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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.)
|
|
|
77 West Wacker Drive, Suite 4600
Chicago, Illinois
|
60601
|
(Address of principal executive offices)
|
(Zip Code)
|
|
|
312-634-8100
|
|
(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
|
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,
|
||||
|
2015
|
|
2014
|
|
2013
|
Soybeans
|
16%
|
|
16%
|
|
18%
|
Soybean Meal
|
13%
|
|
13%
|
|
11%
|
Corn
|
11%
|
|
10%
|
|
9%
|
Item 1.
|
BUSINESS (Continued)
|
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.
|
145
|
|
|
6
|
|
|
151
|
|
|
274
|
|
|
26
|
|
|
300
|
|
International
|
117
|
|
|
12
|
|
|
129
|
|
|
106
|
|
|
23
|
|
|
129
|
|
|
262
|
|
|
18
|
|
|
280
|
|
|
380
|
|
|
49
|
|
|
429
|
|
Item 2.
|
PROPERTIES (Continued)
|
|
Agricultural Services Processing Plants
|
||||||||||
|
Owned
|
|
Leased
|
||||||||
|
Merchandising
& Handling
|
|
Milling &
Other
|
|
Total
|
|
Milling &
Other
|
||||
North America
|
|
|
|
|
|
|
|
||||
U.S.*
|
2
|
|
|
32
|
|
|
34
|
|
|
—
|
|
Barbados
|
—
|
|
|
1
|
|
|
1
|
|
|
—
|
|
Belize
|
—
|
|
|
1
|
|
|
1
|
|
|
—
|
|
Canada
|
—
|
|
|
10
|
|
|
10
|
|
|
—
|
|
Grenada
|
—
|
|
|
2
|
|
|
2
|
|
|
—
|
|
Jamaica
|
—
|
|
|
3
|
|
|
3
|
|
|
—
|
|
Total
|
2
|
|
|
49
|
|
|
51
|
|
|
—
|
|
Daily capacity
|
|
|
|
|
|
|
|
||||
Metric tons (in 1,000’s)
|
2
|
|
|
26
|
|
|
28
|
|
|
—
|
|
Europe
|
|
|
|
|
|
|
|
|
|
|
|
U.K.
|
—
|
|
|
3
|
|
|
3
|
|
|
4
|
|
Total
|
—
|
|
|
3
|
|
|
3
|
|
|
4
|
|
Daily capacity
|
|
|
|
|
|
|
|
||||
Metric tons (in 1,000’s)
|
—
|
|
|
1
|
|
|
1
|
|
|
1
|
|
Grand Total
|
2
|
|
|
52
|
|
|
54
|
|
|
4
|
|
Total daily capacity
|
|
|
|
|
|
|
|
|
|
|
|
Metric tons (in 1,000’s)
|
2
|
|
|
27
|
|
|
29
|
|
|
1
|
|
Item 2.
|
PROPERTIES (Continued)
|
|
Agricultural Services Procurement Facilities
|
||||
|
Merchandising & Handling
|
||||
|
Owned
|
|
Leased
|
||
North America
|
|
|
|
||
U.S.*
|
170
|
|
|
22
|
|
Canada
|
1
|
|
|
—
|
|
Dominican Republic
|
1
|
|
|
—
|
|
Mexico
|
4
|
|
|
—
|
|
Total
|
176
|
|
|
22
|
|
Storage capacity
|
|
|
|
||
Metric tons (in 1,000’s)
|
12,811
|
|
|
858
|
|
South America
|
|
|
|
|
|
Argentina
|
3
|
|
|
—
|
|
Total
|
3
|
|
|
—
|
|
Storage capacity
|
|
|
|
|
|
Metric tons (in 1,000’s)
|
477
|
|
|
—
|
|
Europe
|
|
|
|
|
|
Hungary
|
2
|
|
|
—
|
|
Ireland
|
2
|
|
|
—
|
|
Romania
|
11
|
|
|
3
|
|
Ukraine
|
7
|
|
|
—
|
|
Total
|
22
|
|
|
3
|
|
Storage capacity
|
|
|
|
||
Metric tons (in 1,000’s)
|
750
|
|
|
25
|
|
Grand Total
|
201
|
|
|
25
|
|
Total storage capacity
|
|
|
|
|
|
Metric tons (in 1,000’s)
|
14,038
|
|
|
883
|
|
Item 2.
|
PROPERTIES (Continued)
|
|
Corn Processing
|
|
||||||||||||||
|
Processing Plants
|
|
Procurement
Facilities
|
|||||||||||||
|
Owned
|
|
Owned
|
Leased
|
||||||||||||
|
Wet Milling
|
|
Dry Milling
|
|
Other
|
|
Total
|
|
Wet Milling,
Dry Milling,
& Other
|
|||||||
North America
|
|
|
|
|
|
|
|
|
|
|
||||||
U.S.*
|
5
|
|
|
3
|
|
|
27
|
|
|
35
|
|
|
6
|
|
1
|
|
Canada
|
—
|
|
|
—
|
|
|
3
|
|
|
3
|
|
|
—
|
|
—
|
|
Puerto Rico
|
—
|
|
|
—
|
|
|
3
|
|
|
3
|
|
|
—
|
|
—
|
|
Trinidad & Tobago
|
—
|
|
|
—
|
|
|
1
|
|
|
1
|
|
|
—
|
|
—
|
|
Total
|
5
|
|
|
3
|
|
|
34
|
|
|
42
|
|
|
6
|
|
1
|
|
Daily/Storage capacity
|
|
|
|
|
|
|
|
|
|
|
||||||
Metric tons (in 1,000’s)
|
43
|
|
|
22
|
|
|
8
|
|
|
73
|
|
|
352
|
|
—
|
|
South America
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Brazil
|
—
|
|
|
—
|
|
|
1
|
|
|
1
|
|
|
—
|
|
—
|
|
Total
|
—
|
|
|
—
|
|
|
1
|
|
|
1
|
|
|
—
|
|
—
|
|
Daily/Storage capacity
|
|
|
|
|
|
|
|
|
|
|
||||||
Metric tons (in 1,000’s)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
—
|
|
Europe
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bulgaria
|
1
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
—
|
|
—
|
|
Turkey
|
1
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
—
|
|
—
|
|
Total
|
2
|
|
|
—
|
|
|
—
|
|
|
2
|
|
|
—
|
|
—
|
|
Daily/Storage capacity
|
|
|
|
|
|
|
|
|
|
|
||||||
Metric tons (in 1,000’s)
|
2
|
|
|
—
|
|
|
—
|
|
|
2
|
|
|
—
|
|
—
|
|
Asia
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
China
|
—
|
|
|
—
|
|
|
3
|
|
|
3
|
|
|
—
|
|
—
|
|
Total
|
—
|
|
|
—
|
|
|
3
|
|
|
3
|
|
|
—
|
|
—
|
|
Daily/Storage capacity
|
|
|
|
|
|
|
|
|
|
|
||||||
Metric tons (in 1,000’s)
|
—
|
|
|
—
|
|
|
1
|
|
|
1
|
|
|
—
|
|
—
|
|
Grand Total
|
7
|
|
|
3
|
|
|
38
|
|
|
48
|
|
|
6
|
|
1
|
|
Total daily/storage capacity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Metric tons (in 1,000’s)
|
45
|
|
|
22
|
|
|
9
|
|
|
76
|
|
|
352
|
|
—
|
|
Item 2.
|
PROPERTIES (Continued)
|
|
Oilseeds Processing Plants
|
||||||||||||||||
|
Owned
|
|
Leased
|
||||||||||||||
|
Crushing &
Origination
|
|
Refining,
Packaging,
Biodiesel, &
Other
|
|
Cocoa &
Other
|
|
Asia
|
|
Total
|
|
Asia
|
||||||
North America
|
|
|
|
|
|
|
|
|
|
|
|
||||||
U.S.*
|
24
|
|
|
16
|
|
|
14
|
|
|
—
|
|
|
54
|
|
|
—
|
|
Canada
|
3
|
|
|
3
|
|
|
1
|
|
|
—
|
|
|
7
|
|
|
—
|
|
Mexico
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
—
|
|
Total
|
28
|
|
|
19
|
|
|
15
|
|
|
—
|
|
|
62
|
|
|
—
|
|
Daily capacity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Metric tons (in 1,000’s)
|
58
|
|
|
16
|
|
|
3
|
|
|
—
|
|
|
77
|
|
|
—
|
|
South America
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Argentina
|
—
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
1
|
|
|
—
|
|
Bolivia
|
1
|
|
|
2
|
|
|
—
|
|
|
—
|
|
|
3
|
|
|
—
|
|
Brazil
|
6
|
|
|
9
|
|
|
—
|
|
|
—
|
|
|
15
|
|
|
—
|
|
Paraguay
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
—
|
|
Peru
|
—
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
—
|
|
Total
|
8
|
|
|
12
|
|
|
1
|
|
|
—
|
|
|
21
|
|
|
—
|
|
Daily capacity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Metric tons (in 1,000’s)
|
18
|
|
|
5
|
|
|
—
|
|
|
—
|
|
|
23
|
|
|
—
|
|
Europe
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Belgium
|
—
|
|
|
2
|
|
|
—
|
|
|
—
|
|
|
2
|
|
|
—
|
|
Czech Republic
|
1
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
2
|
|
|
—
|
|
France
|
—
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
—
|
|
Germany
|
4
|
|
|
9
|
|
|
—
|
|
|
—
|
|
|
13
|
|
|
—
|
|
Netherlands
|
1
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
2
|
|
|
—
|
|
Poland
|
2
|
|
|
4
|
|
|
—
|
|
|
—
|
|
|
6
|
|
|
—
|
|
Switzerland
|
—
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
—
|
|
Ukraine
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
—
|
|
U.K.
|
1
|
|
|
3
|
|
|
—
|
|
|
—
|
|
|
4
|
|
|
—
|
|
Total
|
10
|
|
|
22
|
|
|
—
|
|
|
—
|
|
|
32
|
|
|
—
|
|
Daily capacity
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Metric tons (in 1,000’s)
|
34
|
|
|
17
|
|
|
—
|
|
|
—
|
|
|
51
|
|
|
—
|
|
Asia
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
India
|
—
|
|
|
—
|
|
|
—
|
|
|
2
|
|
|
2
|
|
|
3
|
|
Total
|
—
|
|
|
—
|
|
|
—
|
|
|
2
|
|
|
2
|
|
|
3
|
|
Daily capacity
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Metric tons (in 1,000’s)
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
1
|
|
|
1
|
|
Africa
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
South Africa
|
—
|
|
|
—
|
|
|
4
|
|
|
—
|
|
|
4
|
|
|
—
|
|
Total
|
—
|
|
|
—
|
|
|
4
|
|
|
—
|
|
|
4
|
|
|
—
|
|
Daily capacity
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Metric tons (in 1,000’s)
|
—
|
|
|
—
|
|
|
2
|
|
|
—
|
|
|
2
|
|
|
—
|
|
Grand Total
|
46
|
|
|
53
|
|
|
20
|
|
|
2
|
|
|
121
|
|
|
3
|
|
Total daily capacity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Metric tons (in 1,000’s)
|
110
|
|
|
38
|
|
|
5
|
|
|
1
|
|
|
154
|
|
|
1
|
|
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
|
|
|
3
|
|
|
—
|
|
|
3
|
|
Canada
|
6
|
|
|
—
|
|
|
6
|
|
|
1
|
|
|
—
|
|
|
1
|
|
Total
|
15
|
|
|
70
|
|
|
85
|
|
|
4
|
|
|
—
|
|
|
4
|
|
Storage capacity
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Metric tons (in 1,000’s)
|
310
|
|
|
300
|
|
|
610
|
|
|
—
|
|
|
—
|
|
|
—
|
|
South America
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Argentina
|
—
|
|
|
1
|
|
|
1
|
|
|
—
|
|
|
1
|
|
|
1
|
|
Bolivia
|
5
|
|
|
—
|
|
|
5
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Brazil
|
33
|
|
|
—
|
|
|
33
|
|
|
2
|
|
|
—
|
|
|
2
|
|
Colombia
|
2
|
|
|
—
|
|
|
2
|
|
|
3
|
|
|
—
|
|
|
3
|
|
Chile
|
—
|
|
|
—
|
|
|
—
|
|
|
2
|
|
|
—
|
|
|
2
|
|
Paraguay
|
14
|
|
|
—
|
|
|
14
|
|
|
4
|
|
|
—
|
|
|
4
|
|
Uruguay
|
1
|
|
|
—
|
|
|
1
|
|
|
6
|
|
|
—
|
|
|
6
|
|
Total
|
55
|
|
|
1
|
|
|
56
|
|
|
17
|
|
|
1
|
|
|
18
|
|
Storage capacity
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Metric tons (in 1,000’s)
|
1,957
|
|
|
6
|
|
|
1,963
|
|
|
364
|
|
|
—
|
|
|
364
|
|
Europe
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Netherlands
|
1
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Germany
|
5
|
|
|
—
|
|
|
5
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Poland
|
5
|
|
|
—
|
|
|
5
|
|
|
1
|
|
|
—
|
|
|
1
|
|
Slovakia
|
2
|
|
|
—
|
|
|
2
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Total
|
13
|
|
|
—
|
|
|
13
|
|
|
1
|
|
|
—
|
|
|
1
|
|
Storage capacity
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Metric tons (in 1,000’s)
|
800
|
|
|
—
|
|
|
800
|
|
|
75
|
|
|
—
|
|
|
75
|
|
Grand Total
|
83
|
|
|
71
|
|
|
154
|
|
|
22
|
|
|
1
|
|
|
23
|
|
Total storage capacity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Metric tons (in 1,000’s)
|
3,067
|
|
|
306
|
|
|
3,373
|
|
|
439
|
|
|
—
|
|
|
439
|
|
Item 2.
|
PROPERTIES (Continued)
|
|
Wild Flavors and Specialty Ingredients
|
|||||||
|
Processing Plants
|
|
Procurement Facilities
|
|||||
|
Owned
|
|
Leased
|
|
Owned
|
|||
North America
|
|
|
|
|
|
|||
U.S.*
|
22
|
|
|
6
|
|
|
19
|
|
Canada
|
3
|
|
|
—
|
|
|
—
|
|
Total
|
25
|
|
|
6
|
|
|
19
|
|
Daily/Storage capacity
|
|
|
|
|
|
|||
Metric tons (in 1,000’s)
|
2
|
|
|
—
|
|
|
270
|
|
South America
|
|
|
|
|
|
|||
Brazil
|
1
|
|
|
—
|
|
|
—
|
|
Total
|
1
|
|
|
—
|
|
|
—
|
|
Daily/Storage capacity
|
|
|
|
|
|
|||
Metric tons (in 1,000’s)
|
—
|
|
|
—
|
|
|
—
|
|
Europe
|
|
|
|
|
|
|||
France
|
1
|
|
|
—
|
|
|
—
|
|
Germany
|
4
|
|
|
1
|
|
|
—
|
|
Netherlands
|
2
|
|
|
1
|
|
|
—
|
|
Poland
|
2
|
|
|
—
|
|
|
—
|
|
Spain
|
1
|
|
|
—
|
|
|
—
|
|
Switzerland
|
1
|
|
|
—
|
|
|
—
|
|
Turkey
|
—
|
|
|
1
|
|
|
—
|
|
Total
|
11
|
|
|
3
|
|
|
—
|
|
Daily/Storage capacity
|
|
|
|
|
|
|||
Metric tons (in 1,000’s)
|
2
|
|
|
1
|
|
|
—
|
|
Asia
|
|
|
|
|
|
|||
China
|
1
|
|
|
—
|
|
|
—
|
|
India
|
—
|
|
|
1
|
|
|
—
|
|
Japan
|
1
|
|
|
1
|
|
|
—
|
|
Total
|
2
|
|
|
2
|
|
|
—
|
|
Daily/Storage capacity
|
|
|
|
|
|
|||
Metric tons (in 1,000’s)
|
1
|
|
|
1
|
|
|
—
|
|
Grand Total
|
39
|
|
|
11
|
|
|
19
|
|
Total storage capacity
|
|
|
|
|
|
|
|
|
Metric tons (in 1,000’s)
|
5
|
|
|
2
|
|
|
270
|
|
Item 3.
|
LEGAL PROCEEDINGS
|
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 2015-Quarter Ended
|
|
|
|
|
|
||||||
December 31
|
$
|
47.03
|
|
|
$
|
33.84
|
|
|
$
|
0.28
|
|
September 30
|
49.50
|
|
|
40.66
|
|
|
0.28
|
|
|||
June 30
|
53.31
|
|
|
47.23
|
|
|
0.28
|
|
|||
March 31
|
52.60
|
|
|
45.15
|
|
|
0.28
|
|
|||
Fiscal Year 2014-Quarter Ended
|
|
|
|
|
|
|
|
|
|||
December 31
|
$
|
53.91
|
|
|
$
|
41.63
|
|
|
$
|
0.24
|
|
September 30
|
52.36
|
|
|
44.15
|
|
|
0.24
|
|
|||
June 30
|
45.40
|
|
|
41.72
|
|
|
0.24
|
|
|||
March 31
|
43.60
|
|
|
37.92
|
|
|
0.24
|
|
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, 2015 to
October 31, 2015
|
|
4,425,887
|
|
|
$
|
43.981
|
|
|
4,424,031
|
|
|
58,110,350
|
|
November 1, 2015 to
November 30, 2015
|
|
1,440,991
|
|
|
39.764
|
|
|
1,440,991
|
|
|
56,669,359
|
|
|
December 1, 2015 to
December 31, 2015
|
|
436
|
|
|
38.518
|
|
|
436
|
|
|
56,668,923
|
|
|
Total
|
|
5,867,314
|
|
|
$
|
42.945
|
|
|
5,865,458
|
|
|
56,668,923
|
|
Item 5.
|
MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS, AND ISSUER PURCHASES OF EQUITY SECURITIES (Continued)
|
Item 6.
