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x
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
o
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
Delaware
|
41-0129150
|
(State or other jurisdiction of
incorporation or organization)
|
(I. R. S. Employer
Identification No.)
|
4666 Faries Parkway Box 1470
Decatur, Illinois
(Address of principal executive offices)
|
62525
(Zip Code)
|
(
217) 424-5200
|
|
(Registrant's telephone number, including area code)
|
ITEM 1.
|
FINANCIAL STATEMENTS
|
Three Months Ended
|
||||||||
September 30,
|
||||||||
2011
|
2010
|
|||||||
(In millions, except
|
||||||||
per share amounts)
|
||||||||
Net sales and other operating income
|
$ | 21,902 | $ | 16,799 | ||||
Cost of products sold
|
20,868 | 15,991 | ||||||
Gross Profit
|
1,034 | 808 | ||||||
Selling, general and administrative expenses
|
407 | 381 | ||||||
Interest expense
|
113 | 117 | ||||||
Equity in earnings of unconsolidated affiliates
|
(124 | ) | (125 | ) | ||||
Interest income
|
(40 | ) | (24 | ) | ||||
Other (income) expense – net
|
18 | (3 | ) | |||||
Earnings Before Income Taxes
|
660 | 462 | ||||||
Income taxes
|
199 | 120 | ||||||
Net Earnings Including Noncontrolling Interests
|
461 | 342 | ||||||
Less: Net earnings (losses) attributable to noncontrolling interests
|
1 | (3 | ) | |||||
Net Earnings Attributable to Controlling Interests
|
$ | 460 | $ | 345 | ||||
Average number of shares outstanding – basic
|
673 | 640 | ||||||
Average number of shares outstanding – diluted
|
674 | 641 | ||||||
Basic and diluted earnings per common share
|
$ | 0.68 | $ | 0.54 | ||||
Dividends per common share
|
$ | 0.16 | $ | 0.15 |
(Unaudited)
|
||||||||
September 30,
|
June 30,
|
|||||||
2011
|
2011
|
|||||||
(In millions)
|
||||||||
Assets
|
||||||||
Current Assets
|
||||||||
Cash and cash equivalents
|
$ | 1,320 | $ | 615 | ||||
Short-term marketable securities
|
506 | 739 | ||||||
Segregated cash and investments
|
3,377 | 3,396 | ||||||
Receivables
|
10,336 | 9,816 | ||||||
Inventories
|
11,122 | 12,055 | ||||||
Other assets
|
618 | 883 | ||||||
Total Current Assets
|
27,279 | 27,504 | ||||||
Investments and Other Assets
|
||||||||
Investments in and advances to affiliates
|
3,202 | 3,240 | ||||||
Long-term marketable securities
|
306 | 666 | ||||||
Goodwill
|
607 | 602 | ||||||
Other assets
|
399 | 681 | ||||||
Total Investments and Other Assets
|
4,514 | 5,189 | ||||||
Property, Plant, and Equipment
|
||||||||
Land
|
307 | 305 | ||||||
Buildings
|
4,397 | 4,413 | ||||||
Machinery and equipment
|
16,218 | 16,245 | ||||||
Construction in progress
|
935 | 765 | ||||||
21,857 | 21,728 | |||||||
Accumulated depreciation
|
(12,202 | ) | (12,228 | ) | ||||
Net Property, Plant, and Equipment
|
9,655 | 9,500 | ||||||
Total Assets
|
$ | 41,448 | $ | 42,193 | ||||
Liabilities and Shareholders’ Equity
|
||||||||
Current Liabilities
|
||||||||
Short-term debt
|
$ | 1,170 | $ | 1,875 | ||||
Accounts payable
|
7,371 | 7,550 | ||||||
Accrued expenses
|
4,289 | 3,615 | ||||||
Current maturities of long-term debt
|
1,649 | 178 | ||||||
Total Current Liabilities
|
14,479 | 13,218 | ||||||
Long-Term Liabilities
|
||||||||
Long-term debt
|
6,678 | 8,266 | ||||||
Deferred income taxes
|
836 | 859 | ||||||
Other
|
1,046 | 1,012 | ||||||
Total Long-Term Liabilities
|
8,560 | 10,137 | ||||||
Shareholders’ Equity
|
||||||||
Common stock
|
6,408 | 6,636 | ||||||
Reinvested earnings
|
12,349 | 11,996 | ||||||
Accumulated other comprehensive income (loss)
|
(374 | ) | 176 | |||||
