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
|
||||||||
December
31,
|
||||||||
2008
|
2007
|
|||||||
(In
millions, except
|
||||||||
per
share amounts)
|
||||||||
Net
sales and other operating income
|
$ | 16,673 | $ | 16,496 | ||||
Cost
of products sold
|
15,461 | 15,548 | ||||||
Gross
Profit
|
1,212 | 948 | ||||||
Selling,
general and administrative expenses
|
337 | 338 | ||||||
Other
(income) expense – net
|
49 | (75 | ) | |||||
Earnings
Before Income Taxes
|
826 | 685 | ||||||
Income
taxes
|
241 | 212 | ||||||
Net
Earnings
|
$ | 585 | $ | 473 | ||||
Average
number of shares outstanding – basic
|
642 | 643 | ||||||
Average
number of shares outstanding – diluted
|
643 | 646 | ||||||
Basic
earnings per common share
|
$ | 0.91 | $ | 0.74 | ||||
Diluted
earnings per common share
|
$ | 0.91 | $ | 0.73 | ||||
Dividends
per common share
|
$ | 0.13 | $ | 0.115 |
Six
Months Ended
|
||||||||
December
31,
|
||||||||
2008
|
2007
|
|||||||
(In
millions, except
|
||||||||
per
share amounts)
|
||||||||
Net
sales and other operating income
|
$ | 37,833 | $ | 29,324 | ||||
Cost
of products sold
|
34,754 | 27,446 | ||||||
Gross
Profit
|
3,079 | 1,878 | ||||||
Selling,
general and administrative expenses
|
746 | 693 | ||||||
Other
(income) expense – net
|
13 | (146 | ) | |||||
Earnings
Before Income Taxes
|
2,320 | 1,331 | ||||||
Income
taxes
|
685 | 418 | ||||||
Net
Earnings
|
$ | 1,635 | $ | 913 | ||||
Average
number of shares outstanding – basic
|
643 | 644 | ||||||
Average
number of shares outstanding – diluted
|
644 | 646 | ||||||
Basic
earnings per common share
|
$ | 2.54 | $ | 1.42 | ||||
Diluted
earnings per common share
|
$ | 2.54 | $ | 1.41 | ||||
Dividends
per common share
|
$ | 0.26 | $ | 0.23 |
(Unaudited)
|
||||||||
December
31,
|
June
30,
|
|||||||
2008
|
2008
|
|||||||
(In
millions)
|
||||||||
Assets
|
||||||||
Current
Assets
|
||||||||
Cash
and cash equivalents
|
$ | 2,248 | $ | 810 | ||||
Short-term
marketable securities
|
1,104 | 455 | ||||||
Segregated
cash and investments
|
1,860 | 2,035 | ||||||
Receivables
|
8,673 | 11,483 | ||||||
Inventories
|
7,681 | 10,160 | ||||||
Other
assets
|
538 | 512 | ||||||
Total
Current Assets
|
22,104 | 25,455 | ||||||
Investments
and Other Assets
|
||||||||
Investments
in and advances to affiliates
|
2,640 | 2,773 | ||||||
Long-term
marketable securities
|
633 | 590 | ||||||
Goodwill
|
501 | 506 | ||||||
Other
assets
|
611 | 607 | ||||||
Total
Investments and Other Assets
|
4,385 | 4,476 | ||||||
Property,
Plant, and Equipment
|
||||||||
Land
|
229 | 238 | ||||||
Buildings
|
3,085 | 3,207 | ||||||
Machinery
and equipment
|
12,371 | 12,410 | ||||||
Construction
in progress
|
2,175 | 1,924 | ||||||
17,860 | 17,779 | |||||||
Accumulated
depreciation
|
(10,448 | ) | (10,654 | ) | ||||
Total
Property, Plant, and Equipment
|
7,412 | 7,125 | ||||||
Total
Assets
|
$ | 33,901 | $ | 37,056 | ||||
Liabilities
and Shareholders’ Equity
|
||||||||
Current
Liabilities
|
||||||||
Short-term
debt
|
$ | 568 | $ | 3,123 | ||||
Accounts
payable
|
6,762 | 6,544 | ||||||
Accrued
expenses
|
3,727 | 4,722 | ||||||
Current
maturities of long-term debt
|
44 | 232 | ||||||
Total
Current Liabilities
|
11,101 | 14,621 | ||||||
Long-Term
Liabilities
|
||||||||
Long-term
debt
|
7,751 | 7,690 | ||||||
Deferred
income taxes
|