|
SELECTED FINANCIAL DATA
|
|
Years Ended
|
|
Six Months Ended
|
|
Fiscal Years Ended
|
||||||||||||||||||||||
|
December 31
|
|
December 31
|
|
June 30
|
||||||||||||||||||||||
|
2015
|
|
2014
|
|
2013
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
||||||||||||||
|
|
|
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
||||||||||||||
Revenues
|
$
|
67,702
|
|
|
$
|
81,201
|
|
|
$
|
89,804
|
|
|
$
|
46,729
|
|
|
$
|
45,208
|
|
|
$
|
89,038
|
|
|
$
|
80,676
|
|
Depreciation
|
799
|
|
|
850
|
|
|
827
|
|
|
396
|
|
|
391
|
|
|
793
|
|
|
827
|
|
|||||||
Net earnings attributable to controlling interests
|
1,849
|
|
|
2,248
|
|
|
1,342
|
|
|
692
|
|
|
540
|
|
|
1,223
|
|
|
2,036
|
|
|||||||
Basic earnings per common share
|
2.99
|
|
|
3.44
|
|
|
2.03
|
|
|
1.05
|
|
|
0.81
|
|
|
1.84
|
|
|
3.17
|
|
|||||||
Diluted earnings per common share
|
2.98
|
|
|
3.43
|
|
|
2.02
|
|
|
1.05
|
|
|
0.81
|
|
|
1.84
|
|
|
3.13
|
|
|||||||
Cash dividends
|
687
|
|
|
624
|
|
|
501
|
|
|
230
|
|
|
224
|
|
|
455
|
|
|
395
|
|
|||||||
Per common share
|
1.12
|
|
|
0.96
|
|
|
0.76
|
|
|
0.35
|
|
|
0.335
|
|
|
0.685
|
|
|
0.62
|
|
|||||||
Working capital
|
$
|
8,324
|
|
|
$
|
10,426
|
|
|
$
|
12,872
|
|
|
$
|
12,769
|
|
|
$
|
12,395
|
|
|
$
|
12,328
|
|
|
$
|
14,286
|
|
Current ratio
|
1.6
|
|
|
1.7
|
|
|
1.8
|
|
|
1.8
|
|
|
1.8
|
|
|
1.8
|
|
|
2.1
|
|
|||||||
Inventories
|
8,243
|
|
|
9,374
|
|
|
11,441
|
|
|
13,836
|
|
|
12,415
|
|
|
12,192
|
|
|
12,055
|
|
|||||||
Net property, plant, and equipment
|
9,853
|
|
|
9,851
|
|
|
10,069
|
|
|
10,097
|
|
|
9,601
|
|
|
9,787
|
|
|
9,500
|
|
|||||||
Gross additions to property, plant, and equipment
|
1,350
|
|
|
1,357
|
|
|
947
|
|
|
641
|
|
|
1,058
|
|
|
1,719
|
|
|
1,512
|
|
|||||||
Total assets
|
40,157
|
|
|
43,997
|
|
|
43,720
|
|
|
45,100
|
|
|
41,661
|
|
|
41,734
|
|
|
42,310
|
|
|||||||
Long-term debt, excluding current maturities
|
5,779
|
|
|
5,528
|
|
|
5,315
|
|
|
6,420
|
|
|
6,722
|
|
|
6,498
|
|
|
8,224
|
|
|||||||
Shareholders’ equity
|
17,915
|
|
|
19,630
|
|
|
20,194
|
|
|
19,131
|
|
|
18,165
|
|
|
18,169
|
|
|
18,838
|
|
|||||||
Per common share
|
30.11
|
|
|
30.82
|
|
|
30.64
|
|
|
29.03
|
|
|
27.44
|
|
|
27.57
|
|
|
27.87
|
|
|||||||
Weighted average shares outstanding-basic
|
618
|
|
|
653
|
|
|
661
|
|
|
660
|
|
|
669
|
|
|
665
|
|
|
642
|
|
|||||||
Weighted average shares outstanding-diluted
|
621
|
|
|
656
|
|
|
663
|
|
|
661
|
|
|
670
|
|
|
666
|
|
|
654
|
|
•
|
Net earnings attributable to controlling interests for the year ended December 31, 2015 include gains totaling $530 million ($515 million after tax, equal to $0.83 per share) related primarily to the sale of the cocoa, chocolate, and lactic businesses, revaluation of the Company’s previously held investments in North Star Shipping, Minmetal, and Eaststarch C.V. in conjunction with the acquisition of the remaining interests, and the sale of a 50% interest in the Barcarena export terminal facility in Brazil to Glencore plc as discussed in Note 12 in Item 8; long-lived asset impairment charges of $129 million ($109 million after tax, equal to $0.18 per share) related primarily to certain international Oilseeds Processing facilities, sugar ethanol facilities in Brazil, and goodwill, intangible, and property, plant, and equipment asset impairments as discussed in Note 19 in Item 8; restructuring and exit charges of $71 million ($63 million after tax, equal to $0.10 per share) related to an international pension plan settlement, sugar ethanol facilities in Brazil, and other restructuring charges as discussed in Note 19 in Item 8; loss provisions, settlements, and inventory writedown of $67 million ($58 million after tax, equal to $0.09 per share); release of a valuation allowance on certain deferred tax assets of $66 million (equal to $0.11 per share); and loss on debt extinguishment of $189 million ($118 million after tax, equal to $0.19 per share) related to the cash tender offers and redemption of certain of the Company’s outstanding debentures as discussed in Note 12 in Item 8.
|
Item 6.
|
SELECTED FINANCIAL DATA (Continued)
|
•
|
Net earnings attributable to controlling interests for the year ended December 31, 2014 include a gain on sale of assets related to the sale of the fertilizer business and other asset of $135 million ($89 million after tax, equal to $0.14 per share); gain of $156 million ($97 million after tax, equal to $0.15 per share) upon the Company’s effective dilution in the Pacificor (formerly Kalama Export Company) joint venture resulting from the contribution of additional assets by another member in exchange for new equity units; and loss of $102 million ($63 million after tax, equal to $0.10 per share) on Euro foreign currency derivative contracts entered into to economically hedge the Wild Flavors acquisition, as discussed in Note 12 in Item 8; asset impairment charges related to certain fixed assets of $41 million ($26 million after tax, equal to $0.04 per share) and $64 million ($41 million after tax, equal to $0.06 per share) of costs related to the relocation of the global headquarters to Chicago, Illinois, and restructuring charges related to the Wild Flavors acquisition and Toepfer integration following the acquisition of the minority interest and other restructuring charges, as discussed in Note 19 in Item 8; and a charge of $98 million ($61 million after tax, equal to $0.09 per share) related to pension settlements.
|
•
|
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; 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; and other charges of $18 million ($12 million after tax, equal to $0.02 per share).
|
•
|
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, equal to $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, equal to $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.
|
Item 7.
|
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
|
•
|
the construction of a new feed pre-mix plant in the city of Zhangzhou, China and a new feed plant in Glencoe, Minnesota;
|
•
|
the expansion of export facilities in Puerto San Martin, in the Argentine State of Sante Fe;
|
•
|
the construction of a soy protein production complex in Campo Grande, Mato Grosso do Sul in Brazil;
|
•
|
the purchase in May 2015 of the remaining ownership interest in North Star Shipping and Minmetal which operate export facilities at the Romanian Port of Constanta on the Black Sea;
|
•
|
the sale in June 2015 of a 50% stake in its export terminal in Barcarena, in the northern Brazilian state of Pará;
|
•
|
the sale on July 31, 2015 of its global chocolate business to Cargill, Inc.;
|
•
|
the purchase in September 2015 of AOR N.V.;
|
•
|
the purchase on October 16, 2015 of Eatem Foods Company;
|
•
|
the sale on October 16, 2015 of its global cocoa business to Olam International Limited;
|
•
|
the purchase on November 2, 2015 of the remaining interest in Eaststarch C.V.;
|
•
|
the opening in November 2015 of a new feed-premix plant in Nanjing, China and a soluble dietary fiber plant in Tianjin, China;
|
•
|
the pending expansion of Olenex, a joint venture with Wilmar for the sale and marketing of refined vegetable oils and fats in Europe;
|
•
|
the pending purchase of a 50% interest in Cairo-based Medsofts Group, a joint venture that will own and manage merchandising and supply chain operations;
|
•
|
the pending purchase of a controlling stake in Harvest Innovations, an industry leader in minimally processed, expeller-pressed soy proteins, oils, and gluten-free ingredients; and
|
•
|
the pending acquisition from Tate & Lyle of a Casablanca, Morocco-based corn wet mill that produces glucose and native starch.
|
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 thousands)
|
2015
|
|
2014
|
|
Change
|
|||
Oilseeds
|
33,817
|
|
|
32,208
|
|
|
1,609
|
|
Corn
|
23,126
|
|
|
23,668
|
|
|
(542
|
)
|
Milling and cocoa
|
7,150
|
|
|
7,318
|
|
|
(168
|
)
|
Total
|
64,093
|
|
|
63,194
|
|
|
899
|
|
Item 7.
|
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Continued)
|
(In millions)
|
2015
|
|
2014
|
|
Change
|
||||||
Agricultural Services
|
|
|
|
|
|
|
|
|
|||
Merchandising and Handling
|
$
|
25,957
|
|
|
$
|
32,208
|
|
|
$
|
(6,251
|
)
|
Milling and Other
|
3,479
|
|
|
3,815
|
|
|
(336
|
)
|
|||
Transportation
|
246
|
|
|
265
|
|
|
(19
|
)
|
|||
Total Agricultural Services
|
29,682
|
|
|
36,288
|
|
|
(6,606
|
)
|
|||
|
|
|
|
|
|
||||||
Corn Processing
|
|
|
|
|
|
|
|
|
|||
Sweeteners and Starches
|
3,713
|
|
|
3,767
|
|
|
(54
|
)
|
|||
Bioproducts
|
6,282
|
|
|
8,515
|
|
|
(2,233
|
)
|
|||
Total Corn Processing
|
9,995
|
|
|
12,282
|
|
|
(2,287
|
)
|
|||
|
|
|
|
|
|
||||||
Oilseeds Processing
|
|
|
|
|
|
||||||
Crushing and Origination
|
15,597
|
|
|
18,542
|
|
|
(2,945
|
)
|
|||
Refining, Packaging, Biodiesel, and Other
|
6,801
|
|
|
8,498
|
|
|
(1,697
|
)
|
|||
Cocoa and Other
|
2,563
|
|
|
3,439
|
|
|
(876
|
)
|
|||
Asia
|
256
|
|
|
454
|
|
|
(198
|
)
|
|||
Total Oilseeds Processing
|
25,217
|
|
|
30,933
|
|
|
(5,716
|
)
|
|||
|
|
|
|
|
|
||||||
Wild Flavors and Specialty Ingredients
|
2,407
|
|
|
1,368
|
|
|
1,039
|
|
|||
Total Wild Flavors and Specialty Ingredients
|
2,407
|
|
|
1,368
|
|
|
1,039
|
|
|||
|
|
|
|
|
|
||||||
Other - Financial
|
401
|
|
|
330
|
|
|
71
|
|
|||
Total Other
|
401
|
|
|
330
|
|
|
71
|
|
|||
Total
|
$
|
67,702
|
|
|
$
|
81,201
|
|
|
$
|
(13,499
|
)
|
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)
|
2015
|
|
2014
|
|
Change
|
||||||
Agricultural Services
|
|
|
|
|
|
|
|
|
|||
Merchandising and Handling
|
$
|
334
|
|
|
$
|
653
|
|
|
$
|
(319
|
)
|
Milling and Other
|
244
|
|
|
203
|
|
|
41
|
|
|||
Transportation
|
136
|
|
|
187
|
|
|
(51
|
)
|
|||
Total Agricultural Services
|
714
|
|
|
1,043
|
|
|
(329
|
)
|
|||
|
|
|
|
|
|
||||||
Corn Processing
|
|
|
|
|
|
|
|
|
|||
Sweeteners and Starches
|
634
|
|
|
433
|
|
|
201
|
|
|||
Bioproducts
|
14
|
|
|
715
|
|
|
(701
|
)
|
|||
Total Corn Processing
|
648
|
|
|
1,148
|
|
|
(500
|
)
|
|||
|
|
|
|
|
|
||||||
Oilseeds Processing
|
|
|
|
|
|
||||||
Crushing and Origination
|
842
|
|
|
868
|
|
|
(26
|
)
|
|||
Refining, Packaging, Biodiesel, and Other
|
265
|
|
|
313
|
|
|
(48
|
)
|
|||
Cocoa and Other
|
303
|
|
|
92
|
|
|
211
|
|
|||
Asia
|
164
|
|
|
167
|
|
|
(3
|
)
|
|||
Total Oilseeds Processing
|
1,574
|
|
|
1,440
|
|
|
134
|
|
|||
|
|
|
|
|
|
||||||
Wild Flavors and Specialty Ingredients
|
280
|
|
|
205
|
|
|
75
|
|
|||
Total Wild Flavors and Specialty Ingredients
|
280
|
|
|
205
|
|
|
75
|
|
|||
|
|
|
|
|
|
||||||
Other - Financial
|
56
|
|
|
79
|
|
|
(23
|
)
|
|||
Total Other
|
56
|
|
|
79
|
|
|
(23
|
)
|
|||
Total Segment Operating Profit
|
3,272
|
|
|
3,915
|
|
|
(643
|
)
|
|||
Corporate
|
(988
|
)
|
|
(785
|
)
|
|
(203
|
)
|
|||
Earnings Before Income Taxes
|
$
|
2,284
|
|
|
$
|
3,130
|
|
|
$
|
(846
|
)
|
(In millions)
|
2015
|
|
2014
|
|
Change
|
||||||
LIFO credit (charge)
|
$
|
2
|
|
|
$
|
245
|
|
|
$
|
(243
|
)
|
Interest expense - net
|
(297
|
)
|
|
(318
|
)
|
|
21
|
|
|||
Unallocated corporate costs
|
(433
|
)
|
|
(414
|
)
|
|
(19
|
)
|
|||
Other charges
|
(242
|
)
|
|
(228
|
)
|
|
(14
|
)
|
|||
Minority interest and other
|
(18
|
)
|
|
(70
|
)
|
|
52
|
|
|||
Total Corporate
|
$
|
(988
|
)
|
|
$
|
(785
|
)
|
|
$
|
(203
|
)
|
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)
|
|
2015
|
|
2014
|
||||||||||
|
In millions
|
Per share
|
|
In millions
|
Per share
|
||||||||
Average number of shares outstanding - diluted
|
621
|
|
|
|
656
|
|
|
||||||
Net earnings and reported EPS (fully diluted)
|
$
|
1,849
|
|
$
|
2.98
|
|
|
$
|
2,248
|
|
$
|
3.43
|
|
Adjustments:
|
|
|
|
|
|
||||||||
LIFO credit (net of tax of $1 million in 2015 and $93 million in 2014)
(1)
|
(1
|
)
|
—
|
|
|
(152
|
)
|
(0.23
|
)
|
||||
Gain on sale and revaluation of assets (net of tax of $15 million in 2015 and $105 million in 2014)
(2)
|
(515
|
)
|
(0.83
|
)
|
|
(186
|
)
|
(0.29
|
)
|
||||
Charges related to Wild Flavors (net of tax of $51 million)
(1)
|
—
|
|
—
|
|
|
84
|
|
0.13
|
|
||||
Asset impairment, restructuring, and settlement charges (net of tax of $37 million in 2015 and $62 million in 2014)
(2)
|
230
|
|
0.37
|
|
|
107
|
|
0.16
|
|
||||
Loss on debt extinguishment (net of tax of $71 million)
(1)
|
118
|
|
0.19
|
|
|
—
|
|
—
|
|
||||
Valuation allowance release
|
(66
|
)
|
(0.11
|
)
|
|
—
|
|
—
|
|
||||
Total adjustments
|
(234
|
)
|
(0.38
|
)
|
|
(147
|
)
|
(0.23
|
)
|
||||
Adjusted net earnings and EPS
|
$
|
1,615
|
|
$
|
2.60
|
|
|
$
|
2,101
|
|
$
|
3.20
|
|
(In millions)
|
2015
|
|
2014
|
|
Change
|
||||||
Earnings before income taxes
|
$
|
2,284
|
|
|
$
|
3,130
|
|
|
$
|
(846
|
)
|
Interest expense
|
308
|
|
|
337
|
|
|
(29
|
)
|
|||
Depreciation and amortization
|
873
|
|
|
877
|
|
|
(4
|
)
|
|||
LIFO
|
(2
|
)
|
|
(245
|
)
|
|
243
|
|
|||
Gain on sale and revaluation of assets
|
(530
|
)
|
|
(291
|
)
|
|
(239
|
)
|
|||
Charges related to Wild Flavors
|
—
|
|
|
135
|
|
|
(135
|
)
|
|||
Asset impairment, restructuring, and settlement charges
|
267
|
|
|
170
|
|
|
97
|
|
|||
Loss on debt extinguishment
|
189
|
|
|
—
|
|
|
189
|
|
|||
Adjusted EBITDA
|
$
|
3,389
|
|
|
$
|
4,113
|
|
|
$
|
(724
|
)
|
|
|
|
|
|
|
Item 7.
|
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Continued)
|
(In millions)
|
2015
|
|
2014
|
|
Change
|
||||||
Agricultural Services
|
|
|
|
|
|
|
|
|
|||
Earnings before income taxes
|
$
|
714
|
|
|
$
|
1,043
|
|
|
$
|
(329
|
)
|
Interest expense
|
—
|
|
|
1
|
|
|
(1
|
)
|
|||
Depreciation and amortization
|
196
|
|
|
195
|
|
|
1
|
|
|||
Gain on sale and revaluation of assets
|
(33
|
)
|
|
(156
|
)
|
|
123
|
|
|||
Asset impairment, restructuring, and settlement charges
|
3
|
|
|
14
|
|
|
(11
|
)
|
|||
Agricultural Services Adjusted EBITDA
|
880
|
|
|
1,097
|
|
|
(217
|
)
|
|||
Corn Processing
|
|
|
|
|
|
|
|
|
|||
Earnings before income taxes
|
648
|
|
|
1,148
|
|
|
(500
|
)
|
|||
Depreciation and amortization
|
337
|
|
|
334
|
|
|
3
|
|
|||
Gain on sale and revaluation of assets
|
(191
|
)
|
|
—
|
|
|
(191
|
)
|
|||
Asset impairment, restructuring, and settlement charges
|
136
|
|
|
18
|
|
|
118
|
|
|||
Corn Processing Adjusted EBITDA
|
930
|
|
|
1,500
|
|
|
(570
|
)
|
|||
Oilseeds Processing
|
|
|
|
|
|
||||||
Earnings before income taxes
|
1,574
|
|
|
1,440
|
|
|
134
|
|
|||
Interest expense
|
3
|
|
|
8
|
|
|
(5
|
)
|
|||
Depreciation and amortization
|
195
|
|
|
247
|
|
|
(52
|
)
|
|||
Gain on sale and revaluation of assets
|
(306
|
)
|
|
(126
|
)
|
|
(180
|
)
|
|||
Asset impairment, restructuring, and settlement charges
|
66
|
|
|
3
|
|
|
63
|
|
|||
Oilseeds Processing Adjusted EBITDA
|
1,532
|
|
|
1,572
|
|
|
(40
|
)
|
|||
Wild Flavors and Specialty Ingredients
|
|
|
|
|
|
||||||
Earnings before income taxes
|
280
|
|
|
205
|
|
|
75
|
|
|||
Interest expense
|
3
|
|
|
7
|
|
|
(4
|
)
|
|||
Depreciation and amortization
|
89
|
|
|
41
|
|
|
48
|
|
|||
Charges related to Wild Flavors
|
9
|
|
|
33
|
|
|
(24
|
)
|
|||
Wild Flavors and Specialty Ingredients Adjusted EBITDA
|
381
|
|
|
286
|
|
|
95
|
|
|||
Other - Financial
|
|
|
|
|
|
||||||
Earnings before income taxes
|
56
|
|
|
79
|
|
|
(23
|
)
|
|||
Interest expense
|
1
|
|
|
1
|
|
|
—
|
|
|||
Depreciation and amortization
|
7
|
|
|
5
|
|
|
2
|
|
|||
Other - Financial Adjusted EBITDA
|
64
|
|
|
85
|
|
|
(21
|
)
|
|||
Corporate
|
|
|
|
|
|
||||||
Earnings before income taxes
|
(988
|
)
|
|
(785
|
)
|
|
(203
|
)
|
|||
Interest expense
|
301
|
|
|
320
|
|
|
(19
|
)
|
|||
Depreciation and amortization
|
49
|
|
|
55
|
|
|
(6
|
)
|
|||
LIFO
|
(2
|
)
|
|
(245
|
)
|
|
243
|
|
|||
Gain on sale and revaluation of assets
|
—
|
|
|
(9
|
)
|
|
9
|
|
|||
Asset impairment, restructuring, and settlement charges
|
53
|
|
|
135
|
|
|
(82
|
)
|
|||
Charges related to Wild Flavors
|
—
|
|
|
102
|
|
|
(102
|
)
|
|||
Loss on debt extinguishment
|
189
|
|
|
—
|
|
|
189
|
|
|||
Corporate Adjusted EBITDA
|
(398
|
)
|
|
(427
|
)
|
|
29
|
|
|||
Total Adjusted EBITDA
|
$
|
3,389
|
|
|
$
|
4,113
|
|
|
$
|
(724
|
)
|
Item 7.
