||||||
First
|
Second
|
Third
|
Fourth
|
Year
|
||||||||||||||||
(In millions, except per share amounts)
|
||||||||||||||||||||
Fiscal 2012
|
||||||||||||||||||||
Net Sales
|
$ | 21,902 | $ | 23,306 | $ | 21,155 | $ | 22,675 | $ | 89,038 | ||||||||||
Gross Profit
|
1,034 | 813 | 1,008 | 813 | 3,668 | |||||||||||||||
Net Earnings Attributable to
|
||||||||||||||||||||
Controlling Interests
|
460 | 80 | 399 | 284 | 1,223 | |||||||||||||||
Basic Earnings Per
|
||||||||||||||||||||
Common Share
|
0.68 | 0.12 | 0.60 | 0.43 | 1.84 | |||||||||||||||
Diluted Earnings Per
|
||||||||||||||||||||
Common Share
|
0.68 | 0.12 | 0.60 | 0.43 | 1.84 | |||||||||||||||
Fiscal 2011
|
||||||||||||||||||||
Net Sales
|
$ | 16,799 | $ | 20,930 | $ | 20,077 | $ | 22,870 | $ | 80,676 | ||||||||||
Gross Profit
|
808 | 1,234 | 1,160 | 1,098 | 4,300 | |||||||||||||||
Net Earnings Attributable to
|
||||||||||||||||||||
Controlling Interests
|
345 | 732 | 578 | 381 | 2,036 | |||||||||||||||
Basic Earnings Per
|
||||||||||||||||||||
Common Share
|
0.54 | 1.15 | 0.91 | 0.59 | 3.17 | |||||||||||||||
Diluted Earnings Per
|
||||||||||||||||||||
Common Share
|
0.54 | 1.14 | 0.86 | 0.58 | 3.13 |
/s/ Patricia A. Woertz
Patricia A. Woertz
Chairman, Chief Executive Officer
and President
|
/s/ Ray G. Young
Ray G. Young
Senior Vice President &
Chief Financial Officer
|
Name
|
Title
|
Age
|
|
Ronald S. Bandler
|
Assistant Treasurer since January 1998.
|
51
|
|
Mark A. Bemis
|
Senior Vice President and President, Corn Processing business unit since December 2010. Vice President of the Company from February 2005 to December 2010. President, Cocoa, Milling and Other business unit from September 2009 to December 2010. President of ADM Cocoa from September 2001 to September 2009.
|
51
|
|
Michael D’Ambrose
|
Senior Vice President - Human Resources since October 2006. Independent human resources consultant from 2005 to October 2006. Executive Vice President, Human Resources at First Data from 2003 to 2005.
|
55
|
|
Stuart E. Funderburg
|
Assistant Secretary and Assistant General Counsel since November 2008. Corporate Counsel from October 2001 to November 2008.
|
48
|
|
Shannon Herzfeld
|
Vice President of the Company since February 2005, with responsibility for the Company’s Government Affairs function.
|
60
|
|
Kevin L. Hess
|
Vice President of the Company since November 2008, with responsibility for the Company’s Oilseeds Processing production operations. Vice President and Director-Group Operations Oilseeds Processing division from December 2005 to November 2008. Vice President-European Crushing and Refining Operations from March 2003 to December 2005.
|
52
|
|
Craig E. Huss
|
Senior Vice President of the Company from December 2010. Chief Risk Officer since August 2011. President, Agricultural Services business unit from September 2009 to August 2011. Vice President of the Company from January 2001 to December 2010. President of ADM Transportation from 1999 to September 2009.
|
60
|
Item 10.
|
DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE (Continued)
|
Matthew J. Jansen
|
Senior Vice President of the Company since December 2010. President, Oilseeds Processing business unit since February 2010. Vice President of the Company from January 2003 to December 2010. President, Grain Operations from August 2006 to February 2010. President, South American Oilseeds Processing Division from April 2000 to August 2006.
|
46
|
|
Randall Kampfe
|
Vice President of the Company since November 2008, with responsibility for the Company’s Corn Processing production operations. Vice President-Corn Processing Operations from March 1999 to November 2008.
|
65
|
|
Mark L. Kolkhorst
|
Vice President of the Company since December 2010. President, Milling and Alliance Nutrition since March 2012. President, Milling and Cocoa from December 2010 to March 2012. President of ADM Milling from September 2007 to November 2010. President of Specialty Feed Ingredients from June 2005 to September 2007. Various merchandising and management positions from 1986 to 2005.
