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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)
|
Large Accelerated Filer
x
|
Accelerated Filer
o
|
Non-accelerated Filer
o
|
Smaller reporting Company
o
|
ITEM 1.
|
FINANCIAL STATEMENTS
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
||||||||||||
|
2013
|
|
2012
|
|
2013
|
|
2012
|
||||||||
|
(In millions, except per share amounts)
|
||||||||||||||
|
|
|
|
|
|
|
|
||||||||
Net sales and other operating income
|
$
|
21,393
|
|
|
$
|
21,808
|
|
|
$
|
65,661
|
|
|
$
|
65,638
|
|
Cost of products sold
|
20,237
|
|
|
21,002
|
|
|
62,942
|
|
|
63,011
|
|
||||
Gross Profit
|
1,156
|
|
|
806
|
|
|
2,719
|
|
|
2,627
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Selling, general, and administrative expenses
|
429
|
|
|
390
|
|
|
1,317
|
|
|
1,186
|
|
||||
Asset impairment, exit, and restructuring costs
|
23
|
|
|
146
|
|
|
23
|
|
|
231
|
|
||||
Interest expense
|
105
|
|
|
106
|
|
|
318
|
|
|
338
|
|
||||
Equity in earnings of unconsolidated affiliates
|
(63
|
)
|
|
(113
|
)
|
|
(262
|
)
|
|
(334
|
)
|
||||
Interest income
|
(12
|
)
|
|
(30
|
)
|
|
(68
|
)
|
|
(80
|
)
|
||||
Other (income) expense – net
|
(35
|
)
|
|
12
|
|
|
(10
|
)
|
|
7
|
|
||||
Earnings Before Income Taxes
|
709
|
|
|
295
|
|
|
1,401
|
|
|
1,279
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Income taxes
|
228
|
|
|
111
|
|
|
424
|
|
|
397
|
|
||||
Net Earnings Including Noncontrolling Interests
|
481
|
|
|
184
|
|
|
977
|
|
|
882
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Less: Net earnings (losses) attributable to noncontrolling interests
|
5
|
|
|
2
|
|
|
9
|
|
|
17
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Net Earnings Attributable to Controlling Interests
|
$
|
476
|
|
|
$
|
182
|
|
|
$
|
968
|
|
|
$
|
865
|
|
|
|
|
|
|
|
|
|
||||||||
Average number of shares outstanding – basic
|
661
|
|
|
660
|
|
|
661
|
|
|
660
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Average number of shares outstanding – diluted
|
664
|
|
|
661
|
|
|
663
|
|
|
662
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Basic and diluted earnings per common share
|
$
|
0.72
|
|
|
$
|
0.28
|
|
|
$
|
1.46
|
|
|
$
|
1.31
|
|
|
|
|
|
|
|
|
|
||||||||
Dividends per common share
|
$
|
0.190
|
|
|
$
|
0.175
|
|
|
$
|
0.570
|
|
|
$
|
0.525
|
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
||||||||||||
|
2013
|
|
2012
|
|
2013
|
|
2012
|
||||||||
|
(In millions)
|
||||||||||||||
|
|
|
|
|
|
|
|
||||||||
Net earnings including noncontrolling interests
|
$
|
481
|
|
|
$
|
184
|
|
|
$
|
977
|
|
|
$
|
882
|
|
Other comprehensive income (loss):
|
|
|
|
|
|
|
|
||||||||
Foreign currency translation adjustment
|
225
|
|
|
145
|
|
|
(1
|
)
|
|
101
|
|
||||
Tax effect
|
—
|
|
|
(7
|
)
|
|
2
|
|
|
53
|
|
||||
Net of tax amount
|
225
|
|
|
138
|
|
|
1
|
|
|
154
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Pension and other postretirement benefit liabilities adjustment
|
10
|
|
|
16
|
|
|
45
|
|
|
(560
|
)
|
||||
Tax effect
|
(4
|
)
|
|
(7
|
)
|
|
(16
|
)
|
|
198
|
|
||||
Net of tax amount
|
6
|
|
|
9
|
|
|
29
|
|
|
(362
|
)
|
||||
|
|
|
|
|
|
|
|
||||||||
Deferred gain (loss) on hedging activities
|
16
|
|
|
54
|
|
|
18
|
|
|
87
|
|
||||
Tax effect
|
(7
|
)
|
|
(18
|
)
|
|
(7
|
)
|
|
(31
|
)
|
||||
Net of tax effect
|
9
|
|
|
36
|
|
|
11
|
|
|
56
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Unrealized gain (loss) on investments
|
3
|
|
|
(11
|
)
|
|
2
|
|
|
(36
|
)
|
||||
Tax effect
|
(3
|
)
|
|
3
|
|
|
—
|
|
|
13
|
|
||||
Net of tax effect
|
—
|
|
|
(8
|
)
|
|
2
|
|
|
(23
|
)
|
||||
Other comprehensive income (loss)
|
240
|
|
|
175
|
|
|
43
|
|
|
(175
|
)
|
||||
Comprehensive income including noncontrolling interests
|
721
|
|
|
359
|
|
|
1,020
|
|
|
707
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Less: Comprehensive income attributable to noncontrolling interests
|
5
|
|
|
4
|
|
|
—
|
|
|
13
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Comprehensive income attributable to controlling interests
|
$
|
716
|
|
|
$
|
355
|
|
|
$
|
1,020
|
|
|
$
|
694
|
|
|
(Unaudited)
|
|
|
||||
|
September 30,
|
|
December 31,
|
||||
|
2013
|
|
2012
|
||||
|
(In millions)
|
||||||
|
|
|
|
||||
Assets
|
|
|
|
||||
Current Assets
|
|
|
|
||||
Cash and cash equivalents
|
$
|
3,252
|
|
|
$
|
1,714
|
|
Short-term marketable securities
|
242
|
|
|
576
|
|
||
Segregated cash and investments
|
3,992
|
|
|
3,638
|
|
||
Trade receivables
|
3,447
|
|
|
3,450
|
|
||
Inventories
|
9,278
|
|
|
13,836
|
|
||
Other current assets
|
5,879
|
|
|
6,548
|
|
||
Total Current Assets
|
26,090
|
|
|
29,762
|
|
||
|
|
|
|
||||
Investments and Other Assets
|
|
|
|
|
|
||
Investments in and advances to affiliates
|
3,183
|
|
|
3,170
|
|
||
Long-term marketable securities
|
685
|
|
|
717
|
|
||
Goodwill
|
552
|
|
|
551
|
|
||
Other assets
|
813
|
|
|
813
|
|
||
Total Investments and Other Assets
|
5,233
|
|
|
5,251
|
|
||
|
|
|
|
||||
Property, Plant, and Equipment
|
|
|
|
|
|
||
Land
|
406
|
|
|
378
|
|
||
Buildings
|
4,797
|
|
|
4,807
|
|
||
Machinery and equipment
|
17,464
|
|
|
16,984
|
|
||
Construction in progress
|
770
|
|
|
1,004
|
|
||
|
23,437
|
|
|
23,173
|
|
||
Accumulated depreciation
|
(13,312
|
)
|
|
(13,050
|
)
|
||
Net Property, Plant, and Equipment
|
10,125
|
|
|
10,123
|
|
||
|
|
|
|
||||
Total Assets
|
$
|
41,448
|
|
|
$
|
45,136
|
|
|
|
|
|
||||
Liabilities and Shareholders’ Equity
|
|
|
|
|
|
||
Current Liabilities
|
|
|
|
|
|
||
Short-term debt
|
$
|
364
|
|
|
$
|
2,816
|
|
Trade payables
|
2,942
|
|
|
4,787
|
|
||
Accrued expenses and other payables
|
9,291
|
|
|
9,122
|
|
||
Current maturities of long-term debt
|
1,156
|
|
|
268
|
|
||
Total Current Liabilities
|
13,753
|
|
|
16,993
|
|
||
|
|
|
|
||||
Long-Term Liabilities
|
|
|
|
|
|
||
