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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.
|
|||
16.
|
Form 10-K Summary
|
||
|
Item 1.
|
BUSINESS
|
Item 1.
|
BUSINESS (Continued)
|
Item 1.
|
BUSINESS (Continued)
|
Item 1.
|
BUSINESS (Continued)
|
|
% of Revenues
|
||||
|
Year Ended December 31
|
||||
|
2018
|
|
2017
|
|
2016
|
Soybeans
|
16%
|
|
17%
|
|
17%
|
Soybean Meal
|
14%
|
|
13%
|
|
13%
|
Corn
|
12%
|
|
10%
|
|
10%
|
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 1A.
|
RISK FACTORS (Continued)
|
Item 1B.
|
UNRESOLVED STAFF COMMENTS
|
Item 2.
|
PROPERTIES
|
|
Processing Plants
|
|
Procurement Facilities
|
||||||||||||||
|
Owned
|
|
Leased
|
|
Total
|
|
Owned
|
|
Leased
|
|
Total
|
||||||
U.S.
|
144
|
|
|
4
|
|
|
148
|
|
|
226
|
|
|
50
|
|
|
276
|
|
International
|
109
|
|
|
14
|
|
|
123
|
|
|
90
|
|
|
84
|
|
|
174
|
|
|
253
|
|
|
18
|
|
|
271
|
|
|
316
|
|
|
134
|
|
|
450
|
|
|
Origination Processing Plants
|
||||
|
Merchandising & Handling
|
||||
|
Owned
|
|
Leased
|
||
North America
|
|
|
|
||
U.S.*
|
1
|
|
|
—
|
|
Total
|
1
|
|
|
—
|
|
Daily capacity
|
|
|
|
||
Metric tons (in 1,000’s)
|
1
|
|
|
—
|
|
Grand Total
|
1
|
|
|
—
|
|
Total daily capacity
|
|
|
|
|
|
Metric tons (in 1,000’s)
|
1
|
|
|
—
|
|
Item 2.
|
PROPERTIES (Continued)
|
|
Origination Procurement Facilities
|
||||
|
Merchandising & Handling
|
||||
|
Owned
|
|
Leased
|
||
North America
|
|
|
|
||
U.S.*
|
142
|
|
|
11
|
|
Canada
|
1
|
|
|
—
|
|
Dominican Republic
|
1
|
|
|
—
|
|
Total
|
144
|
|
|
11
|
|
Daily/Storage capacity
|
|
|
|
||
Metric tons (in 1,000’s)
|
12,273
|
|
|
531
|
|
South America
|
|
|
|
|
|
Argentina
|
3
|
|
|
1
|
|
Colombia
|
—
|
|
|
9
|
|
Ecuador
|
—
|
|
|
2
|
|
Total
|
3
|
|
|
12
|
|
Daily/Storage capacity
|
|
|
|
|
|
Metric tons (in 1,000’s)
|
389
|
|
|
506
|
|
Europe
|
|
|
|
|
|
Germany
|
2
|
|
|
—
|
|
Ireland
|
1
|
|
|
1
|
|
Poland
|
1
|
|
|
—
|
|
Romania
|
11
|
|
|
4
|
|
Ukraine
|
7
|
|
|
—
|
|
Total
|
22
|
|
|
5
|
|
Daily/Storage capacity
|
|
|
|
||
Metric tons (in 1,000’s)
|
1,227
|
|
|
78
|
|
Grand Total
|
169
|
|
|
28
|
|
Total daily/storage capacity
|
|
|
|
|
|
Metric tons (in 1,000’s)
|
13,889
|
|
|
1,115
|
|
Item 2.
|
PROPERTIES (Continued)
|
|
Oilseeds Processing Plants
|
||||||||||||||||||||||
|
Owned
|
|
Leased
|
||||||||||||||||||||
|
Crushing &
Origination
|
|
Refining,
Packaging,
Biodiesel & Other
|
|
Asia
|
|
Total
|
|
Crushing & Origination
|
|
Refining, Packaging, Biodiesel & Other
|
|
Asia
|
|
Total
|
||||||||
North America
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
U.S.*
|
23
|
|
|
34
|
|
|
—
|
|
|
57
|
|
|
—
|
|
|
2
|
|
|
—
|
|
|
2
|
|
Canada
|
3
|
|
|
4
|
|
|
—
|
|
|
7
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Mexico
|
1
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Total
|
27
|
|
|
38
|
|
|
—
|
|
|
65
|
|
|
—
|
|
|
2
|
|
|
—
|
|
|
2
|
|
Daily capacity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Metric tons (in 1,000’s)
|
62
|
|
|
24
|
|
|
—
|
|
|
86
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
South America
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Argentina
|
—
|
|
|
1
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Brazil
|
7
|
|
|
12
|
|
|
—
|
|
|
19
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
1
|
|
Paraguay
|
1
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Peru
|
—
|
|
|
1
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Total
|
8
|
|
|
14
|
|
|
—
|
|
|
22
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
1
|
|
Daily capacity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Metric tons (in 1,000’s)
|
19
|
|
|
9
|
|
|
—
|
|
|
28
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
1
|
|
Europe
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Belgium
|
—
|
|
|
1
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Czech Republic
|
1
|
|
|
1
|
|
|
—
|
|
|
2
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Germany
|
4
|
|
|
8
|
|
|
—
|
|
|
12
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Netherlands
|
1
|
|
|
1
|
|
|
—
|
|
|
2
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Poland
|
2
|
|
|
5
|
|
|
—
|
|
|
7
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Ukraine
|
1
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
United Kingdom
|
1
|
|
|
3
|
|
|
—
|
|
|
4
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Total
|
10
|
|
|
19
|
|
|
—
|
|
|
29
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Daily capacity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Metric tons (in 1,000’s)
|
36
|
|
|
15
|
|
|
—
|
|
|
51
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Asia
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
India
|
—
|
|
|
—
|
|
|
2
|
|
|
2
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
1
|
|
Total
|
—
|
|
|
—
|
|
|
2
|
|
|
2
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
1
|
|
Daily capacity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Metric tons (in 1,000’s)
|
—
|
|
|
—
|
|
|
1
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
1
|
|
Africa
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
South Africa
|
—
|
|
|
3
|
|
|
—
|
|
|
3
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
1
|
|
Total
|
—
|
|
|
3
|
|
|
—
|
|
|
3
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
1
|
|
Daily capacity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Metric tons (in 1,000’s)
|
—
|
|
|
2
|
|
|
—
|
|
|
2
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Grand Total
|
45
|
|
|
74
|
|
|
2
|
|
|
121
|
|
|
1
|
|
|
3
|
|
|
1
|
|
|
5
|
|
Total daily capacity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Metric tons (in 1,000’s)
|
117
|
|
|
50
|
|
|
1
|
|
|
168
|
|
|
1
|
|
|
—
|
|
|
1
|
|
|
2
|
|
Item 2.
|
PROPERTIES (Continued)
|
|
Oilseeds Procurement Facilities
|
|||||||||||||||||||
|
Owned
|
|
Leased
|
|||||||||||||||||
|
Crushing &
Origination
|
|
Refining, Packaging, Biodiesel, & Other
|
|
Total
|
|
Crushing &
Origination
|
|
Refining, Packaging, Biodiesel, & Other
|
|
Asia
|
|
Total
|
|||||||
North America
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
U.S.*
|
3
|
|
|
59
|
|
|
62
|
|
|
—
|
|
|
38
|
|
|
—
|
|
|
38
|
|
Canada
|
5
|
|
|
—
|
|
|
5
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Total
|
8
|
|
|
59
|
|
|
67
|
|
|
—
|
|
|
38
|
|
|
—
|
|
|
38
|
|
Daily/Storage capacity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Metric tons (in 1,000’s)
|
263
|
|
|
253
|
|
|
516
|
|
|
—
|
|
|
123
|
|
|
—
|
|
|
123
|
|
South America
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Brazil
|
38
|
|
|
—
|
|
|
38
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Paraguay
|
13
|
|
|
—
|
|
|
13
|
|
|
2
|
|
|
—
|
|
|
—
|
|
|
2
|
|
Peru
|
—
|
|
|
—
|
|
|
—
|
|
|
2
|
|
|
—
|
|
|
—
|
|
|
2
|
|
Uruguay
|
1
|
|
|
—
|
|
|
1
|
|
|
6
|
|
|
—
|
|
|
—
|
|
|
6
|
|
Total
|
52
|
|
|
—
|
|
|
52
|
|
|
10
|
|
|
—
|
|
|
—
|
|
|
10
|
|
Daily/Storage capacity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Metric tons (in 1,000’s)
|
2,150
|
|
|
—
|
|
|
2,150
|
|
|
343
|
|
|
—
|
|
|
—
|
|
|
343
|
|
Europe
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Germany
|
1
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Netherlands
|
1
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Poland
|
4
|
|
|
—
|
|
|
4
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
United Kingdom
|
—
|
|
|
—
|
|
|
—
|
|
|
3
|
|
|
—
|
|
|
—
|
|
|
3
|
|
Total
|
6
|
|
|
—
|
|
|
6
|
|
|
3
|
|
|
—
|
|
|
—
|
|
|
3
|
|
Daily/Storage capacity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Metric tons (in 1,000’s)
|
428
|
|
|
—
|
|
|
428
|
|
|
4
|
|
|
—
|
|
|
—
|
|
|
4
|
|
Asia
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
India
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
48
|
|
|
48
|
|
Total
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
48
|
|
|
48
|
|
Storage capacity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Metric tons (in 1,000’s)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
72
|
|
|
72
|
|
Grand Total
|
66
|
|
|
59
|
|
|
125
|
|
|
13
|
|
|
38
|
|
|
48
|
|
|
99
|
|
Total daily/storage capacity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Metric tons (in 1,000’s)
|
2,841
|
|
|
253
|
|
|
3,094
|
|
|
347
|
|
|
123
|
|
|
72
|
|
|
542
|
|
Item 2.
|
PROPERTIES (Continued)
|
|
Carbohydrate Solutions Processing Plants
|
||||||||||
|
Owned
|
|
Leased
|
||||||||
|
Starches & Sweeteners
|
|
Bioproducts
|
|
Total
|
|
Starches & Sweeteners
|
||||
North America
|
|
|
|
|
|
|
|
||||
U.S.*
|
35
|
|
|
3
|
|
|
38
|
|
|
—
|
|
Canada
|
8
|
|
|
—
|
|
|
8
|
|
|
—
|
|
Barbados
|
1
|
|
|
—
|
|
|
1
|
|
|
—
|
|
Belize
|
1
|
|
|
—
|
|
|
1
|
|
|
—
|
|
Grenada
|
1
|
|
|
—
|
|
|
1
|
|
|
—
|
|
Jamaica
|
2
|
|
|
—
|
|
|
2
|
|
|
—
|
|
Total
|
48
|
|
|
3
|
|
|
51
|
|
|
—
|
|
Daily capacity
|
|
|
|
|
|
|
|
||||
Metric tons (in 1,000’s)
|
71
|
|
|
24
|
|
|
95
|
|
|
—
|
|
Europe
|
|
|
|
|
|
|
|
|
|
|
|
United Kingdom
|
3
|
|
|
—
|
|
|
3
|
|
|
4
|
|
Bulgaria
|
1
|
|
|
—
|
|
|
1
|
|
|
—
|
|
France
|
1
|
|
|
—
|
|
|
1
|
|
|
—
|
|
Turkey
|
1
|
|
|
—
|
|
|
1
|
|
|
—
|
|
Total
|
6
|
|
|
—
|
|
|
6
|
|
|
4
|
|
Daily capacity
|
|
|
|
|
|
|
|
||||
Metric tons (in 1,000’s)
|
5
|
|
|
—
|
|
|
5
|
|
|
1
|
|
Asia
|
|
|
|
|
|
|
|
|
|
|
|
China
|
1
|
|
|
—
|
|
|
1
|
|
|
—
|
|
Total
|
1
|
|
|
—
|
|
|
1
|
|
|
—
|
|
Daily capacity
|
|
|
|
|
|
|
|
||||
Metric tons (in 1,000’s)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Africa
|
|
|
|
|
|
|
|
|
|
|
|
Morocco
|
1
|
|
|
—
|
|
|
1
|
|
|
—
|
|
Total
|
1
|
|
|
—
|
|
|
1
|
|
|
—
|
|
Daily capacity
|
|
|
|
|
|
|
|
||||
Metric tons (in 1,000’s)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Grand Total
|
56
|
|
|
3
|
|
|
59
|
|
|
4
|
|
Total daily capacity
|
|
|
|
|
|
|
|
|
|
|
|
Metric tons (in 1,000’s)
|
76
|
|
|
24
|
|
|
100
|
|
|
1
|
|
Item 2.
|
PROPERTIES (Continued)
|
|
Carbohydrate Solutions Procurement Facilities
|
||||||||||||||||
|
Owned
|
|
Leased
|
||||||||||||||
|
Starches & Sweeteners
|
|
Bioproducts
|
|
Total
|
|
Starches & Sweeteners
|
|
Bioproducts
|
|
Total
|
||||||
North America
|
|
|
|
|
|
|
|
|
|
|
|
||||||
U.S.*
|
3
|
|
|
—
|
|
|
3
|
|
|
1
|
|
|
—
|
|
|
1
|
|
Canada
|
—
|
|
|
—
|
|
|
—
|
|
|
2
|
|
|
—
|
|
|
2
|
|
Total
|
3
|
|
|
—
|
|
|
3
|
|
|
3
|
|
|
—
|
|
|
3
|
|
Daily/Storage capacity
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Metric tons (in 1,000’s)
|
194
|
|
|
—
|
|
|
194
|
|
|
154
|
|
|
—
|
|
|
154
|
|
Europe
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
United Kingdom
|
—
|
|
|
—
|
|
|
—
|
|
|
4
|
|
|
—
|
|
|
4
|
|
Total
|
—
|
|
|
—
|
|
|
—
|
|
|
4
|
|
|
—
|
|
|
4
|
|
Daily/Storage capacity
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Metric tons (in 1,000’s)
|
—
|
|
|
—
|
|
|
—
|
|
|
19
|
|
|
—
|
|
|
19
|
|
Grand Total
|
3
|
|
|
—
|
|
|
3
|
|
|
7
|
|
|
—
|
|
|
7
|
|
Total daily/storage capacity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Metric tons (in 1,000’s)
|
194
|
|
|
—
|
|
|
194
|
|
|
173
|
|
|
—
|
|
|
173
|
|
Item 2.
|
PROPERTIES (Continued)
|
|
Nutrition Processing Plants
|
||||||||||||||||
|
Owned
|
|
Leased
|
||||||||||||||
|
WFSI
|
|
Animal Nutrition
|
|
Total
|
|
WFSI
|
|
Animal Nutrition
|
|
Total
|
||||||
North America
|
|
|
|
|
|
|
|
|
|
|
|
||||||
U.S.*
|
23
|
|
|
25
|
|
|
48
|
|
|
1
|
|
|
1
|
|
|
2
|
|
Canada
|
1
|
|
|
3
|
|
|
4
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Puerto Rico
|
—
|
|
|
2
|
|
|
2
|
|
|
—
|
|
|
1
|
|
|
1
|
|
Trinidad & Tobago
|
—
|
|
|
1
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Total
|
24
|
|
|
31
|
|
|
55
|
|
|
1
|
|
|
2
|
|
|
3
|
|
Annual capacity
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Metric tons (in 1,000’s)
|
601
|
|
|
1,809
|
|
|
2,410
|
|
|
31
|
|
|
11
|
|
|
42
|
|
South America
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Brazil
|
1
|
|
|
—
|
|
|
1
|
|
|
1
|
|
|
—
|
|
|
1
|
|
Total
|
1
|
|
|
—
|
|
|
1
|
|
|
1
|
|
|
—
|
|
|
1
|
|
Annual capacity
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Metric tons (in 1,000’s)
|
43
|
|
|
—
|
|
|
43
|
|
|
3
|
|
|
—
|
|
|
3
|
|
Europe
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Germany
|
4
|
|
|
—
|
|
|
4
|
|
|
2
|
|
|
—
|
|
|
2
|
|
France
|
1
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Netherlands
|
1
|
|
|
—
|
|
|
1
|
|
|
1
|
|
|
—
|
|
|
1
|
|
Poland
|
1
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Spain
|
2
|
|
|
—
|
|
|
2
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Turkey
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
1
|
|
United Kingdom
|
1
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Total
|
10
|
|
|
—
|
|
|
10
|
|
|
4
|
|
|
—
|
|
|
4
|
|
Annual capacity
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Metric tons (in 1,000’s)
|
308
|
|
|
—
|
|
|
308
|
|
|
758
|
|
|
—
|
|
|
758
|
|
Asia
|
|
|
|
|
|
|
|
|
|
|
|
||||||
China
|
1
|
|
|
5
|
|
|
6
|
|
|
—
|
|
|
—
|
|
|
—
|
|
India
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
1
|
|
Total
|
1
|
|
|
5
|
|
|
6
|
|
|
1
|
|
|
—
|
|
|
1
|
|
Annual capacity
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Metric tons (in 1,000’s)
|
26
|
|
|
381
|
|
|
407
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Grand Total
|
36
|
|
|
36
|
|
|
72
|
|
|
7
|
|
|
2
|
|
|
9
|
|
Total annual capacity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Metric tons (in 1,000’s)
|
978
|
|
|
2,190
|
|
|
3,168
|
|
|
792
|
|
|
11
|
|
|
803
|
|
Item 2.