620 | 473 | ||||||
Other
|
735 | 782 | ||||||
Total
Long-Term Liabilities
|
9,106 | 8,945 | ||||||
Shareholders’
Equity
|
||||||||
Common
stock
|
4,999 | 5,039 | ||||||
Reinvested
earnings
|
8,947 | 7,494 | ||||||
Accumulated
other comprehensive (loss) income
|
(252 | ) | 957 | |||||
Total
Shareholders’ Equity
|
13,694 | 13,490 | ||||||
Total
Liabilities and Shareholders’ Equity
|
$ | 33,901 | $ | 37,056 |
Six
Months Ended
|
||||||||
December
31,
|
||||||||
2008
|
2007
|
|||||||
(In
millions)
|
||||||||
Operating
Activities
|
||||||||
Net
earnings
|
$ | 1,635 | $ | 913 | ||||
Adjustments
to reconcile net earnings to net cash provided by
|
||||||||
(used
in) operating activities
|
||||||||
Depreciation
|
357 | 360 | ||||||
Asset
abandonments
|
9 | 21 | ||||||
Deferred
income taxes
|
167 | 93 | ||||||
Equity
in earnings of affiliates, net of dividends
|
(128 | ) | (140 | ) | ||||
Pension
and postretirement accruals (contributions), net
|
(101 | ) | 8 | |||||
Other
– net
|
108 | 110 | ||||||
Changes
in operating assets and liabilities
|
||||||||
Segregated
cash and investments
|
118 | 98 | ||||||
Receivables
|
(293 | ) | (1,694 | ) | ||||
Inventories
|
2,858 | (3,984 | ) | |||||
Other
assets
|
92 | (107 | ) | |||||
Accounts
payable and accrued expenses
|
1,043 | 1,396 | ||||||
Total
Operating Activities
|
5,865 | (2,926 | ) | |||||
Investing
Activities
|
||||||||
Purchases
of property, plant, and equipment
|
(1,069 | ) | (896 | ) | ||||
Net
assets of businesses acquired
|
(24 | ) | (10 | ) | ||||
Purchases
of marketable securities
|
(1,644 | ) | (462 | ) | ||||
Proceeds
from sales of marketable securities
|
907 | 418 | ||||||
Proceeds
from sales of business
|
237 | 8 | ||||||
Other
– net
|
36 | (4 | ) | |||||
Total
Investing Activities
|
(1,557 | ) | (946 | ) | ||||
Financing
Activities
|
||||||||
Long-term
debt borrowings
|
102 | 515 | ||||||
Long-term
debt payments
|
(16 | ) | (49 | ) | ||||
Net
borrowings (payments) under line of credit agreements
|
(2,698 | ) | 4,042 | |||||
Purchases
of treasury stock
|
(100 | ) | (61 | ) | ||||
Cash
dividends
|
(167 | ) | (148 | ) | ||||
Other
– net
|
9 | 15 | ||||||
Total
Financing Activities
|
(2,870 | ) | 4,314 | |||||
Increase
(Decrease) In Cash and Cash Equivalents
|
1,438 | 442 | ||||||
Cash
and Cash Equivalents-Beginning of Period
|
810 | 663 | ||||||
Cash
and Cash Equivalents-End of Period
|
$ | 2,248 | $ | 1,105 |
Note
1.
|
Basis
of Presentation
|
Note
2.
|
New
Accounting Standards
|
Note
2.
|
New
Accounting Standards (Continued)
|
Note
2.
|
New
Accounting Standards (Continued)
|
Note
3.
|
Fair
Value Measurements
|
Note
3.
|
Fair
Value Measurements (Continued)
|
Fair
Value Measurements at December 31, 2008
|
||||||||||||||||
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
|
$ | – | $ | 3,321 | $ | 321 | $ | 3,642 | ||||||||
Unrealized
gains on derivative
contracts
|
1,052 | 2,087 | 134 | 3,273 | ||||||||||||
Available-for-sale
marketable
securities
|
1,171 | 740 | 12 | 1,923 | ||||||||||||
Total
Assets
|
2,223 | 6,148 | 467 | 8,838 | ||||||||||||
Liabilities:
|
||||||||||||||||
Unrealized
losses on derivative
contracts
|
1,001 | 1,740 | 116 | 2,857 | ||||||||||||
Inventory-related
liabilities
|
– | 579 | 7 | 586 | ||||||||||||
Total
Liabilities
|
$ | 1,001 | $ | 2,319 | $ | 123 | $ | 3,443 | ||||||||
Note
3.