Long-term debt
|
5,364
|
|
|
6,456
|
|
||
Deferred income taxes
|
1,282
|
|
|
1,267
|
|
||
Other
|
1,483
|
|
|
1,289
|
|
||
Total Long-Term Liabilities
|
8,129
|
|
|
9,012
|
|
||
|
|
|
|
||||
Shareholders’ Equity
|
|
|
|
|
|
||
Common stock
|
6,108
|
|
|
6,134
|
|
||
Reinvested earnings
|
13,828
|
|
|
13,236
|
|
||
Accumulated other comprehensive income (loss)
|
(398
|
)
|
|
(450
|
)
|
||
Noncontrolling interests
|
28
|
|
|
211
|
|
||
Total Shareholders’ Equity
|
19,566
|
|
|
19,131
|
|
||
Total Liabilities and Shareholders’ Equity
|
$
|
41,448
|
|
|
$
|
45,136
|
|
|
|
|
|
|
Nine Months Ended
September 30, |
||||||
|
2013
|
|
2012
|
||||
|
(In millions)
|
||||||
|
|
|
|
||||
Operating Activities
|
|
|
|
||||
Net earnings including noncontrolling interests
|
$
|
977
|
|
|
$
|
882
|
|
Adjustments to reconcile net earnings to net cash provided by operating activities
|
|
|
|
|
|
||
Depreciation and amortization
|
681
|
|
|
651
|
|
||
Asset impairment charges
|
23
|
|
|
176
|
|
||
Deferred income taxes
|
4
|
|
|
119
|
|
||
Equity in earnings of affiliates, net of dividends
|
(152
|
)
|
|
(221
|
)
|
||
Stock compensation expense
|
30
|
|
|
36
|
|
||
Pension and postretirement accruals (contributions), net
|
7
|
|
|
(19
|
)
|
||
Deferred cash flow hedges
|
18
|
|
|
80
|
|
||
Other – net
|
(142
|
)
|
|
99
|
|
||
Changes in operating assets and liabilities, net of businesses acquired
|
|
|
|
|
|
||
Segregated cash and investments
|
(360
|
)
|
|
(317
|
)
|
||
Trade receivables
|
92
|
|
|
2,187
|
|
||
Inventories
|
4,788
|
|
|
(1,207
|
)
|
||
Other current assets
|
615
|
|
|
(3,157
|
)
|
||
Trade payables
|
(2,154
|
)
|
|
(465
|
)
|
||
Accrued expenses and other payables
|
442
|
|
|
1,493
|
|
||
Total Operating Activities
|
4,869
|
|
|
337
|
|
||
|
|
|
|
||||
Investing Activities
|
|
|
|
|
|
||
Purchases of property, plant, and equipment
|
(659
|
)
|
|
(877
|
)
|
||
Proceeds from sales of property, plant, and equipment
|
36
|
|
|
32
|
|
||
Net assets of businesses acquired
|
(35
|
)
|
|
(56
|
)
|
||
Purchases of marketable securities
|
(530
|
)
|
|
(874
|
)
|
||
Proceeds from sales of marketable securities
|
826
|
|
|
1,008
|
|
||
Distributions from affiliates
|
150
|
|
|
22
|
|
||
Other – net
|
38
|
|
|
(5
|
)
|
||
Total Investing Activities
|
(174
|
)
|
|
(750
|
)
|
||
|
|
|
|
||||
Financing Activities
|
|
|
|
|
|
||
Long-term debt borrowings
|
23
|
|
|
9
|
|
||
Long-term debt payments
|
(265
|
)
|
|
(1,597
|
)
|
||
Net borrowings (payments) under lines of credit agreements
|
(2,489
|
)
|
|
2,820
|
|
||
Debt exchange premiums
|
—
|
|
|
(12
|
)
|
||
Purchases of treasury stock
|
(95
|
)
|
|
(100
|
)
|
||
Cash dividends
|
(376
|
)
|
|
(346
|
)
|
||
Other – net
|
45
|
|
|
10
|
|
||
Total Financing Activities
|
(3,157
|
)
|
|
784
|
|
||
|
|
|
|
||||
Increase in cash and cash equivalents
|
1,538
|
|
|
371
|
|
||
Cash and cash equivalents beginning of period
|
1,714
|
|
|
864
|
|
||
|
|
|
|
||||
Cash and cash equivalents end of period
|
$
|
3,252
|
|
|
$
|
1,235
|
|
|
|
|
|
|
Common Stock
|
|
Reinvested
Earnings
|
|
Accumulated
Other
Comprehensive
Income (Loss)
|
|
Noncontrolling
Interests
|
|
Total
Shareholders’
Equity
|
|||||||||||||
|
Shares
|
|
Amount
|
|
|
|
|
|||||||||||||||
|
(In millions)
|
|||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Balance December 31, 2012
|
659
|
|
|
$
|
6,134
|
|
|
$
|
13,236
|
|
|
$
|
(450
|
)
|
|
$
|
211
|
|
|
$
|
19,131
|
|
Comprehensive income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Net earnings
|
|
|
|
|
|
|
968
|
|
|
|
|
|
9
|
|
|
|
|
|||||
Other comprehensive
income
|
|
|
|
|
|
|
|
|
|
52
|
|
|
(9
|
)
|
|
|
|
|||||
Total comprehensive
income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,020
|
|
|||||
Cash dividends paid- $0.57 per share
|
|
|
|
|
|
|
(376
|
)
|
|
|
|
|
|
|
|
(376
|
)
|
|||||
Treasury stock purchases
|
(3)
|
|
|
(95
|
)
|
|
|
|
|
|
|
|
(95
|
)
|
||||||||
Stock compensation expense
|
|
|
|
30
|
|
|
|
|
|
|
|
|
|
|
|
30
|
|
|||||
Noncontrolling interests associated with mandatorily redeemable instruments
|
|
|
|
|
|
|
|
|
|
|
|
|
(180
|
)
|
|
(180
|
)
|
|||||
Other
|
2
|
|
|
39
|
|
|
|
|
|
|
|
|
(3
|
)
|
|
36
|
|
|||||
Balance September 30, 2013
|
658
|
|
|
$
|
6,108
|
|
|
$
|
13,828
|
|
|
$
|
(398
|
)
|
|
$
|
28
|
|
|
$
|
19,566
|
|
Note 1.
|
Basis of Presentation
|
Note 2.
|
Pending Accounting Standards
|
Note 2.
|
Pending Accounting Standards (Continued)
|
Note 3.
|
Acquisitions
|
Note 4.
|
Fair Value Measurements
|
|
Fair Value Measurements at September 30, 2013
|
||||||||||||||
|
Quoted Prices in
Active Markets
for Identical
Assets
(Level 1)
|
|
Significant
Other
Observable
Inputs
(Level 2)
|
|
Significant
Unobservable
Inputs
(Level 3)
|
|
Total
|
||||||||
|
(In millions)
|
||||||||||||||
|
|
|
|
|
|
|
|
||||||||
Assets:
|
|
|
|
|
|
|
|
||||||||
Inventories carried at market
|
$
|
—
|
|
|
$
|
3,654
|
|
|
$
|
1,272
|
|
|
$
|
4,926
|
|
Unrealized derivative gains:
|
|
|
|
|
|
|
|
||||||||
Commodity contracts
|
1,364
|
|
|
748
|
|
|
262
|
|
|
2,374
|
|
||||
Foreign exchange contracts
|
—
|
|
|
233
|
|
|
—
|
|
|
233
|
|
||||
Interest rate contracts
|
—
|
|
|
1
|
|
|
—
|
|
|
1
|
|
||||
Marketable securities
|
2,557
|
|
|
17
|
|
|
—
|
|
|
2,574
|
|
||||
Deferred receivables consideration
|
—
|
|
|
487
|
|
|
—
|
|
|
487
|
|
||||
Total Assets
|
$
|
3,921
|
|
|
$
|
5,140
|
|
|
$
|
1,534
|
|
|
$
|
10,595
|
|
|
|
|
|
|
|
|
|
||||||||
Liabilities:
|
|
|
|
|
|
|
|
||||||||
Unrealized derivative losses:
|
|
|
|
|
|
|
|
||||||||
Commodity contracts
|
$
|
1,667
|
|
|
$
|
708
|
|
|
$
|
186
|
|
|
$
|
2,561
|
|
Foreign exchange contracts
|
—
|
|
|
201
|
|
|
—
|
|
|
201
|
|
||||
Inventory-related payables
|
—
|
|
|
299
|
|
|
9
|
|
|
308
|
|
||||
Total Liabilities
|
$
|
1,667
|
|
|
$
|
1,208
|
|
|
$
|
195
|
|
|
$
|
3,070
|
|
Note 4.