|
PROPERTIES (Continued)
|
|
Nutrition Procurement Facilities
|
|||||||
|
Owned
|
|||||||
|
WFSI
|
|
Animal Nutrition
|
|
Total
|
|||
North America
|
|
|
|
|
|
|||
U.S.*
|
19
|
|
|
—
|
|
|
19
|
|
Total
|
19
|
|
|
—
|
|
|
19
|
|
Daily/Storage capacity
|
|
|
|
|
|
|||
Metric tons (in 1,000’s)
|
267
|
|
|
—
|
|
|
267
|
|
Grand Total
|
19
|
|
|
—
|
|
|
19
|
|
Total daily/storage capacity
|
|
|
|
|
|
|
|
|
Metric tons (in 1,000’s)
|
267
|
|
|
—
|
|
|
267
|
|
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
|
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, 2018 to
October 31, 2018
|
|
48,876
|
|
|
$
|
48.838
|
|
|
164
|
|
|
13,758,617
|
|
November 1, 2018 to
November 30, 2018
|
|
546,379
|
|
|
45.785
|
|
|
546,336
|
|
|
13,212,281
|
|
|
December 1, 2018 to
December 31, 2018
|
|
1,149,514
|
|
|
45.023
|
|
|
1,148,867
|
|
|
12,063,414
|
|
|
Total
|
|
1,744,769
|
|
|
$
|
45.369
|
|
|
1,695,367
|
|
|
12,063,414
|
|
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
|
||||||||||||||||||
|
December 31
|
||||||||||||||||||
|
2018
|
|
2017
|
|
2016
|
|
2015
|
|
2014
|
||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Revenues
|
$
|
64,341
|
|
|
$
|
60,828
|
|
|
$
|
62,346
|
|
|
$
|
67,702
|
|
|
$
|
81,201
|
|
Depreciation
|
812
|
|
|
802
|
|
|
787
|
|
|
799
|
|
|
850
|
|
|||||
Net earnings attributable to controlling interests
|
1,810
|
|
|
1,595
|
|
|
1,279
|
|
|
1,849
|
|
|
2,248
|
|
|||||
Basic earnings per common share
|
3.21
|
|
|
2.80
|
|
|
2.18
|
|
|
2.99
|
|
|
3.44
|
|
|||||
Diluted earnings per common share
|
3.19
|
|
|
2.79
|
|
|
2.16
|
|
|
2.98
|
|
|
3.43
|
|
|||||
Cash dividends
|
758
|
|
|
730
|
|
|
701
|
|
|
687
|
|
|
624
|
|
|||||
Per common share
|
1.34
|
|
|
1.28
|
|
|
1.20
|
|
|
1.12
|
|
|
0.96
|
|
|||||
Working capital
|
8,812
|
|
|
7,355
|
|
|
7,872
|
|
|
8,324
|
|
|
10,426
|
|
|||||
Current ratio
|
1.7
|
|
|
1.6
|
|
|
1.6
|
|
|
1.6
|
|
|
1.7
|
|
|||||
Inventories
|
8,813
|
|
|
9,173
|
|
|
8,831
|
|
|
8,243
|
|
|
9,374
|
|
|||||
Net property, plant, and equipment
|
9,953
|
|
|
10,138
|
|
|
9,758
|
|
|
9,853
|
|
|
9,851
|
|
|||||
Gross additions to property, plant, and equipment
|
845
|
|
|
1,100
|
|
|
882
|
|
|
1,350
|
|
|
1,357
|
|
|||||
Total assets
|
40,833
|
|
|
39,963
|
|
|
39,769
|
|
|
40,157
|
|
|
43,997
|
|
|||||
Long-term debt, excluding current maturities
|
7,698
|
|
|
6,623
|
|
|
6,504
|
|
|
5,779
|
|
|
5,528
|
|
|||||
Shareholders’ equity
|
18,996
|
|
|
18,322
|
|
|
17,181
|
|
|
17,915
|
|
|
19,630
|
|
|||||
Per common share
|
33.98
|
|
|
32.89
|
|
|
29.98
|
|
|
30.11
|
|
|
30.82
|
|
|||||
Weighted average shares outstanding-basic
|
564
|
|
|
569
|
|
|
588
|
|
|
618
|
|
|
653
|
|
|||||
Weighted average shares outstanding-diluted
|
567
|
|
|
572
|
|
|
591
|
|
|
621
|
|
|
656
|
|
•
|
Net earnings attributable to controlling interests for the year ended December 31, 2018 included net gains totaling
$13 million
(
$13 million
after tax, equal to
$0.02
per share) related to the sale of businesses and assets; charges of
$292 million
(
$226 million
after tax, equal to
$0.40
per share) consisting of a non-cash pension settlement charge related to the purchase of a group annuity contract that irrevocably transferred the future benefit obligations and annuity administration for certain retirees under the Company's ADM Retirement Plan, charges related to a discontinued software project, a long-term receivable, an equity investment, certain long-lived assets, and several individually insignificant asset impairment charges, restructuring charges in Corporate primarily related to the reorganization of IT services in Corporate and several individually insignificant restructuring charges, and other settlement charges; charges of
$8 million
(
$6 million
after tax, equal to
$0.01
per share) related to acquisition expenses and net losses on foreign currency derivative contracts to economically hedge certain acquisitions; and net tax benefits due to changes in the provisional transition tax amount related to the enactment of the Tax Cuts and Jobs Act and certain discrete items totaling
$33 million
(equal to
$0.06
per share).
|
Item 6.
|
SELECTED FINANCIAL DATA (Continued)
|
•
|
Net earnings attributable to controlling interests for the year ended December 31, 2017 included gains totaling $22 million ($10 million after tax loss, equal to $0.02 per share) primarily related to the sale of the crop risk services business partially offset by an adjustment of the proceeds of the 2015 sale of the cocoa business; charges of $214 million ($144 million after tax, equal to $0.25 per share) consisting of asset impairments related to the reconfiguration of the Company’s Peoria, Illinois ethanol complex, restructuring charges related to the reduction of certain positions within the Company’s global workforce, several individually insignificant asset impairments and restructuring charges, and provisions for contingent losses related to certain settlement items; a debt extinguishment charge of $11 million ($7 million after tax, equal to $0.01 per share) related to the early redemption of the Company’s $559 million notes due on March 15, 2018; and net tax benefits related to the Tax Cuts and Jobs Act and certain discrete tax adjustments totaling $366 million (equal to $0.64 per share).
|
•
|
Net earnings attributable to controlling interests for the year ended December 31, 2016 included gains totaling $119 million ($100 million after tax, equal to $0.17 per share) primarily related to recovery of loss provisions and gains related to the sale of the Company’s Brazilian sugar ethanol facilities, realized contingent consideration on the sale of the Company’s equity investment in Gruma S.A. de C.V. in December 2012, and revaluation of the remaining interest to settlement value in conjunction with the acquisition of Amazon Flavors; a gain of $38 million ($24 million after tax, equal to $0.04 per share) related to a U.S. retiree medical benefit plan curtailment; charges of $117 million ($77 million after tax, equal to $0.13 per share) primarily related to legal fees and settlement, impairment of software, investments, and certain long-lived assets; a $10 million ($8 million after tax, equal to $0.02 per share) loss on sale of individually immaterial assets; and certain discrete tax adjustments totaling $24 million (equal to $0.04 per share) related to valuation allowances, deferred tax re-rates, and changes in assertion.
|
•
|
Net earnings attributable to controlling interests for the year ended December 31, 2015 included 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; 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; 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; loss provisions, settlements, and inventory writedown of $67 million ($58 million after tax, equal to $0.09 per share); certain discrete tax adjustments totaling $60 million (equal to $0.10 per share) related to valuation allowances and deferred tax re-rates; 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.
|
•
|
Net earnings attributable to controlling interests for the year ended December 31, 2014 included 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; 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; a charge of $98 million ($61 million after tax, equal to $0.09 per share) related to pension settlements; and certain discrete tax adjustments of $15 million (equal to $0.02 per share) related to deferred tax re-rates.
|
Item 7.
|
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
|
•
|
the investment in June 2018 of a 50% interest in SoyVen, a joint venture with Cargill to provide soybean meal and oil for customers in Egypt;
|
•
|
the acquisition in June 2018 of a 50% equity stake in the starches and sweeteners business of Russian-based Aston Foods and Food Ingredients;
|
•
|
the sale in July 2018 of the Company’s oilseeds operations in Bolivia to Inversiones Piuranas S.A.;
|
•
|
the acquisition in August 2018 of Probiotics International Limited, a British-based provider of probiotic supplements for human, pet, and production-animal uses;
|
•
|
the acquisition in August 2018 of Rodelle Inc., a premium originator, processor and supplier of vanilla products;
|
•
|
the announcement in October 2018 of the launch of GrainBridge LLC, a 50% joint venture with Cargill that will develop and offer revolutionary new digital tools to help farmers make more informed grain marketing decisions based on personalized production economics;
|
•
|
the acquisition in December 2018 of certain soybean origination, crushing, refining, and bottling assets from Brazil-based Algar Agro;
|
•
|
the acquisition in January 2019 of Neovia, a French-based global provider of value-added animal nutrition solutions, with
72
production facilities and a presence in
25
countries;
|
Item 7.
|
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Continued)
|
•
|
the announcement in January 2019 of an agreement to purchase Florida Chemical Company, one of the world's largest providers of citrus oils and ingredients, which is subject to regulatory approval and expected to close in the first quarter of 2019; and
|
•
|
the announcement in January 2019 of an agreement to purchase the remaining
50%
interest owned by Invivo in Gleadell Agriculture Ltd., a current joint venture with Invivo, which is subject to regulatory approval and is expected to close in the first quarter of 2019.
|
Item 7.
|
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Continued)
|
(In thousands)
|
2018
|
|
2017
|
|
Change
|
|||
Oilseeds
|
36,308
|
|
|
34,733
|
|
|
5
|
%
|
Corn
|
22,343
|
|
|
22,700
|
|
|
(2
|
)%
|
Total
|
58,651
|
|
|
57,433
|
|
|
2
|
%
|
Item 7.
|
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Continued)
|
(In millions)
|
2018
|
|
2017
|
|
Change
|
||||||
Origination
|
|
|
|
|
|
|
|
|
|||
Merchandising and Handling
|
$
|
24,816
|
|
|
$
|
23,915
|
|
|
$
|
901
|
|
Transportation
|
244
|
|
|
209
|
|
|
35
|
|
|||
Total Origination
|
25,060
|
|
|
24,124
|
|
|
936
|
|
|||
|
|
|
|
|
|
||||||
Oilseeds
|
|
|
|
|
|
||||||
Crushing and Origination
|
16,943
|
|
|
14,171
|
|
|
2,772
|
|
|||
Refining, Packaging, Biodiesel, and Other
|
7,888
|
|
|
8,217
|
|
|
(329
|
)
|
|||
Total Oilseeds
|
24,831
|
|
|
22,388
|
|
|
2,443
|
|
|||
|
|
|
|
|
|
||||||
Carbohydrate Solutions
|
|
|
|
|
|
|
|
|
|||
Starches and Sweeteners
|
6,696
|
|
|
6,565
|
|
|
131
|
|
|||
Bioproducts
|
3,583
|
|
|
3,841
|
|
|
(258
|
)
|
|||
Total Carbohydrate Solutions
|
10,279
|
|
|
10,406
|
|
|
(127
|
)
|
|||
|
|
|
|
|
|
||||||
Nutrition
|
|
|
|
|
|
|
|||||
Wild Flavors and Specialty Ingredients
|
2,571
|
|
|
2,367
|
|
|
204
|
|
|||
Animal Nutrition
|
1,219
|
|
|
1,156
|
|
|
63
|
|
|||
Total Nutrition
|
3,790
|
|
|
3,523
|
|
|
267
|
|
|||
|
|
|
|
|
|
||||||
Other
|
381
|
|
|
387
|
|
|
(6
|
)
|
|||
Total Other
|
381
|
|
|
387
|
|
|
(6
|
)
|
|||
Total
|
$
|
64,341
|
|
|
$
|
60,828
|
|
|
$
|
3,513
|
|
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)
|
Segment Operating Profit
|
2018
|
|
2017
|
|
Change
|
||||||
|
(In millions)
|
||||||||||
Origination
|
|
|
|
|
|
|
|
|
|||
Merchandising and Handling
|
$
|
442
|
|
|
$
|
318
|
|
|
$
|
124
|
|
Transportation
|
104
|
|
|
86
|
|
|
18
|
|
|||
Total Origination
|
546
|
|
|
404
|
|
|
142
|
|
|||
|
|
|
|
|
|
||||||
Oilseeds
|
|
|
|
|
|
||||||
Crushing and Origination
|
748
|
|
|
237
|
|
|
511
|
|
|||
Refining, Packaging, Biodiesel, and Other
|
383
|
|
|
259
|
|
|
124
|
|
|||
Asia
|
343
|
|
|
329
|
|
|
14
|
|
|||
Total Oilseeds
|
1,474
|
|
|
825
|
|
|
649
|
|
|||
|
|
|
|
|
|
||||||
Carbohydrate Solutions
|
|
|
|
|
|
|
|
|
|||
Starches and Sweeteners
|
894
|
|
|
930
|
|
|
(36
|
)
|
|||
Bioproducts
|
51
|
|
|
148
|
|
|
(97
|
)
|
|||
Total Carbohydrate Solutions
|
945
|
|
|
1,078
|
|
|
(133
|
)
|
|||
|
|
|
|
|
|
||||||
Nutrition
|
|
|
|
|
|
||||||
Wild Flavors and Specialty Ingredients
|
318
|
|
|
279
|
|
|
39
|
|
|||
Animal Nutrition
|
21
|
|
|
33
|
|
|
(12
|
)
|
|||
Total Nutrition
|
339
|
|
|
312
|
|
|
27
|
|
|||
|
|
|
|
|
|
||||||
Other
|
58
|
|
|
51
|
|
|
7
|
|
|||
Total Other
|
58
|
|
|
51
|
|
|
7
|
|
|||
|
|
|
|
|
|
||||||
Specified Items:
|
|
|
|
|
|
||||||
Gains on sales of assets and businesses
|
13
|
|
|
22
|
|
|
(9
|
)
|
|||
Impairment, restructuring, and settlement charges
|
(102
|
)
|
|
(160
|
)
|
|
58
|
|
|||
Hedge timing effects
|
—
|
|
|
4
|
|
|
(4
|
)
|
|||
Total Specified Items
|
(89
|
)
|
|
(134
|
)
|
|
45
|
|
|||
|
|
|
|
|
|
||||||
Total Segment Operating Profit
|
$
|
3,273
|
|
|
$
|
2,536
|
|
|
$
|
737
|
|
|
|
|
|
|
|
||||||
Adjusted Segment Operating Profit
(1)
|
$
|
3,362
|
|
|
$
|
2,670
|
|
|
$
|
692
|
|
|
|
|
|
|
|
||||||
Segment Operating Profit
|
$
|
3,273
|
|
|
$
|
2,536
|
|
|
$
|
737
|
|
Corporate
|
(1,213
|
)
|
|
(927
|
)
|
|
(286
|
)
|
|||
Earnings Before Income Taxes
|
$
|
2,060
|
|
|
$
|
1,609
|
|
|
$
|
451
|
|
Item 7.
|
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Continued)
|
(In millions)
|
2018
|
|
2017
|
|
Change
|
||||||
LIFO credit (charge)
|
$
|
18
|
|
|
$
|
2
|
|
|
$
|
16
|
|
Interest expense - net
|
(321
|
)
|
|
(310
|
)
|
|
(11
|
)
|
|||
Unallocated corporate costs
|
(660
|
)
|
|
(470
|
)
|
|
(190
|
)
|
|||
Acquisition-related expenses
|
(8
|
)
|
|
—
|
|
|
(8
|
)
|
|||
Loss on debt extinguishment
|
—
|
|
|
(11
|
)
|
|
11
|
|
|||
Impairment, restructuring, and settlement charges
|
(190
|
)
|
|
(54
|
)
|
|
(136
|
)
|
|||
Other charges
|
(52
|
)
|
|
(84
|
)
|
|
32
|
|
|||
Total Corporate
|
$
|
(1,213
|
)
|
|
$
|
(927
|
)
|
|
$
|
(286
|
)
|
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)
|
|
2018
|
|
2017
|
||||||||||
|
In millions
|
Per share
|
|
In millions
|
Per share
|
||||||||
Average number of shares outstanding - diluted
|
567
|
|
|
|
572
|
|
|
||||||
|
|
|
|
|
|
||||||||
Net earnings and reported EPS (fully diluted)
|
$
|
1,810
|
|
$
|
3.19
|
|
|
$
|
1,595
|
|
$
|
2.79
|
|
Adjustments:
|
|
|
|
|
|
||||||||
LIFO charge (credit) (net of tax of $4 million in 2018 and $1 million in 2017)
(1)
|
(14
|
)
|
(0.02
|
)
|
|
(1
|
)
|
—
|
|
||||
(Gains) Losses on sales of assets and businesses (net of tax of $0 million in 2018 and $32 million in 2017)
(2)
|
(13
|
)
|
(0.02
|
)
|
|
10
|
|
0.02
|
|
||||
Asset impairment, restructuring, and settlement charges (net of tax of $66 million in 2018 and $70 million in 2017)
(2)
|
226
|
|
0.40
|
|
|
144
|
|
0.25
|
|
||||
Acquisition-related expenses (net of tax of $2 million)
(2)
|
6
|
|
0.01
|
|
|
—
|
|
—
|
|
||||
Loss on debt extinguishment (net of tax of $4 million)
(1)
|
—
|
|
—
|
|
|
7
|
|
0.01
|
|
||||
Tax adjustments
(3)
|
(33
|
)
|
(0.06
|
)
|
|
(366
|
)
|
(0.64
|
)
|
||||
Adjusted net earnings and adjusted EPS
|
$
|
1,982
|
|
$
|
3.50
|
|
|
$
|
1,389
|
|
$
|
2.43
|
|
(In millions)
|
2018
|
|
2017
|
|
Change
|
||||||
Earnings before income taxes
|
$
|
2,060
|
|
|
$
|
1,609
|
|
|
$
|
451
|
|
Interest expense
|
364
|
|
|
330
|
|
|
34
|
|
|||
Depreciation and amortization
|
941
|
|
|
924
|
|
|
17
|
|
|||
LIFO charge (credit)
|
(18
|
)
|
|
(2
|
)
|
|
(16
|
)
|
|||
(Gains) Losses on sales of assets and businesses
|
(13
|
)
|
|
(22
|
)
|
|
9
|
|
|||
Asset impairment, restructuring, and settlement charges
|
292
|
|
|
214
|
|
|
78
|
|
|||
Acquisition-related expenses
|
8
|
|
|
—
|
|
|
8
|
|
|||
Loss on debt extinguishment
|
—
|
|
|
11
|
|
|
(11
|
)
|
|||
Adjusted EBITDA
|
$
|
3,634
|
|
|
$
|
3,064
|
|
|
$
|
570
|
|
|
|
|
|
|
|
||||||
(In millions)
|
2018
|
|
2017
|
|
Change
|
||||||
Origination
|
$
|
717
|
|
|
$
|
581
|
|
|
136
|
|
|
Oilseeds
|
1,693
|
|
|
1,039
|
|
|
654
|
|
|||
Carbohydrate Solutions
|
1,282
|
|
|
1,415
|
|
|
(133
|
)
|
|||
Nutrition
|
486
|
|
|
450
|
|
|
36
|
|
|||
Other
|
92
|
|
|
69
|
|
|
23
|
|
|||
Corporate
|
(636
|
)
|
|
(490
|
)
|
|
(146
|
)
|
|||
Adjusted EBITDA
|
$
|
3,634
|
|
|
$
|
3,064
|
|
|
$
|
570
|
|
Item 7.
|
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Continued)
|
(In thousands)
|
2017
|
|
2016
|
|
Change
|
|||
Oilseeds
|
34,733
|
|
|
33,788
|
|
|
3
|
%
|
Corn
|
22,700
|
|
|
22,273
|
|
|
2
|
%
|
Total
|
57,433
|
|
|
56,061
|
|
|
2
|
%
|
Item 7.
