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
|
||||||||
March
31,
|
||||||||
2009
|
2008
|
|||||||
(In
millions, except
|
||||||||
per
share amounts)
|
||||||||
Net
sales and other operating income
|
$ | 14,842 | $ | 18,708 | ||||
Cost
of products sold
|
14,193 | 17,551 | ||||||
Gross
Profit
|
649 | 1,157 | ||||||
Selling,
general and administrative expenses
|
346 | 378 | ||||||
Other
(income) expense – net
|
151 | 24 | ||||||
Earnings
Before Income Taxes
|
152 | 755 | ||||||
Income
taxes
|
144 | 238 | ||||||
Net
Earnings
|
$ | 8 | $ | 517 | ||||
Average
number of shares outstanding – basic
|
642 | 644 | ||||||
Average
number of shares outstanding – diluted
|
644 | 647 | ||||||
Basic
and diluted earnings per common share
|
$ | 0.01 | $ | 0.80 | ||||
Dividends
per common share
|
$ | 0.14 | $ | 0.13 |
Nine
Months Ended
|
||||||||
March
31,
|
||||||||
2009
|
2008
|
|||||||
(In
millions, except
|
||||||||
per
share amounts)
|
||||||||
Net
sales and other operating income
|
$ | 52,675 | $ | 48,032 | ||||
Cost
of products sold
|
48,947 | 44,997 | ||||||
Gross
Profit
|
3,728 | 3,035 | ||||||
Selling,
general and administrative expenses
|
1,092 | 1,071 | ||||||
Other
(income) expense – net
|
164 | (122 | ) | |||||
Earnings
Before Income Taxes
|
2,472 | 2,086 | ||||||
Income
taxes
|
829 | 656 | ||||||
Net
Earnings
|
$ | 1,643 | $ | 1,430 | ||||
Average
number of shares outstanding – basic
|
643 | 644 | ||||||
Average
number of shares outstanding – diluted
|
644 | 646 | ||||||
Basic
earnings per common share
|
$ | 2.56 | $ | 2.22 | ||||
Diluted
earnings per common share
|
$ | 2.55 | $ | 2.21 | ||||
Dividends
per common share
|
$ | 0.40 | $ | 0.36 |
(Unaudited)
|
||||||||
March
31,
|
June
30,
|
|||||||
2009
|
2008
|
|||||||
(In
millions)
|
||||||||
Assets
|
||||||||
Current
Assets
|
||||||||
Cash
and cash equivalents
|
$ | 2,188 | $ | 810 | ||||
Short-term
marketable securities
|
419 | 455 | ||||||
Segregated
cash and investments
|
2,201 | 2,035 | ||||||
Receivables
|
7,236 | 11,483 | ||||||
Inventories
|
7,840 | 10,160 | ||||||
Other
assets
|
430 | 512 | ||||||
Total Current Assets
|
20,314 | 25,455 | ||||||
Investments
and Other Assets
|
||||||||
Investments
in and advances to affiliates
|
2,369 | 2,773 | ||||||
Long-term
marketable securities
|
620 | 590 | ||||||
Goodwill
|
493 | 506 | ||||||
Other
assets
|
596 | 607 | ||||||
Total Investments and Other Assets
|
4,078 | 4,476 | ||||||
Property,
Plant, and Equipment
|
||||||||
Land
|
229 | 238 | ||||||
Buildings
|
3,104 | 3,207 | ||||||
Machinery
and equipment
|
12,575 | 12,410 | ||||||
Construction
in progress
|
2,184 | 1,924 | ||||||
18,092 | 17,779 | |||||||
Accumulated
depreciation
|
(10,509 | ) | (10,654 | ) | ||||
Total Property, Plant, and
Equipment
|
7,583 | 7,125 | ||||||
Total
Assets
|
$ | 31,975 | $ | 37,056 | ||||
Liabilities
and Shareholders’ Equity
|
||||||||
Current
Liabilities
|
||||||||
Short-term
debt
|
