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x
|
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
¨
|
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.
|
|||
1A.
|
|||
1B.
|
|||
2.
|
|||
3.
|
|||
4.
|
|||
|
|
|
|
|
Part II
|
|
|
5.
|
|||
6.
|
|||
7.
|
|||
7A.
|
|||
8.
|
|||
9.
|
|||
9A.
|
|||
9B.
|
|||
|
|
|
|
|
Part III
|
|
|
10.
|
|||
11.
|
|||
12.
|
|||
13.
|
|||
14.
|
|||
|
|
|
|
|
Part IV
|
|
|
15.
|
|||
|
Item 1.
|
BUSINESS
|
Item 1.
|
BUSINESS (Continued)
|
Item 1.
|
BUSINESS (Continued)
|
Item 1.
|
BUSINESS (Continued)
|
|
% of Revenues
|
||||||||||
|
Years Ended December 31,
|
|
Six Months Ended
December 31,
|
|
Years Ended June 30,
|
||||||
|
2013
|
|
2012
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
|
|
|
|
|
|
|
|
|
|
|
|
Soybeans
|
18%
|
|
20%
|
|
20%
|
|
17%
|
|
19%
|
|
21%
|
Corn
|
9%
|
|
11%
|
|
10%
|
|
12%
|
|
11%
|
|
12%
|
Soybean Meal
|
11%
|
|
11%
|
|
11%
|
|
8%
|
|
9%
|
|
9%
|
Item 1.
|
BUSINESS (Continued)
|
Item 1.
|
BUSINESS (Continued)
|
Item 1A.
|
RISK FACTORS
|
Item 1A.
|
RISK FACTORS (Continued)
|
Item 1A.
|
RISK FACTORS (Continued)
|
Item 1A.
|
RISK FACTORS (Continued)
|
Item 1A.
|
RISK FACTORS (Continued)
|
Item 1B.
|
UNRESOLVED STAFF COMMENTS
|
Item 2.
|
PROPERTIES
|
|
Processing Plants
|
|
Procurement Facilities
|
||||||||||||||
|
Owned
|
|
Leased
|
|
Total
|
|
Owned
|
|
Leased
|
|
Total
|
||||||
U.S.
|
149
|
|
|
—
|
|
|
149
|
|
|
286
|
|
|
21
|
|
|
307
|
|
International
|
114
|
|
|
9
|
|
|
123
|
|
|
133
|
|
|
36
|
|
|
169
|
|
|
263
|
|
|
9
|
|
|
272
|
|
|
419
|
|
|
57
|
|
|
476
|
|
Item 2.
|
PROPERTIES
|
|
Oilseeds Processing Plants
|
||||||||||||||||||||||
|
Owned
|
|
Leased
|
||||||||||||||||||||
|
Crushing &
Origination
|
|
Refining,
Packaging,
Biodiesel, &
Other
|
|
Cocoa &
Other
|
|
Asia
|
|
Total
|
|
Cocoa &
Other
|
|
Asia
|
|
Total
|
||||||||
North America
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
U.S.*
|
23
|
|
|
27
|
|
|
14
|
|
|
—
|
|
|
64
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Canada
|
3
|
|
|
4
|
|
|
1
|
|
|
—
|
|
|
8
|
|
|
1
|
|
|
—
|
|
|
1
|
|
Mexico
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Total
|
27
|
|
|
31
|
|
|
15
|
|
|
—
|
|
|
73
|
|
|
1
|
|
|
—
|
|
|
1
|
|
Daily capacity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Metric tons (in 1,000's)
|
55
|
|
|
17
|
|
|
4
|
|
|
—
|
|
|
76
|
|
|
—
|
|
|
—
|
|
|
—
|
|
South America
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Argentina
|
—
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Bolivia
|
1
|
|
|
2
|
|
|
—
|
|
|
—
|
|
|
3
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Brazil
|
5
|
|
|
12
|
|
|
1
|
|
|
—
|
|
|
18
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Paraguay
|
1
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
2
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Peru
|
—
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Total
|
7
|
|
|
16
|
|
|
2
|
|
|
—
|
|
|
25
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Daily capacity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Metric tons (in 1,000's)
|
17
|
|
|
17
|
|
|
—
|
|
|
—
|
|
|
34
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Europe
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Belgium
|
—
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Czech Republic
|
1
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
2
|
|
|
—
|
|
|
—
|
|
|
—
|
|
France
|
—
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Germany
|
4
|
|
|
12
|
|
|
2
|
|
|
—
|
|
|
18
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Netherlands
|
1
|
|
|
3
|
|
|
2
|
|
|
—
|
|
|
6
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Poland
|
2
|
|
|
5
|
|
|
—
|
|
|
—
|
|
|
7
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Ukraine
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
U.K.
|
1
|
|
|
3
|
|
|
—
|
|
|
—
|
|
|
4
|
|
|
1
|
|
|
—
|
|
|
1
|
|
Total
|
10
|
|
|
25
|
|
|
5
|
|
|
—
|
|
|
40
|
|
|
1
|
|
|
—
|
|
|
1
|
|
Daily capacity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Metric tons (in 1,000's)
|
34
|
|
|
15
|
|
|
1
|
|
|
—
|
|
|
50
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Asia
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
India
|
—
|
|
|
—
|
|
|
—
|
|
|
4
|
|
|
4
|
|
|
—
|
|
|
2
|
|
|
2
|
|
Singapore
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
1
|
|
Total
|
—
|
|
|
—
|
|
|
—
|
|
|
4
|
|
|
4
|
|
|
1
|
|
|
2
|
|
|
3
|
|
Daily capacity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Metric tons (in 1,000's)
|
—
|
|
|
—
|
|
|
—
|
|
|
2
|
|
|
2
|
|
|
—
|
|
|
2
|
|
|
2
|
|
Africa/Middle East
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ghana
|
—
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Ivory Coast
|
—
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
South Africa
|
—
|
|
|
—
|
|
|
2
|
|
|
—
|
|
|
2
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Total
|
—
|
|
|
—
|
|
|
4
|
|
|
—
|
|
|
4
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Daily capacity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Metric tons (in 1,000's)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Grand Total
|
44
|
|
|
72
|
|
|
26
|
|
|
4
|
|
|
146
|
|
|
3
|
|
|
2
|
|
|
5
|
|
Total daily capacity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Metric tons (in 1,000's)
|
106
|
|
|
49
|
|
|
5
|
|
|
2
|
|
|
162
|
|
|
—
|
|
|
2
|
|
|
2
|
|
Item 2.
|
PROPERTIES (Continued)
|
|
Oilseeds Processing Procurement Facilities
|
||||||||||||||||
|
Owned
|
|
Leased
|
||||||||||||||
|
Crushing &
Origination
|
|
Cocoa &
Other
|
|
Total
|
|
Crushing &
Origination
|
|
Cocoa &
Other
|
|
Total
|
||||||
North America
|
|
|
|
|
|
|
|
|
|
|
|
||||||
U.S.*
|
9
|
|
|
70
|
|
|
79
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Canada
|
5
|
|
|
—
|
|
|
5
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Total
|
14
|
|
|
70
|
|
|
84
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Storage capacity
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Metric tons (in 1,000's)
|
338
|
|
|
300
|
|
|
638
|
|
|
—
|
|
|
—
|
|
|
—
|
|
South America
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Argentina
|
—
|
|
|
1
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Bolivia
|
10
|
|
|
—
|
|
|
10
|
|
|
9
|
|
|
—
|
|
|
9
|
|
Brazil
|
34
|
|
|
—
|
|
|
34
|
|
|
3
|
|
|
1
|
|
|
4
|
|
Paraguay
|
28
|
|
|
—
|
|
|
28
|
|
|
7
|
|
|
—
|
|
|
7
|
|
Uruguay
|
1
|
|
|
—
|
|
|
1
|
|
|
6
|
|
|
—
|
|
|
6
|
|
Total
|
73
|
|
|
1
|
|
|
74
|
|
|
25
|
|
|
1
|
|
|
26
|
|
Storage capacity
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Metric tons (in 1,000's)
|
2,233
|
|
|
6
|
|
|
2,239
|
|
|
546
|
|
|
2
|
|
|
548
|
|
Europe
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Netherlands
|
1
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Poland
|
5
|
|
|
—
|
|
|
5
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Slovakia
|
3
|
|
|
—
|
|
|
3
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Total
|
9
|
|
|
—
|
|
|
9
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Storage capacity
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Metric tons (in 1,000's)
|
355
|
|
|
—
|
|
|
355
|
|
|
—
|
|
|
—
|
|
|
—
|
|
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
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cameroon
|
—
|
|
|
1
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Ivory Coast
|
—
|
|
|
4
|
|
|
4
|
|
|
—
|
|
|
2
|
|
|
2
|
|
Total
|
—
|
|
|
5
|
|
|
5
|
|
|
—
|
|
|
2
|
|
|
2
|
|
Storage capacity
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Metric tons (in 1,000's)
|
—
|
|
|
83
|
|
|
83
|
|
|
—
|
|
|
1
|
|
|
1
|
|
Grand Total
|
96
|
|
|
77
|
|
|
173
|
|
|
25
|
|
|
5
|
|
|
30
|
|
Total storage capacity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Metric tons (in 1,000's)
|
2,926
|
|
|
397
|
|
|
3,323
|
|
|
546
|
|
|
19
|
|
|
565
|
|
Item 2.
|
PROPERTIES (Continued)
|
|
Corn Processing
|
|||||||||||||
|
Processing Plants
|
|
Procurement
Facilities
|
|||||||||||
|
Owned
|
|
Owned
|
|||||||||||
|
Wet Milling
|
|
Dry Milling
|
|
Other
|
|
Total
|
|
Wet Milling,
Dry Milling,
& 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)
|
—
|
|
|
—
|
|
|
4
|
|
|
4
|
|
|
—
|
|
Grand Total
|
5
|
|
|
3
|
|
|
9
|
|
|
17
|
|
|
6
|
|
Total daily/storage capacity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Metric tons (in 1,000's)
|
43
|
|
|
22
|
|
|
9
|
|
|
74
|
|
|
373
|
|
Item 2.
|
PROPERTIES (Continued)
|
|
Agricultural Services Processing Plants
|
||||||||||
|
Owned
|
|
Leased
|
||||||||
|
Merchandising
& Handling
|
|
Milling &
Other
|
|
Total
|
|
Milling &
Other
|
||||
North America
|
|
|
|
|
|
|
|
||||
U.S.*
|
2
|
|
|
67
|
|
|
69
|
|
|
—
|
|
Barbados
|
—
|
|
|
1
|
|
|
1
|
|
|
—
|
|
Belize
|
—
|
|
|
2
|
|
|
2
|
|
|
—
|
|
Canada
|
—
|
|
|
12
|
|
|
12
|
|
|
—
|
|
Grenada
|
—
|
|
|
2
|
|
|
2
|
|
|
—
|
|
Jamaica
|
—
|
|
|
3
|
|
|
3
|
|
|
—
|
|
Puerto Rico
|
—
|
|
|
4
|
|
|
4
|
|
|
—
|
|
Trinidad & Tobago
|
—
|
|
|
1
|
|
|
1
|
|
|
—
|
|
Total
|
2
|
|
|
92
|
|
|
94
|
|
|
—
|
|
Daily capacity
|
|
|
|
|
|
|
|
||||
Metric tons (in 1,000's)
|
2
|
|
|
33
|
|
|
35
|
|
|
—
|
|
Europe
|
|
|
|
|
|
|
|
|
|
|
|
U.K.
|
—
|
|
|
3
|
|
|
3
|
|
|
4
|
|
Total
|
—
|
|
|
3
|
|
|
3
|
|
|
4
|
|
Daily capacity
|
|
|
|
|
|
|
|
||||
Metric tons (in 1,000's)
|
—
|
|
|
1
|
|
|
1
|
|
|
1
|
|
Asia
|
|
|
|
|
|
|
|
|
|
|
|
China
|
—
|
|
|
3
|
|
|
3
|
|
|
—
|
|
Total
|
—
|
|
|
3
|
|
|
3
|
|
|
—
|
|
Daily capacity
|
|
|
|
|
|
|
|
||||
Metric tons (in 1,000's)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Grand Total
|
2
|
|
|
98
|
|
|
100
|
|
|
4
|
|
Total daily capacity
|
|
|
|
|
|
|
|
|
|
|
|
Metric tons (in 1,000's)
|
2
|
|
|
34
|
|
|
36
|
|
|
1
|
|
Item 2.
|
PROPERTIES (Continued)
|
|
Agricultural Services Procurement Facilities
|
||||
|
Merchandising & Handling
|
||||
|
Owned
|
|
Leased
|
||
North America
|
|
|
|
||
U.S.*
|
201
|
|
|
21
|
|
Canada
|
1
|
|
|
—
|
|
Dominican Republic
|
1
|
|
|
—
|
|
Mexico
|
4
|
|
|
—
|
|
Total
|
207
|
|
|
21
|
|
Storage capacity
|
|
|
|
||
Metric tons (in 1,000's)
|
12,718
|
|
|
921
|
|
South America
|
|
|
|
|
|
Argentina
|
3
|
|
|
—
|
|
Total
|
3
|
|
|
—
|
|
Storage capacity
|
|
|
|
|
|
Metric tons (in 1,000's)
|
503
|
|
|
—
|
|
Europe
|
|
|
|
|
|
Germany
|
5
|
|
|
—
|
|
Hungary
|
2
|
|
|
—
|
|
Ireland
|
4
|
|
|
—
|
|
Romania
|
11
|
|
|
6
|
|
Ukraine
|
8
|
|
|
—
|
|
Total
|
30
|
|
|
6
|
|
Storage capacity
|
|
|
|
||
Metric tons (in 1,000's)
|
1,389
|
|
|
61
|
|
Grand Total
|
240
|
|
|
27
|
|
Total storage capacity
|
|
|
|
|
|
Metric tons (in 1,000's)
|
14,610
|
|
|
982
|
|
Item 3.
|
LEGAL PROCEEDINGS
|
Item 3.
|
LEGAL PROCEEDINGS (Continued)
|
Item 4.
|
MINE SAFETY DISCLOSURES
|
Item 5.
|
MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS, AND ISSUER PURCHASES OF EQUITY SECURITIES
|
|
|
|
|
|
Cash
|
||||||
|
Market Price
|
|
Dividends
|
||||||||
|
High
|
|
Low
|
|
Per Share
|
||||||
Fiscal Year 2013-Quarter Ended
|
|
|
|
|
|
||||||
December 31
|
$
|
43.99
|
|
|
$
|
36.01
|
|
|
$
|
0.190
|
|
September 30
|
38.81
|
|
|
34.11
|
|
|
0.190
|
|
|||
June 30
|
35.04
|
|
|
31.50
|
|
|
0.190
|
|
|||
March 31
|
33.77
|
|
|
27.90
|
|
|
0.190
|
|
|||
Transition Period 2012-Quarter Ended
|
|
|
|
|
|
||||||
December 31
|
$
|
29.23
|
|
|
$
|
24.38
|
|
|
$
|
0.175
|
|
September 30
|
29.57
|
|
|
25.02
|
|
|
0.175
|
|
|||
Fiscal Year 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
|
|
Period
|
|
Total Number
of Shares Purchased (1)
|
|
Average
Price Paid per Share
|
|
Total Number of
Shares Purchased as
Part of Publicly Announced Program (2)
|
|
Number of Shares
Remaining to be
Purchased Under the Program (2)
|
|||||
October 1, 2013 to
October 31, 2013
|
|
244,971
|
|
|
$
|
36.822
|
|
|
244,971
|
|
|
65,577,937
|
|
November 1, 2013 to
November 30, 2013
|
|
143
|
|
|
40.612
|
|
|
143
|
|
|
65,577,794
|
|
|
December 1, 2013 to
December 31, 2013
|
|
256
|
|
|
41.043
|
|
|
256
|
|
|
65,577,538
|
|
|
Total
|
|
245,370
|
|
|
$
|
36.828
|
|
|
245,370
|
|
|
65,577,538
|
|
Item 5.
|
MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS, AND ISSUER PURCHASES OF EQUITY SECURITIES (Continued)
|
Item 6.