Noncontrolling interests
|
26 | 30 | ||||||
Total Shareholders’ Equity
|
18,409 | 18,838 | ||||||
Total Liabilities and Shareholders’ Equity
|
$ | 41,448 | $ | 42,193 |
Three Months Ended
|
||||||||
September 30,
|
||||||||
2011
|
2010
|
|||||||
(In millions)
|
||||||||
Operating Activities
|
||||||||
Net earnings including noncontrolling interests
|
$ | 461 | $ | 342 | ||||
Adjustments to reconcile net earnings to net cash provided by
|
||||||||
(used in) operating activities
|
||||||||
Depreciation and amortization
|
207 | 252 | ||||||
Deferred income taxes
|
21 | (73 | ) | |||||
Equity in earnings of affiliates, net of dividends
|
(57 | ) | (86 | ) | ||||
Stock compensation expense
|
27 | 25 | ||||||
Pension and postretirement accruals, net
|
33 | 25 | ||||||
Deferred cash flow hedges
|
9 | 41 | ||||||
Other – net
|
81 | (16 | ) | |||||
Changes in operating assets and liabilities
|
||||||||
Segregated cash and investments
|
13 | (582 | ) | |||||
Receivables
|
(874 | ) | (1,685 | ) | ||||
Inventories
|
809 | (1,157 | ) | |||||
Other assets
|
233 | 52 | ||||||
Accounts payable and accrued expenses
|
1,124 | 1,991 | ||||||
Total Operating Activities
|
2,087 | (871 | ) | |||||
Investing Activities
|
||||||||
Purchases of property, plant, and equipment
|
(443 | ) | (335 | ) | ||||
Proceeds from sales of property, plant, and equipment
|
3 | 41 | ||||||
Net assets of businesses acquired
|
(12 | ) | – | |||||
Cash divested from deconsolidation
|
(130 | ) | – | |||||
Purchases of marketable securities
|
(181 | ) | (589 | ) | ||||
Proceeds from sales of marketable securities
|
481 | 375 | ||||||
Other – net
|
33 | 6 | ||||||
Total Investing Activities
|
(249 | ) | (502 | ) | ||||
Financing Activities
|
||||||||
Long-term debt borrowings
|
2 | 22 | ||||||
Long-term debt payments
|
(85 | ) | (34 | ) | ||||
Net borrowings (payments) under lines of credit agreements
|
(663 | ) | 1,324 | |||||
Debt exchange premiums
|
(32 | ) | – | |||||
Purchases of treasury stock
|
(240 | ) | (31 | ) | ||||
Cash dividends
|
(107 | ) | (96 | ) | ||||
Acquisition of noncontrolling interest
|
(9 | ) | – | |||||
Other – net
|
1 | 4 | ||||||
Total Financing Activities
|
(1,133 | ) | 1,189 | |||||
Increase (decrease) in cash and cash equivalents
|
705 | (184 | ) | |||||
Cash and cash equivalents beginning of period
|
615 | 1,046 | ||||||
Cash and cash equivalents end of period
|
$ | 1,320 | $ | 862 | ||||
Accumulated
|
||||||||||||||||||||||||
Other
|
Total
|
|||||||||||||||||||||||
Common Stock
|
Reinvested
|
Comprehensive
|
Noncontrolling
|
Shareholders’
|
||||||||||||||||||||
Shares
|
Amount
|
Earnings
|
Income (Loss)
|
Interests
|
Equity
|
|||||||||||||||||||
(In millions)
|
||||||||||||||||||||||||
Balance June 30, 2011
|
676 | $ | 6,636 | $ | 11,996 | $ | 176 | $ | 30 | $ | 18,838 | |||||||||||||
Comprehensive income
|
||||||||||||||||||||||||
Net earnings
|
460 | 1 | ||||||||||||||||||||||
Other comprehensive
income
|
(550 | ) | ||||||||||||||||||||||
Total comprehensive
income
|
(89 | ) | ||||||||||||||||||||||
Cash dividends paid-$.16
per share
|
(107 | ) | (107 | ) | ||||||||||||||||||||
Treasury stock purchases
|
(9 | ) | (240 | ) | (240 | ) | ||||||||||||||||||
Stock compensation expense
|
27 | 27 | ||||||||||||||||||||||
Acquisition of noncontrolling
interest
|
(5 | ) | (4 | ) | (9 | ) | ||||||||||||||||||
Other
|
1 | (10 | ) | (1 | ) | (11 | ) | |||||||||||||||||
Balance September 30, 2011
|
668 | $ | 6,408 | $ | 12,349 | $ | (374 | ) | $ | 26 | $ | 18,409 | ||||||||||||
Note 1.