|
Fair
Value Measurements (Continued)
|
Note
3.
|
Fair
Value Measurements (Continued)
|
Level
3 Fair Value Measurements
|
||||||||||||||||
Inventories
Carried
at
Market
|
Derivative
Contracts,
Net
|
Available-for-
Sale
Marketable
Securities
|
Total
|
|||||||||||||
(In
millions)
|
||||||||||||||||
Balance,
October 1, 2008
|
$ | 311 | $ | (22 | ) | $ | 17 | $ | 306 | |||||||
Total
gains (losses), realized or
unrealized,
included in earnings
before
income taxes*
|
(141 | ) | 16 | – | (125 | ) | ||||||||||
Purchases,
issuances and settlements
|
149 | (1 | ) | 10 | 158 | |||||||||||
Transfers
in and/or out of Level 3
|
(5 | ) | 25 | (15 | ) | 5 | ||||||||||
Ending
balance, December 31, 2008
|
$ | 314 | $ | 18 | $ | 12 | $ | 344 |
Level
3 Fair Value Measurements
|
||||||||||||||||
Inventories
Carried
at
Market
|
Derivative
Contracts,
Net
|
Available-for-
Sale
Marketable
Securities
|
Total
|
|||||||||||||
(In
millions)
|
||||||||||||||||
Balance,
July 1, 2008
|
$ | 343 | $ | (6 | ) | $ | 10 | $ | 347 | |||||||
Total
gains (losses), realized or
unrealized,
included in earnings
before
income taxes*
|
(219 | ) | 11 | (1 | ) | (209 | ) | |||||||||
Purchases,
issuances and settlements
|
121 | (1 | ) | 18 | 138 | |||||||||||
Transfers
in and/or out of Level 3
|
69 | 14 | (15 | ) | 68 | |||||||||||
Ending
balance, December 31, 2008
|
$ | 314 | $ | 18 | $ | 12 | $ | 344 |
Note
4.
|
Debt
and Financing Arrangements
|
Note
5.
|
Comprehensive
Income
|
Three
Months Ended
|
Six
Months Ended
|
|||||||||||||||
December
31,
|
December
31,
|
|||||||||||||||
2008
|
2007
|
2008
|
2007
|
|||||||||||||
(In
millions)
|
||||||||||||||||
Net
earnings
|
$ | 585 | $ | 473 | $ | 1,635 | $ | 913 | ||||||||
Unrealized
gain (loss) on investments
|
(8 | ) | (4 | ) | (27 | ) | (6 | ) | ||||||||
Deferred gain
(loss) on hedging activities
|
(22 | ) | 19 | (254 | ) | 25 | ||||||||||
Pension
liability adjustment
|
9 | (1 | ) | 14 | (6 | ) | ||||||||||
Foreign
currency translation adjustment
|
(317 | ) | 64 | (942 | ) | 274 | ||||||||||
Comprehensive
income
|
$ | 247 | $ | 551 | $ | 426 | $ | 1,200 |
Note
6.
|
Other
(Income) Expense - Net
|
Three
Months Ended
|
Six
Months Ended
|
|||||||||||||||
December
31,
|
December
31,
|
|||||||||||||||
2008
|
2007
|
2008
|
2007
|
|||||||||||||
(In
millions)
|
||||||||||||||||
Interest
expense
|
$ | 120 | $ | 113 | $ | 249 | $ | 201 | ||||||||
Investment
income
|
(48 | ) | (69 | ) | (102 | ) | (132 | ) | ||||||||
Net
(gain) loss on marketable
|
||||||||||||||||
securities
transactions
|
– | (13 | ) | (9 | ) | (27 | ) | |||||||||
Equity
in earnings of affiliates
|
(93 | ) | (124 | ) | (216 | ) | (210 | ) | ||||||||
Other
– net
|
70 | 18 | 91 | 22 | ||||||||||||
$ | 49 | $ | (75 | ) | $ | 13 | $ | (146 | ) |
Note
7.