|
SELECTED FINANCIAL DATA
|
|
Year Ended
|
|
Six Months Ended
|
|
Fiscal Years Ended
|
||||||||||||||||||||||||||
|
December 31
|
|
December 31
|
|
June 30
|
||||||||||||||||||||||||||
|
2013
|
|
2012
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
|
2010
|
|
2009
|
||||||||||||||||
|
|
|
(Unaudited)
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
||||||||||||||||
Revenues
|
$
|
89,804
|
|
|
$
|
90,559
|
|
|
$
|
46,729
|
|
|
$
|
45,208
|
|
|
$
|
89,038
|
|
|
$
|
80,676
|
|
|
$
|
61,682
|
|
|
$
|
69,207
|
|
Depreciation
|
827
|
|
|
798
|
|
|
396
|
|
|
391
|
|
|
793
|
|
|
827
|
|
|
857
|
|
|
730
|
|
||||||||
Net earnings attributable to controlling interests
|
1,342
|
|
|
1,375
|
|
|
692
|
|
|
540
|
|
|
1,223
|
|
|
2,036
|
|
|
1,930
|
|
|
1,684
|
|
||||||||
Basic earnings per common share
|
2.03
|
|
|
2.08
|
|
|
1.05
|
|
|
0.81
|
|
|
1.84
|
|
|
3.17
|
|
|
3.00
|
|
|
2.62
|
|
||||||||
Diluted earnings per common share
|
2.02
|
|
|
2.08
|
|
|
1.05
|
|
|
0.81
|
|
|
1.84
|
|
|
3.13
|
|
|
3.00
|
|
|
2.62
|
|
||||||||
Cash dividends
|
501
|
|
|
461
|
|
|
230
|
|
|
224
|
|
|
455
|
|
|
395
|
|
|
372
|
|
|
347
|
|
||||||||
Per common share
|
0.76
|
|
|
0.70
|
|
|
0.35
|
|
|
0.335
|
|
|
0.685
|
|
|
0.62
|
|
|
0.58
|
|
|
0.54
|
|
||||||||
Working capital
|
$
|
12,872
|
|
|
$
|
12,769
|
|
|
$
|
12,769
|
|
|
$
|
12,395
|
|
|
$
|
12,328
|
|
|
$
|
14,286
|
|
|
$
|
9,561
|
|
|
$
|
10,523
|
|
Current ratio
|
1.8
|
|
|
1.8
|
|
|
1.8
|
|
|
1.8
|
|
|
1.8
|
|
|
2.1
|
|
|
2.1
|
|
|
2.2
|
|
||||||||
Inventories
|
11,441
|
|
|
13,836
|
|
|
13,836
|
|
|
12,415
|
|
|
12,192
|
|
|
12,055
|
|
|
7,871
|
|
|
7,782
|
|
||||||||
Net property, plant, and equipment
|
10,137
|
|
|
10,123
|
|
|
10,123
|
|
|
9,601
|
|
|
9,812
|
|
|
9,500
|
|
|
8,712
|
|
|
7,950
|
|
||||||||
Gross additions to property, plant, and equipment
|
947
|
|
|
1,302
|
|
|
641
|
|
|
1,058
|
|
|
1,719
|
|
|
1,512
|
|
|
1,788
|
|
|
2,059
|
|
||||||||
Total assets
|
43,752
|
|
|
45,136
|
|
|
45,136
|
|
|
41,701
|
|
|
41,771
|
|
|
42,352
|
|
|
31,808
|
|
|
31,582
|
|
||||||||
Long-term debt, excluding current maturities
|
5,347
|
|
|
6,456
|
|
|
6,456
|
|
|
6,762
|
|
|
6,535
|
|
|
8,266
|
|
|
6,830
|
|
|
7,592
|
|
||||||||
Shareholders’ equity
|
20,194
|
|
|
19,131
|
|
|
19,131
|
|
|
18,165
|
|
|
18,169
|
|
|
18,838
|
|
|
14,631
|
|
|
13,653
|
|
||||||||
Per common share
|
30.64
|
|
|
29.03
|
|
|
29.03
|
|
|
27.44
|
|
|
27.57
|
|
|
27.87
|
|
|
22.89
|
|
|
21.27
|
|
||||||||
Weighted average shares outstanding-basic
|
661
|
|
|
660
|
|
|
660
|
|
|
669
|
|
|
665
|
|
|
642
|
|
|
643
|
|
|
643
|
|
||||||||
Weighted average shares outstanding-diluted
|
663
|
|
|
662
|
|
|
661
|
|
|
670
|
|
|
666
|
|
|
654
|
|
|
644
|
|
|
644
|
|
•
|
Net earnings attributable to controlling interests for the year ended December 31, 2013 include other-than-temporary impairment charges of $155 million ($155 million after tax, equal to $0.23 per share) on the Company's GrainCorp investment, asset impairment charges of $51 million ($51 million after tax, equal to $0.08 per share) related to the Company's Brazilian sugar milling business, and other impairment charges principally for certain property, plant and equipment assets totaling $53 million ($34 million after tax, equal to $0.05 per share) as discussed in Note 19 in Item 8, Financial Statements and Supplementary Data (Item 8), realized losses on Australian dollar currency hedges of $40 million ($25 million after tax, equal to $0.04 per share) related to the proposed GrainCorp acquisition, valuation allowance on certain deferred tax assets of $82 million (equal to $0.12 per share), income tax benefit recognized in the current period of $55 million (equal to $0.08 per share) related to biodiesel blending credits earned in the prior periods, charges of $54 million ($37 million after tax, equal to $0.06 per share) related to the FCPA matter as discussed in Note 21 in Item 8, and other charges of $18 million ($12 million after tax, equal to 0.02 per share).
|
Item 6.
|
SELECTED FINANCIAL DATA (Continued)
|
•
|
Net earnings attributable to controlling interests for the year ended December 31, 2012 include an asset impairment charge of $146 million ($107 million after tax, equal to $0.16 per share) related to the Company’s investments associated with Gruma, exit costs and asset impairment charges of $85 million ($52 million after tax, equal to $0.08 per share) related primarily to the global workforce reduction program and exit of the Walhalla, ND ethanol facility, a gain of $62 million ($49 million after tax, equal to $0.07 per share) related to the Company’s interest in GrainCorp, a gain of $39 million ($24 million after tax, $0.04 per share) related to the sale of certain of the Company’s exchange membership interests, and charges of $68 million ($44 million after tax, $0.07 per share) related to pension settlements.
|
•
|
Net earnings attributable to controlling interests for the six months ended December 31, 2012 include an asset impairment charge of $146 million ($107 million after tax, equal to $0.16 per share) related to the Company’s investments associated with Gruma, a gain of $62 million ($49 million after tax, equal to $0.07 per share) related to the Company’s interest in GrainCorp, a gain of $39 million ($24 million after tax, $0.04 per share) related to the sale of certain of the Company’s exchange membership interests, and charges of $68 million ($44 million after tax, $0.07 per share) related to pension settlements.
|
•
|
Net earnings attributable to controlling interests for the six months ended December 31, 2011 include exit costs and asset impairment charges of $352 million ($222 million after tax, equal to $0.33 per share) related primarily to the writedown of the Company’s Clinton, IA bioplastics facility.
|
•
|
Net earnings attributable to controlling interests for the year ended June 30, 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 the year ended June 30, 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. 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 for earnings per share calculation.
|
•
|
Net earnings attributable to controlling interests for the year ended June 30, 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 the year ended June 30, 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, 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
|
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)
|
(In millions)
|
2013
|
|
2012
|
|
Change
|
||||||
|
|
|
(Unaudited)
|
|
|
||||||
|
|
|
|
|
|
||||||
Oilseeds Processing
|
|
|
|
|
|
||||||
Crushing and Origination
|
$
|
20,522
|
|
|
$
|
20,651
|
|
|
$
|
(129
|
)
|
Refining, Packaging, Biodiesel, and Other
|
10,375
|
|
|
10,666
|
|
|
(291
|
)
|
|||
Cocoa and Other
|
3,281
|
|
|
3,509
|
|
|
(228
|
)
|
|||
Asia
|
705
|
|
|
604
|
|
|
101
|
|
|||
Total Oilseeds Processing
|
34,883
|
|
|
35,430
|
|
|
(547
|
)
|
|||
|
|
|
|
|
|
||||||
Corn Processing
|
|
|
|
|
|
|
|
|
|||
Sweeteners and Starches
|
4,717
|
|
|
4,882
|
|
|
(165
|
)
|
|||
Bioproducts
|
8,422
|
|
|
6,948
|
|
|
1,474
|
|
|||
Total Corn Processing
|
13,139
|
|
|
11,830
|
|
|
1,309
|
|
|||
|
|
|
|
|
|
||||||
Agricultural Services
|
|
|
|
|
|
|
|
|
|||
Merchandising and Handling
|
36,968
|
|
|
38,729
|
|
|
(1,761
|
)
|
|||
Milling and Other
|
4,284
|
|
|
4,182
|
|
|
102
|
|
|||
Transportation
|
228
|
|
|
248
|
|
|
(20
|
)
|
|||
Total Agricultural Services
|
41,480
|
|
|
43,159
|
|
|
(1,679
|
)
|
|||
|
|
|
|
|
|
||||||
Other
|
|
|
|
|
|
|
|
|
|||
Financial
|
302
|
|
|
140
|
|
|
162
|
|
|||
Total Other
|
302
|
|
|
140
|
|
|
162
|
|
|||
Total
|
$
|
89,804
|
|
|
$
|
90,559
|
|
|
$
|
(755
|
)
|
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)
|
(In millions)
|
2013
|
|
2012
|
|
Change
|
||||||
|
|
|
(Unaudited)
|
|
|
||||||
|
|
|
|
|
|
||||||
Oilseeds Processing
|
|
|
|
|
|
||||||
Crushing and Origination
|
$
|
835
|
|
|
$
|
931
|
|
|
$
|
(96
|
)
|
Refining, Packaging, Biodiesel, and Other
|
454
|
|
|
241
|
|
|
213
|
|
|||
Cocoa and Other
|
(33
|
)
|
|
276
|
|
|
(309
|
)
|
|||
Asia
|
217
|
|
|
172
|
|
|
45
|
|
|||
Total Oilseeds Processing
|
1,473
|
|
|
1,620
|
|
|
(147
|
)
|
|||
|
|
|
|
|
|
||||||
Corn Processing
|
|
|
|
|
|
|
|
|
|||
Sweeteners and Starches
|
492
|
|
|
421
|
|
|
71
|
|
|||
Bioproducts
|
322
|
|
|
(143
|
)
|
|
465
|
|
|||
Total Corn Processing
|
814
|
|
|
278
|
|
|
536
|
|
|||
|
|
|
|
|
|
||||||
Agricultural Services
|
|
|
|
|
|
|
|
|
|||
Merchandising and Handling
|
33
|
|
|
477
|
|
|
(444
|
)
|
|||
Milling and Other
|
270
|
|
|
191
|
|
|
79
|
|
|||
Transportation
|
77
|
|
|
111
|
|
|
(34
|
)
|
|||
Total Agricultural Services
|
380
|
|
|
779
|
|
|
(399
|
)
|
|||
|
|
|
|
|
|
||||||
Other
|
|
|
|
|
|
|
|
|
|||
Financial
|
41
|
|
|
91
|
|
|
(50
|
)
|
|||
Total Other
|
41
|
|
|
91
|
|
|
(50
|
)
|
|||
Total Segment Operating Profit
|
2,708
|
|
|
2,768
|
|
|
(60
|
)
|
|||
Corporate
|
(684
|
)
|
|
(787
|
)
|
|
103
|
|
|||
Earnings Before Income Taxes
|
$
|
2,024
|
|
|
$
|
1,981
|
|
|
$
|
43
|
|
(In millions)
|
2013
|
|
2012
|
|
Change
|
||||||
|
|
|
(Unaudited)
|
|
|
||||||
|
|
|
|
|
|
||||||
LIFO credit (charge)
|
$
|
225
|
|
|
$
|
3
|
|
|
$
|
222
|
|
Interest expense - net
|
(408
|
)
|
|
(445
|
)
|
|
37
|
|
|||
Unallocated corporate costs
|
(331
|
)
|
|
(274
|
)
|
|
(57
|
)
|
|||
Other charges
|
(147
|
)
|
|
(144
|
)
|
|
(3
|
)
|
|||
Minority interest and other
|
(23
|
)
|
|
73
|
|
|
(96
|
)
|
|||
Total Corporate
|
$
|
(684
|
)
|
|
$
|
(787
|
)
|
|
$
|
103
|
|
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)
|
|
Six Months Ended
December 31,
|
|
|
||||||||
(In millions)
|
2012
|
|
2011
|
|
Change
|
||||||
|
(Unaudited)
|
||||||||||
Oilseeds Processing
|
|
|
|
|
|
||||||
Crushing and Origination
|
$
|
10,784
|
|
|
$
|
8,927
|
|
|
$
|
1,857
|
|
Refining, Packaging, Biodiesel and Other
|
5,256
|
|
|
6,218
|
|
|
(962
|
)
|
|||
Cocoa and Other
|
1,746
|
|
|
1,952
|
|
|
(206
|
)
|
|||
Asia
|
266
|
|
|
240
|
|
|
26
|
|
|||
Total Oilseeds Processing
|
18,052
|
|
|
17,337
|
|
|
715
|
|
|||
Corn Processing
|
|
|
|
|
|
|
|
|
|||
Sweeteners and Starches
|
2,405
|
|
|
2,316
|
|
|
89
|
|
|||
Bioproducts
|
3,762
|
|
|
4,135
|
|
|
(373
|
)
|
|||
Total Corn Processing
|
6,167
|
|
|
6,451
|
|
|
(284
|
)
|
|||
Agricultural Services
|
|
|
|
|
|
|
|
|
|||
Merchandising and Handling
|
20,159
|
|
|
19,061
|
|
|
1,098
|
|
|||
Transportation
|
128
|
|
|
149
|
|
|
(21
|
)
|
|||
Milling and Other
|
2,154
|
|
|
2,154
|
|
|
—
|
|
|||
Total Agricultural Services
|
22,441
|
|
|
21,364
|
|
|
1,077
|
|
|||
Other
|
|
|
|
|
|
|
|
|
|||
Financial
|
69
|
|
|
56
|
|
|
13
|
|
|||
Total Other
|
69
|
|
|
56
|
|
|
13
|
|
|||
Total
|
$
|
46,729
|
|
|
$
|
45,208
|
|
|
$
|
1,521
|
|
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)
|
|
Six Months Ended
December 31,
|
|
|
||||||||
(In millions)
|
2012
|
|
2011
|
|
Change
|
||||||
|
(Unaudited)
|
||||||||||
Oilseeds Processing
|
|
|
|
|
|
||||||
Crushing and Origination
|
$
|
517
|
|
|
$
|
227
|
|
|
$
|
290
|
|
Refining, Packaging, Biodiesel, and Other
|
78
|
|
|
132
|
|
|
(54
|
)
|
|||
Cocoa and Other
|
65
|
|
|
(28
|
)
|
|
93
|
|
|||
Asia
|
87
|
|
|
98
|
|
|
(11
|
)
|
|||
Total Oilseeds Processing
|
747
|
|
|
429
|
|
|
318
|
|
|||
Corn Processing
|
|
|
|
|
|
|
|
|
|||
Sweeteners and Starches
|
191
|
|
|
105
|
|
|
86
|
|
|||
Bioproducts
|
(120
|
)
|
|
(51
|
)
|
|
(69
|
)
|
|||
Total Corn Processing
|
71
|
|
|
54
|
|
|
17
|
|
|||
Agricultural Services
|
|
|
|
|
|
|
|
|
|||
Merchandising and Handling
|
299
|
|
|
315
|
|
|
(16
|
)
|
|||
Transportation
|
67
|
|
|
81
|
|
|
(14
|
)
|
|||
Milling and Other
|
29
|
|
|
167
|
|
|
(138
|
)
|
|||
Total Agricultural Services
|
395
|
|
|
563
|
|
|
(168
|
)
|
|||
Other
|
|
|
|
|
|
|
|
|
|||
Financial
|
93
|
|
|
17
|
|
|
76
|
|
|||
Total Other
|
93
|
|
|
17
|
|
|
76
|
|
|||
Total Segment Operating Profit
|
1,306
|
|
|
1,063
|
|
|
243
|
|
|||
Corporate
|
(309
|
)
|
|
(282
|
)
|
|
(27
|
)
|
|||
Earnings Before Income Taxes
|
$
|
997
|
|
|
$
|
781
|
|
|
$
|
216
|
|
|
Six Months Ended
December 31,
|
|
|
||||||||
(In millions)
|
2012
|
|
2011
|
|
Change
|
||||||
|
(Unaudited)
|
||||||||||
LIFO credit (charge)
|
$
|
60
|
|
|
$
|
67
|
|
|
$
|
(7
|
)
|
Interest expense - net
|
(219
|
)
|
|
(197
|
)
|
|
(22
|
)
|
|||
Unallocated corporate costs
|
(140
|
)
|
|
(155
|
)
|
|
15
|
|
|||
Charges from debt buyback and exchange
|
(5
|
)
|
|
(4
|
)
|
|
(1
|
)
|
|||
Pension settlements
|
(68
|
)
|
|
—
|
|
|
(68
|
)
|
|||
Other
|
63
|
|
|
7
|
|
|
56
|
|
|||
Total Corporate
|
$
|
(309
|
)
|
|
$
|
(282
|
)
|
|
$
|
(27
|
)
|
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)
|
|
|
|
|
Payments Due by Period
|
||||||||||||||||
|
Item 8
|
|
|
|
|
|
|
|
|
|
||||||||||
Contractual
|
Note
|
|
|
Less than
|
|
1 - 3
|
|
3 - 5
|
|
More than
|
||||||||||
Obligations
|
Reference
|
Total
|
|
1 Year
|
|
Years
|
|
Years
|
|
5 Years
|
||||||||||
|
|
(In millions)
|
||||||||||||||||||
Purchases
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Inventories
|
|
$
|
15,519
|
|
|
$
|
14,621
|
|
|
$
|
827
|
|
|
$
|
67
|
|
|
$
|
4
|
|
Energy
|
|
855
|
|
|
355
|
|
|
216
|
|
|
86
|
|
|
198
|
|
|||||
Other
|
|
191
|
|
|
111
|
|
|
66
|
|
|
10
|
|
|
4
|
|
|||||
Total purchases
|
|
16,565
|
|
|
15,087
|
|
|
1,109
|
|
|
163
|
|
|
206
|
|
|||||
Short-term debt
|
|
358
|
|
|
358
|
|
|
|
|
|
|
|
||||||||
Long-term debt
|
Note 10
|
6,512
|
|
|
1,165
|
|
|
34
|
|
|
1,014
|
|
|
4,299
|
|
|||||
Estimated interest payments
|
|
6,005
|
|
|
330
|
|
|
616
|
|
|
556
|
|
|
4,503
|
|
|||||
Operating leases
|
Note 15
|
1,050
|
|
|
243
|
|
|
366
|
|
|
214
|
|
|
227
|
|
|||||
Estimated pension and other postretirement plan contributions
(1)
|
Note 16
|
161
|
|
|
52
|
|
|
22
|
|
|
23
|
|
|
64
|
|
|||||
Total
|
|
$
|
30,651
|
|
|
$
|
17,235
|
|
|
$
|
2,147
|
|
|
$
|
1,970
|
|
|
$
|
9,299
|
|
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)
|
Item 7A.
|
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
|
Item 7A.
|
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK (Continued)
|
|
|
December 31, 2013
|
|
December 31, 2012
|
||||||||||||
Long/(Short)
|
|
Fair Value
|
|
Market Risk
|
|
Fair Value
|
|
Market Risk
|
||||||||
|
|
(In millions)
|
||||||||||||||
Highest position
|
|
$
|
660
|
|
|
$
|
66
|
|
|
$
|
2,218
|
|
|
$
|
222
|
|
Lowest position
|
|
(1,833
|
)
|
|
(183
|
)
|
|
(109
|
)
|
|
(11
|
)
|
||||
Average position
|
|
(959
|
)
|
|
(96
|
)
|
|
1,111
|
|
|
111
|
|
Item 7A.
|
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK (Continued)
|
|
December 31, 2013
|
|
December 31, 2012
|
||||
|
(In millions)
|
||||||
Fair value of long-term debt
|
$
|
6,272
|
|
|
$
|
7,901
|
|
Excess of fair value over carrying value
|
925
|
|
|
1,445
|
|
||
Market risk
|
326
|
|
|
404
|
|
Item 8.
