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Investments In And Advances To Affiliates
 6 Months Ended
Dec. 31, 2012
Investments In And Advances To Affiliates [Abstract]  
Investments In And Advances To Affiliates

Note 8.     Investments in and Advances to Affiliates 

 

The Company applies the equity method for investments in investees over which the Company has the ability to exercise significant influence, including the Company’s 16.4% share ownership in Wilmar.  The Company had 60,  69, and 68 unconsolidated domestic and foreign affiliates as of December 31, 2012 and June 30, 2012 and 2011, respectively.  The following table summarizes the combined balance sheets as of December 31, 2012 and June 30, 2012 and 2011, and the combined statements of earnings of the Company’s unconsolidated affiliates for the six months ended December 31, 2012 and 2011 and each of the three years ended June 30, 2012, 2011, and 2010.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31

 

June 30

 

June 30

(In millions)

 

2012

 

2012

 

2011

 

 

 

 

 

 

 

 

 

Current assets

 

$
26,569 

 

$
28,196 

 

$
26,222 

Non-current assets

 

 
19,429 

 

 
20,821 

 

 
17,733 

Current liabilities

 

 
(22,602)

 

 
(23,381)

 

 
(20,748)

Non-current liabilities

 

 
(5,553)

 

 
(6,379)

 

 
(5,160)

Noncontrolling interests

 

 
(850)

 

 
(1,176)

 

 
(1,072)

Net assets

 

$
16,993 

 

$
18,081 

 

$
16,975 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months Ended

 

Year Ended 

 

 

December 31

 

June 30

(In millions)

 

2012

 

2011

 

2012

 

2011

 

2010

 

 

 

 

 

(Unaudited)

 

 

 

 

 

 

 

 

 

Net sales

 

$
28,314 

 

$
29,767 

 

$
58,068 

 

$
48,941 

 

$
39,524 

Gross profit

 

 
2,847 

 

 
3,291 

 

 
6,458 

 

 
4,819 

 

 
5,225 

Net income

 

 
855 

 

 
1,022 

 

 
1,940 

 

 
2,252 

 

 
2,931 

 

The Company’s share of the undistributed earnings of its unconsolidated affiliates as of December  31, 2012, is $1.7 billion.  The Company has a  direct investment in a foreign equity method investee who has a carrying value of $1.9 billion as of December  31, 2012, and a market value of $2.9 billion based on active market quoted prices converted to U.S. dollars at applicable exchange rates at December 31, 2012. 

 

The Company provides credit facilities totaling $337 million to seven unconsolidated affiliates.  One facility that is due on demand and bears interest at the one month LIBOR rate plus 1.5% has an outstanding balance of $47 million.  Two facilities that are also due on demand and bear interest at 2.78% have a combined outstanding balance of $32 million.  The other four facilities have no outstanding balances as of December 31, 2012.  The outstanding balances are included in other current assets in the accompanying consolidated balance sheet.

 

For information on the Company’s former equity method interest in Gruma, see Note 19.