$ | 255 | $ | 3,123 | ||||
Accounts
payable
|
6,450 | 6,544 | ||||||
Accrued
expenses
|
2,663 | 4,722 | ||||||
Current
maturities of long-term debt
|
43 | 232 | ||||||
Total
Current Liabilities
|
9,411 | 14,621 | ||||||
Long-Term
Liabilities
|
|
|||||||
Long-term debt | 7,751 | 7,690 | ||||||
Deferred
income taxes
|
644 | 473 | ||||||
Other
|
742 | 782 | ||||||
Total Long-Term Liabilities
|
9,137 | 8,945 | ||||||
Shareholders’
Equity
|
||||||||
Common
stock
|
5,016 | 5,039 | ||||||
Reinvested
earnings
|
8,866 | 7,494 | ||||||
Accumulated
other comprehensive (loss) income
|
(455 | ) | 957 | |||||
Total Shareholders’ Equity
|
13,427 | 13,490 | ||||||
Total
Liabilities and Shareholders’ Equity
|
$ | 31,975 | $ | 37,056 |
Nine
Months Ended
|
||||||||
March
31,
|
||||||||
2009
|
2008
|
|||||||
(In
millions)
|
||||||||
Operating
Activities
|
||||||||
Net
earnings
|
$ | 1,643 | $ | 1,430 | ||||
Adjustments
to reconcile net earnings to net cash provided by
|
||||||||
(used
in) operating activities
|
||||||||
Depreciation
|
539 | 540 | ||||||
Asset
abandonments
|
9 | 22 | ||||||
Deferred
income taxes
|
167 | 205 | ||||||
Equity
in (earnings) losses of affiliates, net of dividends
|
74 | (211 | ) | |||||
Pension
and postretirement accruals (contributions), net
|
(96 | ) | 21 | |||||
Other
– net
|
41 | 203 | ||||||
Changes
in operating assets and liabilities
|
||||||||
Segregated
cash and investments
|
(224 | ) | (674 | ) | ||||
Receivables
|
445 | (2,231 | ) | |||||
Inventories
|
2,293 | (4,506 | ) | |||||
Other
assets
|
187 | (55 | ) | |||||
Accounts
payable and accrued expenses
|
773 | 2,089 | ||||||
Total
Operating Activities
|
5,851 | (3,167 | ) | |||||
Investing
Activities
|
||||||||
Purchases
of property, plant, and equipment
|
(1,462 | ) | (1,312 | ) | ||||
Net
assets of businesses acquired
|
(44 | ) | (10 | ) | ||||
Investments
in and advances to affiliates
|
(15 | ) | (28 | ) | ||||
Distributions
from affiliates, excluding dividends
|
10 | 15 | ||||||
Purchases
of marketable securities
|
(1,861 | ) | (1,022 | ) | ||||
Proceeds
from sales of marketable securities
|
1,840 | 710 | ||||||
Proceeds
from sales of business
|
258 | 10 | ||||||
Other
– net
|
52 | 9 | ||||||
Total
Investing Activities
|
(1,222 | ) | (1,628 | ) | ||||
Financing
Activities
|
||||||||
Long-term
debt borrowings
|
102 | 1,308 | ||||||
Long-term
debt payments
|
(18 | ) | (59 | ) | ||||
Net
borrowings (payments) under line of credit agreements
|
(2,989 | ) | 4,362 | |||||
Purchases
of treasury stock
|
(100 | ) | (61 | ) | ||||
Cash
dividends
|
(257 | ) | (232 | ) | ||||
Other
– net
|
11 | 20 | ||||||
Total
Financing Activities
|
(3,251 | ) | 5,338 | |||||
Increase
(Decrease) In Cash and Cash Equivalents
|
1,378 | 543 | ||||||
Cash
and Cash Equivalents-Beginning of Period
|
810 | 663 | ||||||
Cash
and Cash Equivalents-End of Period
|
$ | 2,188 | $ | 1,206 |
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 March 31, 2009
|