|
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Continued)
|
(In millions)
|
2017
|
|
2016
|
|
Change
|
||||||
Origination
|
|
|
|
|
|
|
|
|
|||
Merchandising and Handling
|
$
|
23,915
|
|
|
$
|
25,522
|
|
|
$
|
(1,607
|
)
|
Transportation
|
209
|
|
|
224
|
|
|
(15
|
)
|
|||
Total Origination
|
24,124
|
|
|
25,746
|
|
|
(1,622
|
)
|
|||
|
|
|
|
|
|
||||||
Oilseeds
|
|
|
|
|
|
||||||
Crushing and Origination
|
14,171
|
|
|
14,034
|
|
|
137
|
|
|||
Refining, Packaging, Biodiesel, and Other
|
8,217
|
|
|
7,920
|
|
|
297
|
|
|||
Total Oilseeds
|
22,388
|
|
|
21,954
|
|
|
434
|
|
|||
|
|
|
|
|
|
||||||
Carbohydrate Solutions
|
|
|
|
|
|
|
|
|
|||
Starches and Sweeteners
|
6,565
|
|
|
6,413
|
|
|
152
|
|
|||
Bioproducts
|
3,841
|
|
|
4,302
|
|
|
(461
|
)
|
|||
Total Carbohydrate Solutions
|
10,406
|
|
|
10,715
|
|
|
(309
|
)
|
|||
|
|
|
|
|
|
||||||
Nutrition
|
|
|
|
|
|
|
|||||
Wild Flavors and Specialty Ingredients
|
2,367
|
|
|
2,466
|
|
|
(99
|
)
|
|||
Animal Nutrition
|
1,156
|
|
|
1,057
|
|
|
99
|
|
|||
Total Nutrition
|
3,523
|
|
|
3,523
|
|
|
—
|
|
|||
|
|
|
|
|
|
||||||
Other
|
387
|
|
|
408
|
|
|
(21
|
)
|
|||
Total Other
|
387
|
|
|
408
|
|
|
(21
|
)
|
|||
Total
|
$
|
60,828
|
|
|
$
|
62,346
|
|
|
$
|
(1,518
|
)
|
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)
|
Segment Operating Profit
|
2017
|
|
2016
|
|
Change
|
||||||
|
(In millions)
|
||||||||||
Origination
|
|
|
|
|
|
|
|
|
|||
Merchandising and Handling
|
$
|
318
|
|
|
$
|
243
|
|
|
$
|
75
|
|
Transportation
|
86
|
|
|
119
|
|
|
(33
|
)
|
|||
Total Origination
|
404
|
|
|
362
|
|
|
42
|
|
|||
|
|
|
|
|
|
||||||
Oilseeds
|
|
|
|
|
|
||||||
Crushing and Origination
|
237
|
|
|
380
|
|
|
(143
|
)
|
|||
Refining, Packaging, Biodiesel, and Other
|
259
|
|
|
319
|
|
|
(60
|
)
|
|||
Asia
|
329
|
|
|
154
|
|
|
175
|
|
|||
Total Oilseeds
|
825
|
|
|
853
|
|
|
(28
|
)
|
|||
|
|
|
|
|
|
||||||
Carbohydrate Solutions
|
|
|
|
|
|
|
|
|
|||
Sweeteners and Starches
|
930
|
|
|
867
|
|
|
63
|
|
|||
Bioproducts
|
148
|
|
|
134
|
|
|
14
|
|
|||
Total Carbohydrate Solutions
|
1,078
|
|
|
1,001
|
|
|
77
|
|
|||
|
|
|
|
|
|
||||||
Nutrition
|
|
|
|
|
|
|
|||||
Wild Flavors and Specialty Ingredients
|
279
|
|
|
271
|
|
|
8
|
|
|||
Animal Nutrition
|
33
|
|
|
2
|
|
|
31
|
|
|||
Total Nutrition
|
312
|
|
|
273
|
|
|
39
|
|
|||
|
|
|
|
|
|
||||||
Other
|
51
|
|
|
134
|
|
|
(83
|
)
|
|||
Total Other
|
51
|
|
|
134
|
|
|
(83
|
)
|
|||
|
|
|
|
|
|
||||||
Specified Items:
|
|
|
|
|
|
||||||
Gains on sales of assets and businesses
|
22
|
|
|
114
|
|
|
(92
|
)
|
|||
Impairment, restructuring, and exit charges
|
(160
|
)
|
|
(32
|
)
|
|
(128
|
)
|
|||
Hedge timing effects
|
4
|
|
|
(1
|
)
|
|
5
|
|
|||
Total Specified Items
|
(134
|
)
|
|
81
|
|
|
(215
|
)
|
|||
|
|
|
|
|
|
||||||
Total Segment Operating Profit
|
2,536
|
|
|
2,704
|
|
|
(168
|
)
|
|||
|
|
|
|
|
|
||||||
Adjusted Segment Operating Profit
(1)
|
2,670
|
|
|
2,623
|
|
|
47
|
|
|||
|
|
|
|
|
|
||||||
Segment Operating Profit
|
2,536
|
|
|
2,704
|
|
|
(168
|
)
|
|||
Corporate
|
(927
|
)
|
|
(882
|
)
|
|
(45
|
)
|
|||
Earnings Before Income Taxes
|
$
|
1,609
|
|
|
$
|
1,822
|
|
|
$
|
(213
|
)
|
Item 7.
|
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Continued)
|
(In millions)
|
2017
|
|
2016
|
|
Change
|
||||||
LIFO credit (charge)
|
$
|
2
|
|
|
$
|
(19
|
)
|
|
$
|
21
|
|
Interest expense - net
|
(310
|
)
|
|
(282
|
)
|
|
(28
|
)
|
|||
Unallocated corporate costs
|
(470
|
)
|
|
(457
|
)
|
|
(13
|
)
|
|||
Loss on debt extinguishment
|
(11
|
)
|
|
—
|
|
|
(11
|
)
|
|||
Asset impairment, restructuring, and settlement charges
|
(54
|
)
|
|
(85
|
)
|
|
31
|
|
|||
Post-retirement benefit adjustment
|
—
|
|
|
38
|
|
|
(38
|
)
|
|||
Loss on sale of asset
|
—
|
|
|
(5
|
)
|
|
5
|
|
|||
Other charges
|
(84
|
)
|
|
(72
|
)
|
|
(12
|
)
|
|||
Total Corporate
|
$
|
(927
|
)
|
|
$
|
(882
|
)
|
|
$
|
(45
|
)
|
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)
|
|
2017
|
|
2016
|
||||||||||
|
In millions
|
Per share
|
|
In millions
|
Per share
|
||||||||
Average number of shares outstanding - diluted
|
572
|
|
|
|
591
|
|
|
||||||
|
|
|
|
|
|
||||||||
Net earnings and reported EPS (fully diluted)
|
$
|
1,595
|
|
$
|
2.79
|
|
|
$
|
1,279
|
|
$
|
2.16
|
|
Adjustments:
|
|
|
|
|
|
||||||||
LIFO charge (credit) (net of tax of $1 million in 2017 and $7 million in 2016
(1)
|
(1
|
)
|
—
|
|
|
12
|
|
0.02
|
|
||||
(Gains) Losses on sales and revaluation of assets and businesses (net of tax of $32 million in 2017 and $17 million in 2016)
(2)
|
10
|
|
0.02
|
|
|
(92
|
)
|
(0.15
|
)
|
||||
Asset impairment, restructuring, and settlement charges (net of tax of $70 million in 2017 and $40 million in 2016)
(2)
|
144
|
|
0.25
|
|
|
77
|
|
0.13
|
|
||||
Post-retirement benefit curtailment (net of tax of $14 million)
(1)
|
—
|
|
—
|
|
|
(24
|
)
|
(0.04
|
)
|
||||
Loss on debt extinguishment (net of tax of $4 million)
(1)
|
7
|
|
0.01
|
|
|
—
|
|
—
|
|
||||
Tax adjustments
(3)
|
(366
|
)
|
(0.64
|
)
|
|
24
|
|
0.04
|
|
||||
Adjusted net earnings and and adjusted EPS
|
$
|
1,389
|
|
$
|
2.43
|
|
|
$
|
1,276
|
|
$
|
2.16
|
|
(In millions)
|
2017
|
|
2016
|
|
Change
|
||||||
Earnings before income taxes
|
$
|
1,609
|
|
|
$
|
1,822
|
|
|
$
|
(213
|
)
|
Interest expense
|
330
|
|
|
293
|
|
|
37
|
|
|||
Depreciation and amortization
|
924
|
|
|
900
|
|
|
24
|
|
|||
LIFO charge (credit)
|
(2
|
)
|
|
19
|
|
|
(21
|
)
|
|||
Gain on sale and revaluation of assets
|
(22
|
)
|
|
(109
|
)
|
|
87
|
|
|||
Asset impairment, restructuring, and settlement charges
|
214
|
|
|
117
|
|
|
97
|
|
|||
Post-retirement benefit adjustment
|
—
|
|
|
(38
|
)
|
|
38
|
|
|||
Loss on debt extinguishment
|
11
|
|
|
—
|
|
|
11
|
|
|||
Adjusted EBITDA
|
$
|
3,064
|
|
|
$
|
3,004
|
|
|
$
|
60
|
|
|
|
|
|
|
|
||||||
(In millions)
|
2017
|
|
2016
|
|
Change
|
||||||
Origination
|
$
|
581
|
|
|
$
|
539
|
|
|
42
|
|
|
Oilseeds
|
1,039
|
|
|
1,059
|
|
|
(20
|
)
|
|||
Carbohydrate Solutions
|
1,415
|
|
|
1,335
|
|
|
80
|
|
|||
Nutrition
|
450
|
|
|
396
|
|
|
54
|
|
|||
Other - Financial
|
69
|
|
|
144
|
|
|
(75
|
)
|
|||
Corporate
|
(490
|
)
|
|
(469
|
)
|
|
(21
|
)
|
|||
Adjusted EBITDA
|
$
|
3,064
|
|
|
$
|
3,004
|
|
|
$
|
60
|
|
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 Obligations and
|
Note
|
|
|
Less than
|
|
1 - 3
|
|
3 - 5
|
|
More than
|
||||||||||
Other Commitments
|
Reference
|
Total
|
|
1 Year
|
|
Years
|
|
Years
|
|
5 Years
|
||||||||||
|
|
(In millions)
|
||||||||||||||||||
Purchases
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Inventories
|
|
$
|
10,868
|
|
|
$
|
8,473
|
|
|
$
|
2,394
|
|
|
$
|
1
|
|
|
$
|
—
|
|
Energy
|
|
424
|
|
|
258
|
|
|
163
|
|
|
3
|
|
|
—
|
|
|||||
Other
|
|
537
|
|
|
228
|
|
|
137
|
|
|
59
|
|
|
113
|
|
|||||
Total purchases
|
|
11,829
|
|
|
8,959
|
|
|
2,694
|
|
|
63
|
|
|
113
|
|
|||||
Short-term debt
|
|
108
|
|
|
108
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Long-term debt
|
Note 10
|
8,280
|
|
|
582
|
|
|
682
|
|
|
420
|
|
|
6,596
|
|
|||||
Estimated interest payments
|
|
5,684
|
|
|
328
|
|
|
614
|
|
|
544
|
|
|
4,198
|
|
|||||
One-time transition tax
|
|
202
|
|
|
15
|
|
|
36
|
|
|
51
|
|
|
100
|
|
|||||
Operating leases
|
Note 14
|
808
|
|
|
214
|
|
|
270
|
|
|
147
|
|
|
177
|
|
|||||
Estimated pension and other postretirement plan contributions
(1)
|
Note 15
|
141
|
|
|
40
|
|
|
25
|
|
|
23
|
|
|
53
|
|
|||||
Total
|
|
$
|
27,052
|
|
|
$
|
10,246
|
|
|
$
|
4,321
|
|
|
$
|
1,248
|
|
|
$
|
11,237
|
|
Item 7.
|
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Continued)
|
Item 7.
|
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Continued)
|
Item 7.
|
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Continued)
|
Item 7.
|
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Continued)
|
Item 7A.
|
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
|
Item 7A.
|
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK (Continued)
|
|
|
December 31, 2018
|
|
December 31, 2017
|
||||||||||||
Long/(Short)
|
|
Fair Value
|
|
Market Risk
|
|
Fair Value
|
|
Market Risk
|
||||||||
|
|
(In millions)
|
||||||||||||||
Highest position
|
|
$
|
434
|
|
|
$
|
43
|
|
|
$
|
455
|
|
|
$
|
46
|
|
Lowest position
|
|
25
|
|
|
2
|
|
|
(82
|
)
|
|
(8
|
)
|
||||
Average position
|
|
237
|
|
|
24
|
|
|
213
|
|
|
21
|
|
|
December 31, 2018
|
|
December 31, 2017
|
||||
|
(In millions)
|
||||||
Fair value of long-term debt
|
$
|
8,434
|
|
|
$
|
7,777
|
|
Excess of fair value over carrying value
|
736
|
|
|
1,155
|
|
||
Market risk
|
405
|
|
|
384
|
|
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
|
||||||||||
|
2018
|
|
2017
|
|
2016
|
||||||
|
|
|
|
|
|
||||||
|
|
|
|
|
|
||||||
Revenues
|
$
|
64,341
|
|
|
$
|
60,828
|
|
|
$
|
62,346
|
|
Cost of products sold
|
60,160
|
|
|
57,310
|
|
|
58,728
|
|
|||
Gross Profit
|
4,181
|
|
|
3,518
|
|
|
3,618
|
|
|||
|
|
|
|
|
|
||||||
Selling, general and administrative expenses
|
2,165
|
|
|
1,978
|
|
|
1,981
|
|
|||
Asset impairment, exit, and restructuring costs
|
171
|
|
|
173
|
|
|
55
|
|
|||
Interest expense
|
364
|
|
|
330
|
|
|
293
|
|
|||
Equity in earnings of unconsolidated affiliates
|
(518
|
)
|
|
(456
|
)
|
|
(292
|
)
|
|||
Interest income
|
(162
|
)
|
|
(106
|
)
|
|
(92
|
)
|
|||
Other (income) expense - net
|
101
|
|
|
(10
|
)
|
|
(149
|
)
|
|||
Earnings Before Income Taxes
|
2,060
|
|
|
1,609
|
|
|
1,822
|
|
|||
|
|
|
|
|
|
||||||
Income tax expense
|
245
|
|
|
7
|
|
|
534
|
|
|||
Net Earnings Including Noncontrolling Interests
|
1,815
|
|
|
1,602
|
|
|
1,288
|
|
|||
|
|
|
|
|
|
||||||
Less: Net earnings (losses) attributable to noncontrolling interests
|
5
|
|
|
7
|
|
|
9
|
|
|||
|
|
|
|
|
|
||||||
Net Earnings Attributable to Controlling Interests
|
$
|
1,810
|
|
|
$
|
1,595
|
|
|
$
|
1,279
|
|
|
|
|
|
|
|
||||||
Average number of shares outstanding – basic
|
564
|
|
|
569
|
|
|
588
|
|
|||
|
|
|
|
|
|
||||||
Average number of shares outstanding – diluted
|
567
|
|
|
572
|
|
|
591
|
|
|||
|
|
|
|
|
|
||||||
Basic earnings per common share
|
$
|
3.21
|
|
|
$
|
2.80
|
|
|
$
|
2.18
|
|
|
|
|
|
|
|
||||||
Diluted earnings per common share
|
$
|
3.19
|
|
|
$
|
2.79
|
|
|
$
|
2.16
|
|
|
Year Ended
|
||||||||||
(In millions)
|
December 31
|
||||||||||
|
2018
|
|
2017
|
|
2016
|
||||||
|
|
|
|
|
|
||||||
Net earnings including noncontrolling interests
|
$
|
1,815
|
|
|
$
|
1,602
|
|
|
$
|
1,288
|
|
Other comprehensive income (loss):
|
|
|
|
|
|
|
|||||
Foreign currency translation adjustment
|
(581
|
)
|
|
692
|
|
|
(467
|
)
|
|||
Tax effect
|
(28
|
)
|
|
59
|
|
|
(10
|
)
|
|||
Net of tax amount
|
(609
|
)
|
|
751
|
|
|
(477
|
)
|
|||
|
|
|
|
|
|
||||||
Pension and other postretirement benefit liabilities adjustment
|
156
|
|
|
298
|
|
|
(1
|
)
|
|||
Tax effect
|
(55
|
)
|
|
(98
|
)
|
|
3
|
|
|||
Net of tax amount
|
101
|
|
|
200
|
|
|
2
|
|
|||
|
|
|
|
|
|
||||||
Deferred gain (loss) on hedging activities
|
57
|
|
|
12
|
|
|
33
|
|
|||
Tax effect
|
(13
|
)
|
|
(1
|
)
|
|
(12
|
)
|
|||
Net of tax effect
|
44
|
|
|
11
|
|
|
21
|
|
|||
|
|
|
|
|
|
||||||
Unrealized gain (loss) on investments
|
(4
|
)
|
|
(1
|
)
|
|
3
|
|
|||
Tax effect
|
(1
|
)
|
|
2
|
|
|
(2
|
)
|
|||
Net of tax effect
|
(5
|
)
|
|
1
|
|
|
1
|
|
|||
Other comprehensive income (loss)
|
(469
|
)
|
|
963
|
|
|
(453
|
)
|
|||
Comprehensive income (loss)
|
1,346
|
|
|
2,565
|
|
|
835
|
|
|||
|
|
|
|
|
|
||||||
Less: Comprehensive income (loss) attributable to noncontrolling interests
|
5
|
|
|
9
|
|
|
8
|
|
|||
|
|
|
|
|
|
||||||
Comprehensive income (loss) attributable to controlling interests
|
$
|
1,341
|
|
|
$
|
2,556
|
|
|
$
|
827
|
|
(In millions)
|
December 31, 2018
|
|
December 31, 2017
|
||||
Assets
|
|
|
|
||||
Current Assets
|
|
|
|
||||
Cash and cash equivalents
|
$
|
1,997
|
|
|
$
|
804
|
|
Short-term marketable securities
|
6
|
|
|
—
|
|
||
Segregated cash and investments
|
4,506
|
|
|
4,826
|
|
||
Trade receivables
|
2,233
|
|
|
1,947
|
|
||
Inventories
|
8,813
|
|
|
9,173
|
|
||
Other current assets
|
3,033
|
|
|
3,175
|
|
||
Total Current Assets
|
20,588
|
|
|
19,925
|
|
||
Investments and Other Assets
|
|
|
|
|
|
||
Investments in and advances to affiliates