|
Basis of Presentation
|
Note 2.
|
New Accounting Standards
|
Note 3.
|
Fair Value Measurements
|
Note 3. Fair Value Measurements (Continued)
|
Fair Value Measurements at September 30, 2011
|
||||||||||||||||
Quoted Prices in
Active Markets
for Identical
Assets
(Level 1)
|
Significant
Other
Observable
Inputs
(Level 2)
|
Significant
Unobservable
Inputs
(Level 3)
|
Total
|
|||||||||||||
(In millions)
|
||||||||||||||||
Assets:
|
||||||||||||||||
Inventories carried at market
|
$ | – | $ | 4,550 | $ | 1,348 | $ | 5,898 | ||||||||
Unrealized derivative gains:
|
||||||||||||||||
Commodity contracts
|
1,217 | 1,438 | 270 | 2,925 | ||||||||||||
Foreign exchange contracts
|
– | 260 | – | 260 | ||||||||||||
Marketable securities
|
1,351 | 67 | – | 1,418 | ||||||||||||
Total Assets
|
$ | 2,568 | $ | 6,315 | $ | 1,618 | $ | 10,501 | ||||||||
Liabilities:
|
||||||||||||||||
Unrealized derivative losses:
|
||||||||||||||||
Commodity contracts
|
$ | 1,233 | $ | 1,194 | $ | 244 | $ | 2,671 | ||||||||
Foreign exchange contracts
|
– | 311 | – | 311 | ||||||||||||
Inventory-related payables
|
– | 181 | 134 | 315 | ||||||||||||
Total Liabilities
|
$ | 1,233 | $ | 1,686 | $ | 378 | $ | 3,297 |
Note 3.
|
Fair Value Measurements (Continued)
|
Fair Value Measurements at June 30, 2011
|
||||||||||||||||
Quoted Prices in
Active Markets
for Identical
Assets
(Level 1)
|
Significant
Other
Observable
Inputs
(Level 2)
|
Significant
Unobservable
Inputs
(Level 3)
|
Total
|
|||||||||||||
(In millions)
|
||||||||||||||||
Assets:
|
||||||||||||||||
Inventories carried at market
|
$ | – | $ | 5,153 | $ | 762 | $ | 5,915 | ||||||||
Unrealized derivative gains:
|
||||||||||||||||
Commodity contracts
|
1,198 | 1,457 | 112 | 2,767 | ||||||||||||
Foreign exchange contracts
|
– | 237 | – | 237 | ||||||||||||
Interest rate contracts
|
– | 3 | – | 3 | ||||||||||||
Marketable securities
|
1,628 | 328 | – | 1,956 | ||||||||||||
Total Assets
|
$ | 2,826 | $ | 7,178 | $ | 874 | $ | 10,878 | ||||||||
Liabilities:
|
||||||||||||||||
Unrealized derivative losses:
|
||||||||||||||||
Commodity contracts
|
$ | 1,317 | $ | 1,193 | $ | 44 | $ | 2,554 | ||||||||
Foreign exchange contracts
|
– | 178 | – | 178 | ||||||||||||
Inventory-related payables
|
– | 278 | 45 | 323 | ||||||||||||
Total Liabilities
|
$ | 1,317 | $ | 1,649 | $ | 89 | $ | 3,055 |
Note 3.
|
Fair Value Measurements (Continued)
|
Note 3.