|
Fair Value Measurements (Continued)
|
|
Fair Value Measurements at December 31, 2012
|
||||||||||||||
|
Quoted Prices in
Active Markets
for Identical
Assets
(Level 1)
|
|
Significant
Other
Observable
Inputs
(Level 2)
|
|
Significant
Unobservable
Inputs
(Level 3)
|
|
Total
|
||||||||
|
(In millions)
|
||||||||||||||
|
|
|
|
|
|
|
|
||||||||
Assets:
|
|
|
|
|
|
|
|
||||||||
Inventories carried at market
|
$
|
—
|
|
|
$
|
5,291
|
|
|
$
|
1,745
|
|
|
$
|
7,036
|
|
Unrealized derivative gains:
|
|
|
|
|
|
|
|
||||||||
Commodity contracts
|
1,426
|
|
|
936
|
|
|
143
|
|
|
2,505
|
|
||||
Foreign exchange contracts
|
—
|
|
|
170
|
|
|
—
|
|
|
170
|
|
||||
Interest rate contracts
|
—
|
|
|
1
|
|
|
—
|
|
|
1
|
|
||||
Marketable securities
|
2,451
|
|
|
16
|
|
|
—
|
|
|
2,467
|
|
||||
Deferred receivables consideration
|
—
|
|
|
900
|
|
|
—
|
|
|
900
|
|
||||
Total Assets
|
$
|
3,877
|
|
|
$
|
7,314
|
|
|
$
|
1,888
|
|
|
$
|
13,079
|
|
|
|
|
|
|
|
|
|
||||||||
Liabilities:
|
|
|
|
|
|
|
|
||||||||
Unrealized derivative losses:
|
|
|
|
|
|
|
|
||||||||
Commodity contracts
|
$
|
1,600
|
|
|
$
|
638
|
|
|
$
|
138
|
|
|
$
|
2,376
|
|
Foreign exchange contracts
|
—
|
|
|
215
|
|
|
—
|
|
|
215
|
|
||||
Inventory-related payables
|
—
|
|
|
903
|
|
|
33
|
|
|
936
|
|
||||
Total Liabilities
|
$
|
1,600
|
|
|
$
|
1,756
|
|
|
$
|
171
|
|
|
$
|
3,527
|
|
Note 4.
|
Fair Value Measurements (Continued)
|
Note 4.
|
Fair Value Measurements (Continued)
|
|
Level 3 Fair Value Asset Measurements at
|
||||||||||
|
September 30, 2013
|
||||||||||
|
Inventories
Carried at
Market
|
|
Commodity
Derivative
Contracts
Gains
|
|
Total
Assets
|
||||||
|
(In millions)
|
||||||||||
|
|
|
|
|
|
||||||
Balance, June 30, 2013
|
$
|
1,926
|
|
|
$
|
267
|
|
|
$
|
2,193
|
|
Total increase in unrealized gains included in cost of products sold*
|
162
|
|
|
143
|
|
|
305
|
|
|||
Purchases
|
2,896
|
|
|
—
|
|
|
2,896
|
|
|||
Sales
|
(3,264
|
)
|
|
—
|
|
|
(3,264
|
)
|
|||
Settlements
|
—
|
|
|
(153
|
)
|
|
(153
|
)
|
|||
Transfers into Level 3
|
35
|
|
|
69
|
|
|
104
|
|
|||
Transfers out of Level 3
|
(483
|
)
|
|
(64
|
)
|
|
(547
|
)
|
|||
Ending balance, September 30, 2013
|
$
|
1,272
|
|
|
$
|
262
|
|
|
$
|
1,534
|
|
Note 4.
|
Fair Value Measurements (Continued)
|
|
Level 3 Fair Value Liability Measurements at
|
||||||||||
|
September 30, 2013
|
||||||||||
|
Inventory-
related
Payables
|
|
Commodity
Derivative
Contracts
Losses
|
|
Total
Liabilities
|
||||||
|
(In millions)
|
||||||||||
|
|
|
|
|
|
||||||
Balance, June 30, 2013
|
$
|
63
|
|
|
$
|
233
|
|
|
$
|
296
|
|
Total increase in unrealized losses included in cost of products sold*
|
—
|
|
|
127
|
|
|
127
|
|
|||
Purchases
|
4
|
|
|
—
|
|
|
4
|
|
|||
Sales
|
(17
|
)
|
|
—
|
|
|
(17
|
)
|
|||
Settlements
|
—
|
|
|
(186
|
)
|
|
(186
|
)
|
|||
Transfers into Level 3
|
—
|
|
|
30
|
|
|
30
|
|
|||
Transfers out of Level 3
|
(41
|
)
|
|
(18
|
)
|
|
(59
|
)
|
|||
Ending balance, September 30, 2013
|
$
|
9
|
|
|
$
|
186
|
|
|
$
|
195
|
|
|
Level 3 Fair Value Asset Measurements at
|
||||||||||
|
September 30, 2012
|
||||||||||
|
Inventories
Carried at
Market
|
|
Commodity
Derivative
Contracts
Gains
|
|
Total
Assets
|
||||||
|
(In millions)
|
||||||||||
|
|
|
|
|
|
||||||
Balance, June 30, 2012
|
$
|
1,462
|
|
|
$
|
171
|
|
|
$
|
1,633
|
|
Total increase (decrease) in unrealized gains included in cost of products sold
|
164
|
|
|
109
|
|
|
273
|
|
|||
Purchases
|
2,390
|
|
|
—
|
|
|
2,390
|
|
|||
Sales
|
(2,225
|
)
|
|
—
|
|
|
(2,225
|
)
|
|||
Settlements
|
—
|
|
|
(95
|
)
|
|
(95
|
)
|
|||
Transfers into Level 3
|
157
|
|
|
128
|
|
|
285
|
|
|||
Transfers out of Level 3
|
(193
|
)
|
|
(31
|
)
|
|
(224
|
)
|
|||
Ending balance, September 30, 2012
|
$
|
1,755
|
|
|
$
|
282
|
|
|
$
|
2,037
|
|
Note 4.
|
Fair Value Measurements (Continued)
|
|
Level 3 Fair Value Liability Measurements at
|
||||||||||
|
September 30, 2012
|
||||||||||
|
Inventory-
related
Payables
|
|
Commodity
Derivative
Contracts
Losses
|
|
Total
Liabilities
|
||||||
|
(In millions)
|
||||||||||
|
|
|
|
|
|
||||||
Balance, June 30, 2012
|
$
|
38
|
|
|
$
|
179
|
|
|
$
|
217
|
|
Total increase (decrease) in unrealized losses included in cost of products sold
|
—
|
|
|
86
|
|
|
86
|
|
|||
Purchases
|
2
|
|
|
—
|
|
|
2
|
|
|||
Sales
|
—
|
|
|
—
|
|
|
—
|
|
|||
Settlements
|
—
|
|
|
(105
|
)
|
|
(105
|
)
|
|||
Transfers into Level 3
|
—
|
|
|
73
|
|
|
73
|
|
|||
Transfers out of Level 3
|
—
|
|
|
(16
|
)
|
|
(16
|
)
|
|||
Ending balance, September 30, 2012
|
$
|
40
|
|
|
$
|
217
|
|
|
$
|
257
|
|
|
Level 3 Fair Value Asset Measurements at
|
||||||||||
|
September 30, 2013
|
||||||||||
|
Inventories
Carried at
Market
|
|
Commodity
Derivative
Contracts
Gains
|
|
Total
Assets
|
||||||
|
(In millions)
|
||||||||||
|
|
|
|
|
|
||||||
Balance, December 31, 2012
|
$
|
1,745
|
|
|
$
|
143
|
|
|
$
|
1,888
|
|
Total increase (decrease) in unrealized gains included in cost of products sold*
|
(677
|
)
|
|
372
|
|
|
(305
|
)
|
|||
Purchases
|
11,795
|
|
|
—
|
|
|
11,795
|
|
|||
Sales
|
(11,576
|
)
|
|
—
|
|
|
(11,576
|
)
|
|||
Settlements
|
—
|
|
|
(381
|
)
|
|
(381
|
)
|
|||
Transfers into Level 3
|
35
|
|
|
209
|
|
|
244
|
|
|||
Transfers out of Level 3
|
(50
|
)
|
|
(81
|
)
|
|
(131
|
)
|
|||
Ending balance, September 30, 2013
|
$
|
1,272
|
|
|
$
|
262
|
|
|
$
|
1,534
|
|
Note 4.