||||||||||||||||
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
|
$ | – | $ | 3,510 | $ | 577 | $ | 4,087 | ||||||||
Unrealized
gains on derivative
contracts
|
770 | 1,292 | 169 | 2,231 | ||||||||||||
Available-for-sale
marketable
securities
|
1,021 | 693 | – | 1,714 | ||||||||||||
Total
Assets
|
$ | 1,791 | $ | 5,495 | $ | 746 | $ | 8,032 | ||||||||
Liabilities:
|
||||||||||||||||
Unrealized
losses on derivative
contracts
|
$ | 910 | $ | 1,035 | $ | 139 | $ | 2,084 | ||||||||
Inventory-related
liabilities
|
– | 451 | 95 | 546 | ||||||||||||
Total
Liabilities
|
$ | 910 | $ | 1,486 | $ | 234 | $ | 2,630 | ||||||||
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,
January 1, 2009
|
$ | 314 | $ | 18 | $ | 12 | $ | 344 | ||||||||
Total
gains (losses), realized or
unrealized,
included in earnings
before
income taxes*
|
12 | (61 | ) | – | (49 | ) | ||||||||||
Purchases,
issuances and settlements
|
48 | (72 | ) | (1 | ) | (25 | ) | |||||||||
Transfers
in and/or out of Level 3
|
108 | 145 | (11 | ) | 242 | |||||||||||
Ending
balance, March 31, 2009
|
$ | 482 | $ | 30 | $ | – | $ | 512 |
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*
|
(207 | ) | (50 | ) | (1 | ) | (258 | ) | ||||||||
Purchases,
issuances and settlements
|
169 | (73 | ) | 17 | 113 | |||||||||||
Transfers
in and/or out of Level 3
|
177 | 159 | (26 | ) | 310 | |||||||||||
Ending
balance, March 31, 2009
|
$ | 482 | $ | 30 | $ | – | $ | 512 |
Note
4.
|
Derivative
Instruments and Hedging Activities
|
Assets
|
Liabilities
|
|||||||
(in
millions)
|
||||||||
FX
Contracts
|
$ | 45 | $ | 65 | ||||
Commodity
Contracts
|
1,610 | 1,271 | ||||||
Total
|
$ | 1,655 | $ | 1,336 |
Note
4.
|
Derivative
Instruments and Hedging Activities
(Continued)
|
(in
millions)
|
||||
FX
Contracts
|
||||
Net
sales and other operating income
|
$ | (7 | ) | |
Cost
of products sold
|
(22 | ) | ||
Other
(income) expense - net
|
2 | |||
$ | (27 | ) | ||
Commodity
Contracts
|
||||
Cost
of products sold
|
$ | (297 | ) | |
Note
4.
|
Derivative
Instruments and Hedging Activities
(Continued)
|
Note
4.
|
Derivative
Instruments and Hedging Activities
(Continued)
|
Consolidated
Statement of Earnings Location
|
Amount
|
||||
(in
millions)
|
|||||
Effective
amount recognized in earnings
|
Cost
of products sold
|
$ | (136 | ) | |
Net
sales and other operating income
|
10 | ||||
Ineffective
amount recognized in earnings
|
Cost
of products sold
|
4 | |||
Total amount recognized in earnings
|
$ | (122 | ) |
Three
months ended
March
31, 2009
|
Nine
months ended
March
31, 2009
|
|||||||
(in
millions)
|
||||||||
Beginning
balance
|
$ | (163 | ) | $ | 90 | |||
Unrealized
gains (losses)
|
(9 | ) | (455 | ) | ||||
(Gains)
losses reclassified to earnings
|
122 | 178 | ||||||
Tax
effect
|
(42 | ) | 95 | |||||
Balance
at March 31, 2009
|
$ | (92 | ) | $ | (92 | ) |
Note
5.
|
Debt
and Financing Arrangements
|
Note
5.
|
Debt
and Financing Arrangements
(Continued)
|
Note
6.