|
Fair Value Measurements (Continued)
|
Level 3 Fair Value Asset Measurements at
September 30, 2011
|
||||||||||||
Inventories
Carried at
Market
|
Commodity
Derivative
Contracts Gains
|
Total Assets
|
||||||||||
(In millions)
|
||||||||||||
Balance, June 30, 2011
|
$ | 762 | $ | 112 | $ | 874 | ||||||
Total increase (decrease) in realized or
unrealized gains included in cost of
products sold*
|
(46 | ) | 197 | 151 | ||||||||
Purchases
|
136 | 4 | 140 | |||||||||
Sales
|
(261 | ) | – | (261 | ) | |||||||
Settlements
|
– | (59 | ) | (59 | ) | |||||||
Transfers into Level 3
|
767 | 50 | 817 | |||||||||
Transfers out of Level 3
|
(10 | ) | (34 | ) | (44 | ) | ||||||
Ending balance, September 30, 2011
|
$ | 1,348 | $ | 270 | $ | 1,618 |
Level 3 Fair Value Liability Measurements at
September 30, 2011
|
||||||||||||
Inventory-
related
Payables
|
Commodity
Derivative
Contracts Losses
|
Total Liabilities
|
||||||||||
(In millions)
|
||||||||||||
Balance, June 30, 2011
|
$ | 45 | $ | 44 | $ | 89 | ||||||
Total increase (decrease) in realized or
unrealized losses included in cost of
products sold*
|
– | 170 | 170 | |||||||||
Purchases
|
(6 | ) | 1 | (5 | ) | |||||||
Sales
|
2 | – | 2 | |||||||||
Settlements
|
– | 19 | 19 | |||||||||
Transfers into Level 3
|
93 | 15 | 108 | |||||||||
Transfers out of Level 3
|
– | (5 | ) | (5 | ) | |||||||
Ending balance, September 30, 2011
|
$ | 134 | $ | 244 | $ | 378 |
Note 3.
|
Fair Value Measurements (Continued)
|
Level 3 Fair Value Measurements at
September 30, 2010
|
||||||||||||
Inventories
Carried at
Market, Net
|
Commodity
Derivative
Contracts,
Net
|
Total
|
||||||||||
(In millions)
|
||||||||||||
Balance, June 30, 2010
|
$ | 427 | $ | 13 | $ | 440 | ||||||
Total gains (losses), realized or
unrealized, included in earnings
before income taxes*
|
31 | 37 | 68 | |||||||||
Purchases, issuances and settlements
|
71 | 1 | 72 | |||||||||
Transfers into Level 3
|
6 | 1 | 7 | |||||||||
Transfers out of Level 3
|
(164 | ) | (17 | ) | (181 | ) | ||||||
Ending balance, September 30, 2010
|
$ | 371 | $ | 35 | $ | 406 |
Note 4.
|
Derivative Instruments and Hedging Activities
|
Note 4.
|
Derivative Instruments and Hedging Activities (Continued)
|
September 30, 2011
|
June 30, 2011
|
|||||||||||||||
Assets
|
Liabilities
|
Assets
|
Liabilities
|
|||||||||||||
(In millions)
|
(In millions)
|
|||||||||||||||
FX Contracts
|
$ | 260 | $ | 311 | $ | 237 | $ | 178 | ||||||||
Interest Contracts
|
– | – | 3 | – | ||||||||||||
Commodity Contracts
|
2,925 | 2,670 | 2,766 | 2,553 | ||||||||||||
Total
|
$ | 3,185 | $ | 2,981 | $ | 3,006 | $ | 2,731 |
Note 4.
|
Derivative Instruments and Hedging Activities (Continued)
|
Three months ended September 30,
|
||||||||
2011
|
2010
|
|||||||
(In millions)
|
||||||||
Interest Contracts
|
||||||||
Interest expense
|
$ | 0 | $ | 0 | ||||
Other income (expense) – net
|
– | (31 | ) | |||||
FX Contracts
|
||||||||
Net sales and other operating income
|
$ | 16 | $ | (34 | ) | |||
Cost of products sold
|
(134 | ) | 59 | |||||
Other income (expense) – net
|
(6 | ) | 36 | |||||
Commodity Contracts
|
||||||||
Cost of products sold
|
$ | 620 | $ | (649 | ) | |||
Total gain (loss) recognized in earnings
|
$ | 496 | $ | (619 | ) |
Note 4.