|
Fair Value Measurements (Continued)
|
|
Level 3 Fair Value Liability Measurements at
|
||||||||||
|
September 30, 2013
|
||||||||||
|
Inventory-
related
Payables
|
|
Commodity
Derivative
Contracts
Losses
|
|
Total
Liabilities
|
||||||
|
(In millions)
|
||||||||||
|
|
|
|
|
|
||||||
Balance, December 31, 2012
|
$
|
33
|
|
|
$
|
138
|
|
|
$
|
171
|
|
Total increase (decrease) in unrealized losses included in cost of products sold*
|
(191
|
)
|
|
382
|
|
|
191
|
|
|||
Purchases
|
190
|
|
|
—
|
|
|
190
|
|
|||
Sales
|
(23
|
)
|
|
—
|
|
|
(23
|
)
|
|||
Settlements
|
—
|
|
|
(397
|
)
|
|
(397
|
)
|
|||
Transfers into Level 3
|
—
|
|
|
104
|
|
|
104
|
|
|||
Transfers out of Level 3
|
—
|
|
|
(41
|
)
|
|
(41
|
)
|
|||
Ending balance, September 30, 2013
|
$
|
9
|
|
|
$
|
186
|
|
|
$
|
195
|
|
|
Level 3 Fair Value Asset Measurements at
|
||||||||||
|
September 30, 2012
|
||||||||||
|
Inventories
Carried at
Market
|
|
Commodity
Derivative
Contracts
Gains
|
|
Total
Assets
|
||||||
|
(In millions)
|
||||||||||
|
|
|
|
|
|
||||||
Balance, December 31, 2011
|
$
|
1,624
|
|
|
$
|
198
|
|
|
$
|
1,822
|
|
Total increase (decrease) in unrealized gains included in cost of products sold
|
240
|
|
|
366
|
|
|
606
|
|
|||
Purchases
|
4,516
|
|
|
(2
|
)
|
|
4,514
|
|
|||
Sales
|
(3,616
|
)
|
|
—
|
|
|
(3,616
|
)
|
|||
Settlements
|
—
|
|
|
(341
|
)
|
|
(341
|
)
|
|||
Transfers into Level 3
|
317
|
|
|
152
|
|
|
469
|
|
|||
Transfers out of Level 3
|
(1,326
|
)
|
|
(91
|
)
|
|
(1,417
|
)
|
|||
Ending balance, September 30, 2012
|
$
|
1,755
|
|
|
$
|
282
|
|
|
$
|
2,037
|
|
Note 4.
|
Fair Value Measurements (Continued)
|
|
Level 3 Fair Value Liability Measurements at
|
||||||||||
|
September 30, 2012
|
||||||||||
|
Inventory-
related
Payables
|
|
Commodity
Derivative
Contracts
Losses
|
|
Total
Liabilities
|
||||||
|
(In millions)
|
||||||||||
|
|
|
|
|
|
||||||
Balance, December 31, 2011
|
$
|
196
|
|
|
$
|
192
|
|
|
$
|
388
|
|
Total increase (decrease) in unrealized losses included in cost of products sold
|
—
|
|
|
335
|
|
|
335
|
|
|||
Purchases
|
2
|
|
|
(1
|
)
|
|
1
|
|
|||
Sales
|
(4
|
)
|
|
—
|
|
|
(4
|
)
|
|||
Settlements
|
—
|
|
|
(350
|
)
|
|
(350
|
)
|
|||
Transfers into Level 3
|
2
|
|
|
126
|
|
|
128
|
|
|||
Transfers out of Level 3
|
(156
|
)
|
|
(85
|
)
|
|
(241
|
)
|
|||
Ending balance, September 30, 2012
|
$
|
40
|
|
|
$
|
217
|
|
|
$
|
257
|
|
|
Weighted Average % of Total Price
|
||||||||||
|
September 30, 2013
|
|
December 31, 2012
|
||||||||
Component Type
|
Assets
|
|
Liabilities
|
|
Assets
|
|
Liabilities
|
||||
Inventories and Related Payables
|
|
|
|
|
|
|
|
||||
Basis
|
27.5
|
%
|
|
13.8
|
%
|
|
13.5
|
%
|
|
26.2
|
%
|
Transportation cost
|
15.9
|
%
|
|
—
|
%
|
|
8.4
|
%
|
|
9.1
|
%
|
|
|
|
|
|
|
|
|
||||
Commodity Derivative Contracts
|
|
|
|
|
|
|
|
||||
Basis
|
22.4
|
%
|
|
16.9
|
%
|
|
45.7
|
%
|
|
17.0
|
%
|
Transportation cost
|
16.6
|
%
|
|
9.9
|
%
|
|
16.2
|
%
|
|
7.7
|
%
|
Note 4.
|
Fair Value Measurements (Continued)
|
Note 5.
|
Derivative Instruments and Hedging Activities
|
|
September 30, 2013
|
|
December 31, 2012
|
||||||||||||
|
Assets
|
|
Liabilities
|
|
Assets
|
|
Liabilities
|
||||||||
|
(In millions)
|
|
(In millions)
|
||||||||||||
|
|
|
|
|
|
|
|
||||||||
FX Contracts
|
$
|
233
|
|
|
$
|
201
|
|
|
$
|
170
|
|
|
$
|
215
|
|
Interest Contracts
|
1
|
|
|
—
|
|
|
1
|
|
|
—
|
|
||||
Commodity Contracts
|
2,374
|
|
|
2,561
|
|
|
2,504
|
|
|
2,376
|
|
||||
Total
|
$
|
2,608
|
|
|
$
|
2,762
|
|
|
$
|
2,675
|
|
|
$
|
2,591
|
|
Note 5.
|
Derivative Instruments and Hedging Activities (Continued)
|
|
Three months ended September 30,
|
||||||
|
2013
|
|
2012
|
||||
|
(In millions)
|
||||||
|
|
|
|
||||
Interest Contracts
|
|
|
|
||||
Interest expense
|
$
|
0
|
|
|
$
|
0
|
|
Other income (expense) – net
|
1
|
|
|
—
|
|
||
|
|
|
|
||||
FX Contracts
|
|
|
|
|
|
||
Net sales and other operating income
|
$
|
(3
|
)
|
|
$
|
51
|
|
Cost of products sold
|
29
|
|
|
4
|
|
||
Other income (expense) – net
|
85
|
|
|
(76
|
)
|
||
|
|
|
|
||||
Commodity Contracts
|
|
|
|
|
|
||
Cost of products sold
|
$
|
(3
|
)
|
|
$
|
(436
|
)
|
|
|
|
|
||||
Other Contracts
|
|
|
|
||||
Other income (expense) - net
|
$
|
—
|
|
|
$
|
(4
|
)
|
Total gain (loss) recognized in earnings
|
$
|
109
|
|
|
$
|
(461
|
)
|
|
Nine months ended September 30,
|
||||||
|
2013
|
|
2012
|
||||
|
(In millions)
|
||||||
|
|
|
|
||||
Interest Contracts
|
|
|
|
||||
Interest expense
|
$
|
0
|
|
|
$
|
0
|
|
Other income (expense) – net
|
1
|
|
|
—
|
|
||
|
|
|
|
||||
FX Contracts
|
|
|
|
|
|
||
Net sales and other operating income
|
$
|
106
|
|
|
$
|
135
|
|
Cost of products sold
|
(58
|
)
|
|
(135
|
)
|
||
Other income (expense) – net
|
30
|
|
|
(28
|
)
|
||
|
|
|
|
||||
Commodity Contracts
|
|
|
|
|
|
||
Cost of products sold
|
$
|
204
|
|
|
$
|
(959
|
)
|
|
|
|
|
||||
Other Contracts
|
|
|
|
||||
Other income (expense) - net
|
$
|
—
|
|
|
$
|
(5
|
)
|
Total gain (loss) recognized in earnings
|
$
|
283
|
|
|
$
|
(992
|
)
|
Note 5.
|
Derivative Instruments and Hedging Activities (Continued)
|
Note 5.