|
5,317
|
|
|
5,088
|
|
||
Long-term marketable securities
|
7
|
|
|
92
|
|
||
Goodwill and other intangible assets
|
4,041
|
|
|
3,918
|
|
||
Other assets
|
927
|
|
|
802
|
|
||
Total Investments and Other Assets
|
10,292
|
|
|
9,900
|
|
||
Property, Plant, and Equipment
|
|
|
|
|
|
||
Land and land improvements
|
545
|
|
|
541
|
|
||
Buildings
|
5,171
|
|
|
5,043
|
|
||
Machinery and equipment
|
18,399
|
|
|
17,985
|
|
||
Construction in progress
|
987
|
|
|
1,224
|
|
||
|
25,102
|
|
|
24,793
|
|
||
Accumulated depreciation
|
(15,149
|
)
|
|
(14,655
|
)
|
||
Net Property, Plant, and Equipment
|
9,953
|
|
|
10,138
|
|
||
Total Assets
|
$
|
40,833
|
|
|
$
|
39,963
|
|
Liabilities, Temporary Equity, and Shareholders’ Equity
|
|
|
|
|
|
||
Current Liabilities
|
|
|
|
|
|
||
Short-term debt
|
$
|
108
|
|
|
$
|
857
|
|
Trade payables
|
3,545
|
|
|
3,894
|
|
||
Payables to brokerage customers
|
4,628
|
|
|
4,973
|
|
||
Accrued expenses and other payables
|
2,913
|
|
|
2,833
|
|
||
Current maturities of long-term debt
|
582
|
|
|
13
|
|
||
Total Current Liabilities
|
11,776
|
|
|
12,570
|
|
||
Long-Term Liabilities
|
|
|
|
|
|
||
Long-term debt
|
7,698
|
|
|
6,623
|
|
||
Deferred income taxes
|
1,067
|
|
|
1,053
|
|
||
Other
|
1,247
|
|
|
1,342
|
|
||
Total Long-Term Liabilities
|
10,012
|
|
|
9,018
|
|
||
|
|
|
|
||||
Temporary Equity - Redeemable noncontrolling interest
|
49
|
|
|
53
|
|
||
|
|
|
|
||||
Shareholders’ Equity
|
|
|
|
|
|
||
Common stock
|
2,560
|
|
|
2,398
|
|
||
Reinvested earnings
|
18,527
|
|
|
17,552
|
|
||
Accumulated other comprehensive income (loss)
|
(2,106
|
)
|
|
(1,637
|
)
|
||
Noncontrolling interests
|
15
|
|
|
9
|
|
||
Total Shareholders’ Equity
|
18,996
|
|
|
18,322
|
|
||
Total Liabilities, Temporary Equity, and Shareholders’ Equity
|
$
|
40,833
|
|
|
$
|
39,963
|
|
(In millions)
|
Year Ended December 31
|
||||||||||
|
2018
|
|
2017
|
|
2016
|
||||||
Operating Activities
|
|
|
|
|
|
||||||
Net earnings including noncontrolling interests
|
$
|
1,815
|
|
|
$
|
1,602
|
|
|
$
|
1,288
|
|
Adjustments to reconcile net earnings to net cash provided by (used in) operating results
|
|
|
|
|
|
|
|||||
Depreciation and amortization
|
941
|
|
|
924
|
|
|
900
|
|
|||
Asset impairment charges
|
142
|
|
|
101
|
|
|
34
|
|
|||
Deferred income taxes
|
(47
|
)
|
|
(714
|
)
|
|
56
|
|
|||
Equity in earnings of affiliates, net of dividends
|
(247
|
)
|
|
(210
|
)
|
|
(61
|
)
|
|||
Stock compensation expense
|
109
|
|
|
66
|
|
|
74
|
|
|||
Pension and postretirement accruals (contributions), net
|
69
|
|
|
16
|
|
|
(135
|
)
|
|||
Gain on sale and revaluation of assets
|
(43
|
)
|
|
(80
|
)
|
|
(130
|
)
|
|||
Other – net
|
(67
|
)
|
|
190
|
|
|
34
|
|
|||
Changes in operating assets and liabilities, net of acquisitions and dispositions
|
|
|
|
|
|
|
|||||
Segregated investments
|
1,176
|
|
|
260
|
|
|
342
|
|
|||
Trade receivables
|
(376
|
)
|
|
73
|
|
|
(160
|
)
|
|||
Inventories
|
226
|
|
|
(137
|
)
|
|
(654
|
)
|
|||
Deferred consideration in securitized receivables
|
(7,838
|
)
|
|
(8,177
|
)
|
|
(8,063
|
)
|
|||
Other current assets
|
(70
|
)
|
|
676
|
|
|
(176
|
)
|
|||
Trade payables
|
(300
|
)
|
|
181
|
|
|
161
|
|
|||
Payables to brokerage customers
|
(309
|
)
|
|
(261
|
)
|
|
87
|
|
|||
Accrued expenses and other payables
|
35
|
|
|
(476
|
)
|
|
(105
|
)
|
|||
Total Operating Activities
|
(4,784
|
)
|
|
(5,966
|
)
|
|
(6,508
|
)
|
|||
|
|
|
|
|
|
||||||
Investing Activities
|
|
|
|
|
|
|
|||||
Purchases of property, plant, and equipment
|
(842
|
)
|
|
(1,049
|
)
|
|
(882
|
)
|
|||
Net assets of businesses acquired
|
(464
|
)
|
|
(187
|
)
|
|
(130
|
)
|
|||
Proceeds from sale of business and assets
|
191
|
|
|
195
|
|
|
195
|
|
|||
Investments in and advances to affiliates
|
(157
|
)
|
|
(280
|
)
|
|
(662
|
)
|
|||
Investments in retained interest in securitized receivables
|
(6,957
|
)
|
|
(4,306
|
)
|
|
(3,823
|
)
|
|||
Proceeds from retained interest in securitized receivables
|
14,795
|
|
|
12,483
|
|
|
11,886
|
|
|||
Purchases of marketable securities
|
—
|
|
|
(538
|
)
|
|
(1,401
|
)
|
|||
Proceeds from sales of marketable securities
|
13
|
|
|
985
|
|
|
1,659
|
|
|||
Other – net
|
3
|
|
|
(12
|
)
|
|
10
|
|
|||
Total Investing Activities
|
6,582
|
|
|
7,291
|
|
|
6,852
|
|
|||
|
|
|
|
|
|
||||||
Financing Activities
|
|
|
|
|
|
|
|||||
Long-term debt borrowings
|
1,762
|
|
|
532
|
|
|
1,041
|
|
|||
Long-term debt payments
|
(30
|
)
|
|
(835
|
)
|
|
(14
|
)
|
|||
Net borrowings (payments) under lines of credit agreements
|
(743
|
)
|
|
685
|
|
|
61
|
|
|||
Debt repurchase premium and costs
|
—
|
|
|
(11
|
)
|
|
—
|
|
|||
Share repurchases
|
(77
|
)
|
|
(750
|
)
|
|
(1,000
|
)
|
|||
Cash dividends
|
(758
|
)
|
|
(730
|
)
|
|
(701
|
)
|
|||
Other – net
|
33
|
|
|
81
|
|
|
34
|
|
|||
Total Financing Activities
|
187
|
|
|
(1,028
|
)
|
|
(579
|
)
|
|||
|
|
|
|
|
|
||||||
Increase (decrease) in cash, cash equivalents, restricted cash, and restricted cash equivalents
|
1,985
|
|
|
297
|
|
|
(235
|
)
|
|||
Cash, cash equivalents, restricted cash, and restricted cash equivalents – beginning of year
|
1,858
|
|
|
1,561
|
|
|
1,796
|
|
|||
Cash, cash equivalents, restricted cash, and restricted cash equivalents
–
end of year
|
$
|
3,843
|
|
|
$
|
1,858
|
|
|
$
|
1,561
|
|
|
|
|
|
|
|
||||||
Reconciliation of cash, cash equivalents, restricted cash, and restricted cash equivalents to the consolidated balance sheets
|
|
|
|
|
|
||||||
Cash and cash equivalents
|
$
|
1,997
|
|
|
$
|
804
|
|
|
$
|
619
|
|
Restricted cash and restricted cash equivalents included in segregated cash and investments
|
1,846
|
|
|
1,054
|
|
|
942
|
|
|||
Total cash, cash equivalents, restricted cash, and restricted cash equivalents
|
$
|
3,843
|
|
|
$
|
1,858
|
|
|
$
|
1,561
|
|
|
|
|
|
|
|
||||||
Cash paid for interest and income taxes were as follows:
|
|
|
|
|
|
||||||
Interest
|
$
|
351
|
|
|
$
|
338
|
|
|
$
|
283
|
|
Income taxes
|
$
|
376
|
|
|
$
|
538
|
|
|
$
|
398
|
|
|
|
|
|
|
|
||||||
Supplemental Disclosure of Noncash Investing Activity:
|
|
|
|
|
|
||||||
Retained interest in securitized receivables
|
$
|
7,897
|
|
|
$
|
7,938
|
|
|
$
|
8,064
|
|
|
|
|
|
|
|
|
Accumulated
Other
|
|
|
|
Total
|
|||||||||||
|
Common Stock
|
|
Reinvested
|
|
Comprehensive
|
|
Noncontrolling
|
|
Shareholders’
|
|||||||||||||
|
Shares
|
|
Amount
|
|
Earnings
|
|
Income (Loss)
|
|
Interests
|
|
Equity
|
|||||||||||
|
(In millions)
|
|||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Balance, December 31, 2015
|
595
|
|
|
$
|
3,180
|
|
|
$
|
16,865
|
|
|
$
|
(2,146
|
)
|
|
$
|
16
|
|
|
$
|
17,915
|
|
Comprehensive income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Net earnings
|
|
|
|
|
|
|
1,279
|
|
|
|
|
|
9
|
|
|
|
|
|||||
Other comprehensive income (loss)
|
|
|
|
|
|
|
|
|
|
(452
|
)
|
|
(1
|
)
|
|
|
|
|||||
Total comprehensive income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
835
|
|
|||||
Cash dividends paid-$1.20 per share
|
|
|
|
|
|
|
(701
|
)
|
|
|
|
|
|
|
|
(701
|
)
|
|||||
Treasury stock purchases
|
(25
|
)
|
|
(1,000
|
)
|
|
|
|
|
|
|
|
(1,000
|
)
|
||||||||
Stock compensation expense
|
1
|
|
|
74
|
|
|
|
|
|
|
|
|
|
|
|
74
|
|
|||||
Other
|
2
|
|
|
73
|
|
|
1
|
|
|
|
|
|
(16
|
)
|
|
58
|
|
|||||
Balance, December 31, 2016
|
573
|
|
|
$
|
2,327
|
|
|
$
|
17,444
|
|
|
$
|
(2,598
|
)
|
|
$
|
8
|
|
|
$
|
17,181
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Impact of ASU 2016-16
|
|
|
|
|
(7
|
)
|
|
|
|
|
|
(7
|
)
|
|||||||||
Balance, January 1, 2017
|
573
|
|
|
2,327
|
|
|
17,437
|
|
|
(2,598
|
)
|
|
8
|
|
|
17,174
|
|
|||||
Comprehensive income
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net earnings
|
|
|
|
|
1,595
|
|
|
|
|
7
|
|
|
|
|||||||||
Other comprehensive income (loss)
|
|
|
|
|
|
|
961
|
|
|
2
|
|
|
|
|||||||||
Total comprehensive income
|
|
|
|
|
|
|
|
|
|
|
2,565
|
|
||||||||||
Cash dividends paid-$1.28 per share
|
|
|
|
|
(730
|
)
|
|
|
|
|
|
(730
|
)
|
|||||||||
Share repurchases
|
(18
|
)
|
|
|
|
(750
|
)
|
|
|
|
|
|
(750
|
)
|
||||||||
Stock compensation expense
|
1
|
|
|
66
|
|
|
|
|
|
|
|
|
66
|
|
||||||||
Other
|
1
|
|
|
5
|
|
|
—
|
|
|
|
|
(8
|
)
|
|
(3
|
)
|
||||||
Balance, December 31, 2017
|
557
|
|
|
$
|
2,398
|
|
|
$
|
17,552
|
|
|
$
|
(1,637
|
)
|
|
$
|
9
|
|
|
$
|
18,322
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Comprehensive income
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net earnings
|
|
|
|
|
1,810
|
|
|
|
|
5
|
|
|
|
|||||||||
Other comprehensive income (loss)
|
|
|
|
|
|
|
(469
|
)
|
|
—
|
|
|
|
|||||||||
Total comprehensive income
|
|
|
|
|
|
|
|
|
|
|
1,346
|
|
||||||||||
Cash dividends paid-$1.34 per share
|
|
|
|
|
(758
|
)
|
|
|
|
|
|
(758
|
)
|
|||||||||
Share repurchases
|
(2
|
)
|
|
|
|
(77
|
)
|
|
|
|
|
|
(77
|
)
|
||||||||
Stock compensation expense
|
2
|
|
|
109
|
|
|
|
|
|
|
|
|
109
|
|
||||||||
Other
|
2
|
|
|
53
|
|
|
—
|
|
|
|
|
1
|
|
|
54
|
|
||||||
Balance, December 31, 2018
|
559
|
|
|
$
|
2,560
|
|
|
$
|
18,527
|
|
|
$
|
(2,106
|
)
|
|
$
|
15
|
|
|
$
|
18,996
|
|
|
December 31, 2018
|
|
December 31, 2017
|
||||
|
(In millions)
|
||||||
LIFO inventories
|
|
|
|
||||
FIFO value
|
$
|
1,011
|
|
|
$
|
1,056
|
|
LIFO valuation reserve
|
(55
|
)
|
|
(73
|
)
|
||
LIFO inventories carrying value
|
956
|
|
|
983
|
|
||
FIFO inventories
|
2,908
|
|
|
2,906
|
|
||
Market inventories
|
4,547
|
|
|
4,886
|
|
||
Supplies and other inventories
|
402
|
|
|
398
|
|
||
Total inventories
|
$
|
8,813
|
|
|
$
|
9,173
|
|
|
Topic 606 Revenue
|
Topic 815
(1)
|
Total
|
||||||||||||
|
Point in Time
|
Over Time
|
Total
|
Revenue
|
Revenues
|
||||||||||
|
(In millions)
|
||||||||||||||
Origination
|
|
|
|
|
|
||||||||||
Merchandising and Handling
|
$
|
2,182
|
|
$
|
237
|
|
$
|
2,419
|
|
$
|
22,397
|
|
$
|
24,816
|
|
Transportation
|
—
|
|
244
|
|
244
|
|
—
|
|
244
|
|
|||||
Total Origination
|
2,182
|
|
481
|
|
2,663
|
|
22,397
|
|
25,060
|
|
|||||
Oilseeds
|
|
|
|
|
|
||||||||||
Crushing and Origination
|
664
|
|
—
|
|
664
|
|
16,279
|
|
16,943
|
|
|||||
Refining, Packaging, Biodiesel, and Other
|
1,792
|
|
—
|
|
1,792
|
|
6,096
|
|
7,888
|
|
|||||
Total Oilseeds
|
2,456
|
|
—
|
|
2,456
|
|
22,375
|
|
24,831
|
|
|||||
Carbohydrate Solutions
|
|
|
|
|
|
||||||||||
Starches and Sweeteners
|
4,901
|
|
—
|
|
4,901
|
|
1,795
|
|
6,696
|
|
|||||
Bioproducts
|
3,583
|
|
—
|
|
3,583
|
|
—
|
|
3,583
|
|
|||||
Total Carbohydrate Solutions
|
8,484
|
|
—
|
|
8,484
|
|
1,795
|
|
10,279
|
|
|||||
Nutrition
|
|
|
|
|
|
||||||||||
Wild Flavors and Specialty Ingredients
|
2,571
|
|
—
|
|
2,571
|
|
—
|
|
2,571
|
|
|||||
Animal Nutrition
|
1,219
|
|
—
|
|
1,219
|
|
—
|
|
1,219
|
|
|||||
Total Nutrition
|
3,790
|
|
—
|
|
3,790
|
|
—
|
|
3,790
|
|
|||||
|
|
|
|
|
|
||||||||||
Other
|
381
|
|
—
|
|
381
|
|
—
|
|
381
|
|
|||||
Total Revenues
|
$
|
17,293
|
|
$
|
481
|
|
$
|
17,774
|
|
$
|
46,567
|
|
$
|
64,341
|
|
|
January 1, 2018
|
|
December 31, 2018
|
||||||||||
|
After Adoption
|
|
As
|
Under
|
Effect of
|
||||||||
|
of Topic 606
|
|
Reported
|
Topic 605
|
Change
|
||||||||
|
(In millions)
|
||||||||||||
Assets
|
|
|
|
|
|
||||||||
Trade receivables
|
$
|
2,343
|
|
|
$
|
2,233
|
|
$
|
1,989
|
|
$
|
244
|
|
Inventories
|
8,770
|
|
|
8,813
|
|
9,049
|
|
(236
|
)
|
||||
Other current assets
|
3,175
|
|
|
3,033
|
|
3,056
|
|
(23
|
)
|
||||
Total Current Assets
|
19,918
|
|
|
20,588
|
|
20,603
|
|
(15
|
)
|
||||
Total Assets
|
$
|
39,956
|
|
|
$
|
40,833
|
|
$
|
40,848
|
|
$
|
(15
|
)
|
Liabilities, Temporary Equity, and Shareholders’ Equity
|
|
|
|
|
|
||||||||
Accrued expenses and other payables
|
$
|
2,826
|
|
|
$
|
2,913
|
|
$
|
2,926
|
|
$
|
(13
|
)
|
Total Current Liabilities
|
12,563
|
|
|
11,776
|
|
11,789
|
|
(13
|
)
|
||||
Reinvested earnings
|
17,552
|
|
|
18,527
|
|
18,529
|
|
(2
|
)
|
||||
Total Shareholders’ Equity
|
18,322
|
|
|
18,996
|
|
18,998
|
|
(2
|
)
|
||||
Total Liabilities, Temporary Equity, and Shareholders’ Equity
|
$
|
39,956
|
|
|
$
|
40,833
|
|
$
|
40,848
|
|
$
|
(15
|
)
|
|
|
Twelve Months Ended
|
||||||||||
|
|
December 31, 2018
|
||||||||||
|
|
|
|
As
|
Under
|
Effect of
|
||||||