|
FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
|
|
|
Financial Statements
|
Page No.
|
|
|
Consolidated Statements of Earnings
|
|
|
|
Consolidated Statements of Comprehensive Income (Loss)
|
|
|
|
Consolidated Balance Sheets
|
|
|
|
Consolidated Statements of Cash Flows
|
|
|
|
Consolidated Statements of Shareholders’ Equity
|
|
|
|
Notes to Consolidated Financial Statements
|
|
|
|
Reports of Independent Registered Public Accounting Firm
|
|
Year Ended
|
|
Six Months Ended
|
|
Year Ended
|
||||||||||||||||||
(In millions, except per share amounts)
|
December 31
|
|
December 31
|
|
June 30
|
||||||||||||||||||
|
2013
|
|
2012
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
||||||||||||
|
|
|
(Unaudited)
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Revenues
|
$
|
89,804
|
|
|
$
|
90,559
|
|
|
$
|
46,729
|
|
|
$
|
45,208
|
|
|
$
|
89,038
|
|
|
$
|
80,676
|
|
Cost of products sold
|
85,915
|
|
|
86,936
|
|
|
44,927
|
|
|
43,361
|
|
|
85,370
|
|
|
76,376
|
|
||||||
Gross Profit
|
3,889
|
|
|
3,623
|
|
|
1,802
|
|
|
1,847
|
|
|
3,668
|
|
|
4,300
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Selling, general and administrative expenses
|
1,759
|
|
|
1,665
|
|
|
869
|
|
|
830
|
|
|
1,626
|
|
|
1,611
|
|
||||||
Asset impairment, exit, and restructuring costs
|
259
|
|
|
243
|
|
|
146
|
|
|
352
|
|
|
449
|
|
|
—
|
|
||||||
Interest expense
|
413
|
|
|
445
|
|
|
213
|
|
|
209
|
|
|
441
|
|
|
482
|
|
||||||
Equity in earnings of unconsolidated affiliates
|
(411
|
)
|
|
(476
|
)
|
|
(255
|
)
|
|
(251
|
)
|
|
(472
|
)
|
|
(542
|
)
|
||||||
Interest income
|
(102
|
)
|
|
(109
|
)
|
|
(59
|
)
|
|
(62
|
)
|
|
(112
|
)
|
|
(136
|
)
|
||||||
Other (income) expense - net
|
(53
|
)
|
|
(126
|
)
|
|
(109
|
)
|
|
(12
|
)
|
|
(29
|
)
|
|
(130
|
)
|
||||||
Earnings Before Income Taxes
|
2,024
|
|
|
1,981
|
|
|
997
|
|
|
781
|
|
|
1,765
|
|
|
3,015
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Income taxes
|
670
|
|
|
589
|
|
|
303
|
|
|
237
|
|
|
523
|
|
|
997
|
|
||||||
Net Earnings Including Noncontrolling Interests
|
1,354
|
|
|
1,392
|
|
|
694
|
|
|
544
|
|
|
1,242
|
|
|
2,018
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Less: Net earnings (losses) attributable to noncontrolling interests
|
12
|
|
|
17
|
|
|
2
|
|
|
4
|
|
|
19
|
|
|
(18
|
)
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net Earnings Attributable to Controlling Interests
|
$
|
1,342
|
|
|
$
|
1,375
|
|
|
$
|
692
|
|
|
$
|
540
|
|
|
$
|
1,223
|
|
|
$
|
2,036
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Average number of shares outstanding – basic
|
661
|
|
|
660
|
|
|
660
|
|
|
669
|
|
|
665
|
|
|
642
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Average number of shares outstanding – diluted
|
663
|
|
|
662
|
|
|
661
|
|
|
670
|
|
|
666
|
|
|
654
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Basic earnings per common share
|
$
|
2.03
|
|
|
$
|
2.08
|
|
|
$
|
1.05
|
|
|
$
|
0.81
|
|
|
$
|
1.84
|
|
|
$
|
3.17
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Diluted earnings per common share
|
$
|
2.02
|
|
|
$
|
2.08
|
|
|
$
|
1.05
|
|
|
$
|
0.81
|
|
|
$
|
1.84
|
|
|
$
|
3.13
|
|
|
Year Ended
|
|
Six Months Ended
|
|
Year Ended
|
||||||||||||||||||
(In millions)
|
December 31
|
|
December 31
|
|
June 30
|
||||||||||||||||||
|
2013
|
|
2012
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
||||||||||||
|
|
|
(Unaudited)
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
||||||||||
Net earnings including noncontrolling interests
|
$
|
1,354
|
|
|
$
|
1,392
|
|
|
$
|
694
|
|
|
$
|
544
|
|
|
$
|
1,242
|
|
|
$
|
2,018
|
|
Other comprehensive income (loss):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Foreign currency translation adjustment
|
125
|
|
|
327
|
|
|
371
|
|
|
(707
|
)
|
|
(751
|
)
|
|
859
|
|
||||||
Tax effect
|
2
|
|
|
9
|
|
|
(51
|
)
|
|
—
|
|
|
60
|
|
|
—
|
|
||||||
Net of tax amount
|
127
|
|
|
336
|
|
|
320
|
|
|
(707
|
)
|
|
(691
|
)
|
|
859
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Pension and other postretirement benefit
liabilities adjustment
|
411
|
|
|
(284
|
)
|
|
292
|
|
|
11
|
|
|
(565
|
)
|
|
300
|
|
||||||
Tax effect
|
(154
|
)
|
|
105
|
|
|
(100
|
)
|
|
(3
|
)
|
|
202
|
|
|
(106
|
)
|
||||||
Net of tax amount
|
257
|
|
|
(179
|
)
|
|
192
|
|
|
8
|
|
|
(363
|
)
|
|
194
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Deferred gain (loss) on hedging activities
|
2
|
|
|
(39
|
)
|
|
(72
|
)
|
|
3
|
|
|
36
|
|
|
(3
|
)
|
||||||
Tax effect
|
(1
|
)
|
|
13
|
|
|
26
|
|
|
(2
|
)
|
|
(15
|
)
|
|
2
|
|
||||||
Net of tax effect
|
1
|
|
|
(26
|
)
|
|
(46
|
)
|
|
1
|
|
|
21
|
|
|
(1
|
)
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Unrealized gain (loss) on investments
|
—
|
|
|
(26
|
)
|
|
(1
|
)
|
|
(65
|
)
|
|
(90
|
)
|
|
36
|
|
||||||
Tax effect
|
(1
|
)
|
|
10
|
|
|
—
|
|
|
24
|
|
|
34
|
|
|
(13
|
)
|
||||||
Net of tax effect
|
(1
|
)
|
|
(16
|
)
|
|
(1
|
)
|
|
(41
|
)
|
|
(56
|
)
|
|
23
|
|
||||||
Other comprehensive income (loss)
|
384
|
|
|
115
|
|
|
465
|
|
|
(739
|
)
|
|
(1,089
|
)
|
|
1,075
|
|
||||||
Comprehensive income (loss)
|
1,738
|
|
|
1,507
|
|
|
1,159
|
|
|
(195
|
)
|
|
153
|
|
|
3,093
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Less: Comprehensive income (loss) attributable to noncontrolling interests
|
3
|
|
|
19
|
|
|
10
|
|
|
4
|
|
|
13
|
|
|
(18
|
)
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Comprehensive income (loss) attributable
to controlling interests
|
$
|
1,735
|
|
|
$
|
1,488
|
|
|
$
|
1,149
|
|
|
$
|
(199
|
)
|
|
$
|
140
|
|
|
$
|
3,111
|
|
|
December 31, 2013
|
|
December 31, 2012
|
||||
|
(In millions)
|
||||||
Assets
|
|
|
|
||||
Current Assets
|
|
|
|
||||
Cash and cash equivalents
|
$
|
3,121
|
|
|
$
|
1,714
|
|
Short-term marketable securities
|
433
|
|
|
576
|
|
||
Segregated cash and investments
|
3,961
|
|
|
3,638
|
|
||
Trade receivables
|
3,224
|
|
|
3,450
|
|
||
Inventories
|
11,441
|
|
|
13,836
|
|
||
Other current assets
|
6,350
|
|
|
6,548
|
|
||
Total Current Assets
|
28,530
|
|
|
29,762
|
|
||
|
|
|
|
||||
Investments and Other Assets
|
|
|
|
|
|
||
Investments in and advances to affiliates
|
3,340
|
|
|
3,170
|
|
||
Long-term marketable securities
|
508
|
|
|
717
|
|
||
Goodwill and other intangible assets
|
759
|
|
|
759
|
|
||
Other assets
|
478
|
|
|
605
|
|
||
Total Investments and Other Assets
|
5,085
|
|
|
5,251
|
|
||
|
|
|
|
||||
Property, Plant, and Equipment
|
|
|
|
|
|
||
Land
|
408
|
|
|
378
|
|
||
Buildings
|
4,877
|
|
|
4,807
|
|
||
Machinery and equipment
|
17,472
|
|
|
16,984
|
|
||
Construction in progress
|
773
|
|
|
1,004
|
|
||
|
23,530
|
|
|
23,173
|
|
||
Accumulated depreciation
|
(13,393
|
)
|
|
(13,050
|
)
|
||
Net Property, Plant, and Equipment
|
10,137
|
|
|
10,123
|
|
||
Total Assets
|
$
|
43,752
|
|
|
$
|
45,136
|
|
|
|
|
|
||||
Liabilities and Shareholders’ Equity
|
|
|
|
|
|
||
Current Liabilities
|
|
|
|
|
|
||
Short-term debt
|
$
|
358
|
|
|
$
|
2,816
|
|
Trade payables
|
4,513
|
|
|
4,787
|
|
||
Payables to brokerage customers
|
4,832
|
|
|
4,601
|
|
||
Accrued expenses and other payables
|
4,790
|
|
|
4,521
|
|
||
Current maturities of long-term debt
|
1,165
|
|
|
268
|
|
||
Total Current Liabilities
|
15,658
|
|
|
16,993
|
|
||
|
|
|
|
||||
Long-Term Liabilities
|
|
|
|
|
|
||
Long-term debt
|
5,347
|
|
|
6,456
|
|
||
Deferred income taxes
|
1,448
|
|
|
1,267
|
|
||
Other
|
1,105
|
|
|
1,289
|
|
||
Total Long-Term Liabilities
|
7,900
|
|
|
9,012
|
|
||
|
|
|
|
||||
Shareholders’ Equity
|
|
|
|
|
|
||
Common stock
|
6,136
|
|
|
6,134
|
|
||
Reinvested earnings
|
14,077
|
|
|
13,236
|
|
||
Accumulated other comprehensive income (loss)
|
(57
|
)
|
|
(450
|
)
|
||
Noncontrolling interests
|
38
|
|
|
211
|
|
||
Total Shareholders’ Equity
|
20,194
|
|
|
19,131
|
|
||
Total Liabilities and Shareholders’ Equity
|
$
|
43,752
|
|
|
$
|
45,136
|
|
|
Year Ended
|
|
Six Months Ended
|
|
Year Ended
|
||||||||||||||||||
(In millions)
|
December 31
|
|
December 31
|
|
June 30
|
||||||||||||||||||
|
2013
|
|
2012
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
||||||||||||
|
|
|
(Unaudited)
|
|
|
|
(Unaudited)
|
|
|
|
|
||||||||||||
Operating Activities
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net earnings including noncontrolling interests
|
$
|
1,354
|
|
|
$
|
1,392
|
|
|
$
|
694
|
|
|
$
|
544
|
|
|
$
|
1,242
|
|
|
$
|
2,018
|
|
Adjustments to reconcile net earnings to net cash
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
provided by (used in) operating activities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Depreciation and amortization
|
909
|
|
|
869
|
|
|
435
|
|
|
414
|
|
|
848
|
|
|
877
|
|
||||||
Asset impairment charges
|
259
|
|
|
188
|
|
|
146
|
|
|
350
|
|
|
392
|
|
|
2
|
|
||||||
Deferred income taxes
|
161
|
|
|
135
|
|
|
118
|
|
|
28
|
|
|
45
|
|
|
521
|
|
||||||
Equity in earnings of affiliates, net of dividends
|
(285
|
)
|
|
(338
|
)
|
|
(201
|
)
|
|
(106
|
)
|
|
(243
|
)
|
|
(397
|
)
|
||||||
Stock compensation expense
|
43
|
|
|
44
|
|
|
30
|
|
|
34
|
|
|
48
|
|
|
47
|
|
||||||
Pension and postretirement accruals (contributions), net
|
10
|
|
|
56
|
|
|
78
|
|
|
59
|
|
|
37
|
|
|
4
|
|
||||||
Other – net
|
(158
|
)
|
|
71
|
|
|
(28
|
)
|
|
87
|
|
|
186
|
|
|
(180
|
)
|
||||||
Changes in operating assets and liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Segregated cash and investments
|
(322
|
)
|
|
(176
|
)
|
|
(365
|
)
|
|
(61
|
)
|
|
128
|
|
|
(1,035
|
)
|
||||||
Trade receivables
|
296
|
|
|
1,753
|
|
|
38
|
|
|
(741
|
)
|
|
974
|
|
|
(687
|
)
|
||||||
Inventories
|
2,541
|
|
|
(1,304
|
)
|
|
(1,512
|
)
|
|
(480
|
)
|
|
(272
|
)
|
|
(3,412
|
)
|
||||||
Other current assets
|
227
|
|
|
(1,703
|
)
|
|
209
|
|
|
958
|
|
|
(954
|
)
|
|
(2,452
|
)
|
||||||
Trade payables
|
(291
|
)
|
|
648
|
|
|
2,310
|
|
|
1,545
|
|
|
(117
|
)
|
|
339
|
|
||||||
Payables to brokerage customers
|
231
|
|
|
543
|
|
|
437
|
|
|
(195
|
)
|
|
(89
|
)
|
|
1,480
|
|
||||||
Accrued expenses and other payables
|
251
|
|
|
154
|
|
|
89
|
|
|
605
|
|
|
670
|
|
|
535
|
|
||||||
Total Operating Activities
|
5,226
|
|
|
2,332
|
|
|
2,478
|
|
|
3,041
|
|
|
2,895
|
|
|
(2,340
|
)
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Investing Activities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Purchases of property, plant, and equipment
|
(913
|
)
|
|
(1,240
|
)
|
|
(615
|
)
|
|
(852
|
)
|
|
(1,477
|
)
|
|
(1,247
|
)
|
||||||
Net assets of businesses acquired
|
(44
|
)
|
|
(61
|
)
|
|
(26
|
)
|
|
(206
|
)
|
|
(241
|
)
|
|
(218
|
)
|
||||||
Proceeds from sale of assets
|
86
|
|
|
520
|
|
|
521
|
|
|
49
|
|
|
48
|
|
|
72
|
|
||||||
Cash divested from deconsolidation
|
—
|
|
|
—
|
|
|
—
|
|
|
(130
|
)
|
|
(130
|
)
|
|
—
|
|
||||||
Purchases of marketable securities
|
(891
|
)
|
|
(2,037
|
)
|
|
(1,629
|
)
|
|
(889
|
)
|
|
(1,297
|
)
|
|
(2,379
|
)
|
||||||
Proceeds from sales of marketable securities
|
995
|
|
|
1,592
|
|
|
731
|
|
|
1,084
|
|
|
1,945
|
|
|
2,094
|
|
||||||
Other – net
|
190
|
|
|
65
|
|
|
45
|
|
|
10
|
|
|
30
|
|
|
3
|
|
||||||
Total Investing Activities
|
(577
|
)
|
|
(1,161
|
)
|
|
(973
|
)
|
|
(934
|
)
|
|
(1,122
|
)
|
|
(1,675
|
)
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Financing Activities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Long-term debt borrowings
|
23
|
|
|
112
|
|
|
106
|
|
|
91
|
|
|
97
|
|
|
1,564
|
|
||||||
Long-term debt payments
|
(275
|
)
|
|
(1,608
|
)
|
|
(1,423
|
)
|
|
(173
|
)
|
|
(358
|
)
|
|
(417
|
)
|
||||||
Net borrowings (payments) under lines of credit agreements
|
(2,461
|
)
|
|
1,933
|
|
|
660
|
|
|
(1,076
|
)
|
|
197
|
|
|
1,381
|
|
||||||
Debt repurchase premium and costs
|
(1
|
)
|
|
(209
|
)
|
|
(197
|
)
|
|
(32
|
)
|
|
(44
|
)
|
|
(21
|
)
|
||||||
Shares issued related to equity unit conversion
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,750
|
|
||||||
Purchases of treasury stock
|
(101
|
)
|
|
(100
|
)
|
|
—
|
|
|
(427
|
)
|
|
(527
|
)
|
|
(301
|
)
|
||||||
Cash dividends
|
(501
|
)
|
|
(461
|
)
|
|
(230
|
)
|
|
(224
|
)
|
|
(455
|
)
|
|
(395
|
)
|
||||||
Other – net
|
74
|
|
|
12
|
|
|
2
|
|
|
(17
|
)
|
|
(7
|
)
|
|
23
|
|
||||||
Total Financing Activities
|
(3,242
|
)
|
|
(321
|
)
|
|
(1,082
|
)
|
|
(1,858
|
)
|
|
(1,097
|
)
|
|
3,584
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Increase (decrease) in cash and cash equivalents
|
1,407
|
|
|
850
|
|
|
423
|
|
|
249
|
|
|
676
|
|
|
(431
|
)
|
||||||
Cash and cash equivalents – beginning of year
|
1,714
|
|
|
864
|
|
|
1,291
|
|
|
615
|
|
|
615
|
|
|
1,046
|
|
||||||
Cash and cash equivalents
–
end of year
|
$
|
3,121
|
|
|
$
|
1,714
|
|