|
Derivative Instruments and Hedging Activities (Continued)
|
|
September 30, 2013
|
|
December 31, 2012
|
||||||||||||
|
Assets
|
|
Liabilities
|
|
Assets
|
|
Liabilities
|
||||||||
|
(In millions)
|
|
(In millions)
|
||||||||||||
Commodity Contracts
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1
|
|
|
$
|
0
|
|
Interest Contracts
|
0
|
|
|
0
|
|
|
—
|
|
|
—
|
|
||||
Total
|
$
|
0
|
|
|
$
|
0
|
|
|
$
|
1
|
|
|
$
|
0
|
|
|
|
|
Three months ended
|
||||||
|
Consolidated Statement of
Earnings Locations
|
|
September 30,
|
||||||
|
|
2013
|
|
2012
|
|||||
|
|
|
(In millions)
|
||||||
Effective amounts recognized in earnings
|
|
|
|
|
|
||||
FX Contracts
|
Other income/expense – net
|
|
$
|
0
|
|
|
$
|
(1
|
)
|
Interest Contracts
|
Interest expense
|
|
1
|
|
|
0
|
|
||
Commodity Contracts
|
Cost of products sold
|
|
(2
|
)
|
|
89
|
|
||
|
Net sales and other operating income
|
|
(2
|
)
|
|
—
|
|
||
Ineffective amount recognized in earnings
|
|
|
|
|
|
||||
Commodity Contracts
|
Cost of products sold
|
|
(73
|
)
|
|
(18
|
)
|
||
Total amount recognized in earnings
|
|
|
$
|
(76
|
)
|
|
$
|
70
|
|
Note 5.
|
Derivative Instruments and Hedging Activities (Continued)
|
|
|
|
Nine months ended
|
||||||
|
Consolidated Statement of
Earnings Locations
|
|
September 30,
|
||||||
|
|
2013
|
|
2012
|
|||||
|
|
|
(In millions)
|
||||||
Effective amounts recognized in earnings
|
|
|
|
|
|
||||
FX Contracts
|
Other income/expense – net
|
|
$
|
0
|
|
|
$
|
(1
|
)
|
Interest Contracts
|
Interest expense
|
|
1
|
|
|
1
|
|
||
Commodity Contracts
|
Cost of products sold
|
|
(7
|
)
|
|
83
|
|
||
|
Net sales and other operating income
|
|
3
|
|
|
(5
|
)
|
||
Ineffective amount recognized in earnings
|
|
|
|
|
|
||||
Commodity Contracts
|
Cost of products sold
|
|
(128
|
)
|
|
(8
|
)
|
||
Total amount recognized in earnings
|
|
|
$
|
(131
|
)
|
|
$
|
70
|
|
|
Three months ended
|
||||||
|
September 30,
|
||||||
|
2013
|
|
2012
|
||||
|
(In millions)
|
||||||
|
|
|
|
||||
Balance at June 30, 2013 and 2012
|
$
|
6
|
|
|
$
|
50
|
|
Unrealized gains (losses)
|
13
|
|
|
142
|
|
||
Losses (gains) reclassified to earnings
|
3
|
|
|
(88
|
)
|
||
Tax effect
|
(7
|
)
|
|
(18
|
)
|
||
Balance at September 30, 2013 and 2012
|
$
|
15
|
|
|
$
|
86
|
|
|
Nine months ended
|
||||||
|
September 30,
|
||||||
|
2013
|
|
2012
|
||||
|
(In millions)
|
||||||
|
|
|
|
||||
Balance at December 31, 2012 and 2011
|
$
|
4
|
|
|
$
|
30
|
|
Unrealized gains (losses)
|
15
|
|
|
164
|
|
||
Losses (gains) reclassified to earnings
|
3
|
|
|
(77
|
)
|
||
Tax effect
|
(7
|
)
|
|
(31
|
)
|
||
Balance at September 30, 2013 and 2012
|
$
|
15
|
|
|
$
|
86
|
|
Note 6.
|
Marketable Securities and Cash Equivalents
|
|
Cost
|
|
Unrealized
Gains
|
|
Unrealized
Losses
|
|
Fair
Value
|
||||||||
|
(In millions)
|
||||||||||||||
|
|
|
|
|
|
|
|
||||||||
September 30, 2013
|
|
|
|
|
|
|
|
||||||||
United States government obligations
|
|
|
|
|
|
|
|
||||||||
Maturity less than 1 year
|
$
|
465
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
465
|
|
Maturity 1 to 5 years
|
127
|
|
|
—
|
|
|
—
|
|
|
127
|
|
||||
Government–sponsored enterprise obligations
|
|
|
|
|
|
|
|
|
|
|
|
||||
Maturity 1 to 5 years
|
2
|
|
|
—
|
|
|
—
|
|
|
2
|
|
||||
Corporate debt securities
|
|
|
|
|
|
|
|
|
|
|
|
||||
Maturity 1 to 5 years
|
15
|
|
|
—
|
|
|
—
|
|
|
15
|
|
||||
Other debt securities
|
|
|
|
|
|
|
|
|
|
|
|
||||
Maturity less than 1 year
|
2,440
|
|
|
—
|
|
|
—
|
|
|
2,440
|
|
||||
Maturity 1 to 5 years
|
3
|
|
|
—
|
|
|
—
|
|
|
3
|
|
||||
Equity securities
|
|
|
|
|
|
|
|
|
|
|
|||||
Available-for-sale
|
538
|
|
|
2
|
|
|
(2
|
)
|
|
538
|
|
||||
|
$
|
3,590
|
|
|
$
|
2
|
|
|
$
|
(2
|
)
|
|
$
|
3,590
|
|
|
Cost
|
|
Unrealized
Gains
|
|
Unrealized
Losses
|
|
Fair
Value
|
||||||||
|
(In millions)
|
||||||||||||||
|
|
|
|
|
|
|
|
||||||||
December 31, 2012
|
|
|
|
|
|
|
|
||||||||
United States government obligations
|
|
|
|
|
|
|
|
||||||||
Maturity less than 1 year
|
$
|
583
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
583
|
|
Maturity 1 to 5 years
|
93
|
|
|
—
|
|
|
—
|
|
|
93
|
|
||||
Government–sponsored enterprise obligations
|
|
|
|
|
|
|
|
|
|
|
|
||||
Maturity 1 to 5 years
|
2
|
|
|
—
|
|
|
—
|
|
|
2
|
|
||||
Corporate debt securities
|
|
|
|
|
|
|
|
|
|
|
|
||||
Maturity 1 to 5 years
|
15
|
|
|
—
|
|
|
—
|
|
|
15
|
|
||||
Other debt securities
|
|
|
|
|
|
|
|
|
|
|
|
||||
Maturity less than 1 year
|
1,038
|
|
|
—
|
|
|
—
|
|
|
1,038
|
|
||||
Maturity 1 to 5 years
|
3
|
|
|
—
|
|
|
—
|
|
|
3
|
|
||||
Equity securities
|
|
|
|
|
|
|
|
|
|
|
|
||||
Available-for-sale
|
606
|
|
|
3
|
|
|
(5
|
)
|
|
604
|
|
||||
|
$
|
2,340
|
|
|
$
|
3
|
|
|
$
|
(5
|
)
|
|
$
|
2,338
|
|
Note 6.
|
Marketable Securities and Cash Equivalents (Continued)
|
|
September 30,
|
|
December 31,
|
||||
|
2013
|
|
2012
|
||||
|
(In millions)
|
||||||
|
|
|
|
||||
Unrealized gains on derivative contracts
|
$
|
2,608
|
|
|
$
|
2,676
|
|
Deferred receivables consideration
|
487
|
|
|
900
|
|
||
Other current assets
|
2,784
|
|
|
2,972
|
|
||
|
$
|
5,879
|
|
|
$
|
6,548
|
|
Note 8.
|
Accrued Expenses and Other Payables
|
|
September 30,
|
|
December 31,
|
||||
|
2013
|
|
2012
|
||||
|
(In millions)
|
||||||
|
|
|
|
||||
Unrealized losses on derivative contracts
|
$
|
2,762
|
|
|
$
|
2,591
|
|
Grain accounts and margin deposits
|
4,734
|
|
|
4,620
|
|
||
Accrued expenses and other payables
|
1,795
|
|
|
1,911
|
|
||
|
$
|
9,291
|
|
|
$
|
9,122
|
|
Note 9.