|
48
|
|
Domingo A. Lastra
|
Vice President of the Company since September 2009. Vice President, Business Growth since August 2011. President, South American Operations from August 2006 to August 2011. Director-Origination, Ports, Logistics and Fertilizer for South America from November 2003 to August 2006.
|
44
|
|
Juan R. Luciano
|
Executive Vice President and Chief Operating Officer since April 2011. Executive Vice President, Performance Division at Dow Chemical Company from August 2010 to April 2011. Senior Vice President of Hydrocarbons & Basic Plastics Division at Dow Chemical Company from December 2008 to August 2010. Various executive and sales positions at Dow Chemical Company from 1985 to December 2008.
|
51
|
|
Michael Lusk
|
Vice President of the Company since November 1999, with responsibility for the Company’s Captive Insurance operations.
|
63
|
|
Vikram Luthar
|
Group Vice President, Finance since January 1, 2012. Vice President, Finance and Treasurer of the Company from August 2010 to January 1, 2012. Vice President and Treasurer of the Company from November 2004 to August 2010.
|
45
|
|
Douglas R. Ostermann
|
Vice President and Treasurer of the Company since January 1, 2012. Assistant Treasurer of the Company from November 2009 to December 2011. Various global treasury management positions since 2004.
|
44
|
|
Victoria Podesta
|
Vice President of the Company since May 2007. Chief Communications Officer since December 2010. Corporate communications consultant for various global companies from 1989 to May 2007.
|
56
|
|
Scott A. Roberts
|
Assistant Secretary and Assistant General Counsel from July 1997.
|
51
|
Item 10.
|
DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE (Continued)
|
Ismael Roig
|
Vice President of the Company since December 2004. President, Asia Pacific since August 2011. Vice President and Executive Director, Asia-Pacific from July 2010 to August 2011. Vice President Planning & Business Development from December 2004 to July 2010.
|
45
|
||
Scott A. Roney
|
Vice President of the Company since April 2001, responsible for the Company’s Office of Compliance and Ethics from April 2001 to April 2012. Chief Compliance Officer since April 2012.
|
48
|
||
Marc A. Sanner
|
Vice President and General Auditor of the Company since November 2008. Assistant Controller from January 2003 to November 2008. Finance Director – Europe from 2005 to 2006.
|
59
|
||
Marschall I. Smith
|
Senior Vice President, Secretary and General Counsel since July 2012. Senior Vice President of Legal Affairs and General Counsel at 3M Company from June 2007 to July 2012.
|
67
|
||
John P. Stott
|
Vice President and Controller of the Company since December 2006. Operations Controller from July 2005 to December 2006. Finance Director-Europe from January 2001 to July 2005.
|
45
|
||
Joseph D. Taets
|
Senior Vice President of the Company since August 2011. President, Agricultural Services since August 2011. Vice President of the Company from September 2009 to August 2011. President, ADM Grain from December 2010 to August 2011. Vice President, ADM Grain from September 2009 to December 2010. Managing Director, European Oilseeds from September 2007 to September 2009. President of ADM European Oilseed Processing from February 2003 to September 2007.
|
46
|
||
Gary L. Towne
|
Vice President of the Company and Chairman of the Management Board of Alfred C. Toepfer International, G.m.b.H. since September 2009. Manager Global Risk from August 2007 to September 2009. Vice President, Corn Processing from July 2000 to August 2007.
|
57
|
||
Patricia A. Woertz
|
Chairman of the Board of Directors since February 2007. Chief Executive Officer & President of the Company since May 2006.
|
59
|
||
Ray G. Young
|
Senior Vice President of the Company since November 2010. Chief Financial Officer since December 2010. Vice President, International Operations at General Motors from February 2010 to October 2010. Chief Financial Officer at General Motors from March 2008 to January 2010. Various executive and financial positions at General Motors from 1986 to March 2008.
|
50
|
||
Item 12.
|
(a)(1)
|
See Item 8, “Financial Statements and Supplementary Data,” for a list of financial statements.