|
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Continued)
|
(In thousands)
|
2014
|
|
2013
|
|
Change
|
|||
Oilseeds
|
32,208
|
|
|
31,768
|
|
|
440
|
|
Corn
|
23,668
|
|
|
23,688
|
|
|
(20
|
)
|
Milling and cocoa
|
7,318
|
|
|
7,226
|
|
|
92
|
|
Total
|
63,194
|
|
|
62,682
|
|
|
512
|
|
Item 7.
|
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Continued)
|
(In millions)
|
2014
|
|
2013
|
|
Change
|
||||||
Agricultural Services
|
|
|
|
|
|
|
|
|
|||
Merchandising and Handling
|
$
|
32,208
|
|
|
$
|
36,162
|
|
|
$
|
(3,954
|
)
|
Milling and Other
|
3,815
|
|
|
4,042
|
|
|
(227
|
)
|
|||
Transportation
|
265
|
|
|
228
|
|
|
37
|
|
|||
Total Agricultural Services
|
36,288
|
|
|
40,432
|
|
|
(4,144
|
)
|
|||
|
|
|
|
|
|
||||||
Corn Processing
|
|
|
|
|
|
|
|
|
|||
Sweeteners and Starches
|
3,767
|
|
|
4,726
|
|
|
(959
|
)
|
|||
Bioproducts
|
8,515
|
|
|
9,044
|
|
|
(529
|
)
|
|||
Total Corn Processing
|
12,282
|
|
|
13,770
|
|
|
(1,488
|
)
|
|||
|
|
|
|
|
|
||||||
Oilseeds Processing
|
|
|
|
|
|
||||||
Crushing and Origination
|
18,542
|
|
|
20,522
|
|
|
(1,980
|
)
|
|||
Refining, Packaging, Biodiesel, and Other
|
8,498
|
|
|
9,730
|
|
|
(1,232
|
)
|
|||
Cocoa and Other
|
3,439
|
|
|
3,281
|
|
|
158
|
|
|||
Asia
|
454
|
|
|
705
|
|
|
(251
|
)
|
|||
Total Oilseeds Processing
|
30,933
|
|
|
34,238
|
|
|
(3,305
|
)
|
|||
|
|
|
|
|
|
||||||
Wild Flavors and Specialty Ingredients
|
1,368
|
|
|
1,062
|
|
|
306
|
|
|||
Total Wild Flavors and Specialty Ingredients
|
1,368
|
|
|
1,062
|
|
|
306
|
|
|||
|
|
|
|
|
|
||||||
Other - Financial
|
330
|
|
|
302
|
|
|
28
|
|
|||
Total Other
|
330
|
|
|
302
|
|
|
28
|
|
|||
Total
|
$
|
81,201
|
|
|
$
|
89,804
|
|
|
$
|
(8,603
|
)
|
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)
|
2014
|
|
2013
|
|
Change
|
||||||
Agricultural Services
|
|
|
|
|
|
|
|
|
|||
Merchandising and Handling
|
$
|
653
|
|
|
$
|
33
|
|
|
$
|
620
|
|
Milling and Other
|
203
|
|
|
232
|
|
|
(29
|
)
|
|||
Transportation
|
187
|
|
|
77
|
|
|
110
|
|
|||
Total Agricultural Services
|
1,043
|
|
|
342
|
|
|
701
|
|
|||
|
|
|
|
|
|
||||||
Corn Processing
|
|
|
|
|
|
|
|
|
|||
Sweeteners and Starches
|
433
|
|
|
451
|
|
|
(18
|
)
|
|||
Bioproducts
|
715
|
|
|
322
|
|
|
393
|
|
|||
Total Corn Processing
|
1,148
|
|
|
773
|
|
|
375
|
|
|||
|
|
|
|
|
|
||||||
Oilseeds Processing
|
|
|
|
|
|
||||||
Crushing and Origination
|
868
|
|
|
835
|
|
|
33
|
|
|||
Refining, Packaging, Biodiesel, and Other
|
313
|
|
|
266
|
|
|
47
|
|
|||
Cocoa and Other
|
92
|
|
|
(33
|
)
|
|
125
|
|
|||
Asia
|
167
|
|
|
217
|
|
|
(50
|
)
|
|||
Total Oilseeds Processing
|
1,440
|
|
|
1,285
|
|
|
155
|
|
|||
|
|
|
|
|
|
||||||
Wild Flavors and Specialty Ingredients
|
205
|
|
|
267
|
|
|
(62
|
)
|
|||
Total Wild Flavors and Specialty Ingredients
|
205
|
|
|
267
|
|
|
(62
|
)
|
|||
|
|
|
|
|
|
||||||
Other - Financial
|
79
|
|
|
41
|
|
|
38
|
|
|||
Total Other
|
79
|
|
|
41
|
|
|
38
|
|
|||
Total Segment Operating Profit
|
3,915
|
|
|
2,708
|
|
|
1,207
|
|
|||
Corporate
|
(785
|
)
|
|
(684
|
)
|
|
(101
|
)
|
|||
Earnings Before Income Taxes
|
$
|
3,130
|
|
|
$
|
2,024
|
|
|
$
|
1,106
|
|
(In millions)
|
2014
|
|
2013
|
|
Change
|
||||||
LIFO credit (charge)
|
$
|
245
|
|
|
$
|
225
|
|
|
$
|
20
|
|
Interest expense - net
|
(318
|
)
|
|
(408
|
)
|
|
90
|
|
|||
Unallocated corporate costs
|
(414
|
)
|
|
(331
|
)
|
|
(83
|
)
|
|||
Other charges
|
(228
|
)
|
|
(147
|
)
|
|
(81
|
)
|
|||
Minority interest and other
|
(70
|
)
|
|
(23
|
)
|
|
(47
|
)
|
|||
Total Corporate
|
$
|
(785
|
)
|
|
$
|
(684
|
)
|
|
$
|
(101
|
)
|
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)
|
|
2014
|
2013
|
||||||||||
|
In millions
|
Per share
|
In millions
|
Per share
|
||||||||
Average number of shares outstanding - diluted
|
656
|
|
|
663
|
|
|
||||||
Net earnings and reported EPS (fully diluted)
|
$
|
2,248
|
|
$
|
3.43
|
|
$
|
1,342
|
|
$
|
2.02
|
|
Adjustments:
|
|
|
|
|
||||||||
LIFO credit (net of tax of $93 million in 2014 and $85 million in 2013)
(1)
|
(152
|
)
|
(0.23
|
)
|
(140
|
)
|
(0.21
|
)
|
||||
Gain on sale and revaluation of assets (net of tax of $105 million)
(2)
|
(186
|
)
|
(0.29
|
)
|
—
|
|
—
|
|
||||
Charges related to Wild Flavors and GrainCorp (net of tax of $51 million in 2014 and $21 million in 2013)
(1)
|
84
|
|
0.13
|
|
189
|
|
0.28
|
|
||||
Asset impairment, restructuring, and settlement charges (net of tax of $62 million in 2014 and $36 million in 2013)
(3)
|
107
|
|
0.16
|
|
125
|
|
0.20
|
|
||||
U.S. biodiesel credits
|
—
|
|
—
|
|
(55
|
)
|
(0.08
|
)
|
||||
Valuation allowance
|
—
|
|
—
|
|
82
|
|
0.12
|
|
||||
Total adjustments
|
(147
|
)
|
(0.23
|
)
|
201
|
|
0.31
|
|
||||
Adjusted EPS
|
$
|
2,101
|
|
$
|
3.20
|
|
$
|
1,543
|
|
$
|
2.33
|
|
(In millions)
|
2014
|
|
2013
|
|
Change
|
||||||
Earnings before income taxes
|
$
|
3,130
|
|
|
$
|
2,024
|
|
|
$
|
1,106
|
|
Interest expense
|
337
|
|
|
413
|
|
|
(76
|
)
|
|||
Depreciation and amortization
|
877
|
|
|
850
|
|
|
27
|
|
|||
LIFO
|
(245
|
)
|
|
(225
|
)
|
|
(20
|
)
|
|||
Gain on sale and revaluation of assets
|
(291
|
)
|
|
—
|
|
|
(291
|
)
|
|||
Charges related to Wild Flavors and GrainCorp
|
135
|
|
|
210
|
|
|
(75
|
)
|
|||
Asset impairment, restructuring, and settlement charges
|
170
|
|
|
161
|
|
|
9
|
|
|||
Adjusted EBITDA
|
$
|
4,113
|
|
|
$
|
3,433
|
|
|
$
|
680
|
|
|
|
|
|
|
|
Item 7.
|
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Continued)
|
(In millions)
|
2014
|
|
2013
|
|
Change
|
||||||
Agricultural Services
|
|
|
|
|
|
|
|
|
|||
Earnings before income taxes
|
$
|
1,043
|
|
|
$
|
342
|
|
|
$
|
701
|
|
Interest expense
|
1
|
|
|
1
|
|
|
—
|
|
|||
Depreciation and amortization
|
195
|
|
|
215
|
|
|
(20
|
)
|
|||
Gain on sale and revaluation of assets
|
(156
|
)
|
|
—
|
|
|
(156
|
)
|
|||
Charges related to GrainCorp
|
—
|
|
|
155
|
|
|
(155
|
)
|
|||
Asset impairment, restructuring, and settlement charges
|
14
|
|
|
3
|
|
|
11
|
|
|||
Agricultural Services Adjusted EBITDA
|
1,097
|
|
|
716
|
|
|
381
|
|
|||
Corn Processing
|
|
|
|
|
|
|
|
|
|||
Earnings before income taxes
|
1,148
|
|
|
773
|
|
|
375
|
|
|||
Depreciation and amortization
|
334
|
|
|
335
|
|
|
(1
|
)
|
|||
Asset impairment, restructuring, and settlement charges
|
18
|
|
|
71
|
|
|
(53
|
)
|
|||
Corn Processing Adjusted EBITDA
|
1,500
|
|
|
1,179
|
|
|
321
|
|
|||
Oilseeds Processing
|
|
|
|
|
|
||||||
Earnings before income taxes
|
1,440
|
|
|
1,285
|
|
|
155
|
|
|||
Interest expense
|
8
|
|
|
1
|
|
|
7
|
|
|||
Depreciation and amortization
|
247
|
|
|
245
|
|
|
2
|
|
|||
Gain on sale and revaluation of assets
|
(126
|
)
|
|
—
|
|
|
(126
|
)
|
|||
Asset impairment, restructuring, and settlement charges
|
3
|
|
|
4
|
|
|
(1
|
)
|
|||
Oilseeds Processing Adjusted EBITDA
|
1,572
|
|
|
1,535
|
|
|
37
|
|
|||
Wild Flavors and Specialty Ingredients
|
|
|
|
|
|
||||||
Earnings before income taxes
|
205
|
|
|
267
|
|
|
(62
|
)
|
|||
Interest expense
|
7
|
|
|
—
|
|
|
7
|
|
|||
Depreciation and amortization
|
41
|
|
|
7
|
|
|
34
|
|
|||
Charges related to Wild Flavors
|
33
|
|
|
—
|
|
|
33
|
|
|||
Wild Flavors and Specialty Ingredients Adjusted EBITDA
|
286
|
|
|
274
|
|
|
12
|
|
|||
Other - Financial
|
|
|
|
|
|
|
|
|
|||
Earnings before income taxes
|
79
|
|
|
41
|
|
|
38
|
|
|||
Interest expense
|
1
|
|
|
2
|
|
|
(1
|
)
|
|||
Depreciation and amortization
|
5
|
|
|
6
|
|
|
(1
|
)
|
|||
Other - Financial Adjusted EBITDA
|
85
|
|
|
49
|
|
|
36
|
|
|||
Corporate
|
|
|
|
|
|
|
|
|
|||
Earnings before income taxes
|
(785
|
)
|
|
(684
|
)
|
|
(101
|
)
|
|||
Interest expense
|
320
|
|
|
409
|
|
|
(89
|
)
|
|||
Depreciation and amortization
|
55
|
|
|
42
|
|
|
13
|
|
|||
LIFO
|
(245
|
)
|
|
(225
|
)
|
|
(20
|
)
|
|||
Gain on sale and revaluation of assets
|
(9
|
)
|
|
—
|
|
|
(9
|
)
|
|||
Asset impairment, restructuring, and settlement charges
|
135
|
|
|
83
|
|
|
52
|
|
|||
Charges related to Wild Flavors and GrainCorp
|
102
|
|
|
55
|
|
|
47
|
|
|||
Corporate Adjusted EBITDA
|
(427
|
)
|
|
(320
|
)
|
|
(107
|
)
|
|||
Total Adjusted EBITDA
|
$
|
4,113
|
|
|
$
|
3,433
|
|
|
$
|
680
|
|
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
|
|
$
|
8,559
|
|
|
$
|
8,319
|
|
|
$
|
151
|
|
|
$
|
1
|
|
|
$
|
88
|
|
Energy
|
|
536
|
|
|
366
|
|
|
155
|
|
|
15
|
|
|
—
|
|
|||||
Other
|
|
581
|
|
|
294
|
|
|
230
|
|
|
14
|
|
|
43
|
|
|||||
Total purchases
|
|
9,676
|
|
|
8,979
|
|
|
536
|
|
|
30
|
|
|
131
|
|
|||||
Short-term debt
|
|
86
|
|
|
86
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Long-term debt
|
Note 10
|
5,791
|
|
|
12
|
|
|
844
|
|
|
560
|
|
|
4,375
|
|
|||||
Estimated interest payments
|
|
4,676
|
|
|
265
|
|
|
482
|
|
|
423
|
|
|
3,506
|
|
|||||
Operating leases
|
Note 14
|
906
|
|
|
232
|
|
|
326
|
|
|
156
|
|
|
192
|
|
|||||
Estimated pension and other postretirement plan contributions
(1)
|
Note 15
|
163
|
|
|
44
|
|
|
25
|
|
|
26
|
|
|
68
|
|
|||||
Total
|
|
$
|
21,298
|
|
|
$
|
9,618
|
|
|
$
|
2,213
|
|
|
$
|
1,195
|
|
|
$
|
8,272
|
|
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, 2015
|
|
December 31, 2014
|
||||||||||||
Long/(Short)
|
|
Fair Value
|
|
Market Risk
|
|
Fair Value
|
|
Market Risk
|
||||||||
|
|
(In millions)
|
||||||||||||||
Highest position
|
|
$
|
(49
|
)
|
|
$
|
(5
|
)
|
|
$
|
(97
|
)
|
|
$
|
(10
|
)
|
Lowest position
|
|
(1,851
|
)
|
|
(185
|
)
|
|
(1,672
|
)
|
|
(167
|
)
|
||||
Average position
|
|
(715
|
)
|
|
(72
|
)
|
|
(837
|
)
|
|
(84
|
)
|
Item 7A.