|
Income
Taxes
|
Note
7.
|
Comprehensive
Income
|
Three
Months Ended
|
Nine
Months Ended
|
|||||||||||||||
March
31,
|
March
31,
|
|||||||||||||||
2009
|
2008
|
2009
|
2008
|
|||||||||||||
(In
millions)
|
||||||||||||||||
Net
earnings
|
$ | 8 | $ | 517 | $ | 1,643 | $ | 1,430 | ||||||||
Unrealized
loss on investments
|
(7 | ) | (14 | ) | (34 | ) | (20 | ) | ||||||||
Deferred gain
(loss) on hedging activities
|
71 | 69 | (183 | ) | 94 | |||||||||||
Pension
liability adjustment
|
2 | (4 | ) | 16 | (10 | ) | ||||||||||
Foreign
currency translation adjustment
|
(269 | ) | 316 | (1,211 | ) | 590 | ||||||||||
Comprehensive
income (loss)
|
$ | (195 | ) | $ | 884 | $ | 231 | $ | 2,084 |
Note
8.
|
Other
(Income) Expense - Net
|
Three
Months Ended
|
Nine
Months Ended
|
|||||||||||||||
March
31,
|
March
31,
|
|||||||||||||||
2009
|
2008
|
2009
|
2008
|
|||||||||||||
(In
millions)
|
||||||||||||||||
Interest
expense
|
$ | 93 | $ | 136 | $ | 342 | $ | 338 | ||||||||
Investment
income
|
(43 | ) | (70 | ) | (145 | ) | (202 | ) | ||||||||
Net
(gain) loss on marketable
|
||||||||||||||||
securities
transactions
|
– | (9 | ) | (9 | ) | (37 | ) | |||||||||
Equity
in (earnings) losses of affiliates
|
136 | (78 | ) | (80 | ) | (288 | ) | |||||||||
Other
– net
|
(35 | ) | 45 | 56 | 67 | |||||||||||
$ | 151 | $ | 24 | $ | 164 | $ | (122 | ) |
Note
9.
|
Postretirement
Plans
|
Note
10.
|
Segment
Information
|
Note
10.
|
Segment
Information (Continued)
|
Three
Months Ended
|
Nine
Months Ended
|
|||||||||||||||
March
31,
|
March
31,
|
|||||||||||||||
2009
|
2008
|
2009
|
2008
|
|||||||||||||
(In
millions)
|
||||||||||||||||
Sales
to external customers
|
||||||||||||||||
Oilseeds
Processing
|
$ | 4,689 | $ | 5,721 | $ | 17,757 | $ | 15,587 | ||||||||
Corn
Processing
|
1,725 | 1,808 | 5,819 | 5,012 | ||||||||||||
Agricultural
Services
|
7,302 | 9,777 | 25,012 | 23,551 | ||||||||||||
Other
|
1,126 | 1,402 | 4,087 | 3,882 | ||||||||||||
Total
|
$ | 14,842 | $ | 18,708 | $ | 52,675 | $ | 48,032 | ||||||||
Intersegment
sales
|
||||||||||||||||
Oilseeds
Processing
|
$ | 23 | $ | 62 | $ | 91 | $ | 336 | ||||||||
Corn
Processing
|
13 | 29 | 72 | 68 | ||||||||||||
Agricultural
Services
|
702 | 969 | 2,314 | 2,183 | ||||||||||||
Other
|
38 | 37 | 116 | 103 | ||||||||||||
Total
|
$ | 776 | $ | 1,097 | $ | 2,593 | $ | 2,690 | ||||||||
Net
sales
|
||||||||||||||||
Oilseeds
Processing
|
$ | 4,712 | $ | 5,783 | $ | 17,848 | $ | 15,923 | ||||||||
Corn
Processing
|
1,738 | 1,837 | 5,891 | 5,080 | ||||||||||||
Agricultural
Services
|
8,004 | 10,746 | 27,326 | 25,734 | ||||||||||||
Other
|
1,164 | 1,439 | 4,203 | 3,985 | ||||||||||||
Intersegment
elimination
|
(776 | ) | (1,097 | ) | (2,593 | ) | (2,690 | ) | ||||||||
Total
|
$ | 14,842 | $ | 18,708 | $ | 52,675 | $ | 48,032 | ||||||||
Segment
operating profit
|
||||||||||||||||
Oilseeds
Processing
|
$ | 224 | $ | 237 | $ | 1,053 | $ | 666 | ||||||||
Corn
Processing
|
49 | 172 | 196 | 699 | ||||||||||||
Agricultural
Services
|
121 | 366 | 1,011 | 910 | ||||||||||||
Other
|
(140 | ) | 138 | (15 | ) | 390 | ||||||||||
Total
segment operating profit
|
254 | 913 | 2,245 | 2,665 | ||||||||||||
Corporate
|
(102 | ) | (158 | ) | 227 | (579 | ) | |||||||||
Earnings
before income taxes
|
$ | 152 | $ | 755 | $ | 2,472 | $ | 2,086 |
Note
11.