|
Debt and Financing Arrangements
|
Note 10.
|
Income Taxes
|
|
Three months ended September 30, 2013
|
||||||||||||||||||
|
Foreign Currency Translation Adjustment
|
|
Deferred Gain (Loss) on Hedging Activities
|
|
Pension Liability Adjustment
|
|
Unrealized Gain (Loss) on Investments
|
|
Total
|
||||||||||
|
(In millions)
|
||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Balance at June 30, 2013
|
$
|
(82
|
)
|
|
$
|
6
|
|
|
$
|
(564
|
)
|
|
$
|
2
|
|
|
$
|
(638
|
)
|
Other comprehensive income before reclassifications
|
225
|
|
|
13
|
|
|
(5
|
)
|
|
(6
|
)
|
|
227
|
|
|||||
Amounts reclassified from AOCI
|
—
|
|
|
3
|
|
|
15
|
|
|
9
|
|
|
27
|
|
|||||
Tax effect
|
—
|
|
|
(7
|
)
|
|
(4
|
)
|
|
(3
|
)
|
|
(14
|
)
|
|||||
Net current period other comprehensive income
|
225
|
|
|
9
|
|
|
6
|
|
|
—
|
|
|
240
|
|
|||||
Balance at September 30, 2013
|
$
|
143
|
|
|
$
|
15
|
|
|
$
|
(558
|
)
|
|
$
|
2
|
|
|
$
|
(398
|
)
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Nine months ended September 30, 2013
|
||||||||||||||||||
|
Foreign Currency Translation Adjustment
|
|
Deferred Gain (Loss) on Hedging Activities
|
|
Pension Liability Adjustment
|
|
Unrealized Gain (Loss) on Investments
|
|
Total
|
||||||||||
|
(In millions)
|
||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Balance at December 31, 2012
|
$
|
136
|
|
|
$
|
4
|
|
|
$
|
(590
|
)
|
|
$
|
—
|
|
|
$
|
(450
|
)
|
Other comprehensive income before reclassifications
|
5
|
|
|
15
|
|
|
3
|
|
|
(7
|
)
|
|
16
|
|
|||||
Amounts reclassified from AOCI
|
—
|
|
|
3
|
|
|
45
|
|
|
9
|
|
|
57
|
|
|||||
Tax effect
|
2
|
|
|
(7
|
)
|
|
(16
|
)
|
|
—
|
|
|
(21
|
)
|
|||||
Net current period other comprehensive income
|
7
|
|
|
11
|
|
|
32
|
|
|
2
|
|
|
52
|
|
|||||
Balance at September 30, 2013
|
$
|
143
|
|
|
$
|
15
|
|
|
$
|
(558
|
)
|
|
$
|
2
|
|
|
$
|
(398
|
)
|
|
|
Amount reclassified from AOCI
|
|
|
||||||
|
|
September 30, 2013
|
|
|
||||||
Details about AOCI components
|
|
Three months ended
|
|
Nine months ended
|
|
Affected line item in the consolidated statement of earnings
|
||||
|
|
(In millions)
|
|
|
||||||
|
|
|
|
|
|
|
||||
Deferred loss (gain) on hedging activities
|
|
|
|
|
|
|
||||
|
|
$
|
2
|
|
|
$
|
7
|
|
|
Cost of products sold
|
|
|
(1
|
)
|
|
(1
|
)
|
|
Interest expense
|
||
|
|
2
|
|
|
(3
|
)
|
|
Net sales and other operating income
|
||
|
|
3
|
|
|
3
|
|
|
Total before tax
|
||
|
|
(1
|
)
|
|
(1
|
)
|
|
Tax
|
||
|
|
$
|
2
|
|
|
$
|
2
|
|
|
Net of tax
|
|
|
|
|
|
|
|
||||
Pension liability adjustment
|
|
|
|
|
|
|
||||
Amortization of defined benefit pension items:
|
|
|
|
|
|
|
||||
Prior service credit
|
|
$
|
(3
|
)
|
|
$
|
(11
|
)
|
|
|
Actuarial losses
|
|
18
|
|
|
56
|
|
|
|
||
|
|
15
|
|
|
45
|
|
|
Total before tax
|
||
|
|
(5
|
)
|
|
(16
|
)
|
|
Tax
|
||
|
|
$
|
10
|
|
|
$
|
29
|
|
|
Net of tax
|
|
|
|
|
|
|
|
||||
Unrealized loss on investments
|
|
|
|
|
|
|
||||
|
|
$
|
9
|
|
|
$
|
9
|
|
|
Asset impairment, exit, and restructuring costs
|
|
|
(3
|
)
|
|
(3
|
)
|
|
Tax
|
||
|
|
$
|
6
|
|
|
$
|
6
|
|
|
Net of tax
|
|
|
|
|
|
|
|
Note 12.
|
Other (Income) Expense - Net
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
September 30,
|
|
September 30,
|
||||||||||||
|
2013
|
|
2012
|
|
2013
|
|
2012
|
||||||||
|
(In millions)
|
||||||||||||||
|
|
|
|
|
|
|
|
||||||||
Gain on sale of assets
|
$
|
(6
|
)
|
|
$
|
(5
|
)
|
|
$
|
(27
|
)
|
|
$
|
(18
|
)
|
Net gain on marketable securities transactions
|
(2
|
)
|
|
(2
|
)
|
|
(7
|
)
|
|
(11
|
)
|
||||
Loss (Gain) on Australian foreign exchange hedges*
|
(26
|
)
|
|
—
|
|
|
25
|
|
|
—
|
|
||||
Other – net
|
(1
|
)
|
|
19
|
|
|
(1
|
)
|
|
36
|
|
||||
Other (Income) Expense - Net
|
$
|
(35
|
)
|
|
$
|
12
|
|
|
$
|
(10
|
)
|
|
$
|
7
|
|
Note 13.
|
Segment Information (Continued)
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
September 30,
|
|
September 30,
|
||||||||||||
|
2013
|
|
2012
|
|
2013
|
|
2012
|
||||||||
|
(In millions)
|
||||||||||||||
|
|
|
|
|
|
|
|
||||||||
Sales to external customers
|
|
|
|
|
|
|
|
||||||||
Oilseeds Processing
|
$
|
9,216
|
|
|
$
|
9,688
|
|
|
$
|
26,695
|
|
|
$
|
27,066
|
|
Corn Processing
|
3,393
|
|
|
3,126
|
|
|
10,084
|
|
|
8,789
|
|
||||
Agricultural Services
|
8,751
|
|
|
8,956
|
|
|
28,781
|
|
|
29,674
|
|
||||
Other
|
33
|
|
|
38
|
|
|
101
|
|
|
109
|
|
||||
Total
|
$
|
21,393
|
|
|
$
|
21,808
|
|
|
$
|
65,661
|
|
|
$
|
65,638
|
|
|
|
|
|
|
|
|
|
||||||||
Intersegment sales
|
|
|
|
|
|
|
|
|
|
|
|
||||
Oilseeds Processing
|
$
|
1,213
|
|
|
$
|
454
|
|
|
$
|
2,817
|
|
|
$
|
1,993
|
|
Corn Processing
|
44
|
|
|
35
|
|
|
126
|
|
|
95
|
|
||||
Agricultural Services
|
1,078
|
|
|
1,186
|
|
|
3,848
|
|
|
4,044
|
|
||||
Other
|
51
|
|
|
41
|
|
|
160
|
|
|
122
|
|
||||
Total
|
$
|
2,386
|
|
|
$
|
1,716
|
|
|
$
|
6,951
|
|
|
$
|
6,254
|
|
|
|
|
|
|
|
|
|
||||||||
Net sales
|
|
|
|
|
|
|
|
|
|
|
|
||||
Oilseeds Processing
|
$
|
10,429
|
|
|
$
|
10,142
|
|
|
$
|
29,512
|
|
|
$
|
29,059
|
|
Corn Processing
|
3,437
|
|
|
3,161
|
|
|
10,210
|
|
|
8,884
|
|
||||
Agricultural Services
|
9,829
|
|
|
10,142
|
|
|
32,629
|
|
|
33,718
|
|
||||
Other
|
84
|
|
|
79
|
|
|
261
|
|
|
231
|
|
||||
Intersegment elimination
|
(2,386
|
)
|
|
(1,716
|
)
|
|
(6,951
|
)
|
|
(6,254
|
)
|
||||
Total
|
$
|
21,393
|
|
|
$
|
21,808
|
|
|
$
|
65,661
|
|
|
$
|
65,638
|
|
|
|
|
|
|
|
|
|
||||||||
Segment operating profit
|
|
|
|
|
|
|
|
|
|
|
|
||||
Oilseeds Processing
|
$
|
361
|
|
|
$
|
336
|
|
|
$
|
995
|
|
|
$
|
1,209
|
|
Corn Processing
|
159
|
|
|
68
|
|
|
535
|
|
|
275
|
|
||||
Agricultural Services
|
102
|
|
|
78
|
|
|
334
|
|
|
462
|
|
||||
Other
|
(16
|
)
|
|
16
|
|
|
19
|
|
|
14
|
|
||||
Total segment operating profit
|
606
|
|
|
498
|
|
|
1,883
|
|
|
1,960
|
|
||||
Corporate
|
103
|
|
|
(203
|
)
|
|
(482
|
)
|
|
(681
|
)
|
||||
Earnings from continuing operations before taxes
|
$
|
709
|
|
|
$
|
295
|
|
|
$
|
1,401
|
|
|
$
|
1,279
|
|
Note 14.