|
Derivative Instruments and Hedging Activities (Continued)
|
September 30, 2011
|
June 30, 2011
|
|||||||||||||||
Assets
|
Liabilities
|
Assets
|
Liabilities
|
|||||||||||||
(In millions)
|
(In millions)
|
|||||||||||||||
Commodity Contracts
|
$ | 0 | $ | 1 | $ | 1 | $ | 1 | ||||||||
Total
|
$ | 0 | $ | 1 | $ | 1 | $ | 1 |
Note 4.
|
Derivative Instruments and Hedging Activities (Continued)
|
Three months ended
|
|||||||||
Consolidated Statement of
|
September 30,
|
||||||||
Earnings Locations
|
2011
|
2010
|
|||||||
(In millions)
|
|||||||||
Effective amounts recognized in earnings
|
|||||||||
FX Contracts
|
Other income/expense – net
|
$ | 0 | $ | 0 | ||||
Interest Contracts
|
Interest expense
|
0 | 0 | ||||||
Commodity Contracts
|
Cost of products sold
|
0 | 65 | ||||||
Net sales and other operating income
|
2 | 6 | |||||||
Ineffective amount recognized in earnings
|
Cost of products sold
|
(1 | ) | 17 | |||||
Total amount recognized in earnings
|
$ | 1 | $ | 88 |
Three months ended
|
||||
September 30, 2011
|
||||
(In millions)
|
||||
Balance at June 30, 2011
|
$ | 29 | ||
Unrealized gains
|
6 | |||
Gains reclassified to earnings
|
(3 | ) | ||
Tax effect
|
(2 | ) | ||
Balance at September 30, 2011
|
$ | 30 |
Three months ended
|
||||
September 30, 2010
|
||||
(In millions)
|
||||
Balance at June 30, 2010
|
$ | 30 | ||
Unrealized gains
|
112 | |||
Gains reclassified to earnings
|
(71 | ) | ||
Tax effect
|
(15 | ) | ||
Balance at September 30, 2010
|
$ | 56 |
Note 5.
|
Marketable Securities and Cash Equivalents
|
Unrealized
|
Unrealized
|
Fair
|
||||||||||||||
Cost
|
Gains
|
Losses
|
Value
|
|||||||||||||
(In millions)
|
||||||||||||||||
September 30, 2011
|
||||||||||||||||
United States government obligations
|
||||||||||||||||
Maturity less than 1 year
|
$ | 468 | $ | – | $ | – | $ | 468 | ||||||||
Maturity 1 to 5 years
|
61 | 1 | – | 62 | ||||||||||||
Corporate debt securities
|
||||||||||||||||
Maturity 1 to 5 years
|
66 | – | (1 | ) | 65 | |||||||||||
Other debt securities
|
||||||||||||||||
Maturity less than 1 year
|
950 | – | – | 950 | ||||||||||||
Maturity 1 to 5 years
|
4 | – | – | 4 | ||||||||||||
Equity securities
|
||||||||||||||||
Available-for-sale
|
157 | 30 | (34 | ) | 153 | |||||||||||
Trading
|
22 | – | – | 22 | ||||||||||||
$ | 1,728 | $ | 31 | $ | (35 | ) | $ | 1,724 |
Unrealized
|
Unrealized
|
Fair
|
||||||||||||||
Cost
|
Gains
|
Losses
|
Value
|
|||||||||||||
(In millions)
|
||||||||||||||||
June 30, 2011
|
||||||||||||||||
United States government obligations
|
||||||||||||||||
Maturity less than 1 year
|
$ | 753 | $ | – | $ | – | $ | 753 | ||||||||
Maturity 1 to 5 years
|
72 | 1 | – | 73 | ||||||||||||
Government–sponsored enterprise obligations
|
||||||||||||||||
Maturity less than 1 year
|
20 | – | – | 20 | ||||||||||||
Maturity 1 to 5 years
|
54 | – | – | 54 | ||||||||||||
Maturity 5 to 10 years
|
5 | – | – | 5 | ||||||||||||
Maturity greater than 10 years
|
218 | 8 | – | 226 | ||||||||||||
Corporate debt securities
|
||||||||||||||||
Maturity less than 1 year
|
1 | – | – | 1 | ||||||||||||
Maturity 1 to 5 years
|
35 | 1 | – | 36 | ||||||||||||
Other debt securities
|
||||||||||||||||
Maturity less than 1 year
|
215 | – | – | 215 | ||||||||||||
Maturity 1 to 5 years
|
3 | – | – | 3 | ||||||||||||
Maturity 5 to 10 years
|
7 | – | – | 7 | ||||||||||||
Equity securities
|
||||||||||||||||
Available-for-sale
|
159 | 83 | (4 | ) | 238 | |||||||||||
Trading
|
24 | – | – | 24 | ||||||||||||
$ | 1,566 | $ | 93 | $ | (4 | ) | $ | 1,655 |
Note 5.