|
$
|
1,714
|
|
|
$
|
864
|
|
|
$
|
1,291
|
|
|
$
|
615
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Cash paid for interest and income taxes were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Interest
|
$
|
380
|
|
|
$
|
410
|
|
|
$
|
205
|
|
|
$
|
206
|
|
|
$
|
411
|
|
|
$
|
418
|
|
Income taxes
|
556
|
|
|
476
|
|
|
115
|
|
|
118
|
|
|
479
|
|
|
513
|
|
|
|
|
|
|
|
|
Accumulated
Other
|
|
|
|
Total
|
|||||||||||
|
Common Stock
|
|
Reinvested
|
|
Comprehensive
|
|
Noncontrolling
|
|
Shareholders’
|
|||||||||||||
|
Shares
|
|
Amount
|
|
Earnings
|
|
Income (Loss)
|
|
Interests
|
|
Equity
|
|||||||||||
|
(In millions)
|
|||||||||||||||||||||
Balance June 30, 2010
|
639
|
|
|
$
|
5,151
|
|
|
$
|
10,357
|
|
|
$
|
(899
|
)
|
|
$
|
22
|
|
|
$
|
14,631
|
|
Comprehensive income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Net earnings
|
|
|
|
|
|
|
2,036
|
|
|
|
|
|
(18
|
)
|
|
|
|
|||||
Other comprehensive income
|
|
|
|
|
|
|
|
|
|
1,075
|
|
|
|
|
|
|
|
|||||
Total comprehensive income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,093
|
|
|||||
Cash dividends paid-$.62 per share
|
|
|
|
|
|
|
(395
|
)
|
|
|
|
|
|
|
|
(395
|
)
|
|||||
Shares issued related to equity unit
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
conversion
|
44
|
|
|
1,750
|
|
|
|
|
|
|
|
|
|
|
|
1,750
|
|
|||||
Treasury stock purchases
|
(9
|
)
|
|
(301
|
)
|
|
|
|
|
|
|
|
|
|
|
(301
|
)
|
|||||
Stock compensation expense
|
|
|
|
47
|
|
|
|
|
|
|
|
|
|
|
|
47
|
|
|||||
Acquisition of noncontrolling
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
interests
|
|
|
|
(26
|
)
|
|
|
|
|
|
|
|
25
|
|
|
(1
|
)
|
|||||
Other
|
2
|
|
|
15
|
|
|
(2
|
)
|
|
|
|
|
1
|
|
|
14
|
|
|||||
Balance June 30, 2011
|
676
|
|
|
6,636
|
|
|
11,996
|
|
|
176
|
|
|
30
|
|
|
18,838
|
|
|||||
Comprehensive income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Net earnings
|
|
|
|
|
|
|
1,223
|
|
|
|
|
|
19
|
|
|
|
|
|||||
Other comprehensive loss
|
|
|
|
|
|
|
|
|
|
(1,083
|
)
|
|
(6
|
)
|
|
|
|
|||||
Total comprehensive income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
153
|
|
|||||
Cash dividends paid-$.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
|
|
|||||
Comprehensive income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Net earnings
|
|
|
|
|
|
|
692
|
|
|
|
|
|
2
|
|
|
|
|
|||||
Other comprehensive income
|
|
|
|
|
|
|
|
|
|
457
|
|
|
8
|
|
|
|
|
|||||
Total comprehensive income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,159
|
|
|||||
Cash dividends paid-$.35 per share
|
|
|
|
|
|
|
(230
|
)
|
|
|
|
|
|
|
|
(230
|
)
|
|||||
Stock compensation expense
|
|
|
|
30
|
|
|
|
|
|
|
|
|
|
|
|
30
|
|
|||||
Other
|
|
|
|
2
|
|
|
|
|
|
|
|
|
1
|
|
|
3
|
|
|||||
Balance December 31, 2012
|
659
|
|
|
$
|
6,134
|
|
|
$
|
13,236
|
|
|
$
|
(450
|
)
|
|
$
|
211
|
|
|
$
|
19,131
|
|
Comprehensive income
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net earnings
|
|
|
|
|
1,342
|
|
|
|
|
12
|
|
|
|
|||||||||
Other comprehensive income
|
|
|
|
|
|
|
393
|
|
|
(9
|
)
|
|
|
|||||||||
Total comprehensive income
|
|
|
|
|
|
|
|
|
|
|
1,738
|
|
||||||||||
Cash dividends paid-$.76 per share
|
|
|
|
|
(501
|
)
|
|
|
|
|
|
(501
|
)
|
|||||||||
Treasury stock purchases
|
(3
|
)
|
|
(101
|
)
|
|
|
|
|
|
|
|
(101
|
)
|
||||||||
Stock compensation expense
|
|
|
43
|
|
|
|
|
|
|
|
|
43
|
|
|||||||||
Noncontrolling interests
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
associated with mandatorily
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
redeemable instruments
|
|
|
|
|
|
|
|
|
(180
|
)
|
|
(180
|
)
|
|||||||||
Other
|
3
|
|
|
60
|
|
|
|
|
|
|
4
|
|
|
64
|
|
|||||||
Balance December 31, 2013
|
659
|
|
|
$
|
6,136
|
|
|
$
|
14,077
|
|
|
$
|
(57
|
)
|
|
$
|
38
|
|
|
$
|
20,194
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2013
|
|
December 31, 2012
|
||||
|
(In millions)
|
||||||
|
|
|
|
||||
LIFO inventories
|
|
|
|
||||
FIFO value
|
$
|
1,408
|
|
|
$
|
1,356
|
|
LIFO valuation reserve
|
(297
|
)
|
|
(522
|
)
|
||
LIFO inventories carrying value
|
1,111
|
|
|
834
|
|
||
FIFO inventories
|
3,741
|
|
|
5,232
|
|
||
Market inventories
|
6,059
|
|
|
7,036
|
|
||
Supplies and other inventories
|
530
|
|
|
734
|
|
||
Total inventories
|
$
|
11,441
|
|
|
$
|
13,836
|
|
|
Fair Value Measurements at December 31, 2013
|
||||||||||||||
|
Quoted Prices in
Active Markets
for Identical
Assets
(Level 1)
|
|
Significant
Other
Observable
Inputs
(Level 2)
|
|
Significant
Unobservable
Inputs
(Level 3)
|
|
Total
|
||||||||
|
|
|
(In millions)
|
|
|
||||||||||
|
|
|
|
|
|
|
|
||||||||
Assets:
|
|
|
|
|
|
|
|
||||||||
Inventories carried at
market
|
$
|
—
|
|
|
$
|
4,247
|
|
|
$
|
1,812
|
|
|
$
|
6,059
|
|
Unrealized derivative gains:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Commodity contracts
|
31
|
|
|
540
|
|
|
279
|
|
|
850
|
|
||||
Foreign exchange contracts
|
30
|
|
|
88
|
|
|
—
|
|
|
118
|
|
||||
Interest rate contracts
|
—
|
|
|
1
|
|
|
—
|
|
|
1
|
|
||||
Cash equivalents
|
2,518
|
|
|
—
|
|
|
—
|
|
|
2,518
|
|
||||
Marketable securities
|
881
|
|
|
26
|
|
|
—
|
|
|
907
|
|
||||
Segregated investments
|
1,707
|
|
|
—
|
|
|
—
|
|
|
1,707
|
|
||||
Deferred consideration
|
—
|
|
|
757
|
|
|
—
|
|
|
757
|
|
||||
Total Assets
|
$
|
5,167
|
|
|
$
|
5,659
|
|
|
$
|
2,091
|
|
|
$
|
12,917
|
|
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Unrealized derivative losses:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Commodity contracts
|
$
|
45
|
|
|
$
|
343
|
|
|
$
|
261
|
|
|
$
|
649
|
|
Foreign exchange contracts
|
—
|
|
|
166
|
|
|
—
|
|
|
166
|
|
||||
Interest rate contracts
|
—
|
|
|
9
|
|
|
—
|
|
|
9
|
|
||||
Inventory-related payables
|
—
|
|
|
708
|
|
|
34
|
|
|
742
|
|
||||
Total Liabilities
|
$
|
45
|
|
|
$
|
1,226
|
|
|
$
|
295
|
|
|
$
|
1,566
|
|
|
Fair Value Measurements at December 31, 2012
|
||||||||||||||
|
Quoted Prices in
Active Markets
for Identical
Assets
(Level 1)
|
|
Significant
Other
Observable
Inputs
(Level 2)
|
|
Significant
Unobservable
Inputs
(Level 3)
|
|
Total
|
||||||||
|
|
|
(In millions)
|
|
|
||||||||||
|
|
|
|
|
|
|
|
||||||||
Assets:
|
|
|
|
|
|
|
|
||||||||
Inventories carried at
market
|
$
|
—
|
|
|
$
|
5,291
|
|
|
$
|
1,745
|
|
|
$
|
7,036
|
|
Unrealized derivative gains:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Commodity contracts
|
131
|
|
|
936
|
|
|
143
|
|
|
1,210
|
|
||||
Foreign exchange contracts
|
—
|
|
|
170
|
|
|
—
|
|
|
170
|
|
||||
Other contracts
|
—
|
|
|
1
|
|
|
—
|
|
|
1
|
|
||||
Cash equivalents
|
1,045
|
|
|
—
|
|
|
—
|
|
|
1,045
|
|
||||
Marketable securities
|
1,265
|
|
|
16
|
|
|
—
|
|
|
1,281
|
|
||||
Segregated investments
|
1,186
|
|
|
—
|
|
|
—
|
|
|
1,186
|
|
||||
Deferred consideration
|
—
|
|
|
900
|
|
|
—
|
|
|
900
|
|
||||
Total Assets
|
$
|
3,627
|
|
|
$
|
7,314
|
|
|
$
|
1,888
|
|
|
$
|
12,829
|
|
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Unrealized derivative losses:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Commodity contracts
|
$
|
63
|
|
|
$
|
638
|
|
|
$
|
138
|
|
|
$
|
839
|
|
Foreign exchange contracts
|
—
|
|
|
215
|
|
|
—
|
|
|
215
|
|
||||
Inventory-related payables
|
—
|
|
|
903
|
|
|
33
|
|
|
936
|
|
||||
Total Liabilities
|
$
|
63
|
|
|
$
|
1,756
|
|
|
$
|
171
|
|
|
$
|
1,990
|
|
|
Level 3 Fair Value Assets Measurements at
December 31, 2013
|
||||||||||
|
Inventories
Carried at
Market
|
|
Commodity
Derivative
Contracts
Gains
|
|
Total
|
||||||
|
(In millions)
|
||||||||||
|
|
|
|
|
|
||||||
Balance, December 31, 2012
|
$
|
1,745
|
|
|
$
|
143
|
|
|
$
|
1,888
|
|
Total increase (decrease) in unrealized gains included in cost of products sold*
|
(645
|
)
|
|
474
|
|
|
(171
|
)
|
|||
Purchases
|
14,638
|
|
|
—
|
|
|
14,638
|
|
|||
Sales
|
(14,107
|
)
|
|
—
|
|
|
(14,107
|
)
|
|||
Settlements
|
—
|
|
|
(567
|
)
|
|
(567
|
)
|
|||
Transfers into Level 3
|
231
|
|
|
323
|
|
|
554
|
|
|||
Transfers out of Level 3
|
(50
|
)
|
|
(94
|
)
|
|
(144
|
)
|
|||
Ending balance, December 31, 2013
|
$
|
1,812
|
|
|
$
|
279
|
|
|
$
|
2,091
|
|
|
Level 3 Fair Value Liabilities
Measurements at
December 31, 2013
|
||||||||||
|
Inventory-
related
Payables
|
|
Commodity
Derivative
Contracts
Losses
|
|
Total
|
||||||
|
(In millions)
|
||||||||||
|
|
|
|
|
|
||||||
Balance, December 31, 2012
|
$
|
33
|
|
|
$
|
138
|
|
|
$
|
171
|
|
Total increase (decrease) in unrealized losses included in cost of products sold*
|
(191
|
)
|
|
524
|
|
|
333
|
|
|||
Purchases
|
219
|
|
|
—
|
|
|
219
|
|
|||
Sales
|
(26
|
)
|
|
—
|
|
|
(26
|
)
|
|||
Settlements
|
—
|
|
|
(550
|
)
|
|
(550
|
)
|
|||
Transfers into Level 3
|
—
|
|
|
197
|
|
|
197
|
|
|||
Transfers out of Level 3
|
(1
|
)
|
|
(48
|
)
|
|
(49
|
)
|
|||
Ending balance, December 31, 2013
|
$
|
34
|
|
|
$
|
261
|
|
|
$
|
295
|
|
|
Level 3 Fair Value Assets
Measurements at
December 31, 2012
|
||||||||||
|
Inventories
Carried at
Market
|
|
Commodity
Derivative
Contracts
Gains
|
|
Total
|
||||||
|
(In millions)
|
||||||||||
|
|
|
|
|
|
||||||
Balance, June 30, 2012
|
$
|
1,462
|
|
|
$
|
171
|
|
|
$
|
1,633
|
|
Total increase (decrease) in unrealized gains included in cost of products sold*
|
78
|
|
|
127
|
|
|
205
|
|
|||
Purchases
|
4,866
|
|
|
—
|
|
|
4,866
|
|
|||
Sales
|
(4,746
|
)
|
|
—
|
|
|
(4,746
|
)
|
|||
Settlements
|
—
|
|
|
(231
|
)
|
|
(231
|
)
|
|||
Transfers into Level 3
|
278
|
|
|
161
|
|
|
439
|
|
|||
Transfers out of Level 3
|
(193
|
)
|
|
(85
|
)
|
|
(278
|
)
|
|||
Ending balance, December 31, 2012
|
$
|
1,745
|
|
|
$
|
143
|
|
|
$
|
1,888
|
|
|
Level 3 Fair Value Liabilities
Measurements at
December 31, 2012
|
||||||||||
|
Inventory-
related
Payables
|
|
Commodity
Derivative
Contracts
Losses
|
|
Total
|
||||||
|
(In millions)
|
||||||||||
|
|
|
|
|
|
||||||
Balance, June 30, 2012
|
$
|
38
|
|
|
$
|
179
|
|
|
$
|
217
|
|
Total increase (decrease) in unrealized losses included in cost of products sold*
|
1
|
|
|
139
|
|
|
140
|
|
|||
Purchases
|
8
|
|
|
—
|
|
|
8
|
|
|||
Sales
|
(17
|
)
|
|
—
|
|
|
(17
|
)
|
|||
Settlements
|
—
|
|
|
(235
|
)
|
|
(235
|
)
|
|||
Transfers into Level 3
|
3
|
|
|
101
|
|
|
104
|
|
|||
Transfers out of Level 3
|
—
|
|
|
(46
|
)
|
|
(46
|
)
|
|||
Ending balance, December 31, 2012
|
$
|
33
|
|
|
$
|
138
|
|
|
$
|
171
|
|
|
|
Weighted Average
% of Total Price
|
||||||
|
|
December 31, 2013
|
|
December 31, 2012
|
||||
Component Type
|
|
Assets
|
|
Liabilities
|
|
Assets
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
Inventories
|
|
|
|
|
|
|
|
|
Basis
|
|
21.9%
|
|
13.2%
|
|
13.5%
|
|
26.2%
|
Transportation cost
|
|
12.3%
|
|
—%
|
|
8.4%
|
|
9.1%
|
Commodity Derivative Contracts
|
|
|
|
|
|
|
|
|
Basis
|
|
22.8%
|
|
17.6%
|
|
45.7%
|
|
17.0%
|
Transportation cost
|
|
32.5%
|
|
12.3%
|
|
16.2%
|
|
7.7%
|
|
December 31, 2013
|
|
December 31, 2012
|
||||||||||||
|
Assets
|
|
Liabilities
|
|
Assets
|
|
Liabilities
|
||||||||
|
(In millions)
|
||||||||||||||
|
|
|
|
|
|
|
|
||||||||
Foreign Currency Contracts
|
$
|
118
|
|
|
$
|
166
|
|
|
$
|
170
|
|
|
$
|
215
|
|
Interest Contracts
|
1
|
|
|
—
|
|
|
1
|
|
|
—
|
|
||||
Commodity Contracts
|
850
|
|
|
649
|
|
|
1,209
|
|
|
839
|
|
||||
Total
|
$
|
969
|
|
|
$
|
815
|
|
|
$
|
1,380
|
|
|
$
|
1,054
|
|
|
Year Ended
|
|
Six Months Ended
|
|
Year Ended
|
||||||||||||||||||
(In millions)
|
December 31
|
|
December 31
|
|
June 30
|
||||||||||||||||||
|
2013
|
|
2012
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
||||||||||||
|
|
|
(Unaudited)
|
|
|
|
(Unaudited)
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Interest Contracts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Interest expense
|
$
|
0
|
|
|
$
|
—
|
|
|
$
|
0
|
|
|
$
|
0
|
|
|
$
|
0
|
|
|
$
|
0
|
|
Other income (expense) - net
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
30
|
|
||||||
Foreign Currency Contracts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Revenues
|
$
|
108
|
|
|
$
|
213
|
|
|
$
|
129
|
|
|
$
|
33
|
|
|
$
|
117
|
|
|
$
|
(14
|
)
|
Cost of products sold
|
(157
|
)
|
|
(188
|
)
|
|
(49
|
)
|
|
(116
|
)
|
|
(255
|
)
|
|
150
|
|
||||||
Other income (expense) - net
|
61
|
|
|
142
|
|
|
94
|
|
|
(69
|
)
|
|
(21
|
)
|
|
43
|
|
||||||
Commodity Contracts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Cost of products sold
|
$
|
301
|
|
|
$
|
(387
|
)
|
|
$
|
136
|
|
|
$
|
(4
|
)
|
|
$
|
(527
|
)
|
|
$
|
(1,303
|
)
|
Other Contracts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Other income (expense) - net
|
$
|
—
|
|
|
$
|
57
|
|
|
$
|
58
|
|
|
$
|
—
|
|
|
$
|
(1
|
)
|
|
$
|
0
|
|
Total gain(loss) recognized in earnings
|
$
|
314
|
|
|
$
|
(163
|
)
|
|
$
|
368
|
|
|
$
|
(156
|
)
|
|
$
|
(687
|
)
|
|
$
|
(1,094
|
)
|
|