|
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK (Continued)
|
|
December 31, 2015
|
|
December 31, 2014
|
||||
|
(In millions)
|
||||||
Fair value of long-term debt
|
$
|
6,718
|
|
|
$
|
6,872
|
|
Excess of fair value over carrying value
|
938
|
|
|
1,314
|
|
||
Market risk
|
307
|
|
|
337
|
|
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
|
||||||||||
(In millions, except per share amounts)
|
December 31
|
||||||||||
|
2015
|
|
2014
|
|
2013
|
||||||
|
|
|
|
|
|
||||||
|
|
|
|
|
|
||||||
Revenues
|
$
|
67,702
|
|
|
$
|
81,201
|
|
|
$
|
89,804
|
|
Cost of products sold
|
63,682
|
|
|
76,433
|
|
|
85,915
|
|
|||
Gross Profit
|
4,020
|
|
|
4,768
|
|
|
3,889
|
|
|||
|
|
|
|
|
|
||||||
Selling, general and administrative expenses
|
2,010
|
|
|
1,907
|
|
|
1,759
|
|
|||
Asset impairment, exit, and restructuring costs
|
200
|
|
|
105
|
|
|
259
|
|
|||
Interest expense
|
308
|
|
|
337
|
|
|
413
|
|
|||
Equity in earnings of unconsolidated affiliates
|
(390
|
)
|
|
(372
|
)
|
|
(411
|
)
|
|||
Interest income
|
(71
|
)
|
|
(92
|
)
|
|
(102
|
)
|
|||
Other (income) expense - net
|
(321
|
)
|
|
(247
|
)
|
|
(53
|
)
|
|||
Earnings Before Income Taxes
|
2,284
|
|
|
3,130
|
|
|
2,024
|
|
|||
|
|
|
|
|
|
||||||
Income taxes
|
438
|
|
|
877
|
|
|
670
|
|
|||
Net Earnings Including Noncontrolling Interests
|
1,846
|
|
|
2,253
|
|
|
1,354
|
|
|||
|
|
|
|
|
|
||||||
Less: Net earnings (losses) attributable to noncontrolling interests
|
(3
|
)
|
|
5
|
|
|
12
|
|
|||
|
|
|
|
|
|
||||||
Net Earnings Attributable to Controlling Interests
|
$
|
1,849
|
|
|
$
|
2,248
|
|
|
$
|
1,342
|
|
|
|
|
|
|
|
||||||
Average number of shares outstanding – basic
|
618
|
|
|
653
|
|
|
661
|
|
|||
|
|
|
|
|
|
||||||
Average number of shares outstanding – diluted
|
621
|
|
|
656
|
|
|
663
|
|
|||
|
|
|
|
|
|
||||||
Basic earnings per common share
|
$
|
2.99
|
|
|
$
|
3.44
|
|
|
$
|
2.03
|
|
|
|
|
|
|
|
||||||
Diluted earnings per common share
|
$
|
2.98
|
|
|
$
|
3.43
|
|
|
$
|
2.02
|
|
|
Year Ended
|
||||||||||
(In millions)
|
December 31
|
||||||||||
|
2015
|
|
2014
|
|
2013
|
||||||
|
|
|
|
|
|
||||||
Net earnings including noncontrolling interests
|
$
|
1,846
|
|
|
$
|
2,253
|
|
|
$
|
1,354
|
|
Other comprehensive income (loss):
|
|
|
|
|
|
|
|||||
Foreign currency translation adjustment
|
(962
|
)
|
|
(954
|
)
|
|
125
|
|
|||
Tax effect
|
(11
|
)
|
|
30
|
|
|
2
|
|
|||
Net of tax amount
|
(973
|
)
|
|
(924
|
)
|
|
127
|
|
|||
|
|
|
|
|
|
||||||
Pension and other postretirement benefit liabilities adjustment
|
154
|
|
|
(464
|
)
|
|
411
|
|
|||
Tax effect
|
(47
|
)
|
|
164
|
|
|
(154
|
)
|
|||
Net of tax amount
|
107
|
|
|
(300
|
)
|
|
257
|
|
|||
|
|
|
|
|
|
||||||
Deferred gain (loss) on hedging activities
|
(99
|
)
|
|
68
|
|
|
2
|
|
|||
Tax effect
|
37
|
|
|
(26
|
)
|
|
(1
|
)
|
|||
Net of tax effect
|
(62
|
)
|
|
42
|
|
|
1
|
|
|||
|
|
|
|
|
|
||||||
Unrealized gain (loss) on investments
|
20
|
|
|
(5
|
)
|
|
—
|
|
|||
Tax effect
|
2
|
|
|
2
|
|
|
(1
|
)
|
|||
Net of tax effect
|
22
|
|
|
(3
|
)
|
|
(1
|
)
|
|||
Other comprehensive income (loss)
|
(906
|
)
|
|
(1,185
|
)
|
|
384
|
|
|||
Comprehensive income (loss)
|
940
|
|
|
1,068
|
|
|
1,738
|
|
|||
|
|
|
|
|
|
||||||
Less: Comprehensive income (loss) attributable to noncontrolling interests
|
(4
|
)
|
|
4
|
|
|
3
|
|
|||
|
|
|
|
|
|
||||||
Comprehensive income (loss) attributable to controlling interests
|
$
|
944
|
|
|
$
|
1,064
|
|
|
$
|
1,735
|
|
(In millions)
|
December 31, 2015
|
|
December 31, 2014
|
||||
Assets
|
|
|
|
||||
Current Assets
|
|
|
|
||||
Cash and cash equivalents
|
$
|
910
|
|
|
$
|
1,099
|
|
Short-term marketable securities
|
438
|
|
|
515
|
|
||
Segregated cash and investments
|
5,214
|
|
|
4,877
|
|
||
Trade receivables
|
1,738
|
|
|
2,704
|
|
||
Inventories
|
8,243
|
|
|
9,374
|
|
||
Current assets held for sale
|
—
|
|
|
1,403
|
|
||
Other current assets
|
5,286
|
|
|
6,056
|
|
||
Total Current Assets
|
21,829
|
|
|
26,028
|
|
||
Investments and Other Assets
|
|
|
|
|
|
||
Investments in and advances to affiliates
|
3,901
|
|
|
3,892
|
|
||
Long-term marketable securities
|
439
|
|
|
485
|
|
||
Goodwill and other intangible assets
|
3,688
|
|
|
3,392
|
|
||
Other assets
|
447
|
|
|
349
|
|
||
Total Investments and Other Assets
|
8,475
|
|
|
8,118
|
|
||
Property, Plant, and Equipment
|
|
|
|
|
|
||
Land
|
454
|
|
|
441
|
|
||
Buildings
|
4,715
|
|
|
4,668
|
|
||
Machinery and equipment
|
17,159
|
|
|
16,837
|
|
||
Construction in progress
|
946
|
|
|
819
|
|
||
|
23,274
|
|
|
22,765
|
|
||
Accumulated depreciation
|
(13,421
|
)
|
|
(12,914
|
)
|
||
Net Property, Plant, and Equipment
|
9,853
|
|
|
9,851
|
|
||
Total Assets
|
$
|
40,157
|
|
|
$
|
43,997
|
|
Liabilities and Shareholders’ Equity
|
|
|
|
|
|
||
Current Liabilities
|
|
|
|
|
|
||
Short-term debt
|
$
|
86
|
|
|
$
|
108
|
|
Trade payables
|
3,474
|
|
|
4,326
|
|
||
Payables to brokerage customers
|
5,820
|
|
|
5,874
|
|
||
Accrued expenses and other payables
|
4,113
|
|
|
5,040
|
|
||
Current maturities of long-term debt
|
12
|
|
|
24
|
|
||
Current liabilities held for sale
|
—
|
|
|
230
|
|
||
Total Current Liabilities
|
13,505
|
|
|
15,602
|
|
||
Long-Term Liabilities
|
|
|
|
|
|
||
Long-term debt
|
5,779
|
|
|
5,528
|
|
||
Deferred income taxes
|
1,563
|
|
|
1,662
|
|
||
Other
|
1,395
|
|
|
1,575
|
|
||
Total Long-Term Liabilities
|
8,737
|
|
|
8,765
|
|
||
Shareholders’ Equity
|
|
|
|
|
|
||
Common stock
|
3,180
|
|
|
5,115
|
|
||
Reinvested earnings
|
16,865
|
|
|
15,701
|
|
||
Accumulated other comprehensive income (loss)
|
(2,146
|
)
|
|
(1,241
|
)
|
||
Noncontrolling interests
|
16
|
|
|
55
|
|
||
Total Shareholders’ Equity
|
17,915
|
|
|
19,630
|
|
||
Total Liabilities and Shareholders’ Equity
|
$
|
40,157
|
|
|
$
|
43,997
|
|
|
Year Ended
|
||||||||||
(In millions)
|
December 31
|
||||||||||
|
2015
|
|
2014
|
|
2013
|
||||||
|
|
|
|
|
|
||||||
Operating Activities
|
|
|
|
|
|
||||||
Net earnings including noncontrolling interests
|
$
|
1,846
|
|
|
$
|
2,253
|
|
|
$
|
1,354
|
|
Adjustments to reconcile net earnings to net cash
|
|
|
|
|
|
|
|||||
provided by (used in) operating activities
|
|
|
|
|
|
|
|||||
Depreciation and amortization
|
882
|
|
|
894
|
|
|
909
|
|
|||
Asset impairment charges
|
129
|
|
|
41
|
|
|
259
|
|
|||
Deferred income taxes
|
(7
|
)
|
|
(59
|
)
|
|
161
|
|
|||
Equity in earnings of affiliates, net of dividends
|
(50
|
)
|
|
(215
|
)
|
|
(285
|
)
|
|||
Stock compensation expense
|
79
|
|
|
55
|
|
|
43
|
|
|||
Pension and postretirement accruals (contributions), net
|
(112
|
)
|
|
13
|
|
|
10
|
|
|||
Loss on debt extinguishment
|
189
|
|
|
—
|
|
|
—
|
|
|||
Gain on sale and revaluation of assets
|
(572
|
)
|
|
(351
|
)
|
|
(41
|
)
|
|||
Other – net
|
(152
|
)
|
|
71
|
|
|
(117
|
)
|
|||
Changes in operating assets and liabilities
|
|
|
|
|
|
|
|||||
Segregated cash and investments
|
(303
|
)
|
|
(935
|
)
|
|
(322
|
)
|
|||
Trade receivables
|
913
|
|
|
425
|
|
|
296
|
|
|||
Inventories
|
872
|
|
|
1,274
|
|
|
2,541
|
|
|||
Other current assets
|
460
|
|
|
220
|
|
|
227
|
|
|||
Trade payables
|
(774
|
)
|
|
(94
|
)
|
|
(291
|
)
|
|||
Payables to brokerage customers
|
24
|
|
|
1,167
|
|
|
231
|
|
|||
Accrued expenses and other payables
|
(943
|
)
|
|
203
|
|
|
251
|
|
|||
Total Operating Activities
|
2,481
|
|
|
4,962
|
|
|
5,226
|
|
|||
|
|
|
|
|
|
||||||
Investing Activities
|
|
|
|
|
|
|
|||||
Purchases of property, plant, and equipment
|
(1,125
|
)
|
|
(894
|
)
|
|
(913
|
)
|
|||
Net assets of businesses acquired
|
(479
|
)
|
|
(2,758
|
)
|
|
(44
|
)
|
|||
Proceeds from sale of business and assets
|
1,765
|
|
|
414
|
|
|
86
|
|
|||
Cash divested from deconsolidation
|
—
|
|
|
(12
|
)
|
|
—
|
|
|||
Purchases of marketable securities
|
(1,084
|
)
|
|
(1,344
|
)
|
|
(891
|
)
|
|||
Proceeds from sales of marketable securities
|
1,119
|
|
|
1,239
|
|
|
995
|
|
|||
Other – net
|
(217
|
)
|
|
(52
|
)
|
|
190
|
|
|||
Total Investing Activities
|
(21
|
)
|
|
(3,407
|
)
|
|
(577
|
)
|
|||
|
|
|
|
|
|
||||||
Financing Activities
|
|
|
|
|
|
|
|||||
Long-term debt borrowings
|
1,252
|
|
|
1
|
|
|
23
|
|
|||
Long-term debt payments
|
(994
|
)
|
|
(1,251
|
)
|
|
(275
|
)
|
|||
Net borrowings (payments) under lines of credit agreements
|
(18
|
)
|
|
(458
|
)
|
|
(2,461
|
)
|
|||
Debt repurchase premium and costs
|
(189
|
)
|
|
—
|
|
|
—
|
|
|||
Purchases of treasury stock
|
(2,040
|
)
|
|
(1,183
|
)
|
|
(101
|
)
|
|||
Cash dividends
|
(687
|
)
|
|
(624
|
)
|
|
(501
|
)
|
|||
Acquisition of noncontrolling interests
|
—
|
|
|
(157
|
)
|
|
—
|
|
|||
Other – net
|
27
|
|
|
95
|
|
|
73
|
|
|||
Total Financing Activities
|
(2,649
|
)
|
|
(3,577
|
)
|
|
(3,242
|
)
|
|||
|
|
|
|
|
|
||||||
Increase (decrease) in cash and cash equivalents
|
(189
|
)
|
|
(2,022
|
)
|
|
1,407
|
|
|||
Cash and cash equivalents – beginning of year
|
1,099
|
|
|
3,121
|
|
|
1,714
|
|
|||
Cash and cash equivalents
–
end of year
|
$
|
910
|
|
|
$
|
1,099
|
|
|
$
|
3,121
|
|
|
|
|
|
|
|
||||||
Cash paid for interest and income taxes were as follows:
|
|
|
|
|
|
||||||
Interest
|
$
|
334
|
|
|
$
|
338
|
|
|
$
|
380
|
|
Income taxes
|
602
|
|
|
720
|
|
|
556
|
|
|
|
|
|
|
|
|
Accumulated
Other
|
|
|
|
Total
|
|||||||||||
|
Common Stock
|
|
Reinvested
|
|
Comprehensive
|
|
Noncontrolling
|
|
Shareholders’
|
|||||||||||||
|
Shares
|
|
Amount
|
|
Earnings
|
|
Income (Loss)
|
|
Interests
|
|
Equity
|
|||||||||||
|
(In millions)
|
|||||||||||||||||||||
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-$0.76 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
|
|
Comprehensive income
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net earnings
|
|
|
|
|
2,248
|
|
|
|
|
5
|
|
|
|
|||||||||
Other comprehensive income
|
|
|
|
|
|
|
(1,184
|
)
|
|
(1
|
)
|
|
|
|||||||||
Total comprehensive income
|
|
|
|
|
|
|
|
|
|
|
1,068
|
|
||||||||||
Cash dividends paid-$0.96 per share
|
|
|
|
|
(624
|
)
|
|
|
|
|
|
(624
|
)
|
|||||||||
Treasury stock purchases
|
(25
|
)
|
|
(1,183
|
)
|
|
|
|
|
|
|
|
(1,183
|
)
|
||||||||
Stock compensation expense
|
|
|
55
|
|
|
|
|
|
|
|
|
55
|
|
|||||||||
Acquisition of noncontrolling interests
|
|
|
(12
|
)
|
|
|
|
|
|
|
|
(12
|
)
|
|||||||||
Noncontrolling interests from business combinations
|
|
|
|
|
|
|
|
|
19
|
|
|
19
|
|
|||||||||
Other
|
3
|
|
|
119
|
|
|
|
|
|
|
(6
|
)
|
|
113
|
|
|||||||
Balance, December 31, 2014
|
637
|
|
|
$
|
5,115
|
|
|
$
|
15,701
|
|
|
$
|
(1,241
|
)
|
|
$
|
55
|
|
|
$
|
19,630
|
|
Comprehensive income
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net earnings
|
|
|
|
|
1,849
|
|
|
|
|
(3
|
)
|
|
|
|||||||||
Other comprehensive income
|
|
|
|
|
|
|
(905
|
)
|
|
(1
|
)
|
|
|
|||||||||
Total comprehensive income
|
|
|
|
|
|
|
|
|
|
|
940
|
|
||||||||||
Cash dividends paid-$1.12 per share
|
|
|
|
|
(687
|
)
|
|
|
|
|
|
(687
|
)
|
|||||||||
Treasury stock purchases
|
(43
|
)
|
|
(2,040
|
)
|
|
|
|
|
|
|
|
(2,040
|
)
|
||||||||
Stock compensation expense
|
1
|
|
|
79
|
|
|
|
|
|
|
|
|
79
|
|
||||||||
Other
|
—
|
|
|
26
|
|
|
2
|
|
|
|
|
(35
|
)
|
|
(7
|
)
|
||||||
Balance, December 31, 2015
|
595
|
|
|
$
|
3,180
|
|
|
$
|
16,865
|
|
|
$
|
(2,146
|
)
|
|
$
|
16
|
|
|
$
|
17,915
|
|
|
December 31, 2015
|
|
December 31, 2014
|
||||
|
(In millions)
|
||||||
LIFO inventories
|
|
|
|
||||
FIFO value
|
$
|
1,077
|
|
|
$
|
1,199
|
|
LIFO valuation reserve
|
(56
|
)
|
|
(53
|
)
|
||
LIFO inventories carrying value
|
1,021
|
|
|
1,146
|
|
||
FIFO inventories
|
2,756
|
|
|
3,058
|
|
||
Market inventories
|
4,066
|
|
|
4,699
|
|
||
Supplies and other inventories
|
400
|
|
|
471
|
|
||
Total inventories
|
$
|
8,243
|
|
|
$
|
9,374
|
|
(In millions)
|
Eaststarch C.V.
|
Others
|
Total
|
||||||
Trade receivables
|
$
|
27
|
|
$
|
25
|
|
$
|
52
|
|
Inventories
|
47
|
|
15
|
|
62
|
|
|||
Other current assets
|
24
|
|
6
|
|
30
|
|
|||
Investments in and advances to affiliates
|
193
|
|
—
|
|
193
|
|
|||
Goodwill
|
132
|
|
119
|
|
251
|
|
|||
Other intangible assets
|
166
|
|
161
|
|
327
|
|
|||
Property, plant, and equipment
|
126
|
|
73
|
|
199
|
|
|||
Other assets
|
—
|
|
15
|
|
15
|
|
|||
Trade payables
|
(16
|
)
|
(13
|
)
|
(29
|
)
|
|||
Accrued expense and other payables
|
(24
|
)
|
(13
|
)
|
(37
|
)
|
|||
Long-term debt
|
—
|
|
(43
|
)
|
(43
|
)
|
|||
Deferred income taxes
|
(32
|
)
|
(38
|
)
|
(70
|
)
|
|||
Other liabilities
|
(22
|
)
|
—
|
|
(22
|
)
|
|||
Total purchase price, net of cash acquired, plus acquisition date fair values of previously held equity interests
|
$
|
621
|
|
$
|
307
|
|
$
|
928
|
|
|
Weighted Average
|
|
|
|
||||||
|
Useful Life
|
Eaststarch C.V.