|
Postretirement
Plans
|
Note
8.
|
Segment
Information
|
Note
8.
|
Segment
Information (Continued)
|
Three
Months Ended
|
Six
Months Ended
|
|||||||||||||||
December
31,
|
December
31,
|
|||||||||||||||
2008
|
2007
|
2008
|
2007
|
|||||||||||||
(In
millions)
|
||||||||||||||||
Sales
to external customers
|
||||||||||||||||
Oilseeds
Processing
|
$ | 5,296 | $ | 5,255 | $ | 13,068 | $ | 9,865 | ||||||||
Corn
Processing
|
1,853 | 1,683 | 4,094 | 3,204 | ||||||||||||
Agricultural
Services
|
8,141 | 8,233 | 17,710 | 13,773 | ||||||||||||
Other
|
1,383 | 1,325 | 2,961 | 2,482 | ||||||||||||
Total
|
$ | 16,673 | $ | 16,496 | $ | 37,833 | $ | 29,324 | ||||||||
Intersegment
sales
|
||||||||||||||||
Oilseeds
Processing
|
$ | 16 | $ | 127 | $ | 68 | $ | 274 | ||||||||
Corn
Processing
|
19 | 20 | 59 | 39 | ||||||||||||
Agricultural
Services
|
800 | 794 | 1,612 | 1,215 | ||||||||||||
Other
|
39 | 35 | 78 | 66 | ||||||||||||
Total
|
$ | 874 | $ | 976 | $ | 1,817 | $ | 1,594 | ||||||||
Net
sales
|
||||||||||||||||
Oilseeds
Processing
|
$ | 5,312 | $ | 5,382 | $ | 13,136 | $ | 10,139 | ||||||||
Corn
Processing
|
1,872 | 1,703 | 4,153 | 3,243 | ||||||||||||
Agricultural
Services
|
8,941 | 9,027 | 19,322 | 14,988 | ||||||||||||
Other
|
1,422 | 1,360 | 3,039 | 2,548 | ||||||||||||
Intersegment
elimination
|
(874 | ) | (976 | ) | (1,817 | ) | (1,594 | ) | ||||||||
Total
|
$ | 16,673 | $ | 16,496 | $ | 37,833 | $ | 29,324 | ||||||||
Segment
operating profit
|
||||||||||||||||
Oilseeds
Processing
|
$ | 319 | $ | 219 | $ | 829 | $ | 428 | ||||||||
Corn
Processing
|
29 | 275 | 147 | 528 | ||||||||||||
Agricultural
Services
|
462 | 315 | 890 | 544 | ||||||||||||
Other
|
5 | 146 | 125 | 252 | ||||||||||||
Total
segment operating profit
|
815 | 955 | 1,991 | 1,752 | ||||||||||||
Corporate
|
11 | (270 | ) | 329 | (421 | ) | ||||||||||
Earnings
before income taxes
|
$ | 826 | $ | 685 | $ | 2,320 | $ | 1,331 |
Note
9.
|
Investment
in Affiliate
|
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)
|
Three Months Ended | ||||||||||||
December 31,
|
||||||||||||
2008
|
2007
|
Change
|
||||||||||
(In
millions)
|
||||||||||||
Oilseeds
Processing
|
||||||||||||
Crushing
& Origination
|
$ | 2,982 | $ | 3,280 | $ | (298 | ) | |||||
Refining,
Packaging, Biodiesel & Other
|
2,264 | 1,919 | 345 | |||||||||
Asia
|
50 | 56 | (6 | ) | ||||||||
Total
Oilseeds Processing
|
5,296 | 5,255 | 41 | |||||||||
Corn
Processing
|
||||||||||||
Sweeteners
and Starches
|
944 | 791 | 153 | |||||||||
Bioproducts
|
909 | 892 | 17 | |||||||||
Total
Corn Processing
|
1,853 | 1,683 | 170 | |||||||||
Agricultural
Services
|
||||||||||||
Merchandising
& Handling
|
8,062 | 8,179 | (117 | ) | ||||||||
Transportation
|
79 | 54 | 25 | |||||||||
Total
Agricultural Services
|
8,141 | 8,233 | (92 | ) | ||||||||
Other
|
||||||||||||
Wheat,
Cocoa, Malt, and Sugar
|
1,353 | 1,303 | 50 | |||||||||
Financial
|
30 | 22 | 8 | |||||||||
Total
Other
|
1,383 | 1,325 | 58 | |||||||||
Total
|
$ | 16,673 | $ | 16,496 | $ | 177 |
ITEM
2.