December 31, 2013
|
|
December 31, 2012
|
||||||||||||
|
Assets
|
|
Liabilities
|
|
Assets
|
|
Liabilities
|
||||||||
|
(In millions)
|
||||||||||||||
|
|
|
|
|
|
|
|
||||||||
Commodity Contracts
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1
|
|
|
$
|
0
|
|
Interest Contracts
|
0
|
|
|
9
|
|
|
—
|
|
|
—
|
|
||||
Total
|
$
|
0
|
|
|
$
|
9
|
|
|
$
|
1
|
|
|
$
|
—
|
|
|
|
Year Ended
|
|
Six Months Ended
|
||||||||||||
|
Consolidated Statement of
|
December 31
|
|
December 31
|
||||||||||||
(In millions)
|
Earnings Locations
|
2013
|
|
2012
|
|
2012
|
|
2011
|
||||||||
|
|
|
|
(Unaudited)
|
|
|
|
(Unaudited)
|
||||||||
Effective amounts recognized in earnings
|
|
|
|
|
|
|
|
|||||||||
FX Contracts
|
Other income/expense -net
|
$
|
(1
|
)
|
|
$
|
(1
|
)
|
|
$
|
(1
|
)
|
|
$
|
(1
|
)
|
Interest Contracts
|
Interest expense
|
1
|
|
|
1
|
|
|
0
|
|
|
0
|
|
||||
Commodity Contracts
|
Cost of products sold
|
(41
|
)
|
|
152
|
|
|
158
|
|
|
11
|
|
||||
|
Revenues
|
4
|
|
|
(3
|
)
|
|
2
|
|
|
8
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Ineffective amount recognized in earnings
|
|
|
|
|
|
|
|
|
|
|||||||
Interest contracts
|
Interest expense
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Commodity contracts
|
Cost of products sold
|
(120
|
)
|
|
(20
|
)
|
|
(30
|
)
|
|
39
|
|
||||
Total amount recognized in earnings
|
$
|
(157
|
)
|
|
$
|
129
|
|
|
$
|
129
|
|
|
$
|
57
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Consolidated Statement of
|
|
|
|
|
Year Ended
June 30
|
||||||||||
(In millions)
|
Earnings Locations
|
|
|
|
|
2012
|
|
2011
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
Effective amounts recognized in earnings
|
|
|
|
|
|
|
|
|
|
|||||||
FX Contracts
|
Other income/expense – net
|
|
|
|
|
$
|
(1
|
)
|
|
$
|
0
|
|
||||
Interest Contracts
|
Interest expense
|
|
|
|
|
1
|
|
|
0
|
|
||||||
Commodity Contracts
|
Cost of products sold
|
|
|
|
|
5
|
|
|
375
|
|
||||||
|
Revenues
|
|
|
|
|
3
|
|
|
(13
|
)
|
||||||
|
|
|
|
|
|
|
|
|
||||||||
Ineffective amount recognized in earnings
|
|
|
|
|
|
|
|
|
|
|||||||
Interest contracts
|
Interest expense
|
|
|
|
|
—
|
|
|
1
|
|
||||||
Commodity contracts
|
Cost of products sold
|
|
|
|
|
49
|
|
|
46
|
|
||||||
Total amount recognized in earnings
|
|
|
|
|
$
|
57
|
|
|
$
|
409
|
|
|
Cost
|
|
Unrealized
Gains |
|
Unrealized
Losses |
|
Fair
Value |
||||||||
|
(In millions)
|
||||||||||||||
December 31, 2013
|
|
|
|
|
|
|
|
||||||||
United States government obligations
|
|
|
|
|
|
|
|
||||||||
Maturity less than 1 year
|
$
|
395
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
395
|
|
Maturity 1 to 5 years
|
124
|
|
|
—
|
|
|
—
|
|
|
124
|
|
||||
Government-sponsored enterprise obligations
|
|
|
|
|
|
|
|
||||||||
Maturity 1 to 5 years
|
4
|
|
|
—
|
|
|
—
|
|
|
4
|
|
||||
Corporate debt securities
|
|
|
|
|
|
|
|
||||||||
Maturity 1 to 5 years
|
16
|
|
|
—
|
|
|
—
|
|
|
16
|
|
||||
Other debt securities
|
|
|
|
|
|
|
|
||||||||
Maturity less than 1 year
|
38
|
|
|
—
|
|
|
—
|
|
|
38
|
|
||||
Maturity 1 to 5 years
|
3
|
|
|
—
|
|
|
—
|
|
|
3
|
|
||||
Equity securities
|
|
|
|
|
|
|
|
||||||||
Available-for-sale
|
362
|
|
|
1
|
|
|
(2
|
)
|
|
361
|
|
||||
|
$
|
942
|
|
|
$
|
1
|
|
|
$
|
(2
|
)
|
|
$
|
941
|
|
|
|
|
|
|
|
|
|
||||||||
|
Cost
|
|
Unrealized
Gains
|
|
Unrealized
Losses
|
|
Fair
Value
|
||||||||
|
(In millions)
|
||||||||||||||
|
|
|
|
|
|
|
|
||||||||
December 31, 2012
|
|
|
|
|
|
|
|
||||||||
United States government obligations
|
|
|
|
|
|
|
|
||||||||
Maturity less than 1 year
|
$
|
548
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
548
|
|
Maturity 1 to 5 years
|
93
|
|
|
—
|
|
|
—
|
|
|
93
|
|
||||
Government-sponsored enterprise obligations
|
|
|
|
|
|
|
|
|
|
|
|
||||
Maturity 1 to 5 years
|
2
|
|
|
—
|
|
|
—
|
|
|
2
|
|
||||
Corporate debt securities
|
|
|
|
|
|
|
|
|
|
|
|
||||
Maturity 1 to 5 years
|
15
|
|
|
—
|
|
|
—
|
|
|
15
|
|
||||
Other debt securities
|
|
|
|
|
|
|
|
|
|
|
|
||||
Maturity less than 1 year
|
28
|
|
|
—
|
|
|
—
|
|
|
28
|
|
||||
Maturity 1 to 5 years
|
3
|
|
|
—
|
|
|
—
|
|
|
3
|
|
||||
Equity securities
|
|
|
|
|
|
|
|
|
|
|
|
||||
Available-for-sale
|
606
|
|
|
3
|
|
|
(5
|
)
|
|
604
|
|
||||
|
$
|
1,295
|
|
|
$
|
3
|
|
|
$
|
(5
|
)
|
|
$
|
1,293
|
|
|
December 31, 2013
|
|
December 31, 2012
|
||||
|
(In millions)
|
||||||
|
|
|
|
||||
Unrealized gains on derivative contracts
|
$
|
969
|
|
|
$
|
1,381
|
|
Deferred receivables consideration
|
757
|
|
|
900
|
|
||
Customer omnibus receivable
|
1,298
|
|
|
1,093
|
|
||
Financing receivables - net
(1)
|
576
|
|
|
724
|
|
||
Other current assets
|
2,750
|
|
|
2,450
|
|
||
|
$
|
6,350
|
|
|
$
|
6,548
|
|
|
December 31, 2013
|
|
December 31, 2012
|
||||
|
(In millions)
|
||||||
|
|
|
|
||||
Unrealized losses on derivative contracts
|
$
|
824
|
|
|
$
|
1,054
|
|
Other accruals and payables
|
3,966
|
|
|
3,467
|
|
||
|
$
|
4,790
|
|
|
$
|
4,521
|
|
|
December 31
|
||||||
(In millions)
|
2013
|
|
2012
|
||||
|
|
|
|
||||
Current assets
|
$
|
30,966
|
|
|
$
|
26,569
|
|
Non-current assets
|
20,846
|
|
|
19,429
|
|
||
Current liabilities
|
(27,423
|
)
|
|
(22,602
|
)
|
||
Non-current liabilities
|
(5,515
|
)
|
|
(5,553
|
)
|
||
Noncontrolling interests
|
(890
|
)
|
|
(850
|
)
|
||
Net assets
|
$
|
17,984
|
|
|
$
|
16,993
|
|
|
Year Ended
|
|
Six Months Ended
|
|
Year Ended
|
||||||||||||||||||
|
December 31
|
|
December 31
|
|
June 30
|
||||||||||||||||||
(In millions)
|
2013
|
|
2012
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
||||||||||||
|
|
|
(Unaudited)
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
||||||||
Net Sales
|
$
|
51,967
|
|
|
$
|
56,615
|
|
|
$
|
28,314
|
|
|
$
|
29,767
|
|
|
$
|
58,068
|
|
|
$
|
48,941
|
|
Gross profit
|
4,373
|
|
|
6,014
|
|
|
2,847
|
|
|
3,291
|
|
|
6,458
|
|
|
4,819
|
|
||||||
Net income
|
1,762
|
|
|
1,773
|
|
|
855
|
|
|
1,022
|
|
|
1,940
|
|
|
2,252
|
|
|
December 31, 2013
|
|
December 31, 2012
|
||||||||||||||||||||
|
Consolidated
Businesses |
|
Investments
in Affiliates |
|
Total
|
|
Consolidated
Businesses
|
|
Investments
in Affiliates
|
|
Total
|
||||||||||||
|
(In millions)
|
||||||||||||||||||||||
Oilseeds Processing
|
$
|
192
|
|
|
$
|
184
|
|
|
$
|
376
|
|
|
$
|
177
|
|
|
$
|
184
|
|
|
$
|
361
|
|
Corn Processing
|
81
|
|
|
7
|
|
|
88
|
|
|
85
|
|
|
7
|
|
|
92
|
|
||||||
Agricultural Services
|
81
|
|
|
7
|
|
|
88
|
|
|
89
|
|
|
1
|
|
|
90
|
|
||||||
Other
|
10
|
|
|
—
|
|
|
10
|
|
|
8
|
|
|
—
|
|
|
8
|
|
||||||
Total
|
$
|
364
|
|
|
$
|
198
|
|
|
$
|
562
|
|
|
$
|
359
|
|
|
$
|
192
|
|
|
$
|
551
|
|
|
|
|
December 31, 2013
|
|
December 31, 2012
|
||||||||||||||||||||
|
Useful
|
|
Gross
|
|
Accumulated
|
|
|
|
Gross
|
|
Accumulated
|
|
|
||||||||||||
|
Life
|
|
Amount
|
|
Amortization
|
|
Net
|
|
Amount
|
|
Amortization
|
|
Net
|
||||||||||||
|
(In years)
|
|
(In millions)
|
||||||||||||||||||||||
Intangible assets with indefinite lives:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Trademarks/brands
|
|
|
$
|
5
|
|
|
$
|
—
|
|
|
$
|
5
|
|
|
$
|
5
|
|
|
$
|
—
|
|
|
5
|
|
|
Other
|
|
|
2
|
|
|
—
|
|
|
2
|
|
|
2
|
|
|
—
|
|
|
2
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Intangible assets with definite lives:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Trademarks/brands
|
8 to 33
|
|
44
|
|
|
(11
|
)
|
|
33
|
|
|
44
|
|
|
(7
|
)
|
|
37
|
|
||||||
Customer lists
|
9 to 20
|
|
130
|
|
|
(34
|
)
|
|
96
|
|
|
128
|
|
|
(25
|
)
|
|
103
|
|
||||||
Patents
|
15 to 20
|
|
43
|
|
|
(27
|
)
|
|
16
|
|
|
42
|
|
|
(25
|
)
|
|
17
|
|
||||||
Other
|
2 to 47
|
|
73
|
|
|
(28
|
)
|
|
45
|
|
|
65
|
|
|
(21
|
)
|
|
44
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Total
|
|
|
$
|
297
|
|
|
$
|
(100
|
)
|
|
$
|
197
|
|
|
$
|
286
|
|
|
$
|
(78
|
)
|
|
$
|
208
|
|
|
December 31, 2013
|
|
December 31, 2012
|
||||
|
(In millions)
|
||||||
|
|
|
|
||||
0.875% Convertible Senior Notes $1.15 billion face amount, due in 2014
|
$
|
1,144
|
|
|
$
|
1,095
|
|
|
|
|
|
||||
4.479% Debentures $750 million face amount, due in 2021
|
746
|
|
|
754
|
|
||
|
|
|
|
||||
5.45% Notes $700 million face amount, due in 2018
|
699
|
|
|
700
|
|
||
|
|
|
|
||||
5.765% Debentures $596 million face amount, due in 2041
|
600
|
|
|
600
|
|
||
|
|
|
|
||||
5.375% Debentures $600 million face amount, due in 2035
|
588
|
|
|
588
|
|
||
|
|
|
|
||||
5.935% Debentures $420 million face amount, due in 2032
|
416
|
|
|
416
|
|
||
|
|
|
|
||||
4.016% Debentures $570 million face amount, due in 2043
|
376
|
|
|
374
|
|
||
|
|
|
|
||||
4.535% Debentures $528 million face amount due in 2042
|
373
|
|
|
371
|
|
||
|
|
|
|
||||
8.375% Debentures $295 million face amount, due in 2017
|
294
|
|
|
293
|
|
||
|
|
|
|
||||
7.5% Debentures $187 million face amount, due in 2027
|
186
|
|
|
186
|
|
||
|
|
|
|
||||
7.0% Debentures $185 million face amount, due in 2031
|
184
|
|
|
184
|
|
||
|
|
|
|
||||
6.625% Debentures $182 million face amount, due in 2029
|
182
|
|
|
182
|
|
||
|
|
|
|
||||
6.95% Debentures $172 million face amount, due in 2097
|
170
|
|
|
170
|
|
||
|
|
|
|
||||
6.45% Debentures $154 million face amount, due in 2038
|
153
|
|
|
153
|
|
||
|
|
|
|
||||
6.75% Debentures $124 million face amount, due in 2027
|
122
|
|
|
122
|
|
||
|
|
|
|
||||
7.125% Debentures $243 million face amount, due in 2013
|
—
|
|
|
243
|
|
||
|
|
|
|
||||
Other
|
279
|
|
|
293
|
|
||
Total long-term debt including current maturities
|
6,512
|
|
|
6,724
|
|
||
Current maturities
|
(1,165
|
)
|
|
(268
|
)
|
||
Total long-term debt
|
$
|
5,347
|
|
|
$
|
6,456
|
|
|
Year Ended
|
|
Six Months Ended
|
|
Year Ended
|
||||||||||||||||||
(In millions, except per share amounts)
|
December 31
|
|
December 31
|
|
June 30
|
||||||||||||||||||
|
2013
|
|
2012
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
||||||||||||
|
|
|
(Unaudited)
|
|
|
|
(Unaudited)
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net earnings attributable to controlling interests
|
$
|
1,342
|
|
|
$
|
1,375
|
|
|
$
|
692
|
|
|
$
|
540
|
|
|
$
|
1,223
|
|
|
$
|
2,036
|
|
Average shares outstanding
|
661
|
|
|
660
|
|
|
660
|
|
|
669
|
|
|
665
|
|
|
642
|
|
||||||
Basic earnings per share
|
$
|
2.03
|
|
|
$
|
2.08
|
|
|
$
|
1.05
|
|
|
$
|
0.81
|
|
|
$
|
1.84
|
|
|
$
|
3.17
|
|
Net earnings attributable to controlling interests
|
$
|
1,342
|
|
|
$
|
1,375
|
|
|
$
|
692
|
|
|
$
|
540
|
|
|
$
|
1,223
|
|
|
$
|
2,036
|
|
Plus: After-tax interest on 4.7% debentures related to $1.75 billion Equity Units
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
13
|
|
||||||
Adjusted net earnings attributable to controlling interests
|
$
|
1,342
|
|
|
$
|
1,375
|
|
|
$
|
692
|
|
|
$
|
540
|
|
|
$
|
1,223
|
|
|
$
|
2,049
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Average shares outstanding
|
661
|
|
|
660
|
|
|
660
|
|
|
669
|
|
|
665
|
|
|
642
|
|
||||||
Plus: Incremental shares
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Stock compensation awards
|
2
|
|
|
2
|
|
|
1
|
|
|
1
|
|
|
1
|
|
|
1
|
|
||||||
Shares assumed issued related to $1.75 billion Equity Units
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
11
|
|
||||||
Adjusted average shares outstanding
|
663
|
|
|
662
|
|
|
661
|
|
|
670
|
|
|
666
|
|
|
654
|
|
||||||
Diluted earnings per share
|
$
|
2.02
|
|
|
$
|
2.08
|
|
|
$
|
1.05
|
|
|
$
|
0.81
|
|
|
$
|
1.84
|
|
|
$
|
3.13
|
|
|
Year Ended December 31
|
|
Six Months Ended
December 31
|
|
Year Ended
June 30
|
||
|
2013
|
|
2012
|
|
2012
|
|
2011
|
|
|
|
|
|
|
|
|
Dividend yield
|
2%
|
|
3%
|
|
2%
|
|
2%
|
Risk-free interest rate
|
1%
|
|
1%
|
|
2%
|
|
2%
|
Stock volatility
|
38%
|
|
30%
|
|
32%
|
|
31%
|
Average expected life (years)
|
6
|
|
7
|
|
8
|
|
8
|
|
Shares
|
|
Weighted-Average
Exercise Price
|
|||
|
(In thousands, except per share amounts)
|
|||||
|
|
|
|
|||
Shares under option at December 31, 2012
|
15,853
|
|
|
$
|
27.99
|
|
Granted
|
363
|
|
|
33.90
|
|
|
Exercised
|
(2,713
|
)
|
|
26.98
|
|
|
Forfeited or expired
|
(199
|
)
|
|
31.28
|
|
|
Shares under option at December 31, 2013
|
13,304
|
|
|
$
|
28.31
|
|
|
|
|
|
|||
Exercisable at December 31, 2013
|
8,610
|
|
|
$
|
28.72
|
|
|
Restricted
Stock Awards and PSUs
|
|
Weighted Average
Grant-Date Fair Value
|
|||
|
(In thousands, except per share amounts)
|
|||||
|
|
|
|
|||
Non-vested at December 31, 2012
|
3,635
|
|
|
$
|
28.17
|
|
Granted
|
928
|
|
|
32.96
|
|
|
Vested
|
(886
|
)
|
|
30.70
|
|
|
Forfeited
|
(120
|
)
|
|
28.05
|
|
|
Non-vested at December 31, 2013
|
3,557
|
|
|
$
|
28.86
|
|
|
Year Ended
|
|
Six Months Ended
|
|
Year Ended
|
||||||||||||||||||
(In millions)
|
December 31
|
|
December 31
|
|
June 30
|
||||||||||||||||||
|