|
Others
|
Total
|
||||||
|
(In years)
|
(In millions)
|
||||||||
Intangible assets with indefinite lives:
|
|
|
|
|
||||||
Trademarks/brands
|
|
$
|
—
|
|
$
|
5
|
|
$
|
5
|
|
Intangible assets with finite lives:
|
|
|
|
|
||||||
Land rights
|
33
|
—
|
|
122
|
|
122
|
|
|||
Customer lists
|
15
|
166
|
|
31
|
|
197
|
|
|||
Recipes and other
|
5
|
—
|
|
3
|
|
3
|
|
|||
Total other intangible assets acquired
|
|
$
|
166
|
|
$
|
161
|
|
$
|
327
|
|
(In millions)
|
Wild Flavors
|
SCI
|
Others
|
Total
|
||||||||
Trade receivables
|
$
|
176
|
|
$
|
48
|
|
$
|
8
|
|
$
|
232
|
|
Inventories
|
286
|
|
72
|
|
25
|
|
383
|
|
||||
Other current assets
|
64
|
|
2
|
|
—
|
|
66
|
|
||||
Goodwill
|
1,698
|
|
59
|
|
15
|
|
1,772
|
|
||||
Other intangible assets
|
1,103
|
|
46
|
|
35
|
|
1,184
|
|
||||
Property, plant, and equipment
|
423
|
|
10
|
|
30
|
|
463
|
|
||||
Other assets
|
68
|
|
6
|
|
—
|
|
74
|
|
||||
Short-term debt
|
(215
|
)
|
—
|
|
(1
|
)
|
(216
|
)
|
||||
Trade payables
|
(128
|
)
|
(25
|
)
|
(1
|
)
|
(154
|
)
|
||||
Accrued expenses and other payables
|
(214
|
)
|
(14
|
)
|
(10
|
)
|
(238
|
)
|
||||
Long-term debt
|
(238
|
)
|
—
|
|
(3
|
)
|
(241
|
)
|
||||
Deferred income taxes
|
(378
|
)
|
(16
|
)
|
—
|
|
(394
|
)
|
||||
Other liabilities
|
(173
|
)
|
—
|
|
—
|
|
(173
|
)
|
||||
Total purchase price, net of cash acquired
|
$
|
2,472
|
|
$
|
188
|
|
$
|
98
|
|
$
|
2,758
|
|
|
Weighted Average
|
|
|
|
|
||||||||
|
Useful Life
|
Wild Flavors
|
SCI
|
Others
|
Total
|
||||||||
|
(In years)
|
(In millions)
|
|||||||||||
Intangible assets with indefinite lives:
|
|
|
|
|
|
||||||||
Trademarks/brands
|
|
$
|
238
|
|
$
|
—
|
|
$
|
12
|
|
$
|
250
|
|
Intangible assets with finite lives:
|
|
|
|
|
|
||||||||
Patents
|
15
|
—
|
|
3
|
|
—
|
|
3
|
|
||||
Customer lists
|
15
|
552
|
|
36
|
|
21
|
|
609
|
|
||||
Recipes and other
|
15
|
313
|
|
7
|
|
2
|
|
322
|
|
||||
Total other intangible assets acquired
|
|
$
|
1,103
|
|
$
|
46
|
|
$
|
35
|
|
$
|
1,184
|
|
|
Fair Value Measurements at December 31, 2015
|
||||||||||||||
|
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
|
$
|
—
|
|
|
$
|
3,062
|
|
|
$
|
1,004
|
|
|
$
|
4,066
|
|
Unrealized derivative gains:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Commodity contracts
|
—
|
|
|
403
|
|
|
243
|
|
|
646
|
|
||||
Foreign exchange contracts
|
1
|
|
|
92
|
|
|
—
|
|
|
93
|
|
||||
Interest rate contracts
|
—
|
|
|
19
|
|
|
—
|
|
|
19
|
|
||||
Cash equivalents
|
328
|
|
|
—
|
|
|
—
|
|
|
328
|
|
||||
Marketable securities
|
698
|
|
|
175
|
|
|
—
|
|
|
873
|
|
||||
Segregated investments
|
1,938
|
|
|
—
|
|
|
—
|
|
|
1,938
|
|
||||
Deferred consideration
|
—
|
|
|
513
|
|
|
—
|
|
|
513
|
|
||||
Total Assets
|
$
|
2,965
|
|
|
$
|
4,264
|
|
|
$
|
1,247
|
|
|
$
|
8,476
|
|
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Unrealized derivative losses:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Commodity contracts
|
$
|
—
|
|
|
$
|
306
|
|
|
$
|
113
|
|
|
$
|
419
|
|
Foreign exchange contracts
|
—
|
|
|
186
|
|
|
—
|
|
|
186
|
|
||||
Inventory-related payables
|
—
|
|
|
705
|
|
|
16
|
|
|
721
|
|
||||
Total Liabilities
|
$
|
—
|
|
|
$
|
1,197
|
|
|
$
|
129
|
|
|
$
|
1,326
|
|
|
Fair Value Measurements at December 31, 2014
|
||||||||||||||
|
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
|
$
|
—
|
|
|
$
|
3,208
|
|
|
$
|
1,491
|
|
|
$
|
4,699
|
|
Unrealized derivative gains:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Commodity contracts
|
—
|
|
|
487
|
|
|
203
|
|
|
690
|
|
||||
Foreign exchange contracts
|
—
|
|
|
186
|
|
|
—
|
|
|
186
|
|
||||
Interest rate contracts
|
—
|
|
|
21
|
|
|
—
|
|
|
21
|
|
||||
Cash equivalents
|
491
|
|
|
—
|
|
|
—
|
|
|
491
|
|
||||
Marketable securities
|
860
|
|
|
80
|
|
|
—
|
|
|
940
|
|
||||
Segregated investments
|
2,158
|
|
|
—
|
|
|
—
|
|
|
2,158
|
|
||||
Deferred consideration
|
—
|
|
|
511
|
|
|
—
|
|
|
511
|
|
||||
Total Assets
|
$
|
3,509
|
|
|
$
|
4,493
|
|
|
$
|
1,694
|
|
|
$
|
9,696
|
|
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Unrealized derivative losses:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Commodity contracts
|
$
|
—
|
|
|
$
|
564
|
|
|
$
|
212
|
|
|
$
|
776
|
|
Foreign exchange contracts
|
—
|
|
|
150
|
|
|
—
|
|
|
150
|
|
||||
Inventory-related payables
|
—
|
|
|
612
|
|
|
40
|
|
|
652
|
|
||||
Total Liabilities
|
$
|
—
|
|
|
$
|
1,326
|
|
|
$
|
252
|
|
|
$
|
1,578
|
|
|
Level 3 Fair Value Assets Measurements at December 31, 2015
|
||||||||||
|
Inventories
Carried at
Market
|
|
Commodity
Derivative
Contracts
Gains
|
|
Total
|
||||||
|
(In millions)
|
||||||||||
Balance, December 31, 2014
|
$
|
1,491
|
|
|
$
|
203
|
|
|
$
|
1,694
|
|
Total increase (decrease) in net realized/unrealized gains included in cost of products sold*
|
(320
|
)
|
|
265
|
|
|
(55
|
)
|
|||
Purchases
|
10,459
|
|
|
—
|
|
|
10,459
|
|
|||
Sales
|
(10,534
|
)
|
|
—
|
|
|
(10,534
|
)
|
|||
Settlements
|
—
|
|
|
(378
|
)
|
|
(378
|
)
|
|||
Transfers into Level 3
|
146
|
|
|
195
|
|
|
341
|
|
|||
Transfers out of Level 3
|
(238
|
)
|
|
(42
|
)
|
|
(280
|
)
|
|||
Ending balance, December 31, 2015
|
$
|
1,004
|
|
|
$
|
243
|
|
|
$
|
1,247
|
|
|
Fair Value Liabilities Measurements at December 31, 2015
|
||||||||||
|
Inventory-
related
Payables
|
|
Commodity
Derivative
Contracts
Losses
|
|
Total
|
||||||
|
(In millions)
|
||||||||||
Balance, December 31, 2014
|
$
|
40
|
|
|
$
|
212
|
|
|
$
|
252
|
|
Total increase (decrease) in net realized/unrealized losses included in cost of products sold*
|
(10
|
)
|
|
315
|
|
|
305
|
|
|||
Purchases
|
17
|
|
|
—
|
|
|
17
|
|
|||
Sales
|
(31
|
)
|
|
—
|
|
|
(31
|
)
|
|||
Settlements
|
—
|
|
|
(566
|
)
|
|
(566
|
)
|
|||
Transfers into Level 3
|
—
|
|
|
177
|
|
|
177
|
|
|||
Transfers out of Level 3
|
—
|
|
|
(25
|
)
|
|
(25
|
)
|
|||
Ending balance, December 31, 2015
|
$
|
16
|
|
|
$
|
113
|
|
|
$
|
129
|
|
|
Fair Value Assets Measurements at December 31, 2014
|
||||||||||
|
Inventories
Carried at
Market
|
|
Commodity
Derivative
Contracts
Gains
|
|
Total
|
||||||
|
(In millions)
|
||||||||||
Balance, December 31, 2013
|
$
|
1,812
|
|
|
$
|
279
|
|
|
$
|
2,091
|
|
Total increase (decrease) in net realized/unrealized gains included in cost of products sold*
|
15
|
|
|
544
|
|
|
559
|
|
|||
Purchases
|
16,114
|
|
|
—
|
|
|
16,114
|
|
|||
Sales
|
(16,384
|
)
|
|
—
|
|
|
(16,384
|
)
|
|||
Settlements
|
—
|
|
|
(948
|
)
|
|
(948
|
)
|
|||
Transfers into Level 3
|
44
|
|
|
395
|
|
|
439
|
|
|||
Transfers out of Level 3
|
(110
|
)
|
|
(67
|
)
|
|
(177
|
)
|
|||
Ending balance, December 31, 2014
|
$
|
1,491
|
|
|
$
|
203
|
|
|
$
|
1,694
|
|
|
Fair Value Liabilities Measurements at December 31, 2014
|
||||||||||
|
Inventory-
related
Payables
|
|
Commodity
Derivative
Contracts
Losses
|
|
Total
|
||||||
|
(In millions)
|
||||||||||
Balance, December 31, 2013
|
$
|
34
|
|
|
$
|
261
|
|
|
$
|
295
|
|
Total increase (decrease) in net realized/unrealized losses included in cost of products sold*
|
22
|
|
|
534
|
|
|
556
|
|
|||
Purchases
|
29
|
|
|
—
|
|
|
29
|
|
|||
Sales
|
(45
|
)
|
|
—
|
|
|
(45
|
)
|
|||
Settlements
|
—
|
|
|
(785
|
)
|
|
(785
|
)
|
|||
Transfers into Level 3
|
—
|
|
|
256
|
|
|
256
|
|
|||
Transfers out of Level 3
|
—
|
|
|
(54
|
)
|
|
(54
|
)
|
|||
Ending balance, December 31, 2014
|
$
|
40
|
|
|
$
|
212
|
|
|
$
|
252
|
|
|
|
Weighted Average
% of Total Price
|
||||||
|
|
December 31, 2015
|
|
December 31, 2014
|
||||
Component Type
|
|
Assets
|
|
Liabilities
|
|
Assets
|
|
Liabilities
|
Inventories
|
|
|
|
|
|
|
|
|
Basis
|
|
10.0%
|
|
53.5%
|
|
23.4%
|
|
43.4%
|
Transportation cost
|
|
1.8%
|
|
—%
|
|
4.9%
|
|
15.2%
|
Commodity Derivative Contracts
|
|
|
|
|
|
|
|
|
Basis
|
|
17.7%
|
|
17.9%
|
|
13.5%
|
|
13.6%
|
Transportation cost
|
|
6.6%
|
|
10.4%
|
|
10.2%
|
|
19.5%
|
|
December 31, 2015
|
|
December 31, 2014
|
||||||||||||
|
Assets
|
|
Liabilities
|
|
Assets
|
|
Liabilities
|
||||||||
|
(In millions)
|
||||||||||||||
Foreign Currency Contracts
|
$
|
93
|
|
|
$
|
186
|
|
|
$
|
186
|
|
|
$
|
150
|
|
Commodity Contracts
|
646
|
|
|
419
|
|
|
690
|
|
|
776
|
|
||||
Total
|
$
|
739
|
|
|
$
|
605
|
|
|
$
|
876
|
|
|
$
|
926
|
|
|
Year Ended
|
||||||||||
(In millions)
|
December 31
|
||||||||||
|
2015
|
|
2014
|
|
2013
|
||||||
|
|
|
|
|
|
||||||
Interest Contracts
|
|
|
|
|
|
||||||
Other income (expense) - net
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1
|
|
Foreign Currency Contracts
|
|
|
|
|
|
|
|||||
Revenues
|
$
|
16
|
|
|
$
|
(1
|
)
|
|
$
|
108
|
|
Cost of products sold
|
(185
|
)
|
|
131
|
|
|
(157
|
)
|
|||
Other income (expense) - net
|
8
|
|
|
(171
|
)
|
|
61
|
|
|||
Commodity Contracts
|
|
|
|
|
|
|
|||||
Cost of products sold
|
$
|
777
|
|
|
$
|
(263
|
)
|
|
$
|
301
|
|
Total gain (loss) recognized in earnings
|
$
|
616
|
|
|
$
|
(304
|
)
|
|
$
|
314
|
|
|
December 31, 2015
|
|
December 31, 2014
|
||||||||||||
|
Assets
|
|
Liabilities
|
|
Assets
|
|
Liabilities
|
||||||||
|
(In millions)
|
||||||||||||||
Interest Contracts
|
$
|
19
|
|
|
$
|
—
|
|
|
$
|
21
|
|
|
$
|
—
|
|
Total
|
$
|
19
|
|
|
$
|
—
|
|
|
$
|
21
|
|
|
$
|
—
|
|
|
|
Year Ended
|
||||||||||
|
Consolidated Statement of
|
December 31
|
||||||||||
(In millions)
|
Earnings Locations
|
2015
|
|
2014
|
|
2013
|
||||||
|
|
|
|
|
|
|
||||||
Effective amounts recognized in earnings
|
|
|
|
|
|
|||||||
FX Contracts
|
Other income/expense -net
|
$
|
29
|
|
|
$
|
5
|
|
|
$
|
(1
|
)
|
Interest Contracts
|
Interest expense
|
1
|
|
|
1
|
|
|
1
|
|
|||
Commodity Contracts
|
Cost of products sold
|
(25
|
)
|
|
(124
|
)
|
|
(41
|
)
|
|||
|
Revenues
|
41
|
|
|
(69
|
)
|
|
4
|
|
|||
|
|
|
|
|
|
|
||||||
Ineffective amount recognized in earnings
|
|
|
|
|
|
|
||||||
Interest contracts
|
Other income/expense -net
|
1
|
|
|
—
|
|
|
—
|
|
|||
Commodity contracts
|
Cost of products sold
|
$
|
(12
|
)
|
|
$
|
(4
|
)
|
|
$
|
(120
|
)
|
|
Revenues
|
6
|
|
|
(34
|
)
|
|
—
|
|
|||
Total amount recognized in earnings
|
$
|
41
|
|
|
$
|
(225
|
)
|
|
$
|
(157
|
)
|
|
Cost
|
|
Unrealized
Gains |
|
Unrealized
Losses |
|
Fair
Value |
||||||||
|
(In millions)
|
||||||||||||||
December 31, 2015
|
|
|
|
|
|
|
|
||||||||
United States government obligations
|
|
|
|
|
|
|
|
||||||||
Maturity less than 1 year
|
$
|
256
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
256
|
|
Maturity 1 to 5 years
|
116
|
|
|
—
|
|
|
—
|
|
|
116
|
|
||||
Corporate debt securities
|
|
|
|
|
|
|
|
||||||||
Maturity 1 to 5 years
|
26
|
|
|
—
|
|
|
—
|
|
|
26
|
|
||||
Other debt securities
|
|
|
|
|
|
|
|
||||||||
Maturity less than 1 year
|
182
|
|
|
—
|
|
|
—
|
|
|
182
|
|
||||
Maturity 1 to 5 years
|
3
|
|
|
—
|
|
|
—
|
|
|
3
|
|
||||
Equity securities
|
|
|
|
|
|
|
|
||||||||
Available-for-sale
|
296
|
|
|
4
|
|
|
(6
|
)
|
|
294
|
|
||||
|
$
|
879
|
|
|
$
|
4
|
|
|
$
|
(6
|
)
|
|
$
|
877
|
|
|
|
|
|
|
|
|
|
||||||||
|
Cost
|
|
Unrealized
Gains
|
|
Unrealized
Losses
|
|
Fair
Value
|
||||||||
|
(In millions)
|
||||||||||||||
December 31, 2014
|
|
|
|
|
|
|
|
||||||||
United States government obligations
|
|
|
|
|
|
|
|
||||||||
Maturity less than 1 year
|
$
|
385
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
385
|
|
Maturity 1 to 5 years
|
93
|
|
|
—
|
|
|
—
|
|
|
93
|
|
||||
Corporate debt securities
|
|
|
|
|
|
|
|
|
|
|
|
||||
Maturity 1 to 5 years
|
72
|
|
|
—
|
|
|
—
|
|
|
72
|
|
||||
Other debt securities
|
|
|
|
|
|
|
|
|
|
|
|
||||
Maturity less than 1 year
|
130
|
|
|
—
|
|
|
—
|
|
|
130
|
|
||||
Maturity 1 to 5 years
|
3
|
|
|
—
|
|
|
—
|
|
|
3
|
|
||||
Equity securities
|
|
|
|
|
|
|
|
|
|
|
|
||||
Available-for-sale
|
328
|
|
|
1
|
|
|
(12
|
)
|
|
317
|
|
||||
|
$
|
1,011
|
|
|
$
|
1
|
|
|
$
|
(12
|
)
|
|
$
|
1,000
|
|
|
December 31, 2015
|
|
December 31, 2014
|
||||
|
(In millions)
|
||||||
Unrealized gains on derivative contracts
|
$
|
758
|
|
|
$
|
897
|
|
Deferred receivables consideration
|
513
|
|
|
511
|
|
||
Customer omnibus receivable
|
1,148
|
|
|
1,532
|
|
||
Financing receivables - net
(1)
|
352
|
|
|
402
|
|
||
Insurance premiums receivable
|
584
|
|
|
403
|
|
||
Prepaid expenses
|
406
|
|
|
493
|
|
||
Non-trade receivables
|
838
|
|
|
1,202
|
|
||
Other current assets
|
687
|
|
|
616
|
|
||
|
$
|
5,286
|
|
|
$
|
6,056
|
|
|
December 31, 2015
|
|
December 31, 2014
|
||||
|
(In millions)
|
||||||
Unrealized losses on derivative contracts
|
$
|
605
|
|
|
$
|
926
|
|
Reinsurance premiums payable
|
425
|
|
|
352
|
|
||
Insurance claims payable
|
459
|
|
|
376
|
|
||
Deferred income
|
1,152
|
|
|
1,684
|
|
||
Other accruals and payables
|
1,472
|
|
|
1,702
|
|
||
|
$
|
4,113
|
|
|
$
|
5,040
|
|
|
December 31
|
||||||
(In millions)
|
2015
|
|
2014
|
||||
Current assets
|
$
|
25,475
|
|
|
$
|
27,307
|
|
Non-current assets
|
21,077
|
|
|
21,624
|
|
||
Current liabilities
|
(20,362
|
)
|
|
(19,370
|
)
|
||
Non-current liabilities
|
(8,449
|
)
|
|
(9,882
|
)
|
||
Noncontrolling interests
|
(947
|
)
|
|
(897
|
)
|
||
Net assets
|
$
|
16,794
|
|
|
$
|
18,782
|
|
|
Year Ended
|
||||||||||
|
December 31
|
||||||||||
(In millions)
|
2015
|
|
2014
|
|
2013
|
||||||
|
|
|
|
|
|
|
|||||
Net Sales
|
$
|
47,980
|
|
|
$
|
50,591
|
|
|
$
|
51,967
|
|
Gross profit
|
4,530
|
|
|
4,558
|
|
|
4,373
|
|
|||
Net income
|
1,428
|
|
|
1,561
|
|
|
1,762
|
|
|
December 31, 2015
|
December 31, 2014
|
|||||
|
(In millions)
|
||||||
Agricultural Services
|
$
|
48
|
|
|
$
|
48
|
|
Corn Processing
|
225
|
|
|
94
|
|
||
Oilseeds Processing
|
94
|
|
|
130
|
|
||
Wild Flavors and Specialty Ingredients
|
1,808
|
|
|
1,728