|
(a)(2)
|
Financial statement schedules
|
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS AND RESERVES
|
||||||||||||||||||||
Balance at
|
Balance at
|
|||||||||||||||||||
Beginning
|
End
|
|||||||||||||||||||
of Year
|
Additions
|
Deductions
(1)
|
Other
(2)
|
of Year
|
||||||||||||||||
(In millions)
|
||||||||||||||||||||
Allowance for doubtful accounts
|
||||||||||||||||||||
2010
|
$ | 103 | 2 | – | (8 | ) | $ | 97 | ||||||||||||
2011
|
$ | 97 | 9 | (12 | ) | 6 | $ | 100 | ||||||||||||
2012
|
$ | 100 | 13 | (13 | ) | (8 | ) | $ | 92 | |||||||||||
(1)
Uncollectible accounts written off and recoveries
|
||||||||||||||||||||
(2)
Impact of reclassifications, business combinations, and foreign currency exchange adjustments
|
All other schedules are either not required, not applicable, or the information is otherwise included.
|
(a)(3)
|
List of exhibits
|
(3)
|
(i)
|
Composite Certificate of Incorporation, as amended, filed on November 13, 2001, as Exhibit (3)(i) to Form 10-Q for the quarter ended September 30, 2001 (File No. 1-44), is incorporated herein by reference.
|
(ii)
|
Bylaws, as amended, filed on August 12, 2009, as Exhibit 3(ii) to Form 8-K (File No. 1-44), are incorporated herein by reference.
|
Item 15.
|
EXHIBITS AND FINANCIAL STATEMENT SCHEDULES (Continued)
|
(4)
|
Instruments defining the rights of security holders, including:
|
(i)
|
Indenture dated June 1, 1986, between the registrant and The Bank of New York Mellon (successor to JPMorgan Chase, The Chase Manhattan Bank, Chemical Bank, and Manufacturers Hanover Trust Company), as Trustee (incorporated by reference to Exhibit 4(a) to Registration Statement No. 33-6721), and Supplemental Indenture dated as of August 1, 1989 between the registrant and The Bank of New York Mellon (successor to JPMorgan Chase, The Chase Manhattan Bank, Chemical Bank and Manufacturers Hanover Trust Company), as Trustee (incorporated by reference to Exhibit 4(c) to Post-Effective Amendment No. 3 to Registration Statement No. 33-6721), relating to:
the $300,000,000 – 8 3/8% Debentures due April 15, 2017,
the $250,000,000 – 7 1/8% Debentures due March 1, 2013,
the $350,000,000 – 7 1/2% Debentures due March 15, 2027,
the $200,000,000 – 6 3/4% Debentures due December 15, 2027,
the $300,000,000 – 6 5/8% Debentures due May 1, 2029,
the $400,000,000 – 7% Debentures due February 1, 2031,
the $500,000,000 – 5.935% Debentures due October 1, 2032,
the $600,000,000 – 5.375% Debentures due September 15, 2035, and
the $250,000,000 – 6.95% Debentures due 2097.
|
|
(ii)
|
Indenture dated September 20, 2006, between the Company and The Bank of New York Mellon (successor to JPMorgan Chase Bank, N.A.), as Trustee (incorporated by reference to Exhibit 4 to Registration Statement on Form S-3, Registration No. 333-137541), First Supplemental Indenture dated as of June 3, 2008 between the registrant and The Bank of New York Mellon (formerly known as The Bank of New York) (incorporated by reference to Exhibit 4.6 to Form 8-K (File No. 1-44) filed on June 3, 2008), Second Supplemental Indenture, dated as of November 29, 2010 between the registrant and The Bank of New York Mellon (incorporated by reference to Exhibit 4.3 to Form 8-K (File No. 1-44) filed on November 30, 2010), and Third Supplemental Indenture, dated as of April 4, 2011, between the registrant and The Bank of New York Mellon (incorporated by reference to Exhibit 4.4 to Form 8-K (File No. 1-44) filed on April 8, 2011 relating to:
the $500,000,000 – 6.45% Debentures due January 15, 2038,
the $700,000,000 – 5.45% Notes due March 15, 2018,
the $750,000,000 – 4.479% Notes due March 1, 2021,
the $1,000,000,000 – 5.765% Debentures due March 1, 2041,
the $1,500,000,000 – Floating Rate Notes due August 13, 2012, and
the $527,688,000 – 4.535% Debentures due March 26, 2042.
|
|
(iii)
|
Indenture dated February 22, 2007, between the Company and The Bank of New York Mellon (formerly known as The Bank of New York), as Trustee, including form of 0.875% Convertible Senior Notes due 2014 (incorporated by reference to Exhibit 4.1 to Form 8-K (File No. 1-44) filed on February 22, 2007).