2013
|
|
2012
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
||||||||||||
|
|
|
(Unaudited)
|
|
|
|
(Unaudited)
|
|
|
|
|
||||||||||||
Gain on Golden Peanut revaluation
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(71
|
)
|
(Gain) loss on GrainCorp
|
40
|
|
|
(62
|
)
|
|
(62
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Gain on sale of assets
|
(41
|
)
|
|
(64
|
)
|
|
(51
|
)
|
|
(17
|
)
|
|
(30
|
)
|
|
(31
|
)
|
||||||
Charges from early extinguishment of debt
|
—
|
|
|
5
|
|
|
5
|
|
|
12
|
|
|
12
|
|
|
15
|
|
||||||
(Gains) losses on interest rate swaps
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(30
|
)
|
||||||
Net (gain) loss on marketable securities transactions
|
(8
|
)
|
|
(27
|
)
|
|
(6
|
)
|
|
(16
|
)
|
|
(37
|
)
|
|
(12
|
)
|
||||||
Other – net
|
(44
|
)
|
|
22
|
|
|
5
|
|
|
9
|
|
|
26
|
|
|
(1
|
)
|
||||||
|
$
|
(53
|
)
|
|
$
|
(126
|
)
|
|
$
|
(109
|
)
|
|
$
|
(12
|
)
|
|
$
|
(29
|
)
|
|
$
|
(130
|
)
|
|
Year Ended
|
|
Six Months Ended
|
|
Year Ended
|
||||||||||||||||||
(In millions)
|
December 31
|
|
December 31
|
|
June 30
|
||||||||||||||||||
|
2013
|
|
2012
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
||||||||||||
|
|
|
(Unaudited)
|
|
|
|
(Unaudited)
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
United States
|
$
|
1,509
|
|
|
$
|
1,054
|
|
|
$
|
611
|
|
|
$
|
592
|
|
|
$
|
1,035
|
|
|
$
|
2,035
|
|
Foreign
|
515
|
|
|
927
|
|
|
386
|
|
|
189
|
|
|
730
|
|
|
980
|
|
||||||
|
$
|
2,024
|
|
|
$
|
1,981
|
|
|
$
|
997
|
|
|
$
|
781
|
|
|
$
|
1,765
|
|
|
$
|
3,015
|
|
|
Year Ended
|
|
Six Months Ended
|
|
Year Ended
|
||||||||||||||||||
(In millions)
|
December 31
|
|
December 31
|
|
June 30
|
||||||||||||||||||
|
2013
|
|
2012
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
||||||||||||
|
|
|
(Unaudited)
|
|
|
|
(Unaudited)
|
|
|
|
|
||||||||||||
Current
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Federal
|
$
|
348
|
|
|
$
|
213
|
|
|
$
|
92
|
|
|
$
|
179
|
|
|
$
|
300
|
|
|
$
|
251
|
|
State
|
14
|
|
|
11
|
|
|
9
|
|
|
19
|
|
|
21
|
|
|
10
|
|
||||||
Foreign
|
146
|
|
|
194
|
|
|
83
|
|
|
7
|
|
|
118
|
|
|
222
|
|
||||||
Deferred
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Federal
|
112
|
|
|
144
|
|
|
92
|
|
|
14
|
|
|
66
|
|
|
483
|
|
||||||
State
|
(5
|
)
|
|
26
|
|
|
20
|
|
|
3
|
|
|
9
|
|
|
43
|
|
||||||
Foreign
|
55
|
|
|
1
|
|
|
7
|
|
|
15
|
|
|
9
|
|
|
(12
|
)
|
||||||
|
$
|
670
|
|
|
$
|
589
|
|
|
$
|
303
|
|
|
$
|
237
|
|
|
$
|
523
|
|
|
$
|
997
|
|
|
December 31, 2013
|
|
December 31, 2012
|
||||
|
(In millions)
|
||||||
Deferred tax liabilities
|
|
|
|
||||
Property, plant, and equipment
|
$
|
1,286
|
|
|
$
|
1,163
|
|
Equity in earnings of affiliates
|
323
|
|
|
329
|
|
||
Debt exchange
|
123
|
|
|
140
|
|
||
Inventories
|
132
|
|
|
89
|
|
||
Other
|
119
|
|
|
141
|
|
||
|
$
|
1,983
|
|
|
$
|
1,862
|
|
Deferred tax assets
|
|
|
|
|
|||
Pension and postretirement benefits
|
$
|
267
|
|
|
$
|
373
|
|
Stock compensation
|
60
|
|
|
67
|
|
||
Foreign tax credit carryforwards
|
26
|
|
|
32
|
|
||
Foreign tax loss carryforwards
|
329
|
|
|
344
|
|
||
Capital loss carryforwards
|
24
|
|
|
25
|
|
||
State tax attributes
|
74
|
|
|
79
|
|
||
Other
|
205
|
|
|
105
|
|
||
Gross deferred tax assets
|
985
|
|
|
1,025
|
|
||
Valuation allowances
|
(329
|
)
|
|
(173
|
)
|
||
Net deferred tax assets
|
$
|
656
|
|
|
$
|
852
|
|
|
|
|
|
||||
Net deferred tax liabilities
|
$
|
1,327
|
|
|
$
|
1,010
|
|
|
|
|
|
||||
The net deferred tax liabilities are classified as follows:
|
|
|
|
|
|||
Current assets
|
$
|
—
|
|
|
$
|
36
|
|
Current assets (foreign)
|
17
|
|
|
—
|
|
||
Current liabilities
|
(8
|
)
|
|
—
|
|
||
Current liabilities (foreign)
|
(22
|
)
|
|
(97
|
)
|
||
Noncurrent assets (foreign)
|
134
|
|
|
318
|
|
||
Noncurrent liabilities
|
(1,404
|
)
|
|
(1,267
|
)
|
||
Noncurrent liabilities (foreign)
|
(44
|
)
|
|
—
|
|
||
|
$
|
(1,327
|
)
|
|
$
|
(1,010
|
)
|
|
Year Ended
|
|
Six Months Ended
|
|
Year Ended
|
||||||||||||
|
December 31
|
|
December 31
|
|
June 30
|
||||||||||||
|
2013
|
|
2012
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
||||||
|
|
|
(Unaudited)
|
|
|
|
(Unaudited)
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Statutory rate
|
35.0
|
%
|
|
35.0
|
%
|
|
35.0
|
%
|
|
35.0
|
%
|
|
35.0
|
%
|
|
35.0
|
%
|
State income taxes, net of federal tax benefit
|
0.2
|
|
|
1.5
|
|
|
2.4
|
|
|
2.4
|
|
|
1.4
|
|
|
1.1
|
|
Foreign earnings taxed at rates other than the U.S. statutory rate
|
(3.7
|
)
|
|
(5.7
|
)
|
|
(7.6
|
)
|
|
(7.2
|
)
|
|
(4.8
|
)
|
|
(5.0
|
)
|
Foreign currency remeasurement
|
(0.9
|
)
|
|
(1.3
|
)
|
|
2.6
|
|
|
(0.3
|
)
|
|
(3.3
|
)
|
|
0.9
|
|
Income tax adjustment to filed returns
|
0.5
|
|
|
0.6
|
|
|
(1.5
|
)
|
|
(0.7
|
)
|
|
0.9
|
|
|
(0.2
|
)
|
Tax benefit on U.S. biodiesel credits
|
(5.1
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Valuation allowances
|
8.0
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Other
|
(0.9
|
)
|
|
(0.4
|
)
|
|
(0.5
|
)
|
|
1.1
|
|
|
0.4
|
|
|
1.3
|
|
Effective income tax rate
|
33.1
|
%
|
|
29.7
|
%
|
|
30.4
|
%
|
|
30.3
|
%
|
|
29.6
|
%
|
|
33.1
|
%
|
|
Unrecognized Tax Benefits
|
||||||
|
December 31, 2013
|
|
December 31, 2012
|
||||
|
(In millions)
|
||||||
|
|
|
|
||||
Beginning balance
|
$
|
77
|
|
|
$
|
80
|
|
Additions related to current year’s tax positions
|
—
|
|
|
—
|
|
||
Additions related to prior years’ tax positions
|
7
|
|
|
6
|
|
||
Reductions related to prior years’ tax positions
|
—
|
|
|
(1
|
)
|
||
Reductions related to lapse of statute of limitations
|
(6
|
)
|
|
(1
|
)
|
||
Settlements with tax authorities
|
(12
|
)
|
|
(7
|
)
|
||
Ending balance
|
$
|
66
|
|
|
$
|
77
|
|
|
Minimum
|
||
|
Rental Payments
|
||
|
(In millions)
|
||
|
|
||
2014
|
$
|
243
|
|
2015
|
195
|
|
|
2016
|
171
|
|
|
2017
|
132
|
|
|
2018
|
82
|
|
|
Thereafter
|
227
|
|
|
Total minimum lease payments
|
$
|
1,050
|
|
|
Pension Benefits
|
|
Postretirement Benefits
|
||||||||||||
(In millions)
|
Year Ended December 31
|
|
Year Ended December 31
|
||||||||||||
|
2013
|
|
2012
|
|
2013
|
|
2012
|
||||||||
|
|
|
(Unaudited)
|
|
|
|
(Unaudited)
|
||||||||
Retirement plan expense
|
|
|
|
|
|
|
|
||||||||
Defined benefit plans:
|
|
|
|
|
|
|
|
||||||||
Service cost (benefits earned
|
|
|
|
|
|
|
|
||||||||
during the period)
|
$
|
84
|
|
|
$
|
79
|
|
|
$
|
5
|
|
|
$
|
8
|
|
Interest cost
|
114
|
|
|
126
|
|
|
7
|
|
|
12
|
|
||||
Expected return on plan assets
|
(144
|
)
|
|
(146
|
)
|
|
—
|
|
|
—
|
|
||||
Settlement charges
|
—
|
|
|
68
|
|
|
—
|
|
|
—
|
|
||||
Remeasurement charge
(1)
|
—
|
|
|
30
|
|
|
—
|
|
|
4
|
|
||||
Amortization of actuarial loss
|
74
|
|
|
70
|
|
|
5
|
|
|
—
|
|
||||
Other amortization expense
|
3
|
|
|
5
|
|
|
(18
|
)
|
|
(2
|
)
|
||||
Net periodic defined benefit plan expense
|
131
|
|
|
232
|
|
|
(1
|
)
|
|
22
|
|
||||
Defined contribution plans
|
44
|
|
|
45
|
|
|
—
|
|
|
—
|
|
||||
Total retirement plan expense
|
$
|
175
|
|
|
$
|
277
|
|
|
$
|
(1
|
)
|
|
$
|
22
|
|
|
Pension Benefits
|
|
Postretirement Benefits
|
||||||||||||
(In millions)
|
Six Months Ended December 31
|
|
Six Months Ended December 31
|
||||||||||||
|
2012
|
|
2011
|
|
2012
|
|
2011
|
||||||||
Retirement plan expense
|
|
|
|
|
|
|
|
||||||||
Defined benefit plans:
|
|
|
|
|
|
|
|
||||||||
Service cost (benefits earned
|
|
|
|
|
|
|
|
||||||||
during the period)
|
$
|
44
|
|
|
$
|
36
|
|
|
$
|
4
|
|
|
$
|
3
|
|
Interest cost
|
61
|
|
|
65
|
|
|
6
|
|
|
6
|
|
||||
Expected return on plan assets
|
(75
|
)
|
|
(70
|
)
|
|
—
|
|
|
—
|
|
||||
Settlement charges
|
68
|
|
|
—
|
|
|
—
|
|
|
|
|
||||
Amortization of actuarial loss
|
42
|
|
|
24
|
|
|
—
|
|
|
—
|
|
||||
Other amortization
|
2
|
|
|
2
|
|
|
—
|
|
|
—
|
|
||||
Net periodic defined benefit plan expense
|
142
|
|
|
57
|
|
|
10
|
|
|
9
|
|
||||
Defined contribution plans
|
23
|
|
|
23
|
|
|
—
|
|
|
—
|
|
||||
Total retirement plan expense
|
$
|
165
|
|
|
$
|
80
|
|
|
$
|
10
|
|
|
$
|
9
|
|
|
Pension Benefits
|
|
Postretirement Benefits
|
||||||||||||
(In millions)
|
Year Ended June 30
|
|
Year Ended June 30
|
||||||||||||
|
2012
|
|
2011
|
|
2012
|
|
2011
|
||||||||
Retirement plan expense
|
|
|
|
|
|
|
|
||||||||
Defined benefit plans:
|
|
|
|
|
|
|
|
||||||||
Service cost (benefits earned
|
|
|
|
|
|
|
|
||||||||
during the period)
|
$
|
71
|
|
|
$
|
71
|
|
|
$
|
7
|
|
|
$
|
8
|
|
Interest cost
|
130
|
|
|
120
|
|
|
12
|
|
|
13
|
|
||||
Expected return on plan assets
|
(141
|
)
|
|
(132
|
)
|
|
—
|
|
|
—
|
|
||||
Remeasurement charge
(1)
|
30
|
|
|
—
|
|
|
4
|
|
|
—
|
|
||||
Amortization of actuarial loss
|
52
|
|
|
59
|
|
|
—
|
|
|
—
|
|
||||
Other amortization
|
5
|
|
|
5
|
|
|
(2
|
)
|
|
(1
|
)
|
||||
Net periodic defined benefit plan expense
|
147
|
|
|
123
|
|
|
21
|
|
|
20
|
|
||||
Defined contribution plans
|
45
|
|
|
43
|
|
|
—
|
|
|
—
|
|
||||
Total retirement plan expense
|
$
|
192
|
|
|
$
|
166
|
|
|
$
|
21
|
|
|
$
|
20
|
|
|
Pension Benefits
|
|
Postretirement Benefits
|
||||||||||||
|
December 31
2013 |
|
December 31
2012 |
|
December 31
2013 |
|
December 31
2012 |
||||||||
|
(In millions)
|
|
(In millions)
|
||||||||||||
Benefit obligation, beginning
|
$
|
2,954
|
|
|
$
|
3,095
|
|
|
$
|
208
|
|
|
$
|
305
|
|
Service cost
|
84
|
|
|
44
|
|
|
5
|
|
|
4
|
|
||||
Interest cost
|
114
|
|
|
61
|
|
|
7
|
|
|
6
|
|
||||
Actuarial loss (gain)
|
(236
|
)
|
|
(4
|
)
|
|
(34
|
)
|
|
7
|
|
||||
Employee contributions
|
2
|
|
|
1
|
|
|
—
|
|
|
—
|
|
||||
Curtailments
|
—
|
|
|
(12
|
)
|
|
—
|
|
|
—
|
|
||||
Settlements
|
—
|
|
|
(204
|
)
|
|
—
|
|
|
—
|
|
||||
Benefits paid
|
(119
|
)
|
|
(53
|
)
|
|
(12
|
)
|
|
(5
|
)
|
||||
Plan amendments
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
(109
|
)
|
||||
Actual expenses
|
(2
|
)
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
||||
Foreign currency effects
|
18
|
|
|
27
|
|
|
—
|
|
|
—
|
|
||||
Benefit obligation, ending
|
$
|
2,814
|
|
|
$
|
2,954
|
|
|
$
|
174
|
|
|
$
|
208
|
|
|
|
|
|
|
|
|
|
||||||||
Fair value of plan assets, beginning
|
$
|
2,174
|
|
|
$
|
2,236
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Actual return on plan assets
|
222
|
|
|
161
|
|
|
—
|
|
|
—
|
|
||||
Employer contributions
|
50
|
|
|
31
|
|
|
12
|
|
|
5
|
|
||||
Employee contributions
|
2
|
|
|
1
|
|
|
—
|
|
|
—
|
|
||||
Settlements
|
—
|
|
|
(224
|
)
|
|
—
|
|
|
—
|
|
||||
Benefits paid
|
(119
|
)
|
|
(53
|
)
|
|
(12
|
)
|
|
(5
|
)
|
||||
Actual expenses
|
(2
|
)
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
||||
Foreign currency effects
|
14
|
|
|
23
|
|
|
—
|
|
|
—
|
|
||||
Fair value of plan assets, ending
|
$
|
2,341
|
|
|
$
|
2,174
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
||||||||
Funded status
|
$
|
(473
|
)
|
|
$
|
(780
|
)
|
|
$
|
(174
|
)
|
|
$
|
(208
|
)
|
|
|
|
|
|
|
|
|
||||||||
Prepaid benefit cost
|
$
|
63
|
|
|
$
|
52
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Accrued benefit liability – current
|
(15
|
)
|
|
(14
|
)
|
|
(11
|
)
|
|
(13
|
)
|
||||
Accrued benefit liability – long-term
|
(521
|
)
|
|
(818
|
)
|
|
(163
|
)
|
|
(195
|
)
|
||||
Net amount recognized in the balance sheet
|
$
|
(473
|
)
|
|
$
|
(780
|
)
|
|
$
|
(174
|
)
|
|
$
|
(208
|
)
|
|
Pension Benefits
|
|
Postretirement Benefits
|
||||
|
December 31
2013 |
|
December 31
2012 |
|
December 31
2013 |
|
December 31
2012 |
Discount rate
|
3.9%
|
|
4.0%
|
|
3.6%
|
|
4.0%
|
Expected return on plan assets
|
7.0%
|
|
7.0%
|
|
N/A
|
|
N/A
|
Rate of compensation increase
|
3.9%
|
|
3.9%
|
|
N/A
|
|
N/A
|
|
Pension Benefits
|
|
Postretirement Benefits
|
||||||
|
December 31
2013 |
|
December 31
2012 |
|
December 31
2013 |
|
December 31
2012 |
||
Discount rate
|
4.6
|
%
|
|
3.9
|
%
|
|
4.4%
|
|
3.6%
|
Rate of compensation increase
|
3.9
|
%
|
|
3.9
|
%
|
|
N/A
|
|
N/A
|
|
1% Increase
|
|
1% Decrease
|
||||
|
(In millions)
|
||||||
Effect on combined service and interest cost components
|
$
|
—
|
|
|
$
|
—
|
|
Effect on accumulated postretirement benefit obligations
|
$
|
4
|
|
|
$
|
(4
|
)
|
|
Fair Value Measurements at December 31, 2013
|
||||||||||||||
|
Quoted Prices in
Active Markets
for Identical
Assets
(Level 1)
|
|
Significant
Other
Observable
Inputs
(Level 2)
|
|
Significant
Unobservable
Inputs
(Level 3)
|
|
Total
|
||||||||
|
(In millions)
|
||||||||||||||
Common stock
|
|
|
|
|
|
|
|
||||||||
U.S. companies
|
$
|
221
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
221
|
|
International companies
|
2
|
|
|
—
|
|
|
—
|
|
|
2
|
|
||||
Equity mutual funds
|
|
|
|
|
|
|
|
|
|
|
|
||||
Emerging markets
|
75
|
|
|
—
|
|
|
—
|
|
|
75
|
|
||||
International
|
111
|
|
|
—
|
|
|
—
|
|
|
111
|
|
||||
Large cap U.S.