|
|
||
Other
|
10
|
|
|
10
|
|
||
Total
|
$
|
2,185
|
|
|
$
|
2,010
|
|
|
|
|
December 31, 2015
|
|
December 31, 2014
|
||||||||||||||||||||
|
Useful
|
|
Gross
|
|
Accumulated
|
|
|
|
Gross
|
|
Accumulated
|
|
|
||||||||||||
|
Life
|
|
Amount
|
|
Amortization
|
|
Net
|
|
Amount
|
|
Amortization
|
|
Net
|
||||||||||||
|
(In years)
|
|
(In millions)
|
||||||||||||||||||||||
Intangible assets with indefinite lives:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Trademarks/brands
|
|
|
$
|
227
|
|
|
$
|
—
|
|
|
$
|
227
|
|
|
$
|
267
|
|
|
$
|
—
|
|
|
267
|
|
|
Other
|
|
|
1
|
|
|
—
|
|
|
1
|
|
|
1
|
|
|
—
|
|
|
1
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Intangible assets with definite lives:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Trademarks/brands
|
20
|
|
25
|
|
|
(6
|
)
|
|
19
|
|
|
25
|
|
|
(5
|
)
|
|
20
|
|
||||||
Customer lists
|
3 to 20
|
|
826
|
|
|
(83
|
)
|
|
743
|
|
|
663
|
|
|
(32
|
)
|
|
631
|
|
||||||
Patents
|
15 to 20
|
|
44
|
|
|
(30
|
)
|
|
14
|
|
|
44
|
|
|
(29
|
)
|
|
15
|
|
||||||
Computer software
|
3 to 8
|
|
230
|
|
|
(128
|
)
|
|
102
|
|
|
213
|
|
|
(102
|
)
|
|
111
|
|
||||||
Land rights
|
8 to 47
|
|
137
|
|
|
(8
|
)
|
|
129
|
|
|
23
|
|
|
(7
|
)
|
|
16
|
|
||||||
Recipes and other
|
2 to 15
|
|
459
|
|
|
(191
|
)
|
|
268
|
|
|
343
|
|
|
(22
|
)
|
|
321
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Total
|
|
|
$
|
1,949
|
|
|
$
|
(446
|
)
|
|
$
|
1,503
|
|
|
$
|
1,579
|
|
|
$
|
(197
|
)
|
|
$
|
1,382
|
|
|
December 31, 2015
|
|
December 31, 2014
|
||||
|
(In millions)
|
||||||
1.75% Notes €600 million, due in 2023
|
$
|
644
|
|
|
$
|
—
|
|
|
|
|
|
||||
5.45% Notes $562 million face amount, due in 2018
(1)
|
561
|
|
|
699
|
|
||
|
|
|
|
||||
Floating Rate Notes €500 million, due in 2019
|
541
|
|
|
—
|
|
||
|
|
|
|
||||
4.479% Debentures $516 million face amount, due in 2021
(2)
|
516
|
|
|
771
|
|
||
|
|
|
|
||||
5.375% Debentures $470 million face amount, due in 2035
(3)
|
459
|
|
|
585
|
|
||
|
|
|
|
||||
5.765% Debentures $378 million face amount, due in 2041
(4)
|
378
|
|
|
595
|
|
||
|
|
|
|
||||
5.935% Debentures $383 million face amount, due in 2032
(5)
|
377
|
|
|
415
|
|
||
|
|
|
|
||||
4.016% Debentures $570 million face amount, due in 2043
|
377
|
|
|
374
|
|
||
|
|
|
|
||||
4.535% Debentures $528 million face amount due in 2042
|
374
|
|
|
372
|
|
||
|
|
|
|
||||
8.375% Debentures $261 million face amount, due in 2017
(6)
|
260
|
|
|
294
|
|
||
|
|
|
|
||||
7.0% Debentures $164 million face amount, due in 2031
(7)
|
163
|
|
|
183
|
|
||
|
|
|
|
||||
6.625% Debentures $160 million face amount, due in 2029
(8)
|
159
|
|
|
181
|
|
||
|
|
|
|
||||
6.95% Debentures $159 million face amount, due in 2097
(9)
|
155
|
|
|
168
|
|
||
|
|
|
|
||||
7.5% Debentures $150 million face amount, due in 2027
(10)
|
149
|
|
|
185
|
|
||
|
|
|
|
||||
6.45% Debentures $127 million face amount, due in 2038
(11)
|
125
|
|
|
152
|
|
||
|
|
|
|
||||
6.75% Debentures $118 million face amount, due in 2027
(12)
|
117
|
|
|
121
|
|
||
|
|
|
|
||||
Other
|
436
|
|
|
457
|
|
||
Total long-term debt including current maturities
|
5,791
|
|
|
5,552
|
|
||
Current maturities
|
(12
|
)
|
|
(24
|
)
|
||
Total long-term debt
|
$
|
5,779
|
|
|
$
|
5,528
|
|
|
Year Ended December 31
|
||||
|
2015
|
|
2014
|
|
2013
|
Dividend yield
|
2%
|
|
2%
|
|
2%
|
Risk-free interest rate
|
2%
|
|
2%
|
|
1%
|
Stock volatility
|
28%
|
|
37%
|
|
38%
|
Average expected life (years)
|
6
|
|
6
|
|
6
|
|
Shares
|
|
Weighted-Average
Exercise Price
|
|||
|
(In thousands, except per share amounts)
|
|||||
Shares under option at December 31, 2014
|
11,113
|
|
|
$
|
29.91
|
|
Granted
|
1,793
|
|
|
46.92
|
|
|
Exercised
|
(984
|
)
|
|
28.42
|
|
|
Forfeited or expired
|
(269
|
)
|
|
35.62
|
|
|
Shares under option at December 31, 2015
|
11,653
|
|
|
$
|
32.52
|
|
|
|
|
|
|||
Exercisable at December 31, 2015
|
7,307
|
|
|
$
|
29.29
|
|
|
Restricted
Stock Awards and PSUs
|
|
Weighted Average
Grant-Date Fair Value
|
|||
|
(In thousands, except per share amounts)
|
|||||
Non-vested at December 31, 2014
|
3,556
|
|
|
$
|
34.17
|
|
Granted
|
1,766
|
|
|
46.73
|
|
|
Vested
|
(1,044
|
)
|
|
26.69
|
|
|
Forfeited
|
(258
|
)
|
|
36.33
|
|
|
Non-vested at December 31, 2015
|
4,020
|
|
|
$
|
40.99
|
|
(In millions)
|
Year Ended December 31
|
||||||||||
|
2015
|
|
2014
|
|
2013
|
||||||
|
|
|
|
|
|
||||||
Gain on sale and revaluation of assets
|
$
|
(572
|
)
|
|
$
|
(351
|
)
|
|
$
|
(41
|
)
|
Loss on debt extinguishment
|
189
|
|
|
—
|
|
|
—
|
|
|||
Loss on derivatives
|
—
|
|
|
102
|
|
|
40
|
|
|||
Gain on marketable securities transactions
|
—
|
|
|
—
|
|
|
(8
|
)
|
|||
Other – net
|
62
|
|
|
2
|
|
|
(44
|
)
|
|||
|
$
|
(321
|
)
|
|
$
|
(247
|
)
|
|
$
|
(53
|
)
|
|
Year Ended
|
||||||||||
(In millions)
|
December 31
|
||||||||||
|
2015
|
|
2014
|
|
2013
|
||||||
|
|
|
|
|
|
||||||
United States
|
$
|
1,155
|
|
|
$
|
2,224
|
|
|
$
|
1,509
|
|
Foreign
|
1,129
|
|
|
906
|
|
|
515
|
|
|||
|
$
|
2,284
|
|
|
$
|
3,130
|
|
|
$
|
2,024
|
|
|
Year Ended
|
||||||||||
(In millions)
|
December 31
|
||||||||||
|
2015
|
|
2014
|
|
2013
|
||||||
|
|
|
|
|
|
||||||
Current
|
|
|
|
|
|
||||||
Federal
|
$
|
270
|
|
|
$
|
641
|
|
|
$
|
348
|
|
State
|
17
|
|
|
57
|
|
|
14
|
|
|||
Foreign
|
158
|
|
|
235
|
|
|
146
|
|
|||
Deferred
|
|
|
|
|
|
|
|||||
Federal
|
17
|
|
|
(29
|
)
|
|
112
|
|
|||
State
|
9
|
|
|
28
|
|
|
(5
|
)
|
|||
Foreign
|
(33
|
)
|
|
(55
|
)
|
|
55
|
|
|||
|
$
|
438
|
|
|
$
|
877
|
|
|
$
|
670
|
|
|
December 31, 2015
|
|
December 31, 2014
|
||||
|
(In millions)
|
||||||
Deferred tax liabilities
|
|
|
|
||||
Property, plant, and equipment
|
$
|
1,651
|
|
|
$
|
1,717
|
|
Equity in earnings of affiliates
|
306
|
|
|
394
|
|
||
Debt exchange
|
133
|
|
|
135
|
|
||
Inventories
|
18
|
|
|
57
|
|
||
Other
|
109
|
|
|
192
|
|
||
|
$
|
2,217
|
|
|
$
|
2,495
|
|
Deferred tax assets
|
|
|
|
|
|||
Pension and postretirement benefits
|
$
|
374
|
|
|
$
|
460
|
|
Stock compensation
|
70
|
|
|
55
|
|
||
Foreign tax credit carryforwards
|
90
|
|
|
76
|
|
||
Foreign tax loss carryforwards
|
301
|
|
|
305
|
|
||
Capital loss carryforwards
|
22
|
|
|
21
|
|
||
State tax attributes
|
62
|
|
|
70
|
|
||
Unrealized foreign currency losses
|
71
|
|
|
86
|
|
||
Reserves and other accruals
|
26
|
|
|
43
|
|
||
Other
|
125
|
|
|
271
|
|
||
Gross deferred tax assets
|
1,141
|
|
|
1,387
|
|
||
Valuation allowances
|
(302
|
)
|
|
(347
|
)
|
||
Net deferred tax assets
|
$
|
839
|
|
|
$
|
1,040
|
|
|
|
|
|
||||
Net deferred tax liabilities
|
$
|
1,378
|
|
|
$
|
1,455
|
|
|
|
|
|
||||
The net deferred tax liabilities are classified as follows:
|
|
|
|
|
|||
Current assets
|
$
|
—
|
|
|
$
|
17
|
|
Current assets (foreign)
|
—
|
|
|
137
|
|
||
Current liabilities (foreign)
|
—
|
|
|
(33
|
)
|
||
Noncurrent assets (foreign)
|
185
|
|
|
86
|
|
||
Noncurrent liabilities
|
(1,394
|
)
|
|
(1,316
|
)
|
||
Noncurrent liabilities (foreign)
|
(169
|
)
|
|
(346
|
)
|
||
|
$
|
(1,378
|
)
|
|
$
|
(1,455
|
)
|
|
Year Ended
|
|||||||
|
December 31
|
|||||||
|
2015
|
|
2014
|
|
2013
|
|||
|
|
|
|
|
|
|||
Statutory rate
|
35.0
|
%
|
|
35.0
|
%
|
|
35.0
|
%
|
State income taxes, net of federal tax benefit
|
0.8
|
|
|
2.1
|
|
|
0.2
|
|
Foreign earnings taxed at rates other than the U.S. statutory rate
|
(9.9
|
)
|
|
(4.8
|
)
|
|
(3.7
|
)
|
Foreign currency effects/remeasurement
|
(1.8
|
)
|
|
0.1
|
|
|
(0.9
|
)
|
Income tax adjustment to filed returns
|
1.9
|
|
|
(2.5
|
)
|
|
0.5
|
|
Tax benefit on U.S. biodiesel credits
|
(1.6
|
)
|
|
(1.1
|
)
|
|
(5.1
|
)
|
Tax benefit on U.S. qualified production activity deduction
|
(1.8
|
)
|
|
(1.8
|
)
|
|
(1.4
|
)
|
Valuation allowances
|
(3.1
|
)
|
|
—
|
|
|
8.0
|
|
Other
|
(0.3
|
)
|
|
1.0
|
|
|
0.5
|
|
Effective income tax rate
|
19.2
|
%
|
|
28.0
|
%
|
|
33.1
|
%
|
|
Unrecognized Tax Benefits
|
||||||
|
December 31, 2015
|
|
December 31, 2014
|
||||
|
(In millions)
|
||||||
Beginning balance
|
$
|
72
|
|
|
$
|
66
|
|
Additions related to current year’s tax positions
|
1
|
|
|
5
|
|
||
Additions related to prior years’ tax positions
|
17
|
|
|
7
|
|
||
Additions related to acquisitions
|
7
|
|
|
—
|
|
||
Reductions related to prior years’ tax positions
|
(19
|
)
|
|
(3
|
)
|
||
Reductions related to lapse of statute of limitations
|
(6
|
)
|
|
—
|
|
||
Settlements with tax authorities
|
(23
|
)
|
|
(3
|
)
|
||
Ending balance
|
$
|
49
|
|
|
$
|
72
|
|
|
Minimum
|
||
|
Rental Payments
|
||
|
(In millions)
|
||
2016
|
$
|
232
|
|
2017
|
189
|
|
|
2018
|
137
|
|
|
2019
|
93
|
|
|
2020
|
63
|
|
|
Thereafter
|
192
|
|
|
Total minimum lease payments
|
$
|
906
|
|
|
Pension Benefits
|
|
Postretirement Benefits
|
||||||||||||||||
(In millions)
|
Year Ended December 31
|
|
Year Ended December 31
|
||||||||||||||||
|
2015
|
2014
|
2013
|
|
2015
|
2014
|
2013
|
||||||||||||
Retirement plan expense
|
|
|
|
|
|
|
|
||||||||||||
Defined benefit plans:
|
|
|
|
|
|
|
|
||||||||||||
Service cost (benefits earned during the period)
|
$
|
92
|
|
$
|
71
|
|
$
|
84
|
|
|
$
|
5
|
|
$
|
4
|
|
$
|
5
|
|
Interest cost
|
112
|
|
126
|
|
114
|
|
|
8
|
|
8
|
|
7
|
|
||||||
Expected return on plan assets
|
(129
|
)
|
(155
|
)
|
(144
|
)
|
|
—
|
|
—
|
|
—
|
|
||||||
Settlement charges
|
60
|
|
95
|
|
—
|
|
|
—
|
|
—
|
|
—
|
|
||||||
Amortization of actuarial loss
|
69
|
|
36
|
|
74
|
|
|
7
|
|
2
|
|
5
|
|
||||||
Amortization of prior service cost (credit)
|
2
|
|
3
|
|
3
|
|
|
(17
|
)
|
(18
|
)
|
(18
|
)
|
||||||
Net periodic defined benefit plan expense
|
206
|
|
176
|
|
131
|
|
|
3
|
|
(4
|
)
|
(1
|
)
|
||||||
Defined contribution plans
|
52
|
|
50
|
|
44
|
|
|
—
|
|
—
|
|
—
|
|
||||||
Total retirement plan expense
|
$
|
258
|
|
$
|
226
|
|
$
|
175
|
|
|
$
|
3
|
|
$
|
(4
|
)
|
$
|
(1
|
)
|
|
Pension Benefits
|
|
Postretirement Benefits
|
||||||||||||
|
December 31
2015 |
|
December 31
2014 |
|
December 31
2015 |
|
December 31
2014 |
||||||||
|
(In millions)
|
|
(In millions)
|
||||||||||||
Benefit obligation, beginning
|
$
|
3,305
|
|
|
$
|
2,814
|
|
|
$
|
231
|
|
|
$
|
174
|
|
Service cost
|
92
|
|
|
71
|
|
|
5
|
|
|
4
|
|
||||
Interest cost
|
112
|
|
|
126
|
|
|
8
|
|
|
8
|
|
||||
Actuarial loss (gain)
|
(117
|
)
|
|
688
|
|
|
(32
|
)
|
|
54
|
|
||||
Employee contributions
|
2
|
|
|
2
|
|
|
—
|
|
|
—
|
|
||||
Curtailments
|
(2
|
)
|
|
(5
|
)
|
|
—
|
|
|
—
|
|
||||
Settlements
|
(323
|
)
|
|
(304
|
)
|
|
—
|
|
|
—
|
|
||||
Business combinations
|
—
|
|
|
136
|
|
|
—
|
|
|
—
|
|
||||
Divestitures
|
(1
|
)
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
||||
Benefits paid
|
(91
|
)
|
|
(109
|
)
|
|
(11
|
)
|
|
(12
|
)
|
||||
Plan amendments
|
(1
|
)
|
|
(4
|
)
|
|
—
|
|
|
3
|
|
||||
Actual expenses
|
(2
|
)
|
|
(2
|
)
|
|
—
|
|
|
—
|
|
||||
Foreign currency effects
|
(94
|
)
|
|
(108
|
)
|
|
(1
|
)
|
|
—
|
|
||||
Benefit obligation, ending
|
$
|
2,880
|
|
|
$
|
3,305
|
|
|
$
|
199
|
|
|
$
|
231
|
|
|
|
|
|
|
|
|
|
||||||||
Fair value of plan assets, beginning
|
$
|
2,194
|
|
|
$
|
2,341
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Actual return on plan assets
|
(7
|
)
|
|
292
|
|
|
—
|
|
|
—
|
|
||||
Employer contributions
|
222
|
|
|
42
|
|
|
11
|
|
|
12
|
|
||||
Employee contributions
|
2
|
|
|
2
|
|
|
—
|
|
|
—
|
|
||||
Settlements
|
(328
|
)
|
|
(304
|
)
|
|
—
|
|
|
—
|
|
||||
Business combinations
|
—
|
|
|
10
|
|
|
—
|
|
|
—
|
|
||||
Divestitures
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Benefits paid
|
(91
|
)
|
|
(109
|
)
|
|
(11
|
)
|
|
(12
|
)
|
||||
Actual expenses
|
(2
|
)
|
|
(2
|
)
|
|
—
|
|
|
—
|
|
||||
Foreign currency effects
|
(67
|
)
|
|
(78
|
)
|
|
—
|
|
|
—
|
|
||||
Fair value of plan assets, ending
|
$
|
1,922
|
|
|
$
|
2,194
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
||||||||
Funded status
|
$
|
(958
|
)
|
|
$
|
(1,111
|
)
|
|
$
|
(199
|
)
|
|
$
|
(231
|
)
|
|
|
|
|
|
|
|
|
||||||||
Prepaid benefit cost
|
$
|
32
|
|
|
$
|
27
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Accrued benefit liability – current
|
(16
|
)
|
|
(17
|
)
|
|
(13
|
)
|
|
(12
|
)
|
||||
Accrued benefit liability – long-term
|
(974
|
)
|
|
(1,121
|
)
|
|
(186
|
)
|
|
(219
|
)
|
||||
Net amount recognized in the balance sheet
|
$
|
(958
|
)
|
|
$
|
(1,111
|
)
|
|
$
|
(199
|
)
|
|
$
|
(231
|
)
|
|
Pension Benefits
|
|
Postretirement Benefits
|
||||
|
December 31
2015 |
|
December 31
2014 |
|
December 31
2015 |
|
December 31
2014 |
Discount rate
|
3.5%
|
|
4.6%
|
|
3.8%
|
|
4.4%
|
Expected return on plan assets
|
6.3%
|
|
7.0%
|
|
N/A
|
|
N/A
|
Rate of compensation increase
|
3.8%
|
|
3.9%
|
|
N/A
|
|
N/A
|
|
Pension Benefits
|
|
Postretirement Benefits
|
||||||
|
December 31
2015 |
|
December 31
2014 |
|
December 31
2015 |
|
December 31
2014 |
||
Discount rate
|
4.0
|
%
|
|
3.5
|
%
|
|
4.0%
|
|
3.8%
|
Rate of compensation increase
|
4.7
|
%
|
|
3.8
|
%
|
|
N/A
|
|
N/A
|
|
1% Increase
|
|
1% Decrease
|
||||
|
(In millions)
|
||||||
Effect on combined service and interest cost components
|
$
|
1
|
|
|
$
|
(1
|
)
|
Effect on accumulated postretirement benefit obligations
|
$
|
6
|
|
|
$
|
(5
|
)
|
|
Fair Value Measurements at December 31, 2015
|
||||||||||||||
|
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
|
$
|
196
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
196
|
|
International companies
|
8
|
|
|
—
|
|
|
—
|
|
|
8
|
|
||||
Equity mutual funds
|
|
|
|
|
|
|
|
|
|
|
|
||||
Emerging markets
|
58
|
|
|
—
|
|
|
—
|
|
|
58
|
|
||||
International
|
105
|
|
|
—
|
|
|
—
|
|
|
105
|
|
||||
Large cap U.S.