|
Marketable Securities and Cash Equivalents (Continued)
|
Note 6.
|
Debt and Financing Arrangements
|
Note 7.
|
Income Taxes
|
Note 8.
|
Comprehensive Income
|
Three Months Ended
|
||||||||
September 30,
|
||||||||
2011
|
2010
|
|||||||
(In millions)
|
||||||||
Net earnings including noncontrolling interests
|
$ | 461 | $ | 342 | ||||
Unrealized gain (loss) on investments
|
(59 | ) | 22 | |||||
Deferred gain on hedging activities
|
1 | 26 | ||||||
Pension liability adjustment
|
6 | (13 | ) | |||||
Foreign currency translation adjustment
|
(498 | ) | 489 | |||||
Comprehensive income
|
(89 | ) | 866 | |||||
Less: Comprehensive income (loss) attributable to noncontrolling
interests
|
1 | (3 | ) | |||||
Comprehensive income attributable to controlling interests
|
$ | (90 | ) | $ | 869 |
Note 9.
|
Other (Income) Expense - Net
|
Three Months Ended
|
||||||||
September 30,
|
||||||||
2011
|
2010
|
|||||||
(In millions)
|
||||||||
Net gain on marketable securities transactions
|
$ | (5 | ) | $ | (2 | ) | ||
Charges from debt buyback or exchange
|
12 | – | ||||||
Unrealized losses on interest rate swaps
|
– | 31 | ||||||
Other – net
|
11 | (32 | ) | |||||
$ | 18 | $ | (3 | ) |
Note 10.
|
Segment Information
|
Note 10.
|
Segment Information (Continued)
|
Three Months Ended
|
||||||||
September 30,
|
||||||||
2011
|
2010
|
|||||||
(In millions)
|
||||||||
Sales to external customers
|
||||||||
Oilseeds Processing
|
$ | 8,326 | $ | 6,091 | ||||
Corn Processing
|
3,293 | 2,155 | ||||||
Agricultural Services
|
8,666 | 6,926 | ||||||
Other
|
1,617 | 1,627 | ||||||
Total
|
$ | 21,902 | $ | 16,799 | ||||
Intersegment sales
|
||||||||
Oilseeds Processing
|
$ | 382 | $ | 386 | ||||
Corn Processing
|
75 | 31 | ||||||
Agricultural Services
|
1,006 | 560 | ||||||
Other
|
38 | 36 | ||||||
Total
|
$ | 1,501 | $ | 1,013 | ||||
Net sales
|
||||||||
Oilseeds Processing
|
$ | 8,708 | $ | 6,477 | ||||
Corn Processing
|
3,368 | 2,186 | ||||||
Agricultural Services
|
9,672 | 7,486 | ||||||
Other
|
1,655 | 1,663 | ||||||
Intersegment elimination
|
(1,501 | ) | (1,013 | ) | ||||
Total
|
$ | 21,902 | $ | 16,799 | ||||
Segment operating profit
|
||||||||
Oilseeds Processing
|
$ | 221 | $ | 308 | ||||
Corn Processing
|
179 | 341 | ||||||
Agricultural Services
|
244 | 132 | ||||||
Other
|
55 | (16 | ) | |||||
Total segment operating profit
|
699 | 765 | ||||||
Corporate
|
(39 | ) | (303 | ) | ||||
Earnings before income taxes
|
$ | 660 | $ | 462 | ||||
Note 11.