|
419
|
|
|
—
|
|
|
—
|
|
|
419
|
|
||||
Common collective trust funds
|
|
|
|
|
|
|
|
|
|
|
|
||||
International equity
|
—
|
|
|
373
|
|
|
—
|
|
|
373
|
|
||||
Large cap U.S. equity
|
—
|
|
|
51
|
|
|
—
|
|
|
51
|
|
||||
Fixed income
|
—
|
|
|
437
|
|
|
—
|
|
|
437
|
|
||||
Other
|
—
|
|
|
62
|
|
|
—
|
|
|
62
|
|
||||
Debt instruments
|
|
|
|
|
|
|
|
|
|
|
|
||||
Corporate bonds
|
—
|
|
|
422
|
|
|
—
|
|
|
422
|
|
||||
U.S. Treasury instruments
|
134
|
|
|
—
|
|
|
—
|
|
|
134
|
|
||||
U.S. government agency, state and local government bonds
|
—
|
|
|
32
|
|
|
—
|
|
|
32
|
|
||||
Other
|
—
|
|
|
2
|
|
|
—
|
|
|
2
|
|
||||
Total assets at fair value
|
$
|
962
|
|
|
$
|
1,379
|
|
|
$
|
—
|
|
|
$
|
2,341
|
|
|
Fair Value Measurements at December 31, 2012
|
||||||||||||||
|
Quoted Prices in
Active Markets
for Identical
Assets
(Level 1)
|
|
Significant
Other
Observable
Inputs
(Level 2)
|
|
Significant
Unobservable
Inputs
(Level 3)
|
|
Total
|
||||||||
|
(In millions)
|
||||||||||||||
Common stock
|
|
|
|
|
|
|
|
||||||||
U.S. companies
|
$
|
182
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
182
|
|
International companies
|
1
|
|
|
—
|
|
|
—
|
|
|
1
|
|
||||
Equity mutual funds
|
|
|
|
|
|
|
|
|
|
|
|
||||
Emerging markets
|
81
|
|
|
—
|
|
|
—
|
|
|
81
|
|
||||
International
|
110
|
|
|
—
|
|
|
—
|
|
|
110
|
|
||||
Large cap U.S.
|
386
|
|
|
—
|
|
|
—
|
|
|
386
|
|
||||
Other
|
1
|
|
|
—
|
|
|
—
|
|
|
1
|
|
||||
Common collective trust funds
|
|
|
|
|
|
|
|
|
|
|
|
||||
International equity
|
—
|
|
|
406
|
|
|
—
|
|
|
406
|
|
||||
Large cap U.S. equity
|
—
|
|
|
17
|
|
|
—
|
|
|
17
|
|
||||
Fixed income
|
—
|
|
|
373
|
|
|
—
|
|
|
373
|
|
||||
Other
|
—
|
|
|
47
|
|
|
—
|
|
|
47
|
|
||||
Debt instruments
|
|
|
|
|
|
|
|
|
|
|
|
||||
Corporate bonds
|
—
|
|
|
437
|
|
|
—
|
|
|
437
|
|
||||
U.S. Treasury instruments
|
90
|
|
|
—
|
|
|
—
|
|
|
90
|
|
||||
U.S. government agency, state and local government bonds
|
—
|
|
|
39
|
|
|
—
|
|
|
39
|
|
||||
Other
|
—
|
|
|
4
|
|
|
—
|
|
|
4
|
|
||||
Total assets at fair value
|
$
|
851
|
|
|
$
|
1,323
|
|
|
$
|
—
|
|
|
$
|
2,174
|
|
|
December 31 2013
(1)(2)
|
|
December 31
2012
(2)
|
|
|
|
|
Equity securities
|
54%
|
|
52%
|
Debt securities
|
45%
|
|
47%
|
Other
|
1%
|
|
1%
|
Total
|
100%
|
|
100%
|
(1)
|
The Company’s U.S. pension plans contain approximately
67%
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 approximately 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
41%
equity securities,
56%
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
December 31, 2013
and
2012
measurement dates.
|
•
|
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
Benefits
|
|
Postretirement
Benefits
|
||||
|
(In millions)
|
||||||
|
|
|
|
||||
2014
|
$
|
117
|
|
|
$
|
11
|
|
2015
|
121
|
|
|
11
|
|
||
2016
|
125
|
|
|
11
|
|
||
2017
|
130
|
|
|
11
|
|
||
2018
|
136
|
|
|
12
|
|
||
2019 – 2023
|
776
|
|
|
64
|
|
|
Foreign
Currency
Translation
Adjustment
|
|
Deferred
Gain (Loss)
on Hedging
Activities
|
|
Pension and
Other
Postretirement
Benefit
Liabilities
Adjustment
|
|
Unrealized
Gain (Loss)
on
Investments
|
|
Accumulated
Other
Comprehensive
Income (Loss)
|
||||||||||
|
|
|
|
|
(In millions)
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Balance at December 31, 2012
|
$
|
136
|
|
|
$
|
4
|
|
|
$
|
(590
|
)
|
|
$
|
—
|
|
|
$
|
(450
|
)
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Other comprehensive income before reclassifications
|
131
|
|
|
(35
|
)
|
|
354
|
|
|
(157
|
)
|
|
293
|
|
|||||
Amounts reclassified from AOCI
|
—
|
|
|
37
|
|
|
60
|
|
|
157
|
|
|
254
|
|
|||||
Tax effect
|
2
|
|
|
(1
|
)
|
|
(154
|
)
|
|
(1
|
)
|
|
(154
|
)
|
|||||
Net of tax amount
|
133
|
|
|
1
|
|
|
260
|
|
|
(1
|
)
|
|
393
|
|
|||||
Balance at December 31, 2013
|
$
|
269
|
|
|
$
|
5
|
|
|
$
|
(330
|
)
|
|
$
|
(1
|
)
|
|
$
|
(57
|
)
|
|
|
Amount reclassified from AOCI
|
|
|||
|
|
Year Ended
|
|
Affected line item in the consolidated
|
||
Details about AOCI components
|
|
December 31, 2013
|
|
statement of earnings
|
||
|
|
(In millions)
|
|
|
||
|
|
|
|
|
||
Deferred loss (gain) on hedging activities
|
|
|
|
|
||
|
|
$
|
41
|
|
|
Cost of products sold
|
|
|
(1
|
)
|
|
Other income/expense
|
|
|
|
1
|
|
|
Interest expense
|
|
|
|
(4
|
)
|
|
Revenues
|
|
|
|
37
|
|
|
Total before tax
|
|
|
|
(14
|
)
|
|
Tax on reclassifications
|
|
|
|
$
|
23
|
|
|
Net of tax
|
|
|
|
|
|
||
Pension liability adjustment
|
|
|
|
|
||
Amortization of defined benefit pension items:
|
|
|
|
|
||
Prior service credit
|
|
$
|
(15
|
)
|
|
|
Actuarial losses
|
|
75
|
|
|
|
|
|
|
60
|
|
|
Total before tax
|
|
|
|
(23
|
)
|
|
Tax on reclassifications
|
|
|
|
$
|
37
|
|
|
Net of tax
|
|
|
|
|
|
||
Unrealized loss on investments
|
|
|
|
|
||
|
|
$
|
157
|
|
|
Asset impairment, exit, and restructuring costs
|
|
|
(3
|
)
|
|
Tax on reclassifications
|
|
|
|
$
|
154
|
|
|
Net of tax
|
|
Year Ended
|
|
Six Months Ended
|
|
Year Ended
|
||||||||||||||||||
(In millions)
|
December 31
|
|
December 31
|
|
June 30
|
||||||||||||||||||
|
2013
|
|
2012
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
||||||||||||
|
|
|
(Unaudited)
|
|
|
|
(Unaudited)
|
|
|
|
|
||||||||||||
Gross revenues
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Oilseeds Processing
|
$
|
38,490
|
|
|
$
|
38,382
|
|
|
$
|
19,465
|
|
|
$
|
18,073
|
|
|
$
|
36,990
|
|
|
$
|
32,011
|
|
Corn Processing
|
13,299
|
|
|
11,946
|
|
|
6,223
|
|
|
6,564
|
|
|
12,287
|
|
|
10,102
|
|
||||||
Agricultural Services
|
46,950
|
|
|
49,063
|
|
|
25,487
|
|
|
24,115
|
|
|
47,691
|
|
|
45,167
|
|
||||||
Other
|
515
|
|
|
303
|
|
|
151
|
|
|
136
|
|
|
288
|
|
|
265
|
|
||||||
Intersegment elimination
|
(9,450
|
)
|
|
(9,135
|
)
|
|
(4,597
|
)
|
|
(3,680
|
)
|
|
(8,218
|
)
|
|
(6,869
|
)
|
||||||
Total
|
$
|
89,804
|
|
|
$
|
90,559
|
|
|
$
|
46,729
|
|
|
$
|
45,208
|
|
|
$
|
89,038
|
|
|
$
|
80,676
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Intersegment revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Oilseeds Processing
|
$
|
3,607
|
|
|
$
|
2,952
|
|
|
$
|
1,413
|
|
|
$
|
736
|
|
|
$
|
2,275
|
|
|
$
|
2,103
|
|
Corn Processing
|
160
|
|
|
116
|
|
|
56
|
|
|
113
|
|
|
173
|
|
|
194
|
|
||||||
Agricultural Services
|
5,470
|
|
|
5,904
|
|
|
3,046
|
|
|
2,751
|
|
|
5,609
|
|
|
4,417
|
|
||||||
Other
|
213
|
|
|
163
|
|
|
82
|
|
|
80
|
|
|
161
|
|
|
155
|
|
||||||
Total
|
$
|
9,450
|
|
|
$
|
9,135
|
|
|
$
|
4,597
|
|
|
$
|
3,680
|
|
|
$
|
8,218
|
|
|
$
|
6,869
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Revenues from external customers
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Oilseeds Processing
|
$
|
34,883
|
|
|
$
|
35,430
|
|
|
$
|
18,052
|
|
|
$
|
17,337
|
|
|
$
|
34,715
|
|
|
$
|
29,908
|
|
Corn Processing
|
13,139
|
|
|
11,830
|
|
|
6,167
|
|
|
6,451
|
|
|
12,114
|
|
|
9,908
|
|
||||||
Agricultural Services
|
41,480
|
|
|
43,159
|
|
|
22,441
|
|
|
21,364
|
|
|
42,082
|
|
|
40,750
|
|
||||||
Other
|
302
|
|
|
140
|
|
|
69
|
|
|
56
|
|
|
127
|
|
|
110
|
|
||||||
Total
|
$
|
89,804
|
|
|
$
|
90,559
|
|
|
$
|
46,729
|
|
|
$
|
45,208
|
|
|
$
|
89,038
|
|
|
$
|
80,676
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Depreciation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Oilseeds Processing
|
$
|
237
|
|
|
$
|
233
|
|
|
$
|
113
|
|
|
$
|
108
|
|
|
$
|
228
|
|
|
$
|
215
|
|
Corn Processing
|
325
|
|
|
332
|
|
|
165
|
|
|
178
|
|
|
345
|
|
|
399
|
|
||||||
Agricultural Services
|
220
|
|
|
197
|
|
|
99
|
|
|
90
|
|
|
188
|
|
|
183
|
|
||||||
Other
|
5
|
|
|
4
|
|
|
2
|
|
|
2
|
|
|
4
|
|
|
5
|
|
||||||
Corporate
|
40
|
|
|
32
|
|
|
17
|
|
|
13
|
|
|
28
|
|
|
25
|
|
||||||
Total
|
$
|
827
|
|
|
$
|
798
|
|
|
$
|
396
|
|
|
$
|
391
|
|
|
$
|
793
|
|
|
$
|
827
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Long-lived asset abandonments and write-downs
(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Oilseeds Processing
|
$
|
4
|
|
|
$
|
1
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1
|
|
|
$
|
2
|
|
Corn Processing
|
62
|
|
|
23
|
|
|
—
|
|
|
337
|
|
|
360
|
|
|
—
|
|
||||||
Agricultural Services
|
3
|
|
|
2
|
|
|
—
|
|
|
—
|
|
|
2
|
|
|
—
|
|
||||||
Corporate
|
15
|
|
|
4
|
|
|
—
|
|
|
—
|
|
|
4
|
|
|
—
|
|
||||||
Total
|
$
|
84
|
|
|
$
|
30
|
|
|
$
|
—
|
|
|
$
|
337
|
|
|
$
|
367
|
|
|
$
|
2
|
|
|
Year Ended
|
|
Six Months Ended
|
|
Year Ended
|
||||||||||||||||||
(In millions)
|
December 31
|
|
December 31
|
|
June 30
|
||||||||||||||||||
|
2013
|
|
2012
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
||||||||||||
|
|
|
(Unaudited)
|
|
|
|
(Unaudited)
|
|
|
|
|
||||||||||||
Interest income
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Oilseeds Processing
|
$
|
36
|
|
|
$
|
37
|
|
|
$
|
18
|
|
|
$
|
16
|
|
|
$
|
35
|
|
|
$
|
28
|
|
Corn Processing
|
3
|
|
|
2
|
|
|
1
|
|
|
—
|
|
|
1
|
|
|
—
|
|
||||||
Agricultural Services
|
47
|
|
|
30
|
|
|
18
|
|
|
10
|
|
|
22
|
|
|
23
|
|
||||||
Other
|
12
|
|
|
18
|
|
|
11
|
|
|
14
|
|
|
21
|
|
|
46
|
|
||||||
Corporate
|
4
|
|
|
22
|
|
|
11
|
|
|
22
|
|
|
33
|
|
|
39
|
|
||||||
Total
|
$
|
102
|
|
|
$
|
109
|
|
|
$
|
59
|
|
|
$
|
62
|
|
|
$
|
112
|
|
|
$
|
136
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Equity in earnings of affiliates
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Oilseeds Processing
|
$
|
261
|
|
|
$
|
193
|
|
|
$
|
96
|
|
|
$
|
129
|
|
|
$
|
226
|
|
|
$
|
213
|
|
Corn Processing
|
98
|
|
|
103
|
|
|
49
|
|
|
53
|
|
|
107
|
|
|
83
|
|
||||||
Agricultural Services
|
64
|
|
|
104
|
|
|
49
|
|
|
55
|
|
|
110
|
|
|
230
|
|
||||||
Other
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
9
|
|
||||||
Corporate
|
(13
|
)
|
|
76
|
|
|
61
|
|
|
14
|
|
|
29
|
|
|
7
|
|
||||||
Total
|
$
|
411
|
|
|
$
|
476
|
|
|
$
|
255
|
|
|
$
|
251
|
|
|
$
|
472
|
|
|
$
|
542
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Operating Profit
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Oilseeds Processing
|
$
|
1,473
|
|
|
$
|
1,620
|
|
|
$
|
747
|
|
|
$
|
429
|
|
|
$
|
1,302
|
|
|
$
|
1,690
|
|
Corn Processing
|
814
|
|
|
278
|
|
|
71
|
|
|
54
|
|
|
261
|
|
|
1,079
|
|
||||||
Agricultural Services
|
380
|
|
|
779
|
|
|
395
|
|
|
563
|
|
|
947
|
|
|
1,323
|
|
||||||
Other
|
41
|
|
|
91
|
|
|
93
|
|
|
17
|
|
|
15
|
|
|
39
|
|
||||||
Total operating profit
|
2,708
|
|
|
2,768
|
|
|
1,306
|
|
|
1,063
|
|
|
2,525
|
|
|
4,131
|
|
||||||
Corporate
|
(684
|
)
|
|
(787
|
)
|
|
(309
|
)
|
|
(282
|
)
|
|
(760
|
)
|
|
(1,116
|
)
|
||||||
Earnings before income taxes
|
$
|
2,024
|
|
|
$
|
1,981
|
|
|
$
|
997
|
|
|
$
|
781
|
|
|
$
|
1,765
|
|
|
$
|
3,015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
(In millions)
|
December 31
|
|
|
|
|
|
|
|
|
||||||||||||||
|
2013
|
|
2012
|
|
|
|
|
|
|
|
|
||||||||||||
Investments in and advances to affiliates
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Oilseeds Processing
|
$
|
2,120
|
|
|
$
|
1,889
|
|
|
|
|
|
|
|
|
|
|
|||||||
Corn Processing
|
431
|
|
|
505
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Agricultural Services
|
302
|
|
|
297
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Other
|
24
|
|
|
18
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Corporate
|
463
|
|
|
461
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Total
|
$
|
3,340
|
|
|
$
|
3,170
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Identifiable assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Oilseeds Processing
|
$
|
15,408
|
|
|
$
|
15,856
|
|
|
|
|
|
|
|
|
|
|
|||||||
Corn Processing
|
6,558
|
|
|
6,649
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Agricultural Services
|
12,358
|
|
|
14,201
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Other
|
6,408
|
|
|
5,912
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Corporate
|
3,020
|
|
|
2,518
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Total
|
$
|
43,752
|
|
|
$
|
45,136
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended
|
|
Six Months Ended
|
||||
|
December 31
|
||||||
|
2013
|
|
2012
|
||||
|
(In millions)
|
||||||
Gross additions to property, plant, and equipment
|
|
|
|
||||
Oilseeds Processing
|
$
|
302
|
|
|
$
|
259
|
|
Corn Processing
|
317
|
|
|
169
|
|
||
Agricultural Services
|
239
|
|
|
182
|
|
||
Other
|
1
|
|
|
—
|
|
||
Corporate
|
88
|
|
|
31
|
|
||
Total
|
$
|
947
|
|
|
$
|
641
|
|
|
Year Ended
|
|
Six Months Ended
|
|
Year Ended
|
||||||||||||||||||
(In millions)
|
December 31
|
|
December 31
|
|
June 30
|
||||||||||||||||||
|
2013
|
|
2012
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
||||||||||||
|
|
|
(Unaudited)
|
|
|
|
(Unaudited)
|
|
|
|
|
||||||||||||
Revenues
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
United States
|
$
|
41,427
|
|
|
$
|
47,136
|
|
|
$
|
25,033
|
|
|
$
|
24,490
|
|
|
$
|
46,593
|
|
|
$
|
42,390
|
|
Switzerland
|
10,467
|
|
|
9,452
|
|
|
4,991
|
|
|
5,237
|
|
|
9,698
|
|
|
8,413
|
|
||||||
Germany
|
10,029
|
|
|
9,585
|
|
|
4,450
|
|
|
4,521
|
|
|
9,656
|
|
|
6,217
|
|
||||||
Other Foreign
|
27,881
|
|
|
24,386
|
|
|
12,255
|
|
|
10,960
|
|
|
23,091
|
|
|
23,656
|
|
||||||
|
$
|
89,804
|
|
|
$
|
90,559
|
|
|
$
|
46,729
|
|
|
$
|
45,208
|
|
|
$
|
89,038
|
|
|
$
|
80,676
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
(In millions)
|
December 31
|
|
|
|
|
|
|
|
|
||||||||||||||
|
2013
|
|
2012
|
|
|
|
|
|
|
|
|
||||||||||||
Long-lived assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
United States
|
$
|
7,192
|
|
|
$
|
7,287
|
|
|
|
|
|
|
|
|
|
|
|||||||
Foreign
|
2,945
|
|
|
2,836
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
$
|
10,137
|
|
|
$
|
10,123
|
|
|
|
|
|
|
|
|
|
|
(In millions)
|
Year Ended December 31
|
|
Six Months Ended December 31
|
|
Year Ended June 30
|
||||||||||||||
|
2013
|
|
2012
|
|
2012
|
|
2011
|
|
2012
|
||||||||||
|
|
|
(Unaudited)
|
|
|
|
(Unaudited)
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Employee-related costs
(1)
|
$
|
—
|
|
|
$
|
71
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
71
|
|
Asset impairment charge - equity method investment
(2)
|
—
|
|
|
146
|
|
|
146
|
|
|
—
|
|
|
—
|
|
|||||
Asset impairment charge - equity securities
(3)
|
166
|
|
|
12
|
|
|
—
|
|
|
13
|
|
|
25
|
|
|||||
Asset impairment charge - goodwill
(4)
|
9
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Asset impairments
(5)
|
84
|
|
|
14
|
|
|
—
|
|
|
339
|
|
|
353
|
|
|||||
Total asset impairment, exit, and restructuring costs
|
$
|
259
|
|
|
$
|
243
|
|
|
$
|
146
|
|
|
$
|
352
|
|
|
$
|
449
|
|
(1)
|
These costs primarily consist of
$37 million
of one-time termination benefits provided to employees who have been involuntarily terminated and
$34 million
for pension and postretirement remeasurement charges triggered by an amendment of the Company's U.S. plans due to the voluntary early retirement program.