|
|
(iv)
|
Copies of constituent instruments defining rights of holders of long-term debt of the Company and Subsidiaries, other than the Indentures specified herein, are not filed herewith, pursuant to Instruction (b)(4)(iii)(A) to Item 601 of Regulation S-K, because the total amount of securities authorized under any such instrument does not exceed 10% of the total assets of the Company and Subsidiaries on a consolidated basis. The Registrant hereby agrees that it will, upon request by the SEC, furnish to the SEC a copy of each such instrument.
|
Item 15.
|
EXHIBITS AND FINANCIAL STATEMENT SCHEDULES (Continued)
|
(10)
|
Material Contracts - Copies of the Company’s equity compensation plans, deferred compensation plans and agreements with executive officers, pursuant to Instruction (b)(10)(iii)(A) to Item 601 of Regulation S-K, each of which is a management contract or compensation plan or arrangement required to be filed as an exhibit pursuant to Item 15(b) of Form 10-K, are incorporated herein by reference as follows:
|
(i)
|
The Archer-Daniels-Midland 1996 Stock Option Plan (incorporated by reference to Exhibit A to the Company’s Definitive Proxy Statement filed with the Securities and Exchange Commission on September 25, 1996 (File No. 1-44)).
|
(ii)
|
The Archer-Daniels-Midland Company Deferred Compensation Plan for Selected Management Employees I, as amended (incorporated by reference to Exhibit 10(iii) to the Company’s Annual Report on Form 10-K for the year ended June 30, 2010 (File No. 1-44)).
|
(iii)
|
The Archer-Daniels-Midland Company Deferred Compensation Plan for Selected Management Employees II, as amended (incorporated by reference to Exhibit 10(iv) to the Company’s Annual Report on Form 10-K for the year ended June 30, 2010 (File No. 1-44)).
|
(iv)
|
Second Amendment to ADM Deferred Compensation Plan for Selected Management Employees II (incorporated by reference to Exhibit 10.2 to the Company’s Quarterly Report on Form 10-Q for the quarter ended December 31, 2010 (File No. 1-44)).
|
(v)
|
The Archer-Daniels-Midland Company Incentive Compensation Plan (incorporated by reference to Exhibit A to the Company’s Definitive Proxy Statement filed with the Securities and Exchange Commission on September 15, 1999 (File No. 1-44)).
|
(vi)
|
The Archer-Daniels-Midland Company Supplemental Retirement Plan, as amended (incorporated by reference to Exhibit 10(vi) to the Company’s Annual Report on Form 10-K for the year ended June 30, 2010 (File No. 1-44)).
|
(vii)
|
Second Amendment to ADM Supplemental Retirement Plan (incorporated by reference to Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q for the quarter ended December 31, 2010 (File No. 1-44)).
|
(viii)
|
The Archer-Daniels-Midland Company Amended and Restated Stock Unit Plan for Nonemployee Directors, as amended (incorporated by reference to Exhibit 10(vii) to the Company’s Annual Report on Form 10-K for the year ended June 30, 2010 (File No. 1-44)).
|
(ix)
|
The Archer-Daniels-Midland 2002 Incentive Compensation Plan (incorporated by reference to Exhibit A to the Company’s Definitive Proxy Statement filed with the Securities and Exchange Commission on September 25, 2002 (File No. 1-44)).
|
(x)
|
Form of Stock Option Agreement for non-NEO employees.
|
(xi)
|
Form of Restricted Stock Award Agreement for non-NEO employees.
|
(xii) | Form of Restricted Stock Unit Award Agreement for non-NEO employees. |
(xiii) | Form of Stock Option Agreement for NEOs. |
(xiv) | Form of Restricted Stock Award Agreement for NEOs. |
(xv) | Form of Restricted Stock Unit Award Agreement for NEOs. |
(xvi) | Form of Stock Option Agreement for international employees. |
Item 15.
|
EXHIBITS AND FINANCIAL STATEMENT SCHEDULES (Continued)
|
(xvii)
|
Form of Restricted Stock Unit Agreement for international employees.
|
|||||
(xviii)
|
Agreement Regarding Terms of Employment dated April 27, 2006 with Patricia A. Woertz (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K (File No. 1-44) filed on May 1, 2006.