|
Asset Impairment Charges and Exit Costs
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||
|
September 30, 2012
|
||||||
|
(In millions)
|
||||||
|
|
|
|
||||
Employee-related costs
(1)
|
$
|
—
|
|
|
$
|
71
|
|
Facility exit and related costs
(2)
|
—
|
|
|
14
|
|
||
Asset impairment charge
(3)
|
146
|
|
|
146
|
|
||
Total asset impairment, exit, and restructuring costs
|
$
|
146
|
|
|
$
|
231
|
|
(1)
|
These costs primarily consist of one-time termination benefits provided to employees who were involuntarily terminated and
$34 million
for pension remeasurement charges triggered by an amendment of the Company's U.S. plans due to the voluntary early retirement program.
|
(2)
|
Facility exit and other related costs consist of asset impairment charges and other costs primarily related to the exit of the Walhalla, ND ethanol facility.
|
(3)
|
As part of the Company’s ongoing portfolio management, the Company decided to divest its interests in Gruma S.A.B. de C.V. and related joint ventures (“Gruma”). As a result, the Company’s equity method investments in Gruma were evaluated for impairment. In the quarter ended
September 30, 2012
, the Company recorded a
$146 million
pre-tax asset impairment charge (
$0.16
per share after tax) on its investments in Gruma by comparing the carrying value, including
$123 million
of cumulative unrealized foreign currency translation losses, to estimated fair value. Fair value was estimated based on negotiations which resulted in the Company entering into a non-binding letter of intent to sell its interests in Gruma to a third party on October 16, 2012. The Company sold its interest in Gruma in December 2012.
|
Note 16.
|
Contingencies
|
Note 17.
|
Pending GrainCorp Acquisition
|
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,
|
|
|
||||||||
|
2013
|
|
2012
|
|
Change
|
||||||
|
(In millions)
|
||||||||||
|
|
|
|
|
|
||||||
Oilseeds Processing
|
|
|
|
|
|
||||||
Crushing and Origination
|
$
|
5,588
|
|
|
$
|
5,988
|
|
|
$
|
(400
|
)
|
Refining, Packaging, Biodiesel, and Other
|
2,666
|
|
|
2,750
|
|
|
(84
|
)
|
|||
Cocoa and Other
|
809
|
|
|
839
|
|
|
(30
|
)
|
|||
Asia
|
153
|
|
|
111
|
|
|
42
|
|
|||
Total Oilseeds Processing
|
9,216
|
|
|
9,688
|
|
|
(472
|
)
|
|||
|
|
|
|
|
|
||||||
Corn Processing
|
|
|
|
|
|
|
|
|
|||
Sweeteners and Starches
|
1,206
|
|
|
1,206
|
|
|
—
|
|
|||
Bioproducts
|
2,187
|
|
|
1,920
|
|
|
267
|
|
|||
Total Corn Processing
|
3,393
|
|
|
3,126
|
|
|
267
|
|
|||
|
|
|
|
|
|
||||||
Agricultural Services
|
|
|
|
|
|
|
|
|
|||
Merchandising and Handling
|
7,617
|
|
|
7,862
|
|
|
(245
|
)
|
|||
Milling and Other
|
1,066
|
|
|
1,033
|
|
|
33
|
|
|||
Transportation
|
68
|
|
|
61
|
|
|
7
|
|
|||
Total Agricultural Services
|
8,751
|
|
|
8,956
|
|
|
(205
|
)
|
|||
|
|
|
|
|
|
||||||
Other
|
|
|
|
|
|
|
|
|
|||
Financial
|
33
|
|
|
38
|
|
|
(5
|
)
|
|||
Total Other
|
33
|
|
|
38
|
|
|
(5
|
)
|
|||
Total
|
$
|
21,393
|
|
|
$
|
21,808
|
|
|
$
|
(415
|
)
|
ITEM 2.
|
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Continued)
|
|
Three Months Ended
|
|
|
||||||||
|
September 30,
|
|
|
||||||||
|
2013
|
|
2012
|
|
Change
|
||||||
|
(In millions)
|
||||||||||
Oilseeds Processing
|
|
|
|
|
|
||||||
Crushing and Origination
|
$
|
242
|
|
|
$
|
256
|
|
|
$
|
(14
|
)
|
Refining, Packaging, Biodiesel, and Other
|
85
|
|
|
28
|
|
|
57
|
|
|||
Cocoa and Other
|
5
|
|
|
29
|
|
|
(24
|
)
|
|||
Asia
|
29
|
|
|
23
|
|
|
6
|
|
|||
Total Oilseeds Processing
|
361
|
|
|
336
|
|
|
25
|
|
|||
|
|
|
|
|
|
||||||
Corn Processing
|
|
|
|
|
|
|
|
|
|||
Sweeteners and Starches
|
100
|
|
|
94
|
|
|
6
|
|
|||
Bioproducts
|
59
|
|
|
(26
|
)
|
|
85
|
|
|||
Total Corn Processing
|
159
|
|
|
68
|
|
|
91
|
|
|||
|
|
|
|
|
|
||||||
Agricultural Services
|
|
|
|
|
|
|
|
|
|||
Merchandising and Handling
|
4
|
|
|
108
|
|
|
(104
|
)
|
|||
Milling and Other
|
77
|
|
|
(49
|
)
|
|
126
|
|
|||
Transportation
|
21
|
|
|
19
|
|
|
2
|
|
|||
Total Agricultural Services
|
102
|
|
|
78
|
|
|
24
|
|
|||
|
|
|
|
|
|
||||||
Other
|
|
|
|
|
|
|
|
|
|||
Financial
|
(16
|
)
|
|
16
|
|
|
(32
|
)
|
|||
Total Other
|
(16
|
)
|
|
16
|
|
|
(32
|
)
|
|||
Total Segment Operating Profit
|
606
|
|
|
498
|
|
|
108
|
|
|||
Corporate
|
103
|
|
|
(203
|
)
|
|
306
|
|
|||
Earnings from Continuing Operations Before Income Taxes
|
$
|
709
|
|
|
$
|
295
|
|
|
$
|
414
|
|
ITEM 2.