|
|
|
|
Reported
|
Topic 605
|
Change
|
||||||
|
|
|
|
(In millions)
|
||||||||
Revenues
|
|
|
|
$
|
64,341
|
|
$
|
64,502
|
|
$
|
(161
|
)
|
Cost of products sold
|
|
|
|
60,160
|
|
60,319
|
|
(159
|
)
|
|||
Gross profit
|
|
|
|
4,181
|
|
4,183
|
|
(2
|
)
|
|||
Earnings before income taxes
|
|
|
|
2,060
|
|
2,062
|
|
(2
|
)
|
|||
Income taxes
|
|
|
|
245
|
|
245
|
|
—
|
|
|||
Net earnings including noncontrolling interests
|
|
|
|
1,815
|
|
1,817
|
|
(2
|
)
|
|||
Net earnings attributable to controlling interests
|
|
|
|
1,810
|
|
1,812
|
|
(2
|
)
|
|
(In millions)
|
||
Working capital
|
$
|
30
|
|
Property, plant, and equipment
|
133
|
|
|
Goodwill
|
187
|
|
|
Other intangible assets
|
132
|
|
|
Other long-term assets
|
6
|
|
|
Deferred tax liabilities
|
(15
|
)
|
|
Noncontrolling interest
|
(9
|
)
|
|
Aggregate cash consideration, net of cash acquired
|
$
|
464
|
|
|
(In millions)
|
||
Working capital
|
$
|
19
|
|
Property, plant, and equipment
|
116
|
|
|
Goodwill
|
33
|
|
|
Other intangible assets
|
47
|
|
|
Other long-term assets
|
8
|
|
|
Long-term debt
|
(8
|
)
|
|
Other long-term liabilities
|
(16
|
)
|
|
Noncontrolling interest
|
(12
|
)
|
|
Aggregate cash consideration, net of cash acquired
|
$
|
187
|
|
|
(In millions)
|
||
Working capital
|
$
|
15
|
|
Property, plant, and equipment
|
23
|
|
|
Goodwill
|
72
|
|
|
Other intangible assets
|
41
|
|
|
Other long-term assets
|
34
|
|
|
Long-term liabilities
|
(17
|
)
|
|
Noncontrolling interest
|
(38
|
)
|
|
Aggregate cash consideration, net of cash acquired
|
$
|
130
|
|
|
Fair Value Measurements at December 31, 2018
|
||||||||||||||
|
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
|
$
|
—
|
|
|
$
|
3,032
|
|
|
$
|
1,515
|
|
|
$
|
4,547
|
|
Unrealized derivative gains:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Commodity contracts
|
—
|
|
|
306
|
|
|
155
|
|
|
461
|
|
||||
Foreign exchange contracts
|
—
|
|
|
175
|
|
|
—
|
|
|
175
|
|
||||
Cash equivalents
|
1,288
|
|
|
—
|
|
|
—
|
|
|
1,288
|
|
||||
Marketable securities
|
12
|
|
|
1
|
|
|
—
|
|
|
13
|
|
||||
Segregated investments
|
1,044
|
|
|
—
|
|
|
—
|
|
|
1,044
|
|
||||
Deferred consideration
|
—
|
|
|
379
|
|
|
—
|
|
|
379
|
|
||||
Total Assets
|
$
|
2,344
|
|
|
$
|
3,893
|
|
|
$
|
1,670
|
|
|
$
|
7,907
|
|
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Unrealized derivative losses:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Commodity contracts
|
$
|
—
|
|
|
$
|
344
|
|
|
$
|
245
|
|
|
$
|
589
|
|
Foreign exchange contracts
|
—
|
|
|
152
|
|
|
—
|
|
|
152
|
|
||||
Interest rate contracts
|
—
|
|
|
20
|
|
|
—
|
|
|
20
|
|
||||
Inventory-related payables
|
—
|
|
|
579
|
|
|
18
|
|
|
597
|
|
||||
Total Liabilities
|
$
|
—
|
|
|
$
|
1,095
|
|
|
$
|
263
|
|
|
$
|
1,358
|
|
|
Fair Value Measurements at December 31, 2017
|
||||||||||||||
|
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
|
$
|
—
|
|
|
$
|
3,400
|
|
|
$
|
1,486
|
|
|
$
|
4,886
|
|
Unrealized derivative gains:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Commodity contracts
|
—
|
|
|
275
|
|
|
111
|
|
|
386
|
|
||||
Foreign currency contracts
|
—
|
|
|
63
|
|
|
—
|
|
|
63
|
|
||||
Cash equivalents
|
352
|
|
|
—
|
|
|
—
|
|
|
352
|
|
||||
Marketable securities
|
91
|
|
|
1
|
|
|
—
|
|
|
92
|
|
||||
Segregated investments
|
1,733
|
|
|
—
|
|
|
—
|
|
|
1,733
|
|
||||
Deferred consideration
|
—
|
|
|
307
|
|
|
—
|
|
|
307
|
|
||||
Total Assets
|
$
|
2,176
|
|
|
$
|
4,046
|
|
|
$
|
1,597
|
|
|
$
|
7,819
|
|
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Unrealized derivative losses:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Commodity contracts
|
$
|
—
|
|
|
$
|
268
|
|
|
$
|
103
|
|
|
$
|
371
|
|
Foreign currency contracts
|
—
|
|
|
92
|
|
|
—
|
|
|
92
|
|
||||
Interest rate contracts
|
—
|
|
|
1
|
|
|
—
|
|
|
1
|
|
||||
Inventory-related payables
|
—
|
|
|
680
|
|
|
39
|
|
|
719
|
|
||||
Total Liabilities
|
$
|
—
|
|
|
$
|
1,041
|
|
|
$
|
142
|
|
|
$
|
1,183
|
|
|
Level 3 Fair Value Assets Measurements at
December 31, 2018 |
||||||||||
|
Inventories
Carried at
Market
|
|
Commodity
Derivative
Contracts
Gains
|
|
Total
|
||||||
|
(In millions)
|
||||||||||
Balance, December 31, 2017
|
$
|
1,486
|
|
|
$
|
111
|
|
|
$
|
1,597
|
|
Total increase (decrease) in net realized/unrealized gains included in cost of products sold
(1)
|
631
|
|
|
395
|
|
|
1,026
|
|
|||
Purchases
|
11,153
|
|
|
—
|
|
|
11,153
|
|
|||
Sales
|
(11,728
|
)
|
|
—
|
|
|
(11,728
|
)
|
|||
Settlements
|
—
|
|
|
(468
|
)
|
|
(468
|
)
|
|||
Transfers into Level 3
|
80
|
|
|
157
|
|
|
237
|
|
|||
Transfers out of Level 3
|
(107
|
)
|
|
(40
|
)
|
|
(147
|
)
|
|||
Ending balance, December 31, 2018
|
$
|
1,515
|
|
|
$
|
155
|
|
|
$
|
1,670
|
|
|
Level 3 Fair Value Liabilities Measurements at
December 31, 2018 |
||||||||||
|
Inventory-
related
Payables
|
|
Commodity
Derivative
Contracts
Losses
|
|
Total
|
||||||
|
(In millions)
|
||||||||||
Balance, December 31, 2017
|
$
|
39
|
|
|
$
|
103
|
|
|
$
|
142
|
|
Total increase (decrease) in net realized/unrealized losses included in cost of products sold
(1)
|
11
|
|
|
526
|
|
|
537
|
|
|||
Purchases
|
57
|
|
|
—
|
|
|
57
|
|
|||
Sales
|
(89
|
)
|
|
—
|
|
|
(89
|
)
|
|||
Settlements
|
—
|
|
|
(476
|
)
|
|
(476
|
)
|
|||
Transfers into Level 3
|
—
|
|
|
150
|
|
|
150
|
|
|||
Transfers out of Level 3
|
—
|
|
|
(58
|
)
|
|
(58
|
)
|
|||
Ending balance, December 31, 2018
|
$
|
18
|
|
|
$
|
245
|
|
|
$
|
263
|
|
|
Level 3 Fair Value Assets Measurements at
December 31, 2017 |
||||||||||
|
Inventories
Carried at
Market
|
|
Commodity
Derivative
Contracts
Gains
|
|
Total
|
||||||
|
(In millions)
|
||||||||||
Balance, December 31, 2016
|
$
|
1,322
|
|
|
$
|
140
|
|
|
$
|
1,462
|
|
Total increase (decrease) in net realized/unrealized gains included in cost of products sold
(1)
|
(29
|
)
|
|
248
|
|
|
219
|
|
|||
Purchases
|
11,236
|
|
|
—
|
|
|
11,236
|
|
|||
Sales
|
(11,231
|
)
|
|
—
|
|
|
(11,231
|
)
|
|||
Settlements
|
—
|
|
|
(369
|
)
|
|
(369
|
)
|
|||
Transfers into Level 3
|
241
|
|
|
136
|
|
|
377
|
|
|||
Transfers out of Level 3
|
(53
|
)
|
|
(44
|
)
|
|
(97
|
)
|
|||
Ending balance, December 31, 2017
|
$
|
1,486
|
|
|
$
|
111
|
|
|
$
|
1,597
|
|
|
Level 3 Fair Value Liabilities Measurements at
December 31, 2017 |
||||||||||
|
Inventory-
related
Payables
|
|
Commodity
Derivative
Contracts
Losses
|
|
Total
|
||||||
|
(In millions)
|
||||||||||
Balance, December 31, 2016
|
$
|
30
|
|
|
$
|
142
|
|
|
$
|
172
|
|
Total increase (decrease) in net realized/unrealized losses included in cost of products sold
(1)
|
(4
|
)
|
|
257
|
|
|
253
|
|
|||
Purchases
|
38
|
|
|
—
|
|
|
38
|
|
|||
Sales
|
(25
|
)
|
|
—
|
|
|
(25
|
)
|
|||
Settlements
|
—
|
|
|
(397
|
)
|
|
(397
|
)
|
|||
Transfers into Level 3
|
—
|
|
|
128
|
|
|
128
|
|
|||
Transfers out of Level 3
|
—
|
|
|
(27
|
)
|
|
(27
|
)
|
|||
Ending balance, December 31, 2017
|
$
|
39
|
|
|
$
|
103
|
|
|
$
|
142
|
|
|
|
Weighted Average % of Total Price
|
||||||
|
|
December 31, 2018
|
|
December 31, 2017
|
||||
Component Type
|
|
Assets
|
|
Liabilities
|
|
Assets
|
|
Liabilities
|
Inventories and Related Payables
|
|
|
|
|
|
|
|
|
Basis
|
|
18.5%
|
|
125.0%
|
|
12.8%
|
|
99.9%
|
Transportation cost
|
|
25.9%
|
|
39.4%
|
|
19.2%
|
|
—%
|
Commodity Derivative Contracts
|
|
|
|
|
|
|
|
|
Basis
|
|
21.6%
|
|
19.1%
|
|
24.2%
|
|
23.0%
|
Transportation cost
|
|
29.5%
|
|
35.1%
|
|
12.5%
|
|
10.4%
|
|
December 31, 2018
|
|
December 31, 2017
|
||||||||||||
|
Assets
|
|
Liabilities
|
|
Assets
|
|
Liabilities
|
||||||||
|
(In millions)
|
||||||||||||||
Foreign Currency Contracts
|
$
|
175
|
|
|
$
|
152
|
|
|
$
|
63
|
|
|
$
|
92
|
|
Commodity Contracts
|
461
|
|
|
589
|
|
|
386
|
|
|
371
|
|
||||
Total
|
$
|
636
|
|
|
$
|
741
|
|
|
$
|
449
|
|
|
$
|
463
|
|
|
|
|
Cost of
|
|
Other expense (income) - net
|
|
|
||||||||
|
|
|
products
|
|
|
|
|||||||||
(In millions)
|
Revenues
|
|
sold
|
|
|
|
|||||||||
For the Year Ended December 31, 2018
|
|
|
|
|
|
|
|
||||||||
Consolidated Statement of Earnings
|
$
|
64,341
|
|
|
$
|
60,160
|
|
|
$
|
101
|
|
|
|
||
|
|
|
|
|
|
|
|
||||||||
Pre-tax gains (losses) on:
|
|
|
|
|
|
|
|
||||||||
Foreign Currency Contracts
|
$
|
5
|
|
|
$
|
(139
|
)
|
|
$
|
(177
|
)
|
|
|
||
Commodity Contracts
|
—
|
|
|
258
|
|
|
—
|
|
|
|
|||||
Total gain (loss) recognized in earnings
|
$
|
5
|
|
|
$
|
119
|
|
|
$
|
(177
|
)
|
|
$
|
(53
|
)
|
|
|
|
|
|
|
|
|
||||||||
For the Year Ended December 31, 2017
|
|
|
|
|
|
|
|
||||||||
Consolidated Statement of Earnings
|
$
|
60,828
|
|
|
$
|
57,310
|
|
|
$
|
(10
|
)
|
|
|
||
|
|
|
|
|
|
|
|
||||||||
Pre-tax gains (losses) on:
|
|
|
|
|
|
|
|
||||||||
Foreign Currency Contracts
|
$
|
(10
|
)
|
|
$
|
58
|
|
|
$
|
214
|
|
|
|
||
Commodity Contracts
|
—
|
|
|
375
|
|
|
—
|
|
|
|
|||||
Total gain (loss) recognized in earnings
|
$
|
(10
|
)
|
|
$
|
433
|
|
|
$
|
214
|
|
|
$
|
637
|
|
|
|
|
|
|
|
|
|
||||||||
For the Year Ended December 31, 2016
|
|
|
|
|
|
|
|
||||||||
Consolidated Statement of Earnings
|
$
|
62,346
|
|
|
$
|
58,728
|
|
|
$
|
(149
|
)
|
|
|
||
|
|
|
|
|
|
|
|
||||||||
Pre-tax gains (losses) on:
|
|
|
|
|
|
|
|
||||||||
Foreign Currency Contracts
|
$
|
(35
|
)
|
|
$
|
291
|
|
|
$
|
(225
|
)
|
|
|
||
Commodity Contracts
|
—
|
|
|
(383
|
)
|
|
—
|
|
|
|
|||||
Total gain (loss) recognized in earnings
|
$
|
(35
|
)
|
|
$
|
(92
|
)
|
|
$
|
(225
|
)
|
|
$
|
(352
|
)
|
|
|
|
|
|
|
|
|
|
December 31, 2018
|
|
December 31, 2017
|
||||||||||||
|
Assets
|
|
Liabilities
|
|
Assets
|
|
Liabilities
|
||||||||
|
(In millions)
|
||||||||||||||
Interest Rate Contracts
|
$
|
—
|
|
|
$
|
20
|
|
|
$
|
—
|
|
|
$
|
1
|
|
Total
|
$
|
—
|
|
|
$
|
20
|
|
|
$
|
—
|
|
|
$
|
1
|
|
|
|
|
Cost of products sold
|
|
Interest expense
|
|
Other expense (income) - net
|
|
|
||||||||||
(In millions)
|
Revenues
|
|
|
|
|
|
|||||||||||||
For the Year Ended December 31, 2018
|
|
|
|
|
|
|
|
|
|
||||||||||
Consolidated Statement of Earnings
|
$
|
64,341
|
|
|
$
|
60,160
|
|
|
$
|
364
|
|
|
$
|
101
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
||||||||||
Effective amounts recognized in earnings
|
|
|
|
|
|
|
|
|
|
||||||||||
Pre-tax gains (losses) on:
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest Contracts
|
—
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
|
||||||
Commodity Contracts
|
36
|
|
|
(113
|
)
|
|
—
|
|
|
—
|
|
|
|
||||||
Total gain (loss) recognized in earnings
|
$
|
36
|
|
|
$
|
(113
|
)
|
|
$
|
1
|
|
|
$
|
—
|
|
|
$
|
(76
|
)
|
|
|
|
|
|
|
|
|
|
|
||||||||||
For the Year Ended December 31, 2017
|
|
|
|
|
|
|
|
|
|
||||||||||
Consolidated Statement of Earnings
|
$
|
60,828
|
|
|
$
|
57,310
|
|
|
330
|
|
|
$
|
(10
|
)
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
||||||||||
Effective amounts recognized in earnings
|
|
|
|
|
|
|
|
|
|
||||||||||
Pre-tax gains (losses) on:
|
|
|
|
|
|
|
|
|
|
||||||||||
Foreign Currency Contracts
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(2
|
)
|
|
|
||
Interest Rate Contracts
|
—
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
|
||||||
Commodity Contracts
|
(1
|
)
|
|
(45
|
)
|
|
—
|
|
|
—
|
|
|
|
||||||
Total gain (loss) recognized in earnings
|
$
|
(1
|
)
|
|
$
|
(45
|
)
|
|
$
|
1
|
|
|
$
|
(2
|
)
|
|
$
|
(47
|
)
|
|
|
|
|
|
|
|
|
|
|
||||||||||
For the Year Ended December 31, 2016
|
|
|
|
|
|
|
|
|
|
||||||||||
Consolidated Statement of Earnings
|
$
|
62,346
|
|
|
$
|
58,728
|
|
|
$
|
293
|
|
|
$
|
(149
|
)
|
|
|
||
|
|
|
|
|
|
|
|
|
|
||||||||||
Effective amounts recognized in earnings
|
|
|
|
|
|
|
|
|
|
||||||||||
Pre-tax gains (losses) on:
|
|
|
|
|
|
|
|
|
|
||||||||||
Foreign Currency Contracts
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(18
|
)
|
|
|
||
Interest Rate Contracts
|
—
|
|
|
—
|
|
|
(2
|
)
|
|
—
|
|
|
|
||||||
Commodity Contracts
|
(35
|
)
|
|
(82
|
)
|
|
—
|
|
|
—
|
|
|
|
||||||
Ineffective amounts recognized in earnings
|
|
|
|
|
|
|
|
|
|
||||||||||
Pre-tax gains (losses) on:
|
|
|
|
|
|
|
|
|
|
||||||||||
Commodity Contracts
|
(5
|
)
|
|
6
|
|
|
—
|
|
|
—
|
|
|
|
||||||
Total gain (loss) recognized in earnings
|
$
|
(40
|
)
|
|
$
|
(76
|
)
|
|
$
|
(2
|
)
|
|
$