|
Contingencies
|
ITEM 2.
|
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
|
ITEM 2.
|
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Continued)
|
ITEM 2.
|
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Continued)
|
ITEM 2.
|
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Continued)
|
Three Months Ended
|
||||||||||||
September 30,
|
||||||||||||
2011
|
2010
|
Change
|
||||||||||
(In millions)
|
||||||||||||
Oilseeds Processing
|
||||||||||||
Crushing and Origination
|
$ | 4,998 | $ | 4,087 | $ | 911 | ||||||
Refining, Packaging, Biodiesel and Other
|
3,249 | 1,951 | 1,298 | |||||||||
Asia
|
79 | 53 | 26 | |||||||||
Total Oilseeds Processing
|
8,326 | 6,091 | 2,235 | |||||||||
Corn Processing
|
||||||||||||
Sweeteners and Starches
|
1,184 | 851 | 333 | |||||||||
Bioproducts
|
2,109 | 1,304 | 805 | |||||||||
Total Corn Processing
|
3,293 | 2,155 | 1,138 | |||||||||
Agricultural Services
|
||||||||||||
Merchandising and Handling
|
8,592 | 6,878 | 1,714 | |||||||||
Transportation
|
74 | 48 | 26 | |||||||||
Total Agricultural Services
|
8,666 | 6,926 | 1,740 | |||||||||
Other
|
||||||||||||
Processing
|
1,589 | 1,601 | (12 | ) | ||||||||
Financial
|
28 | 26 | 2 | |||||||||
Total Other
|
1,617 | 1,627 | (10 | ) | ||||||||
Total
|
$ | 21,902 | $ | 16,799 | $ | 5,103 |
ITEM 2.
|
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Continued)
|
Three Months Ended
|
||||||||||||
September 30,
|
||||||||||||
2011
|
2010
|
Change
|
||||||||||
(In millions)
|
||||||||||||
Oilseeds Processing
|
||||||||||||
Crushing and Origination
|
$ | 115 | $ | 176 | $ | (61 | ) | |||||
Refining, Packaging, Biodiesel and
Other
|
49 | 76 | (27 | ) | ||||||||
Asia
|
57 | 56 | 1 | |||||||||
Total Oilseeds Processing
|
221 | 308 | (87 | ) | ||||||||
Corn Processing
|
||||||||||||
Sweeteners and Starches
|
28 | 146 | (118 | ) | ||||||||
Bioproducts
|
151 | 195 | (44 | ) | ||||||||
Total Corn Processing
|
179 | 341 | (162 | ) | ||||||||
Agricultural Services
|
||||||||||||
Merchandising and Handling
|
219 | 103 | 116 | |||||||||
Transportation
|
25 | 29 | (4 | ) | ||||||||
Total Agricultural Services
|
244 | 132 | 112 | |||||||||
Other
|
||||||||||||
Processing
|
59 | 26 | 33 | |||||||||
Financial
|
(4 | ) | (42 | ) | 38 | |||||||
Total Other
|
55 | (16 | ) | 71 | ||||||||
Total Segment Operating Profit
|
699 | 765 | (66 | ) | ||||||||
Corporate
|
(39 | ) | (303 | ) | 264 | |||||||
Earnings Before Income Taxes
|
$ | 660 | $ | 462 | $ | 198 |
ITEM 2.
|
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Continued)
|
Three Months Ended
|
||||||||||||
September 30,
|
||||||||||||
2011
|
2010
|
Change
|
||||||||||
(In millions)
|
||||||||||||
LIFO credit (charge)
|
$ | 126 | $ | (123 | ) | $ | 249 | |||||
Unallocated interest expense - net
|
(76 | ) | (89 | ) | 13 | |||||||
Unallocated corporate costs
|
(84 | ) | (73 | ) | (11 | ) | ||||||
Charges from debt buyback and exchange
|
(4 | ) | – | (4 | ) | |||||||
Losses on interest rate swaps
|
– | (31 | ) | 31 | ||||||||
Other
|
(1 | ) | 13 | (14 | ) | |||||||
Total Corporate
|
$ | (39 | ) | $ | (303 | ) | $ | 264 |
ITEM 2.