|
|||||
(xix)
|
The Archer-Daniels-Midland Company 2009 Incentive Compensation Plan (incorporated by reference to Exhibit A to the Company’s Definitive Proxy Statement (File No. 1-44) filed on September 25, 2009).
|
|||||
(xx)
|
Form of Performance Share Unit Award Agreement (grant to J. Luciano) (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K (File No. 1-44) filed on March 25, 2011).
|
|||||
(xxi)
|
Restricted Stock Award Agreement with Steven R. Mills dated November 1, 2010 (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K (File No. 1-44) filed on November 3, 2010).
|
|||||
(xxii)
|
Restricted Stock Award Agreement with John D. Rice dated November 1, 2010 (incorporated by reference to Exhibit 10.2 to the Company’s Current Report on Form 8-K (File No. 1-44) filed on November 3, 2010).
|
|||||
(xxiii)
|
Separation Agreement, dated as of November 2, 2011, by and between the Company and Steven R. Mills (incorporated by reference to Exhibit 99.1 to the Company’s Current Report on Form 8-K (File No. 1-44) filed on November 7, 2011).
|
|||||
(xxiv)
|
Separation Agreement, dated as of April 13, 2012, by and between the Company and John D. Rice (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K (File No. 1-44) filed on April 16, 2012).
|
|||||
(xxv)
|
Separation Agreement, dated as of May 3, 2012, by and between the Company and David J. Smith (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K (File No. 1-44) filed on May 9, 2012.
|
(12) | Calculation of Ratio of Earnings to Fixed Charges. |
(21)
|
Subsidiaries of the registrant.
|
(23)
|
Consent of independent registered public accounting firm.
|
(24)
|
Powers of attorney.
|
(31.1)
|
Certification of Chief Executive Officer pursuant to Rule 13a–14(a) and Rule 15d–14(a) of the Securities Exchange Act, as amended.
|
(31.2)
|
Certification of Chief Financial Officer pursuant to Rule 13a–14(a) and Rule 15d–14(a) of the Securities Exchange Act, as amended.
|
(32.1)
|
Certification of Chief Executive Officer pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
(32.2)
|
Certification of Chief Financial Officer pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
(101)
|
Interactive Data File.
|
/s/ P. A. Woertz
|
/s/ P. Dufour
|
P. A. Woertz*,
|
P. Dufour*,
|
Chairman, Chief Executive Officer, President
and Director
|
Director
|
(Principal Executive Officer)
|
|
/s/ D. E. Felsinger
|
|
/s/ R. G. Young
|
D. E. Felsinger*,
|
R. G. Young
|
Director
|
Senior Vice President and
|
|
Chief Financial Officer
|
/s/ A. Maciel
|
(Principal Financial Officer)
|
A. Maciel*,
|
Director
|
|
/s/ J. P. Stott
|
|
J. P. Stott
|
/s/ P. J. Moore
|
Vice President and Controller
|
P. J. Moore*,
|
(Controller)
|
Director
|
/s/ A. L. Boeckmann
|
/s/ T. F. O’Neill
|
A. L. Boeckmann*,
|
T. F. O’Neill*,
|
Director
|
Director
|
/s/ G. W. Buckley
|
/s/ K. R. Westbrook
|
G. W. Buckley*,
|
K. R. Westbrook*,
|
Director
|
Director
|
/s/ M. H. Carter
|
/s/ M. I. Smith
|
M. H. Carter*,
|
Attorney-in-Fact
|
Director
|
|
/s/ T. K. Crews
|
|
T. K. Crews*,
|
|
Director
|
|
No information found
* THE VALUE IS THE MARKET VALUE AS OF THE LAST DAY OF THE QUARTER FOR WHICH THE 13F WAS FILED.
FUND | NUMBER OF SHARES | VALUE ($) | PUT OR CALL |
---|
DIRECTORS | AGE | BIO | OTHER DIRECTOR MEMBERSHIPS |
---|
No information found
Customers
Customer name | Ticker |
---|---|
Constellation Brands, Inc. | STZ |
The Kraft Heinz Company | KHC |
PepsiCo, Inc. | PEP |
UFP Industries, Inc. | UFPI |
ProShares Ultra 7-10 Year Treasury | UST |
Weyerhaeuser Company | WY |
Price
Yield
Owner | Position | Direct Shares | Indirect Shares |
---|