|
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
|
||||||||||||
March
31,
|
||||||||||||
2009
|
2008
|
Change
|
||||||||||
(In
millions)
|
||||||||||||
Oilseeds
Processing
|
||||||||||||
Crushing
& Origination
|
$ | 2,786 | $ | 3,385 | $ | (599 | ) | |||||
Refining,
Packaging, Biodiesel & Other
|
1,858 | 2,270 | (412 | ) | ||||||||
Asia
|
45 | 66 | (21 | ) | ||||||||
Total
Oilseeds Processing
|
4,689 | 5,721 | (1,032 | ) | ||||||||
Corn
Processing
|
||||||||||||
Sweeteners
and Starches
|
852 | 912 | (60 | ) | ||||||||
Bioproducts
|
873 | 896 | (23 | ) | ||||||||
Total
Corn Processing
|
1,725 | 1,808 | (83 | ) | ||||||||
Agricultural
Services
|
||||||||||||
Merchandising
& Handling
|
7,253 | 9,731 | (2,478 | ) | ||||||||
Transportation
|
49 | 46 | 3 | |||||||||
Total
Agricultural Services
|
7,302 | 9,777 | (2,475 | ) | ||||||||
Other
|
||||||||||||
Wheat,
Cocoa, Malt, and Sugar
|
1,100 | 1,375 | (275 | ) | ||||||||
Financial
|
26 | 27 | (1 | ) | ||||||||
Total
Other
|
1,126 | 1,402 | (276 | ) | ||||||||
Total
|
$ | 14,842 | $ | 18,708 | $ | (3,866 | ) |
ITEM
2.
|
MANAGEMENT’S
DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
(Continued)
|
Three
Months Ended
|
||||||||||||
March
31,
|
||||||||||||
2009
|
2008
|
Change
|
||||||||||
(In
millions)
|
||||||||||||
Oilseeds
Processing
|
||||||||||||
Crushing
& Origination
|
$ | 100 | $ | 179 | $ | (79 | ) | |||||
Refining,
Packaging, Biodiesel & Other
|
52 | 39 | 13 | |||||||||
Asia
|
72 | 19 | 53 | |||||||||
Total
Oilseeds Processing
|
224 | 237 | (13 | ) | ||||||||
Corn
Processing
|
||||||||||||
Sweeteners
and Starches
|
146 | 102 | 44 | |||||||||
Bioproducts
|
(97 | ) | 70 | (167 | ) | |||||||
Total
Corn Processing
|
49 | 172 | (123 | ) | ||||||||
Agricultural
Services
|
||||||||||||
Merchandising
& Handling
|
91 | 341 | (250 | ) | ||||||||
Transportation
|
30 | 25 | 5 | |||||||||
Total
Agricultural Services
|
121 | 366 | (245 | ) | ||||||||
Other
|
||||||||||||
Wheat,
Cocoa, Malt, and Sugar
|
(123 | ) | 90 | (213 | ) | |||||||
Financial
|
(17 | ) | 48 | (65 | ) | |||||||
Total
Other
|
(140 | ) | 138 | (278 | ) | |||||||
Total
Segment Operating Profit
|
254 | 913 | (659 | ) | ||||||||
Corporate
|
(102 | ) | (158 | ) | 56 | |||||||
Earnings
Before Income Taxes
|
$ | 152 | $ | 755 | $ | (603 | ) |
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)