|
(2)
|
As part of the Company’s ongoing portfolio management, the Company decided to divest its interests in Gruma S.A.B. de C.V. and related joint ventures (“Gruma”). As a result, the Company’s equity method investments in Gruma were evaluated for impairment. In the quarter ended September 30, 2012, the Company recorded a
$146 million
pre-tax asset impairment charge (
$0.16
per share after tax) on its investments in Gruma by comparing the carrying value, including
$123 million
of cumulative unrealized foreign currency translation losses, to estimated fair value. Fair value was estimated based on negotiations which resulted in the Company entering into a non-binding letter of intent to sell its interests in Gruma to a third party on October 16, 2012. The Company sold its interest in Gruma in December 2012.
|
(3)
|
Asset impairment charge - equity securities for the fiscal year ended December 31, 2013 consist of other-than-temporary impairment charges of
$155 million
on the Company's GrainCorp investment in the Agricultural Services segment and
$11 million
on one other available for sale security in Corporate. Asset impairment charge - equity securities for the year ended December 31, 2012, the six months ended December 31, 2011, and the year ended June 30, 2012 consist of other-than-temporary investment writedowns in Corporate.
|
(4)
|
The Company recognized a goodwill impairment charge related to its Brazilian sugar milling business in the Corn Processing segment for the fiscal year ended December 31, 2013.
|
(5)
|
Asset impairments for the fiscal year ended December 31, 2013 consist of property, plant, and equipment asset impairments of
$4 million
in the Oilseeds Processing segment,
$62 million
in the Corn Processing segment,
$3 million
in the Agricultural Services segment, and
$15 million
in Corporate. Asset impairments for the year ended December 31, 2012 consist of asset impairment charges and other costs primarily related to the exit of the Walhalla, ND ethanol facility in the Corn Processing segment. Asset impairments for the six months ended December 31, 2011 consist of asset impairment charges and other costs related to the exit of the Clinton, IA, bioplastics facility in the Corn Processing segment. Asset impairment charges for the fiscal year ended June 30, 2012 consist of asset impairment charges and other costs of
$349 million
related to the exit of the Clinton, IA, bioplastics and Walhalla, ND, ethanol facilities in the Corn Processing segment and other facility exit-related costs of
$4 million
in Corporate.
|
|
Quarter
|
|
|
||||||||||||||||
|
March 31
|
|
June 30
|
|
September 30
|
|
December 31
|
|
Year
|
||||||||||
|
(In millions, except per share amounts)
|
||||||||||||||||||
Fiscal Year Ended December 31, 2013
|
|
|
|
|
|
|
|
|
|
||||||||||
Revenues
|
$
|
21,727
|
|
|
$
|
22,541
|
|
|
$
|
21,393
|
|
|
$
|
24,143
|
|
|
$
|
89,804
|
|
Gross Profit
|
756
|
|
|
807
|
|
|
1,156
|
|
|
1,170
|
|
|
3,889
|
|
|||||
Net Earnings Attributable to Controlling Interests
|
269
|
|
|
223
|
|
|
476
|
|
|
374
|
|
|
1,342
|
|
|||||
Basic Earnings Per Common Share
|
0.41
|
|
|
0.34
|
|
|
0.72
|
|
|
0.57
|
|
|
2.03
|
|
|||||
Diluted Earnings Per Common Share
|
0.41
|
|
|
0.34
|
|
|
0.72
|
|
|
0.56
|
|
|
2.02
|
|
|
Quarter
|
|
Six Months
|
||||||||
|
September 30
|
|
December 31
|
|
Ended
|
||||||
|
(In millions, except per share amounts)
|
||||||||||
Transition Period Ended December 31, 2012
|
|
|
|
|
|
||||||
Revenues
|
$
|
21,808
|
|
|
$
|
24,921
|
|
|
$
|
46,729
|
|
Gross Profit
|
806
|
|
|
996
|
|
|
1,802
|
|
|||
Net Earnings Attributable to Controlling Interests
|
182
|
|
|
510
|
|
|
692
|
|
|||
Basic Earnings Per Common Share
|
0.28
|
|
|
0.77
|
|
|
1.05
|
|
|||
Diluted Earnings Per Common Share
|
0.28
|
|
|
0.77
|
|
|
1.05
|
|
|
Quarter
|
|
|
||||||||||||||||
|
September 30
|
|
December 31
|
|
March 31
|
|
June 30
|
|
Year
|
||||||||||
|
(In millions, except per share amounts)
|
||||||||||||||||||
Fiscal Year Ended June 30, 2012
|
|
|
|
|
|
|
|
|
|
||||||||||
Revenues
|
$
|
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
|
|
Item 9.
|
CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE
|
Item 9A.
|
CONTROLS AND PROCEDURES
|
/s/ Patricia A. Woertz
Patricia A. Woertz
Chairman and Chief Executive Officer
|
/s/ Ray G. Young
Ray G. Young
Senior Vice President &
Chief Financial Officer
|
Item 9B.
|
OTHER INFORMATION
|
Item 10.
|
DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE
|
|
Name
|
|
Titles
|
|
Age
|
|
|
|
|
|
|
|
|
|
Ronald S. Bandler
|
|
Assistant Treasurer since January 1998.
|
|
53
|
|
|
|
|
|
|
|
|
|
Ben I. Bard
|
|
Vice President and Global Chief Compliance officer since January 2014. Ethics and Compliance Counsel at the Coca-Cola Company from 2006 to January 2014.
|
|
40
|
|
|
|
|
|
|
|
|
|
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.
|
|
53
|
|
|
|
|
|
|
|
|
|
Michael D’Ambrose
|
|
Senior Vice President - Human Resources since October 2006.
|
|
56
|
|
|
|
|
|
|
|
|
|
Cynthia Ervin
|
|
Assistant Secretary and Assistant General Counsel since 2013. Senior counsel or attorney from 2006 to 2013.
|
|
47
|
|
|
|
|
|
|
|
|
|
D. Cameron Findlay
|
|
Senior Vice President, General Counsel & Secretary since July 2013. Senior Vice President, General Counsel and Secretary of Medtronic, Inc. from 2009 to June 2013. Executive Vice President and General Counsel at Aon Corporation from 2003 to 2009.
|
|
54
|
|
|
|
|
|
|
|
|
|
Stuart E. Funderburg
|
|
Assistant Secretary and Associate General Counsel since November 2012. Assistant Secretary and Assistant General Counsel from November 2008 to November 2012. Corporate Counsel from October 2001 to November 2008.
|
|
50
|
|
|
|
|
|
|
|
|
|
Shannon Herzfeld
|
|
Vice President of the Company since February 2005, with responsibility for the Company’s Government Affairs function.
|
|
61
|
|
|
|
|
|
|
|
|
|
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.
|
|
53
|
|
|
|
|
|
|
|
|
|
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.
|
|
47
|
|
|
|
|
|
|
|
|
|
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.
|
|
66
|
|
|
|
|
|
|
|
|
|
Mark L. Kolkhorst
|
|
Vice President of the Company since December 2010. President of ADM Milling since August 2013. President, Milling and Alliance Nutrition from March 2012 to August 2013. 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.
|
|
49
|
|
|
|
|
|
|
|
Item 10.
|
DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE (Continued)
|
|
Domingo A. Lastra
|
|
Vice President of the Company since September 2009. Chairman of the Management Board of Alfred C. Toepfer International, G.m.b.H. since December 2012. Vice President, Business Growth from August 2011 to December 2012. President, South American Operations from August 2006 to August 2011.
|
|
45
|
|
|
|
|
|
|
|
|
|
Juan R. Luciano
|
|
President and Chief Operating Officer since February 2014. Executive Vice President and Chief Operating Officer from April 2011 to February 2014. 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.
|
|
52
|
|
|
|
|
|
|
|
|
|
Michael Lusk
|
|
Vice President of the Company since November 1999, with responsibility for the Company’s Captive Insurance operations.
|
|
64
|
|
|
|
|
|
|
|
|
|
Vikram Luthar
|
|
Group Vice President, Finance since January 2012. Vice President, Finance and Treasurer of the Company from August 2010 to January 2012. Vice President and Treasurer of the Company from November 2004 to August 2010.
|
|
47
|
|
|
|
|
|
|
|
|
|
Douglas R. Ostermann
|
|
Vice President and Treasurer of the Company since January 2012. Assistant Treasurer of the Company from November 2009 to December 2011. Various global treasury management positions since 2004.
|
|
46
|
|
|
|
|
|
|
|
|
|
Victoria Podesta
|
|
Vice President of the Company since May 2007. Chief Communications Officer since December 2010.
|
|
57
|
|
|
|
|
|
|
|
|
|
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.
|
|
46
|
|
|
|
|
|
|
|
|
|
Marc A. Sanner
|
|
Vice President and General Auditor of the Company since November 2008. Assistant Controller from January 2003 to November 2008.
|
|
61
|
|
|
|
|
|
|
|
|
|
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.
|
|
46
|
|
|
|
|
|
|
|
|
|
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.
|
|
48
|
|
|
|
|
|
|
|
|
|
Gary L. Towne
|
|
Vice President of the Company since September 2009. President, Ethanol and Risk Management since February 2013. Vice President, Corn Processing from October 2012 to February 2013. Chairman of the Management Board of Alfred C. Toepfer International, G.m.b.H. from September 2009 to October 2012. Manager, Global Risk from August 2007 to September 2009. Vice President, Corn Processing from July 2000 to August 2007.
|
|
58
|
|
|
|
|
|
|
|
|
|
Patricia A. Woertz
|
|
Chairman of the Board & Chief Executive Officer since February 2014. Chairman of the Board, Chief Executive Officer & President from February 2007 to February 2014. Chief Executive Officer & President from May 2006 to February 2007.
|
|
60
|
|
|
|
|
|
|
|
|
|
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.
|
|
52
|
|
Item 11.
|
EXECUTIVE COMPENSATION
|
Item 12.
|
SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS
|
Item 13.
|
CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE
|
Item 14.
|
PRINCIPAL ACCOUNTING FEES AND SERVICES
|
Item 15.
|
EXHIBITS AND FINANCIAL STATEMENT SCHEDULES
|
(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
|
|
|
|
|
|
|
|
|
|
|||||||
June 30, 2011
|
$
|
97
|
|
|
9
|
|
|
(12
|
)
|
|
6
|
|
|
$
|
100
|
|
June 30, 2012
|
$
|
100
|
|
|
13
|
|
|
(13
|
)
|
|
(8
|
)
|
|
$
|
92
|
|
December 31, 2012
|
$
|
92
|
|
|
8
|
|
|
(8
|
)
|
|
(5
|
)
|
|
$
|
87
|
|
December 31, 2013
|
$
|
87
|
|
|
35
|
|
|
(39
|
)
|
|
(2
|
)
|
|
$
|
81
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
(1)
Uncollectible accounts written off and recoveries
|
||||||||||||||||
(2)
Impact of reclassifications and foreign currency exchange adjustments
|
(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 February 11, 2013, as Exhibit 3(ii) to Form 8-K (File No. 1-44), are incorporated herein by reference.
|
(4)
|
Instruments defining the rights of security holders, including:
|
(i)
|
Indenture dated June 1, 1986, between the Company 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:
|
Item 15.
|
EXHIBITS AND FINANCIAL STATEMENT SCHEDULES (Continued)
|
(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:
|
(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)
|
Indenture dated October 16, 2012, between the Company and The Bank of New York Mellon, as Trustee (incorporated by reference to Exhibit 4.1 to Form 8-K (File No. 1-44) filed on October 17, 2012), relating to the $570,425,000 aggregate principal amount of 4.016% Debentures due April 16, 2043.
|
(v)
|
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.
|
(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 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)).
|
(ii)
|
The Archer-Daniels-Midland Company Deferred Compensation Plan for Selected Management Employees II, as amended and restated.
|
(iii)
|
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)).
|
(iv)
|
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)).
|
(v)
|
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)).
|
Item 15.
|
EXHIBITS AND FINANCIAL STATEMENT SCHEDULES (Continued)
|
(vi)
|
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)).
|
(vii)
|
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.
|
(viii)
|
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).
|
(ix)
|
Form of Stock Option Agreement for non-NEO employees (U.S.) (incorporated by reference to Exhibit 10(i) to the Company's Quarterly Report on Form 10-Q (File No. 1-44) for the quarter ended March 31, 2013).
|
(x)
|
Form of Restricted Stock Unit Award Agreement for non-NEO employees (U.S.) (incorporated by reference to Exhibit 10(ii) to the Company's Quarterly Report on Form 10-Q (File No. 1-44) for the quarter ended March 31, 2013).
|
(xi)
|
Form of Stock Option Agreement for NEOs (incorporated by reference to Exhibit 10(iii) to the Company's Quarterly Report on Form 10-Q (File No. 1-44) for the quarter ended March 31, 2013).
|
(xii)
|
Form of Restricted Stock Unit Award Agreement for NEOs (incorporated by reference to Exhibit 10(iv) to the Company’s Quarterly Report on Form 10-Q (File No. 1-44) for the quarter ended March 31, 2013.
|
(xiii)
|
Form of Stock Option Agreement for international employees (incorporated by reference to Exhibit 10(v) to the Company’s Quarterly Report on Form 10-Q (File No. 1-44) for the quarter ended March 31, 2013.
|
(xiv)
|
Form of Restricted Stock Unit Award Agreement for international employees (incorporated by reference to Exhibit 10(vi) to the Company Quarterly Report on Form 10-Q (File No. 1-44) for the quarter ended March 31, 2013.
|
(xv)
|
Form of Performance Share Unit Award Agreement (incorporated by reference to Exhibit 10(vii) to the Company Quarterly Report on Form 10-Q (File No. 1-44) for the quarter ended March 31, 2013.
|
(xvi)
|
Form of Performance Share Unit Award Agreement for 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).
|
(xvii)
|
Form of Performance Share Unit Award Agreement for grant to M. Jansen (incorporated by reference to Exhibit 10(xxvi) to the Company’s Transition Report on Form 10-KT (File No. 1-44) for the period ended December 31, 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.
|
Item 15.
|
EXHIBITS AND FINANCIAL STATEMENT SCHEDULES (Continued)
|
(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/ D. E. Felsinger
|
P. A. Woertz*,
|
D. E. Felsinger*,
|
Chairman, Chief Executive Officer, and Director
|
Director
|
(Principal Executive Officer)
|
|
|
/s/ A. Maciel
|
/s/ R. G. Young
|
A. Maciel*,
|
R. G. Young
|
Director
|
Senior Vice President and
|
|
Chief Financial Officer
|
/s/ P. J. Moore
|
(Principal Financial Officer)
|
P. J. Moore*,
|
|
Director
|
/s/ J. P. Stott
|
|
J. P. Stott
|
/s/ T. F. O’Neill
|
Vice President and Controller
|
T. F. O’Neill*,
|
(Controller)
|
Director
|
|
|
/s/ A. L. Boeckmann
|
/s/ Daniel Shih
|
A. L. Boeckmann*,
|
D. Shih*,
|
Director
|
Director
|
|
|
/s/ M. H. Carter
|
/s/ K. R. Westbrook
|
M. H. Carter*,
|
K. R. Westbrook*,
|
Director
|
Director
|
|
|
/s/ T. K. Crews
|
/s/ D. C. Findlay
|
T. K. Crews*,
|
D. C. Findlay
|
Director
|
Attorney-in-Fact
|
|
|
/s/ P. Dufour
|
|
P. Dufour*,
|
|
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 |
---|