|
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Continued)
|
ITEM 3.
|
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
|
Three months ended
|
Year ended
|
|||||||||||||||
September 30, 2011
|
June 30, 2011
|
|||||||||||||||
Long/(Short)
|
Fair Value
|
Market Risk
|
Fair Value
|
Market Risk
|
||||||||||||
(In millions)
|
||||||||||||||||
Highest position
|
$ | 1,438 | $ | 144 | $ | 2,388 | $ | 239 | ||||||||
Lowest position
|
384 | 38 | 368 | 37 | ||||||||||||
Average position
|
654 | 65 | 1,644 | 164 |
ITEM 4.
|
CONTROLS AND PROCEDURES
|
ITEM 1.
|
LEGAL PROCEEDINGS
|
ITEM 1A.
|
RISK FACTORS
|
ITEM 2.
|
UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
|
Total Number of
|
Number of Shares
|
|||||||||||||||
Total Number
|
Average
|
Shares Purchased as
|
Remaining that May be
|
|||||||||||||
of Shares
|
Price Paid
|
Part of Publicly
|
Purchased Under the
|
|||||||||||||
Period
|
Purchased
(1)
|
per Share
|
Announced Program
(2)
|
Program
(2)
|
||||||||||||
July 1, 2011 to
|
||||||||||||||||
July 31, 2011
|
6,588 | $ | 30.279 | 400 | 86,779,649 | |||||||||||
August 1, 2011 to
|
||||||||||||||||
August 31, 2011
|
8,629,487 | 27.830 | 8,629,487 | 78,150,162 | ||||||||||||
September 1, 2011 to
|
||||||||||||||||
September 30, 2011
|
251 | 29.494 | 251 | 78,149,911 | ||||||||||||
Total
|
8,636,326 | $ | 27.832 | 8,630,138 | 78,149,911 |
(1)
|
Total shares purchased represents those shares purchased as part of the Company’s publicly announced share repurchase program described below, shares received as payment of the exercise price for stock option exercises, and shares received as payment of the withholding taxes on vested restricted stock grants.
|
(2)
|
On November 5, 2009, the Company’s Board of Directors approved a stock repurchase program authorizing the Company to repurchase up to 100,000,000 shares of the Company’s common stock during the period commencing January 1, 2010 and ending December 31, 2014.
|
ITEM 6.
|
EXHIBITS
|
(3)(i)
|
Composite Certificate of Incorporation, as amended, filed on November 13, 2001 as Exhibit 3(i) to Form 10-Q for the quarter ended September 30, 2001 (File No. 1-44), is incorporated herein by reference.
|
(ii)
|
Bylaws, as amended, filed on August 12, 2009 as Exhibit 3(ii) to Form 8-K (File No. 1-44), are incorporated herein by reference.
|
(4)
|
Registration Rights Agreement, dated as of September 26, 2011, by and among ADM and Barclays Capital Inc., BNP Paribas Securities Corp., Deutsche Bank Securities Inc., HSBC Securities (USA) Inc., Citigroup Global Markets Inc., J.P. Morgan Securities LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated, and Morgan Stanley & Co. LLC, as Dealer Managers, filed on September 27, 2011 as Exhibit 4.3 to Form 8-K (File No. 1-44), is incorporated herein by reference.
|
(31.1)
|
Certification of Chief Executive Officer pursuant to Rule 13a–14(a) and Rule 15d–14(a) of the Securities Exchange Act, as amended.
|
(31.2)
|
Certification of Chief Financial Officer pursuant to Rule 13a–14(a) and Rule 15d–14(a) of the Securities Exchange Act, as amended.
|
(32.1)
|
Certification of Chief Executive Officer pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
(32.2)
|
Certification of Chief Financial Officer pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
(101)
|
Interactive Data File
|
ARCHER-DANIELS-MIDLAND COMPANY
|
/s/ R. G. Young
R. G. Young
Senior Vice President and
Chief Financial Officer
/s/ D. J. Smith
D. J. Smith
Executive Vice President, Secretary and
General Counsel
|
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 |
---|