|
Nine
Months Ended
|
||||||||||||
March
31,
|
||||||||||||
2009
|
2008
|
Change | ||||||||||
|
(In
millions)
|
|||||||||||
Oilseeds
Processing
|
||||||||||||
Crushing
& Origination
|
$ | 10,651 | $ | 9,474 | $ | 1,177 | ||||||
Refining,
Packaging, Biodiesel & Other
|
6,966 | 5,956 | 1,010 | |||||||||
Asia
|
140 | 157 | (17 | ) | ||||||||
Total
Oilseeds Processing
|
17,757 | 15,587 | 2,170 | |||||||||
Corn
Processing
|
||||||||||||
Sweeteners
and Starches
|
2,835 | 2,537 | 298 | |||||||||
Bioproducts
|
2,984 | 2,475 | 509 | |||||||||
Total
Corn Processing
|
5,819 | 5,012 | 807 | |||||||||
Agricultural
Services
|
||||||||||||
Merchandising
& Handling
|
24,811 | 23,391 | 1,420 | |||||||||
Transportation
|
201 | 160 | 41 | |||||||||
Total
Agricultural Services
|
25,012 | 23,551 | 1,461 | |||||||||
Other
|
||||||||||||
Wheat,
Cocoa, Malt, and Sugar
|
4,003 | 3,810 | 193 | |||||||||
Financial
|
84 | 72 | 12 | |||||||||
Total
Other
|
4,087 | 3,882 | 205 | |||||||||
Total
|
$ | 52,675 | $ | 48,032 | $ | 4,643 |
ITEM
2.
|
MANAGEMENT’S
DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
(Continued)
|
Nine
Months Ended
|
||||||||||||
March
31,
|
||||||||||||
2009
|
2008
|
Change | ||||||||||
(In
millions)
|
||||||||||||
Oilseeds
Processing
|
||||||||||||
Crushing
& Origination
|
$ | 626 | $ | 451 | $ | 175 | ||||||
Refining,
Packaging, Biodiesel & Other
|
244 | 148 | 96 | |||||||||
Asia
|
183 | 67 | 116 | |||||||||
Total
Oilseeds Processing
|
1,053 | 666 | 387 | |||||||||
Corn
Processing
|
||||||||||||
Sweeteners
and Starches
|
351 | 418 | (67 | ) | ||||||||
Bioproducts
|
(155 | ) | 281 | (436 | ) | |||||||
Total
Corn Processing
|
196 | 699 | (503 | ) | ||||||||
Agricultural
Services
|
||||||||||||
Merchandising
& Handling
|
861 | 784 | 77 | |||||||||
Transportation
|
150 | 126 | 24 | |||||||||
Total
Agricultural Services
|
1,011 | 910 | 101 | |||||||||
Other
|
||||||||||||
Wheat,
Cocoa, Malt, and Sugar
|
31 | 205 | (174 | ) | ||||||||
Financial
|
(46 | ) | 185 | (231 | ) | |||||||
Total
Other
|
(15 | ) | 390 | (405 | ) | |||||||
Total
Segment Operating Profit
|
2,245 | 2,665 | (420 | ) | ||||||||
Corporate
|
227 | (579 | ) | 806 | ||||||||
Earnings
Before Income Taxes
|
$ | 2,472 | $ | 2,086 | $ | 386 |
ITEM
2.
|
MANAGEMENT’S
DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
(Continued)
|