|
409
|
|
|
—
|
|
|
—
|
|
|
409
|
|
||||
Common collective trust funds
|
|
|
|
|
|
|
|
|
|
|
|
||||
International equity
|
—
|
|
|
278
|
|
|
—
|
|
|
278
|
|
||||
Large cap U.S. equity
|
—
|
|
|
45
|
|
|
—
|
|
|
45
|
|
||||
Fixed income
|
—
|
|
|
193
|
|
|
—
|
|
|
193
|
|
||||
Other
|
—
|
|
|
47
|
|
|
—
|
|
|
47
|
|
||||
Debt instruments
|
|
|
|
|
|
|
|
|
|
|
|
||||
Corporate bonds
|
—
|
|
|
457
|
|
|
—
|
|
|
457
|
|
||||
U.S. Treasury instruments
|
99
|
|
|
—
|
|
|
—
|
|
|
99
|
|
||||
U.S. government agency, state and local government bonds
|
—
|
|
|
24
|
|
|
—
|
|
|
24
|
|
||||
Other
|
—
|
|
|
3
|
|
|
—
|
|
|
3
|
|
||||
Total assets at fair value
|
$
|
875
|
|
|
$
|
1,047
|
|
|
$
|
—
|
|
|
$
|
1,922
|
|
|
Fair Value Measurements at December 31, 2014
|
||||||||||||||
|
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
|
$
|
180
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
180
|
|
International companies
|
6
|
|
|
—
|
|
|
—
|
|
|
6
|
|
||||
Equity mutual funds
|
|
|
|
|
|
|
|
|
|
|
|
||||
Emerging markets
|
62
|
|
|
—
|
|
|
—
|
|
|
62
|
|
||||
International
|
91
|
|
|
—
|
|
|
—
|
|
|
91
|
|
||||
Large cap U.S.
|
362
|
|
|
—
|
|
|
—
|
|
|
362
|
|
||||
Common collective trust funds
|
|
|
|
|
|
|
|
|
|
|
|
||||
International equity
|
—
|
|
|
370
|
|
|
—
|
|
|
370
|
|
||||
Large cap U.S. equity
|
—
|
|
|
33
|
|
|
—
|
|
|
33
|
|
||||
Fixed income
|
—
|
|
|
500
|
|
|
—
|
|
|
500
|
|
||||
Other
|
—
|
|
|
35
|
|
|
—
|
|
|
35
|
|
||||
Debt instruments
|
|
|
|
|
|
|
|
|
|
|
|
||||
Corporate bonds
|
—
|
|
|
422
|
|
|
—
|
|
|
422
|
|
||||
U.S. Treasury instruments
|
95
|
|
|
—
|
|
|
—
|
|
|
95
|
|
||||
U.S. government agency, state and local government bonds
|
—
|
|
|
37
|
|
|
—
|
|
|
37
|
|
||||
Other
|
—
|
|
|
1
|
|
|
—
|
|
|
1
|
|
||||
Total assets at fair value
|
$
|
796
|
|
|
$
|
1,398
|
|
|
$
|
—
|
|
|
$
|
2,194
|
|
|
December 31 2015
(1)(2)
|
|
December 31
2014
(2)
|
Equity securities
|
58%
|
|
51%
|
Debt securities
|
40%
|
|
48%
|
Other
|
2%
|
|
1%
|
Total
|
100%
|
|
100%
|
(1)
|
The Company’s U.S. pension plans contain approximately
77%
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
52%
equity securities,
42%
debt securities, and
6%
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, 2015
and
2014
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)
|
||||||
2016
|
$
|
93
|
|
|
$
|
13
|
|
2017
|
96
|
|
|
12
|
|
||
2018
|
103
|
|
|
13
|
|
||
2019
|
110
|
|
|
13
|
|
||
2020
|
116
|
|
|
13
|
|
||
2021 – 2025
|
691
|
|
|
68
|
|
|
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, 2013
|
$
|
269
|
|
|
$
|
5
|
|
|
$
|
(330
|
)
|
|
$
|
(1
|
)
|
|
$
|
(57
|
)
|
Other comprehensive income before reclassifications
|
(953
|
)
|
|
(119
|
)
|
|
(485
|
)
|
|
(11
|
)
|
|
(1,568
|
)
|
|||||
Amounts reclassified from AOCI
|
—
|
|
|
187
|
|
|
21
|
|
|
6
|
|
|
214
|
|
|||||
Tax effect
|
30
|
|
|
(26
|
)
|
|
164
|
|
|
2
|
|
|
170
|
|
|||||
Net of tax amount
|
(923
|
)
|
|
42
|
|
|
(300
|
)
|
|
(3
|
)
|
|
(1,184
|
)
|
|||||
Balance at December 31, 2014
|
$
|
(654
|
)
|
|
$
|
47
|
|
|
$
|
(630
|
)
|
|
$
|
(4
|
)
|
|
$
|
(1,241
|
)
|
Other comprehensive income before reclassifications
|
(984
|
)
|
|
(53
|
)
|
|
87
|
|
|
20
|
|
|
(930
|
)
|
|||||
Amounts reclassified from AOCI
|
23
|
|
|
(46
|
)
|
|
67
|
|
|
—
|
|
|
44
|
|
|||||
Tax effect
|
(11
|
)
|
|
37
|
|
|
(47
|
)
|
|
2
|
|
|
(19
|
)
|
|||||
Net of tax amount
|
(972
|
)
|
|
(62
|
)
|
|
107
|
|
|
22
|
|
|
(905
|
)
|
|||||
Balance at December 31, 2015
|
$
|
(1,626
|
)
|
|
$
|
(15
|
)
|
|
$
|
(523
|
)
|
|
$
|
18
|
|
|
$
|
(2,146
|
)
|
|
Amounts reclassified from AOCI Year Ended December 31
|
Affected line item in the consolidated statement of earnings
|
||||||||
Details about AOCI components
|
2015
|
2014
|
2013
|
|
||||||
|
(In millions)
|
|
|
|||||||
Foreign currency translation adjustment
|
|
|
|
|
||||||
|
$
|
23
|
|
$
|
—
|
|
$
|
—
|
|
Other income/expense
|
|
—
|
|
—
|
|
—
|
|
Tax
|
|||
|
$
|
23
|
|
$
|
—
|
|
$
|
—
|
|
Net of tax
|
|
|
|
|
|
||||||
Deferred loss (gain) on hedging activities
|
|
|
|
|
||||||
|
$
|
25
|
|
$
|
124
|
|
$
|
41
|
|
Cost of products sold
|
|
(29
|
)
|
(5
|
)
|
(1
|
)
|
Other income/expense
|
|||
|
(1
|
)
|
(1
|
)
|
1
|
|
Interest expense
|
|||
|
(41
|
)
|
69
|
|
(4
|
)
|
Revenues
|
|||
|
(46
|
)
|
187
|
|
37
|
|
Total before tax
|
|||
|
17
|
|
(70
|
)
|
(14
|
)
|
Tax on reclassifications
|
|||
|
$
|
(29
|
)
|
$
|
117
|
|
$
|
23
|
|
Net of tax
|
Pension liability adjustment
|
|
|
|
|
||||||
Amortization of defined benefit pension items:
|
|
|
|
|
||||||
Prior service credit (loss)
|
$
|
37
|
|
$
|
(15
|
)
|
$
|
(15
|
)
|
|
Actuarial losses
|
30
|
|
36
|
|
75
|
|
|
|||
|
67
|
|
21
|
|
60
|
|
Total before tax
|
|||
|
(44
|
)
|
(7
|
)
|
(23
|
)
|
Tax on reclassifications
|
|||
|
$
|
23
|
|
$
|
14
|
|
$
|
37
|
|
Net of tax
|
Unrealized loss on investments
|
|
|
|
|
||||||
|
—
|
|
6
|
|
157
|
|
Asset impairment, exit, and restructuring costs
|
|||
|
—
|
|
(2
|
)
|
(3
|
)
|
Tax on reclassifications
|
|||
|
$
|
—
|
|
$
|
4
|
|
$
|
154
|
|
Net of tax
|
|
Year Ended
|
||||||||||
(In millions)
|
December 31
|
||||||||||
|
2015
|
|
2014
|
|
2013
|
||||||
Gross revenues
|
|
|
|
|
|
||||||
Agricultural Services
|
$
|
33,658
|
|
|
$
|
40,120
|
|
|
$
|
45,917
|
|
Corn Processing
|
10,051
|
|
|
12,377
|
|
|
13,904
|
|
|||
Oilseeds Processing
|
29,393
|
|
|
33,591
|
|
|
37,835
|
|
|||
Wild Flavors and Specialty Ingredients
|
2,423
|
|
|
1,380
|
|
|
1,072
|
|
|||
Other
|
634
|
|
|
573
|
|
|
515
|
|
|||
Intersegment elimination
|
(8,457
|
)
|
|
(6,840
|
)
|
|
(9,439
|
)
|
|||
Total
|
$
|
67,702
|
|
|
$
|
81,201
|
|
|
$
|
89,804
|
|
|
|
|
|
|
|
||||||
Intersegment revenues
|
|
|
|
|
|
|
|||||
Agricultural Services
|
$
|
3,976
|
|
|
$
|
3,832
|
|
|
$
|
5,485
|
|
Corn Processing
|
56
|
|
|
95
|
|
|
134
|
|
|||
Oilseeds Processing
|
4,176
|
|
|
2,658
|
|
|
3,597
|
|
|||
Wild Flavors and Specialty Ingredients
|
16
|
|
|
12
|
|
|
10
|
|
|||
Other
|
233
|
|
|
243
|
|
|
213
|
|
|||
Total
|
$
|
8,457
|
|
|
$
|
6,840
|
|
|
$
|
9,439
|
|
|
|
|
|
|
|
||||||
Revenues from external customers
|
|
|
|
|
|
||||||
Agricultural Services
|
|
|
|
|
|
||||||
Merchandising and Handling
|
$
|
25,957
|
|
|
$
|
32,208
|
|
|
$
|
36,162
|
|
Milling and Other
|
3,479
|
|
|
3,815
|
|
|
4,042
|
|
|||
Transportation
|
246
|
|
|
265
|
|
|
228
|
|
|||
Total Agricultural Services
|
29,682
|
|
|
36,288
|
|
|
40,432
|
|
|||
Corn Processing
|
|
|
|
|
|
||||||
Sweeteners and Starches
|
3,713
|
|
|
3,767
|
|
|
4,726
|
|
|||
Bioproducts
|
6,282
|
|
|
8,515
|
|
|
9,044
|
|
|||
Total Corn Processing
|
9,995
|
|
|
12,282
|
|
|
13,770
|
|
|||
Oilseeds Processing
|
|
|
|
|
|
||||||
Crushing and Origination
|
15,597
|
|
|
18,542
|
|
|
20,522
|
|
|||
Refining, Packaging, Biodiesel, and Other
|
6,801
|
|
|
8,498
|
|
|
9,730
|
|
|||
Cocoa and Other
|
2,563
|
|
|
3,439
|
|
|
3,281
|
|
|||
Asia
|
256
|
|
|
454
|
|
|
705
|
|
|||
Total Oilseeds Processing
|
25,217
|
|
|
30,933
|
|
|
34,238
|
|
|||
|
|
|
|
|
|
||||||
Wild Flavors and Specialty Ingredients
|
2,407
|
|
|
1,368
|
|
|
1,062
|
|
|||
Total Wild Flavors and Specialty Ingredients
|
2,407
|
|
|
1,368
|
|
|
1,062
|
|
|||
Other
|
|
|
|
|
|
||||||
Financial
|
401
|
|
|
330
|
|
|
302
|
|
|||
Total Other
|
401
|
|
|
330
|
|
|
302
|
|
|||
Total
|
$
|
67,702
|
|
|
$
|
81,201
|
|
|
$
|
89,804
|
|
|
|
|
|
|
|
|
Year Ended
|
||||||||||
(In millions)
|
December 31
|
||||||||||
|
2015
|
|
2014
|
|
2013
|
||||||
Depreciation
|
|
|
|
|
|
|
|||||
Agricultural Services
|
$
|
188
|
|
|
$
|
189
|
|
|
$
|
208
|
|
Corn Processing
|
335
|
|
|
332
|
|
|
334
|
|
|||
Oilseeds Processing
|
187
|
|
|
235
|
|
|
233
|
|
|||
Wild Flavors and Specialty Ingredients
|
36
|
|
|
37
|
|
|
7
|
|
|||
Other
|
5
|
|
|
3
|
|
|
5
|
|
|||
Corporate
|
48
|
|
|
54
|
|
|
40
|
|
|||
Total
|
$
|
799
|
|
|
$
|
850
|
|
|
$
|
827
|
|
|
|
|
|
|
|
||||||
Long-lived asset abandonments and write-downs
(1)
|
|
|
|
|
|
||||||
Agricultural Services
|
$
|
—
|
|
|
$
|
17
|
|
|
$
|
3
|
|
Corn Processing
|
66
|
|
|
15
|
|
|
62
|
|
|||
Oilseeds Processing
|
40
|
|
|
3
|
|
|
4
|
|
|||
Wild Flavors and Specialty Ingredients
|
1
|
|
|
—
|
|
|
—
|
|
|||
Corporate
|
1
|
|
|
—
|
|
|
15
|
|
|||
Total
|
$
|
108
|
|
|
$
|
35
|
|
|
$
|
84
|
|
|
|
|
|
|
|
||||||
Interest income
|
|
|
|
|
|
||||||
Agricultural Services
|
$
|
16
|
|
|
$
|
31
|
|
|
$
|
47
|
|
Corn Processing
|
2
|
|
|
10
|
|
|
3
|
|
|||
Oilseeds Processing
|
29
|
|
|
30
|
|
|
36
|
|
|||
Wild Flavors and Specialty Ingredients
|
1
|
|
|
1
|
|
|
—
|
|
|||
Other
|
19
|
|
|
13
|
|
|
12
|
|
|||
Corporate
|
4
|
|
|
7
|
|
|
4
|
|
|||
Total
|
$
|
71
|
|
|
$
|
92
|
|
|
$
|
102
|
|
|
|
|
|
|
|
||||||
Equity in earnings of affiliates
|
|
|
|
|
|
||||||
Agricultural Services
|
$
|
24
|
|
|
$
|
41
|
|
|
$
|
64
|
|
Corn Processing
|
85
|
|
|
113
|
|
|
98
|
|
|||
Oilseeds Processing
|
251
|
|
|
236
|
|
|
261
|
|
|||
Other
|
(3
|
)
|
|
10
|
|
|
1
|
|
|||
Corporate
|
33
|
|
|
(28
|
)
|
|
(13
|
)
|
|||
Total
|
$
|
390
|
|
|
$
|
372
|
|
|
$
|
411
|
|
|
|
|
|
|
|
||||||
(1)
See Note 19 for total asset impairment, exit, and restructuring costs.