|
(18
|
)
|
|
$
|
(136
|
)
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2018
|
|
December 31, 2017
|
||||
|
(In millions)
|
||||||
Unrealized gains on derivative contracts
|
$
|
636
|
|
|
$
|
449
|
|
Deferred receivables consideration
|
379
|
|
|
307
|
|
||
Customer omnibus receivable
|
450
|
|
|
477
|
|
||
Financing receivables - net
(1)
|
424
|
|
|
413
|
|
||
Insurance premiums receivable
|
35
|
|
|
129
|
|
||
Prepaid expenses
|
184
|
|
|
232
|
|
||
Tax receivables
|
379
|
|
|
425
|
|
||
Non-trade receivables
(2)
|
323
|
|
|
371
|
|
||
Other current assets
|
223
|
|
|
372
|
|
||
|
$
|
3,033
|
|
|
$
|
3,175
|
|
|
December 31, 2018
|
|
December 31, 2017
|
||||
|
(In millions)
|
||||||
Unrealized losses on derivative contracts
|
$
|
761
|
|
|
$
|
464
|
|
Accrued compensation
|
337
|
|
|
235
|
|
||
Income tax payable
|
—
|
|
|
140
|
|
||
Other taxes payable
|
98
|
|
|
99
|
|
||
Reinsurance premiums payable
|
15
|
|
|
111
|
|
||
Insurance claims payable
|
277
|
|
|
268
|
|
||
Contract liability
|
501
|
|
|
519
|
|
||
Other accruals and payables
|
924
|
|
|
997
|
|
||
|
$
|
2,913
|
|
|
$
|
2,833
|
|
|
December 31
|
||||||
(In millions)
|
2018
|
|
2017
|
||||
Current assets
|
$
|
30,732
|
|
|
$
|
28,200
|
|
Non-current assets
|
21,841
|
|
|
21,411
|
|
||
Current liabilities
|
(26,592
|
)
|
|
(24,209
|
)
|
||
Non-current liabilities
|
(6,205
|
)
|
|
(4,250
|
)
|
||
Noncontrolling interests
|
(677
|
)
|
|
(981
|
)
|
||
Net assets
|
$
|
19,099
|
|
|
$
|
20,171
|
|
|
Year Ended
|
||||||||||
|
December 31
|
||||||||||
(In millions)
|
2018
|
|
2017
|
|
2016
|
||||||
Revenues
|
$
|
53,143
|
|
|
$
|
55,908
|
|
|
$
|
45,296
|
|
Gross profit
|
5,118
|
|
|
4,687
|
|
|
4,375
|
|
|||
Net income
|
1,881
|
|
|
1,800
|
|
|
1,119
|
|
|
December 31, 2018
|
December 31, 2017
|
|||||
|
(In millions)
|
||||||
Origination
|
$
|
54
|
|
|
$
|
55
|
|
Oilseeds
|
131
|
|
|
133
|
|
||
Carbohydrate Solutions
|
265
|
|
|
281
|
|
||
Nutrition
|
2,042
|
|
|
1,901
|
|
||
Other
|
4
|
|
|
4
|
|
||
Total
|
$
|
2,496
|
|
|
$
|
2,374
|
|
|
|
|
December 31, 2018
|
|
December 31, 2017
|
||||||||||||||||||||
|
Useful
|
|
Gross
|
|
Accumulated
|
|
|
|
Gross
|
|
Accumulated
|
|
|
||||||||||||
|
Life
|
|
Amount
|
|
Amortization
|
|
Net
|
|
Amount
|
|
Amortization
|
|
Net
|
||||||||||||
|
(In years)
|
|
(In millions)
|
||||||||||||||||||||||
Intangible assets with indefinite lives:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Trademarks/brands
|
|
|
$
|
248
|
|
|
$
|
—
|
|
|
$
|
248
|
|
|
$
|
235
|
|
|
$
|
—
|
|
|
$
|
235
|
|
Other
|
|
|
1
|
|
|
—
|
|
|
1
|
|
|
1
|
|
|
—
|
|
|
1
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Intangible assets with definite lives:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Trademarks/brands
|
20
|
|
28
|
|
|
(10
|
)
|
|
18
|
|
|
28
|
|
|
(9
|
)
|
|
19
|
|
||||||
Customer lists
|
3 to 30
|
|
876
|
|
|
(228
|
)
|
|
648
|
|
|
829
|
|
|
(183
|
)
|
|
646
|
|
||||||
Patents
|
4 to 20
|
|
60
|
|
|
(35
|
)
|
|
25
|
|
|
54
|
|
|
(32
|
)
|
|
22
|
|
||||||
Computer software
|
2 to 8
|
|
411
|
|
|
(272
|
)
|
|
139
|
|
|
389
|
|
|
(239
|
)
|
|
150
|
|
||||||
Land rights
|
2 to 50
|
|
173
|
|
|
(25
|
)
|
|
148
|
|
|
147
|
|
|
(17
|
)
|
|
130
|
|
||||||
Recipes and other
|
3 to 20
|
|
525
|
|
|
(207
|
)
|
|
318
|
|
|
519
|
|
|
(178
|
)
|
|
341
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Total
|
|
|
$
|
2,322
|
|
|
$
|
(777
|
)
|
|
$
|
1,545
|
|
|
$
|
2,202
|
|
|
$
|
(658
|
)
|
|
$
|
1,544
|
|
|
December 31, 2018
|
|
December 31, 2017
|
||||
|
(In millions)
|
||||||
2.5% Notes $1 billion face amount, due in 2026
|
$
|
993
|
|
|
$
|
992
|
|
|
|
|
|
||||
1.0% Notes €650 million face amount, due in 2025
|
736
|
|
|
—
|
|
||
|
|
|
|
||||
1.75% Notes €600 million face amount, due in 2023
|
682
|
|
|
714
|
|
||
|
|
|
|
||||
4.5% Notes $600 million face amount, due in 2049
|
587
|
|
|
—
|
|
||
|
|
|
|
||||
Floating Rate Notes €500 million face amount, due in 2019
|
572
|
|
|
599
|
|
||
|
|
|
|
||||
4.479% Debentures $516 million face amount, due in 2021
|
493
|
|
|
501
|
|
||
|
|
|
|
||||
3.75% Notes $500 million face amount, due in 2047
|
493
|
|
|
492
|
|
||
|
|
|
|
||||
5.375% Debentures $470 million face amount, due in 2035
|
461
|
|
|
460
|
|
||
|
|
|
|
||||
3.375% Notes $400 million face amount, due in 2022
|
398
|
|
|
—
|
|
||
|
|
|
|
||||
4.016% Debentures $570 million face amount, due in 2043
|
386
|
|
|
383
|
|
||
|
|
|
|
||||
4.535% Debentures $528 million face amount due in 2042
|
382
|
|
|
379
|
|
||
|
|
|
|
||||
5.765% Debentures $378 million face amount, due in 2041
|
378
|
|
|
378
|
|
||
|
|
|
|
||||
5.935% Debentures $383 million face amount, due in 2032
|
378
|
|
|
378
|
|
||
|
|
|
|
||||
7.0% Debentures $164 million face amount, due in 2031
|
163
|
|
|
163
|
|
||
|
|
|
|
||||
6.625% Debentures $160 million face amount, due in 2029
|
159
|
|
|
159
|
|
||
|
|
|
|
||||
6.95% Debentures $159 million face amount, due in 2097
|
155
|
|
|
155
|
|
||
|
|
|
|
||||
7.5% Debentures $150 million face amount, due in 2027
|
149
|
|
|
150
|
|
||
|
|
|
|
||||
6.45% Debentures $127 million face amount, due in 2038
|
126
|
|
|
126
|
|
||
|
|
|
|
||||
6.75% Debentures $118 million face amount, due in 2027
|
117
|
|
|
117
|
|
||
|
|
|
|
||||
Other
|
472
|
|
|
490
|
|
||
Total long-term debt including current maturities
|
8,280
|
|
|
6,636
|
|
||
Current maturities
|
(582
|
)
|
|
(13
|
)
|
||
Total long-term debt
|
$
|
7,698
|
|
|
$
|
6,623
|
|
|
Year Ended December 31
|
||||
|
2018
|
|
2017
|
|
2016
|
Dividend yield
|
3%
|
|
3%
|
|
3%
|
Risk-free interest rate
|
2%
|
|
2%
|
|
1%
|
Stock volatility
|
23%
|
|
25%
|
|
25%
|
Average expected life (years)
|
6
|
|
6
|
|
6
|
|
Shares
|
|
Weighted-Average
Exercise Price
|
||
|
(In thousands, except per share amounts)
|
||||
Shares under option at December 31, 2017
|
11,026
|
|
|
$33.23
|
|
Granted
(1)
|
—
|
|
|
40.50
|
|
Exercised
|
(1,954
|
)
|
|
28.15
|
|
Forfeited or expired
|
(11
|
)
|
|
27.06
|
|
Shares under option at December 31, 2018
|
9,061
|
|
|
$34.33
|
|
|
|
|
|
||
Exercisable at December 31, 2018
|
6,736
|
|
|
$33.07
|
|
Restricted
Stock Awards and PSUs
|
|
Weighted Average
Grant-Date Fair Value
|
|
|
(In thousands, except per share amounts)
|
|||
Non-vested at December 31, 2017
|
5,367
|
|
|
$41.60
|
Granted
|
2,518
|
|
|
42.72
|
Vested
|
(1,575
|
)
|
|
46.69
|
Forfeited
|
(185
|
)
|
|
40.42
|
Non-vested at December 31, 2018
|
6,125
|
|
|
$40.82
|
(In millions)
|
Year Ended December 31
|
||||||||||
|
2018
|
|
2017
|
|
2016
|
||||||
|
|
|
|
|
|
||||||
Gains on sales and revaluation of assets and businesses
|
$
|
(43
|
)
|
|
$
|
(80
|
)
|
|
$
|
(130
|
)
|
Pension settlement
|
117
|
|
|
—
|
|
|
—
|
|
|||
Loss on debt extinguishment
|
—
|
|
|
11
|
|
|
—
|
|
|||
Other – net
|
27
|
|
|
59
|
|
|
(19
|
)
|
|||
|
$
|
101
|
|
|
$
|
(10
|
)
|
|
$
|
(149
|
)
|
|
Year Ended
|
||||||||||
(In millions)
|
December 31
|
||||||||||
|
2018
|
|
2017
|
|
2016
|
||||||
|
|
|
|
|
|
||||||
United States
|
$
|
972
|
|
|
$
|
1,104
|
|
|
$
|
1,215
|
|
Foreign
|
1,088
|
|
|
505
|
|
|
607
|
|
|||
|
$
|
2,060
|
|
|
$
|
1,609
|
|
|
$
|
1,822
|
|
|
Year Ended
|
||||||||||||
(In millions)
|
December 31
|
||||||||||||
|
2018
|
|
2017
|
|
2016
|
||||||||
|
|
|
|
|
|
||||||||
Current
|
|
|
|
|
|
||||||||
Federal
|
$
|
96
|
|
1
|
|
$
|
541
|
|
1
|
|
$
|
327
|
|
State
|
25
|
|
|
53
|
|
|
5
|
|
|||||
Foreign
|
171
|
|
|
127
|
|
|
146
|
|
|||||
Deferred
|
|
|
|
|
|
|
|||||||
Federal
|
(55
|
)
|
|
(645
|
)
|
1
|
|
18
|
|
||||
State
|
(16
|
)
|
|
(6
|
)
|
|
28
|
|
|||||
Foreign
|
24
|
|
|
(63
|
)
|
|
10
|
|
|||||
|
$
|
245
|
|
|
$
|
7
|
|
|
$
|
534
|
|
|
December 31, 2018
|
|
December 31, 2017
|
||||
|
(In millions)
|
||||||
Deferred tax liabilities
|
|
|
|
||||
Property, plant, and equipment
|
$
|
1,074
|
|
|
$
|
1,079
|
|
Equity in earnings of affiliates
|
70
|
|
|
91
|
|
||
Debt exchange
|
81
|
|
|
83
|
|
||
Reserves and other accruals
|
25
|
|
|
4
|
|
||
Other
|
83
|
|
|
79
|
|
||
|
$
|
1,333
|
|
|
$
|
1,336
|
|
Deferred tax assets
|
|
|
|
|
|||
Pension and postretirement benefits
|
$
|
122
|
|
|
$
|
126
|
|
Stock compensation
|
55
|
|
|
52
|
|
||
Foreign tax loss carryforwards
|
313
|
|
|
254
|
|
||
Capital loss carryforwards
|
55
|
|
|
64
|
|
||
State tax attributes
|
74
|
|
|
78
|
|
||
Unrealized foreign currency losses
|
48
|
|
|
103
|
|
||
Reserves and other accruals
|
18
|
|
|
17
|
|
||
Other
|
56
|
|
|
40
|
|
||
Gross deferred tax assets
|
741
|
|
|
734
|
|
||
Valuation allowances
|
(289
|
)
|
|
(264
|
)
|
||
Net deferred tax assets
|
$
|
452
|
|
|
$
|
470
|
|
|
|
|
|
||||
Net deferred tax liabilities
|
$
|
881
|
|
|
$
|
866
|
|
|
|
|
|
||||
The net deferred tax liabilities are classified as follows:
|
|
|
|
|
|||
Noncurrent assets (foreign)
|
$
|
186
|
|
|
$
|
187
|
|
Noncurrent liabilities
|
(929
|
)
|
|
(934
|
)
|
||
Noncurrent liabilities (foreign)
|
(138
|
)
|
|
(119
|
)
|
||
|
$
|
(881
|
)
|
|
$
|
(866
|
)
|
|
Year Ended
|
|||||||
|
December 31
|
|||||||
|
2018
|
|
2017
|
|
2016
|
|||
|
|
|
|
|
|
|||
Statutory rate
|
21.0
|
%
|
|
35.0
|
%
|
|
35.0
|
%
|
State income taxes, net of federal tax benefit
|
0.3
|
|
|
1.7
|
|
|
1.4
|
|
Foreign earnings taxed at rates other than the U.S. statutory rate
|
(1.5
|
)
|
|
(4.7
|
)
|
|
(4.4
|
)
|
Foreign currency effects/remeasurement
|
(1.9
|
)
|
|
(0.7
|
)
|
|
2.2
|
|
Income tax adjustment to filed returns
|
(1.9
|
)
|
|
(3.0
|
)
|
|
0.8
|
|
Tax benefit on U.S. biodiesel credits
|
(2.3
|
)
|
|
—
|
|
|
(3.3
|
)
|
Tax benefit on U.S. qualified production activity deduction
|
—
|
|
|
(2.2
|
)
|
|
(1.4
|
)
|
Tax on global intangible low-taxed income
|
1.0
|
|
|
—
|
|
|
—
|
|
Tax benefit on foreign derived intangible income deduction
|
(1.0
|
)
|
|
—
|
|
|
—
|
|
U.S. tax reform impacts
|
(1.1
|
)
|
|
(23.9
|
)
|
|
—
|
|
Valuation allowances
|
—
|
|
|
0.3
|
|
|
0.6
|
|
Other
|
(0.7
|
)
|
|
(2.1
|
)
|
|
(1.6
|
)
|
Effective income tax rate
|
11.9
|
%
|
|
0.4
|
%
|
|
29.3
|
%
|
|
Unrecognized Tax Benefits
|
||||||
|
December 31, 2018
|
|
December 31, 2017
|
||||
|
(In millions)
|
||||||
Beginning balance
|
$
|
56
|
|
|
$
|
55
|
|
Additions related to current year’s tax positions
|
3
|
|
|
—
|
|
||
Additions related to prior years’ tax positions
|
46
|
|
|
26
|
|
||
Additions related to acquisitions
|
7
|
|
|
—
|
|
||
Reductions related to lapse of statute of limitations
|
(2
|
)
|
|
(1
|
)
|
||
Settlements with tax authorities
|
(3
|
)
|
|
(24
|
)
|
||
Ending balance
|
$
|
107
|
|
|
$
|
56
|
|
|
Minimum
|
||
|
Rental Payments
|
||
|
(In millions)
|
||
2019
|
$
|
214
|
|
2020
|
149
|
|
|
2021
|
121
|
|
|
2022
|
95
|
|
|
2023
|
52
|
|
|
Thereafter
|
177
|
|
|
Total minimum lease payments
|
$
|
808
|
|
|
Pension Benefits
|
|
Postretirement Benefits
|
||||||||||||||||
(In millions)
|
Year Ended December 31
|
|
Year Ended December 31
|
||||||||||||||||
|
2018
|
2017
|
2016
|
|
2018
|
2017
|
2016
|
||||||||||||
Retirement plan expense
|
|
|
|
|
|
|
|
||||||||||||
Defined benefit plans:
|
|
|
|
|
|
|
|
||||||||||||
Service cost (benefits earned during the period)
|
$
|
66
|
|
$
|
78
|
|
$
|
82
|
|
|
$
|
2
|
|
$
|
2
|
|
$
|
3
|
|
Interest cost
|
93
|
|
106
|
|
113
|
|
|
5
|
|
6
|
|
8
|
|
||||||
Expected return on plan assets
|
(146
|
)
|
(145
|
)
|
(137
|
)
|
|
—
|
|
—
|
|
—
|
|
||||||
Settlement charges
|
117
|
|
—
|
|
(5
|
)
|
|
—
|
|
—
|
|
—
|
|
||||||
Curtailments
|
(1
|
)
|
—
|
|
—
|
|
|
—
|
|
—
|
|
(38
|
)
|
||||||
Amortization of actuarial loss
|
55
|
|
65
|
|
56
|
|
|
3
|
|
4
|
|
3
|
|
||||||
Amortization of prior service cost (credit)
|
(19
|
)
|
(7
|
)
|
2
|
|
|
(15
|
)
|
(13
|
)
|
(17
|
)
|
||||||
Net periodic defined benefit plan expense
|
165
|
|
97
|
|
111
|
|
|
(5
|
)
|
(1
|
)
|
(41
|
)
|
||||||
Defined contribution plans
|
50
|
|
57
|
|
57
|
|
|
—
|
|
—
|
|
—
|
|
||||||
Total retirement plan expense
|
$
|
215
|
|
$
|
154
|
|
$
|
168
|
|
|
$
|
(5
|
)
|
$
|
(1
|
)
|
$
|
(41
|
)
|
|
Pension Benefits
|
|
Postretirement Benefits
|
||||||||||||
|
December 31
2018 |
|
December 31
2017 |
|
December 31
2018 |
|
December 31
2017 |
||||||||
|
(In millions)
|
|
(In millions)
|
||||||||||||
Benefit obligation, beginning