|
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Continued)
|
|
Three Months Ended
|
|
|
||||||||
|
September 30,
|
|
|
||||||||
|
2013
|
|
2012
|
|
Change
|
||||||
|
(In millions)
|
||||||||||
|
|
|
|
|
|
||||||
LIFO credit (charge)
|
$
|
298
|
|
|
$
|
(53
|
)
|
|
$
|
351
|
|
Interest expense - net
|
(105
|
)
|
|
(107
|
)
|
|
2
|
|
|||
Unallocated corporate costs
|
(97
|
)
|
|
(70
|
)
|
|
(27
|
)
|
|||
Gain on Australian foreign exchange hedges
|
26
|
|
|
—
|
|
|
26
|
|
|||
Other
|
(19
|
)
|
|
27
|
|
|
(46
|
)
|
|||
Total Corporate
|
$
|
103
|
|
|
$
|
(203
|
)
|
|
$
|
306
|
|
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)
|
|
Nine Months Ended
|
|
|
||||||||
|
September 30,
|
|
|
||||||||
|
2013
|
|
2012
|
|
Change
|
||||||
|
(In millions)
|
||||||||||
|
|
|
|
|
|
||||||
Oilseeds Processing
|
|
|
|
|
|
||||||
Crushing and Origination
|
$
|
15,950
|
|
|
$
|
15,855
|
|
|
$
|
95
|
|
Refining, Packaging, Biodiesel, and Other
|
7,799
|
|
|
8,160
|
|
|
(361
|
)
|
|||
Cocoa and Other
|
2,403
|
|
|
2,603
|
|
|
(200
|
)
|
|||
Asia
|
543
|
|
|
448
|
|
|
95
|
|
|||
Total Oilseeds Processing
|
26,695
|
|
|
27,066
|
|
|
(371
|
)
|
|||
|
|
|
|
|
|
||||||
Corn Processing
|
|
|
|
|
|
|
|
|
|||
Sweeteners and Starches
|
3,710
|
|
|
3,682
|
|
|
28
|
|
|||
Bioproducts
|
6,374
|
|
|
5,107
|
|
|
1,267
|
|
|||
Total Corn Processing
|
10,084
|
|
|
8,789
|
|
|
1,295
|
|
|||
|
|
|
|
|
|
||||||
Agricultural Services
|
|
|
|
|
|
|
|
|
|||
Merchandising and Handling
|
25,380
|
|
|
26,432
|
|
|
(1,052
|
)
|
|||
Milling and Other
|
3,238
|
|
|
3,061
|
|
|
177
|
|
|||
Transportation
|
163
|
|
|
181
|
|
|
(18
|
)
|
|||
Total Agricultural Services
|
28,781
|
|
|
29,674
|
|
|
(893
|
)
|
|||
|
|
|
|
|
|
||||||
Other
|
|
|
|
|
|
|
|
|
|||
Financial
|
101
|
|
|
109
|
|
|
(8
|
)
|
|||
Total Other
|
101
|
|
|
109
|
|
|
(8
|
)
|
|||
Total
|
$
|
65,661
|
|
|
$
|
65,638
|
|
|
$
|
23
|
|
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)
|
|
Nine Months Ended
|
|
|
||||||||
|
September 30,
|
|
|
||||||||
|
2013
|
|
2012
|
|
Change
|
||||||
|
(In millions)
|
||||||||||
|
|
|
|
|
|
||||||
Oilseeds Processing
|
|
|
|
|
|
||||||
Crushing and Origination
|
$
|
583
|
|
|
$
|
670
|
|
|
$
|
(87
|
)
|
Refining, Packaging, Biodiesel, and Other
|
286
|
|
|
191
|
|
|
95
|
|
|||
Cocoa and Other
|
(23
|
)
|
|
240
|
|
|
(263
|
)
|
|||
Asia
|
149
|
|
|
108
|
|
|
41
|
|
|||
Total Oilseeds Processing
|
995
|
|
|
1,209
|
|
|
(214
|
)
|
|||
|
|
|
|
|
|
||||||
Corn Processing
|
|
|
|
|
|
|
|
|
|||
Sweeteners and Starches
|
302
|
|
|
324
|
|
|
(22
|
)
|
|||
Bioproducts
|
233
|
|
|
(49
|
)
|
|
282
|
|
|||
Total Corn Processing
|
535
|
|
|
275
|
|
|
260
|
|
|||
|
|
|
|
|
|
||||||
Agricultural Services
|
|
|
|
|
|
|
|
|
|||
Merchandising and Handling
|
104
|
|
|
286
|
|
|
(182
|
)
|
|||
Milling and Other
|
200
|
|
|
113
|
|
|
87
|
|
|||
Transportation
|
30
|
|
|
63
|
|
|
(33
|
)
|
|||
Total Agricultural Services
|
334
|
|
|
462
|
|
|
(128
|
)
|
|||
|
|
|
|
|
|
||||||
Other
|
|
|
|
|
|
|
|
|
|||
Financial
|
19
|
|
|
14
|
|
|
5
|
|
|||
Total Other
|
19
|
|
|
14
|
|
|
5
|
|
|||
Total Segment Operating Profit
|
1,883
|
|
|
1,960
|
|
|
(77
|
)
|
|||
Corporate
|
(482
|
)
|
|
(681
|
)
|
|
199
|
|
|||
Earnings from Continuing Operations Before Income Taxes
|
$
|
1,401
|
|
|
$
|
1,279
|
|
|
$
|
122
|
|
ITEM 2.
|
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Continued)
|
|
Nine Months Ended
|
|
|
||||||||
|
September 30,
|
|
|
||||||||
|
2013
|
|
2012
|
|
Change
|
||||||
|
(In millions)
|
||||||||||
|
|
|
|
|
|
||||||
LIFO credit (charge)
|
$
|
225
|
|
|
$
|
(110
|
)
|
|
$
|
335
|
|
Interest expense - net
|
(314
|
)
|
|
(333
|
)
|
|
19
|
|
|||
Unallocated corporate costs
|
(250
|
)
|
|
(275
|
)
|
|
25
|
|
|||
Loss on Australian foreign exchange hedges
|
(25
|
)
|
|
—
|
|
|
(25
|
)
|
|||
Other
|
(118
|
)
|
|
37
|
|
|
(155
|
)
|
|||
Total Corporate
|
$
|
(482
|
)
|
|
$
|
(681
|
)
|
|
$
|
199
|
|
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 3.
|
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
|
|
|
Nine months ended
|
|
Six months ended
|
||||||||||||
|
|
September 30, 2013
|
|
December 31, 2012
|
||||||||||||
Long/(Short)
|
|
Fair Value
|
|
Market Risk
|
|
Fair Value
|
|
Market Risk
|
||||||||
|
|
(In millions)
|
||||||||||||||
|
|
|
|
|
|
|
|
|
||||||||
Highest position
|
|
$
|
660
|
|
|
$
|
66
|
|
|
$
|
2,218
|
|
|
$
|
222
|
|
Lowest position
|
|
(1,833
|
)
|
|
(183
|
)
|
|
536
|
|
|
54
|
|
||||
Average position
|
|
(923
|
)
|
|
(92
|
)
|
|
1,417
|
|
|
142
|
|
ITEM 4.
|
CONTROLS AND PROCEDURES
|
ITEM 1.
|
LEGAL PROCEEDINGS
|
ITEM 1A.
|
RISK FACTORS
|
ITEM 2.
|
UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
|
Period
|
|
Total Number of Shares Purchased
(1)
|
|
Average Price Paid per Share
|
|
Total Number of Shares Purchased as Part of a Publicly Announced Program
(2)
|
|
Number of Shares Remaining that May be Purchased Under the Program
(2)
|
|||||
July 1, 2013 to
|
|
|
|
|
|
|
|
|
|||||
July 31, 2013
|
|
168
|
|
|
$
|
33.503
|
|
|
168
|
|
|
68,051,093
|
|
|
|
|
|
|
|
|
|
|
|||||
August 1, 2013 to
|
|
|
|
|
|
|
|
|
|
|
|
|
|
August 31, 2013
|
|
405,123
|
|
|
34.745
|
|
|
403,600
|
|
|
67,647,493
|
|
|
|
|
|
|
|
|
|
|
|
|||||
September 1, 2013 to
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2013
|
|
1,824,585
|
|
|
36.194
|
|
|
1,824,585
|
|
|
65,822,908
|
|
|
Total
|
|
2,229,876
|
|
|
$
|
35.930
|
|
|
2,228,353
|
|
|
65,822,908
|
|
(1)
|
Total shares purchased represents those shares purchased in the open market as part of the Company’s publicly announced share repurchase program described below, shares received as payment for the exercise price of stock option exercises, and shares received as payment for the withholding taxes on vested restricted awards. During the three months ended September 30, 2013, the Company received 1,523 shares as payment for the minimum withholding taxes on vested restricted stock awards. There were no shares received as payment for the exercise price of stock option exercises.
|
(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 February 11, 2013 as Exhibit 3(ii) to Form 8-K (File No. 1-44), are incorporated herein by reference.
|
|
|
|
(12)
|
|
Calculation of Ratio of Earnings to Fixed Charges
|
|
|
|
(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. C. Findlay
|
|
D. C. Findlay
|
|
Senior Vice President, General Counsel and
|
|
Secretary
|
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 |
---|