|
|
|
|
|
|
||||||
|
|
|
|
|
|
||||||
|
|
|
|
|
|
||||||
|
|
|
|
|
|
||||||
|
|
|
|
|
|
||||||
|
|
|
|
|
|
||||||
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
Year Ended
|
||||||||||
(In millions)
|
December 31
|
||||||||||
|
2015
|
|
2014
|
|
2013
|
||||||
Operating Profit
|
|
|
|
|
|
||||||
Agricultural Services
|
$
|
714
|
|
|
$
|
1,043
|
|
|
$
|
342
|
|
Corn Processing
|
648
|
|
|
1,148
|
|
|
773
|
|
|||
Oilseeds Processing
|
1,574
|
|
|
1,440
|
|
|
1,285
|
|
|||
Wild Flavors and Specialty Ingredients
|
280
|
|
|
205
|
|
|
267
|
|
|||
Other
|
56
|
|
|
79
|
|
|
41
|
|
|||
Total operating profit
|
3,272
|
|
|
3,915
|
|
|
2,708
|
|
|||
Corporate
|
(988
|
)
|
|
(785
|
)
|
|
(684
|
)
|
|||
Earnings before income taxes
|
$
|
2,284
|
|
|
$
|
3,130
|
|
|
$
|
2,024
|
|
|
|
|
|
|
|
||||||
(In millions)
|
December 31
|
|
|
||||||||
|
2015
|
|
2014
|
|
|
||||||
Investments in and advances to affiliates
|
|
|
|
|
|
||||||
Agricultural Services
|
$
|
384
|
|
|
$
|
460
|
|
|
|
||
Corn Processing
|
368
|
|
|
426
|
|
|
|
||||
Oilseeds Processing
|
2,743
|
|
|
2,596
|
|
|
|
||||
Other
|
39
|
|
|
33
|
|
|
|
||||
Corporate
|
367
|
|
|
377
|
|
|
|
||||
Total
|
$
|
3,901
|
|
|
$
|
3,892
|
|
|
|
||
|
|
|
|
|
|
||||||
Identifiable assets
|
|
|
|
|
|
||||||
Agricultural Services
|
$
|
8,715
|
|
|
$
|
10,250
|
|
|
|
||
Corn Processing
|
6,450
|
|
|
6,384
|
|
|
|
||||
Oilseeds Processing
|
10,794
|
|
|
12,712
|
|
|
|
||||
Wild Flavors and Specialty Ingredients
|
4,570
|
|
|
3,468
|
|
|
|
||||
Other
|
7,902
|
|
|
7,910
|
|
|
|
||||
Corporate
|
1,726
|
|
|
3,273
|
|
|
|
||||
Total
|
$
|
40,157
|
|
|
$
|
43,997
|
|
|
|
|
Year Ended
|
||||||
(In millions)
|
December 31
|
||||||
|
2015
|
|
2014
|
||||
Gross additions to property, plant, and equipment
|
|
|
|
||||
Agricultural Services
|
$
|
229
|
|
|
$
|
177
|
|
Corn Processing
|
427
|
|
|
273
|
|
||
Oilseeds Processing
|
404
|
|
|
268
|
|
||
Wild Flavors and Specialty Ingredients
|
167
|
|
|
570
|
|
||
Other
|
15
|
|
|
1
|
|
||
Corporate
|
108
|
|
|
68
|
|
||
Total
|
$
|
1,350
|
|
|
$
|
1,357
|
|
|
Year Ended
|
||||||||||
(In millions)
|
December 31
|
||||||||||
|
2015
|
|
2014
|
|
2013
|
||||||
|
|
|
|
|
|
||||||
Revenues
|
|
|
|
|
|
||||||
United States
|
$
|
31,828
|
|
|
$
|
39,609
|
|
|
$
|
41,427
|
|
Switzerland
|
11,681
|
|
|
10,118
|
|
|
10,467
|
|
|||
Germany
|
3,436
|
|
|
7,174
|
|
|
10,029
|
|
|||
Other Foreign
|
20,757
|
|
|
24,300
|
|
|
27,881
|
|
|||
|
$
|
67,702
|
|
|
$
|
81,201
|
|
|
$
|
89,804
|
|
|
|
|
|
|
|
||||||
(In millions)
|
December 31
|
|
|
||||||||
|
2015
|
|
2014
|
|
|
||||||
Long-lived assets
|
|
|
|
|
|
|
|||||
United States
|
$
|
6,877
|
|
|
$
|
6,601
|
|
|
|
||
Foreign
|
2,976
|
|
|
3,250
|
|
|
|
||||
|
$
|
9,853
|
|
|
$
|
9,851
|
|
|
|
|
December 31, 2014
|
||
|
(In millions)
|
||
Trade receivables
|
$
|
94
|
|
Inventories
|
742
|
|
|
Other current assets
|
83
|
|
|
Goodwill
|
63
|
|
|
Other intangible assets
|
28
|
|
|
Net property, plant, and equipment
|
374
|
|
|
Other assets
|
19
|
|
|
Current assets held for sale
|
$
|
1,403
|
|
Trade payables
|
$
|
114
|
|
Accrued expenses and other payables
|
110
|
|
|
Other liabilities
|
6
|
|
|
Current liabilities held for sale
|
$
|
230
|
|
(In millions)
|
Year Ended December 31
|
||||||||||
|
2015
|
|
2014
|
|
2013
|
||||||
|
|
|
|
|
|
||||||
Restructuring and exit costs
(1)
|
$
|
71
|
|
|
$
|
64
|
|
|
$
|
—
|
|
Asset impairment charge - equity securities
(2)
|
—
|
|
|
6
|
|
|
166
|
|
|||
Asset impairment charge - goodwill and intangible
(3)
|
21
|
|
|
—
|
|
|
9
|
|
|||
Asset impairments
(4)
|
108
|
|
|
35
|
|
|
84
|
|
|||
Total asset impairment, exit, and restructuring costs
|
$
|
200
|
|
|
$
|
105
|
|
|
$
|
259
|
|
(1)
|
Restructuring and exit costs recognized in the year ended December 31, 2015 consisted primarily of restructuring charges of
$29 million
related principally to an international pension plan settlement, exit costs of
$22 million
related to Brazilian sugar ethanol facilities in the Corn Processing segment and other restructuring and exit costs totaling
$20 million
. Restructuring and exit costs recognized in the year ended December 31, 2014 consisted of costs associated with the relocation of the Company’s global headquarters to Chicago, Illinois, of
$16 million
and restructuring charges related to the Wild Flavors acquisition and Toepfer integration following the acquisition of the minority interest and other restructuring charges of
$48 million
.
|
(2)
|
Asset impairment charge - equity securities for the fiscal year ended December 31, 2014 consisted of other-than-temporary investment writedowns of available for sale securities in Corporate. Asset impairment charge - equity securities for the fiscal year ended December 31, 2013 consisted 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.
|
(3)
|
The Company recognized an intangible asset impairment charge of
$8 million
related to capitalized software costs in Corporate in the year ended December 31, 2015. The Company recognized goodwill impairment charges of
$13 million
related to a Corn Processing facility and certain of its international Oilseeds Processing facilities, and
$9 million
related to its Brazilian sugar ethanol business in the Corn Processing segment in the years ended December 31, 2015 and 2013, respectively.
|
(4)
|
Asset impairment for the fiscal year ended December 31, 2015 consisted of property, plant, and equipment asset impairments of
$66 million
related principally to the Brazilian sugar ethanol business in the Corn Processing segment based on the uncertain outlook of this business at year-end,
$40 million
in the Oilseeds Processing segment,
$1 million
in the Wild Flavors and Specialty Ingredients segment, and
$1 million
in Corporate. Asset impairments for the fiscal year ended December 31, 2014 consisted of property, plant, and equipment asset impairments of
$17 million
in the Agricultural Services segment,
$15 million
in the Corn Processing segment, and
$3 million
in the Oilseeds Processing segment. Asset impairments for the fiscal year ended December 31, 2013 consisted of property, plant, and equipment asset impairments of
$3 million
in the Agricultural Services segment,
$62 million
in the Corn Processing segment,
$4 million
in the Oilseeds Processing segment, and
$15 million
in Corporate.
|
|
Quarter Ended
|
|
|
||||||||||||||||
|
March 31
|
|
June 30
|
|
September 30
|
|
December 31
|
|
Year
|
||||||||||
|
(In millions, except per share amounts)
|
||||||||||||||||||
Fiscal Year Ended December 31, 2015
|
|
|
|
|
|
|
|
|
|
||||||||||
Revenues
|
$
|
17,506
|
|
|
$
|
17,186
|
|
|
$
|
16,565
|
|
|
$
|
16,445
|
|
|
$
|
67,702
|
|
Gross Profit
|
1,102
|
|
|
964
|
|
|
1,089
|
|
|
865
|
|
|
4,020
|
|
|||||
Net Earnings Attributable to Controlling Interests
|
493
|
|
|
386
|
|
|
252
|
|
|
718
|
|
|
1,849
|
|
|||||
Basic Earnings Per Common Share
|
0.78
|
|
|
0.62
|
|
|
0.41
|
|
|
1.20
|
|
|
2.99
|
|
|||||
Diluted Earnings Per Common Share
|
0.77
|
|
|
0.62
|
|
|
0.41
|
|
|
1.19
|
|
|
2.98
|
|
|
Quarter Ended
|
|
|
||||||||||||||||
|
March 31
|
|
June 30
|
|
September 30
|
|
December 31
|
|
Year
|
||||||||||
|
(In millions, except per share amounts)
|
||||||||||||||||||
Fiscal Year Ended December 31, 2014
|
|
|
|
|
|
|
|
|
|
||||||||||
Revenues
|
$
|
20,696
|
|
|
$
|
21,494
|
|
|
$
|
18,117
|
|
|
$
|
20,894
|
|
|
$
|
81,201
|
|
Gross Profit
|
675
|
|
|
1,172
|
|
|
1,470
|
|
|
1,451
|
|
|
4,768
|
|
|||||
Net Earnings Attributable to Controlling Interests
|
267
|
|
|
533
|
|
|
747
|
|
|
701
|
|
|
2,248
|
|
|||||
Basic Earnings Per Common Share
|
0.40
|
|
|
0.81
|
|
|
1.15
|
|
|
1.09
|
|
|
3.44
|
|
|||||
Diluted Earnings Per Common Share
|
0.40
|
|
|
0.81
|
|
|
1.14
|
|
|
1.08
|
|
|
3.43
|
|
Item 9.
|
CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE
|
Item 9A.
|
CONTROLS AND PROCEDURES
|
/s/ Juan R. Luciano
Juan R. Luciano
Chairman, Chief Executive Officer, and President
|
/s/ Ray G. Young
Ray G. Young
Executive Vice President and 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.
|
|
55
|
|
|
|
|
|
|
|
|
|
Ben I. Bard
|
|
Global Chief Compliance officer since January 2014. Ethics and Compliance Counsel at the Coca-Cola Company from 2006 to January 2014.
|
|
42
|
|
|
|
|
|
|
|
|
|
Mark A. Bemis
|
|
Senior Vice President of the Company since December 2010. Chief Risk Officer since May 2015. President, North America since March 2015. President, Corn Processing business unit from December 2010 to March 2015. Vice President of the Company from February 2005 to December 2010. President, Cocoa, Milling, and Other business unit from September 2009 to December 2010.
|
|
55
|
|
|
|
|
|
|
|
|
|
Donald Chen
|
|
President, North Asia since January 2016. Vice President, Sadara Chemical Company from February 2012 to December 2015. Regional Business Director of Asia Pacific, Dow Chemical Company from February 2006 to February 2012.
|
|
53
|
|
|
|
|
|
|
|
|
|
Christopher M. Cuddy
|
|
Senior Vice President of the Company since May 2015. President, Corn business unit since March 2015. President, Corn Sweeteners and Starches from December 2012 to February 2015. Vice President and General Manager, Corn Processing from February 2011 to November 2012. President, Almidones Mexicanos SA de CV (Almex - an ADM joint venture) from January 2009 to January 2011.
|
|
42
|
|
|
|
|
|
|
|
|
|
Michael D’Ambrose
|
|
Senior Vice President - Human Resources since October 2006.
|
|
58
|
|
|
|
|
|
|
|
|
|
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.
|
|
56
|
|
|
|
|
|
|
|
|
|
Stuart E. Funderburg
|
|
Assistant Secretary and Chief Corporate and Securities Counsel since August 2014. Assistant Secretary and Associate General Counsel from November 2012 to August 2014. Assistant Secretary and Assistant General Counsel from November 2008 to November 2012.
|
|
52
|
|
|
|
|
|
|
|
|
|
Shannon Herzfeld
|
|
Vice President of the Company since February 2005, with responsibility for the Company’s Government Affairs function.
|
|
63
|
|
|
|
|
|
|
|
|
|
Kevin L. Hess
|
|
Vice President of the Company since November 2008, with responsibility for the Company’s Oilseeds Processing production operations.
|
|
55
|
|
|
|
|
|
|
|
|
|
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.
|
|
51
|
|
|
|
|
|
|
|
|
|
Domingo A. Lastra
|
|
Vice President of the Company since September 2009. Managing Director, Agricultural Services International since June 2014. Chairman of the Management Board of Alfred C. Toepfer International, G.m.b.H. from December 2012 to June 2014. Vice President, Business Growth from August 2011 to December 2012. President, South American Operations from August 2006 to August 2011.
|
|
47
|
|
Item 10.
|
DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE (Continued)
|
|
Patricia L. Logan
|
|
Chief Audit Executive since August 2014. Director, Internal Audit from September 2005 to August 2014.
|
|
56
|
|
|
Juan R. Luciano
|
|
Chairman of the Board of Directors since January 2016. Chief Executive Officer and President since January 2015. President and Chief Operating Officer from February 2014 to December 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.
|
|
54
|
|
|
|
|
|
|
|
|
|
Vikram Luthar
|
|
President, Enzymes since December 2015. CFO, Corn Processing business unit since March 2014. Senior Vice President, Strategy from March 2015 to December 2015. Group Vice President, Finance from January 2012 to March 2015. 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.
|
|
49
|
|
|
|
|
|
|
|
|
|
Vincent F. Macciocchi
|
|
Senior Vice President of the Company since May 2015. President, WILD Flavors and Specialty Ingredients since May 2015. Global President of WILD Flavors from October 2014 until May 2015. Chief Operating Officer for North American entity at WILD Flavors and Specialty Ingredients from June 2012 until October 2014. Senior Vice President of Sales, Givaudan Flavors North America from September 2001 until June 2012.
|
|
50
|
|
|
|
|
|
|
|
|
|
Gregory A. Morris
|
|
Senior Vice President since November 2014. President of Global Oilseeds business unit since May 2015. President of WILD Flavors and Specialty Ingredients business unit from October 2014 to May 2015. President, North American Oilseeds Processing from 2008 to December 2014.
|
|
44
|
|
|
|
|
|
|
|
|
|
Douglas R. Ostermann
|
|
Vice President of the Company since January 2012. Vice President, Mergers and Acquisitions, Business Development and Global Credit since May 2015. Treasurer of the Company from January 2012 to May 2015. Assistant Treasurer of the Company from November 2009 to December 2011.
|
|
48
|
|
|
|
|
|
|
|
|
|
Ian Pinner
|
|
President, Southeast Asia & Global Destination Marketing since December 2015. President, Global Cocoa from June 2014 to December 2015. Vice President, Corporate Strategic and Financial Planning from February 2014 to June 2014. President, Global Grain Division from January 2012 to February 2014. General Manager, European Softseed Division from January 2008 to January 2014.
|
|
43
|
|
|
|
|
|
|
|
|
|
Ismael Roig
|
|
Senior Vice President of the Company since December 2015. Chief Strategy Officer since December 2015. Chief Sustainability Officer since May 2015. Vice President of the Company from December 2004 until December 2015. President, Asia Pacific from August 2011 to December 2015. Vice President and Executive Director, Asia-Pacific from July 2010 to August 2011. Vice President Planning & Business Development from December 2004 to July 2010.
|
|
48
|
|
|
|
|
|
|
|
|
|
John P. Stott
|
|
Group Vice President, Finance and Corporate Controller since August 2014. Vice President and Controller of the Company from December 2006 to August 2014.
|
|
48
|
|
|
|
|
|
|
|
|
|
Joseph D. Taets
|
|
Senior Vice President of the Company since August 2011. President, Agricultural Services business unit 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.
|
|
50
|
|
|
|
|
|
|
|
|
|
Gary L. Towne
|
|
Vice President of the Company since September 2009. President, Risk Management for Corn Processing since February 2013. President, Ethanol from February 2013 to March 2015. 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.
|
|
60
|
|
|
|
|
|
|
|
|
|
Todd Werpy
|
|
Senior Vice President and Chief Technology Officer since March 2015. Senior Vice President, Research and Development from August 2012 to October 2013. Vice President, Biofuels and Biochemical Research from June 2007 to August 2012.
|
|
53
|
|
Item 10.
|
DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE (Continued)
|
|
Ray G. Young
|
|
Executive Vice President of the Company since March 2015. Senior Vice President of the Company from November 2010 to March 2015. 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.
|
|
54
|
|
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
|
|
|
|
|
|
|
|
|
|
|||||||
December 31, 2013
|
$
|
87
|
|
|
35
|
|
|
(39
|
)
|
|
(2
|
)
|
|
$
|
81
|
|
December 31, 2014
|
$
|
81
|
|
|
37
|
|
|
(32
|
)
|
|
(5
|
)
|
|
$
|
81
|
|
December 31, 2015
|
$
|
81
|
|
|
24
|
|
|
(32
|
)
|
|
(3
|
)
|
|
$
|
70
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
(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 through November 5, 2015.
|
(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:
|
(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 (incorporated by reference to Exhibit 10(ii) to the Company’s Annual Report on Form 10-K for the year ended December 31, 2013 (File No. 1-44)).
|
(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)).
|
Item 15.
|
EXHIBITS AND FINANCIAL STATEMENT SCHEDULES (Continued)
|
(v)
|
The Archer-Daniels-Midland Company Amended and Restated Stock Unit Plan for Nonemployee Directors, as amended.
|
(vi)
|
The Archer-Daniels-Midland 2002 Incentive Compensation Plan (incorporated by reference to Exhibit A to the Company’s Definitive Proxy Statement (File No. 1-44) filed on September 25, 2002.
|
(vii)
|
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).
|
(viii)
|
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 for the quarter ended March 31, 2013 (File No. 1-44)).
|
(ix)
|
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 for the quarter ended March 31, 2013 (File No. 1-44)).
|
(x)
|
Form of Stock Option Agreement for NEOs (incorporated by reference to Exhibit 10(iii) to the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2013 (File No. 1-44)).
|
(xi)
|
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 for the quarter ended March 31, 2013 (File No. 1-44)).
|
(xii)
|
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 for the quarter ended March 31, 2013 (File No. 1-44)).
|
(xiii)
|
Form of Restricted Stock Unit Award Agreement for international employees (incorporated by reference to Exhibit 10(vi) to the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2013 (File 1-44)).
|
(xiv)
|
Form of Performance Share Unit Award Agreement (incorporated by reference to Exhibit 10(vii) to the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2013 (File No. 1-44)).
|
(xv)
|
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).
|
(12)
|
Calculation of Ratio of Earnings to Fixed Charges.
|
(21)
|
Subsidiaries of the Company.
|
(23)
|
Consent of independent registered public accounting firm.
|
(24)
|
Powers of attorney.
|
Item 15.
|
EXHIBITS AND FINANCIAL STATEMENT SCHEDULES (Continued)
|
(31.1)
|
Certification of Chief Executive Officer pursuant to Rule 13a–14(a) and Rule 15d–14(a) of the Securities Exchange Act, as amended.
|
(31.2)
|
Certification of Chief Financial Officer pursuant to Rule 13a–14(a) and Rule 15d–14(a) of the Securities Exchange Act, as amended.
|
(32.1)
|
Certification of Chief Executive Officer pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
(32.2)
|
Certification of Chief Financial Officer pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
(101)
|
Interactive Data File.
|
/s/ J. R. Luciano
|
/s/ P. Dufour
|
/s/ D. C. Findlay
|
J. R. Luciano*,
|
P. Dufour*,
|
D. C. Findlay
|
Chairman, Chief Executive Officer,
|
Director
|
Attorney-in-Fact
|
President, and Director
|
|
|
(Principal Executive Officer)
|
/s/ D. E. Felsinger
|
|
|
D. E. Felsinger*,
|
|
/s/ R. G. Young
|
Director
|
|
R. G. Young
|
|
|
Executive Vice President and
|
/s/ A. M. Neto
|
|
Chief Financial Officer
|
A. M. Neto*,
|
|
(Principal Financial Officer)
|
Director
|
|
|
|
|
/s/ J. P. Stott
|
/s/ P. J. Moore
|
|
J. P. Stott
|
P. J. Moore*,
|
|
Group Vice President, Finance and
|
Director
|
|
Corporate Controller
|
|
|
(Principal Accounting Officer)
|
/s/ T. F. O’Neill
|
|
|
T. F. O’Neill*,
|
|
/s/ A. L. Boeckmann
|
Director
|
|
A. L. Boeckmann*,
|
|
|
Director
|
/s/ F. Sanchez
|
|
|
F. Sanchez*
|
|
/s/ M. H. Carter
|
Director
|
|
M. H. Carter*,
|
|
|
Director
|
/s/ D. Shih
|
|
|
D. Shih*,
|
|
/s/ T. K. Crews
|
Director
|
|
T. K. Crews*,
|
|
|
Director
|
/s/ K. R. Westbrook
|
|
|
K. R. Westbrook*,
|
|
|
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 |
---|