|
$
|
3,109
|
|
|
$
|
2,992
|
|
|
$
|
154
|
|
|
$
|
171
|
|
Service cost
|
66
|
|
|
78
|
|
|
2
|
|
|
2
|
|
||||
Interest cost
|
93
|
|
|
106
|
|
|
5
|
|
|
6
|
|
||||
Actuarial loss (gain)
|
(278
|
)
|
|
129
|
|
|
(4
|
)
|
|
(4
|
)
|
||||
Employee contributions
|
2
|
|
|
2
|
|
|
—
|
|
|
—
|
|
||||
Curtailments
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Acquisitions
|
—
|
|
|
3
|
|
|
—
|
|
|
—
|
|
||||
Settlements
|
(528
|
)
|
|
(6
|
)
|
|
—
|
|
|
—
|
|
||||
Benefits paid
|
(99
|
)
|
|
(86
|
)
|
|
(13
|
)
|
|
(11
|
)
|
||||
Plan amendments
|
2
|
|
|
(180
|
)
|
|
—
|
|
|
(10
|
)
|
||||
Actual expenses
|
—
|
|
|
(2
|
)
|
|
—
|
|
|
—
|
|
||||
Foreign currency effects
|
(43
|
)
|
|
73
|
|
|
—
|
|
|
—
|
|
||||
Benefit obligation, ending
|
$
|
2,323
|
|
|
$
|
3,109
|
|
|
$
|
144
|
|
|
$
|
154
|
|
|
|
|
|
|
|
|
|
||||||||
Fair value of plan assets, beginning
|
$
|
2,448
|
|
|
$
|
2,131
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Actual return on plan assets
|
(122
|
)
|
|
340
|
|
|
—
|
|
|
—
|
|
||||
Employer contributions
|
66
|
|
|
29
|
|
|
13
|
|
|
11
|
|
||||
Employee contributions
|
2
|
|
|
2
|
|
|
—
|
|
|
—
|
|
||||
Settlements
|
(528
|
)
|
|
(6
|
)
|
|
—
|
|
|
—
|
|
||||
Benefits paid
|
(99
|
)
|
|
(86
|
)
|
|
(13
|
)
|
|
(11
|
)
|
||||
Actual expenses
|
—
|
|
|
(2
|
)
|
|
—
|
|
|
—
|
|
||||
Foreign currency effects
|
(31
|
)
|
|
40
|
|
|
—
|
|
|
—
|
|
||||
Fair value of plan assets, ending
|
$
|
1,736
|
|
|
$
|
2,448
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
||||||||
Funded status
|
$
|
(587
|
)
|
|
$
|
(661
|
)
|
|
$
|
(144
|
)
|
|
$
|
(154
|
)
|
|
|
|
|
|
|
|
|
||||||||
Prepaid benefit cost
|
$
|
53
|
|
|
$
|
55
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Accrued benefit liability – current
|
(17
|
)
|
|
(17
|
)
|
|
(13
|
)
|
|
(12
|
)
|
||||
Accrued benefit liability – long-term
|
(623
|
)
|
|
(699
|
)
|
|
(131
|
)
|
|
(142
|
)
|
||||
Net amount recognized in the balance sheet
|
$
|
(587
|
)
|
|
$
|
(661
|
)
|
|
$
|
(144
|
)
|
|
$
|
(154
|
)
|
|
Pension Benefits
|
|
Postretirement Benefits
|
||||
|
December 31
2018 |
|
December 31
2017 |
|
December 31
2018 |
|
December 31
2017 |
Discount rate
|
3.4%
|
|
3.7%
|
|
3.7%
|
|
3.9%
|
Expected return on plan assets
|
6.8%
|
|
6.8%
|
|
N/A
|
|
N/A
|
Rate of compensation increase
|
4.7%
|
|
4.6%
|
|
N/A
|
|
N/A
|
|
Pension Benefits
|
|
Postretirement Benefits
|
||||||
|
December 31
2018 |
|
December 31
2017 |
|
December 31
2018 |
|
December 31
2017 |
||
Discount rate
|
3.9
|
%
|
|
3.4
|
%
|
|
4.3%
|
|
3.7%
|
Rate of compensation increase
|
4.9
|
%
|
|
4.7
|
%
|
|
N/A
|
|
N/A
|
|
1% Increase
|
|
1% Decrease
|
||||
|
(In millions)
|
||||||
Effect on accumulated postretirement benefit obligations
|
$
|
4
|
|
|
$
|
(5
|
)
|
|
Fair Value Measurements at December 31, 2018
|
||||||||||||||
|
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
|
$
|
152
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
152
|
|
Mutual funds
|
540
|
|
|
—
|
|
|
—
|
|
|
540
|
|
||||
Corporate bonds
|
—
|
|
|
406
|
|
|
—
|
|
|
406
|
|
||||
U.S. Treasury instruments
|
112
|
|
|
—
|
|
|
—
|
|
|
112
|
|
||||
U.S. government agency, state and local government bonds
|
—
|
|
|
31
|
|
|
—
|
|
|
31
|
|
||||
Other
|
—
|
|
|
7
|
|
|
—
|
|
|
7
|
|
||||
Total assets
|
$
|
804
|
|
|
$
|
444
|
|
|
$
|
—
|
|
|
$
|
1,248
|
|
|
|
|
|
|
|
|
|
||||||||
Common collective trust funds at NAV
|
|
|
|
|
|
|
|
||||||||
U.S. equity
|
|
|
|
|
|
|
351
|
|
|||||||
International equity
|
|
|
|
|
|
|
137
|
|
|||||||
Total assets at fair value
|
|
|
|
|
|
|
$
|
1,736
|
|
|
Fair Value Measurements at December 31, 2017
|
||||||||||||||
|
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
|
$
|
261
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
261
|
|
Mutual funds
|
750
|
|
|
—
|
|
|
—
|
|
|
750
|
|
||||
Corporate bonds
|
—
|
|
|
601
|
|
|
—
|
|
|
601
|
|
||||
U.S. Treasury instruments
|
98
|
|
|
—
|
|
|
—
|
|
|
98
|
|
||||
U.S. government agency, state and local government bonds
|
—
|
|
|
29
|
|
|
—
|
|
|
29
|
|
||||
Other
|
—
|
|
|
19
|
|
|
—
|
|
|
19
|
|
||||
Total assets
|
$
|
1,109
|
|
|
$
|
649
|
|
|
$
|
—
|
|
|
$
|
1,758
|
|
|
|
|
|
|
|
|
|
||||||||
Common collective trust funds at NAV
|
|
|
|
|
|
|
|
||||||||
U.S. equity
|
|
|
|
|
|
|
327
|
|
|||||||
International equity
|
|
|
|
|
|
|
363
|
|
|||||||
Total assets at fair value
|
|
|
|
|
|
|
$
|
2,448
|
|
|
December 31 2018
(1)(2)
|
|
December 31
2017
(2)
|
Equity securities
|
48%
|
|
58%
|
Debt securities
|
40%
|
|
40%
|
Other
|
12%
|
|
2%
|
Total
|
100%
|
|
100%
|
(1)
|
The Company’s U.S. pension plans contain approximately
73%
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
55%
equity securities and
45%
debt . The target asset allocation for the Company’s U.S. pension plans is approximately the same as the actual asset allocation. The Company’s U.S. pensions plans’ assets and asset allocation reflect the impact of the
$528 million
purchase of the group annuity contract, which was funded directed by the Plan’s assets, transferring the future benefit obligations and annuity administration for approximately
3,800
retirees from the Plan to Prudential on November 2, 2018. The actual asset allocation for the Company’s foreign pension plans as of the measurement date consists of
32%
equity securities,
26%
debt securities, and
42%
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 directly hold any shares of Company common stock as of the
December 31, 2018
and
2017
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)
|
||||||
2019
|
$
|
65
|
|
|
$
|
13
|
|
2020
|
72
|
|
|
13
|
|
||
2021
|
80
|
|
|
12
|
|
||
2022
|
88
|
|
|
12
|
|
||
2023
|
96
|
|
|
11
|
|
||
2024-2028
|
585
|
|
|
53
|
|
|
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, 2016
|
$
|
(2,102
|
)
|
|
$
|
6
|
|
|
$
|
(521
|
)
|
|
$
|
19
|
|
|
$
|
(2,598
|
)
|
Other comprehensive income before reclassifications
|
690
|
|
|
(35
|
)
|
|
243
|
|
|
—
|
|
|
898
|
|
|||||
Amounts reclassified from AOCI
|
—
|
|
|
47
|
|
|
55
|
|
|
(1
|
)
|
|
101
|
|
|||||
Tax effect
|
59
|
|
|
(1
|
)
|
|
(98
|
)
|
|
2
|
|
|
(38
|
)
|
|||||
Net of tax amount
|
749
|
|
|
11
|
|
|
200
|
|
|
1
|
|
|
961
|
|
|||||
Balance at December 31, 2017
|
$
|
(1,353
|
)
|
|
$
|
17
|
|
|
$
|
(321
|
)
|
|
$
|
20
|
|
|
$
|
(1,637
|
)
|
Other comprehensive income before reclassifications
|
(580
|
)
|
|
(19
|
)
|
|
124
|
|
|
(2
|
)
|
|
(477
|
)
|
|||||
Amounts reclassified from AOCI
|
(1
|
)
|
|
76
|
|
|
32
|
|
|
(2
|
)
|
|
105
|
|
|||||
Tax effect
|
(28
|
)
|
|
(13
|
)
|
|
(55
|
)
|
|
(1
|
)
|
|
(97
|
)
|
|||||
Net of tax amount
|
(609
|
)
|
|
44
|
|
|
101
|
|
|
(5
|
)
|
|
(469
|
)
|
|||||
Balance at December 31, 2018
|
$
|
(1,962
|
)
|
|
$
|
61
|
|
|
$
|
(220
|
)
|
|
$
|
15
|
|
|
$
|
(2,106
|
)
|
|
Amounts reclassified from AOCI
Year Ended December 31 |
Affected line item in the
consolidated statement of |
||||||||
Details about AOCI components
|
2018
|
2017
|
2016
|
earnings
|
||||||
|
(In millions)
|
|
||||||||
Foreign currency translation adjustment
|
|
|
|
|
||||||
|
$
|
(1
|
)
|
$
|
—
|
|
$
|
(75
|
)
|
Other income/expense
|
|
—
|
|
—
|
|
—
|
|
Tax
|
|||
|
$
|
(1
|
)
|
$
|
—
|
|
$
|
(75
|
)
|
Net of tax
|
|
|
|
|
|
||||||
Deferred loss (gain) on hedging activities
|
|
|
|
|
||||||
|
$
|
113
|
|
$
|
45
|
|
$
|
82
|
|
Cost of products sold
|
|
(36
|
)
|
2
|
|
18
|
|
Other income/expense
|
|||
|
(1
|
)
|
(1
|
)
|
2
|
|
Interest expense
|
|||
|
—
|
|
1
|
|
35
|
|
Revenues
|
|||
|
76
|
|
47
|
|
137
|
|
Total before tax
|
|||
|
(18
|
)
|
(18
|
)
|
(52
|
)
|
Tax on reclassifications
|
|||
|
$
|
58
|
|
$
|
29
|
|
$
|
85
|
|
Net of tax
|
Pension liability adjustment
|
|
|
|
|
||||||
Amortization of defined benefit pension items:
|
|
|
|
|
||||||
Prior service losses (credit)
|
$
|
(33
|
)
|
$
|
(57
|
)
|
$
|
(17
|
)
|
Other (income) expense - net
|
Actuarial losses
|
65
|
|
112
|
|
44
|
|
Other (income) expense - net
|
|||
|
32
|
|
55
|
|
27
|
|
Total before tax
|
|||
|
(8
|
)
|
(29
|
)
|
(5
|
)
|
Tax on reclassifications
|
|||
|
$
|
24
|
|
$
|
26
|
|
$
|
22
|
|
Net of tax
|
Unrealized loss (gain) on investments
|
|
|
|
|
||||||
|
$
|
(2
|
)
|
$
|
(1
|
)
|
$
|
—
|
|
Other income/expense
|
|
—
|
|
—
|
|
6
|
|
Asset impairment, exit, and restructuring costs
|
|||
|
—
|
|
—
|
|
—
|
|
Tax on reclassifications
|
|||
|
$
|
(2
|
)
|
$
|
(1
|
)
|
$
|
6
|
|
Net of tax
|
|
Year Ended
|
||||||||||
(In millions)
|
December 31
|
||||||||||
|
2018
|
|
2017
|
|
2016
|
||||||
Gross revenues
|
|
|
|
|
|
||||||
Origination
|
$
|
29,622
|
|
|
$
|
28,300
|
|
|
$
|
29,812
|
|
Oilseeds
|
29,092
|
|
|
26,424
|
|
|
25,235
|
|
|||
Carbohydrate Solutions
|
11,421
|
|
|
11,314
|
|
|
11,549
|
|
|||
Nutrition
|
3,835
|
|
|
3,562
|
|
|
3,540
|
|
|||
Other
|
381
|
|
|
387
|
|
|
408
|
|
|||
Intersegment elimination
|
(10,010
|
)
|
|
(9,159
|
)
|
|
(8,198
|
)
|
|||
Total
|
$
|
64,341
|
|
|
$
|
60,828
|
|
|
$
|
62,346
|
|
|
|
|
|
|
|
||||||
Intersegment revenues
|
|
|
|
|
|
|
|||||
Origination
|
$
|
4,562
|
|
|
$
|
4,176
|
|
|
$
|
4,066
|
|
Oilseeds
|
4,261
|
|
|
4,036
|
|
|
3,281
|
|
|||
Carbohydrate Solutions
|
1,142
|
|
|
908
|
|
|
834
|
|
|||
Nutrition
|
45
|
|
|
39
|
|
|
17
|
|
|||
Total
|
$
|
10,010
|
|
|
$
|
9,159
|
|
|
$
|
8,198
|
|
|
|
|
|
|
|
||||||
Revenues from external customers
|
|
|
|
|
|
||||||
Origination
|
|
|
|
|
|
||||||
Merchandising and Handling
|
$
|
24,816
|
|
|
$
|
23,915
|
|
|
$
|
25,522
|
|
Transportation
|
244
|
|
|
209
|
|
|
224
|
|
|||
Total Origination
|
25,060
|
|
|
24,124
|
|
|
25,746
|
|
|||
|
|
|
|
|
|
||||||
Oilseeds
|
|
|
|
|
|
||||||
Crushing and Origination
|
16,943
|
|
|
14,171
|
|
|
14,034
|
|
|||
Refining, Packaging, Biodiesel, and Other
|
7,888
|
|
|
8,217
|
|
|
7,920
|
|
|||
Total Oilseeds
|
24,831
|
|
|
22,388
|
|
|
21,954
|
|
|||
|
|
|
|
|
|
||||||
Carbohydrate Solutions
|
|
|
|
|
|
||||||
Starches and Sweeteners
|
6,696
|
|
|
6,565
|
|
|
6,413
|
|
|||
Bioproducts
|
3,583
|
|
|
3,841
|
|
|
4,302
|
|
|||
Total Carbohydrate Solutions
|
10,279
|
|
|
10,406
|
|
|
10,715
|
|
|||
|
|
|
|
|
|
||||||
Nutrition
|
|
|
|
|
|
||||||
Wild Flavors and Specialty Ingredients
|
2,571
|
|
|
2,367
|
|
|
2,466
|
|
|||
Animal Nutrition
|
1,219
|
|
|
1,156
|
|
|
1,057
|
|
|||
Total Nutrition
|
3,790
|
|
|
3,523
|
|
|
3,523
|
|
|||
|
|
|
|
|
|
||||||
Other
|
381
|
|
|
387
|
|
|
408
|
|
|||
Total
|
$
|
64,341
|
|
|
$
|
60,828
|
|
|
$
|
62,346
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
||||||
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
Year Ended
|
||||||||||
(In millions)
|
December 31
|
||||||||||
|
2018
|
|
2017
|
|
2016
|
||||||
Depreciation
|
|
|
|
|
|
|
|||||
Origination
|
$
|
165
|
|
|
$
|
168
|
|
|
$
|
169
|
|
Oilseeds
|
207
|
|
|
202
|
|
|
194
|
|
|||
Carbohydrate Solutions
|
328
|
|
|
322
|
|
|
322
|
|
|||
Nutrition
|
80
|
|
|
75
|
|
|
70
|
|
|||
Other
|
6
|
|
|
6
|
|
|
5
|
|
|||
Corporate
|
26
|
|
|
29
|
|
|
27
|
|
|||
Total
|
$
|
812
|
|
|
$
|
802
|
|
|
$
|
787
|
|
|
|
|
|
|
|
||||||
Long-lived asset abandonments and write-downs
(1)
|
|
|
|
|
|
||||||
Origination
|
$
|
25
|
|
|
$
|
11
|
|
|
$
|
3
|
|
Oilseeds
|
15
|
|
|
6
|
|
|
8
|
|
|||
Carbohydrate Solutions
|
—
|
|
|
63
|
|
|
4
|
|
|||
Nutrition
|
11
|
|
|
21
|
|
|
—
|
|
|||
Corporate
|
49
|
|
|
—
|
|
|
2
|
|
|||
Total
|
$
|
100
|
|
|
$
|
101
|
|
|
$
|
17
|
|
|
|
|
|
|
|
||||||
Interest income
|
|
|
|
|
|
||||||
Origination
|
$
|
16
|
|
|
$
|
12
|
|
|
$
|
21
|
|
Oilseeds
|
29
|
|
|
27
|
|
|
27
|
|
|||
Carbohydrate Solutions
|
1
|
|
|
1
|
|
|
2
|
|
|||
Nutrition
|
2
|
|
|
2
|
|
|
3
|
|
|||
Other
|
100
|
|
|
57
|
|
|
35
|
|
|||
Corporate
|
14
|
|
|
7
|
|
|
4
|
|
|||
Total
|
$
|
162
|
|
|
$
|
106
|
|
|
$
|
92
|
|
|
|
|
|
|
|
||||||
Equity in earnings of affiliates
|
|
|
|
|
|
||||||
Origination
|
$
|
10
|
|
|
$
|
23
|
|
|
$
|
16
|
|
Oilseeds
|
411
|
|
|
368
|
|
|
208
|
|
|||
Carbohydrate Solutions
|
62
|
|
|
78
|
|
|
82
|
|
|||
Nutrition
|
17
|
|
|
14
|
|
|
16
|
|
|||
Other
|
—
|
|
|
—
|
|
|
10
|
|
|||
Corporate
|
18
|
|
|
(27
|
)
|
|
(40
|
)
|
|||
Total
|
$
|
518
|
|
|
$
|
456
|
|
|
$
|
292
|
|
|
|
|
|
|
|
||||||
(1)
See Note 18 for total asset impairment, exit, and restructuring costs.