|
MANAGEMENT’S
DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
(Continued)
|
Three Months Ended | ||||||||||||
December 31, | ||||||||||||
2008 | 2007 | Change | ||||||||||
(In
millions)
|
||||||||||||
Oilseeds
Processing
|
||||||||||||
Crushing
& Origination
|
$ | 187 | $ | 141 | $ | 46 | ||||||
Refining,
Packaging, Biodiesel & Other
|
86 | 46 | 40 | |||||||||
Asia
|
46 | 32 | 14 | |||||||||
Total
Oilseeds Processing
|
319 | 219 | 100 | |||||||||
Corn
Processing
|
||||||||||||
Sweeteners
and Starches
|
140 | 150 | (10 | ) | ||||||||
Bioproducts
|
(111 | ) | 125 | (236 | ) | |||||||
Total
Corn Processing
|
29 | 275 | (246 | ) | ||||||||
Agricultural
Services
|
||||||||||||
Merchandising
& Handling
|
385 | 258 | 127 | |||||||||
Transportation
|
77 | 57 | 20 | |||||||||
Total
Agricultural Services
|
462 | 315 | 147 | |||||||||
Other
|
||||||||||||
Wheat,
Cocoa, Malt, and Sugar
|
51 | 78 | (27 | ) | ||||||||
Financial
|
(46 | ) | 68 | (114 | ) | |||||||
Total
Other
|
5 | 146 | (141 | ) | ||||||||
Total
Segment Operating Profit
|
815 | 955 | (140 | ) | ||||||||
Corporate
|
11 | (270 | ) | 281 | ||||||||
Earnings
Before Income Taxes
|
$ | 826 | $ | 685 | $ | 141 |
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)
|
Six Months Ended | ||||||||||||
December 31,
|
||||||||||||
2008
|
2007
|
Change | ||||||||||
(In
millions)
|
||||||||||||
Oilseeds
Processing
|
||||||||||||
Crushing
& Origination
|
$ | 7,865 | $ | 6,088 | $ | 1,777 | ||||||
Refining,
Packaging, Biodiesel & Other
|
5,108 | 3,686 | 1,422 | |||||||||
Asia
|
95 | 91 | 4 | |||||||||
Total
Oilseeds Processing
|
13,068 | 9,865 | 3,203 | |||||||||
Corn
Processing
|
||||||||||||
Sweeteners
and Starches
|
1,983 | 1,625 | 358 | |||||||||
Bioproducts
|
2,111 | 1,579 | 532 | |||||||||
Total
Corn Processing
|
4,094 | 3,204 | 890 | |||||||||
Agricultural
Services
|
||||||||||||
Merchandising
& Handling
|
17,558 | 13,659 | 3,899 | |||||||||
Transportation
|
152 | 114 | 38 | |||||||||
Total
Agricultural Services
|
17,710 | 13,773 | 3,937 | |||||||||
Other
|
||||||||||||
Wheat,
Cocoa, Malt, and Sugar
|
2,903 | 2,436 | 467 | |||||||||
Financial
|
58 | 46 | 12 | |||||||||
Total
Other
|
2,961 | 2,482 | 479 | |||||||||
Total
|
$ | 37,833 | $ | 29,324 | $ | 8,509 |
ITEM
2.