|
|
|
|
|
|
||||||
|
|
|
|
|
|
||||||
|
|
|
|
|
|
||||||
|
|
|
|
|
|
||||||
|
|
|
|
|
|
||||||
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
Year Ended
|
||||||||||
(In millions)
|
December 31
|
||||||||||
|
2018
|
|
2017
|
|
2016
|
||||||
Segment Operating Profit
|
|
|
|
|
|
||||||
Origination
|
$
|
546
|
|
|
$
|
404
|
|
|
$
|
362
|
|
Oilseeds
|
1,474
|
|
|
825
|
|
|
853
|
|
|||
Carbohydrate Solutions
|
945
|
|
|
1,078
|
|
|
1,001
|
|
|||
Nutrition
|
339
|
|
|
312
|
|
|
273
|
|
|||
Other
|
58
|
|
|
51
|
|
|
134
|
|
|||
Specified Items:
|
|
|
|
|
|
||||||
Gains on sales of assets and businesses
(1)
|
13
|
|
|
22
|
|
|
114
|
|
|||
Impairment, restructuring, exit, and settlement charges
(2)
|
(102
|
)
|
|
(160
|
)
|
|
(32
|
)
|
|||
Hedge timing effects
(3)
|
—
|
|
|
4
|
|
|
(1
|
)
|
|||
Total segment operating profit
|
3,273
|
|
|
2,536
|
|
|
2,704
|
|
|||
Corporate
|
(1,213
|
)
|
|
(927
|
)
|
|
(882
|
)
|
|||
Earnings before income taxes
|
$
|
2,060
|
|
|
$
|
1,609
|
|
|
$
|
1,822
|
|
|
|
|
|
|
|
(In millions)
|
December 31
|
||||||
|
2018
|
|
2017
|
||||
Investments in and advances to affiliates
|
|
|
|
||||
Origination
|
$
|
360
|
|
|
$
|
359
|
|
Oilseeds
|
4,189
|
|
|
3,961
|
|
||
Carbohydrate Solutions
|
375
|
|
|
373
|
|
||
Nutrition
|
63
|
|
|
57
|
|
||
Corporate
|
330
|
|
|
338
|
|
||
Total
|
$
|
5,317
|
|
|
$
|
5,088
|
|
|
|
|
|
||||
Identifiable assets
|
|
|
|
||||
Origination
|
$
|
8,461
|
|
|
$
|
8,311
|
|
Oilseeds
|
12,195
|
|
|
11,992
|
|
||
Carbohydrate Solutions
|
5,895
|
|
|
6,085
|
|
||
Nutrition
|
7,158
|
|
|
5,568
|
|
||
Other
|
5,131
|
|
|
5,658
|
|
||
Corporate
|
1,993
|
|
|
2,349
|
|
||
Total
|
$
|
40,833
|
|
|
$
|
39,963
|
|
|
|
|
|
||||
(In millions)
|
December 31
|
||||||
|
2018
|
|
2017
|
||||
Gross additions to property, plant, and equipment
|
|
|
|
||||
Origination
|
$
|
93
|
|
|
$
|
203
|
|
Oilseeds
|
223
|
|
|
262
|
|
||
Carbohydrate Solutions
|
267
|
|
|
326
|
|
||
Nutrition
|
182
|
|
|
234
|
|
||
Other
|
3
|
|
|
12
|
|
||
Corporate
|
77
|
|
|
63
|
|
||
Total
|
$
|
845
|
|
|
$
|
1,100
|
|
|
Year Ended
|
||||||||||
(In millions)
|
December 31
|
||||||||||
|
2018
|
|
2017
|
|
2016
|
||||||
|
|
|
|
|
|
||||||
Revenues
|
|
|
|
|
|
||||||
United States
|
$
|
28,726
|
|
|
$
|
27,894
|
|
|
$
|
29,419
|
|
Switzerland
|
12,911
|
|
|
14,095
|
|
|
13,413
|
|
|||
Cayman Islands
|
5,724
|
|
|
4,189
|
|
|
3,617
|
|
|||
Germany
|
2,179
|
|
|
2,090
|
|
|
2,341
|
|
|||
Other Foreign
|
14,801
|
|
|
12,560
|
|
|
13,556
|
|
|||
|
$
|
64,341
|
|
|
$
|
60,828
|
|
|
$
|
62,346
|
|
|
|
|
|
|
|
(In millions)
|
December 31
|
||||||
|
2018
|
|
2017
|
||||
Long-lived assets
|
|
|
|
||||
United States
|
$
|
6,615
|
|
|
$
|
6,767
|
|
Brazil
|
802
|
|
|
731
|
|
||
Other Foreign
|
2,536
|
|
|
2,640
|
|
||
|
$
|
9,953
|
|
|
$
|
10,138
|
|
|
|
|
|
||||
|
|
|
|
||||
|
|
|
|
||||
|
|
|
|
(In millions)
|
Year Ended December 31
|
||||||||||
|
2018
|
|
2017
|
|
2016
|
||||||
|
|
|
|
|
|
||||||
Restructuring and exit costs
(1)
|
$
|
29
|
|
|
$
|
72
|
|
|
$
|
21
|
|
Impairment charge - equity method investment
(2)
|
12
|
|
|
—
|
|
|
—
|
|
|||
Impairment charge - equity securities
(3)
|
—
|
|
|
—
|
|
|
6
|
|
|||
Impairment charge - goodwill and intangible assets
(4)
|
9
|
|
|
—
|
|
|
11
|
|
|||
Impairment charge - other long-lived assets
(5)
|
121
|
|
|
101
|
|
|
17
|
|
|||
Total asset impairment, exit, and restructuring costs
|
$
|
171
|
|
|
$
|
173
|
|
|
$
|
55
|
|
(1)
|
Restructuring and exit costs for the year ended
December 31, 2018
consisted of restructuring charges of
$24 million
in Corporate primarily related to the reorganization of IT services in Corporate and several individually insignificant restructuring charges presented as specified items within segment operating profit. Restructuring and exit costs for the year ended December 31, 2017 consisted of restructuring charges of
$54 million
in Corporate primarily related to the reduction of certain positions within the Company's global workforce and several individually insignificant restructuring charges presented as specified items within segment operating profit. Restructuring and exit costs for the year ended December 31, 2016 consisted of restructuring charges of
$4 million
in Corporate and several individually insignificant charges presented as specified items within segment operating profit.
|
(2)
|
Impairment charge - equity method investment consisted of an impairment charge on an equity investment presented as a specified item within segment operating profit.
|
(3)
|
Impairment charge - equity securities consisted of other-than-temporary impairment charges on the Company’s investment in
two
available for sale equity securities in Corporate.
|
(4)
|
Impairment charge - goodwill and intangible assets for the year ended December 31, 2018 consisted of an intangible impairment presented as a specified item within segment operating profit. Impairment charge - goodwill and intangible assets for the year ended December 31, 2016 consisted of software impairment in Corporate.
|
(5)
|
Impairment charge - other long-lived assets for the year ended
December 31, 2018
consisted of
$36 million
of asset impairments related to a long-term receivable and certain long-lived assets in Oilseeds,
$25 million
of asset impairments related to certain long-lived assets in Origination, and
$11 million
of asset impairments related to certain long-lived assets in Nutrition presented as specified items within segment operating profit and a
$49 million
charge related to a discontinued software project in Corporate. Impairment charge - other long-lived assets for the year ended December 31, 2017 consisted of
$63 million
of asset impairments primarily related to the configuration of the Company's Peoria, Illinois ethanol complex,
$20 million
of asset impairments related to the closure of a facility, and several individually insignificant asset charges presented as specified items within segment operating profit. Impairment charge - other long-lived assets for the year ended December 31, 2016 consisted of fixed asset impairment charges of
$2 million
in Corporate and several individually insignificant fixed asset impairments presented as specified items within segment operating profit.
|
|
Quarter Ended
|
|
|
||||||||||||||||
|
March 31
|
|
June 30
|
|
September 30
|
|
December 31
|
|
Year
|
||||||||||
|
(In millions, except per share amounts)
|
||||||||||||||||||
Fiscal Year Ended December 31, 2018
|
|
|
|
|
|
|
|
|
|
||||||||||
Revenues
|
$
|
15,526
|
|
|
$
|
17,068
|
|
|
$
|
15,800
|
|
|
$
|
15,947
|
|
|
$
|
64,341
|
|
Gross Profit
|
889
|
|
|
1,181
|
|
|
1,058
|
|
|
1,053
|
|
|
4,181
|
|
|||||
Net Earnings Attributable to Controlling Interests
|
393
|
|
|
566
|
|
|
536
|
|
|
315
|
|
|
1,810
|
|
|||||
Basic Earnings Per Common Share
|
0.70
|
|
|
1.00
|
|
|
0.95
|
|
|
0.56
|
|
|
3.21
|
|
|||||
Diluted Earnings Per Common Share
|
0.70
|
|
|
1.00
|
|
|
0.94
|
|
|
0.55
|
|
|
3.19
|
|
|
Quarter Ended
|
|
|
||||||||||||||||
|
March 31
|
|
June 30
|
|
September 30
|
|
December 31
|
|
Year
|
||||||||||
|
(In millions, except per share amounts)
|
||||||||||||||||||
Fiscal Year Ended December 31, 2017
|
|
|
|
|
|
|
|
|
|
||||||||||
Revenues
|
$
|
14,988
|
|
|
$
|
14,943
|
|
|
$
|
14,827
|
|
|
$
|
16,070
|
|
|
$
|
60,828
|
|
Gross Profit
|
872
|
|
|
892
|
|
|
812
|
|
|
942
|
|
|
3,518
|
|
|||||
Net Earnings Attributable to Controlling Interests
|
339
|
|
|
276
|
|
|
192
|
|
|
788
|
|
|
1,595
|
|
|||||
Basic Earnings Per Common Share
|
0.59
|
|
|
0.48
|
|
|
0.34
|
|
|
1.40
|
|
|
2.80
|
|
|||||
Diluted Earnings Per Common Share
|
0.59
|
|
|
0.48
|
|
|
0.34
|
|
|
1.39
|
|
|
2.79
|
|
•
|
signed an agreement to purchase Florida Chemical Company (FCC), one of the world's largest producers of citrus oils and ingredients, for
$175 million
, subject to regulatory approval;
|
•
|
signed an agreement to purchase the remaining
50%
interest owned by Invivo in Gleadell Agriculture Ltd. (Gleadell), a current joint venture with Invivo, subject to regulatory approval; and
|
•
|
completed the acquisition of Neovia, a French-based global provider of value-added animal nutrition solutions, with
72
production facilities and a presence in
25
countries, for
$1.8 billion
(
€1.5 billion
).
|
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
|
|
|
|
|
|
|
|
|
|
Benjamin I. Bard
|
|
Global Chief Compliance Officer since January 2014. Ethics and Compliance Counsel, The Coca-Cola Company from 2006 to January 2014.
|
|
45
|
|
|
|
|
|
|
|
|
|
Donald Chen
|
|
President, Asia Pacific since July 2017. President, North Asia from January 2016 to July 2017. Vice President, Sadara Chemical Company from February 2012 to December 2015.
|
|
56
|
|
|
|
|
|
|
|
|
|
Christopher M. Cuddy
|
|
Senior Vice President of the Company since May 2015. President, Carbohydrate Solutions business unit since March 2015. President, Corn Sweeteners and Starches from December 2012 to February 2015.
|
|
45
|
|
|
|
|
|
|
|
|
|
Michael D’Ambrose
|
|
Senior Vice President, Human Resources since October 2006.
|
|
61
|
|
|
|
|
|
|
|
|
|
Pierre Duprat
|
|
President, Animal Nutrition since August 2018. President, ADM Europe, Middle East, and Africa (EMEA) from June 2016 to August 2018. President, ADM Corn EMEA and Asia since November 2015. Director, International Business Development - Corn from February 2014 to November 2015. CEO of Cereal Transformation Division, Tereos from September 2007 to February 2013.
|
|
51
|
|
|
|
|
|
|
|
|
|
D. Cameron Findlay
|
|
Senior Vice President, General Counsel, and Secretary since July 2013.
|
|
59
|
|
|
|
|
|
|
|
|
|
Kristy Folkwein
|
|
Senior Vice President and Chief Information Officer since March 2018. Vice President and Chief Information Officer from June 2016 to March 2018. Senior Vice President and Chief Information Officer, Global Business Services at Dow Corning from June 2010 to June 2016.
|
|
56
|
|
|
|
|
|
|
|
|
|
Shannon Herzfeld
|
|
Vice President of the Company since February 2005, with responsibility for the Company’s Government Affairs function.
|
|
66
|
|
|
|
|
|
|
|
|
|
Domingo Lastra
|
|
President, South America since July 2017. Vice President, Integration and Strategy from March 2016 to July 2017. Managing Director, Agricultural Services International from June 2014 to February 2016. Chairman of the Management Board of Alfred C. Toepfer International G.m.b.H. from December 2012 to June 2014.
|
|
50
|
|
|
|
|
|
|
|
|
|
Patricia L. Logan
|
|
Chief Audit Executive since August 2014. Director, Internal Audit from September 2005 to August 2014.
|
|
59
|
|
|
|
|
|
|
|
|
|
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.
|
|
57
|
|
|
Vikram Luthar
|
|
Senior Vice President of the Company since March 2015. President, Health & Wellness since March 2018. President, Bioactives from February 2017 to March 2018. President, Enzymes from December 2015 to February 2017. CFO, Corn Processing business unit from March 2014 to February 2017. Senior Vice President, Strategy from March 2015 to December 2015. Group Vice President, Finance from January 2012 to March 2015.
|
|
52
|
|
|
|
|
|
|
|
Item 10.
|
DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE (Continued)
|
|
Vincent F. Macciocchi
|
|
Senior Vice President of the Company and President, Nutrition business unit since May 2015. Global President, 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.
|
|
53
|
|
|
|
|
|
|
|
|
|
Gregory A. Morris
|
|
Senior Vice President of the Company since November 2014. President, Global Oilseeds Processing business unit since May 2015. President, WILD Flavors and Specialty Ingredients business unit from October 2014 to May 2015. President, North American Oilseeds Processing business unit from 2008 to December 2014.
|
|
47
|
|
|
|
|
|
|
|
|
|
Ian Pinner
|
|
Vice President, Growth and Strategy since August 2018. Chief Growth Officer from July 2017 to August 2018. President, Southeast Asia and Global Destination Marketing from December 2015 to July 2017. 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.
|
|
46
|
|
|
|
|
|
|
|
|
|
Stefano Rettore
|
|
Senior Vice President of the Company and President, Origination business unit since March 2018. Chief Risk Officer since September 2017. President, International at CHS, Inc. from September 2014 to February 2017. Senior Vice President and Head of South America at CHS, Inc. from December 2002 to September 2014.
|
|
45
|
|
|
|
|
|
|
|
|
|
Ismael Roig
|
|
Senior Vice President of the Company since December 2015. President, ADM Europe, Middle East, and Africa (EMEA) since August 2018. Chief Strategy Officer from December 2015 to August 2018. 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.
|
|
51
|
|
|
|
|
|
|
|
|
|
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.
|
|
51
|
|
|
|
|
|
|
|
|
|
Joseph D. Taets
|
|
Senior Vice President of the Company since August 2011. President, Global Business Readiness since March 2018. President, Agricultural business unit from August 2011 to March 2018. President, ADM Europe, Middle East, and Africa (EMEA) from August 2013 to June 2016.
|
|
53
|
|
|
|
|
|
|
|
|
|
Thuy-Nga T. Vo
|
|
Chief Counsel, Corporate, Securities, and Mergers and Acquisitions and Assistant Secretary since January 2017. Chief Counsel, Mergers and Acquisitions from May 2013 to January 2017.
|
|
54
|
|
|
|
|
|
|
|
|
|
Todd Werpy
|
|
Senior Vice President and Chief Technology Officer since March 2015. Senior Vice President, Research and Development from August 2012 to October 2013.
|
|
56
|
|
|
|
|
|
|
|
|
|
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.
|
|
57
|
|
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, 2016
|
$
|
70
|
|
|
16
|
|
|
(16
|
)
|
|
2
|
|
|
$
|
72
|
|
December 31, 2017
|
$
|
72
|
|
|
3
|
|
|
(6
|
)
|
|
4
|
|
|
$
|
73
|
|
December 31, 2018
|
$
|
73
|
|
|
44
|
|
|
(26
|
)
|
|
(7
|
)
|
|
$
|
84
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
(1)
Uncollectible accounts written off
|
||||||||||||||||
(2)
Impact of reclassifications, foreign exchange translation, and other adjustments
|
(a)(3)
|
List of exhibits
|
(3)
|
(ii)
|
(4)
|
Instruments defining the rights of security holders, including:
|
(i)
|
Indenture, dated as of June 1, 1986, by and 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 the Company's Registration Statement on Form S-3 (File No. 33-6721)), as amended and supplemented by Supplemental Indenture, dated as of August 1, 1989, by and 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(c) to Post Effective Amendment No. 3 to the Company's Registration Statement on Form S-3 (No. 33-6721)), relating to:
|
(ii)
|
Item 15.
|
EXHIBITS AND FINANCIAL STATEMENT SCHEDULES (Continued)
|
(iii)
|
(iv)
|
Copies of constituent instruments defining rights of holders of long-term debt of the Company and its 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 Company hereby agrees that it will, upon request by the SEC, furnish to the SEC a copy of each such instrument.
|
(10)
|
Copies of the Company’s equity compensation plans, deferred compensation plans and agreements with executive officers are incorporated herein by reference 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, as follows:
|
(i)
|
(ii)
|
(iii)
|
(iv)
|
Item 15.
|
EXHIBITS AND FINANCIAL STATEMENT SCHEDULES (Continued)
|
(v)
|
(vi)
|
(vii)
|
(viii)
|
(ix)
|
(x)
|
(xi)
|
(xii)
|
(xiii)
|
(xiv)
|
(xv)
|
(xvi)
|
(xvii)
|
(xviii)
|
Item 15.
|
EXHIBITS AND FINANCIAL STATEMENT SCHEDULES (Continued)
|
(xix)
|
(xx)
|
(xxi)
|
(xxii)
|
(xxiii)
|
(xxiv)
|
(xxv)
|
(xxvi)
|
(21)
|
(23)
|
(24)
|
(31.1)
|
(31.2)
|
(32.1)
|
(32.2)
|
(101)
|
Interactive Data File.
|
Item 16.
|
Form 10-K Summary
|
/s/ J. R. Luciano
|
/s/ P. Dufour
|
/s/ K. R. Westbrook
|
J. R. Luciano*,
|
P. Dufour*,
|
K. R. Westbrook*,
|
Chairman, Chief Executive Officer,
|
Director
|
Director
|
President, and Director
|
|
|
(Principal Executive Officer)
|
/s/ D. E. Felsinger
|
/s/ D. C. Findlay
|
|
D. E. Felsinger*,
|
D. C. Findlay
|
/s/ R. G. Young
|
Director
|
Attorney-in-Fact
|
R. G. Young
|
|
|
Executive Vice President and
|
/s/ S. F. Harrison
|
|
Chief Financial Officer
|
S. F. Harrison*,
|
|
(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/ F. J. Sanchez
|
|
|
F. J. Sanchez*,
|
|
/s/ A. L. Boeckmann
|
Director
|
|
A. L. Boeckmann*,
|
|
|
Director
|
/s/ D. A. Sandler
|
|
|
D. A. Sandler*,
|
|
/s/ M.S. Burke
|
Director
|
|
M. S. Burke*,
|
|
|
Director
|
/s/ D. T. Shih
|
|
|
D. T. Shih*,
|
|
/s/ T. K. Crews
|
Director
|
|
T. K. Crews*,
|
|
|
Director
|
|
|
No information found
* THE VALUE IS THE MARKET VALUE AS OF THE LAST DAY OF THE QUARTER FOR WHICH THE 13F WAS FILED.
FUND | NUMBER OF SHARES | VALUE ($) | PUT OR CALL |
---|
DIRECTORS | AGE | BIO | OTHER DIRECTOR MEMBERSHIPS |
---|
No information found
Customers
Customer name | Ticker |
---|---|
Constellation Brands, Inc. | STZ |
The Kraft Heinz Company | KHC |
PepsiCo, Inc. | PEP |
UFP Industries, Inc. | UFPI |
ProShares Ultra 7-10 Year Treasury | UST |
Weyerhaeuser Company | WY |
Price
Yield
Owner | Position | Direct Shares | Indirect Shares |
---|