|
MANAGEMENT’S
DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
(Continued)
|
Six Months Ended | ||||||||||||
December
31,
|
||||||||||||
2008
|
2007
|
Change | ||||||||||
(In millions)
|
||||||||||||
Oilseeds
Processing
|
||||||||||||
Crushing
& Origination
|
$ | 526 | $ | 272 | $ | 254 | ||||||
Refining,
Packaging, Biodiesel & Other
|
192 | 108 | 84 | |||||||||
Asia
|
111 | 48 | 63 | |||||||||
Total
Oilseeds Processing
|
829 | 428 | 401 | |||||||||
Corn
Processing
|
||||||||||||
Sweeteners
and Starches
|
205 | 317 | (112 | ) | ||||||||
Bioproducts
|
(58 | ) | 211 | (269 | ) | |||||||
Total
Corn Processing
|
147 | 528 | (381 | ) | ||||||||
Agricultural
Services
|
||||||||||||
Merchandising
& Handling
|
770 | 443 | 327 | |||||||||
Transportation
|
120 | 101 | 19 | |||||||||
Total
Agricultural Services
|
890 | 544 | 346 | |||||||||
Other
|
||||||||||||
Wheat,
Cocoa, Malt, and Sugar
|
154 | 116 | 38 | |||||||||
Financial
|
(29 | ) | 136 | (165 | ) | |||||||
Total
Other
|
125 | 252 | (127 | ) | ||||||||
Total
Segment Operating Profit
|
1,991 | 1,752 | 239 | |||||||||
Corporate
|
329 | (421 | ) | 750 | ||||||||
Earnings
Before Income Taxes
|
$ | 2,320 | $ | 1,331 | $ | 989 |
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
|
Six
Months Ended
|
Year
Ended
|
|||||||||||||||
December
31, 2008
|
June
30, 2008
|
|||||||||||||||
Long/(Short)
|
Fair
Value
|
Market
Risk
|
Fair
Value
|
Market
Risk
|
||||||||||||
(in
millions)
|
||||||||||||||||
Highest
position
|
$ | 300 | $ | 30 | $ | 1,260 | $ | 126 | ||||||||
Lowest
position
|
(1,457 | ) | (146 | ) | (915 | ) | (92 | ) | ||||||||
Average
position
|
(564 | ) | (56 | ) | 251 | 25 |
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)
|
||||||||||||
October
1, 2008 to
|
||||||||||||||||
October
31, 2008
|
99 | $ | 22.11 | 99 | 71,346,952 | |||||||||||
November
1, 2008 to
|
||||||||||||||||
November
30, 2008
|
3,443 | 25.70 | 7 | 71,346,945 | ||||||||||||
December
1, 2008 to
|
||||||||||||||||
December
31, 2008
|
2,424 | 27.97 | 133 | 71,346,812 | ||||||||||||
Total
|
5,966 | $ | 26.56 | 239 | 71,346,812 | |||||||||||
(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 4, 2004, 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, 2005 and ending December 31,
2009.
|
ITEM
4.
|
SUBMISSION
OF MATTERS TO A VOTE OF SECURITY
HOLDERS
|
Nominee
|
Shares Cast For
|
Shares Withheld
|
|
G.
W. Buckley
|
515,829,297
|
13,352,798
|
|
M.
H. Carter
|
498,209,657
|
30,972,438
|
|
V.
F. Haynes
|
445,888,045
|
83,294,050
|
|
A.
Maciel
|
445,671,372
|
83,510,723
|
|
P.
J. Moore
|
495,597,875
|
33,584,220
|
|
M.
B. Mulroney
|
479,532,079
|
49,650,016
|
|
T.
F. O’Neill
|
445,823,050
|
83,359,045
|
|
K.
R. Westbrook
|
441,607,808
|
87,574,287
|
|
P.
A. Woertz
|
499,412,236
|
29,769,859
|
For
|
Against
|
Abstain
|
93,496,621
|
313,997,695
|
45,949,002
|
For
|
Against
|
Abstain
|
519,885,318
|
8,098,016
|
1,198,761
|
ITEM
5.
|
OTHER
INFORMATION
|
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.
|
10(i)
|
The
Archer-Daniels-Midland Company Amended and Restated Stock Unit Plan for
Nonemployee Directors.
|
(ii)
|
ADM
Deferred Compensation Plan for Selected Management Employees I (As amended
through January 1, 2009).
|
(iii)
|
ADM
Deferred Compensation Plan for Selected Management Employees II (As
Amended and Restated Effective January 1,
2009).
|
(iv)
|
ADM
Supplemental Retirement Plan (As Amended and Restated Effective January 1,
2009).
|
(v)
|
Archer-Daniels
Midland Company Amended and Restated 2002 Incentive Compensation
Plan.
|
(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.
|
ARCHER-DANIELS-MIDLAND
COMPANY
|
/s/
S. R. Mills
S.
R. Mills
Executive
Vice President and
Chief
Financial Officer
/s/
D. J. Smith
D.
J. Smith
Executive
Vice President, Secretary and
General
Counsel
|